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, 2005.

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

For the transition period from __________ to __________

                       Commission file number 33-50080
                               ----------------


                       AMERICAN BAR ASSOCIATION MEMBERS/
                         STATE STREET COLLECTIVE TRUST
            (Exact name of registrant as specified in its charter)


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

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

                                 (603) 589-4097
              (Registrant's Telephone Number, including Area Code)


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


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

     Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act)
                                                  Yes X No
                                                      --   ---




<PAGE>

<TABLE>
<CAPTION>

TABLE OF CONTENTS                                                                                  Page
<S>                                                                                                <C>
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
                 Financial Highlights................................................................32

        Small-Cap Equity Fund........................................................................33
                 Statement of Assets and Liabilities.................................................33


<PAGE>



                 Statement of Operations.............................................................34
                 Statement of Changes in Net Assets..................................................35
                 Financial Highlights................................................................36

        Stable Asset Return Fund.....................................................................37
                 Statement of Assets and Liabilities.................................................37
                 Statement of Operations.............................................................38
                 Statement of Changes in Net Assets..................................................39
                 Financial Highlights................................................................40

        Structured Portfolio Service - Conservative Portfolio........................................41
                 Statement of Assets and Liabilities.................................................41
                 Statement of Operations.............................................................42
                 Statement of Changes in Net Assets..................................................43
                 Financial Highlights................................................................44

        Structured Portfolio Service - Moderate Portfolio............................................45
                 Statement of Assets and Liabilities.................................................45
                 Statement of Operations.............................................................46
                 Statement of Changes in Net Assets..................................................47
                 Financial Highlights................................................................48

        Structured Portfolio Service - Aggressive Portfolio..........................................49
                 Statement of Assets and Liabilities.................................................49
                 Statement of Operations.............................................................50
                 Statement of Changes in Net Assets..................................................51
                 Financial Highlights................................................................52

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

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

         Item 4. Controls and Procedures.............................................................73

PART II. OTHER INFORMATION...........................................................................74

         Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.........................74

         Item 6. Exhibits............................................................................74

SIGNATURES
</TABLE>





<PAGE>




PART I.  FINANCIAL INFORMATION.

Item 1. FINANCIAL STATEMENTS (UNAUDITED).



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

<S>                                                                             <C>
                                                                                  March 31, 2005
                                                                                ===================
                                             Assets
Investments, at value (cost $228,320,069).................................         $ 277,633,173(a)
Investments in affiliated issuers, at value (cost $26,411,555)............            26,411,555
Intermediate Bond Fund (cost $174,462,331 and units of 9,625,456).........           180,240,014
Cash......................................................................                 6,740
Receivable for investments sold...........................................             1,170,680
Dividends and interest receivable.........................................               214,540
Receivable for fund units sold............................................               385,389
                                                                                -------------------
    Total assets..........................................................           486,062,091
                                                                                -------------------
                                          Liabilities
Payable for collateral received on securities loaned.....................             19,200,413
Payable for investments purchased........................................              1,293,972
Investment advisory fee payable..........................................                105,511
State Street Bank and Trust Company--program fee payable.................                 63,032
Trustee, management and administration fees payable......................                 18,550
American Bar Retirement Association--program fee payable.................                 10,740
Other accruals...........................................................                 38,297
                                                                                -------------------
    Total liabilities....................................................             20,730,515
                                                                                -------------------
Net assets (equivalent to $75.76 per unit based on 6,142,302 units
outstanding)............................................ ................          $ 465,331,576
                                                                                ===================

(a)  Includes securities on loan with a value of $18,717,123.

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





                                       1
<PAGE>



<TABLE>
<CAPTION>
                  American Bar Association Members/ State Street Collective Trust
                                           Balanced Fund
                                      Statement of Operations
                                             Unaudited

<S>                                                                             <C>
                                                                                 For the period
                                                                                January 1, 2005 to
                                                                                  March 31, 2005
                                                                                ==================
Investment income
    Dividends (net of foreign tax expense of  $23,304 )..................         $   1,136,975
    Interest- affiliated issuers.........................................                49,258
    Securities lending income............................................                 5,327
                                                                                ------------------
                 Total investment income.................................             1,191,560
                                                                                ------------------
Expenses
    Investment advisory fee..............................................               160,487
    State Street Bank and Trust Company--program fee.....................               195,073
    American Bar Retirement Association--program fee.....................                31,211
    Trustee, management and administration fees..........................                53,852
    Reports to unitholders...............................................                15,023
    Legal and audit fees.................................................                21,607
    Compliance consultant fees...........................................                18,224
    Registration fees....................................................                 2,030
    Other fees...........................................................                12,861
                                                                                ------------------
                 Total expenses..........................................               510,368
                                                                                ------------------
Net investment income....................................................               681,192
                                                                                ------------------
Realized and unrealized gain (loss) on investments
           Net realized gain ............................................             3,754,712
           Intermediate Bond Fund........................................               153,543
                                                                                ------------------
                                                                                      3,908,255
                                                                                ------------------

           Change in net unrealized appreciation (depreciation)..........           (13,305,835)
                                                                                ------------------

                 Net realized and unrealized gain (loss).................           (9,397,580)
                                                                                ------------------
Net decrease in net assets resulting from operations.....................         $ (8,716,388)
                                                                                ==================


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




                                       2
<PAGE>



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

<S>                                                                             <C>
                                                                                   For the period
                                                                                 January 1, 2005 to
                                                                                   March 31, 2005
                                                                                ======================
From operations
     Net investment income...............................................        $            681,192
     Net realized gain ..................................................                   3,908,255
     Change in net unrealized appreciation (depreciation)................                 (13,305,835)
                                                                                ----------------------
              Net decrease in net assets resulting from operations.......                  (8,716,388)
                                                                                ----------------------

From unitholder transactions
     Proceeds from units issued..........................................                   8,169,245
     Cost of units redeemed..............................................                 (10,062,218)
                                                                                ----------------------
              Net decrease in net assets resulting from unitholder
              transactions ..............................................                  (1,892,973)
                                                                                ----------------------
              Net decrease in net assets.................................                 (10,609,361)
Net Assets
     Beginning of period.................................................                 475,940,937
                                                                                ----------------------
     End of period.......................................................               $ 465,331,576
                                                                                ======================

Number of units
     Outstanding-beginning of period.....................................                   6,167,129
        Issued...........................................................                     107,398
        Redeemed.........................................................                    (132,225)
                                                                                ----------------------

     Outstanding-end of period...........................................                   6,142,302
                                                                                ======================


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




                                       3
<PAGE>


<TABLE>
<CAPTION>
                      American Bar Association Members/ State Street Collective Trust
                                               Balanced Fund
                                           Financial Highlights
                                                 Unaudited

                              (For a unit outstanding throughout the period)

                                                                                   For the period
                                                                                 January 1, 2005 to
                                                                                   March 31, 2005
                                                                                =========================
<S>                                                                             <C>
Investment income+.......................................................         $              0.19
Net expenses(+)++........................................................                       (0.08)
                                                                                ---------------------
Net investment income ...................................................                        0.11
Net realized and unrealized gain (loss)..................................                       (1.52)
                                                                                ---------------------
Net decrease in unit value...............................................                       (1.41)
Net asset value at beginning of period...................................                       77.17
                                                                                ---------------------
Net asset value at end of period.........................................         $             75.76
                                                                                =====================

Ratio of net expenses to average net assets*++...........................                       0.44%
Ratio of net investment income to average net assets*....................                       0.59%
Portfolio turnover**+++..................................................                          4%
Total return**...........................................................                     (1.83)%
Net assets at end of period (in thousands)...............................                    $465,332
</TABLE>


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

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




                                       4
<PAGE>



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

<S>                                                                                           <C>
                                                                                                  March 31, 2005
                                                                                              =======================
                                                        Assets
Investments of affiliated fund, at value:
State Street Bank and Trust Company Russell 3000 Index Securities Lending Fund
(cost $370,580,239 and units of 40,424,829) ....................................               $        386,057,115
Receivable for fund units sold.......................................................                       571,625
                                                                                              -----------------------
   Total assets......................................................................                   386,628,740
                                                                                              -----------------------
                                                     Liabilities
State Street Bank and Trust Company--program fee payable.............................                        85,042
Trustee, management and administration fees payable..................................                        24,983
American Bar Retirement Association--program fee payable.............................                        13,922
Other accruals.......................................................................                        33,689
                                                                                              -----------------------
   Total liabilities.................................................................                       157,636
                                                                                              -----------------------
Net assets   (equivalent to $29.51 per unit based on 13,097,624 units outstanding)...          $        386,471,104
                                                                                              =======================

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



                                       5
<PAGE>


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


<S>                                                                             <C>
                                                                                  For the period
                                                                                January 1, 2005 to
                                                                                  March 31, 2005
                                                                                ====================
Investment income
    Securities lending income from underlying affiliated fund............                    12,669
                                                                                --------------------
                 Total investment income.................................                    12,669
                                                                                --------------------
Expenses
    State Street Bank and Trust Company--program fee.....................                   259,897
    American Bar Retirement Association--program fee.....................                    41,571
    Trustee, management and administration fees..........................                    71,732
    Reports to unitholders...............................................                    19,917
    Legal and audit fees.................................................                    28,645
    Compliance consultant fees...........................................                    24,161
    Registration fees....................................................                     2,691
    Other fees...........................................................                    17,051
                                                                                --------------------
                 Total expenses..........................................                   465,665
                                                                                --------------------
Net investment loss......................................................                  (452,996)
                                                                                --------------------
Net realized and unrealized loss on investments in affiliated fund
           Net realized loss.............................................                  (406,098)
           Change in net unrealized appreciation (depreciation)..........                (7,876,731)
                                                                                --------------------

                 Net realized and unrealized loss........................                (8,282,829)
                                                                                --------------------
Net decrease in net assets resulting from operations......................       $       (8,735,825)
                                                                                ====================

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




                                       6
<PAGE>


<TABLE>
<CAPTION>

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

<S>                                                                             <C>
                                                                                   For the period
                                                                                 January 1, 2005 to
                                                                                   March 31, 2005
                                                                                =======================
From operations
     Net investment loss.................................................        $            (452,996)
     Net realized loss...................................................                     (406,098)
     Change in net unrealized appreciation (depreciation)................                   (7,876,731)
                                                                                -----------------------
              Net decrease in net assets resulting from operations.......                   (8,735,825)
                                                                                -----------------------

From unitholder transactions
     Proceeds from units issued..........................................                   16,301,569
     Cost of units redeemed..............................................                   (3,266,961)
                                                                                -----------------------
            Net increase in net assets resulting from unitholder
            transactions ................................................                   13,034,608
                                                                                -----------------------
            Net increase in net assets...................................                    4,298,783
Net Assets
     Beginning of period.................................................                  382,172,321
                                                                                -----------------------
     End of period.......................................................        $         386,471,104
                                                                                =======================

Number of units
     Outstanding-beginning of period.....................................                   12,655,903
        Issued...........................................................                      551,486
        Redeemed.........................................................                     (109,765)
                                                                                -----------------------

     Outstanding-end of period...........................................                   13,097,624
                                                                                =======================

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




                                       7
<PAGE>



<TABLE>
<CAPTION>
                     American Bar Association Members/ State Street Collective Trust
                                            Index Equity Fund
                                           Financial Highlights
                                                Unaudited

                              (For a unit outstanding throughout the period)

<S>                                                                          <C>
                                                                                   For the period
                                                                                 January 1, 2005 to
                                                                                    March 31, 2005
                                                                             ===========================
Investment income+(a)....................................................       $              0.00
Net expenses(+)++........................................................                     (0.04)
                                                                                ---------------------
Net investment loss......................................................                     (0.04)
Net realized and unrealized loss.........................................                     (0.65)
                                                                                ---------------------
Net decrease in unit value...............................................                     (0.69)
Net asset value at beginning of period...................................                     30.20
                                                                                ---------------------
Net asset value at end of period.........................................       $             29.51
                                                                                =====================

Ratio of net expenses to average net assets*++...........................                      0.49%
Ratio of net investment loss to average net assets*......................                    (0.48)%
Portfolio turnover**+++..................................................                         1%
Total return**...........................................................                    (2.28)%
Net assets at end of period (in thousands)...............................       $           386,471


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

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

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



                                       8
<PAGE>



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

<S>                                                                                           <C>

                                                                                               March 31, 2005
                                                                                             ==================
                                                       Assets
    Investments, at value (cost $561,399,128)................................................  $ 563,781,408 (a)
    Investments in affiliated issuers, at value (cost $10,612,042)...........................     10,612,042
    Foreign currency, at value (cost $736,617)...............................................        743,233
    Receivable for investments sold..........................................................     18,736,213
    Interest receivable......................................................................      2,049,392
    Swap contracts, at value (cost ($455,452))...............................................      1,506,076
    Receivable for futures variation margin..................................................        570,979
    Gross unrealized appreciation of forward exchange currency contracts.....................        490,851
                                                                                             ------------------
         Total assets........................................................................    598,490,194
                                                                                             ------------------
                                                    Liabilities
    Payable for investments purchased........................................................    142,436,405
    Payable for collateral received on securities loaned.....................................      2,119,450
    Payable for fund units redeemed..........................................................      1,098,743
    Options written, at value (premiums received $187,434)...................................         95,262
    Gross unrealized depreciation of forward exchange currency contracts.....................         30,132
    Investment advisory fee payable..........................................................        103,553
    State Street Bank and Trust Company--program fee payable.................................         98,569
    Trustee, management and administration fees payable......................................         28,966
    American Bar Retirement Association--program fee payable.................................         16,782
    Other accruals...........................................................................         49,614
                                                                                             ------------------
         Total liabilities...................................................................     146,077,476
                                                                                             ------------------
Net assets (equivalent to $18.73 per unit based on 24,160,440 units outstanding)............. $   452,412,718
                                                                                             ==================

(a)  Includes securities on loan with a value of $2,075,121.

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




                                       9
<PAGE>



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

<S>                                                                             <C>
                                                                                   For the period
                                                                                 January 1, 2005 to
                                                                                   March 31, 2005
                                                                                 ===================
Investment income
    Dividends................................................................     $          43,873
    Interest- unaffiliated issuers...........................................             3,665,633
    Interest- affiliated issuers.............................................                81,355
    Securities lending income................................................                 1,090
                                                                                 -------------------
                 Total investment income.....................................             3,791,951
                                                                                 -------------------
Expenses
    Investment advisory fee..................................................               298,785
    State Street Bank and Trust Company--program fee.........................               303,425
    American Bar Retirement Association--program fee.........................                48,548
    Trustee, management and administration fees..............................                83,764
    Reports to unitholders...................................................                23,350
    Legal and audit fees.....................................................                33,583
    Compliance consultant fees...............................................                28,326
    Registration fees........................................................                 3,155
    Other fees...............................................................                19,990
                                                                                 -------------------
                 Total expenses..............................................               842,926
                                                                                 -------------------
Net investment income .......................................................             2,949,025
                                                                                 -------------------
Net realized and unrealized gain (loss)
    Net realized gain (loss) on:
           Investments.......................................................            (2,194,786)
           Foreign currency transactions and forward currency exchange
           contracts.........................................................              (199,600)
           Swap contracts....................................................            (1,138,488)
           Written options...................................................               231,355
           Futures contracts.................................................              (925,216)
                                                                                 -------------------
                 Net realized loss...........................................            (4,226,735)
                                                                                 -------------------
    Change in net unrealized appreciation (depreciation) on:
           Investments.......................................................            (1,209,823)
           Foreign currency transactions and forward currency exchange
           contracts.........................................................               650,586
           Written options...................................................               (16,091)
           Futures contracts.................................................            (2,190,681)
           Swaps contracts...................................................             2,551,801
                                                                                 -------------------
                 Change in net unrealized appreciation (depreciation)........              (214,208)
                                                                                 -------------------

                 Net realized and unrealized loss............................            (4,440,943)
                                                                                 -------------------
Net decrease in net assets resulting from operations.........................     $      (1,491,918)
                                                                                 ===================

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




                                      10
<PAGE>


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

<S>                                                                             <C>
                                                                                    For the period
                                                                                  January 1, 2005 to
                                                                                    March 31, 2005
                                                                                =======================
From operations
     Net investment income ..................................................     $        2,949,025
     Net realized loss.......................................................             (4,226,735)
     Change in net unrealized appreciation (depreciation)....................               (214,208)
                                                                                ---------------------
              Net decrease in net assets resulting from operations...........             (1,491,918)
                                                                                ---------------------
From unitholder transactions
     Proceeds from units issued..............................................             14,570,325
     Cost of units redeemed..................................................             (2,375,076)
                                                                                ---------------------
              Net increase in net assets resulting from unitholder
              transactions...................................................             12,195,249
                                                                                ---------------------
              Net increase in net assets.....................................             10,703,331
Net Assets
     Beginning of period.....................................................            441,709,387
                                                                                ---------------------
     End of period...........................................................     $      452,412,718
                                                                                =====================

Number of units
     Outstanding-beginning of period.........................................             23,511,425
        Issued...............................................................                775,218
        Redeemed.............................................................               (126,203)
                                                                                ---------------------

     Outstanding-end of period...............................................              24,160,440
                                                                                =====================

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


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




                                      11
<PAGE>


<TABLE>
<CAPTION>
                     American Bar Association Members/ State Street Collective Trust
                                         Intermediate Bond Fund
                                          Financial Highlights
                                                Unaudited

                             (For a unit outstanding throughout the period)


<S>                                                                             <C>
                                                                                    For the period
                                                                                  January 1, 2005 to
                                                                                    March 31, 2005
                                                                                =======================
Investment income+...........................................................     $            0.16
Net expenses(+)++............................................................                 (0.04)
                                                                                ----------------------
Net investment income .......................................................                  0.12
Net realized and unrealized gain (loss)......................................                 (0.18)
                                                                                ----------------------
Net decrease in unit value...................................................                 (0.06)
Net asset value at beginning of period.......................................                  18.79
                                                                                ----------------------
Net asset value at end of period.............................................     $            18.73
                                                                                ======================

Ratio of net expenses to average net assets*++...............................                  0.76%
Ratio of net investment income to average net assets*........................                  2.75%
Portfolio turnover**.........................................................                    96%
Total return**...............................................................                (0.32)%
Net assets at end of period (in thousands)...................................               $452,413



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

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



                                      12
<PAGE>



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

<S>                                                                        <C>

                                                                            March 31, 2005
                                                                           ==================
                                             Assets
Investments, at value (cost $127,486,501)................................   $     167,426,692 (a)
Investments in affiliated issuers, at value (cost $36,592,281)...........         36,592,281
Foreign currency, at value (cost $199,795)...............................            196,442
Cash.....................................................................                988
Dividends receivable.....................................................            710,219
Receivable for fund units sold...........................................          1,021,821
Tax reclaims receivable..................................................             87,601
Receivable for investments sold..........................................             81,387
                                                                            ------------------
    Total assets.........................................................        206,117,431
                                                                            ------------------
                                          Liabilities
Payable for collateral received on securities loaned.....................         29,592,686
Payable for investments purchased........................................          2,394,243
Tax withholding payable..................................................             42,323
Investment advisory fee payable..........................................             87,273
State Street Bank and Trust Company--program fee payable.................             38,189
Trustee, management and administration fees payable......................             10,086
American Bar Retirement Association--program fee payable.................              6,479
Other accruals...........................................................             13,681
                                                                           ------------------
    Total liabilities....................................................         32,184,960
                                                                           ------------------
Net assets (equivalent to $21.87 per unit based on 7,952,075 units
outstanding)                                                                 $    173,932,471
                                                                           ==================

(a)  Includes securities on loan with a value of $28,408,651.

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




                                      13
<PAGE>


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

<S>                                                                              <C>
                                                                                   For the period
                                                                                 January 1, 2005 to
                                                                                   March 31, 2005
                                                                                 ===================
Investment income
    Dividends (net of foreign tax expense of $56,926).......................      $         906,275
    Interest- unaffiliated issuers..........................................                 37,410
    Interest- affiliated issuers............................................                     89
    Securities lending income...............................................                 12,804
                                                                                 -------------------
                 Total investment income....................................                956,578
                                                                                 -------------------
Expenses
    Investment advisory fee.................................................                242,772
    State Street Bank and Trust Company--program fee........................                112,810
    American Bar Retirement Association--program fee........................                 18,046
    Trustee, management and administration fees.............................                 30,025
    Reports to unitholders..................................................                  8,553
    Legal and audit fees....................................................                 12,302
    Compliance consulatant fees.............................................                 10,376
    Registration fees.......................................................                  1,156
    Other fees..............................................................                  8,438
                                                                                 -------------------
                 Total expenses.............................................                444,478
                                                                                 -------------------
Net investment income ......................................................                512,100
                                                                                 -------------------
Realized and unrealized gain (loss)
    Net realized gain (loss) on:
           Investment securities............................................              4,037,064
           Foreign currency.................................................                (17,235)
                                                                                 -------------------
                 Net realized gain .........................................              4,019,829
                                                                                 -------------------
    Change in net unrealized appreciation (depreciation) on:
           Investment securities............................................             (4,387,496)
           Foreign currency.................................................                (20,132)
                                                                                 -------------------
           Change in net unrealized appreciation (depreciation).............             (4,407,628)
                                                                                 -------------------

                 Net realized and unrealized gain (loss)....................               (387,799)
                                                                                 -------------------
Net increase in net assets resulting from operations........................      $         124,301
                                                                                 ===================

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



                                      14
<PAGE>


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

<S>                                                                              <C>
                                                                                   For the period
                                                                                 January 1, 2005 to
                                                                                   March 31, 2005
                                                                                 ===================
From operations
     Net investment income..................................................      $        512,100
     Net realized gain .....................................................             4,019,829
     Change in net unrealized appreciation (depreciation)...................            (4,407,628)
                                                                                 ---------------------
              Net increase in net assets resulting from operations..........               124,301
                                                                                 ---------------------

From unitholder transactions
     Proceeds from units issued.............................................            16,746,955
     Cost of units redeemed.................................................            (1,652,332)
                                                                                 ---------------------
              Net increase in net assets resulting from unitholder
              transactions..................................................            15,094,623
                                                                                 ---------------------
              Net increase in net assets....................................            15,218,924
Net Assets
     Beginning of period....................................................           158,713,547
                                                                                 ---------------------
     End of period..........................................................      $    173,932,471
                                                                                 =====================

Number of units
     Outstanding-beginning of period........................................             7,257,708
        Issued..............................................................               770,699
        Redeemed............................................................               (76,332)
                                                                                 ---------------------

     Outstanding-end of period..............................................             7,952,075
                                                                                 =====================

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



                                      15
<PAGE>


<TABLE>
<CAPTION>
                    American Bar Association Members/ State Street Collective Trust
                                       International Equity Fund
                                         Financial Highlights
                                               Unaudited

                            (For a unit outstanding throughout the period)

<S>                                                                              <C>
                                                                                   For the period
                                                                                 January 1, 2005 to
                                                                                   March 31, 2005
                                                                                 ===================
Investment income+..........................................................      $            0.13
Net expenses(+)++...........................................................                  (0.06)
                                                                                 --------------------
Net investment income ......................................................                   0.07
Net realized and unrealized gain (loss).....................................                  (0.07)
                                                                                 --------------------
Net increase in unit value(a)...............................................                     -
Net asset value at beginning of period......................................                  21.87
                                                                                 --------------------
Net asset value at end of period............................................                $ 21.87
                                                                                 ====================

Ratio of net expenses to average net assets*++..............................                  1.08%
Ratio of net investment income to average net assets*.......................                  1.25%
Portfolio turnover**........................................................                     9%
Total return**..............................................................                  0.00%
Net assets at end of period (in thousands)..................................               $173,934


------------
*    Annualized.
**   Not annualized.
+    Calculations prepared using the daily average number of units outstanding during the period.
++   Net expenses includes only those expenses charged directly to the Fund and does not include
     expenses charged to the collective investment funds in which the Fund invests a portion of its
     assets.
(a)  Amounts less than $0.005 per unit are rounded to zero.

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



                                      16
<PAGE>



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

<S>                                                                          <C>
                                                                                March 31, 2005
                                                                             ===================
                                              Assets
Investments, at value (cost $457,096,678)...................................   $  518,835,734 (a)
Investments in affiliated issuers, at value (cost $235,569,887).............      289,545,854
Cash........................................................................            1,707
Receivable for investments sold.............................................        1,232,770
Dividends and interest receivable...........................................          555,184
Receivable for fund units sold..............................................          115,561
                                                                             -------------------
    Total assets............................................................       810,286,810
                                                                             -------------------
                                           Liabilities
Payable for collateral received on securities loaned........................        30,780,459
Payable for fund units redeemed.............................................            62,970
Payable for investments purchased...........................................         2,954,580
Investment advisory fee payable.............................................           310,803
State Street Bank and Trust Company--program fee payable....................           172,286
Trustee, management and administration fees payable.........................            50,687
American Bar Retirement Association--program fee payable....................            29,346
Other accruals..............................................................           107,412
                                                                             -------------------
    Total liabilities.......................................................        34,468,543
                                                                             -------------------
Net assets (equivalent to $44.29 per unit based on 17,516,749 units
outstanding)................................................................   $   775,818,267
                                                                             ===================

(a)  Includes securities on loan with a value of $30,074,335.

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



                                      17
<PAGE>



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


<S>                                                                              <C>
                                                                                   For the period
                                                                                 January 1, 2005 to
                                                                                   March 31, 2005
                                                                                 ===================
Investment income
    Dividends (net of foreign tax expense of $20,063).......................      $       1,753,821
    Interest- affiliated issuers............................................                 92,908
    Securities lending income...............................................                 14,869
                                                                                 -------------------
                 Total investment income....................................              1,861,598
                                                                                 -------------------
Expenses
    Investment advisory fee.................................................                361,946
    State Street Bank and Trust Company--program fee........................                541,448
    American Bar Retirement Association--program fee........................                 86,626
    Trustee, management and administration fees.............................                149,458
    Reports to unitholders..................................................                 41,903
    Legal and audit fees....................................................                 60,268
    Compliance consultant fees..............................................                 50,832
    Registration fees.......................................................                  5,661
    Other fees..............................................................                 35,873
                                                                                 -------------------
                 Total expenses.............................................              1,334,015
                                                                                 -------------------
Net investment income ......................................................                527,583
                                                                                 -------------------
Net realized and unrealized gain (loss) on investments
           Net realized gain- unaffiliated issuers .........................              4,161,333
           Net realized gain- affiliated issuers ...........................              2,456,397
                                                                                 -------------------
                 Net realized gain .........................................              6,617,730
                                                                                 -------------------

    Change in net unrealized appreciation (depreciation) on investments.....            (40,968,629)
                                                                                 -------------------

                 Net realized and unrealized gain (loss)....................            (34,350,899)
                                                                                 -------------------
Net decrease in net assets resulting from operations........................      $      (33,823,316)
                                                                                 ===================

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




                                      18
<PAGE>



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


<S>                                                                              <C>
                                                                                   For the period
                                                                                 January 1, 2005 to
                                                                                   March 31, 2005
                                                                                 ===================
From operations
     Net investment income....................................................    $         527,583
     Net realized gain .......................................................            6,617,730
     Change in net unrealized appreciation (depreciation) on investments......          (40,968,629)
                                                                                 ---------------------
              Net decrease in net assets resulting from operations............          (33,823,316)
                                                                                 ---------------------

From unitholder transactions
     Proceeds from units issued...............................................            7,647,550
     Cost of units redeemed...................................................          (29,195,823)
                                                                                 ---------------------
              Net decrease in net assets resulting from unitholder
              transactions....................................................          (21,548,273)
                                                                                 ---------------------
              Net decrease in net assets......................................           (55,371,589)
Net Assets
     Beginning of period......................................................           831,189,856
                                                                                 ---------------------
     End of period............................................................    $      775,818,267
                                                                                 =====================

Number of units
     Outstanding-beginning of period..........................................            17,999,653
        Issued................................................................               170,336
        Redeemed..............................................................              (653,240)
                                                                                 ---------------------

     Outstanding-end of period................................................            17,516,749
                                                                                 =====================

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




                                      19
<PAGE>



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

                             (For a unit outstanding throughout the period)


<S>                                                                              <C>
                                                                                   For the period
                                                                                 January 1, 2005 to
                                                                                   March 31, 2005
                                                                                 ===================
Investment income+..........................................................      $             0.10
Net expenses(+)++...........................................................                   (0.08)
                                                                                 --------------------
Net investment income ......................................................                    0.02
Net realized and unrealized loss............................................                   (1.91)
                                                                                 --------------------
Net decrease in unit value..................................................                   (1.89)
Net asset value at beginning of period......................................                   46.18
                                                                                 --------------------
Net asset value at end of period............................................      $            44.29
                                                                                 ====================

Ratio of net expenses to average net assets*++..............................                   0.68%
Ratio of net investment income to average net assets*.......................                   0.27%
Portfolio turnover**+++.....................................................                     10%
Total return**..............................................................                 (4.09)%
Net assets at end of period (in thousands)..................................                $775,818


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


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



                                      20
<PAGE>



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


<S>                                                                            <C>
                                                                                 March 31, 2005
                                                                               ===================

                                               Assets
   Investments, at value (cost $229,821,937)................................    $  273,472,430 (a)
   Investments in affiliated issuers, at value (cost $92,001,035)...........       110,476,563
   Cash.....................................................................               129
   Dividends and interest receivable........................................           419,362
   Receivable for fund units sold...........................................           209,957
                                                                               -------------------
       Total assets.........................................................       384,578,441
                                                                               -------------------
                                            Liabilities
   Payable for collateral received on securities loaned.....................        14,586,005
   Investment advisory fee payable..........................................            63,058
   State Street Bank and Trust Company--program fee payable.................            81,596
   Trustee, management and administration fees payable......................            23,786
   American Bar Retirement Association--program fee payable.................            13,871
   Other accruals...........................................................            32,974
                                                                               -------------------
       Total liabilities....................................................         14,801,290
                                                                               -------------------
Net assets (equivalent to $33.97 per unit based on 10,886,119 units
outstanding)                                                                    $   369,777,151
                                                                               ===================


(a)  Includes securities on loan with a value of $14,345,236.

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



                                      21
<PAGE>



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


<S>                                                                             <C>
                                                                                   For the period
                                                                                 January 1, 2005 to
                                                                                   March 31, 2005
                                                                                 ===================
Investment income
    Dividends (net of foreign tax expense of and $1,111)......................     $      1,506,217
    Interest- affiliated issuers..............................................               56,298
    Securities lending income.................................................                4,754
                                                                                 -------------------
                 Total investment income......................................            1,567,269
                                                                                 -------------------
Expenses
    Investment advisory fee...................................................              180,510
    State Street Bank and Trust Company--program fee..........................              247,351
    American Bar Retirement Association--program fee..........................               39,563
    Trustee, management and administration fees...............................               68,270
    Reports to unitholders....................................................               18,897
    Legal and audit fees......................................................               27,179
    Compliance consultant fees................................................               22,923
    Registration fees.........................................................                2,553
    Other fees................................................................               16,177
                                                                                 -------------------
                 Total expenses...............................................              623,423
                                                                                 -------------------
Net investment income ........................................................              943,846
                                                                                 -------------------

Net realized and unrealized gain (loss)
    Net realized gain (loss) on:
           Investments- unaffiliated issuers                                              2,145,724
           Investments- affiliated issuers                                                  658,965
           Foreign currency transactions......................................                 (441)
                                                                                 -------------------
                 Net realized gain ...........................................            2,804,248
                                                                                 -------------------

    Change in net unrealized appreciation (depreciation) on:
           Investments                                                                   (5,499,918)
                                                                                 -------------------
                 Net realized and unrealized gain (loss)......................           (2,695,670)
                                                                                 -------------------
Net decrease in net assets resulting from operations..........................     $     (1,751,824)
                                                                                 ===================

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




                                      22
<PAGE>



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


<S>                                                                             <C>
                                                                                   For the period
                                                                                 January 1, 2005 to
                                                                                   March 31, 2005
                                                                                 ===================

From operations
     Net investment income ...................................................     $        943,846
     Net realized gain .......................................................            2,804,248
     Change in net unrealized appreciation (depreciation) on investments......           (5,499,918)
                                                                                 --------------------
              Net decrease in net assets resulting from operations............           (1,751,824)
                                                                                 --------------------

From unitholder transactions
     Proceeds from units issued...............................................           20,215,450
     Cost of units redeemed...................................................           (8,776,076)
                                                                                 --------------------

              Net increase in net assets resulting from unitholder
              transactions....................................................           11,439,374
                                                                                 --------------------
              Net increase in net assets......................................            9,687,550
Net Assets
     Beginning of period......................................................          360,089,601
                                                                                 --------------------
     End of period............................................................     $     369,777,151
                                                                                 ====================

Number of units
     Outstanding-beginning of period..........................................           10,548,861
        Issued................................................................              596,341
        Redeemed..............................................................             (259,083)
                                                                                 --------------------

     Outstanding-end of period................................................           10,886,119
                                                                                 ====================

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




                                      23
<PAGE>



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

                           (For a unit outstanding throughout the period)


<S>                                                                              <C>
                                                                                   For the period
                                                                                 January 1, 2005 to
                                                                                   March 31, 2005
                                                                                 ===================
Investment income+............................................................     $          0.15
Net expenses(+)++.............................................................               (0.06)
                                                                                 ---------------------
Net investment income ........................................................                0.09
Net realized and unrealized gain (loss).......................................               (0.26)
                                                                                 ---------------------
Net decrease in unit value....................................................               (0.17)
Net asset value at beginning of period........................................               34.14
                                                                                 ---------------------
Net asset value at end of period..............................................     $         33.97
                                                                                 =====================

Ratio of net expenses to average net assets*++................................                0.69%
Ratio of net investment income to average net assets*.........................                1.05%
Portfolio turnover**+++.......................................................                   5%
Total return**................................................................              (0.50)%
Net assets at end of period (in thousands)....................................            $369,777
</TABLE>


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

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




                                      24
<PAGE>



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

                                                                                                  March 31, 2005
                                                                                                ------------------
<S>    <C>                                                                                      <C>
                                            Assets
       Investments, at value (cost $59,856,129)..............................................         $68,989,780 (a)
       Investments in affiliated issuers, at value (cost $13,262,175)........................          13,262,175
       Cash..................................................................................                 833
       Receivable for investments sold.......................................................             703,648
       Dividends and interest receivable.....................................................              14,313
                                                                                                ------------------
               Total assets..................................................................          82,970,749
                                                                                                ------------------
                                         Liabilities
       Payable for collateral received on securities loaned..................................          12,146,115
       Payable for investments purchased.....................................................             662,911
       Payable for fund units redeemed.......................................................             100,000
       Investment advisory fee payable.......................................................             106,421
       State Street Bank and Trust Company--program fee payable..............................              15,356
       Trustee, management and administration fees payable...................................               4,507
       American Bar Retirement Association--program fee payable..............................               2,610
       Other accruals........................................................................               5,172
                                                                                                ------------------
               Total liabilities.............................................................          13,043,092
                                                                                                ------------------
Net assets (equivalent to $18.42 per unit based on 3,796,690 units outstanding)..............         $69,927,657
                                                                                                ==================
</TABLE>

(a) Includes securities on loan with a value of $11,842,296.

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




                                      25
<PAGE>



<TABLE>
                          American Bar Association Members/ State Street Collective Trust
                                            Mid-Cap Growth Equity Fund
                                              Statement of Operations
                                                     Unaudited
<CAPTION>
                                                                                                   For the period
                                                                                                   January 1, 2005
                                                                                                         to
                                                                                                   March 31, 2005
                                                                                                  -----------------
<S>                                                                                               <C>
Investment income
    Dividends (net of foreign tax expense of $150)......................................          $        50,576
    Interest-affiliated issuer..........................................................                   14,183
    Securities lending income-afiliated issuer..........................................                    4,310
                                                                                                  -----------------
                  Total investment income...............................................                   69,069
                                                                                                  -----------------
Expenses
    Investment advisory fee.............................................................                  106,421
    State Street Bank and Trust Company--program fee.....................................                  45,979
    American Bar Retirement Association--program fee.....................................                   7,354
    Trustee, management and administration fees.........................................                   12,691
    Reports to unitholders..............................................................                    3,499
    Legal and audit fees................................................................                    5,033
    Compliance consultant fees..........................................................                    4,245
    Registration fees...................................................................                      473
    Other fees..........................................................................                    2,997
                                                                                                  -----------------
                  Total expenses........................................................                  188,692
                                                                                                  -----------------
Net investment loss.....................................................................                 (119,623)
                                                                                                  -----------------
Net realized and unrealized gain (loss) on investments
         Net realized gain..............................................................                1,022,909
         Change in net unrealized appreciation (depreciation)...........................               (2,498,306)
                                                                                                  -----------------
                  Net realized and unrealized gain (loss)...............................               (1,475,397)
                                                                                                  -----------------
Net decrease in net assets resulting from operations....................................          $    (1,595,020)
                                                                                                  =================
</TABLE>

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




                                      26
<PAGE>


<TABLE>
                          American Bar Association Members/ State Street Collective Trust
                                            Mid-Cap Growth Equity Fund
                                        Statement of Changes in Net Assets
                                                     Unaudited
<CAPTION>
                                                                                                   For the period
                                                                                                   January 1, 2005
                                                                                                         to
                                                                                                   March 31, 2005
                                                                                                  -----------------
<S>                                                                                               <C>
From operations
     Net investment loss................................................................          $      (119,623)
     Net realized gain..................................................................                1,022,909
     Change in net unrealized appreciation (depreciation) on investments................               (2,498,306)
                                                                                                  -----------------
                  Net decrease in net assets resulting from operations..................               (1,595,020)
                                                                                                  -----------------
From unitholder transactions
     Proceeds from units issued.........................................................                6,305,686
     Cost of units redeemed.............................................................               (1,633,764)
                                                                                                  -----------------
                  Net increase in net assets resulting from unitholder transactions.....                4,671,922
                                                                                                  -----------------
                  Net increase in net assets............................................                3,076,902
Net Assets
     Beginning of period................................................................               66,850,755
                                                                                                  -----------------
     End of period......................................................................          $    69,927,657
                                                                                                  =================
Number of units
     Outstanding-beginning of period....................................................                3,545,041
         Issued.........................................................................                  339,898
         Redeemed.......................................................................                  (88,249)
                                                                                                  -----------------
     Outstanding-end of period..........................................................                3,796,690
                                                                                                  =================
</TABLE>

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



                                      27
<PAGE>


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

                                  (For a unit outstanding throughout the period)

<CAPTION>
                                                                                                   For the period
                                                                                                   January 1, 2005
                                                                                                         to
                                                                                                   March 31, 2005
                                                                                                  -----------------
<S>                                                                                               <C>
Investment income+......................................................................          $       0.02
Net expenses(+)++.......................................................................                 (0.05)
                                                                                                  -----------------
Net investment loss.....................................................................                 (0.03)
Net realized and unrealized gain (loss).................................................                 (0.41)
                                                                                                  -----------------
Net decrease in unit value..............................................................                 (0.44)
Net asset value at beginning of period..................................................                  18.86
                                                                                                  -----------------
Net asset value at end of period........................................................          $       18.42
                                                                                                  =================
Ratio of net expenses to average net assets*++..........................................                  1.13%
Ratio of net investment loss to average net assets*.....................................                (0.72)%
Portfolio turnover**....................................................................                    32%
Total return**..........................................................................                (2.33)%
Net assets at end of period (in thousands)..............................................                $69,928
</TABLE>

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

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




                                      28
<PAGE>



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

                                                                                                  March 31, 2005
                                                                                                ------------------
<S>    <C>                                                                                      <C>
                                            Assets
       Investments, at value (cost $46,988,913)..............................................         $53,851,633 (a)
       Investments in affiliated issuers, at value (cost $8,902,066).........................           8,902,066
       Cash..................................................................................                 623
       Receivable for investments sold.......................................................           1,193,044
       Dividends and interest receivable.....................................................             105,164
                                                                                                ------------------
               Total assets..................................................................          64,052,530
                                                                                                ------------------
                                         Liabilities
       Payable for collateral received on securities loaned..................................           3,740,244
       Payable for investments purchased.....................................................           1,165,472
       Payable for fund units redeemed.......................................................             193,660
       Investment advisory fee payable.......................................................              29,261
       State Street Bank and Trust Company--program fee payable..............................              12,921
       Trustee, management and administration fees payable...................................               3,789
       American Bar Retirement Association--program fee payable..............................               2,188
       Other accruals........................................................................               3,722
                                                                                                ------------------
               Total liabilities.............................................................           5,151,257
                                                                                                ------------------
Net assets (equivalent to $14.02 per unit based on 4,201,215 units outstanding)..............         $58,901,273
                                                                                                ==================
</TABLE>


(a) Includes securities on loan with a value of $3,676,981.

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



                                      29
<PAGE>


<TABLE>
                          American Bar Association Members/ State Street Collective Trust
                                             Mid-Cap Value Equity Fund
                                              Statement of Operations
                                                     Unaudited
<CAPTION>
                                                                                                   For the period
                                                                                                   January 1, 2005
                                                                                                         to
                                                                                                   March 31, 2005
                                                                                                  -----------------
<S>                                                                                               <C>
Investment income
     Dividends..........................................................................          $       202,711
     Interest-affiliated issuers........................................................                   26,804
     Securities lending income..........................................................                      197
                                                                                                  -----------------
                  Total Investment income...............................................                  229,712
                                                                                                  -----------------
Expenses
     Investment advisory fee............................................................                   81,728
     State Street Bank and Trust Company--program fee....................................                  38,191
     American Bar Retirement Association--program fee....................................                   6,109
     Trustee, management and administration fees........................................                   10,542
     Reports to unitholders.............................................................                    2,898
     Legal and audit fees...............................................................                    4,167
     Compliance consultant fees.........................................................                    3,515
     Registration fees..................................................................                      391
     Other fees.........................................................................                    2,481
                                                                                                  -----------------
                  Total expenses........................................................                  150,022
                                                                                                  -----------------
Net investment income...................................................................                   79,690
                                                                                                  -----------------
Net realized and unrealized gain (loss) on investments
         Net realized gain..............................................................                  733,631
         Change in net unrealized appreciation (depreciation)...........................               (2,096,239)
                                                                                                  -----------------
                  Net realized and unrealized gain (loss)...............................               (1,362,608)
                                                                                                  -----------------
Net decrease in net assets resulting from operations....................................          $    (1,282,918)
                                                                                                  =================
</TABLE>

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



                                      30
<PAGE>


<TABLE>
                          American Bar Association Members/ State Street Collective Trust
                                             Mid-Cap Value Equity Fund
                                        Statement of Changes in Net Assets
                                                     Unaudited
<CAPTION>
                                                                                                   For the period
                                                                                                   January 1, 2005
                                                                                                         to
                                                                                                   March 31, 2005
                                                                                                  -----------------
<S>                                                                                               <C>
From operations
     Net investment income..............................................................          $        79,690
     Net realized gain..................................................................                  733,631
     Change in net unrealized appreciation (depreciation) on investments................               (2,096,239)
                                                                                                  -----------------
                  Net decrease in net assets resulting from operations..................               (1,282,918)
                                                                                                  -----------------
From unitholder transactions
     Proceeds from units issued.........................................................                7,540,732
     Cost of units redeemed.............................................................                 (719,412)
                                                                                                  -----------------
                  Net increase in net assets resulting from unitholder transactions.....                6,821,320
                                                                                                  -----------------
Net Assets
     Beginning of period................................................................               53,362,871
                                                                                                  -----------------
     End of period......................................................................          $    58,901,273
                                                                                                  =================
Number of units
     Outstanding-beginning of period....................................................                3,713,649
          Issued........................................................................                  538,882
          Redeemed......................................................................                  (51,316)
                                                                                                  -----------------
Outstanding-end of period...............................................................                4,201,215
                                                                                                  =================
</TABLE>

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



                                      31
<PAGE>


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

                                  (For a unit outstanding throughout the period)

<CAPTION>
                                                                                                   For the period
                                                                                                   January 1, 2005
                                                                                                         to
                                                                                                   March 31, 2005
                                                                                                  -----------------
<S>                                                                                               <C>
Investment income+......................................................................          $       0.06
Net expenses(+)++.......................................................................                 (0.04)
                                                                                                  -----------------
Net investment income...................................................................                  0.02
Net realized and unrealized gain (loss).................................................                 (0.37)
                                                                                                  -----------------
Net decrease in unit value..............................................................                 (0.35)
Net asset value at beginning of period..................................................                 14.37
                                                                                                  -----------------
Net asset value at end of period........................................................          $      14.02
                                                                                                  =================
Ratio of net expenses to average net assets*++..........................................                  1.08%
Ratio of net investment income to average net assets*...................................                  0.57%
Portfolio turnover**....................................................................                     8%
Total return**..........................................................................                (2.44)%
Net assets at end of period (in thousands)..............................................                $58,901
</TABLE>

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

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



                                      32
<PAGE>


<TABLE>

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

                                                                                                  March 31, 2005
                                                                                                ------------------
<S>    <C>                                                                                      <C>
                                            Assets
       Investments, at value (cost $288,542,123).............................................        $293,736,675 (a)
       Investments in affiliated issuers, at value (cost $73,226,310)........................          73,226,310
       Cash..................................................................................              95,307
       Receivable for investments sold.......................................................           2,200,258
       Dividends and interest receivable.....................................................             244,498
       Receivable for fund units sold........................................................             138,088
                                                                                                ------------------
               Total assets..................................................................         369,641,136
                                                                                                ------------------
                                         Liabilities
       Payable for collateral received on securities loaned..................................          67,172,397
       Payable for investments purchased.....................................................           2,513,737
       Investment advisory fee payable.......................................................             160,832
       State Street Bank and Trust Company--program fee payable..............................              66,501
       Trustee, management and administration fees payable...................................              19,560
       American Bar Retirement Association--program fee payable..............................              11,317
       Other accruals........................................................................              34,940
                                                                                                ------------------
               Total liabilities.............................................................          69,979,284
                                                                                                ------------------
Net assets (equivalent to $61.33 per unit based on 4,886,029 units outstanding)..............        $299,661,852
                                                                                                ==================
</TABLE>

(a) Includes securities on loan with a value of $65,390,572.

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



                                      33
<PAGE>


<TABLE>
                          American Bar Association Members/ State Street Collective Trust
                                               Small-Cap Equity Fund
                                              Statement of Operations
                                                     Unaudited
<CAPTION>
                                                                                                   For the period
                                                                                                   January 1, 2005
                                                                                                         to
                                                                                                   March 31, 2005
                                                                                                  -----------------
<S>                                                                                               <C>
Investment income
     Dividends..........................................................................          $       597,367
     Interest-affiliated issuers........................................................                   41,995
     Securities lending income..........................................................                   49,309
                                                                                                  -----------------
                  Total investment income...............................................                  688,671
                                                                                                  -----------------
Expenses
     Investment advisory fee............................................................                  390,402
     State Street Bank and Trust Company--program fee...................................                  207,182
     American Bar Retirement Association--program fee...................................                   33,138
     Trustee, management and administration fees........................................                   57,178
     Reports to unitholders.............................................................                   15,971
     Legal and audit fees...............................................................                   22,971
     Compliance consultant fees.........................................................                   19,374
     Registration fees..................................................................                    2,158
     Other fees.........................................................................                   13,671
                                                                                                  -----------------
                  Total expenses........................................................                  762,045
                                                                                                  -----------------
Net investment loss....................................................................                   (73,374)
                                                                                                  -----------------
Net realized and unrealized gain (loss) on investments
         Net realized gain..............................................................                5,994,340
         Change in net unrealized appreciation (depreciation)...........................              (19,215,249)
                                                                                                  -----------------
                  Net realized and unrealized gain (loss)...............................              (13,220,909)
                                                                                                  -----------------
Net decrease in net assets resulting from operations....................................          $   (13,294,283)
                                                                                                  =================
</TABLE>

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



                                      34
<PAGE>


<TABLE>
                          American Bar Association Members/ State Street Collective Trust
                                               Small-Cap Equity Fund
                                        Statement of Changes in Net Assets
                                                     Unaudited
<CAPTION>
                                                                                                   For the period
                                                                                                   January 1, 2005
                                                                                                         to
                                                                                                   March 31, 2005
                                                                                                  -----------------
<S>                                                                                               <C>
From operations
     Net investment loss................................................................          $       (73,374)
     Net realized gain..................................................................                5,994,340
     Change in net unrealized appreciation (depreciation) on investments................              (19,215,249)
                                                                                                  -----------------
                  Net decrease in net assets resulting from operations..................              (13,294,283)
                                                                                                  -----------------
From unitholder transactions
     Proceeds from units issued.........................................................                2,259,651
     Cost of units redeemed.............................................................               (9,337,302)
                                                                                                  -----------------
                  Net decrease in net assets resulting from unitholder transactions                    (7,077,651)
                                                                                                  -----------------
                  Net decrease in net assets............................................              (20,371,934)
Net Assets..............................................................................
     Beginning of period................................................................              320,033,786
                                                                                                  -----------------
     End of period......................................................................          $   299,661,852
                                                                                                  =================
Number of units
     Outstanding-beginning of period....................................................                5,000,918
         Issued.........................................................................                   36,759
         Redeemed.......................................................................                 (151,648)
                                                                                                  -----------------
     Outstanding-end of period..........................................................                4,886,029
                                                                                                  =================
</TABLE>

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



                                      35
<PAGE>


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

                                  (For a unit outstanding throughout the period)
<CAPTION>
                                                                                                   For the period
                                                                                                   January 1, 2005
                                                                                                         to
                                                                                                   March 31, 2005
                                                                                                  -----------------
<S>                                                                                               <C>
Investment income+......................................................................          $       0.14
Net Expenses(+)++.......................................................................                 (0.15)
                                                                                                  -----------------
Net investment loss.....................................................................                 (0.01)
Net realized and unrealized gain (loss).................................................                 (2.66)
                                                                                                  -----------------
Net decrease in unit value..............................................................                 (2.67)
Net asset value at beginning of period..................................................                  64.00
                                                                                                  -----------------
Net asset value at end of period........................................................          $       61.33
                                                                                                  =================
Ratio of net expenses to average net assets*++..........................................                  1.01%
Ratio of net investment loss to average net assets*.....................................                (0.10)%
Portfolio turnover**....................................................................                    14%
Total return**..........................................................................                (4.17)%
Net assets at end of period (in thousands)..............................................               $299,662
</TABLE>

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

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



                                      36
<PAGE>



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

                                                                                                  March 31, 2005
                                                                                                ------------------
<S>    <C>                                                                                      <C>
                                            Assets
       Investments, at value (cost $866,809,355).............................................        $866,809,355
       Receivable for fund units sold........................................................             363,566
                                                                                                ------------------
               Total assets..................................................................         867,172,921
                                                                                                ------------------
                                         Liabilities
       Payable for fund units redeemed.......................................................             490,725
       State Street Bank and Trust Company--program fee payable..............................             187,640
       Trustee, management and administration fees payable...................................              55,182
       American Bar Retirement Association--program fee payable..............................              31,951
       Other accruals........................................................................             123,852
                                                                                                ------------------
               Total liabilities.............................................................             889,350
                                                                                                ------------------
Net assets (equivalent to $29.79 per unit based on 29,082,658 units outstanding).............        $866,283,571
                                                                                                ==================
</TABLE>

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



                                      37
<PAGE>


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

<CAPTION>
                                                                                                   For the period
                                                                                                   January 1, 2005
                                                                                                         to
                                                                                                   March 31, 2005
                                                                                                  -----------------
<S>                                                                                               <C>
Interest income.........................................................................                7,741,158
                                                                                                  -----------------
Expenses
     State Street Bank and Trust Company--program fee....................................                 583,676
     American Bar Retirement Association--program fee....................................                  93,413
     Trustee, management and administration fees........................................                  161,161
     Reports to unitholders.............................................................                   45,141
     Legal and audit fees...............................................................                   64,925
     Compliance consultant fees.........................................................                   54,761
     Registration fees..................................................................                    6,098
     Other fees.........................................................................                   38,646
                                                                                                  -----------------
              Total expenses............................................................                1,047,821
                                                                                                  -----------------
Net Investment income and net increase in net assets resulting from operations..........                6,693,337
                                                                                                  =================
</TABLE>

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



                                      38
<PAGE>


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

<CAPTION>
                                                                                                   For the period
                                                                                                   January 1, 2005
                                                                                                         to
                                                                                                   March 31, 2005
                                                                                                  -----------------
<S>                                                                                               <C>
From operations
     Net Investment income and net increase in net assets resulting from operations.....          $     6,693,337
                                                                                                  -----------------
From unitholder transactions
     Proceeds from units issued.........................................................               24,441,523
     Cost of units redeemed.............................................................              (29,181,346)
                                                                                                  -----------------
                  Net decrease in net assets resulting from unitholder transactions.....               (4,739,823)
                                                                                                  -----------------
                  Net increase in net assets............................................                1,953,514
Net Assets
     Beginning of period................................................................              864,330,057
                                                                                                  -----------------
     End of period......................................................................          $   866,283,571
                                                                                                  =================
Number of units
     Outstanding-beginning of period....................................................               29,243,928
         Issued.........................................................................                  823,060
         Redeemed.......................................................................                 (984,330)
                                                                                                  -----------------
     Outstanding-end of period..........................................................               29,082,658
                                                                                                  =================
</TABLE>

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



                                      39
<PAGE>


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

                                  (For a unit outstanding throughout the period)
<CAPTION>
                                                                                                   For the period
                                                                                                   January 1, 2005
                                                                                                         to
                                                                                                   March 31, 2005
                                                                                                  -----------------
<S>                                                                                               <C>
Investment income+......................................................................          $       0.27
Net expenses(+)++.......................................................................                 (0.04)
                                                                                                  -----------------
Net investment income...................................................................                   0.23
Net increase in unit value..............................................................                   0.23
Net asset value at beginning of period..................................................                  29.56
                                                                                                  -----------------
Net asset value at end of period........................................................          $       29.79
                                                                                                  =================
Ratio of net expenses to average net assets*++..........................................                  0.49%
Ratio of net investment income to average net assets*...................................                  3.16%
Total return**..........................................................................                  0.78%
Net assets at end of period (in thousands)..............................................               $866,284
</TABLE>

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

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


                                      40
<PAGE>



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

                                                                                                  March 31, 2005
                                                                                                ------------------
<S>    <C>                                                                                      <C>
                                            Assets
       American Bar Association Members / State Street Collective Trust investment funds, at
             value
       Stable Asset Return Fund (cost $16,784,662 and units of 594,095)......................         $17,696,277
       Intermediate Bond Fund (cost $19,323,038 and units of 1,102,551)......................          20,645,656
       Large Cap Value Equity (cost $3,183,106 and units of 121,560).........................           4,129,131
       Large Cap Growth Equity (cost $3,546,123 and units of 93,229).........................           4,129,131
       Index Equity Fund (cost $6,681,224 and units of 279,875)..............................           8,258,262
       International Equity Fund (cost $3,007,816 and units of 188,761)......................           4,129,131
       Receivable for collective investments sold............................................              60,838
                                                                                                ------------------
               Total assets..................................................................          59,048,426
                                                                                                ------------------
                                         Liabilities
       Payable for fund units redeemed.......................................................              60,838
                                                                                                ------------------
               Total liabilities.............................................................              60,838
                                                                                                ------------------
Net assets (equivalent to $19.17 per unit based on 3,077,209 units outstanding)                       $58,987,588
                                                                                                ==================
</TABLE>


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



                                      41
<PAGE>


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

                                                                                       For the period
                                                                                     January 1, 2005 to
                                                                                       March 31, 2005
                                                                                    ====================
<S>                                                                                 <C>
Investment income............................................................       $                 -
                                                                                    --------------------
Net realized and unrealized gain (loss) on collective investment funds:
     Net realized gain ......................................................                   557,357
     Change in net unrealized appreciation (depreciation)....................                  (842,929)
                                                                                    --------------------
         Net realized and unrealized loss....................................                  (285,572)
                                                                                    --------------------
Net decrease in net assets resulting from operations.........................       $          (285,572)
                                                                                    ====================

</TABLE>

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



                                      42
<PAGE>


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

                                                                                       For the period
                                                                                     January 1, 2005 to
                                                                                       March 31, 2005
                                                                                    ====================
<S>                                                                                 <C>
From operations
     Net investment income ..................................................       $                 -
     Net realized gain on investments........................................                   557,357
     Change in net unrealized appreciation (depreciation)....................                  (842,929)
                                                                                    ---------------------
         Net decrease in net assets resulting from operations................                  (285,572)
                                                                                    ---------------------

From unitholder transactions
     Proceeds from units issued..............................................                 4,898,977
     Cost of units redeemed..................................................                (1,689,290)
                                                                                    ---------------------
         Net increase in net assets resulting from unitholder transactions...                 3,209,687
                                                                                    ---------------------
         Net increase in net assets..........................................                 2,924,115

Net Assets
     Beginning of period.....................................................                56,063,473
                                                                                    ---------------------
     End of period...........................................................       $        58,987,588
                                                                                    =====================

Number of units
     Outstanding-beginning of period.........................................                 2,910,075
        Issued...............................................................                   255,207
        Redeemed.............................................................                   (88,073)
                                                                                    ---------------------

     Outstanding-end of period...............................................                 3,077,209
                                                                                    =====================

</TABLE>

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



                                      43
<PAGE>


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

                              (For a unit outstanding throughout the period)
<CAPTION>
                                                                                       For the period
                                                                                     January 1, 2005 to
                                                                                       March 31, 2005
                                                                                    ====================
<S>                                                                                 <C>
Investment income+...........................................................       $              0.00
Net expenses(+)++............................................................                      0.00
                                                                                    --------------------
Net investment income .......................................................                      0.00
Net realized and unrealized gain (loss)......................................                     (0.10)
                                                                                    --------------------
Net decrease in unit value...................................................                     (0.10)
Net asset value at beginning of period.......................................                     19.27
                                                                                    --------------------
Net asset value at end of period.............................................       $             19.17
                                                                                    ====================

Ratio of net expenses to average net assets*++...............................                      0.00%
Ratio of net investment income to average net assets*........................                      0.00%
Portfolio turnover**+++......................................................                         5%
Total return**...............................................................                    (0.52)%
Net assets at end of period (in thousands)...................................                   $58,988

</TABLE>

______________
*    Annualized.
**   Not annualized.
+    Calculations prepared using the daily average number of units outstanding
     during the period.
++   Net expenses includes only those expenses charged directly to the
     Portfolio and does not include expenses charged to the Funds in which the
     Portfolio invests.
+++  Portfolio turnover reflects purchases and sales by the
     Portfolio of units of the Funds in which the Portfolio invests rather
     than turnover of such underlying Funds.


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



                                      44
<PAGE>



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

                                                                                                  March 31, 2005
                                                                                                ------------------
<S>    <C>                                                                                      <C>
                                            Assets
       American Bar Association Members / State Street Collective Trust investment funds, at
             value
       Stable Asset Return Fund (cost $20,896,244 and units of 744,398)......................         $22,173,348
       Intermediate Bond Fund (cost $61,672,979 and units of 3,552,406)......................          66,520,046
       Large Cap Value Equity (cost $15,918,573 and units of 587,499)........................          19,956,014
       Large Cap Growth Equity (cost $18,282,268 and units of 450,576).......................          19,956,014
       Index Equity Fund (cost $43,915,223 and units of 1,728,362)...........................          50,998,702
       International Equity Fund (cost $25,305,333 and units of 1,520,465)...................          33,260,023
       Mid-Cap Value Equity Fund (cost $3,558,630 and units of 316,283)......................           4,434,670
       Mid-Cap Growth Equity Fund (cost $3,530,656 and units of 240,783).....................           4,434,670
       Receivable for fund units sold........................................................             224,148
                                                                                                ------------------
               Total assets..................................................................         221,957,635
                                                                                                ------------------
                                         Liabilities
       Payable for collective investments purchased..........................................             224,148
                                                                                                ------------------
               Total liabilities.............................................................             224,148
                                                                                                ------------------
Net assets (equivalent to $20.37 per unit based on 10,887,305 units outstanding).............        $221,733,487
                                                                                                ==================
</TABLE>

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



                                      45
<PAGE>


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

                                                                                       For the period
                                                                                     January 1, 2005 to
                                                                                       March 31, 2005
                                                                                    ====================
<S>                                                                                 <C>
Investment income............................................................       $                -
                                                                                    --------------------
Net realized and unrealized gain (loss) on collective investment funds:
     Net realized gain ......................................................                  934,618
     Change in net unrealized appreciation (depreciation)....................               (3,055,847)
                                                                                    --------------------

         Net realized and unrealized loss....................................               (2,121,229)
                                                                                    --------------------
Net decrease in net assets resulting from operations.........................             $ (2,121,229)
                                                                                    ====================

</TABLE>


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



                                      46
<PAGE>


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

                                                                                       For the period
                                                                                     January 1, 2005 to
                                                                                       March 31, 2005
                                                                                    =====================
<S>                                                                                 <C>
From operations
     Net investment income ..................................................       $                 -
     Net realized gain on investments........................................                   934,618
     Change in net unrealized appreciation (depreciation)....................                (3,055,847)
                                                                                    ---------------------
         Net decrease in net assets resulting from operations................                (2,121,229)
                                                                                    ---------------------

From unitholder transactions
     Proceeds from units issued..............................................                21,511,548
     Cost of units redeemed..................................................                (1,178,812)
                                                                                    ---------------------
         Net increase in net assets resulting from unitholder transactions...                20,332,736
                                                                                    ---------------------
         Net increase in net assets..........................................                18,211,507
Net Assets
     Beginning of period.....................................................               203,521,980
                                                                                    ---------------------
     End of period...........................................................       $       221,733,487
                                                                                    =====================

Number of units
     Outstanding-beginning of period.........................................                 9,890,662
        Issued...............................................................                 1,054,455
        Redeemed.............................................................                   (57,812)
                                                                                    ---------------------

     Outstanding-end of period...............................................                10,887,305
                                                                                    =====================

</TABLE>


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



                                      47
<PAGE>


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

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

                                                                                       For the period
                                                                                     January 1, 2005 to
                                                                                       March 31, 2005
                                                                                    ====================
<S>                                                                                 <C>
Investment income+...........................................................       $              0.00
Net expenses(+)++............................................................                      0.00
                                                                                    --------------------
Net investment income .......................................................                      0.00
Net realized and unrealized gain (loss)......................................                     (0.21)
                                                                                    --------------------
Net decrease in unit value...................................................                     (0.21)
Net asset value at beginning of period.......................................                     20.58
                                                                                    --------------------
Net asset value at end of period.............................................       $             20.37
                                                                                    ====================

Ratio of net expenses to average net assets*++...............................                      0.00%
Ratio of net investment income to average net assets*........................                      0.00%
Portfolio turnover**+++......................................................                         2%
Total return**...............................................................                    (1.02)%
Net assets at end of period (in thousands)...................................                  $221,733

</TABLE>

_________________
*    Annualized.
**   Not annualized.
+    Calculations prepared using the daily average number of units outstanding
     during the period.
++   Net expenses includes only those expenses charged directly to the
     Portfolio and does not include expenses charged to the Funds in which the
     Portfolio invests.
+++  Portfolio turnover reflects purchases and sales by the
     Portfolio of units of the Funds in which the Portfolio invests rather
     than turnover of such underlying Funds.


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



                                      48
<PAGE>




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

                                                                                                  March 31, 2005
                                                                                                ------------------
<S>    <C>                                                                                      <C>
                                            Assets
       American Bar Association Members / State Street Collective Trust investment funds, at
             value
       Intermediate Bond Fund (cost $22,119,685 and units of 1,263,462)......................         $23,658,770
       Large Cap Value Equity (cost $16,108,371 and units of 603,639)........................          20,504,266
       Large Cap Growth Equity (cost $18,123,935 and units of 462,955).......................          20,504,267
       Index Equity Fund (cost $43,642,944 and units of 1,603,606)...........................          47,317,539
       International Equity Fund (cost $25,120,596 and units of 1,442,065)...................          31,545,026
       Small Cap Equity Fund (cost $4,149,179 and units of 77,152)...........................           4,731,754
       Mid-Cap Value Equity Fund (cost $3,722,323 and units of 337,471)......................           4,731,754
       Mid-Cap Growth Equity Fund (cost $3,653,302 and units of 256,914).....................           4,731,754
       Receivable for collective investments sold............................................              93,138
                                                                                                ------------------
               Total assets..................................................................         157,818,268
                                                                                                ------------------
                                         Liabilities
       Payable for portfolio units redeemed..................................................              93,138
                                                                                                ------------------
               Total liabilities.............................................................              93,138
                                                                                                ------------------
Net assets (equivalent to $21.10 per unit based on 7,476,424 units outstanding)..............        $157,725,130
                                                                                                ==================
</TABLE>

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


                                      49
<PAGE>


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

<CAPTION>
                                                                                       For the period
                                                                                     January 1, 2005 to
                                                                                       March 31, 2005
                                                                                    --------------------
<S>                                                                                 <C>
Investment income...............................................................    $                 -
                                                                                    --------------------
Net realized and unrealized gain (loss) on collective investment funds:
      Net realized gain.........................................................                410,564
      Change in net unrealized appreciation (depreciation)......................             (2,778,460)
                                                                                    --------------------
           Net realized and unrealized gain (loss)..............................             (2,367,896)
                                                                                    --------------------
Net decrease in net assets resulting from operations............................    $        (2,367,896)
                                                                                    ====================
</TABLE>

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



                                      50
<PAGE>


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

<CAPTION>
                                                                                       For the period
                                                                                     January 1, 2005 to
                                                                                       March 31, 2005
                                                                                    --------------------
<S>                                                                                 <C>
From operations
     Net investment income (loss)...............................................    $                 -
     Net realized gain on investments...........................................                410,564
     Change in net unrealized appreciation (depreciation).......................             (2,778,460)
                                                                                    --------------------
              Net decrease in net assets resulting from operations..............             (2,367,896)
                                                                                    --------------------
From unitholder transactions
     Proceeds from units issued.................................................             10,619,453
     Cost of units redeemed.....................................................             (1,278,173)
                                                                                    --------------------
              Net increase in net assets resulting from unitholder transactions.              9,341,280
                                                                                    --------------------
              Net increase in net assets........................................              6,973,384
Net Assets
     Beginning of period........................................................            150,751,746
                                                                                    --------------------
     End of period..............................................................    $       157,725,130
                                                                                    ====================

Number of units
     Outstanding-beginning of period............................................              7,033,101
        Issued..................................................................                502,976
        Redeemed................................................................                (59,653)
                                                                                    --------------------

     Outstanding-end of period..................................................              7,476,424
                                                                                    ====================
</TABLE>

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



                                      51
<PAGE>


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

                              (For a unit outstanding throughout the period)
<CAPTION>
                                                                                       For the period
                                                                                     January 1, 2005 to
                                                                                       March 31, 2005
                                                                                    --------------------
<S>                                                                                 <C>
Investment income+..............................................................    $        0.00
Net expenses(+)++...............................................................             0.00
                                                                                    --------------------

Net investment income (loss)....................................................             0.00
Net realized and unrealized gain (loss).........................................            (0.33)
                                                                                    --------------------

Net decrease in unit value......................................................            (0.33)
Net asset value at beginning of period..........................................            21.43
                                                                                    --------------------

Net asset value at end of period................................................     $      21.10
                                                                                    ====================

Ratio of net expenses to average net assets*++..................................             0.00%
Ratio of net investment income to average net assets*...........................             0.00%
Portfolio turnover**+++.........................................................                2%
Total return**..................................................................           (1.54)%
Net assets at end of period (in thousands)......................................         $157,725
</TABLE>
______________
*    Annualized.
**   Not annualized.
+    Calculations prepared using the daily average number of units
     outstanding during the period.
++   Net expenses includes only those expenses charged directly to the
     Portfolio and does not include expenses charged to the Funds in which
     the Portfolio invests.
+++  Portfolio turnover reflects purchases and sales by the
     Portfolio of units of the Funds in which the Portfolio invests rather
     than turnover of such underlying Funds.


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



                                      52
<PAGE>



         American Bar Association Members/State Street Collective Trust

                    Unaudited Notes to Financial Statements


1.   Description of the Trust

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

          Balanced Fund--current income and long-term capital appreciation
     through investment in common stocks, other equity-type securities and debt
     securities. Since July 1, 2004, the debt portion of the Balanced Fund has
     been invested through the American Bar Association Members/State Street
     Collective Trust Intermediate Bond Fund. Prior to July 1, 2004, the debt
     portion had been invested in separately owned securities. As of March 31,
     2005, 38.7% 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 net 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
     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, 2005, 31.9% 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
     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, 2005, 23.7% of the Fund's net
     assets were invested in the State Street Bank and Trust Company Russell
     1000 Value Index Securities Lending Fund. This underlying fund's financial
     statements are available from State Street Bank upon request.

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



                                      53
<PAGE>


         American Bar Association Members/State Street Collective Trust

             Unaudited Notes to Financial Statements -- (Continued)


          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.

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

          Structured Portfolio Service

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

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

               Aggressive--long-term growth of capital and lower current
               investment income. In seeking its objective, each Structured
               Portfolio Service conducts a monthly pre-determined investment
               rebalancing in the Funds.

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

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

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

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

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



                                      54
<PAGE>


         American Bar Association Members/State Street Collective Trust

             Unaudited Notes to Financial Statements -- (Continued)


2.   Summary of Significant Accounting Policies

     The accompanying statements of assets and liabilities and the related
statements of operations and of changes in net assets and certain financial
data have been prepared in conformity with accounting principles generally
accepted in the United States of America. Such principles were applied on a
basis consistent with those reflected in the 2004 Annual Report on Form 10-K of
the Trust as filed with the Securities and Exchange Commission. The
accompanying financial data should be read in conjunction with these Notes to
the Financial Statements. In the opinion of management, the accompanying
financial statements contain all adjustments (consisting solely of normal
recurring accruals) necessary to present fairly the financial position of the
Balanced Fund, Index Equity Fund, Intermediate Bond Fund, International Equity
Fund, Large-Cap Growth Equity Fund, Large-Cap Value Equity Fund, Mid-Cap Growth
Equity Fund, Mid-Cap Value Equity Fund, Small-Cap Equity Fund, Stable Asset
Return Fund, Conservative Structured Portfolio Service, Moderate Structured
Portfolio Service and Aggressive Structured Portfolio Service as of March 31,
2005 and the results of each of their operations, the changes in each of their
net assets and certain financial data for the period ended March 31, 2005.

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

     A.   Security Valuation

     All Funds and Portfolios (Other than SARF): Stocks listed on the national
securities and certain over-the-counter issues traded on the Nasdaq National
Market ("NASDAQ") are generally valued at the last sale price, or, Official
Close Price, or, if no sale, at the latest available bid price. Securities
participating in the NASDAQ Closing Cross will generally be valued at the
NASDAQ Official Closing Price ("NOCP") that results from the Closing Cross.
Other unlisted stocks reported on the NASDAQ system are generally valued at
quoted bid prices.

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

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

     Fixed income investments are generally valued on the basis of valuations
furnished by a pricing service approved by the Trustee, which can include
valuations using methods based on market transactions for comparable securities
and various relationships between securities which are generally recognized by
institutional traders. If not valued by a pricing service, such securities are
valued at prices obtained from independent brokers. Convertible bonds and
unlisted convertible preferred stocks are valued at bid prices obtained from
one or more major dealers in such securities. Where there is a discrepancy
between dealers, values may be adjusted based on recent discount spreads to the
underlying common stock.

     Investments with prices that cannot be readily obtained or that State
Street considers to be unreliable, if any, are valued at fair value as
determined in good faith under consistently applied procedures established by
and under the supervision of the State Street.

     The values of investments in collective investment funds and registered
open-end investment companies are based on the net asset value of the
respective collective investment fund or registered investment company.

     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.



                                      55
<PAGE>


         American Bar Association Members/State Street Collective Trust

             Unaudited Notes to Financial Statements -- (Continued)


     Stable Asset Return Fund: SARF invests in SAFT, whose investments include
insurance company, bank and financial institution investment contracts and
investments in YES. The short-term portfolio instruments of the collective
investment fund are valued on the basis of amortized cost, which approximates
fair value. Amortized cost involves valuing an instrument initially at its cost
and thereafter assuming a constant amortization to maturity of any discount or
premium, regardless of the impact of fluctuating interest rates on the market
value of the instrument. As the contracts are benefit-responsive and the Fund's
investors are participants in qualified benefits plans, the insurance company,
bank and financial institution investment contracts are maintained at contract
value (cost plus accrued interest). The values of investments in collective
investment funds are based on the net asset values of such respective
collective investment funds.

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

     The Financial Accounting Standards Board ("FASB") is reviewing whether
contract value accounting should continue to be applicable to investment
contracts held by certain pooled investment vehicles such as SAFT. The timing
and results of this review cannot be predicted. If it is determined that
contract value accounting is no longer appropriate for the investment contracts
held by SAFT, such contracts would presumably be subject to valuation at
market, and SAFT, and hence SARF, would no longer be able to maintain a stable
net asset value and crediting rates, as described above. For example, the
reported fair value of the fixed-income investment portfolio covered by one or
more "wrapper" agreements would be expected to more closely conform to the
current fair value of the underlying fixed-income investments.

     B.   Security Transactions and Related Investment Income

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

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

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

     C.   Foreign Currency Transactions

     The accounting records of the Funds and Portfolios are maintained in U.S.
dollars. Investment securities and other assets and liabilities denominated in
a foreign currency are translated into U.S. dollars




                                      56
<PAGE>


         American Bar Association Members/State Street Collective Trust

             Unaudited Notes to Financial Statements -- (Continued)


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

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

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

     D.   Income Taxes

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

     E.   Sales and Redemptions of Units of Participation and Distributions

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

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

     F.   TBA Commitments and Roll Transactions

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

     G.   Futures Contracts

     The Intermediate Bond Fund may use, on a limited basis, futures contracts
to manage exposure to the bond market, and as a substitute for acquiring market
positions in securities comparable to those held by



                                      57
<PAGE>


         American Bar Association Members/State Street Collective Trust

             Unaudited Notes to Financial Statements -- (Continued)


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, 2005, the Intermediate Bond Fund held the following futures
contracts:


<TABLE>
<CAPTION>
                                                                                                Unrealized
                                           Number of                                           Appreciation
Futures Contracts                          Contracts      Notional Cost    Settlement Month   (Depreciation)
Long
<S>                                           <C>        <C>                <C>               <C>
Eurodollar Futures..............              314        $    76,126,895    September 2005    $     (747,270)
Eurodollar Futures..............              421            101,258,100     December 2005          (465,438)
Eurodollar Futures..............              238             57,209,250        March 2006          (315,350)
Eurodollar Futures..............               78             18,726,825     December 2006          (134,550)
UK Treasury Bonds...............               86             19,337,854     December 2005           (55,616)
UK Treasury Bonds...............                8              1,650,467         June 2005            12,168
U.S. Treasury Notes 5 Year......              490             52,705,625         June 2005          (229,688)
U.S. Treasury Notes 10 Year.....              362             39,613,469         June 2005           (59,312)
                                                                                              ----------------
                                                                                                  (1,995,056)
                                                                                              ----------------
Short
U.S Treasury Bonds..............             (20)           (2,212,500)          June 2005           (15,000)
                                                                                              ----------------
                                                                                              $   (2,010,056)
                                                                                              ================
</TABLE>


     H.   Forward Foreign Currency Contracts

     The Intermediate Bond Fund and the International Equity Fund may use
forward foreign currency contracts to facilitate transactions in foreign
securities or as a hedge against the foreign currency exposure of either
specific transactions or portfolio positions. When entering into a forward
foreign currency contract, the Fund agrees to receive or deliver a fixed
quantity of foreign currency for an agreed-upon price on an agreed-upon future
date. Such contracts are valued based upon the difference in the forward
exchange rates at the dates of entry into the contracts and the forward rates
at the reporting date, and any resulting unrealized gains or losses are
recorded in the Fund's financial statements. The Fund records realized gains or
losses at the time the forward contract is extinguished by entry into a closing
transaction or by delivery of the currency. Risks in foreign currency contracts
arise from the possible inability of counterparties to meet the contracts'
terms and from movements in currency values. As of March 31, 2005, the
Intermediate Bond Fund held the following forward foreign currency contracts:


<TABLE>
<CAPTION>

                                                                                                                       Unrealized
                                                  Principal Amount                               Settlement           Appreciation
Type                           Currency          Covered by Contract     US Dollar Cost             Date             (Depreciation)
---------------------------    ---------------   -------------------     --------------          ----------         ---------------
<S>                            <C>               <C>                     <C>                       <C>               <C>
Bought.....................    Euro Dollar       $         1,351,000     $    1,777,504            4/18/05          $      (24,941)

Sold.......................    Euro Dollar                 7,585,000         10,101,703            4/18/05                 262,182
Sold.......................    Euro Dollar                 9,151,000         12,086,970            4/25/05                 214,255
Bought.....................    Japanese Yen               27,000,000            257,273            4/13/05                  (5,191)
Sold.......................    Pound Sterling              2,545,000          4,813,529            4/28/08                  14,414
                                                                                                                    ---------------
                                                                                                                    $      460,719
                                                                                                                    ===============
</TABLE>




                                      58
<PAGE>



         American Bar Association Members/State Street Collective Trust

             Unaudited Notes to Financial Statements -- (Continued)


     I.   Interest Rate Swap Contracts

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

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

     At March 31, 2005, the Intermediate Bond Fund held the following interest
rate swap contracts:


<TABLE>
<CAPTION>
                                                                              Rate Type
                                                                ------------------------------------
                                                                                                            Unrealized
Notional               Swap                 Termination                                                    Appreciation
Amount             Counterparty                Date                Floating Rate          Fixed Rate      (Depreciation)
--------------     -------------------      -----------          ------------------       ----------      --------------
<S>                <C>                       <C>                 <C>                         <C>           <C>
 1,700,000 USD     Barclays (a)              6/15/2007           3 Month USD LIBOR           4.00%             $ 9,922
11,100,000 GBP     Barclays (a)              6/15/2008           6 Month GBP LIBOR           5.00%             158,267
 8,000,000 USD     Goldman Sachs (a)         9/15/2005           3 Month USD LIBOR           3.25%              17,736
58,900,000 USD     Lehman Brothers(b)        6/15/2010           3 Month USD LIBOR           4.00%           1,267,936
22,800,000 USD     Lehman Brothers (b)       6/15/2015           3 Month USD LIBOR           5.00%             522,180
 1,800,000 GBP     Merrill Lynch (a)         6/15/2008           6 Month GBP LIBOR           5.00%              15,124
 6,800,000 EUR     UBS (b)                   6/16/2014           6 Month EURO LIBOR          5.00%             (29,637)
                                                                                                          -------------
                                                                                                           $ 1,961,528
                                                                                                          =============
</TABLE>


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


     J.   Option and Swaption Contracts

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

     The premium received by a Fund for a written option is recorded as a
liability. The liability is marked-to-market based on the option's quoted daily
settlement price. When an option expires or the Fund enters into a closing
purchase transaction, the Fund realizes a gain (or loss if the cost of the
closing purchase transaction exceeds the premium received when the option was
sold) without regard to any



                                      59
<PAGE>


         American Bar Association Members/State Street Collective Trust

             Unaudited Notes to Financial Statements -- (Continued)


unrealized gain or loss on the underlying security and the liability related to
such option is eliminated. When a written call option is exercised, the Fund
realizes a gain or loss from the sale of the underlying security and the
proceeds from such sale are increased by the premium originally received. If a
written put option is exercised, the amount of the premium originally received
will reduce the cost of the security which the Fund is obligated to purchase.

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

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

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

     A summary of the written put options and swaptions for the period ended
March 31, 2005 is as follows:

<TABLE>
<CAPTION>

Written Put Option/Swaption Contracts                 Number of Contracts        Premium
---------------------------------------------------  --------------------------------------
<S>                                                          <C>               <C>
Outstanding, beginning of year.....................          13,274            $   146,112
                                                     ======================================
Options written....................................             242                 97,520
Options exercised..................................              --                     --
Options expired....................................             274)              (111,142)
Options closed.....................................              --                     --
                                                     --------------------------------------
Outstanding, end of period.........................          13,242            $   132,490
                                                     ======================================
</TABLE>


     At March 31, 2005, the Fund held the following written put option and
swaptions contracts:


<TABLE>
<CAPTION>

Security                                                                     Contracts        Appreciation
--------                                                                     ---------        ------------
<S>                                                                            <C>              <C>
Pay fixed 6.50%, receive LIBOR, commencing March 7, 2006..............         13,000           $ 34,672
............................
U.S. Treasury Note, 10 year future, expiring June, 2005...............            160             14,400
U.S. Treasury Note, 10 year future, expiring June, 2005...............             82              1,463
                                                                          -----------------------------------
                                 Total                                         13,242           $ 50,535
                                                                          ===================================
</TABLE>


     A summary of the written call options and swaptions for the period ended
March 31, 2005 is as follows:


<TABLE>
<CAPTION>

Written Call Option/Swaption Contracts                          Number of Contracts            Premium
------------------------------------------------------------    -----------------------------------------
<S>                                                                   <C>                   <C>
Outstanding, beginning of year..............................          13,304                $    156,303
                                                                =========================================
Options written.............................................              85                      19,064
Options exercised...........................................              --                          --
Options expired.............................................            (304)                   (120,423)
Options closed..............................................              --
                                                                -----------------------------------------
Outstanding, end of period..................................          13,085                $     54,944
                                                                =========================================
</TABLE>



                                      60
<PAGE>


         American Bar Association Members/State Street Collective Trust

             Unaudited Notes to Financial Statements -- (Continued)


     At March 31, 2005, the Fund held the following written call option and
swaptions contracts:


<TABLE>
<CAPTION>

Security                                                                     Contracts        Appreciation
--------                                                                     ---------        ------------
<S>                                                                            <C>             <C>
Pay fixed 4.50%, receive LIBOR, commencing March 7, 2006..............         13,000          $  29,025
U.S. Treasury Note, 10 year future, expiring June, 2005...............              3                880
U.S. Treasury Note, 10 year future, expiring June, 2005...............             82             11,732
                                                                          -----------------------------------
                                 Total                                         13,085          $  41,637
                                                                          ===================================
</TABLE>


     K.   Use of Estimates

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

     L.   Indemnifications

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


3.   Investment Advisory, Investment Management and Related Party Transactions

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

     A fee is paid to each investment advisor for certain of the Funds based on
the value of the assets allocated to that investment advisor and the respective
breakpoints agreed to in the advisor's contract. These fees are accrued on a
daily basis and paid monthly or quarterly from the assets. Actual fees paid to
each investment advisor during 2004 are disclosed in the prospectus and on the
next page. Fee rate ranges are as follows:

<TABLE>
<CAPTION>

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

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



                                      61
<PAGE>


         American Bar Association Members/State Street Collective Trust

             Unaudited Notes to Financial Statements -- (Continued)


<TABLE>
<CAPTION>

                                                                                      Fees Paid
                                                                                 For the period ended
Investment Advisor                                                                  March 31, 2005
-----------------------------------------------------------------------------    --------------------
<S>                                                                                   <C>
Alliance Capital Management L.P. (Large-Cap Value Equity)....................         $180,510
Ariel Capital Management, LLC (Mid-Cap Value Equity).........................           81,728
Capital Guardian Trust Company (Balanced)....................................          160,487
Capital Guardian Trust Company (Large-Cap Growth Equity).....................          145,706
Capital Guardian Trust Company (Small-Cap Equity)............................           82,429
JPMorgan Fleming Asset Management (London) Limited (International Equity)....          141,574
Pacific Investment Management Company, LLC (Intermediate Bond)...............          298,785
Philadelphia International Advisors, LP (International Equity)...............          101,198
RCM Capital Management LLC (Large-Cap Growth Equity).........................          216,240
Smith Asset Management Group, L.P.(Small-Cap Equity).........................          118,312
Turner Investment Partners (Mid-Cap Growth Equity)...........................          106,421
Wellington Management Company, LLP (Small-Cap Equity)........................          189,662
</TABLE>


     A separate program fee ("Program fee") is paid to each of State Street
Bank and ABRA. 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 ABRA Program fee is based on the value of Program assets and the
following annual fee rates:

                                  Rate for ABRA Period ended
Value of Program Assets                 March 31, 2005
-----------------------           --------------------------
First $500 million                          .075%
Next $850 million                           .065%
Next $1.15 billion                          .035%
Next $1.5 billion                           .025%
Over $4.0 billion                           .015%


     ABRA received Program fees of $405,578 for the period ended March 31,
2005. These fees are allocated to each Fund based on net asset value.

     The State Street Bank Program fee is calculated monthly as one-twelfth of
the sum of (i) $800,000 plus (ii) $194 multiplied by the number of participants
in the Program, other than active participants without account balances, as of
the last business day of the preceding month, plus (iii) $194 multiplied by the
excess, if any, of the number of active participants of the Program without
account balances as of the last Business Day of the preceding month over the
number of such participants as of December 31, 2002. This fee is accrued daily
and paid monthly.

     A portion of the State Street Bank Program fee is reimbursed or reduced
each year based on the amount of retirement plan assets held by State Street
Bank on behalf of law firm and law-related clients identified by State Street
Bank and ABRA that do not participate in the Program. The amount of the
reimbursement is equal to .02% of the first $50 million of assets in such plans
during the preceding year and .01% of any such assets in excess of $50 million.
The accrued reduction for the period ended March 31, 2005 totaled $8,221 and is
allocated to each Fund based on net asset value.

     Benefit payments under the Program generally are made by check. Before
such a check becomes payable, funds for its payment are transferred from the
Collective Trust to a non-interest bearing account with State Street Bank. No
separate fee is charged for processing 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. The Program fee paid to State Street



                                      62
<PAGE>


Bank reflects a $300,000 annual reduction for earnings estimated to be
attributable to outstanding benefit checks for 2004.

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


                                              Rate for ABRA Period ended
Value of Program Assets                             March 31, 2005
-----------------------                       --------------------------
First $1.0 billion
  (January 1, 2005 through March 31, 2005)               .1560%
First $1.0 billion
  (beginning April 1, 2005)                              .1835%
Next $1.8 billion                                        .0580%
Over $2.8 billion                                        .0250%


     State Street Bank received program fees of $2,543,250 for the period ended
March 31, 2005 and trustee, management and administration fees which aggregated
$699,790 for the period ended March 31, 2005. These fees are allocated to each
Fund based on net asset value.

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

4.   Purchases and Sales of Securities

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

<TABLE>
<CAPTION>

                                                                Period ended March 31, 2005
                                                               ---------------------------------
                                                               Purchase                 Sales
                                                             -------------        --------------
<S>                                                          <C>                   <C>
Balanced Fund........................................        $  21,815,821         $  18,666,721
Index Equity Fund....................................           14,269,653             5,646,831
Intermediate Bond Fund...............................           21,697,126            15,656,829
International Equity Fund............................           26,486,958            14,832,377
Large-Cap Growth Equity Fund.........................           76,839,929            97,842,209
Large-Cap Value Equity Fund..........................           26,725,459            16,995,911
Mid-Cap Growth Equity Fund...........................           25,678,721            21,503,663
Mid-Cap Value Equity Fund............................            8,908,895             4,009,548
Small-Cap Equity Fund................................           43,723,571            47,471,806
Conservative Structured Portfolio Service............            5,850,524             2,640,836
Moderate Structured Portfolio Service................           25,475,041             5,142,305
Aggressive Structured Portfolio Service..............           12,681,232             3,339,951
</TABLE>


     The aggregate cost of purchases and proceeds from sales of U.S. Government
securities were as follows: AmericanrBar Association Members/State
StreetACollectiveETrust


                                          Period ended March 31, 2005
                                  ------------------------------------------
                                      Purchases                    Sales
                                  --------------              --------------
Intermediate Bond Fund            $  278,498,544              $  330,015,197




                                      63
<PAGE>



         American Bar Association Members/State Street Collective Trust

             Unaudited Notes to Financial Statements -- (Continued)


5.   Risks Associated with Investments of the Trust

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

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

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

6.   Securities Lending Income

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

     Certain Funds in the Trust also invest in collective investment funds
which loan out 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.



                                      64
<PAGE>



         American Bar Association Members/State Street Collective Trust

             Unaudited Notes to Financial Statements -- (Continued)


     At March 31, 2005, the Funds' market value of securities on loan and
collateral received for securities loaned was as follows:

<TABLE>
<CAPTION>

                                                                Market Value of
Fund                                                           Loaned Securities       Collateral Value
----                                                           -----------------       ----------------
<S>                                                            <C>                     <C>
Balanced*.............................................         $      18,717,123       $      19,200,413
Intermediate Bond.....................................                 2,075,121               2,119,450
International Equity..................................                28,408,651              29,592,686
Large-Cap Growth Equity ..............................                30,074,335              30,780,459
Large-Cap Value Equity................................                14,345,236              14,586,005
Mid-Cap Growth Equity.................................                11,842,296              12,146,115
Mid-Cap Value Equity..................................                 3,676,981               3,740,244
Small-Cap Equity*.....................................                65,390,572              67,172,397
</TABLE>

* Collateral value includes non-cash collateral State Street Bank received in
lieu of cash for securities on loan. All non-cash collateral held at March 31,
2005 were in the form of U.S. Government Treasury Obligations in amounts as
follows:

                                                                 Non-Cash
Fund                                                         Collateral Value
----                                                         ----------------
Balanced..............................................         $      3,783
Small-Cap Equity .....................................              124,242


     Non-cash collateral received for securities on loan are 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.



                                      65
<PAGE>


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

Stable Asset Return Fund

     The Stable Asset Return Fund invests primarily in investment contracts
issued by insurance companies, banks or other financial institutions. The
Stable Asset Return Fund also invests 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, 2005, the Stable Asset Return Fund
experienced an annualized total return, net of expenses, of 3.17%. By
comparison, the Ryan Labs Three Year GIC Index and the Money Fund Report "Tier
One" Money Market Fund Average, weighted 70%/30%, respectively, produced an
investment record of 2.83% 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 securities that
comprise the Index or for fund expenses.

     The Stable Asset Return Fund outperformed the combination benchmark for
the quarter ended March 31, 2005. The money market portion of the portfolio
was structured in anticipation of continued Federal Funds rate increases in
the quarter ended March 31, 2005. The weighted average maturity of the
portfolio was approximately 30 days, on average, until mid-March, when
three-month money market instruments starting pricing in the potential for a
50 basis point increase on May 3, 2005. The portfolio took advantage of this
yield versus breakeven analysis and extended maturities. By the end of March,
the weighted average maturity had increased to 43 days. The portfolio remained
fairly liquid to allow for maturing instruments to be reinvested more quickly
as the Federal Reserve increased interest rates.

     With respect to the investment contract portion of the portfolio, home
equity securities added to the portfolio in February were the key contributor
to the outperformance, providing both diversification and yield enhancement.
The addition of these bonds yielded approximately 131 basis points more than
the total SARF yield at the time of purchase. Additionally, investments in the
portfolio had a weighted




                                      66
<PAGE>



average duration of approximately four years, compared to a three-year maximum
duration of instruments comprising the Ryan Labs Three Year GIC Index. This
focus on longer duration added to the outperformance, although the impact of
this contribution is diminishing when compared to the impact in 2004.


Intermediate Bond Fund

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

     For the quarter ended March 31, 2005, the Intermediate Bond Fund
experienced a total return, net of expenses, of (0.32)%. By comparison, the
Lehman Brothers Aggregate Bond Index produced an investment record of (0.48)%
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, 2005. Certain defensive interest rate and
sector strategies together with broad diversification contributed to the
outperformance. During the quarter, interest rate strategies overall were
mixed for performance. A below benchmark duration helped performance as
interest rates rose but an underweight to longer maturities detracted from
returns as longer maturities rallied. In the government sector, an allocation
to Treasury Inflation Protection Bonds (TIPS) was slightly positive as nominal
yields rose more than real yields. In the mortgages and corporates sectors,
underweighting expensive mortgages and corporates was positive for
performance. Mortgage yield premiums widened amid heightened volatility while
concerns about GM caused historically tight credit premiums to widen.
Municipal bonds also helped returns in a volatile market as a stable base of
retail demand supported municipal returns. Diversifying outside the U.S. via
exposure to [Eurozone issues] was positive as rate movements were milder
outside the U.S.


Balanced Fund

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

     For the quarter ended March 31, 2005, the Balanced Fund experienced a
total return, net of expenses, of (1.83)%. 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 (1.31)% 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.

     The equity portion of the Balanced Fund, which is advised by Capital
Guardian Trust Company, underperformed the Russell 1000 Index for the quarter
ended March 31, 2005. Poor stock selection in the healthcare sector was
responsible for the majority of the portfolio's underperformance due in large
part to the portfolio's large holding in Forest Labs. Portfolio results were
helped by the portfolio's overweight in energy stocks. Four of the top five
absolute contributors in the




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portfolio were components of the energy sector. Stock selection in the
industrials sector also helped relative and absolute performance.

     The fixed income portion of the Balanced Fund, which is advised by
Pacific Investment Management Company LLC, outperformed the Lehman Brothers
Aggregate Bond Index for the quarter ended March 31, 2005. Certain defensive
interest rate and sector strategies together with broad diversification
contributed to the outperformance. During the quarter, interest rate
strategies overall were mixed for performance. A below benchmark duration
helped performance as interest rates rose but an underweight to longer
maturities detracted from returns as longer maturities rallied. In the
government sector, an allocation to Treasury Inflation Protection Bonds (TIPS)
was slightly positive as nominal yields rose more than real yields. In the
mortgages and corporates sectors, underweighting expensive mortgages and
corporates was positive for performance. Mortgage yield premiums widened amid
heightened volatility while concerns about GM caused historically tight credit
premiums to widen. Municipal bonds also helped returns in a volatile market as
a stable base of retail demand supported municipal returns. Diversifying
outside the U.S. via exposure to [Eurozone issues] was positive as rate
movements were milder outside the U.S.


Large-Cap Value Equity Fund

     The Large-Cap Value Equity Fund seeks to outperform, over extended
periods of time, broad measures of the domestic stock market. The Fund invests
primarily in common stocks and other equity-type securities of companies with
market capitalizations greater than $1 billion that State Street and the
Fund's Investment Advisor consider undervalued. 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, 2005, the Large-Cap Value Equity Fund
experienced a total return, net of expenses, of (0.49)%. By comparison, the
Russell 1000 Value Index produced an investment record of 0.09% for the same
period. The Russell 1000 Value Index does not include an allowance for the fees
that an investor would pay for investing in the securities that comprise the
Index or for fund expenses.

     The actively managed portion of the Large-Cap Value Equity Fund, which is
advised by Alliance Capital Management L.P., underperformed the Russell 1000
Value Index for the quarter ended March 31, 2005. The largest detractions from
performance came from the portfolio's overweight in the technology sector and
its underweight in the energy sector. Technology stocks trailed the market
during the quarter, causing the overweight of the sector to detract from
relative performance and several of the holdings, such as Solectron, traded
down and diminished returns. Energy shares widely outpaced the market in the
first three months of the year. In this environment, the underweight of the
strong sector detracted from performance. In particular, the portfolio's
underweight of Exxon Mobil and avoidance of Valero Energy and Unocal hurt
performance. On the positive side, ConocoPhillips, Occidental Petroleum, and
Marathon Oil, securities that were emphasized in the portfolio, were also up
during the quarter, benefiting from strong refining margins.

     Several of the portfolio's investments in the capital equipment sector, of
which the most notable were positions in Cooper Industries and Boeing,
contributed to relative returns during the quarter. Cooper Industries, a
manufacturer of electrical products and tools and hardware, outperformed late
in the quarter due in part to orders improving during March. Strength in U.S.
residential construction activity and better prospects in commercial
construction also added to Cooper Industries' performance. Boeing, a global
commercial and defense aerospace company, was up late in the quarter due in
part to increased



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<PAGE>


commercial aircraft orders, the lifting of the ban on government space launch
bidding and progress on a comprehensive settlement regarding past ethics
issues.

     The performance of the indexed portion of the Large-Cap Value Equity Fund
for the quarter ended March 31, 2005 was consistent with the Russell 1000 Value
Index after taking into account expenses.


Large-Cap Growth Equity Fund

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

     For the quarter ended March 31, 2005, the Large-Cap Growth Equity Fund
experienced a total return, net of expenses, of (4.09)%. By comparison, the
Russell 1000 Growth Index produced an investment record of (4.09)% for the same
period. The Russell 1000 Growth Index does not include an allowance for the
fees that an investor would pay for investing in the securities that comprise
the Index or for fund expenses.

     The portion of the Large-Cap Growth Equity Fund which is advised by
Capital Guardian Trust Company outperformed the Russell 1000 Growth Index for
the quarter ended March 31, 2005. Portfolio results were helped by the
portfolio's overweight in energy stocks. Four of the top five absolute
contributors in the portfolio were components of the energy sector. Good stock
selection in the industrials sector also helped relative and absolute
performance. Poor stock selection in the healthcare sector detracted from
performance due in large part to the portfolio's large holding in Forest Labs.

     The other actively managed portion of the Large-Cap Growth Equity Fund,
which is advised by RCM Capital Management LLC, underperformed the Russell 1000
Growth Index for the quarter ended March 31, 2005. Positive stock selection
within computers & peripherals, diversified financials and internet software &
services aided performance for the quarter. Stock selection within
biotechnology, capital goods and hotels restaurants & leisure detracted from
returns. A substantial drop in two biotechnology stocks, Biogen Idec and Elan
Corp., on the last day of February detracted from performance.

     During the quarter, industry strategy for the portfolio also contributed
to the underperformance. The overweight in the internet software and services
and the biotechnology sectors and the underweight in healthcare providers and
services and pharmaceuticals sector hurt performance while an overweight in the
energy, capital goods and food & drug retailing sectors and a underweight in
the communications equipment and insurance sectors helped performance.

     The performance of the indexed portion of the Fund for the quarter ended
March 31, 2005 was consistent with the Russell 1000 Growth Index after taking
into account expenses.




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<PAGE>


Index Equity Fund

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

     For the quarter ended March 31, 2005, the Index Equity Fund experienced a
total return, net of expenses, of (2.29)%. By comparison, the Russell 3000
Index produced an investment record of (2.20)% 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 was consistent
with the Russell 3000 Index after taking into account expenses.

Mid-Cap Value Equity Fund

     The Mid-Cap Value Equity Fund invests primarily in equity securities of
companies with market capitalizations between $1 billion and $12 billion at the
time of investment. The Fund seeks to be broadly diversified and emphasizes
sectors and securities that State Street and the Fund's Investment Advisor
consider undervalued. The Mid-Cap Value 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, 2005, the Mid-Cap Value Equity Fund,
which is advised by Ariel Capital Management, LLC, experienced a total return,
net of expenses, of (2.42)%. By comparison, the Russell Mid-Cap Value Index
produced an investment record of 0.78% for the same period. The Russell
Mid-Cap         Value Index does not include an allowance for the fees that an
investor would pay for investing in the securities that comprise the Index or
for fund expenses.

     The Mid-Cap Value Equity Fund underperformed the Russell Mid-Cap Value
Index for the quarter ended March 31, 2005. Stock selection contributed to this
underperformance. Holdings in MBIA Inc. and Northern Trust detracted from
performance when the MBIA Inc. stock price fell on the news that the SEC
requested additional information related to subpoenas first issued in November
2004 and Northern Trust stock dipped due to concerns over rising expenses
figures. Holdings in SunGard Data Systems and Yum! Brands contributed
positively to performance.

Mid-Cap Growth Equity Fund

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

     For the quarter ended March 31, 2005, the Mid-Cap Growth Equity Fund,
which is advised by Turner Investment Partners, experienced a total return, net
of expenses, of (2.33)%. By comparison, the Russell Mid-Cap Growth Index
produced an investment record of (1.67)% 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.




                                      70
<PAGE>


     The Mid-Cap Growth Equity Fund underperformed the Russell Mid-Cap Growth
Index for the quarter ended March 31, 2005. Contributing the most to
performance relative to the benchmark was stock selection in the technology
sector. Holdings in Ariba and PMC-Sierra detracted from performance but this
was partially offset by gains posted by Apple Computer, Ixia and Cognizant
Technology Solutions. The utility sector, which represented approximately 4% of
the portfolio's market value, advanced over 23% during the quarter. Within this
sector, wireless stocks NII Holdings and Western Wireless posted strong
advances as consolidation within the group continues. In addition, continued
increases in natural gas prices helped Questar Corp. for the quarter.

     Stock selection in the healtchcare sector detracted most from performance
against the benchmark. Underperformance in this sector, which represented over
18% of the portfolio's market value, was specifically related to weakness in
the biotech industry. Within this industry, company specific events led to
substantial declines in several holdings, including; Eyetech Pharmaceuticals,
Medicines Company, and Elan. The majority of the underperformance in this
sector related to the decline in Polycom. This stock was sold after posting
poor fourth quarter results, and concerns that poor operating performance would
hamper earnings growth in the future.


Small-Cap Equity Fund

     The Small-Cap Equity Fund invests primarily in equity securities of
companies with market capitalizations of $2.5 billion or less at the time of
investment. These companies may include new companies and companies that may
benefit from new technologies, new product or service development or management
changes. The Small-Cap Equity Fund seeks to achieve, over an extended period of
time, total returns comparable to or superior to those attained by broad
measures of the domestic stock market.

     For the quarter ended March 31, 2005, the Small-Cap Equity Fund
experienced a total return, net of expenses, of (4.16)%. By comparison, the
Russell 2000 Index produced an investment record of (5.34)% 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 the Index
or for fund expenses.

     The portion of the Small-Cap Equity Fund advised by Capital Guardian Trust
Company outperformed the Russell 2000 Index for the quarter ended March 31,
2005. The largest relative contributors came from stock selection in the
consumer discretionary and financials sectors. Within the consumer
discretionary sector, stock selection in areas such as restaurants, home
building and hotels helped overall returns. Within the financials sector, stock
selection in REITs helped overall returns.

     The largest detractor to relative and absolute returns for the quarter
came from the industrials sector where airline stocks, and in particular Delta
Airlines, had the largest negative impact. The second largest detractor to
relative and absolute returns for the quarter came from the portfolio's
overweight position and stock selection in the information technology sector.

     The portion of the Small-Cap Equity Fund advised by Wellington Asset
Management Company, LLP outperformed the Russell 2000 Index for the quarter
ended March 31, 2005. While the absolute return for the Portfolio during the
first quarter was negative, the portfolio added value relative to the benchmark
as a result of strong stock selection across sectors. Relative returns in the
healthcare sector were favorable, despite lackluster results among the
pharmaceutical and biotech stocks. Performance was helped by service providers
such as Allscripts and The Advisory Board, as well as Lifepoint Hospitals. The
Financials sector was also an area of relative strength during the first
quarter. While performance in



                                      71
<PAGE>


the portfolio was mixed, larger holdings in UMB Financial, First Citizens, and
IndyMac Bancorp held up well amid general weakness, boosting relative returns.
Information technology stocks fell after a brief rally in the fourth quarter of
2004 and relative performance during the quarter ended March 31, 2005 was
strong, helped by several software holdings.

     Stock selection in the industrials sector was an area of relative weakness
during the first quarter for the portfolio. GrafTech fell sharply after issuing
disappointing sales and earnings guidance for 2005 and relocation services
company Sirva also fell sharply after disclosing accounting issues related to
its European operations. The position was eliminated following the departure of
the CFO and the heightened uncertainty surrounding the stock.

     The portion of the Small-Cap Equity Fund advised by Smith Asset Management
Group, L.P. outperformed the Russell 2000 Index for the quarter ended March 31,
2005. Relative performance was driven by above benchmark stock selection within
information technology, healthcare, and consumer discretionary sectors.
Holdings in Quality Systems, Inc. and Lca-Vision, Inc. contributed to the
outperformance.

     Strategy performance was hurt by an overweight position in industrial
stocks, a slight underweight in energy stocks, and below benchmark stock
selection in energy and industrial stocks. The portfolio's holdings in Ceradyne
Incorporated detracted from performance.

International Equity Fund

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

     For the quarter ended March 31, 2005, the International Equity Fund
experienced a total return, net of expenses, of 0.03%. 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 0.25% for the
same period. The MSCI AC World Ex-U.S. Index does not include an allowance for
the fees that an investor would pay for investing in the securities that
comprise the Index or for fund expenses.

     The portion of the International Equity Fund advised by JPMorgan Fleming
Asset Management (London) Limited underperformed the MSCI AC World Ex-U.S.
Index for the quarter ended March 31, 2005. Much of the underperformance can be
traced to the healthcare and consumer staples sectors. Performance in
healthcare was undermined by positions in Astellas, Schering and Smith &
Nephew. Holdings of Morrison Supermarkets and Altadis detracted from
performance in the consumer staples sector. Earnings were also negatively
impacted by an overweight in HSBC.

     On the positive side, the portfolio benefited from stock selection in the
technology and telecommunications sectors. The strong showing in the technology
sector was primarily due to holdings in Samsung Electronics. In the
telecommunications sector, the portfolio benefited from its lack of exposure to
large Continental European telecommunication companies, which experienced a
pullback. Other noteworthy contributors to performance included Talisman
Energy, CVRD and Wolseley.



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<PAGE>


     The portion of the International Equity Fund advised by Philadelphia
International Advisors, LP outperformed the MSCI AC World Ex-U.S. Index for the
quarter ended March 31, 2005. The portfolio was not immune from broad market
forces, namely rising interest rates, higher energy prices, and U.S. dollar
strength, but outperformed the index. The primary reason for the better
quarterly return was stock selection. From an industry perspective, financials,
energy, industrials, and technology stocks performed relatively well, offset
only partially by underperformance in the telecommunications sector. In
addition, returns were helped by an underweight position in Japan and hurt by a
relatively low level of UK stock exposure.

Structured Portfolio Service

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

     For the quarter ended March 31, 2005, the Structured Portfolio Service
experienced a total return, net of expenses, of (0.50)% for the Conservative
Portfolio, (1.03)% for the Moderate Portfolio, and (1.58)% for the Aggressive
Portfolio.

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

Item 4.   CONTROLS AND PROCEDURES.

     Conclusion Regarding the Effectiveness of Disclosure Controls and
Procedures: Under the supervision and with the participation of the Chief
Executive Officer and Chief Financial Officer, the Collective Trust conducted
an evaluation of its disclosure controls and procedures (as such term is
defined in Rule 13a-15(e) or 15d-15(e) under the Exchange Act). Based on such
evaluation, the Collective Trust's Chief Executive Officer and Chief Financial
Officer have concluded that its disclosure controls and procedures are
effective as of March 31, 2005.

     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, 2005 that has materially
affected, or is reasonably likely to materially affect, the Collective Trust's
internal control over financial reporting.




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<PAGE>



PART II.  OTHER INFORMATION.


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

     During the quarter ended March 31, 2005, the Collective Trust issued an
aggregate of approximately $ $177,000,000 in unregistered Units. Such Units
were offered and sold at their net asset value in reliance upon the exemption
from registration under Rule 180 promulgated under the Securities Act of 1933
relating to exemption from registration of interests and participations issued
in connection with certain H.R. 10 plans. Proceeds received by the Collective
Trust from the sale or transfer of the Units are applied to the applicable Fund
or portfolio of the Structured Portfolio Service.


Item 6. EXHIBITS



31.1*     Certification of James S. Phalen 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 James S. Phalen pursuant to 18 U.S.C. Section 1350,
          as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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

* Filed herewith.




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<PAGE>



                                   SIGNATURES

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



                                      AMERICAN BAR ASSOCIATION MEMBERS/
                                      STATE STREET COLLECTIVE TRUST


May 10, 2005                          By:   /s/ James S. Phalen
                                            -----------------------------------
                                            Name:  James S. Phalen
                                            Title: Chief Executive Officer



May 10, 2005                          By:    /s/ Beth M. Halberstadt
                                             ----------------------------------
                                             Name:  Beth M. Halberstadt
                                             Title: Chief Financial Officer





<PAGE>


EXHIBIT INDEX


31.1*     Certification of James S. Phalen 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 James S. Phalen 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.