##### Table of Contents

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549



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FORM 10-Q



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

For the quarterly period ended September 30, 2007.



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

For the transition period from  to

Commission file number 33-50080



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AMERICAN BAR ASSOCIATION
MEMBERS/

STATE STREET COLLECTIVE TRUST

(Exact name of registrant as specified in its charter)



---



|                                                              |  |                                     
|------------------------------------------------------------- |  | ------------------------------------
|New Hampshire                                                 |  | 04-6691601                          
|(State or other jurisdiction ofincorporation or organization) |  | (I.R.S. Employer Identification No.)
|                                                              | 
|20 Trafalgar Square, Suite 449 Nashua, New Hampshire          |  | 03063                               
|(Address of principal executive offices)                      |  | (ZIP Code)                          

(603) 589-4097

(Registrants Telephone Number, including Area Code)



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



---

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

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

Large Accelerated
Filer    x    Accelerated Filer ̈Non-Accelerated Filer ̈

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



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##### Table of Contents

TABLE OF CONTENTS



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



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##### Table of Contents

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



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##### Table of Contents

|           |  |                                                                                               |  |     
|---------- |  | --------------------------------------------------------------------------------------------- |  | ----
|           |  |                                                                                               |  | Page
|           |  |                                                                                              
|           |  | 2030 Retirement Date Fund                                                                     |  | 65  
|           |  | Statement of Assets and Liabilities                                                           |  | 65  
|           |  | Statement of Operations                                                                       |  | 66  
|           |  | Statement of Changes in Net Assets                                                            |  | 67  
|           |  | Financial Highlights                                                                          |  | 68  
|           |  |                                                                                              
|           |  | 2040 Retirement Date Fund                                                                     |  | 69  
|           |  | Statement of Assets and Liabilities                                                           |  | 69  
|           |  | Statement of Operations                                                                       |  | 70  
|           |  | Statement of Changes in Net Assets                                                            |  | 71  
|           |  | Financial Highlights                                                                          |  | 72  
|           |  |                                                                                              
|           |  | Notes to Unaudited Financial Statements                                                       |  | 73  
|           |  |                                                                                              
|           |  | Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations |  | 90  
|           |  |                                                                                              
|           |  | Item 4. Controls and Procedures                                                               |  | 104 
|           |  |                                                                                              
|PART II.   |  | OTHER INFORMATION                                                                             |  | 104 
|           |  |                                                                                              
|           |  | Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                           |  | 104 
|           |  |                                                                                              
|           |  | Item 6. Exhibits                                                                              |  | 105 
|           | 
|SIGNATURES |  | 106                                                                                          



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##### Table of Contents

PART I. FINANCIAL INFORMATION.



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

American Bar
Association Members/ State Street Collective Trust

Balanced Fund

Statement of Assets and Liabilities

Unaudited



|                                                                               |  |                    |             |    
|------------------------------------------------------------------------------ |  | ------------------ | ----------- | ---
|                                                                               |  | September 30, 2007 |            
|Assets                                                                         |  |                    |             |    
|Investments, at value (cost $234,054,750)                                      |  | $                  | 287,631,357 | (a)
|Investments in affiliated issuers, at value (cost $43,285,780)                 |  |                    | 43,285,780  |    
|Intermediate Bond Fund at value (cost $137,187,780 and units of 7,512,358)     |  |                    | 155,716,247 | (b)
|Cash                                                                           |  |                    | 85          |    
|Dividends receivable                                                           |  |                    | 258,335     |    
|Receivable for fund units sold                                                 |  |                    | 180,833     |    
|Receivable for investments sold                                                |  |                    | 135,967     |    
|Tax reclaims receivable                                                        |  |                    | 1,656       |    
|                                                                               |  |                    |             |    
|Total assets                                                                   |  |                    | 487,210,260 |    
|                                                                               |  |                    |             |    
|Liabilities                                                                    |  |                    |             |    
|Payable for cash collateral received on securities loaned                      |  |                    | 40,296,976  | (c)
|Payable for fund units redeemed                                                |  |                    | 2,273,888   |    
|Payable for investments purchased                                              |  |                    | 1,160,921   |    
|Investment advisory fee payable                                                |  |                    | 167,540     |    
|State Street Bank and Trust Companyprogram fee payable                        |  |                    | 70,712      |    
|Trustee, management and administration fees payable                            |  |                    | 20,893      |    
|ABA Retirement Fundsprogram fee payable                                       |  |                    | 9,568       |    
|Other accruals                                                                 |  |                    | 145,077     |    
|                                                                               |  |                    |             |    
|Total liabilities                                                              |  |                    | 44,145,575  |    
|                                                                               |  |                    |             |    
|Net Assets(equivalent to $93.64 per unit based on 4,731,412 units outstanding) |  | $                  | 443,064,685 |    
|                                                                               |  |                    |             |    

---

|(a) | Includes securities on loan with a value of $42,746,018 (see Note 6).
|--- | ---------------------------------------------------------------------

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

|(c) | Excludes non-cash collateral of $3,465,953 (see Note 6).
|--- | --------------------------------------------------------



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

1



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Balanced Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |            |                                                    |   |            |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | ---------- | -------------------------------------------------- | - | ---------- | -
|                                                                |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |            | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                               |  |                                                 |            |                                                    |   |            |  
|Dividends (net of foreign tax expense of $867 and $16,970)      |  | $                                               | 1,155,796  |                                                    | $ | 3,399,490  |  
|Dividendsaffiliated issuers                                    |  |                                                 | 45,051     |                                                    |   | 138,280    |  
|Securities lending income                                       |  |                                                 | 13,212     |                                                    |   | 27,055     |  
|                                                                |  |                                                 |            |                                                    |   |            |  
|Total investment income                                         |  |                                                 | 1,214,059  |                                                    |   | 3,564,825  |  
|                                                                |  |                                                 |            |                                                    |   |            |  
|Expenses                                                        |  |                                                 |            |                                                    |   |            |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 | 230,201    |                                                    |   | 694,666    |  
|Investment advisory fee                                         |  |                                                 | 167,519    |                                                    |   | 502,211    |  
|Trustee, management and administration fees                     |  |                                                 | 64,755     |                                                    |   | 195,701    |  
|ABA Retirement Fundsprogram fee                                |  |                                                 | 29,676     |                                                    |   | 89,622     |  
|Legal and audit fees                                            |  |                                                 | 24,287     |                                                    |   | 73,652     |  
|Compliance consultant fees                                      |  |                                                 | 23,925     |                                                    |   | 72,555     |  
|Reports to unitholders                                          |  |                                                 | 11,441     |                                                    |   | 34,697     |  
|Registration fees                                               |  |                                                 | 2,475      |                                                    |   | 7,507      |  
|Other fees                                                      |  |                                                 | 10,123     |                                                    |   | 30,699     |  
|                                                                |  |                                                 |            |                                                    |   |            |  
|Total expenses                                                  |  |                                                 | 564,402    |                                                    |   | 1,701,310  |  
|                                                                |  |                                                 |            |                                                    |   |            |  
|Net investment income (loss)                                    |  |                                                 | 649,657    |                                                    |   | 1,863,515  |  
|                                                                |  |                                                 |            |                                                    |   |            |  
|Net realized and unrealized gain (loss)                         |  |                                                 |            |                                                    |   |            |  
|Investments                                                     |  |                                                 | 8,346,240  |                                                    |   | 28,596,177 |  
|Intermediate Bond Fund                                          |  |                                                 | 5,575      |                                                    |   | 1,109,428  |  
|                                                                |  |                                                 |            |                                                    |   |            |  
|Net realized gain (loss)                                        |  |                                                 | 8,351,815  |                                                    |   | 29,705,605 |  
|                                                                |  |                                                 |            |                                                    |   |            |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                                 |            |                                                    |   |            |  
|Investments                                                     |  |                                                 | 3,944,816  |                                                    |   | (73,742    | )
|                                                                |  |                                                 |            |                                                    |   |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                                 | 3,944,816  |                                                    |   | (73,742    | )
|                                                                |  |                                                 |            |                                                    |   |            |  
|Net realized and unrealized gain (loss)                         |  |                                                 | 12,296,631 |                                                    |   | 29,631,863 |  
|                                                                |  |                                                 |            |                                                    |   |            |  
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 12,946,288 |                                                    | $ | 31,495,378 |  
|                                                                |  |                                                 |            |                                                    |   |            |  



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

2



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Balanced Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|------------------------------------------------------------------ |  | ----------------------------------------------- | ----------- | - | -------------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |             |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|From operations                                                    |  |                                                 |             |   |                                                    |   |             |  
|Net investment income (loss)                                       |  | $                                               | 649,657     |   |                                                    | $ | 1,863,515   |  
|Net realized gain (loss)                                           |  |                                                 | 8,351,815   |   |                                                    |   | 29,705,605  |  
|Change in net unrealized appreciation (depreciation)               |  |                                                 | 3,944,816   |   |                                                    |   | (73,742     | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                 | 12,946,288  |   |                                                    |   | 31,495,378  |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|From unitholder transactions                                       |  |                                                 |             |   |                                                    |   |             |  
|Proceeds from units issued                                         |  |                                                 | 10,884,814  |   |                                                    |   | 40,686,519  |  
|Cost of units redeemed                                             |  |                                                 | (22,250,278 | ) |                                                    |   | (76,522,336 | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                 | (11,365,464 | ) |                                                    |   | (35,835,817 | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets                              |  |                                                 | 1,580,824   |   |                                                    |   | (4,340,439  | )
|Net Assets                                                         |  |                                                 |             |   |                                                    |   |             |  
|Beginning of period                                                |  |                                                 | 441,483,861 |   |                                                    |   | 447,405,124 |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|End of period                                                      |  | $                                               | 443,064,685 |   |                                                    | $ | 443,064,685 |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Number of units                                                    |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-beginning of period                                    |  |                                                 | 4,854,982   |   |                                                    |   | 5,127,643   |  
|Issued                                                             |  |                                                 | 119,450     |   |                                                    |   | 454,581     |  
|Redeemed                                                           |  |                                                 | (243,020    | ) |                                                    |   | (850,812    | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-end of period                                          |  |                                                 | 4,731,412   |   |                                                    |   | 4,731,412   |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  



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

3



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Balanced Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |         |   |                                                    |   |         |  
|------------------------------------------------------------ |  | ----------------------------------------------- | ------- | - | -------------------------------------------------- | - | ------- | -
|                                                             |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |         |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                           |  | $                                               | 0.25    |   |                                                    | $ | 0.72    |  
|Net expenses()                                            |  |                                                 | (0.11   | ) |                                                    |   | (0.34   | )
|                                                             |  |                                                 |         |   |                                                    |   |         |  
|Net investment income (loss)                                 |  |                                                 | 0.14    |   |                                                    |   | 0.38    |  
|Net realized and unrealized gain (loss)                      |  |                                                 | 2.57    |   |                                                    |   | 6.01    |  
|                                                             |  |                                                 |         |   |                                                    |   |         |  
|Net increase (decrease) in unit value                        |  |                                                 | 2.71    |   |                                                    |   | 6.39    |  
|Net asset value at beginning of period                       |  |                                                 | 90.93   |   |                                                    |   | 87.25   |  
|                                                             |  |                                                 |         |   |                                                    |   |         |  
|Net asset value at end of period                             |  | $                                               | 93.64   |   |                                                    | $ | 93.64   |  
|                                                             |  |                                                 |         |   |                                                    |   |         |  
|Ratios/Supplemental Data:                                    |  |                                                 |         |   |                                                    |   |         |  
|Ratio of net expenses to average net assets*               |  |                                                 | 0.51    | % |                                                    |   | 0.51    | %
|Ratio of net investment income (loss) to average net assets* |  |                                                 | 0.59    | % |                                                    |   | 0.56    | %
|Portfolio turnover**                                      |  |                                                 | 5       | % |                                                    |   | 16      | %
|Total return**                                               |  |                                                 | 2.98    | % |                                                    |   | 7.32    | %
|Net Assets at end of period (in thousands)                   |  | $                                               | 443,065 |   |                                                    | $ | 443,065 |  

---

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

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

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

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

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



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

4



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Index Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                           |  |                    |            
|-------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | -----------
|                                                                                                                           |  | September 30, 2007
|Assets                                                                                                                     |  |                    |            
|Investments in affiliated fund, at value:                                                                                  |  |                    |            
|State Street Bank and Trust Company Russell 3000 Index Securities Lending Fund (cost $331,770,108 and units of 36,528,623) |  | $                  | 473,428,845
|Receivable for fund units sold                                                                                             |  |                    | 209,827    
|                                                                                                                           |  |                    |            
|Total assets                                                                                                               |  |                    | 473,638,672
|                                                                                                                           |  |                    |            
|                                                                                                                           | 
|Liabilities                                                                                                                |  |                    |            
|Payable for fund units redeemed                                                                                            |  |                    | 2,006,758  
|State Street Bank and Trust Companyprogram fee payable                                                                    |  |                    | 115,332    
|Trustee, management and administration fees payable                                                                        |  |                    | 33,893     
|ABA Retirement Fundsprogram fee payable                                                                                   |  |                    | 14,963     
|Other accruals                                                                                                             |  |                    | 229,206    
|                                                                                                                           |  |                    |            
|Total liabilities                                                                                                          |  |                    | 2,400,152  
|                                                                                                                           |  |                    |            
|Net Assets (equivalent to $39.82 per unit based on 11,834,229 units outstanding)                                           |  | $                  | 471,238,520
|                                                                                                                           |  |                    |            



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

5



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Index Equity Fund

Statement of Operations

Unaudited



|                                                                          |  |                                                  |           |   |                                                    |   |            |  
|------------------------------------------------------------------------- |  | ------------------------------------------------ | --------- | - | -------------------------------------------------- | - | ---------- | -
|                                                                          |  | For the period July 1, 2007 toSeptember 30, 2007 |           |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                                         |  |                                                  |           |   |                                                    |   |            |  
|Securities lending income distributed by underlying affiliated fund       |  | $                                                | 19,227    |   |                                                    | $ | 46,899     |  
|                                                                          |  |                                                  |           |   |                                                    |   |            |  
|Expenses                                                                  |  |                                                  |           |   |                                                    |   |            |  
|State Street Bank and Trust Companyprogram fee                           |  |                                                  | 370,518   |   |                                                    |   | 1,099,740  |  
|Trustee, management and administration fees                               |  |                                                  | 104,228   |   |                                                    |   | 309,808    |  
|ABA Retirement Fundsprogram fee                                          |  |                                                  | 47,764    |   |                                                    |   | 141,878    |  
|Legal and audit fees                                                      |  |                                                  | 39,091    |   |                                                    |   | 116,584    |  
|Compliance consultant fees                                                |  |                                                  | 38,509    |   |                                                    |   | 114,848    |  
|Reports to unitholders                                                    |  |                                                  | 18,416    |   |                                                    |   | 54,923     |  
|Registration fees                                                         |  |                                                  | 3,984     |   |                                                    |   | 11,883     |  
|Other fees                                                                |  |                                                  | 16,294    |   |                                                    |   | 48,594     |  
|                                                                          |  |                                                  |           |   |                                                    |   |            |  
|Total expenses                                                            |  |                                                  | 638,804   |   |                                                    |   | 1,898,258  |  
|                                                                          |  |                                                  |           |   |                                                    |   |            |  
|Net investment income (loss)                                              |  |                                                  | (619,577  | ) |                                                    |   | (1,851,359 | )
|                                                                          |  |                                                  |           |   |                                                    |   |            |  
|Net realized and unrealized gain (loss) on investments in affiliated fund |  |                                                  |           |   |                                                    |   |            |  
|Net realized gain (loss)                                                  |  |                                                  | 1,967,775 |   |                                                    |   | 5,629,638  |  
|Change in net unrealized appreciation (depreciation)                      |  |                                                  | 5,393,479 |   |                                                    |   | 33,783,687 |  
|                                                                          |  |                                                  |           |   |                                                    |   |            |  
|Net realized and unrealized gain (loss)                                   |  |                                                  | 7,361,254 |   |                                                    |   | 39,413,325 |  
|                                                                          |  |                                                  |           |   |                                                    |   |            |  
|Net increase (decrease) in net assets resulting from operations           |  | $                                                | 6,741,677 |   |                                                    | $ | 37,561,966 |  
|                                                                          |  |                                                  |           |   |                                                    |   |            |  



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

6



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|------------------------------------------------------------------ |  | ----------------------------------------------- | ----------- | - | -------------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |             |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|From operations                                                    |  |                                                 |             |   |                                                    |   |             |  
|Net investment income (loss)                                       |  | $                                               | (619,577    | ) |                                                    | $ | (1,851,359  | )
|Net realized gain (loss)                                           |  |                                                 | 1,967,775   |   |                                                    |   | 5,629,638   |  
|Change in net unrealized appreciation (depreciation)               |  |                                                 | 5,393,479   |   |                                                    |   | 33,783,687  |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                 | 6,741,677   |   |                                                    |   | 37,561,966  |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|From unitholder transactions                                       |  |                                                 |             |   |                                                    |   |             |  
|Proceeds from units issued                                         |  |                                                 | 16,822,400  |   |                                                    |   | 65,580,635  |  
|Cost of units redeemed                                             |  |                                                 | (23,666,980 | ) |                                                    |   | (68,915,408 | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                 | (6,844,580  | ) |                                                    |   | (3,334,773  | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets                              |  |                                                 | (102,903    | ) |                                                    |   | 34,227,193  |  
|Net Assets                                                         |  |                                                 |             |   |                                                    |   |             |  
|Beginning of period                                                |  |                                                 | 471,341,423 |   |                                                    |   | 437,011,327 |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|End of period                                                      |  | $                                               | 471,238,520 |   |                                                    | $ | 471,238,520 |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Number of units                                                    |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-beginning of period                                    |  |                                                 | 12,006,351  |   |                                                    |   | 11,900,880  |  
|Issued                                                             |  |                                                 | 435,795     |   |                                                    |   | 1,726,071   |  
|Redeemed                                                           |  |                                                 | (607,917    | ) |                                                    |   | (1,792,722  | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-end of period                                          |  |                                                 | 11,834,229  |   |                                                    |   | 11,834,229  |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  



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

7



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                  |         |    |                                                    |   |         |   
|------------------------------------------------------------ |  | ------------------------------------------------ | ------- | -- | -------------------------------------------------- | - | ------- | --
|                                                             |  | For the period July 1, 2007 toSeptember 30, 2007 |         |    | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income (a)                                       |  | $                                                | 0.00    |    |                                                    | $ | 0.00    |   
|Net expenses()                                            |  |                                                  | (0.06   | )  |                                                    |   | (0.16   | ) 
|                                                             |  |                                                  |         |    |                                                    |   |         |   
|Net investment income (loss)                                 |  |                                                  | (0.06   | )  |                                                    |   | (0.16   | ) 
|Net realized and unrealized gain (loss)                      |  |                                                  | 0.62    |    |                                                    |   | 3.26    |   
|                                                             |  |                                                  |         |    |                                                    |   |         |   
|Net increase (decrease) in unit value                        |  |                                                  | 0.56    |    |                                                    |   | 3.10    |   
|Net asset value at beginning of period                       |  |                                                  | 39.26   |    |                                                    |   | 36.72   |   
|                                                             |  |                                                  |         |    |                                                    |   |         |   
|Net asset value at end of period                             |  | $                                                | 39.82   |    |                                                    | $ | 39.82   |   
|                                                             |  |                                                  |         |    |                                                    |   |         |   
|Ratios/Supplemental Data:                                    |  |                                                  |         |    |                                                    |   |         |   
|Ratio of net expenses to average net assets*               |  |                                                  | 0.55    | %  |                                                    |   | 0.55    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                  | (0.53   | )% |                                                    |   | (0.54   | )%
|Portfolio turnover**                                      |  |                                                  | 1       | %  |                                                    |   | 6       | % 
|Total return**                                               |  |                                                  | 1.43    | %  |                                                    |   | 8.44    | % 
|Net Assets at end of period (in thousands)                   |  | $                                                | 471,239 |    |                                                    | $ | 471,239 |   

---

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

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

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

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

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

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



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

8



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Intermediate Bond Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                |  |                    |             |    
|------------------------------------------------------------------------------- |  | ------------------ | ----------- | ---
|                                                                                |  | September 30, 2007 |            
|Assets                                                                          |  |                    |             |    
|Investments, at value (cost $563,464,426)                                       |  | $                  | 562,017,498 | (a)
|Investments in affiliated issuers, at value (cost $80,236,619)                  |  |                    | 80,236,619  |    
|Foreign currency, at value (Cost $2,015,392)                                    |  |                    | 2,049,773   |    
|Receivable for investments sold                                                 |  |                    | 82,684,887  |    
|Interest and dividend receivable                                                |  |                    | 2,625,439   |    
|Receivable for fund units sold                                                  |  |                    | 2,323,155   |    
|Gross unrealized appreciation of forward currency exchange contracts            |  |                    | 422,550     |    
|Receivable for futures variation margin                                         |  |                    | 22,047      |    
|Swap contracts, at value                                                        |  |                    | 1,347,293   |    
|                                                                                |  |                    |             |    
|Total assets                                                                    |  |                    | 733,729,261 |    
|                                                                                |  |                    |             |    
|Liabilities                                                                     |  |                    |             |    
|Due to custodian                                                                |  |                    | 1,252,784   |    
|Payable for investments purchased                                               |  |                    | 175,132,397 |    
|Payable for cash collateral received on securities loaned                       |  |                    | 76,509,748  | (b)
|Swap contracts, at value                                                        |  |                    | 2,056,213   |    
|Payable for fund units redeemed                                                 |  |                    | 798,115     |    
|Gross unrealized depreciation of forward currency exchange contracts            |  |                    | 585,987     |    
|State Street Bank and Trust Companyprogram fee payable                         |  |                    | 117,450     |    
|Investment advisory fee payable                                                 |  |                    | 104,904     |    
|Trustee, management and administration fees payable                             |  |                    | 34,590      |    
|ABA Retirement Fundsprogram fee payable                                        |  |                    | 15,837      |    
|Other accruals                                                                  |  |                    | 231,911     |    
|                                                                                |  |                    |             |    
|Total liabilities                                                               |  |                    | 256,839,936 |    
|                                                                                |  |                    |             |    
|Net Assets(equivalent to $20.73 per unit based on 23,006,751 units outstanding) |  | $                  | 476,889,325 |    
|                                                                                |  |                    |             |    

---

|(a) | Includes securities on loan with a value of $78,080,462 (see Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Excludes non-cash collateral of $3,186,350 (see Note 6).
|--- | --------------------------------------------------------



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

9



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Intermediate Bond Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |            |   |                                                    |   |            |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | ---------- | - | -------------------------------------------------- | - | ---------- | -
|                                                                |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |            |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                               |  |                                                 |            |   |                                                    |   |            |  
|Dividends                                                       |  | $                                               | 3,125      |   |                                                    | $ | 9,375      |  
|Dividendsaffiliated issuers                                    |  |                                                 | 340,997    |   |                                                    |   | 799,309    |  
|Interestunaffiliated issuers                                   |  |                                                 | 5,868,311  |   |                                                    |   | 17,367,932 |  
|Securities lending income                                       |  |                                                 | 28,366     |   |                                                    |   | 63,608     |  
|                                                                |  |                                                 |            |   |                                                    |   |            |  
|Total investment income                                         |  |                                                 | 6,240,799  |   |                                                    |   | 18,240,224 |  
|                                                                |  |                                                 |            |   |                                                    |   |            |  
|Expenses                                                        |  |                                                 |            |   |                                                    |   |            |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 | 372,662    |   |                                                    |   | 1,107,256  |  
|Investment advisory fee                                         |  |                                                 | 317,632    |   |                                                    |   | 938,903    |  
|Trustee, management and administration fees                     |  |                                                 | 104,823    |   |                                                    |   | 311,925    |  
|ABA Retirement Fundsprogram fee                                |  |                                                 | 48,041     |   |                                                    |   | 142,852    |  
|Legal and audit fees                                            |  |                                                 | 39,321     |   |                                                    |   | 117,402    |  
|Compliance consultant fees                                      |  |                                                 | 38,736     |   |                                                    |   | 115,655    |  
|Reports to unitholders                                          |  |                                                 | 18,524     |   |                                                    |   | 55,309     |  
|Registration fees                                               |  |                                                 | 4,008      |   |                                                    |   | 11,966     |  
|Other fees                                                      |  |                                                 | 16,394     |   |                                                    |   | 48,939     |  
|                                                                |  |                                                 |            |   |                                                    |   |            |  
|Total expenses                                                  |  |                                                 | 960,141    |   |                                                    |   | 2,850,207  |  
|                                                                |  |                                                 |            |   |                                                    |   |            |  
|Net investment income (loss)                                    |  |                                                 | 5,280,658  |   |                                                    |   | 15,390,017 |  
|                                                                |  |                                                 |            |   |                                                    |   |            |  
|Net realized and unrealized gain (loss)                         |  |                                                 |            |   |                                                    |   |            |  
|Net realized gain (loss) on:                                    |  |                                                 |            |   |                                                    |   |            |  
|Investments                                                     |  |                                                 | 1,599,142  |   |                                                    |   | 136,245    |  
|Foreign currency transactions                                   |  |                                                 | 123,100    |   |                                                    |   | 529,364    |  
|Futures contracts                                               |  |                                                 | (130,601   | ) |                                                    |   | 841,186    |  
|Swap contracts                                                  |  |                                                 | (43,228    | ) |                                                    |   | (4,320,254 | )
|                                                                |  |                                                 |            |   |                                                    |   |            |  
|Net realized gain (loss)                                        |  |                                                 | 1,548,413  |   |                                                    |   | (2,813,459 | )
|                                                                |  |                                                 |            |   |                                                    |   |            |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                                 |            |   |                                                    |   |            |  
|Investments                                                     |  |                                                 | 7,206,315  |   |                                                    |   | 398,020    |  
|Foreign currency transactions                                   |  |                                                 | (48,380    | ) |                                                    |   | (142,839   | )
|Futures contracts                                               |  |                                                 | 3,262,151  |   |                                                    |   | 1,570,717  |  
|Swap contracts                                                  |  |                                                 | 3,451,404  |   |                                                    |   | 5,028,508  |  
|                                                                |  |                                                 |            |   |                                                    |   |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                                 | 13,871,490 |   |                                                    |   | 6,854,406  |  
|                                                                |  |                                                 |            |   |                                                    |   |            |  
|Net realized and unrealized gain (loss)                         |  |                                                 | 15,419,903 |   |                                                    |   | 4,040,947  |  
|                                                                |  |                                                 |            |   |                                                    |   |            |  
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 20,700,561 |   |                                                    | $ | 19,430,964 |  
|                                                                |  |                                                 |            |   |                                                    |   |            |  



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

10



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Intermediate Bond Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                 |             |   |                                                     |   |             |  
|------------------------------------------------------------------ |  | ----------------------------------------------- | ----------- | - | --------------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |             |   | For the periodJanuary 1, 2007 to September 30, 2007 |  
|From operations                                                    |  |                                                 |             |   |                                                     |   |             |  
|Net investment income (loss)                                       |  | $                                               | 5,280,658   |   |                                                     | $ | 15,390,017  |  
|Net realized gain (loss)                                           |  |                                                 | 1,548,413   |   |                                                     |   | (2,813,459  | )
|Change in net unrealized appreciation (depreciation)               |  |                                                 | 13,871,490  |   |                                                     |   | 6,854,406   |  
|                                                                   |  |                                                 |             |   |                                                     |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                 | 20,700,561  |   |                                                     |   | 19,430,964  |  
|                                                                   |  |                                                 |             |   |                                                     |   |             |  
|From unitholder transactions                                       |  |                                                 |             |   |                                                     |   |             |  
|Proceeds from units issued                                         |  |                                                 | 17,283,232  |   |                                                     |   | 65,393,212  |  
|Cost of units redeemed                                             |  |                                                 | (20,562,805 | ) |                                                     |   | (65,653,610 | )
|                                                                   |  |                                                 |             |   |                                                     |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                 | (3,279,573  | ) |                                                     |   | (260,398    | )
|                                                                   |  |                                                 |             |   |                                                     |   |             |  
|Net increase (decrease) in net assets                              |  |                                                 | 17,420,988  |   |                                                     |   | 19,170,566  |  
|Net Assets                                                         |  |                                                 |             |   |                                                     |   |             |  
|Beginning of period                                                |  |                                                 | 459,468,337 |   |                                                     |   | 457,718,759 |  
|                                                                   |  |                                                 |             |   |                                                     |   |             |  
|End of period                                                      |  | $                                               | 476,889,325 |   |                                                     | $ | 476,889,325 |  
|                                                                   |  |                                                 |             |   |                                                     |   |             |  
|Number of units                                                    |  |                                                 |             |   |                                                     |   |             |  
|Outstanding-beginning of period                                    |  |                                                 | 23,174,081  |   |                                                     |   | 23,028,142  |  
|Issued                                                             |  |                                                 | 848,182     |   |                                                     |   | 3,247,868   |  
|Redeemed                                                           |  |                                                 | (1,015,512  | ) |                                                     |   | (3,269,259  | )
|                                                                   |  |                                                 |             |   |                                                     |   |             |  
|Outstanding-end of period                                          |  |                                                 | 23,006,751  |   |                                                     |   | 23,006,751  |  
|                                                                   |  |                                                 |             |   |                                                     |   |             |  



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

11



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Intermediate Bond Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |         |   |                                                    |   |         |  
|------------------------------------------------------------ |  | ----------------------------------------------- | ------- | - | -------------------------------------------------- | - | ------- | -
|                                                             |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |         |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                           |  | $                                               | 0.27    |   |                                                    | $ | 0.79    |  
|Net expenses()                                            |  |                                                 | (0.04   | ) |                                                    |   | (0.12   | )
|                                                             |  |                                                 |         |   |                                                    |   |         |  
|Net investment income (loss)                                 |  |                                                 | 0.23    |   |                                                    |   | 0.67    |  
|Net realized and unrealized gain (loss)                      |  |                                                 | 0.67    |   |                                                    |   | 0.18    |  
|                                                             |  |                                                 |         |   |                                                    |   |         |  
|Net increase (decrease) in unit value                        |  |                                                 | 0.90    |   |                                                    |   | 0.85    |  
|Net asset value at beginning of period                       |  |                                                 | 19.83   |   |                                                    |   | 19.88   |  
|                                                             |  |                                                 |         |   |                                                    |   |         |  
|Net asset value at end of period                             |  | $                                               | 20.73   |   |                                                    | $ | 20.73   |  
|                                                             |  |                                                 |         |   |                                                    |   |         |  
|Ratios/Supplemental Data:                                    |  |                                                 |         |   |                                                    |   |         |  
|Ratio of net expenses to average net assets*               |  |                                                 | 0.82    | % |                                                    |   | 0.82    | %
|Ratio of net investment income (loss) to average net assets* |  |                                                 | 4.49    | % |                                                    |   | 4.43    | %
|Portfolio turnover**                                      |  |                                                 | 94      | % |                                                    |   | 393     | %
|Total return**                                               |  |                                                 | 4.54    | % |                                                    |   | 4.28    | %
|Net Assets at end of period (in thousands)                   |  | $                                               | 476,889 |   |                                                    | $ | 476,889 |  

---

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

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

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

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

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



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

12



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

International Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                |  |                    |             |    
|------------------------------------------------------------------------------- |  | ------------------ | ----------- | ---
|                                                                                |  | September 30, 2007 |            
|Assets                                                                          |  |                    |             |    
|Investments, at value (cost $220,692,592)                                       |  | $                  | 315,568,811 | (a)
|Investments in affiliated issuers, at value (cost $43,281,415)                  |  |                    | 43,281,415  |    
|Foreign currency, at value (cost $296,622)                                      |  |                    | 302,865     |    
|Cash                                                                            |  |                    | 7,111       |    
|Dividends receivable                                                            |  |                    | 744,014     |    
|Receivable for investments sold                                                 |  |                    | 643,960     |    
|Receivable for fund units sold                                                  |  |                    | 380,022     |    
|Tax reclaims receivable                                                         |  |                    | 242,354     |    
|                                                                                |  |                    |             |    
|Total assets                                                                    |  |                    | 361,170,552 |    
|                                                                                |  |                    |             |    
|Liabilities                                                                     |  |                    |             |    
|Payable for cash collateral received on securities loaned                       |  |                    | 38,794,304  |    
|Payable for fund units redeemed                                                 |  |                    | 2,260,387   |    
|Payable for investments purchased                                               |  |                    | 764,043     |    
|Investment advisory fee payable                                                 |  |                    | 136,196     |    
|State Street Bank and Trust Companyprogram fee payable                         |  |                    | 76,828      |    
|Trustee, management and administration fees payable                             |  |                    | 22,452      |    
|ABA Retirement Fundsprogram fee payable                                        |  |                    | 10,265      |    
|Other accruals                                                                  |  |                    | 148,318     |    
|                                                                                |  |                    |             |    
|Total liabilities                                                               |  |                    | 42,212,793  |    
|                                                                                |  |                    |             |    
|Net Assets (equivalent to $34.76 per unit based on 9,177,193 units outstanding) |  | $                  | 318,957,759 |    
|                                                                                |  |                    |             |    

---

|(a) | Includes securities on loan with a value of $37,008,746 (see Note 6).
|--- | ---------------------------------------------------------------------



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

13



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

International Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |            |   |                                                    |   |           
|--------------------------------------------------------------- |  | ----------------------------------------------- | ---------- | - | -------------------------------------------------- | - | ----------
|                                                                |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |            |   | For the periodJanuary 1, 2007 toSeptember 30, 2007
|Investment income                                               |  |                                                 |            |   |                                                    |   |           
|Dividends (net of foreign tax expense of $24,578 and $357,689)  |  | $                                               | 1,370,931  |   |                                                    | $ | 6,371,412 
|Dividendsaffiliated issuers                                    |  |                                                 | 46,785     |   |                                                    |   | 202,252   
|Securities lending income                                       |  |                                                 | 40,812     |   |                                                    |   | 99,831    
|                                                                |  |                                                 |            |   |                                                    |   |           
|Total investment income                                         |  |                                                 | 1,458,528  |   |                                                    |   | 6,673,495 
|                                                                |  |                                                 |            |   |                                                    |   |           
|                                                                |  |                                                
|Expenses                                                        |  |                                                 |            |   |                                                    |   |           
|Investment advisory fee                                         |  |                                                 | 417,964    |   |                                                    |   | 1,214,881 
|State Street Bank and Trust Companyprogram fee                 |  |                                                 | 245,373    |   |                                                    |   | 714,109   
|Trustee, management and administration fees                     |  |                                                 | 69,026     |   |                                                    |   | 201,165   
|ABA Retirement Fundsprogram fee                                |  |                                                 | 31,631     |   |                                                    |   | 92,125    
|Legal and audit fees                                            |  |                                                 | 25,887     |   |                                                    |   | 75,690    
|Compliance consultant fees                                      |  |                                                 | 25,501     |   |                                                    |   | 74,564    
|Reports to unitholders                                          |  |                                                 | 12,195     |   |                                                    |   | 35,658    
|Registration fees                                               |  |                                                 | 2,639      |   |                                                    |   | 7,715     
|Other fees                                                      |  |                                                 | 10,788     |   |                                                    |   | 31,548    
|                                                                |  |                                                 |            |   |                                                    |   |           
|Total expenses                                                  |  |                                                 | 841,004    |   |                                                    |   | 2,447,455 
|                                                                |  |                                                 |            |   |                                                    |   |           
|Net investment income (loss)                                    |  |                                                 | 617,524    |   |                                                    |   | 4,226,040 
|                                                                |  |                                                 |            |   |                                                    |   |           
|                                                                |  |                                                
|Net realized and unrealized gain (loss)                         |  |                                                 |            |   |                                                    |   |           
|Net realized gain (loss) on:                                    |  |                                                 |            |   |                                                    |   |           
|Investments                                                     |  |                                                 | 6,972,974  |   |                                                    |   | 18,450,862
|Foreign currency transactions                                   |  |                                                 | 56,004     |   |                                                    |   | 90,734    
|                                                                |  |                                                 |            |   |                                                    |   |           
|Net realized gain (loss)                                        |  |                                                 | 7,028,978  |   |                                                    |   | 18,541,596
|                                                                |  |                                                 |            |   |                                                    |   |           
|Change in net unrealized appreciation (depreciation) on:        |  |                                                 |            |   |                                                    |   |           
|Investments                                                     |  |                                                 | (2,302,482 | ) |                                                    |   | 10,030,775
|Foreign currency transactions                                   |  |                                                 | 15,812     |   |                                                    |   | 15,183    
|                                                                |  |                                                 |            |   |                                                    |   |           
|Net change in unrealized appreciation (depreciation)            |  |                                                 | (2,286,670 | ) |                                                    |   | 10,045,958
|                                                                |  |                                                 |            |   |                                                    |   |           
|Net realized and unrealized gain (loss)                         |  |                                                 | 4,742,308  |   |                                                    |   | 28,587,554
|                                                                |  |                                                 |            |   |                                                    |   |           
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 5,359,832  |   |                                                    | $ | 32,813,594
|                                                                |  |                                                 |            |   |                                                    |   |           



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

14



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

International Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|------------------------------------------------------------------ |  | ----------------------------------------------- | ----------- | - | -------------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |             |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|From operations                                                    |  |                                                 |             |   |                                                    |   |             |  
|Net investment income (loss)                                       |  | $                                               | 617,524     |   |                                                    | $ | 4,226,040   |  
|Net realized gain (loss)                                           |  |                                                 | 7,028,978   |   |                                                    |   | 18,541,596  |  
|Change in net unrealized appreciation (depreciation)               |  |                                                 | (2,286,670  | ) |                                                    |   | 10,045,958  |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                 | 5,359,832   |   |                                                    |   | 32,813,594  |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|                                                                   |  |                                                
|From unitholder transactions                                       |  |                                                 |             |   |                                                    |   |             |  
|Proceeds from units issued                                         |  |                                                 | 18,871,437  |   |                                                    |   | 68,160,231  |  
|Cost of units redeemed                                             |  |                                                 | (18,464,604 | ) |                                                    |   | (55,540,946 | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                 | 406,833     |   |                                                    |   | 12,619,285  |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets                              |  |                                                 | 5,766,665   |   |                                                    |   | 45,432,879  |  
|                                                                   |  |                                                
|Net Assets                                                         |  |                                                 |             |   |                                                    |   |             |  
|Beginning of period                                                |  |                                                 | 313,191,094 |   |                                                    |   | 273,524,880 |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|End of period                                                      |  | $                                               | 318,957,759 |   |                                                    | $ | 318,957,759 |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|                                                                   |  |                                                
|Number of units                                                    |  |                                                 |             |   |                                                    |   |             |  
|                                                                   |  |                                                
|Outstanding-beginning of period                                    |  |                                                 | 9,166,631   |   |                                                    |   | 8,778,232   |  
|Issued                                                             |  |                                                 | 562,442     |   |                                                    |   | 2,098,845   |  
|Redeemed                                                           |  |                                                 | (551,880    | ) |                                                    |   | (1,699,884  | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-end of period                                          |  |                                                 | 9,177,193   |   |                                                    |   | 9,177,193   |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  



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

15



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

International Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |         |   |                                                     |   |         |  
|------------------------------------------------------------ |  | ----------------------------------------------- | ------- | - | --------------------------------------------------- | - | ------- | -
|                                                             |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |         |   | For the periodJanuary 1, 2007 to September 30, 2007 |  
|Investment income                                           |  | $                                               | 0.16    |   |                                                     | $ | 0.73    |  
|Net expenses()                                            |  |                                                 | (0.09   | ) |                                                     |   | (0.27   | )
|                                                             |  |                                                 |         |   |                                                     |   |         |  
|Net investment income (loss)                                 |  |                                                 | 0.07    |   |                                                     |   | 0.46    |  
|Net realized and unrealized gain (loss)                      |  |                                                 | 0.52    |   |                                                     |   | 3.14    |  
|                                                             |  |                                                 |         |   |                                                     |   |         |  
|Net increase (decrease) in unit value                        |  |                                                 | 0.59    |   |                                                     |   | 3.60    |  
|Net asset value at beginning of period                       |  |                                                 | 34.17   |   |                                                     |   | 31.16   |  
|                                                             |  |                                                 |         |   |                                                     |   |         |  
|Net asset value at end of period                             |  | $                                               | 34.76   |   |                                                     | $ | 34.76   |  
|                                                             |  |                                                 |         |   |                                                     |   |         |  
|                                                             |  |                                                
|Ratios/Supplemental Data:                                    |  |                                                 |         |   |                                                     |   |         |  
|Ratio of net expenses to average net assets*               |  |                                                 | 1.09    | % |                                                     |   | 1.09    | %
|Ratio of net investment income (loss) to average net assets* |  |                                                 | 0.80    | % |                                                     |   | 1.88    | %
|Portfolio turnover**                                         |  |                                                 | 9       | % |                                                     |   | 22      | %
|Total return**                                               |  |                                                 | 1.73    | % |                                                     |   | 11.55   | %
|Net Assets at end of period (in thousands)                   |  | $                                               | 318,958 |   |                                                     | $ | 318,958 |  

---

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

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

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

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



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

16



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Growth Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                |  |                    |             |    
|------------------------------------------------------------------------------- |  | ------------------ | ----------- | ---
|                                                                                |  | September 30, 2007 |            
|Assets                                                                          |  |                    |             |    
|Investments, at value (cost $431,222,372)                                       |  | $                  | 512,127,007 | (a)
|Investments in affiliated issuers, at value (cost $214,488,560)                 |  |                    | 310,235,817 |    
|Cash                                                                            |  |                    | 6,828       |    
|Receivable for investments sold                                                 |  |                    | 1,609,470   |    
|Receivable for fund units sold                                                  |  |                    | 517,248     |    
|Dividends receivable                                                            |  |                    | 270,910     |    
|Tax reclaims receivable                                                         |  |                    | 108         |    
|                                                                                |  |                    |             |    
|Total assets                                                                    |  |                    | 824,767,388 |    
|                                                                                |  |                    |             |    
|Liabilities                                                                     |  |                    |             |    
|Payable for cash collateral received on securities loaned                       |  |                    | 54,904,677  | (b)
|Payable for fund units redeemed                                                 |  |                    | 2,684,150   |    
|Payable for investments purchased                                               |  |                    | 1,356,172   |    
|Investment advisory fee payable                                                 |  |                    | 216,040     |    
|State Street Bank and Trust Companyprogram fee payable                         |  |                    | 184,869     |    
|Trustee, management and administration fees payable                             |  |                    | 54,650      |    
|ABA Retirement Fundsprogram fee payable                                        |  |                    | 25,002      |    
|Other accruals                                                                  |  |                    | 374,418     |    
|                                                                                |  |                    |             |    
|Total liabilities                                                               |  |                    | 59,799,978  |    
|                                                                                |  |                    |             |    
|Net Assets(equivalent to $59.99 per unit based on 12,750,724 units outstanding) |  | $                  | 764,967,410 |    
|                                                                                |  |                    |             |    

---

|(a) | Includes securities on loan with a value of $55,555,989 (see Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Excludes non-cash collateral of $1,927,000 (see Note 6).
|--- | --------------------------------------------------------



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

17



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Growth Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |            |   |                                                     |   |           
|--------------------------------------------------------------- |  | ----------------------------------------------- | ---------- | - | --------------------------------------------------- | - | ----------
|                                                                |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |            |   | For the periodJanuary 1, 2007 to
September 30, 2007
|Investment income                                               |  |                                                 |            |   |                                                     |   |           
|Dividends (net of foreign tax expense of $790 and $13,961)      |  | $                                               | 1,236,351  |   |                                                     | $ | 4,522,317 
|Dividendsaffiliated issuers                                    |  |                                                 | 84,186     |   |                                                     |   | 231,345   
|Securities lending income                                       |  |                                                 | 25,688     |   |                                                     |   | 59,372    
|                                                                |  |                                                 |            |   |                                                     |   |           
|Total investment income                                         |  |                                                 | 1,346,225  |   |                                                     |   | 4,813,034 
|                                                                |  |                                                 |            |   |                                                     |   |           
|Expenses                                                        |  |                                                 |            |   |                                                     |   |           
|State Street Bank and Trust Companyprogram fee                 |  |                                                 | 595,835    |   |                                                     |   | 1,790,346 
|Investment advisory fee                                         |  |                                                 | 378,241    |   |                                                     |   | 1,127,104 
|Trustee, management and administration fees                     |  |                                                 | 167,610    |   |                                                     |   | 504,383   
|ABA Retirement Fundsprogram fee                                |  |                                                 | 76,811     |   |                                                     |   | 230,982   
|Legal and audit fees                                            |  |                                                 | 62,863     |   |                                                     |   | 189,827   
|Compliance consultant fees                                      |  |                                                 | 61,927     |   |                                                     |   | 187,001   
|Reports to unitholders                                          |  |                                                 | 29,615     |   |                                                     |   | 89,428    
|Registration fees                                               |  |                                                 | 6,407      |   |                                                     |   | 19,348    
|Other fees                                                      |  |                                                 | 26,204     |   |                                                     |   | 79,123    
|                                                                |  |                                                 |            |   |                                                     |   |           
|Total expenses                                                  |  |                                                 | 1,405,513  |   |                                                     |   | 4,217,542 
|                                                                |  |                                                 |            |   |                                                     |   |           
|Net investment income (loss)                                    |  |                                                 | (59,288    | ) |                                                     |   | 595,492   
|                                                                |  |                                                 |            |   |                                                     |   |           
|                                                                |  |                                                
|Net realized and unrealized gain (loss)                         |  |                                                 |            |   |                                                     |   |           
|Net realized gain (loss) on:                                    |  |                                                 |            |   |                                                     |   |           
|Investments                                                     |  |                                                 | 22,829,815 |   |                                                     |   | 47,186,120
|Investmentsaffiliated issuers                                  |  |                                                 | 2,904,882  |   |                                                     |   | 11,158,907
|                                                                |  |                                                 |            |   |                                                     |   |           
|Net realized gain (loss)                                        |  |                                                 | 25,734,697 |   |                                                     |   | 58,345,027
|                                                                |  |                                                 |            |   |                                                     |   |           
|Change in net unrealized appreciation (depreciation) on:        |  |                                                 |            |   |                                                     |   |           
|Investments                                                     |  |                                                 | 6,543,734  |   |                                                     |   | 27,401,831
|                                                                |  |                                                 |            |   |                                                     |   |           
|Net realized and unrealized gain (loss)                         |  |                                                 | 32,278,431 |   |                                                     |   | 85,746,858
|                                                                |  |                                                 |            |   |                                                     |   |           
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 32,219,143 |   |                                                     | $ | 86,342,350
|                                                                |  |                                                 |            |   |                                                     |   |           



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

18



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Growth Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                 |             |   |                                                    |   |              |  
|------------------------------------------------------------------ |  | ----------------------------------------------- | ----------- | - | -------------------------------------------------- | - | ------------ | -
|                                                                   |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |             |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|From operations                                                    |  |                                                 |             |   |                                                    |   |              |  
|Net investment income (loss)                                       |  | $                                               | (59,288     | ) |                                                    | $ | 595,492      |  
|Net realized gain (loss)                                           |  |                                                 | 25,734,697  |   |                                                    |   | 58,345,027   |  
|Change in net unrealized appreciation (depreciation)               |  |                                                 | 6,543,734   |   |                                                    |   | 27,401,831   |  
|                                                                   |  |                                                 |             |   |                                                    |   |              |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                 | 32,219,143  |   |                                                    |   | 86,342,350   |  
|                                                                   |  |                                                 |             |   |                                                    |   |              |  
|From unitholder transactions                                       |  |                                                 |             |   |                                                    |   |              |  
|Proceeds from units issued                                         |  |                                                 | 18,725,719  |   |                                                    |   | 60,188,544   |  
|Cost of units redeemed                                             |  |                                                 | (37,495,516 | ) |                                                    |   | (135,838,431 | )
|                                                                   |  |                                                 |             |   |                                                    |   |              |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                 | (18,769,797 | ) |                                                    |   | (75,649,887  | )
|                                                                   |  |                                                 |             |   |                                                    |   |              |  
|Net increase (decrease) in net assets                              |  |                                                 | 13,449,346  |   |                                                    |   | 10,692,463   |  
|Net Assets                                                         |  |                                                 |             |   |                                                    |   |              |  
|Beginning of period                                                |  |                                                 | 751,518,064 |   |                                                    |   | 754,274,947  |  
|                                                                   |  |                                                 |             |   |                                                    |   |              |  
|End of period                                                      |  | $                                               | 764,967,410 |   |                                                    | $ | 764,967,410  |  
|                                                                   |  |                                                 |             |   |                                                    |   |              |  
|Number of units                                                    |  |                                                 |             |   |                                                    |   |              |  
|Outstanding-beginning of period                                    |  |                                                 | 13,076,420  |   |                                                    |   | 14,094,429   |  
|Issued                                                             |  |                                                 | 323,975     |   |                                                    |   | 1,077,711    |  
|Redeemed                                                           |  |                                                 | (649,671    | ) |                                                    |   | (2,421,416   | )
|                                                                   |  |                                                 |             |   |                                                    |   |              |  
|Outstanding-end of period                                          |  |                                                 | 12,750,724  |   |                                                    |   | 12,750,724   |  
|                                                                   |  |                                                 |             |   |                                                    |   |              |  



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

19



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Growth Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |         |    |                                                     |   |         |  
|------------------------------------------------------------ |  | ----------------------------------------------- | ------- | -- | --------------------------------------------------- | - | ------- | -
|                                                             |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |         |    | For the periodJanuary 1, 2007 to September 30, 2007 |  
|Investment income                                           |  | $                                               | 0.11    |    |                                                     | $ | 0.36    |  
|Net expenses()                                            |  |                                                 | (0.11   | )  |                                                     |   | (0.32   | )
|                                                             |  |                                                 |         |    |                                                     |   |         |  
|Net investment income (loss)                                 |  |                                                 |        |    |                                                     |   | 0.04    |  
|Net realized and unrealized gain (loss)                      |  |                                                 | 2.52    |    |                                                     |   | 6.43    |  
|                                                             |  |                                                 |         |    |                                                     |   |         |  
|Net increase (decrease) in unit value                        |  |                                                 | 2.52    |    |                                                     |   | 6.47    |  
|Net asset value at beginning of period                       |  |                                                 | 57.47   |    |                                                     |   | 53.52   |  
|                                                             |  |                                                 |         |    |                                                     |   |         |  
|Net asset value at end of period                             |  | $                                               | 59.99   |    |                                                     | $ | 59.99   |  
|                                                             |  |                                                 |         |    |                                                     |   |         |  
|Ratios/Supplemental Data:                                    |  |                                                 |         |    |                                                     |   |         |  
|Ratio of net expenses to average net assets*               |  |                                                 | 0.75    | %  |                                                     |   | 0.75    | %
|Ratio of net investment income (loss) to average net assets* |  |                                                 | (0.03   | )% |                                                     |   | 0.11    | %
|Portfolio turnover**                                      |  |                                                 | 19      | %  |                                                     |   | 33      | %
|Total return**                                               |  |                                                 | 4.38    | %  |                                                     |   | 12.09   | %
|Net Assets at end of period (in thousands)                   |  | $                                               | 764,967 |    |                                                     | $ | 764,967 |  

---

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

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

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

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

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



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

20



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Value Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                 |  |                    |             |    
|-------------------------------------------------------------------------------- |  | ------------------ | ----------- | ---
|                                                                                 |  | September 30, 2007 |            
|Assets                                                                           |  |                    |             |    
|Investments, at value (cost $275,053,640)                                        |  | $                  | 355,199,817 | (a)
|Investments in affiliated issuers, at value (cost $99,059,420)                   |  |                    | 139,205,913 |    
|Cash                                                                             |  |                    | 212         |    
|Receivable for investments sold                                                  |  |                    | 4,895,569   |    
|Receivable for fund units sold                                                   |  |                    | 539,818     |    
|Dividends receivable                                                             |  |                    | 464,101     |    
|Tax reclaims receivable                                                          |  |                    | 9,169       |    
|                                                                                 |  |                    |             |    
|Total assets                                                                     |  |                    | 500,314,599 |    
|                                                                                 |  |                    |             |    
|Liabilities                                                                      |  |                    |             |    
|Payable for cash collateral received on securities loaned                        |  |                    | 27,025,411  | (b)
|Payable for fund units redeemed                                                  |  |                    | 1,268,551   |    
|Payable for investments purchased                                                |  |                    | 154,671     |    
|State Street Bank and Trust Companyprogram fee payable                          |  |                    | 115,544     |    
|Investment advisory fee payable                                                  |  |                    | 69,970      |    
|Trustee, management and administration fees payable                              |  |                    | 33,929      |    
|ABA Retirement Fundsprogram fee payable                                         |  |                    | 15,522      |    
|Other accruals                                                                   |  |                    | 234,249     |    
|                                                                                 |  |                    |             |    
|Total liabilities                                                                |  |                    | 28,917,847  |    
|                                                                                 |  |                    |             |    
|Net Assets (equivalent to $46.48 per unit based on 10,141,785 units outstanding) |  | $                  | 471,396,752 |    
|                                                                                 |  |                    |             |    

---

|(a) | Includes securities on loan with a value of $32,078,698 (see Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Excludes non-cash collateral of $5,814,850 (see Note 6).
|--- | --------------------------------------------------------



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

21



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Value Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |             |   |                                                    |   |            |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | ----------- | - | -------------------------------------------------- | - | ---------- | -
|                                                                |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |             |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                               |  |                                                 |             |   |                                                    |   |            |  
|Dividends (net of foreign tax expense of $32 and $14,591)       |  | $                                               | 2,212,183   |   |                                                    | $ | 6,611,176  |  
|Dividendsaffiliated issuers                                    |  |                                                 | 103,701     |   |                                                    |   | 370,022    |  
|Securities lending income                                       |  |                                                 | 11,212      |   |                                                    |   | 28,554     |  
|                                                                |  |                                                 |             |   |                                                    |   |            |  
|Total investment income                                         |  |                                                 | 2,327,096   |   |                                                    |   | 7,009,752  |  
|                                                                |  |                                                 |             |   |                                                    |   |            |  
|Expenses                                                        |  |                                                 |             |   |                                                    |   |            |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 | 374,445     |   |                                                    |   | 1,131,223  |  
|Investment advisory fee                                         |  |                                                 | 216,036     |   |                                                    |   | 646,054    |  
|Trustee, management and administration fees                     |  |                                                 | 105,331     |   |                                                    |   | 318,681    |  
|ABA Retirement Fundsprogram fee                                |  |                                                 | 48,270      |   |                                                    |   | 145,941    |  
|Legal and audit fees                                            |  |                                                 | 39,504      |   |                                                    |   | 119,925    |  
|Compliance consultant fees                                      |  |                                                 | 38,916      |   |                                                    |   | 118,140    |  
|Reports to unitholders                                          |  |                                                 | 18,611      |   |                                                    |   | 56,497     |  
|Registration fees                                               |  |                                                 | 4,026       |   |                                                    |   | 12,223     |  
|Other fees                                                      |  |                                                 | 16,468      |   |                                                    |   | 49,989     |  
|                                                                |  |                                                 |             |   |                                                    |   |            |  
|Total expenses                                                  |  |                                                 | 861,607     |   |                                                    |   | 2,598,673  |  
|                                                                |  |                                                 |             |   |                                                    |   |            |  
|Net investment income (loss)                                    |  |                                                 | 1,465,489   |   |                                                    |   | 4,411,079  |  
|                                                                |  |                                                 |             |   |                                                    |   |            |  
|                                                                |  |                                                
|Net realized and unrealized gain (loss)                         |  |                                                 |             |   |                                                    |   |            |  
|Net realized gain (loss) on:                                    |  |                                                 |             |   |                                                    |   |            |  
|Investments                                                     |  |                                                 | 4,843,316   |   |                                                    |   | 17,673,161 |  
|Investments  affiliated issuers                                |  |                                                 | 2,045,553   |   |                                                    |   | 5,011,560  |  
|                                                                |  |                                                 |             |   |                                                    |   |            |  
|Net realized gain (loss)                                        |  |                                                 | 6,888,869   |   |                                                    |   | 22,684,721 |  
|                                                                |  |                                                 |             |   |                                                    |   |            |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                                 |             |   |                                                    |   |            |  
|Investments                                                     |  |                                                 | (11,214,333 | ) |                                                    |   | (3,864,315 | )
|                                                                |  |                                                 |             |   |                                                    |   |            |  
|Net realized and unrealized gain (loss)                         |  |                                                 | (4,325,464  | ) |                                                    |   | 18,820,406 |  
|                                                                |  |                                                 |             |   |                                                    |   |            |  
|Net increase (decrease) in net assets resulting from operations |  | $                                               | (2,859,975  | ) |                                                    | $ | 23,231,485 |  
|                                                                |  |                                                 |             |   |                                                    |   |            |  



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

22



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Value Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|------------------------------------------------------------------ |  | ----------------------------------------------- | ----------- | - | -------------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |             |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|From operations                                                    |  |                                                 |             |   |                                                    |   |             |  
|Net investment income (loss)                                       |  | $                                               | 1,465,489   |   |                                                    | $ | 4,411,079   |  
|Net realized gain (loss)                                           |  |                                                 | 6,888,869   |   |                                                    |   | 22,684,721  |  
|Change in net unrealized appreciation (depreciation)               |  |                                                 | (11,214,333 | ) |                                                    |   | (3,864,315  | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                 | (2,859,975  | ) |                                                    |   | 23,231,485  |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|                                                                   |  |                                                
|From unitholder transactions                                       |  |                                                 |             |   |                                                    |   |             |  
|Proceeds from units issued                                         |  |                                                 | 20,856,799  |   |                                                    |   | 80,520,683  |  
|Cost of units redeemed                                             |  |                                                 | (30,178,905 | ) |                                                    |   | (89,622,511 | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                 | (9,322,106  | ) |                                                    |   | (9,101,828  | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets                              |  |                                                 | (12,182,081 | ) |                                                    |   | 14,129,657  |  
|Net Assets                                                         |  |                                                 |             |   |                                                    |   |             |  
|Beginning of period                                                |  |                                                 | 483,578,833 |   |                                                    |   | 457,267,095 |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|End of period                                                      |  | $                                               | 471,396,752 |   |                                                    | $ | 471,396,752 |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|                                                                   |  |                                                
|Number of units                                                    |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-beginning of period                                    |  |                                                 | 10,347,149  |   |                                                    |   | 10,327,995  |  
|Issued                                                             |  |                                                 | 456,954     |   |                                                    |   | 1,776,783   |  
|Redeemed                                                           |  |                                                 | (662,318    | ) |                                                    |   | (1,962,993  | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-end of period                                          |  |                                                 | 10,141,785  |   |                                                    |   | 10,141,785  |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  



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

23



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Value Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |         |    |                                                    |   |         |  
|------------------------------------------------------------ |  | ----------------------------------------------- | ------- | -- | -------------------------------------------------- | - | ------- | -
|                                                             |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |         |    | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                           |  | $                                               | 0.22    |    |                                                    | $ | 0.67    |  
|Net expenses()                                            |  |                                                 | (0.08   | )  |                                                    |   | (0.25   | )
|                                                             |  |                                                 |         |    |                                                    |   |         |  
|Net investment income (loss)                                 |  |                                                 | 0.14    |    |                                                    |   | 0.42    |  
|Net realized and unrealized gain (loss)                      |  |                                                 | (0.40   | )  |                                                    |   | 1.79    |  
|                                                             |  |                                                 |         |    |                                                    |   |         |  
|Net increase (decrease) in unit value                        |  |                                                 | (0.26   | )  |                                                    |   | 2.21    |  
|Net asset value at beginning of period                       |  |                                                 | 46.74   |    |                                                    |   | 44.27   |  
|                                                             |  |                                                 |         |    |                                                    |   |         |  
|Net asset value at end of period                             |  | $                                               | 46.48   |    |                                                    | $ | 46.48   |  
|                                                             |  |                                                 |         |    |                                                    |   |         |  
|                                                             |  |                                                
|Ratios/Supplemental Data:                                    |  |                                                 |         |    |                                                    |   |         |  
|                                                             |  |                                                
|Ratio of net expenses to average net assets*               |  |                                                 | 0.73    | %  |                                                    |   | 0.73    | %
|Ratio of net investment income (loss) to average net assets* |  |                                                 | 1.24    | %  |                                                    |   | 1.24    | %
|Portfolio turnover**                                      |  |                                                 | 6       | %  |                                                    |   | 19      | %
|Total return**                                               |  |                                                 | (0.56   | )% |                                                    |   | 4.99    | %
|Net Assets at end of period (in thousands)                   |  | $                                               | 471,397 |    |                                                    | $ | 471,397 |  

---

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

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

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

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

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



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

24



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Growth Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                               |  |                    |             |    
|------------------------------------------------------------------------------ |  | ------------------ | ----------- | ---
|                                                                               |  | September 30, 2007 |            
|Assets                                                                         |  |                    |             |    
|Investments, at value (cost $93,556,464)                                       |  | $                  | 120,284,530 | (a)
|Investments in affiliated issuers, at value (cost $41,146,369)                 |  |                    | 41,146,369  |    
|Cash                                                                           |  |                    | 62,502      |    
|Receivable for investments sold                                                |  |                    | 2,808,012   |    
|Receivable for fund units sold                                                 |  |                    | 214,353     |    
|Dividends receivable                                                           |  |                    | 33,460      |    
|                                                                               |  |                    |             |    
|Total assets                                                                   |  |                    | 164,549,226 |    
|                                                                               |  |                    |             |    
|Liabilities                                                                    |  |                    |             |    
|Payable for cash collateral received on securities loaned                      |  |                    | 38,167,199  | (b)
|Payable for investments purchased                                              |  |                    | 3,079,808   |    
|Payable for fund units redeemed                                                |  |                    | 442,269     |    
|Investment advisory fee payable                                                |  |                    | 178,130     |    
|State Street Bank and Trust Companyprogram fee payable                        |  |                    | 29,055      |    
|Trustee, management and administration fees payable                            |  |                    | 8,537       |    
|ABA Retirement Fundsprogram fee payable                                       |  |                    | 3,906       |    
|Other accruals                                                                 |  |                    | 55,484      |    
|                                                                               |  |                    |             |    
|Total liabilities                                                              |  |                    | 41,964,388  |    
|                                                                               |  |                    |             |    
|Net Assets(equivalent to $27.60 per unit based on 4,442,059 units outstanding) |  | $                  | 122,584,838 |    
|                                                                               |  |                    |             |    

---

|(a) | Includes securities on loan with a value of $37,346,467 (see Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Excludes non-cash collateral of $24,940 (see Note 6).
|--- | -----------------------------------------------------



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

25



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Growth Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |           |   |                                                     |   |            |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | --------- | - | --------------------------------------------------- | - | ---------- | -
|                                                                |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |           |   | For the periodJanuary 1, 2007 to September 30, 2007 |  
|Investment income                                               |  |                                                 |           |   |                                                     |   |            |  
|Dividends                                                       |  | $                                               | 110,866   |   |                                                     | $ | 302,742    |  
|Dividendsaffiliated issuers                                    |  |                                                 | 17,522    |   |                                                     |   | 27,128     |  
|Securities lending income                                       |  |                                                 | 13,162    |   |                                                     |   | 35,813     |  
|                                                                |  |                                                 |           |   |                                                     |   |            |  
|Total investment income                                         |  |                                                 | 141,550   |   |                                                     |   | 365,683    |  
|                                                                |  |                                                 |           |   |                                                     |   |            |  
|Expenses                                                        |  |                                                 |           |   |                                                     |   |            |  
|Investment advisory fee                                         |  |                                                 | 178,130   |   |                                                     |   | 510,067    |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 | 91,689    |   |                                                     |   | 262,859    |  
|Trustee, management and administration fees                     |  |                                                 | 25,793    |   |                                                     |   | 74,049     |  
|ABA Retirement Fundsprogram fee                                |  |                                                 | 11,819    |   |                                                     |   | 33,911     |  
|Legal and audit fees                                            |  |                                                 | 9,674     |   |                                                     |   | 27,864     |  
|Compliance consultant fees                                      |  |                                                 | 9,530     |   |                                                     |   | 27,449     |  
|Reports to unitholders                                          |  |                                                 | 4,557     |   |                                                     |   | 13,127     |  
|Registration fees                                               |  |                                                 | 986       |   |                                                     |   | 2,840      |  
|Other fees                                                      |  |                                                 | 4,031     |   |                                                     |   | 11,613     |  
|                                                                |  |                                                 |           |   |                                                     |   |            |  
|Total expenses                                                  |  |                                                 | 336,209   |   |                                                     |   | 963,779    |  
|                                                                |  |                                                 |           |   |                                                     |   |            |  
|Net investment income (loss)                                    |  |                                                 | (194,659  | ) |                                                     |   | (598,096   | )
|                                                                |  |                                                 |           |   |                                                     |   |            |  
|                                                                |  |                                                
|Net realized and unrealized gain (loss) on investments          |  |                                                 |           |   |                                                     |   |            |  
|Net realized gain (loss)                                        |  |                                                 | 1,738,506 |   |                                                     |   | 9,690,772  |  
|Change in net unrealized appreciation (depreciation)            |  |                                                 | 6,936,803 |   |                                                     |   | 13,631,200 |  
|                                                                |  |                                                 |           |   |                                                     |   |            |  
|Net realized and unrealized gain (loss)                         |  |                                                 | 8,675,309 |   |                                                     |   | 23,321,972 |  
|                                                                |  |                                                 |           |   |                                                     |   |            |  
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 8,480,650 |   |                                                     | $ | 22,723,876 |  
|                                                                |  |                                                 |           |   |                                                     |   |            |  



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

26



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Growth Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                 |             |   |                                                     |   |             |  
|------------------------------------------------------------------ |  | ----------------------------------------------- | ----------- | - | --------------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |             |   | For the periodJanuary 1, 2007 to September 30, 2007 |  
|From operations                                                    |  |                                                 |             |   |                                                     |   |             |  
|Net investment income (loss)                                       |  | $                                               | (194,659    | ) |                                                     | $ | (598,096    | )
|Net realized gain (loss)                                           |  |                                                 | 1,738,506   |   |                                                     |   | 9,690,772   |  
|Change in net unrealized appreciation (depreciation)               |  |                                                 | 6,936,803   |   |                                                     |   | 13,631,200  |  
|                                                                   |  |                                                 |             |   |                                                     |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                 | 8,480,650   |   |                                                     |   | 22,723,876  |  
|                                                                   |  |                                                 |             |   |                                                     |   |             |  
|From unitholder transactions                                       |  |                                                 |             |   |                                                     |   |             |  
|Proceeds from units issued                                         |  |                                                 | 12,178,683  |   |                                                     |   | 29,274,524  |  
|Cost of units redeemed                                             |  |                                                 | (10,568,192 | ) |                                                     |   | (33,922,969 | )
|                                                                   |  |                                                 |             |   |                                                     |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                 | 1,610,491   |   |                                                     |   | (4,648,445  | )
|                                                                   |  |                                                 |             |   |                                                     |   |             |  
|Net increase (decrease) in net assets                              |  |                                                 | 10,091,141  |   |                                                     |   | 18,075,431  |  
|Net Assets                                                         |  |                                                 |             |   |                                                     |   |             |  
|Beginning of period                                                |  |                                                 | 112,493,697 |   |                                                     |   | 104,509,407 |  
|                                                                   |  |                                                 |             |   |                                                     |   |             |  
|End of period                                                      |  | $                                               | 122,584,838 |   |                                                     | $ | 122,584,838 |  
|                                                                   |  |                                                 |             |   |                                                     |   |             |  
|Number of units                                                    |  |                                                 |             |   |                                                     |   |             |  
|Outstanding-beginning of period                                    |  |                                                 | 4,383,564   |   |                                                     |   | 4,643,497   |  
|Issued                                                             |  |                                                 | 465,327     |   |                                                     |   | 1,180,660   |  
|Redeemed                                                           |  |                                                 | (406,832    | ) |                                                     |   | (1,382,098  | )
|                                                                   |  |                                                 |             |   |                                                     |   |             |  
|Outstanding-end of period                                          |  |                                                 | 4,442,059   |   |                                                     |   | 4,442,059   |  
|                                                                   |  |                                                 |             |   |                                                     |   |             |  



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

27



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Growth Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |         |    |                                                     |   |         |   
|------------------------------------------------------------ |  | ----------------------------------------------- | ------- | -- | --------------------------------------------------- | - | ------- | --
|                                                             |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |         |    | For the periodJanuary 1, 2007 to September 30, 2007 |  
|Investment income                                           |  | $                                               | 0.03    |    |                                                     | $ | 0.08    |   
|Net expenses()                                            |  |                                                 | (0.08   | )  |                                                     |   | (0.22   | ) 
|                                                             |  |                                                 |         |    |                                                     |   |         |   
|Net investment income (loss)                                 |  |                                                 | (0.05   | )  |                                                     |   | (0.14   | ) 
|Net realized and unrealized gain (loss)                      |  |                                                 | 1.99    |    |                                                     |   | 5.23    |   
|                                                             |  |                                                 |         |    |                                                     |   |         |   
|Net increase (decrease) in unit value                        |  |                                                 | 1.94    |    |                                                     |   | 5.09    |   
|Net asset value at beginning of period                       |  |                                                 | 25.66   |    |                                                     |   | 22.51   |   
|                                                             |  |                                                 |         |    |                                                     |   |         |   
|Net asset value at end of period                             |  | $                                               | 27.60   |    |                                                     | $ | 27.60   |   
|                                                             |  |                                                 |         |    |                                                     |   |         |   
|                                                             |  |                                                
|Ratios/Supplemental Data:                                    |  |                                                 |         |    |                                                     |   |         |   
|Ratio of net expenses to average net assets*               |  |                                                 | 1.16    | %  |                                                     |   | 1.17    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                 | (0.67   | )% |                                                     |   | (0.72   | )%
|Portfolio turnover**                                         |  |                                                 | 38      | %  |                                                     |   | 99      | % 
|Total return**                                               |  |                                                 | 7.56    | %  |                                                     |   | 22.61   | % 
|Net Assets at end of period (in thousands)                   |  | $                                               | 122,585 |    |                                                     | $ | 122,585 |   

---

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

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

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

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



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

28



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Value Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                               |  |                    |             |    
|------------------------------------------------------------------------------ |  | ------------------ | ----------- | ---
|                                                                               |  | September 30, 2007 |            
|Assets                                                                         |  |                    |             |    
|Investments, at value (cost $91,377,885)                                       |  | $                  | 100,476,961 | (a)
|Investments in affiliated issuers, at value (cost $40,137,971)                 |  |                    | 40,137,971  |    
|Foreign currency, at value (Cost $69,892)                                      |  |                    | 70,055      |    
|Cash                                                                           |  |                    | 687         |    
|Receivable for investments sold                                                |  |                    | 1,885,518   |    
|Receivable for fund units sold                                                 |  |                    | 288,400     |    
|Dividends receivable                                                           |  |                    | 83,122      |    
|                                                                               |  |                    |             |    
|Total assets                                                                   |  |                    | 142,942,714 |    
|                                                                               |  |                    |             |    
|Liabilities                                                                    |  |                    |             |    
|Payable for cash collateral received on securities loaned                      |  |                    | 38,054,408  | (b)
|Payable for investments purchased                                              |  |                    | 1,559,505   |    
|Payable for fund units redeemed                                                |  |                    | 287,071     |    
|Investment advisory fee payable                                                |  |                    | 104,451     |    
|State Street Bank and Trust Companyprogram fee payable                        |  |                    | 25,384      |    
|Trustee, management and administration fees payable                            |  |                    | 7,376       |    
|ABA Retirement Fundsprogram fee payable                                       |  |                    | 3,368       |    
|Other accruals                                                                 |  |                    | 46,737      |    
|                                                                               |  |                    |             |    
|Total liabilities                                                              |  |                    | 40,088,300  |    
|                                                                               |  |                    |             |    
|Net Assets(equivalent to $18.77 per unit based on 5,478,426 units outstanding) |  | $                  | 102,854,414 |    
|                                                                               |  |                    |             |    

---

|(a) | Includes securities on loan with a value of $38,361,394 (see Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Excludes non-cash collateral of $1,315,751 (see Note 6).
|--- | --------------------------------------------------------



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

29



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Value Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |            |   |                                                    |   |          
|--------------------------------------------------------------- |  | ----------------------------------------------- | ---------- | - | -------------------------------------------------- | - | ---------
|                                                                |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |            |   | For the periodJanuary 1, 2007 toSeptember 30, 2007
|Investment income                                               |  |                                                 |            |   |                                                    |   |          
|Dividends (net of foreign tax expense of $11,018 and $32,921)   |  | $                                               | 312,315    |   |                                                    | $ | 898,260  
|Dividendsaffiliated issuers                                    |  |                                                 | 32,232     |   |                                                    |   | 84,768   
|Securities lending income                                       |  |                                                 | 10,338     |   |                                                    |   | 24,862   
|                                                                |  |                                                 |            |   |                                                    |   |          
|Total investment income                                         |  |                                                 | 354,885    |   |                                                    |   | 1,007,890
|                                                                |  |                                                 |            |   |                                                    |   |          
|Expenses                                                        |  |                                                 |            |   |                                                    |   |          
|Investment advisory fee                                         |  |                                                 | 160,489    |   |                                                    |   | 442,327  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 | 81,532     |   |                                                    |   | 223,488  
|Trustee, management and administration fees                     |  |                                                 | 22,936     |   |                                                    |   | 62,946   
|ABA Retirement Fundsprogram fee                                |  |                                                 | 10,510     |   |                                                    |   | 28,829   
|Legal and audit fees                                            |  |                                                 | 8,602      |   |                                                    |   | 23,677   
|Compliance consultant fees                                      |  |                                                 | 8,474      |   |                                                    |   | 23,324   
|Reports to unitholders                                          |  |                                                 | 4,052      |   |                                                    |   | 11,153   
|Registration fees                                               |  |                                                 | 877        |   |                                                    |   | 2,413    
|Other fees                                                      |  |                                                 | 3,586      |   |                                                    |   | 9,870    
|                                                                |  |                                                 |            |   |                                                    |   |          
|Total expenses                                                  |  |                                                 | 301,058    |   |                                                    |   | 828,027  
|                                                                |  |                                                 |            |   |                                                    |   |          
|Net investment income (loss)                                    |  |                                                 | 53,827     |   |                                                    |   | 179,863  
|                                                                |  |                                                 |            |   |                                                    |   |          
|Net realized and unrealized gain (loss)                         |  |                                                 |            |   |                                                    |   |          
|Net realized gain (loss) on:                                    |  |                                                 |            |   |                                                    |   |          
|Investments                                                     |  |                                                 | 1,045,683  |   |                                                    |   | 3,800,085
|Foreign currency transactions                                   |  |                                                 | 26,072     |   |                                                    |   | 28,363   
|                                                                |  |                                                 |            |   |                                                    |   |          
|Net realized gain (loss)                                        |  |                                                 | 1,071,755  |   |                                                    |   | 3,828,448
|                                                                |  |                                                 |            |   |                                                    |   |          
|Change in net unrealized appreciation (depreciation) on:        |  |                                                 |            |   |                                                    |   |          
|Investments                                                     |  |                                                 | (3,961,526 | ) |                                                    |   | 5,917,880
|Foreign currency transactions                                   |  |                                                 | 18         |   |                                                    |   | 373      
|                                                                |  |                                                 |            |   |                                                    |   |          
|Change in net unrealized appreciation (depreciation)            |  |                                                 | (3,961,508 | ) |                                                    |   | 5,918,253
|                                                                |  |                                                 |            |   |                                                    |   |          
|Net realized and unrealized gain (loss)                         |  |                                                 | (2,889,753 | ) |                                                    |   | 9,746,701
|                                                                |  |                                                 |            |   |                                                    |   |          
|Net increase (decrease) in net assets resulting from operations |  | $                                               | (2,835,926 | ) |                                                    | $ | 9,926,564
|                                                                |  |                                                 |            |   |                                                    |   |          



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

30



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Value Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|------------------------------------------------------------------ |  | ----------------------------------------------- | ----------- | - | -------------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |             |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|From operations                                                    |  |                                                 |             |   |                                                    |   |             |  
|Net investment income (loss)                                       |  | $                                               | 53,827      |   |                                                    | $ | 179,863     |  
|Net realized gain (loss)                                           |  |                                                 | 1,071,755   |   |                                                    |   | 3,828,448   |  
|Change in net unrealized appreciation (depreciation)               |  |                                                 | (3,961,508  | ) |                                                    |   | 5,918,253   |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                 | (2,835,926  | ) |                                                    |   | 9,926,564   |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|From unitholder transactions                                       |  |                                                 |             |   |                                                    |   |             |  
|Proceeds from units issued                                         |  |                                                 | 11,635,363  |   |                                                    |   | 42,001,614  |  
|Cost of units redeemed                                             |  |                                                 | (10,432,361 | ) |                                                    |   | (24,617,055 | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                 | 1,203,002   |   |                                                    |   | 17,384,559  |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets                              |  |                                                 | (1,632,924  | ) |                                                    |   | 27,311,123  |  
|Net Assets                                                         |  |                                                 |             |   |                                                    |   |             |  
|Beginning of period                                                |  |                                                 | 104,487,338 |   |                                                    |   | 75,543,291  |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|End of period                                                      |  | $                                               | 102,854,414 |   |                                                    | $ | 102,854,414 |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Number of units                                                    |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-beginning of period                                    |  |                                                 | 5,422,873   |   |                                                    |   | 4,540,197   |  
|Issued                                                             |  |                                                 | 618,921     |   |                                                    |   | 2,285,137   |  
|Redeemed                                                           |  |                                                 | (563,368    | ) |                                                    |   | (1,346,908  | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-end of period                                          |  |                                                 | 5,478,426   |   |                                                    |   | 5,478,426   |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  



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

31



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Value Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |         |    |                                                    |   |         |  
|------------------------------------------------------------ |  | ----------------------------------------------- | ------- | -- | -------------------------------------------------- | - | ------- | -
|                                                             |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |         |    | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                           |  | $                                               | 0.07    |    |                                                    | $ | 0.20    |  
|Net expenses()                                            |  |                                                 | (0.05   | )  |                                                    |   | (0.16   | )
|                                                             |  |                                                 |         |    |                                                    |   |         |  
|Net investment income (loss)                                 |  |                                                 | 0.02    |    |                                                    |   | 0.04    |  
|Net realized and unrealized gain (loss)                      |  |                                                 | (0.52   | )  |                                                    |   | 2.09    |  
|                                                             |  |                                                 |         |    |                                                    |   |         |  
|Net increase (decrease) in unit value                        |  |                                                 | (0.50   | )  |                                                    |   | 2.13    |  
|Net asset value at beginning of period                       |  |                                                 | 19.27   |    |                                                    |   | 16.64   |  
|                                                             |  |                                                 |         |    |                                                    |   |         |  
|Net asset value at end of period                             |  | $                                               | 18.77   |    |                                                    | $ | 18.77   |  
|                                                             |  |                                                 |         |    |                                                    |   |         |  
|                                                             |  |                                                
|Ratios/Supplemental Data:                                    |  |                                                 |         |    |                                                    |   |         |  
|Ratio of net expenses to average net assets*               |  |                                                 | 1.17    | %  |                                                    |   | 1.18    | %
|Ratio of net investment income (loss) to average net assets* |  |                                                 | 0.21    | %  |                                                    |   | 0.26    | %
|Portfolio turnover**                                         |  |                                                 | 17      | %  |                                                    |   | 39      | %
|Total return**                                               |  |                                                 | (2.59   | )% |                                                    |   | 12.80   | %
|Net Assets at end of period (in thousands)                   |  | $                                               | 102,854 |    |                                                    | $ | 102,854 |  

---

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

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

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

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



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

32



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Small-Cap Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                |  |                    |             |    
|------------------------------------------------------------------------------- |  | ------------------ | ----------- | ---
|                                                                                |  | September 30, 2007 |            
|Assets                                                                          |  |                    |             |    
|Investments, at value (cost $243,017,992)                                       |  | $                  | 276,854,261 | (a)
|Investments in affiliated issuers, at value (cost $195,147,646)                 |  |                    | 195,046,479 |    
|Cash                                                                            |  |                    | 1,894       |    
|Receivable for investments sold                                                 |  |                    | 2,368,147   |    
|Receivable for fund units sold                                                  |  |                    | 199,489     |    
|Dividends receivable                                                            |  |                    | 172,136     |    
|                                                                                |  |                    |             |    
|Total assets                                                                    |  |                    | 474,642,406 |    
|                                                                                |  |                    |             |    
|Liabilities                                                                     |  |                    |             |    
|Payable for cash collateral received on securities loaned                       |  |                    | 179,866,912 | (b)
|Payable for investments purchased                                               |  |                    | 2,987,506   |    
|Payable for fund units redeemed                                                 |  |                    | 783,948     |    
|Investment advisory fee payable                                                 |  |                    | 266,919     |    
|State Street Bank and Trust Companyprogram fee payable                         |  |                    | 71,318      |    
|Trustee, management and administration fees payable                             |  |                    | 21,152      |    
|ABA Retirement Fundsprogram fee payable                                        |  |                    | 9,670       |    
|Other accruals                                                                  |  |                    | 149,856     |    
|                                                                                |  |                    |             |    
|Total liabilities                                                               |  |                    | 184,157,281 |    
|                                                                                |  |                    |             |    
|Net Assets (equivalent to $77.50 per unit based on 3,748,307 units outstanding) |  | $                  | 290,485,125 |    
|                                                                                |  |                    |             |    

---

|(a) | Includes securities on loan with a value of $178,819,837 (see Note 6).
|--- | ----------------------------------------------------------------------

|(b) | Excludes non-cash collateral of $3,424,312 (see Note 6).
|--- | --------------------------------------------------------



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

33



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Small-Cap Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |            |   |                                                    |   |            |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | ---------- | - | -------------------------------------------------- | - | ---------- | -
|                                                                |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |            |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                               |  |                                                 |            |   |                                                    |   |            |  
|Dividends                                                       |  | $                                               | 517,957    |   |                                                    | $ | 1,374,856  |  
|Dividendsaffiliated issuers                                    |  |                                                 | 102,348    |   |                                                    |   | 324,101    |  
|Securities lending income                                       |  |                                                 | 65,673     |   |                                                    |   | 163,124    |  
|                                                                |  |                                                 |            |   |                                                    |   |            |  
|Total investment income                                         |  |                                                 | 685,978    |   |                                                    |   | 1,862,081  |  
|                                                                |  |                                                 |            |   |                                                    |   |            |  
|Expenses                                                        |  |                                                 |            |   |                                                    |   |            |  
|Investment advisory fee                                         |  |                                                 | 516,496    |   |                                                    |   | 1,570,689  |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 | 234,324    |   |                                                    |   | 718,137    |  
|Trustee, management and administration fees                     |  |                                                 | 65,916     |   |                                                    |   | 202,317    |  
|ABA Retirement Fundsprogram fee                                |  |                                                 | 30,207     |   |                                                    |   | 92,650     |  
|Legal and audit fees                                            |  |                                                 | 24,721     |   |                                                    |   | 76,143     |  
|Compliance consultant fees                                      |  |                                                 | 24,353     |   |                                                    |   | 75,009     |  
|Reports to unitholders                                          |  |                                                 | 11,646     |   |                                                    |   | 35,871     |  
|Registration fees                                               |  |                                                 | 2,520      |   |                                                    |   | 7,761      |  
|Other fees                                                      |  |                                                 | 10,303     |   |                                                    |   | 31,738     |  
|                                                                |  |                                                 |            |   |                                                    |   |            |  
|Total expenses                                                  |  |                                                 | 920,486    |   |                                                    |   | 2,810,315  |  
|                                                                |  |                                                 |            |   |                                                    |   |            |  
|Net investment income (loss)                                    |  |                                                 | (234,508   | ) |                                                    |   | (948,234   | )
|                                                                |  |                                                 |            |   |                                                    |   |            |  
|Net realized and unrealized gain (loss)                         |  |                                                 |            |   |                                                    |   |            |  
|Net realized gain (loss) on:                                    |  |                                                 |            |   |                                                    |   |            |  
|Investments                                                     |  |                                                 | 2,404,788  |   |                                                    |   | 19,398,728 |  
|Investments  affiliated issuers                                |  |                                                 | (454,077   | ) |                                                    |   | 1,125,832  |  
|                                                                |  |                                                 |            |   |                                                    |   |            |  
|Net realized gain (loss)                                        |  |                                                 | 1,950,711  |   |                                                    |   | 20,524,560 |  
|                                                                |  |                                                 |            |   |                                                    |   |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                                 | (9,486,394 | ) |                                                    |   | (4,435,140 | )
|                                                                |  |                                                 |            |   |                                                    |   |            |  
|Net realized and unrealized gain (loss)                         |  |                                                 | (7,535,683 | ) |                                                    |   | 16,089,420 |  
|                                                                |  |                                                 |            |   |                                                    |   |            |  
|Net increase (decrease) in net assets resulting from operations |  | $                                               | (7,770,191 | ) |                                                    | $ | 15,141,186 |  
|                                                                |  |                                                 |            |   |                                                    |   |            |  



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

34



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Small-Cap Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|------------------------------------------------------------------ |  | ----------------------------------------------- | ----------- | - | -------------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |             |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|From operations                                                    |  |                                                 |             |   |                                                    |   |             |  
|Net investment income (loss)                                       |  | $                                               | (234,508    | ) |                                                    | $ | (948,234    | )
|Net realized gain (loss)                                           |  |                                                 | 1,950,711   |   |                                                    |   | 20,524,560  |  
|Change in net unrealized appreciation (depreciation)               |  |                                                 | (9,486,394  | ) |                                                    |   | (4,435,140  | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                 | (7,770,191  | ) |                                                    |   | 15,141,186  |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|From unitholder transactions                                       |  |                                                 |             |   |                                                    |   |             |  
|Proceeds from units issued                                         |  |                                                 | 8,829,932   |   |                                                    |   | 31,438,280  |  
|Cost of units redeemed                                             |  |                                                 | (16,807,308 | ) |                                                    |   | (59,878,736 | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                 | (7,977,376  | ) |                                                    |   | (28,440,456 | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets                              |  |                                                 | (15,747,567 | ) |                                                    |   | (13,299,270 | )
|Net Assets                                                         |  |                                                 |             |   |                                                    |   |             |  
|Beginning of period                                                |  |                                                 | 306,232,692 |   |                                                    |   | 303,784,395 |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|End of period                                                      |  | $                                               | 290,485,125 |   |                                                    | $ | 290,485,125 |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Number of units                                                    |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-beginning of period                                    |  |                                                 | 3,851,249   |   |                                                    |   | 4,118,186   |  
|Issued                                                             |  |                                                 | 114,431     |   |                                                    |   | 410,382     |  
|Redeemed                                                           |  |                                                 | (217,373    | ) |                                                    |   | (780,261    | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-end of period                                          |  |                                                 | 3,748,307   |   |                                                    |   | 3,748,307   |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  



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

35



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Small-Cap Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |         |    |                                                    |   |         |   
|------------------------------------------------------------ |  | ----------------------------------------------- | ------- | -- | -------------------------------------------------- | - | ------- | --
|                                                             |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |         |    | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                           |  | $                                               | 0.17    |    |                                                    | $ | 0.47    |   
|Net expenses()                                            |  |                                                 | (0.25   | )  |                                                    |   | (0.72   | ) 
|                                                             |  |                                                 |         |    |                                                    |   |         |   
|Net investment income (loss)                                 |  |                                                 | (0.08   | )  |                                                    |   | (0.25   | ) 
|Net realized and unrealized gain (loss)                      |  |                                                 | (1.94   | )  |                                                    |   | 3.98    |   
|                                                             |  |                                                 |         |    |                                                    |   |         |   
|Net increase (decrease) in unit value                        |  |                                                 | (2.02   | )  |                                                    |   | 3.73    |   
|Net asset value at beginning of period                       |  |                                                 | 79.52   |    |                                                    |   | 73.77   |   
|                                                             |  |                                                 |         |    |                                                    |   |         |   
|Net asset value at end of period                             |  | $                                               | 77.50   |    |                                                    | $ | 77.50   |   
|                                                             |  |                                                 |         |    |                                                    |   |         |   
|                                                             |  |                                                
|Ratios/Supplemental Data:                                    |  |                                                 |         |    |                                                    |   |         |   
|Ratio of net expenses to average net assets*               |  |                                                 | 1.24    | %  |                                                    |   | 1.25    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                 | (0.32   | )% |                                                    |   | (0.42   | )%
|Portfolio turnover**                                      |  |                                                 | 19      | %  |                                                    |   | 69      | % 
|Total return**                                               |  |                                                 | (2.54   | )% |                                                    |   | 5.06    | % 
|Net Assets at end of period (in thousands)                   |  | $                                               | 290,485 |    |                                                    | $ | 290,485 |   

---

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

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

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

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

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



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

36



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Stable Asset Return Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                          |  |                    |             |  
|--------------------------------------------------------------------------------------------------------- |  | ------------------ | ----------- | -
|                                                                                                          |  | September 30, 2007 |            
|Assets                                                                                                    |  |                    |             |  
|Investments in affiliated fund, at fair value:                                                            |  |                    |             |  
|State Street Bank ABA Members/Pooled Stable Asset Fund Trust (cost $887,797,918 and units of 887,797,918) |  | $                  | 887,979,587 |  
|Receivable for fund units sold                                                                            |  |                    | 1,376,811   |  
|                                                                                                          |  |                    |             |  
|Total assets                                                                                              |  |                    | 889,356,398 |  
|                                                                                                          |  |                    |             |  
|Liabilities                                                                                               |  |                    |             |  
|Payable for fund units redeemed                                                                           |  |                    | 4,142,431   |  
|State Street Bank and Trust Companyprogram fee payable                                                   |  |                    | 219,130     |  
|Trustee, management and administration fees payable                                                       |  |                    | 64,620      |  
|ABA Retirement Fundsprogram fee payable                                                                  |  |                    | 29,565      |  
|Other accruals                                                                                            |  |                    | 430,962     |  
|                                                                                                          |  |                    |             |  
|Total liabilities                                                                                         |  |                    | 4,886,708   |  
|                                                                                                          |  |                    |             |  
|Net Assets at fair value                                                                                  |  |                    | 884,469,690 |  
|                                                                                                          |  |                    |             |  
|Adjustment from fair value to contract value for fully benefit responsive contracts                       |  |                    | (181,669    | )
|                                                                                                          |  |                    |             |  
|Net Assets (equivalent to $32.90 per unit based on 26,876,050 units outstanding)                          |  | $                  | 884,288,021 |  
|                                                                                                          |  |                    |             |  



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

37



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Stable Asset Return Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |            |                                                     |   |           
|--------------------------------------------------------------- |  | ----------------------------------------------- | ---------- | --------------------------------------------------- | - | ----------
|                                                                |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |            | For the periodJanuary 1, 2007 to
September 30, 2007
|Interest income-affiliated issuer                               |  | $                                               | 10,818,120 |                                                     | $ | 31,278,805
|                                                                |  |                                                 |            |                                                     |   |           
|Expenses                                                        |  |                                                 |            |                                                     |   |           
|State Street Bank and Trust Companyprogram fee                 |  |                                                 | 697,942    |                                                     |   | 2,043,967 
|Trustee, management and administration fees                     |  |                                                 | 196,319    |                                                     |   | 575,789   
|ABA Retirement Fundsprogram fee                                |  |                                                 | 89,974     |                                                     |   | 263,699   
|Legal and audit fees                                            |  |                                                 | 73,643     |                                                     |   | 216,706   
|Compliance consultant fees                                      |  |                                                 | 72,546     |                                                     |   | 213,480   
|Reports to unitholders                                          |  |                                                 | 34,693     |                                                     |   | 102,091   
|Registration fees                                               |  |                                                 | 7,506      |                                                     |   | 22,087    
|Other fees                                                      |  |                                                 | 30,695     |                                                     |   | 90,325    
|                                                                |  |                                                 |            |                                                     |   |           
|Total expenses                                                  |  |                                                 | 1,203,318  |                                                     |   | 3,528,144 
|                                                                |  |                                                 |            |                                                     |   |           
|Net investment income (loss)                                    |  |                                                 | 9,614,802  |                                                     |   | 27,750,661
|                                                                |  |                                                 |            |                                                     |   |           
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 9,614,802  |                                                     | $ | 27,750,661
|                                                                |  |                                                 |            |                                                     |   |           



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

38



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Stable Asset Return Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                 |             |   |                                                    |   |              |  
|------------------------------------------------------------------ |  | ----------------------------------------------- | ----------- | - | -------------------------------------------------- | - | ------------ | -
|                                                                   |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |             |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|From operations                                                    |  |                                                 |             |   |                                                    |   |              |  
|Net investment income (loss)                                       |  | $                                               | 9,614,802   |   |                                                    | $ | 27,750,661   |  
|                                                                   |  |                                                 |             |   |                                                    |   |              |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                 | 9,614,802   |   |                                                    |   | 27,750,661   |  
|                                                                   |  |                                                 |             |   |                                                    |   |              |  
|From unitholder transactions                                       |  |                                                 |             |   |                                                    |   |              |  
|Proceeds from units issued                                         |  |                                                 | 84,994,146  |   |                                                    |   | 211,446,872  |  
|Cost of units redeemed                                             |  |                                                 | (73,179,634 | ) |                                                    |   | (200,751,672 | )
|                                                                   |  |                                                 |             |   |                                                    |   |              |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                 | 11,814,512  |   |                                                    |   | 10,695,200   |  
|                                                                   |  |                                                 |             |   |                                                    |   |              |  
|Net increase (decrease) in net assets                              |  |                                                 | 21,429,314  |   |                                                    |   | 38,445,861   |  
|Net Assets                                                         |  |                                                 |             |   |                                                    |   |              |  
|Beginning of period                                                |  |                                                 | 862,858,707 |   |                                                    |   | 845,842,160  |  
|                                                                   |  |                                                 |             |   |                                                    |   |              |  
|End of period                                                      |  | $                                               | 884,288,021 |   |                                                    | $ | 884,288,021  |  
|                                                                   |  |                                                 |             |   |                                                    |   |              |  
|Number of units                                                    |  |                                                 |             |   |                                                    |   |              |  
|Outstanding-beginning of period                                    |  |                                                 | 26,514,789  |   |                                                    |   | 26,552,729   |  
|Issued                                                             |  |                                                 | 2,597,253   |   |                                                    |   | 6,524,556    |  
|Redeemed                                                           |  |                                                 | (2,235,992  | ) |                                                    |   | (6,201,235   | )
|                                                                   |  |                                                 |             |   |                                                    |   |              |  
|Outstanding-end of period                                          |  |                                                 | 26,876,050  |   |                                                    |   | 26,876,050   |  
|                                                                   |  |                                                 |             |   |                                                    |   |              |  



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

39



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Stable Asset Return Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |         |   |                                                    |   |         |  
|------------------------------------------------------------ |  | ----------------------------------------------- | ------- | - | -------------------------------------------------- | - | ------- | -
|                                                             |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |         |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                           |  | $                                               | 0.40    |   |                                                    | $ | 1.17    |  
|Net expenses()                                            |  |                                                 | (0.04   | ) |                                                    |   | (0.13   | )
|                                                             |  |                                                 |         |   |                                                    |   |         |  
|Net investment income (loss)                                 |  |                                                 | 0.36    |   |                                                    |   | 1.04    |  
|                                                             |  |                                                 |         |   |                                                    |   |         |  
|Net increase (decrease) in unit value                        |  |                                                 | 0.36    |   |                                                    |   | 1.04    |  
|Net asset value at beginning of period                       |  |                                                 | 32.54   |   |                                                    |   | 31.86   |  
|                                                             |  |                                                 |         |   |                                                    |   |         |  
|Net asset value at end of period                             |  | $                                               | 32.90   |   |                                                    | $ | 32.90   |  
|                                                             |  |                                                 |         |   |                                                    |   |         |  
|                                                             |  |                                                
|Ratios/Supplemental Data:                                    |  |                                                 |         |   |                                                    |   |         |  
|Ratio of net expenses to average net assets*               |  |                                                 | 0.55    | % |                                                    |   | 0.55    | %
|Ratio of net investment income (loss) to average net assets* |  |                                                 | 4.37    | % |                                                    |   | 4.33    | %
|Total return**                                               |  |                                                 | 1.11    | % |                                                    |   | 3.26    | %
|Net Assets at end of period (in thousands)                   |  | $                                               | 884,288 |   |                                                    | $ | 884,288 |  

---

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

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

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

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



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

40



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service 
Conservative Portfolio

Statement of Assets and Liabilities

Unaudited



|                                                                                           |  |                    |           
|------------------------------------------------------------------------------------------ |  | ------------------ | ----------
|                                                                                           |  | September 30, 2007
|Assets                                                                                     |  |                    |           
|American Bar Association Members/State Street Collective Trust investment funds, at value: |  |                    |           
|Stable Asset Fund Trust (cost $20,052,556 and units of 665,732)                            |  | $                  | 21,904,210
|Intermediate Bond Fund (cost $23,340,327 and units of 1,232,868)                           |  |                    | 25,554,911
|Large Cap Value Equity Fund (cost $3,982,479 and units of 109,960)                         |  |                    | 5,110,982 
|Large Cap Growth Equity Fund (cost $4,043,549 and units of 85,192)                         |  |                    | 5,110,982 
|Index Equity Fund (cost $8,059,410 and units of 256,705)                                   |  |                    | 10,221,965
|International Equity Fund (cost $3,602,638 and units of 147,055)                           |  |                    | 5,110,982 
|Receivable for portfolio units sold                                                        |  |                    | 43,498    
|Receivable for collective investment funds sold                                            |  |                    | 28,089    
|                                                                                           |  |                    |           
|Total assets                                                                               |  |                    | 73,085,619
|                                                                                           |  |                    |           
|Liabilities                                                                                |  |                    |           
|Payable for portfolio units redeemed                                                       |  |                    | 71,587    
|                                                                                           |  |                    |           
|Total liabilities                                                                          |  |                    | 71,587    
|                                                                                           |  |                    |           
|Net Assets(equivalent to $23.08 per unit based on 3,163,722 units outstanding)             |  | $                  | 73,014,032
|                                                                                           |  |                    |           



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

41



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service 
Conservative Portfolio

Statement of Operations

Unaudited



|                                                                        |  |                                                 |           |                                                    |   |          
|----------------------------------------------------------------------- |  | ----------------------------------------------- | --------- | -------------------------------------------------- | - | ---------
|                                                                        |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |           | For the periodJanuary 1, 2007 toSeptember 30, 2007
|Investment income                                                       |  | $                                               |          |                                                    | $ |         
|                                                                        |  |                                                 |           |                                                    |   |          
|                                                                        |  |                                                
|Net realized and unrealized gain (loss) on collective investment funds: |  |                                                 |           |                                                    |   |          
|Net realized gain (loss)                                                |  |                                                 | 801,035   |                                                    |   | 2,483,844
|Change in net unrealized appreciation (depreciation)                    |  |                                                 | 1,003,290 |                                                    |   | 1,495,332
|                                                                        |  |                                                 |           |                                                    |   |          
|Net realized and unrealized gain (loss)                                 |  |                                                 | 1,804,325 |                                                    |   | 3,979,176
|                                                                        |  |                                                 |           |                                                    |   |          
|                                                                        |  |                                                
|Net increase (decrease) in net assets resulting from operations         |  | $                                               | 1,804,325 |                                                    | $ | 3,979,176
|                                                                        |  |                                                 |           |                                                    |   |          



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

42



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service 
Conservative Portfolio

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                 |            |   |                                                    |   |             |  
|------------------------------------------------------------------ |  | ----------------------------------------------- | ---------- | - | -------------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |            |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|From operations                                                    |  |                                                 |            |   |                                                    |   |             |  
|Net investment income (loss)                                       |  | $                                               |           |   |                                                    | $ |            |  
|Net realized gain (loss)                                           |  |                                                 | 801,035    |   |                                                    |   | 2,483,844   |  
|Change in net unrealized appreciation (depreciation)               |  |                                                 | 1,003,290  |   |                                                    |   | 1,495,332   |  
|                                                                   |  |                                                 |            |   |                                                    |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                 | 1,804,325  |   |                                                    |   | 3,979,176   |  
|                                                                   |  |                                                 |            |   |                                                    |   |             |  
|From unitholder transactions                                       |  |                                                 |            |   |                                                    |   |             |  
|Proceeds from units issued                                         |  |                                                 | 2,035,158  |   |                                                    |   | 11,041,085  |  
|Cost of units redeemed                                             |  |                                                 | (3,802,896 | ) |                                                    |   | (11,218,413 | )
|                                                                   |  |                                                 |            |   |                                                    |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                 | (1,767,738 | ) |                                                    |   | (177,328    | )
|                                                                   |  |                                                 |            |   |                                                    |   |             |  
|Net increase (decrease) in net assets                              |  |                                                 | 36,587     |   |                                                    |   | 3,801,848   |  
|Net Assets                                                         |  |                                                 |            |   |                                                    |   |             |  
|Beginning of period                                                |  |                                                 | 72,977,445 |   |                                                    |   | 69,212,184  |  
|                                                                   |  |                                                 |            |   |                                                    |   |             |  
|End of period                                                      |  | $                                               | 73,014,032 |   |                                                    | $ | 73,014,032  |  
|                                                                   |  |                                                 |            |   |                                                    |   |             |  
|Number of units                                                    |  |                                                 |            |   |                                                    |   |             |  
|Outstanding-beginning of period                                    |  |                                                 | 3,242,132  |   |                                                    |   | 3,171,123   |  
|Issued                                                             |  |                                                 | 90,019     |   |                                                    |   | 495,820     |  
|Redeemed                                                           |  |                                                 | (168,429   | ) |                                                    |   | (503,221    | )
|                                                                   |  |                                                 |            |   |                                                    |   |             |  
|Outstanding-end of period                                          |  |                                                 | 3,163,722  |   |                                                    |   | 3,163,722   |  
|                                                                   |  |                                                 |            |   |                                                    |   |             |  



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

43



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service 
Conservative Portfolio

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                            |  |                                                 |        |   |                                                    |   |        |  
|----------------------------------------------------------- |  | ----------------------------------------------- | ------ | - | -------------------------------------------------- | - | ------ | -
|                                                            |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |        |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                           |  | $                                               |       |   |                                                    | $ |       |  
|Net expenses                                               |  |                                                 |       |   |                                                    |   |       |  
|                                                            |  |                                                 |        |   |                                                    |   |        |  
|                                                            |  |                                                
|Net investment income (loss)                                |  |                                                 |       |   |                                                    |   |       |  
|Net realized and unrealized gain (loss)                     |  |                                                 | 0.57   |   |                                                    |   | 1.25   |  
|                                                            |  |                                                 |        |   |                                                    |   |        |  
|Net increase (decrease) in unit value                       |  |                                                 | 0.57   |   |                                                    |   | 1.25   |  
|Net asset value at beginning of period                      |  |                                                 | 22.51  |   |                                                    |   | 21.83  |  
|                                                            |  |                                                 |        |   |                                                    |   |        |  
|Net asset value at end of period                            |  | $                                               | 23.08  |   |                                                    | $ | 23.08  |  
|                                                            |  |                                                 |        |   |                                                    |   |        |  
|Ratios/Supplemental Data:                                   |  |                                                 |        |   |                                                    |   |        |  
|Ratio of net expenses to average net assets                |  |                                                 | 0.00   | % |                                                    |   | 0.00   | %
|Ratio of net investment income (loss) to average net assets |  |                                                 | 0.00   | % |                                                    |   | 0.00   | %
|Portfolio turnover*                                       |  |                                                 | 3      | % |                                                    |   | 14     | %
|Total return*                                               |  |                                                 | 2.53   | % |                                                    |   | 5.73   | %
|Net Assets at end of period (in thousands)                  |  | $                                               | 73,014 |   |                                                    | $ | 73,014 |  

---

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

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

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



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

44



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Moderate
Portfolio

Statement of Assets and Liabilities

Unaudited



|                                                                                           |  |                    |            
|------------------------------------------------------------------------------------------ |  | ------------------ | -----------
|                                                                                           |  | September 30, 2007
|Assets                                                                                     |  |                    |            
|American Bar Association Members/State Street Collective Trust investment funds, at value: |  |                    |            
|Stable Asset Fund Trust (cost $24,515,164 and units of 813,850)                            |  | $                  | 26,777,656 
|Intermediate Bond Fund (cost $73,504,773 and units of 3,875,575)                           |  |                    | 80,332,970 
|Large Cap Value Equity Fund (cost $17,331,482 and units of 518,495)                        |  |                    | 24,099,891 
|Large Cap Growth Equity Fund (cost $18,420,916 and units of 401,708)                       |  |                    | 24,099,891 
|Index Equity Fund (cost $45,380,005 and units of 1,546,677)                                |  |                    | 61,588,610 
|Mid-Cap Value Equity Fund (cost $4,073,816 and units of 285,259)                           |  |                    | 5,355,531  
|Mid-Cap Growth Equity Fund (cost $3,798,450 and units of 194,068)                          |  |                    | 5,355,531  
|International Equity Fund (cost $26,182,641 and units of 1,155,682)                        |  |                    | 40,166,485 
|Receivable for collective investment funds sold                                            |  |                    | 306,083    
|Receivable for portfolio units sold                                                        |  |                    | 153,340    
|                                                                                           |  |                    |            
|Total assets                                                                               |  |                    | 268,235,988
|                                                                                           |  |                    |            
|Liabilities                                                                                |  |                    |            
|Payable for portfolio units redeemed                                                       |  |                    | 459,423    
|                                                                                           |  |                    |            
|Total liabilities                                                                          |  |                    | 459,423    
|                                                                                           |  |                    |            
|Net Assets (equivalent to $26.19 per unit based on 10,222,818 units outstanding)           |  | $                  | 267,776,565
|                                                                                           |  |                    |            



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

45



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Moderate Portfolio

Statement of Operations

Unaudited



|                                                                |  |                                                 |           |                                                    |   |           
|--------------------------------------------------------------- |  | ----------------------------------------------- | --------- | -------------------------------------------------- | - | ----------
|                                                                |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |           | For the periodJanuary 1, 2007 toSeptember 30, 2007
|Investment income                                               |  | $                                               |          |                                                    | $ |          
|                                                                |  |                                                 |           |                                                    |   |           
|Net realized and unrealized gain (loss)                         |  |                                                 |           |                                                    |   |           
|Net realized gain (loss)                                        |  |                                                 | 4,240,112 |                                                    |   | 13,409,099
|Change in net unrealized appreciation (depreciation)            |  |                                                 | 2,319,382 |                                                    |   | 5,929,567 
|                                                                |  |                                                 |           |                                                    |   |           
|Net realized and unrealized gain (loss)                         |  |                                                 | 6,559,494 |                                                    |   | 19,338,666
|                                                                |  |                                                 |           |                                                    |   |           
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 6,559,494 |                                                    | $ | 19,338,666
|                                                                |  |                                                 |           |                                                    |   |           



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

46



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Moderate Portfolio

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|------------------------------------------------------------------ |  | ----------------------------------------------- | ----------- | - | -------------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |             |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|From operations                                                    |  |                                                 |             |   |                                                    |   |             |  
|Net investment income (loss)                                       |  | $                                               |            |   |                                                    | $ |            |  
|Net realized gain (loss)                                           |  |                                                 | 4,240,112   |   |                                                    |   | 13,409,099  |  
|Change in net unrealized appreciation (depreciation)               |  |                                                 | 2,319,382   |   |                                                    |   | 5,929,567   |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                 | 6,559,494   |   |                                                    |   | 19,338,666  |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|From unitholder transactions                                       |  |                                                 |             |   |                                                    |   |             |  
|Proceeds from units issued                                         |  |                                                 | 9,726,923   |   |                                                    |   | 35,522,333  |  
|Cost of units redeemed                                             |  |                                                 | (14,889,097 | ) |                                                    |   | (41,850,707 | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                 | (5,162,174  | ) |                                                    |   | (6,328,374  | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets                              |  |                                                 | 1,397,320   |   |                                                    |   | 13,010,292  |  
|Net Assets                                                         |  |                                                 |             |   |                                                    |   |             |  
|Beginning of period                                                |  |                                                 | 266,379,245 |   |                                                    |   | 254,766,273 |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|End of period                                                      |  | $                                               | 267,776,565 |   |                                                    | $ | 267,776,565 |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Number of units                                                    |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-beginning of period                                    |  |                                                 | 10,426,797  |   |                                                    |   | 10,464,807  |  
|Issued                                                             |  |                                                 | 381,836     |   |                                                    |   | 1,418,327   |  
|Redeemed                                                           |  |                                                 | (585,815    | ) |                                                    |   | (1,660,316  | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-end of period                                          |  |                                                 | 10,222,818  |   |                                                    |   | 10,222,818  |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  



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

47



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Moderate Portfolio

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                            |  |                                                 |         |   |                                                    |   |         |  
|----------------------------------------------------------- |  | ----------------------------------------------- | ------- | - | -------------------------------------------------- | - | ------- | -
|                                                            |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |         |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                           |  | $                                               |        |   |                                                    | $ |        |  
|Net expenses                                               |  |                                                 |        |   |                                                    |   |        |  
|                                                            |  |                                                 |         |   |                                                    |   |         |  
|Net investment income (loss)                                |  |                                                 |        |   |                                                    |   |        |  
|Net realized and unrealized gain (loss)                     |  |                                                 | 0.64    |   |                                                    |   | 1.84    |  
|                                                            |  |                                                 |         |   |                                                    |   |         |  
|Net increase (decrease) in unit value                       |  |                                                 | 0.64    |   |                                                    |   | 1.84    |  
|Net asset value at beginning of period                      |  |                                                 | 25.55   |   |                                                    |   | 24.35   |  
|                                                            |  |                                                 |         |   |                                                    |   |         |  
|Net asset value at end of period                            |  | $                                               | 26.19   |   |                                                    | $ | 26.19   |  
|                                                            |  |                                                 |         |   |                                                    |   |         |  
|Ratios/Supplemental Data:                                   |  |                                                 |         |   |                                                    |   |         |  
|Ratio of net expenses to average net assets                |  |                                                 | 0.00    | % |                                                    |   | 0.00    | %
|Ratio of net investment income (loss) to average net assets |  |                                                 | 0.00    | % |                                                    |   | 0.00    | %
|Portfolio turnover*                                       |  |                                                 | 3       | % |                                                    |   | 12      | %
|Total return*                                               |  |                                                 | 2.50    | % |                                                    |   | 7.56    | %
|Net Assets at end of period (in thousands)                  |  | $                                               | 267,777 |   |                                                    | $ | 267,777 |  

---

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

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

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



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

48



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Aggressive
Portfolio

Statement of Assets and Liabilities

Unaudited



|                                                                                           |  |                    |            
|------------------------------------------------------------------------------------------ |  | ------------------ | -----------
|                                                                                           |  | September 30, 2007
|Assets                                                                                     |  |                    |            
|American Bar Association Members/State Street Collective Trust investment funds, at value: |  |                    |            
|Intermediate Bond Fund (cost $28,087,137 and units of 1,468,390)                           |  | $                  | 30,436,795 
|Large Cap Value Equity Fund (cost $18,294,300 and units of 567,519)                        |  |                    | 26,378,556 
|Large Cap Growth Equity Fund (cost $19,605,342 and units of 439,690)                       |  |                    | 26,378,556 
|Index Equity Fund (cost $43,328,468 and units of 1,528,720)                                |  |                    | 60,873,590 
|Mid-Cap Value Equity Fund (cost $4,501,837 and units of 324,239)                           |  |                    | 6,087,359  
|Mid-Cap Growth Equity Fund (cost $4,301,585 and units of 220,587)                          |  |                    | 6,087,359  
|Small Cap Equity Fund (cost $5,101,406 and units of 78,547)                                |  |                    | 6,087,359  
|International Equity Fund (cost $24,999,266 and units of 1,167,649)                        |  |                    | 40,582,393 
|Receivable for portfolio units sold                                                        |  |                    | 131,021    
|Receivable for collective investment funds sold                                            |  |                    | 58,864     
|                                                                                           |  |                    |            
|Total assets                                                                               |  |                    | 203,101,852
|                                                                                           |  |                    |            
|Liabilities                                                                                |  |                    |            
|Payable for portfolio units redeemed                                                       |  |                    | 189,885    
|                                                                                           |  |                    |            
|Total liabilities                                                                          |  |                    | 189,885    
|                                                                                           |  |                    |            
|Net Assets (equivalent to $28.73 per unit based on 7,062,832 units outstanding)            |  | $                  | 202,911,967
|                                                                                           |  |                    |            



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

49



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Aggressive
Portfolio

Statement of Operations

Unaudited



|                                                                        |  |                                                 |           |                                                    |   |           
|----------------------------------------------------------------------- |  | ----------------------------------------------- | --------- | -------------------------------------------------- | - | ----------
|                                                                        |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |           | For the periodJanuary 1, 2007 toSeptember 30, 2007
|Investment income                                                       |  | $                                               |          |                                                    | $ |          
|                                                                        |  |                                                 |           |                                                    |   |           
|                                                                        |  |                                                
|Net realized and unrealized gain (loss) on collective investment funds: |  |                                                 |           |                                                    |   |           
|Net realized gain (loss)                                                |  |                                                 | 3,177,823 |                                                    |   | 9,119,936 
|Change in net unrealized appreciation (depreciation)                    |  |                                                 | 861,574   |                                                    |   | 8,058,075 
|                                                                        |  |                                                 |           |                                                    |   |           
|Net realized and unrealized gain (loss)                                 |  |                                                 | 4,039,397 |                                                    |   | 17,178,011
|                                                                        |  |                                                 |           |                                                    |   |           
|Net increase (decrease) in net assets resulting from operations         |  | $                                               | 4,039,397 |                                                    | $ | 17,178,011
|                                                                        |  |                                                 |           |                                                    |   |           



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

50



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Aggressive
Portfolio

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|------------------------------------------------------------------ |  | ----------------------------------------------- | ----------- | - | -------------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |             |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|From operations                                                    |  |                                                 |             |   |                                                    |   |             |  
|Net investment income (loss)                                       |  | $                                               |            |   |                                                    | $ |            |  
|Net realized gain (loss)                                           |  |                                                 | 3,177,823   |   |                                                    |   | 9,119,936   |  
|Change in net unrealized appreciation (depreciation)               |  |                                                 | 861,574     |   |                                                    |   | 8,058,075   |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                 | 4,039,397   |   |                                                    |   | 17,178,011  |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|                                                                   |  |                                                
|From unitholder transactions                                       |  |                                                 |             |   |                                                    |   |             |  
|Proceeds from units issued                                         |  |                                                 | 7,611,897   |   |                                                    |   | 29,804,178  |  
|Cost of units redeemed                                             |  |                                                 | (11,158,236 | ) |                                                    |   | (33,389,647 | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                 | (3,546,339  | ) |                                                    |   | (3,585,469  | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets                              |  |                                                 | 493,058     |   |                                                    |   | 13,592,542  |  
|                                                                   |  |                                                
|Net Assets                                                         |  |                                                 |             |   |                                                    |   |             |  
|Beginning of period                                                |  |                                                 | 202,418,909 |   |                                                    |   | 189,319,425 |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|End of period                                                      |  | $                                               | 202,911,967 |   |                                                    | $ | 202,911,967 |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Number of units                                                    |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-beginning of period                                    |  |                                                 | 7,189,508   |   |                                                    |   | 7,179,561   |  
|Issued                                                             |  |                                                 | 272,801     |   |                                                    |   | 1,092,465   |  
|Redeemed                                                           |  |                                                 | (399,477    | ) |                                                    |   | (1,209,194  | )
|                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-end of period                                          |  |                                                 | 7,062,832   |   |                                                    |   | 7,062,832   |  
|                                                                   |  |                                                 |             |   |                                                    |   |             |  



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

51



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Aggressive
Portfolio

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                            |  |                                                 |         |   |                                                    |   |         |  
|----------------------------------------------------------- |  | ----------------------------------------------- | ------- | - | -------------------------------------------------- | - | ------- | -
|                                                            |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |         |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                           |  | $                                               |        |   |                                                    | $ |        |  
|Net expenses                                               |  |                                                 |        |   |                                                    |   |        |  
|                                                            |  |                                                 |         |   |                                                    |   |         |  
|Net investment income (loss)                                |  |                                                 |        |   |                                                    |   |        |  
|Net realized and unrealized gain (loss)                     |  |                                                 | 0.58    |   |                                                    |   | 2.36    |  
|                                                            |  |                                                 |         |   |                                                    |   |         |  
|Net increase (decrease) in unit value                       |  |                                                 | 0.58    |   |                                                    |   | 2.36    |  
|Net asset value at beginning of period                      |  |                                                 | 28.15   |   |                                                    |   | 26.37   |  
|                                                            |  |                                                 |         |   |                                                    |   |         |  
|Net asset value at end of period                            |  | $                                               | 28.73   |   |                                                    | $ | 28.73   |  
|                                                            |  |                                                 |         |   |                                                    |   |         |  
|Ratios/Supplemental Data:                                   |  |                                                 |         |   |                                                    |   |         |  
|Ratio of net expenses to average net assets                |  |                                                 | 0.00    | % |                                                    |   | 0.00    | %
|Ratio of net investment income (loss) to average net assets |  |                                                 | 0.00    | % |                                                    |   | 0.00    | %
|Portfolio turnover*                                       |  |                                                 | 3       | % |                                                    |   | 11      | %
|Total return*                                               |  |                                                 | 2.06    | % |                                                    |   | 8.95    | %
|Net Assets at end of period (in thousands)                  |  | $                                               | 202,912 |   |                                                    | $ | 202,912 |  

---

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

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

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



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

52



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Lifetime Income Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                     |  |                    |           
|------------------------------------------------------------------------------------------------------------------------------------ |  | ------------------ | ----------
|                                                                                                                                     |  | September 30, 2007
|Assets                                                                                                                               |  |                    |           
|Investments in affiliated fund, at value:                                                                                            |  |                    |           
|State Street Bank and Trust Company  SSGA Age Based Income Securities Lending Series Fund (cost $17,501,922 and units of
1,561,478) |  | $                  | 18,444,180
|Receivable for fund units sold                                                                                                       |  |                    | 4,118     
|                                                                                                                                     |  |                    |           
|Total assets                                                                                                                         |  |                    | 18,448,298
|                                                                                                                                     |  |                    |           
|Liabilities                                                                                                                          |  |                    |           
|State Street Bank and Trust Companyprogram fee payable                                                                              |  |                    | 4,487     
|Payable for investments purchased                                                                                                    |  |                    | 3,784     
|Payable for legal and audit services                                                                                                 |  |                    | 3,261     
|Payable for compliance consultant fees                                                                                               |  |                    | 2,845     
|Retirement Date Fund management fee payable                                                                                          |  |                    | 1,437     
|Trustee, management and administration fees payable                                                                                  |  |                    | 1,278     
|ABA Retirement Fundsprogram fee payable                                                                                             |  |                    | 585       
|Payable for fund units redeemed                                                                                                      |  |                    | 334       
|Other accruals                                                                                                                       |  |                    | 901       
|                                                                                                                                     |  |                    |           
|Total liabilities                                                                                                                    |  |                    | 18,912    
|                                                                                                                                     |  |                    |           
|Net Assets(equivalent to $11.02 per unit based on 1,672,926 units outstanding)                                                       |  | $                  | 18,429,386
|                                                                                                                                     |  |                    |           



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

53



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Lifetime Income Retirement Date Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |         |   |                                                    |   |         |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | ------- | - | -------------------------------------------------- | - | ------- | -
|                                                                |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |         |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                               |  | $                                               |        |   |                                                    | $ |        |  
|Expenses                                                        |  |                                                 |         |   |                                                    |   |         |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 | 13,248  |   |                                                    |   | 33,809  |  
|Retirement Date Fund management fee                             |  |                                                 | 4,181   |   |                                                    |   | 10,626  |  
|Trustee, management and administration fees                     |  |                                                 | 3,726   |   |                                                    |   | 9,521   |  
|ABA Retirement Fundsprogram fee                                |  |                                                 | 1,708   |   |                                                    |   | 4,361   |  
|Legal and audit fees                                            |  |                                                 | 1,398   |   |                                                    |   | 3,581   |  
|Compliance consultant fees                                      |  |                                                 | 1,377   |   |                                                    |   | 3,527   |  
|Reports to unitholders                                          |  |                                                 | 659     |   |                                                    |   | 1,687   |  
|Registration fees                                               |  |                                                 | 142     |   |                                                    |   | 364     |  
|Other fees                                                      |  |                                                 | 583     |   |                                                    |   | 1,493   |  
|                                                                |  |                                                 |         |   |                                                    |   |         |  
|Total expenses                                                  |  |                                                 | 27,022  |   |                                                    |   | 68,969  |  
|                                                                |  |                                                 |         |   |                                                    |   |         |  
|Net investment income (loss)                                    |  |                                                 | (27,022 | ) |                                                    |   | (68,969 | )
|                                                                |  |                                                 |         |   |                                                    |   |         |  
|Net realized and unrealized gain (loss)                         |  |                                                 |         |   |                                                    |   |         |  
|Net realized gain (loss)                                        |  |                                                 | 65,634  |   |                                                    |   | 119,419 |  
|Change in net unrealized appreciation (depreciation)            |  |                                                 | 363,431 |   |                                                    |   | 671,994 |  
|                                                                |  |                                                 |         |   |                                                    |   |         |  
|Net realized and unrealized gain (loss)                         |  |                                                 | 429,065 |   |                                                    |   | 791,413 |  
|                                                                |  |                                                 |         |   |                                                    |   |         |  
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 402,043 |   |                                                    | $ | 722,444 |  
|                                                                |  |                                                 |         |   |                                                    |   |         |  



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

54



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Lifetime Income Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|------------------------------------------------------------------ |  | ----------------------------------------------- | ---------- | - | -------------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |            |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|From operations                                                    |  |                                                 |            |   |                                                    |   |            |  
|Net investment income (loss)                                       |  | $                                               | (27,022    | ) |                                                    | $ | (68,969    | )
|Net realized gain (loss)                                           |  |                                                 | 65,634     |   |                                                    |   | 119,419    |  
|Change in net unrealized appreciation (depreciation)               |  |                                                 | 363,431    |   |                                                    |   | 671,994    |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                 | 402,043    |   |                                                    |   | 722,444    |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|From unitholder transactions                                       |  |                                                 |            |   |                                                    |   |            |  
|Proceeds from units issued                                         |  |                                                 | 3,082,641  |   |                                                    |   | 8,965,012  |  
|Cost of units redeemed                                             |  |                                                 | (1,290,067 | ) |                                                    |   | (2,690,551 | )
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                 | 1,792,574  |   |                                                    |   | 6,274,461  |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|Net increase (decrease) in net assets                              |  |                                                 | 2,194,617  |   |                                                    |   | 6,996,905  |  
|Net Assets                                                         |  |                                                 |            |   |                                                    |   |            |  
|Beginning of period                                                |  |                                                 | 16,234,769 |   |                                                    |   | 11,432,481 |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|End of period                                                      |  | $                                               | 18,429,386 |   |                                                    | $ | 18,429,386 |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|Number of units                                                    |  |                                                 |            |   |                                                    |   |            |  
|Outstanding-beginning of period                                    |  |                                                 | 1,508,114  |   |                                                    |   | 1,088,660  |  
|Issued                                                             |  |                                                 | 284,726    |   |                                                    |   | 835,830    |  
|Redeemed                                                           |  |                                                 | (119,914   | ) |                                                    |   | (251,564   | )
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|Outstanding-end of period                                          |  |                                                 | 1,672,926  |   |                                                    |   | 1,672,926  |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  



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

55



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Lifetime Income Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |        |    |                                                    |   |        |   
|------------------------------------------------------------ |  | ----------------------------------------------- | ------ | -- | -------------------------------------------------- | - | ------ | --
|                                                             |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |        |    | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                           |  | $                                               |       |    |                                                    | $ |       |   
|Net expenses()                                            |  |                                                 | (0.02  | )  |                                                    |   | (0.05  | ) 
|                                                             |  |                                                 |        |    |                                                    |   |        |   
|Net investment income (loss)                                 |  |                                                 | (0.02  | )  |                                                    |   | (0.05  | ) 
|Net realized and unrealized gain (loss)                      |  |                                                 | 0.28   |    |                                                    |   | 0.57   |   
|                                                             |  |                                                 |        |    |                                                    |   |        |   
|Net increase (decrease) in unit value                        |  |                                                 | 0.26   |    |                                                    |   | 0.52   |   
|Net asset value at beginning of period                       |  |                                                 | 10.76  |    |                                                    |   | 10.50  |   
|                                                             |  |                                                 |        |    |                                                    |   |        |   
|Net asset value at end of period                             |  | $                                               | 11.02  |    |                                                    | $ | 11.02  |   
|                                                             |  |                                                 |        |    |                                                    |   |        |   
|Ratios/Supplemental Data:                                    |  |                                                 |        |    |                                                    |   |        |   
|Ratio of net expenses to average net assets*               |  |                                                 | 0.65   | %  |                                                    |   | 0.65   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                 | (0.65  | )% |                                                    |   | (0.65  | )%
|Portfolio turnover**                                      |  |                                                 | 6      | %  |                                                    |   | 15     | % 
|Total return**                                               |  |                                                 | 2.42   | %  |                                                    |   | 4.95   | % 
|Net Assets at end of period (in thousands)                   |  | $                                               | 18,429 |    |                                                    | $ | 18,429 |   

---

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

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

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

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

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



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

56



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2010 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                          |  |                    |           
|----------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ----------
|                                                                                                                                          |  | September 30, 2007
|Assets                                                                                                                                    |  |                    |           
|Investments in affiliated fund, at value:                                                                                                 |  |                    |           
|State Street Bank and Trust Company  SSGA Age Based 2010 Income Securities Lending Series Fund (cost $29,369,076 and units of 2,513,501) |  | $                  | 30,878,364
|Receivable for fund units sold                                                                                                            |  |                    | 8,847     
|                                                                                                                                          |  |                    |           
|Total assets                                                                                                                              |  |                    | 30,887,211
|                                                                                                                                          |  |                    |           
|Liabilities                                                                                                                               |  |                    |           
|State Street Bank and Trust Companyprogram fee payable                                                                                   |  |                    | 7,815     
|Payable for investments purchased                                                                                                         |  |                    | 6,517     
|Payable for legal and audit services                                                                                                      |  |                    | 5,328     
|Payable for compliance consultant fees                                                                                                    |  |                    | 4,648     
|Retirement Date Fund management fee payable                                                                                               |  |                    | 2,498     
|Payable for fund units redeemed                                                                                                           |  |                    | 2,330     
|Trustee, management and administration fees payable                                                                                       |  |                    | 2,222     
|ABA Retirement Fundsprogram fee payable                                                                                                  |  |                    | 1,017     
|Other accruals                                                                                                                            |  |                    | 1,472     
|                                                                                                                                          |  |                    |           
|Total liabilities                                                                                                                         |  |                    | 33,847    
|                                                                                                                                          |  |                    |           
|Net Assets (equivalent to $13.53 per unit based on 2,280,961 units outstanding)                                                           |  | $                  | 30,853,364
|                                                                                                                                          |  |                    |           



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

57



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2010 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                         |  |                                                 |         |   |                                                    |   |           |  
|------------------------------------------------------------------------ |  | ----------------------------------------------- | ------- | - | -------------------------------------------------- | - | --------- | -
|                                                                         |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |         |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                                        |  | $                                               |        |   |                                                    | $ |          |  
|                                                                         |  |                                                 |         |   |                                                    |   |           |  
|Expenses                                                                 |  |                                                 |         |   |                                                    |   |           |  
|State Street Bank and Trust Companyprogram fee                          |  |                                                 | 23,161  |   |                                                    |   | 53,997    |  
|Retirement Date Fund management fee                                      |  |                                                 | 7,307   |   |                                                    |   | 16,979    |  
|Trustee, management and administration fees                              |  |                                                 | 6,515   |   |                                                    |   | 15,203    |  
|ABA Retirement Fundsprogram fee                                         |  |                                                 | 2,986   |   |                                                    |   | 6,965     |  
|Legal and audit fees                                                     |  |                                                 | 2,444   |   |                                                    |   | 5,715     |  
|Compliance consultant fees                                               |  |                                                 | 2,408   |   |                                                    |   | 5,630     |  
|Reports to unitholders                                                   |  |                                                 | 1,151   |   |                                                    |   | 2,692     |  
|Registration fees                                                        |  |                                                 | 249     |   |                                                    |   | 582       |  
|Other fees                                                               |  |                                                 | 1,019   |   |                                                    |   | 2,383     |  
|                                                                         |  |                                                 |         |   |                                                    |   |           |  
|Total expenses                                                           |  |                                                 | 47,240  |   |                                                    |   | 110,146   |  
|                                                                         |  |                                                 |         |   |                                                    |   |           |  
|Net investment income (loss)                                             |  |                                                 | (47,240 | ) |                                                    |   | (110,146  | )
|                                                                         |  |                                                 |         |   |                                                    |   |           |  
|Net realized and unrealized gain (loss) on investment in affiliated fund |  |                                                 |         |   |                                                    |   |           |  
|Net realized gain                                                        |  |                                                 | 145,441 |   |                                                    |   | 323,520   |  
|Change in net unrealized appreciation (depreciation)                     |  |                                                 | 699,459 |   |                                                    |   | 1,084,208 |  
|                                                                         |  |                                                 |         |   |                                                    |   |           |  
|Net realized and unrealized gain (loss)                                  |  |                                                 | 844,900 |   |                                                    |   | 1,407,728 |  
|                                                                         |  |                                                 |         |   |                                                    |   |           |  
|Net increase (decrease) in net assets resulting from operations          |  | $                                               | 797,660 |   |                                                    | $ | 1,297,582 |  
|                                                                         |  |                                                 |         |   |                                                    |   |           |  



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

58



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2010 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                 |            |   |                                                     |   |            |  
|------------------------------------------------------------------ |  | ----------------------------------------------- | ---------- | - | --------------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |            |   | For the period January 1, 2007 toSeptember 30, 2007 |  
|From operations                                                    |  |                                                 |            |   |                                                     |   |            |  
|Net investment income (loss)                                       |  | $                                               | (47,240    | ) |                                                     | $ | (110,146   | )
|Net realized gain (loss)                                           |  |                                                 | 145,441    |   |                                                     |   | 323,520    |  
|Change in net unrealized appreciation (depreciation)               |  |                                                 | 699,459    |   |                                                     |   | 1,084,208  |  
|                                                                   |  |                                                 |            |   |                                                     |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                 | 797,660    |   |                                                     |   | 1,297,582  |  
|                                                                   |  |                                                 |            |   |                                                     |   |            |  
|From unitholder transactions                                       |  |                                                 |            |   |                                                     |   |            |  
|Proceeds from units issued                                         |  |                                                 | 6,061,258  |   |                                                     |   | 19,051,257 |  
|Cost of units redeemed                                             |  |                                                 | (1,973,419 | ) |                                                     |   | (5,260,310 | )
|                                                                   |  |                                                 |            |   |                                                     |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                 | 4,087,839  |   |                                                     |   | 13,790,947 |  
|                                                                   |  |                                                 |            |   |                                                     |   |            |  
|Net increase (decrease) in net assets                              |  |                                                 | 4,885,499  |   |                                                     |   | 15,088,529 |  
|Net Assets                                                         |  |                                                 |            |   |                                                     |   |            |  
|Beginning of period                                                |  |                                                 | 25,967,865 |   |                                                     |   | 15,764,835 |  
|                                                                   |  |                                                 |            |   |                                                     |   |            |  
|End of period                                                      |  | $                                               | 30,853,364 |   |                                                     | $ | 30,853,364 |  
|                                                                   |  |                                                 |            |   |                                                     |   |            |  
|Number of units                                                    |  |                                                 |            |   |                                                     |   |            |  
|Outstanding-beginning of period                                    |  |                                                 | 1,972,422  |   |                                                     |   | 1,234,569  |  
|Issued                                                             |  |                                                 | 457,851    |   |                                                     |   | 1,449,732  |  
|Redeemed                                                           |  |                                                 | (149,312   | ) |                                                     |   | (403,340   | )
|                                                                   |  |                                                 |            |   |                                                     |   |            |  
|Outstanding-end of period                                          |  |                                                 | 2,280,961  |   |                                                     |   | 2,280,961  |  
|                                                                   |  |                                                 |            |   |                                                     |   |            |  



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

59



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2010 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |        |    |                                                    |   |        |   
|------------------------------------------------------------ |  | ----------------------------------------------- | ------ | -- | -------------------------------------------------- | - | ------ | --
|                                                             |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |        |    | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                           |  | $                                               |       |    |                                                    | $ |       |   
|Net expenses()
                                           |  |                                                 | (0.02  | )  |                                                    |   | (0.06  | ) 
|                                                             |  |                                                 |        |    |                                                    |   |        |   
|Net investment income (loss)                                 |  |                                                 | (0.02  | )  |                                                    |   | (0.06  | ) 
|Net realized and unrealized gain (loss)                      |  |                                                 | 0.38   |    |                                                    |   | 0.82   |   
|                                                             |  |                                                 |        |    |                                                    |   |        |   
|Net increase (decrease) in unit value                        |  |                                                 | 0.36   |    |                                                    |   | 0.76   |   
|Net asset value at beginning of period                       |  |                                                 | 13.17  |    |                                                    |   | 12.77  |   
|                                                             |  |                                                 |        |    |                                                    |   |        |   
|Net asset value at end of period                             |  | $                                               | 13.53  |    |                                                    | $ | 13.53  |   
|                                                             |  |                                                 |        |    |                                                    |   |        |   
|Ratios/Supplemental Data:                                    |  |                                                 |        |    |                                                    |   |        |   
|Ratio of net expenses to average net assets*               |  |                                                 | 0.65   | %  |                                                    |   | 0.65   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                 | (0.65  | )% |                                                    |   | (0.65  | )%
|Portfolio turnover**                                      |  |                                                 | 6      | %  |                                                    |   | 20     | % 
|Total return**                                               |  |                                                 | 2.73   | %  |                                                    |   | 5.95   | % 
|Net Assets at end of period (in thousands)                   |  | $                                               | 30,853 |    |                                                    | $ | 30,853 |   

---

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

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

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

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

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



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

60



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2020 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                          |  |                    |           
|----------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ----------
|                                                                                                                                          |  | September 30, 2007
|Assets                                                                                                                                    |  |                    |           
|Investments in affiliated fund, at value:                                                                                                 |  |                    |           
|State Street Bank and Trust Company - SSGA Age Based 2020 Income Securities Lending Series Fund (cost $37,261,431 and units of
3,061,089) |  | $                  | 40,035,988
|Receivable for investments sold                                                                                                           |  |                    | 35,613    
|Receivable for fund units sold                                                                                                            |  |                    | 13,942    
|                                                                                                                                          |  |                    |           
|Total assets                                                                                                                              |  |                    | 40,085,543
|                                                                                                                                          |  |                    |           
|Liabilities                                                                                                                               |  |                    |           
|Payable for fund units redeemed                                                                                                           |  |                    | 49,555    
|State Street Bank and Trust Companyprogram fee payable                                                                                   |  |                    | 9,744     
|Payable for legal and audit services                                                                                                      |  |                    | 7,073     
|Payable for compliance consultant fees                                                                                                    |  |                    | 6,170     
|Retirement Date Fund management fee payable                                                                                               |  |                    | 3,118     
|Trustee, management and administration fees payable                                                                                       |  |                    | 2,773     
|ABA Retirement Fundsprogram fee payable                                                                                                  |  |                    | 1,268     
|Other accruals                                                                                                                            |  |                    | 1,955     
|                                                                                                                                          |  |                    |           
|Total liabilities                                                                                                                         |  |                    | 81,656    
|                                                                                                                                          |  |                    |           
|Net Assets (equivalent to $16.52 per unit based on 2,421,371 units outstanding)                                                           |  | $                  | 40,003,887
|                                                                                                                                          |  |                    |           



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

61



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2020 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |         |   |                                                    |   |           |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | ------- | - | -------------------------------------------------- | - | --------- | -
|                                                                |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |         |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                               |  | $                                               |        |   |                                                    | $ |          |  
|                                                                |  |                                                 |         |   |                                                    |   |           |  
|Expenses                                                        |  |                                                 |         |   |                                                    |   |           |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 | 29,546  |   |                                                    |   | 73,444    |  
|Retirement Date Fund management fee                             |  |                                                 | 9,326   |   |                                                    |   | 23,087    |  
|Trustee, management and administration fees                     |  |                                                 | 8,312   |   |                                                    |   | 20,683    |  
|ABA Retirement Fundsprogram fee                                |  |                                                 | 3,809   |   |                                                    |   | 9,473     |  
|Legal and audit fees                                            |  |                                                 | 3,118   |   |                                                    |   | 7,778     |  
|Compliance consultant fees                                      |  |                                                 | 3,071   |   |                                                    |   | 7,662     |  
|Reports to unitholders                                          |  |                                                 | 1,469   |   |                                                    |   | 3,664     |  
|Registration fees                                               |  |                                                 | 318     |   |                                                    |   | 793       |  
|Other fees                                                      |  |                                                 | 1,297   |   |                                                    |   | 3,240     |  
|                                                                |  |                                                 |         |   |                                                    |   |           |  
|Total expenses                                                  |  |                                                 | 60,266  |   |                                                    |   | 149,824   |  
|                                                                |  |                                                 |         |   |                                                    |   |           |  
|Net investment income (loss)                                    |  |                                                 | (60,266 | ) |                                                    |   | (149,824  | )
|                                                                |  |                                                 |         |   |                                                    |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                                 |         |   |                                                    |   |           |  
|Net realized gain (loss)                                        |  |                                                 | 219,293 |   |                                                    |   | 489,141   |  
|Change in net unrealized appreciation (depreciation)            |  |                                                 | 657,734 |   |                                                    |   | 1,873,465 |  
|                                                                |  |                                                 |         |   |                                                    |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                                 | 877,027 |   |                                                    |   | 2,362,606 |  
|                                                                |  |                                                 |         |   |                                                    |   |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 816,761 |   |                                                    | $ | 2,212,782 |  
|                                                                |  |                                                 |         |   |                                                    |   |           |  



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

62



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2020 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                 |            |   |                                                     |   |            |  
|------------------------------------------------------------------ |  | ----------------------------------------------- | ---------- | - | --------------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |            |   | For the
periodJanuary 1, 2007 to September 30, 2007 |  
|From operations                                                    |  |                                                 |            |   |                                                     |   |            |  
|Net investment income (loss)                                       |  | $                                               | (60,266    | ) |                                                     | $ | (149,824   | )
|Net realized gain (loss)                                           |  |                                                 | 219,293    |   |                                                     |   | 489,141    |  
|Change in net unrealized appreciation (depreciation)               |  |                                                 | 657,734    |   |                                                     |   | 1,873,465  |  
|                                                                   |  |                                                 |            |   |                                                     |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                 | 816,761    |   |                                                     |   | 2,212,782  |  
|                                                                   |  |                                                 |            |   |                                                     |   |            |  
|From unitholder transactions                                       |  |                                                 |            |   |                                                     |   |            |  
|Proceeds from units issued                                         |  |                                                 | 8,050,569  |   |                                                     |   | 25,334,201 |  
|Cost of units redeemed                                             |  |                                                 | (4,075,672 | ) |                                                     |   | (8,858,284 | )
|                                                                   |  |                                                 |            |   |                                                     |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                 | 3,974,897  |   |                                                     |   | 16,475,917 |  
|                                                                   |  |                                                 |            |   |                                                     |   |            |  
|Net increase (decrease) in net assets                              |  |                                                 | 4,791,658  |   |                                                     |   | 18,688,699 |  
|Net Assets                                                         |  |                                                 |            |   |                                                     |   |            |  
|Beginning of period                                                |  |                                                 | 35,212,229 |   |                                                     |   | 21,315,188 |  
|                                                                   |  |                                                 |            |   |                                                     |   |            |  
|End of period                                                      |  | $                                               | 40,003,887 |   |                                                     | $ | 40,003,887 |  
|                                                                   |  |                                                 |            |   |                                                     |   |            |  
|Number of units                                                    |  |                                                 |            |   |                                                     |   |            |  
|Outstanding-beginning of period                                    |  |                                                 | 2,183,866  |   |                                                     |   | 1,390,894  |  
|Issued                                                             |  |                                                 | 498,559    |   |                                                     |   | 1,596,562  |  
|Redeemed                                                           |  |                                                 | (261,054   | ) |                                                     |   | (566,085   | )
|                                                                   |  |                                                 |            |   |                                                     |   |            |  
|Outstanding-end of period                                          |  |                                                 | 2,421,371  |   |                                                     |   | 2,421,371  |  
|                                                                   |  |                                                 |            |   |                                                     |   |            |  



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

63



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2020 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |        |    |                                                    |   |        |   
|------------------------------------------------------------ |  | ----------------------------------------------- | ------ | -- | -------------------------------------------------- | - | ------ | --
|                                                             |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |        |    | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                           |  | $                                               |       |    |                                                    | $ |       |   
|Net expenses()                                            |  |                                                 | (0.03  | )  |                                                    |   | (0.08  | ) 
|                                                             |  |                                                 |        |    |                                                    |   |        |   
|Net investment income (loss)                                 |  |                                                 | (0.03  | )  |                                                    |   | (0.08  | ) 
|Net realized and unrealized gain (loss)                      |  |                                                 | 0.43   |    |                                                    |   | 1.28   |   
|                                                             |  |                                                 |        |    |                                                    |   |        |   
|Net increase (decrease) in unit value                        |  |                                                 | 0.40   |    |                                                    |   | 1.20   |   
|Net asset value at beginning of period                       |  |                                                 | 16.12  |    |                                                    |   | 15.32  |   
|                                                             |  |                                                 |        |    |                                                    |   |        |   
|Net asset value at end of period                             |  | $                                               | 16.52  |    |                                                    | $ | 16.52  |   
|                                                             |  |                                                 |        |    |                                                    |   |        |   
|Ratios/Supplemental Data:                                    |  |                                                 |        |    |                                                    |   |        |   
|Ratio of net expenses to average net assets*               |  |                                                 | 0.65   | %  |                                                    |   | 0.65   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                 | (0.65  | )% |                                                    |   | (0.65  | )%
|Portfolio turnover**                                      |  |                                                 | 8      | %  |                                                    |   | 20     | % 
|Total return**                                               |  |                                                 | 2.48   | %  |                                                    |   | 7.83   | % 
|Net Assets at end of period (in thousands)                   |  | $                                               | 40,004 |    |                                                    | $ | 40,004 |   

---

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

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

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

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

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



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

64



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2030 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                          |  |                    |           
|----------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ----------
|                                                                                                                                          |  | September 30, 2007
|Assets                                                                                                                                    |  |                    |           
|Investments in affiliated fund, at value:                                                                                                 |  |                    |           
|State Street Bank and Trust Company - SSGA Age Based 2030 Income Securities Lending Series Fund (cost $32,492,129 and units of
2,604,656) |  | $                  | 35,436,350
|Receivable for fund units sold                                                                                                            |  |                    | 25,985    
|                                                                                                                                          |  |                    |           
|Total assets                                                                                                                              |  |                    | 35,462,335
|                                                                                                                                          |  |                    |           
|Liabilities                                                                                                                               |  |                    |           
|Payable for investments purchased                                                                                                         |  |                    | 21,093    
|State Street Bank and Trust Companyprogram fee payable                                                                                   |  |                    | 8,601     
|Payable for legal and audit services                                                                                                      |  |                    | 5,972     
|Payable for compliance consultant fees                                                                                                    |  |                    | 5,209     
|Payable for fund units redeemed                                                                                                           |  |                    | 4,892     
|Retirement Date Fund management fee payable                                                                                               |  |                    | 2,747     
|Trustee, management and administration fees payable                                                                                       |  |                    | 2,443     
|ABA Retirement Fundsprogram fee payable                                                                                                  |  |                    | 1,118     
|Other accruals                                                                                                                            |  |                    | 1,651     
|                                                                                                                                          |  |                    |           
|Total liabilities                                                                                                                         |  |                    | 53,726    
|                                                                                                                                          |  |                    |           
|Net Assets (equivalent to $19.34 per unit based on 1,830,644 units outstanding)                                                           |  | $                  | 35,408,609
|                                                                                                                                          |  |                    |           



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

65



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2030 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |         |   |                                                    |   |           |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | ------- | - | -------------------------------------------------- | - | --------- | -
|                                                                |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |         |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                               |  | $                                               |        |   |                                                    | $ |          |  
|Expenses                                                        |  |                                                 |         |   |                                                    |   |           |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 | 25,498  |   |                                                    |   | 61,895    |  
|Retirement Date Fund management fee                             |  |                                                 | 8,049   |   |                                                    |   | 19,467    |  
|Trustee, management and administration fees                     |  |                                                 | 7,173   |   |                                                    |   | 17,429    |  
|ABA Retirement Fundsprogram fee                                |  |                                                 | 3,287   |   |                                                    |   | 7,983     |  
|Legal and audit fees                                            |  |                                                 | 2,690   |   |                                                    |   | 6,551     |  
|Compliance consultant fees                                      |  |                                                 | 2,652   |   |                                                    |   | 6,456     |  
|Reports to unitholders                                          |  |                                                 | 1,267   |   |                                                    |   | 3,086     |  
|Registration fees                                               |  |                                                 | 274     |   |                                                    |   | 668       |  
|Other fees                                                      |  |                                                 | 1,121   |   |                                                    |   | 2,731     |  
|                                                                |  |                                                 |         |   |                                                    |   |           |  
|Total expenses                                                  |  |                                                 | 52,011  |   |                                                    |   | 126,266   |  
|                                                                |  |                                                 |         |   |                                                    |   |           |  
|Net investment income (loss)                                    |  |                                                 | (52,011 | ) |                                                    |   | (126,266  | )
|                                                                |  |                                                 |         |   |                                                    |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                                 |         |   |                                                    |   |           |  
|Net realized gain (loss)                                        |  |                                                 | 68,759  |   |                                                    |   | 192,018   |  
|Change in net unrealized appreciation (depreciation)            |  |                                                 | 715,006 |   |                                                    |   | 2,138,194 |  
|                                                                |  |                                                 |         |   |                                                    |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                                 | 783,765 |   |                                                    |   | 2,330,212 |  
|                                                                |  |                                                 |         |   |                                                    |   |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 731,754 |   |                                                    | $ | 2,203,946 |  
|                                                                |  |                                                 |         |   |                                                    |   |           |  



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

66



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2030 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|------------------------------------------------------------------ |  | ----------------------------------------------- | ---------- | - | -------------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |            |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|From operations                                                    |  |                                                 |            |   |                                                    |   |            |  
|Net investment income (loss)                                       |  | $                                               | (52,011    | ) |                                                    | $ | (126,266   | )
|Net realized gain (loss)                                           |  |                                                 | 68,759     |   |                                                    |   | 192,018    |  
|Change in net unrealized appreciation (depreciation)               |  |                                                 | 715,006    |   |                                                    |   | 2,138,194  |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                 | 731,754    |   |                                                    |   | 2,203,946  |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|From unitholder transactions                                       |  |                                                 |            |   |                                                    |   |            |  
|Proceeds from units issued                                         |  |                                                 | 6,383,392  |   |                                                    |   | 21,496,978 |  
|Cost of units redeemed                                             |  |                                                 | (1,704,347 | ) |                                                    |   | (3,552,379 | )
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                 | 4,679,045  |   |                                                    |   | 17,944,599 |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|Net increase (decrease) in net assets                              |  |                                                 | 5,410,799  |   |                                                    |   | 20,148,545 |  
|Net Assets                                                         |  |                                                 |            |   |                                                    |   |            |  
|Beginning of period                                                |  |                                                 | 29,997,810 |   |                                                    |   | 15,260,064 |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|End of period                                                      |  | $                                               | 35,408,609 |   |                                                    | $ | 35,408,609 |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|Number of units                                                    |  |                                                 |            |   |                                                    |   |            |  
|Outstanding-beginning of period                                    |  |                                                 | 1,583,928  |   |                                                    |   | 859,275    |  
|Issued                                                             |  |                                                 | 337,792    |   |                                                    |   | 1,161,041  |  
|Redeemed                                                           |  |                                                 | (91,076    | ) |                                                    |   | (189,672   | )
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|Outstanding-end of period                                          |  |                                                 | 1,830,644  |   |                                                    |   | 1,830,644  |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  



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

67



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2030 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |        |    |                                                    |   |        |   
|------------------------------------------------------------ |  | ----------------------------------------------- | ------ | -- | -------------------------------------------------- | - | ------ | --
|                                                             |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |        |    | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                           |  | $                                               |       |    |                                                    | $ |       |   
|Net expenses()                                            |  |                                                 | (0.03  | )  |                                                    |   | (0.09  | ) 
|                                                             |  |                                                 |        |    |                                                    |   |        |   
|Net investment income (loss)                                 |  |                                                 | (0.03  | )  |                                                    |   | (0.09  | ) 
|Net realized and unrealized gain (loss)                      |  |                                                 | 0.43   |    |                                                    |   | 1.67   |   
|                                                             |  |                                                 |        |    |                                                    |   |        |   
|Net increase (decrease) in unit value                        |  |                                                 | 0.40   |    |                                                    |   | 1.58   |   
|Net asset value at beginning of period                       |  |                                                 | 18.94  |    |                                                    |   | 17.76  |   
|                                                             |  |                                                 |        |    |                                                    |   |        |   
|Net asset value at end of period                             |  | $                                               | 19.34  |    |                                                    | $ | 19.34  |   
|                                                             |  |                                                 |        |    |                                                    |   |        |   
|Ratios/Supplemental Data:                                    |  |                                                 |        |    |                                                    |   |        |   
|Ratio of net expenses to average net assets*               |  |                                                 | 0.65   | %  |                                                    |   | 0.65   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                 | (0.65  | )% |                                                    |   | (0.65  | )%
|Portfolio turnover**                                      |  |                                                 | 2      | %  |                                                    |   | 5      | % 
|Total return**                                               |  |                                                 | 2.11   | %  |                                                    |   | 8.90   | % 
|Net Assets at end of period (in thousands)                   |  | $                                               | 35,409 |    |                                                    | $ | 35,409 |   

---

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

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

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

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

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



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

68



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2040 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                        |  |                    |           
|--------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ----------
|                                                                                                                                        |  | September 30, 2007
|Assets                                                                                                                                  |  |                    |           
|Investments in affiliated fund, at value:                                                                                               |  |                    |           
|State Street Bank and Trust CompanySSGA Age Based 2040 Income Securities Lending Series Fund (cost $24,323,110 and units of 1,909,065) |  | $                  | 26,696,371
|Receivable for investments sold                                                                                                         |  |                    | 32,738    
|Receivable for fund units sold                                                                                                          |  |                    | 15,576    
|                                                                                                                                        |  |                    |           
|Total assets                                                                                                                            |  |                    | 26,744,685
|                                                                                                                                        |  |                    |           
|Liabilities                                                                                                                             |  |                    |           
|Payable for fund units redeemed                                                                                                         |  |                    | 48,314    
|State Street Bank and Trust Companyprogram fee payable                                                                                 |  |                    | 6,565     
|Payable for legal and audit services                                                                                                    |  |                    | 4,719     
|Payable for compliance consultant fees                                                                                                  |  |                    | 4,117     
|Retirement Date Fund management fee payable                                                                                             |  |                    | 2,097     
|Trustee, management and administration fees payable                                                                                     |  |                    | 1,865     
|ABA Retirement Fundsprogram fee payable                                                                                                |  |                    | 853       
|Other accruals                                                                                                                          |  |                    | 1,304     
|                                                                                                                                        |  |                    |           
|Total liabilities                                                                                                                       |  |                    | 69,834    
|                                                                                                                                        |  |                    |           
|Net Assets(equivalent to $21.91 per unit based on 1,217,311 units outstanding)                                                          |  | $                  | 26,674,851
|                                                                                                                                        |  |                    |           



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

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American Bar Association Members/ State Street Collective Trust

2040 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |         |   |                                                    |   |           |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | ------- | - | -------------------------------------------------- | - | --------- | -
|                                                                |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |         |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                               |  | $                                               |        |   |                                                    | $ |          |  
|                                                                |  |                                                 |         |   |                                                    |   |           |  
|Expenses                                                        |  |                                                 |         |   |                                                    |   |           |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 | 19,913  |   |                                                    |   | 49,274    |  
|Retirement Date Fund management fee                             |  |                                                 | 6,286   |   |                                                    |   | 15,497    |  
|Trustee, management and administration fees                     |  |                                                 | 5,602   |   |                                                    |   | 13,875    |  
|ABA Retirement Fundsprogram fee                                |  |                                                 | 2,567   |   |                                                    |   | 6,355     |  
|Legal and audit fees                                            |  |                                                 | 2,101   |   |                                                    |   | 5,216     |  
|Compliance consultant fees                                      |  |                                                 | 2,070   |   |                                                    |   | 5,138     |  
|Reports to unitholders                                          |  |                                                 | 990     |   |                                                    |   | 2,457     |  
|Registration fees                                               |  |                                                 | 214     |   |                                                    |   | 532       |  
|Other fees                                                      |  |                                                 | 875     |   |                                                    |   | 2,176     |  
|                                                                |  |                                                 |         |   |                                                    |   |           |  
|Total expenses                                                  |  |                                                 | 40,618  |   |                                                    |   | 100,520   |  
|                                                                |  |                                                 |         |   |                                                    |   |           |  
|Net investment income (loss)                                    |  |                                                 | (40,618 | ) |                                                    |   | (100,520  | )
|                                                                |  |                                                 |         |   |                                                    |   |           |  
|                                                                |  |                                                
|Net realized and unrealized gain (loss)                         |  |                                                 |         |   |                                                    |   |           |  
|Net realized gain (loss)                                        |  |                                                 | 174,842 |   |                                                    |   | 223,176   |  
|Change in net unrealized appreciation (depreciation)            |  |                                                 | 370,159 |   |                                                    |   | 1,741,381 |  
|                                                                |  |                                                 |         |   |                                                    |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                                 | 545,001 |   |                                                    |   | 1,964,557 |  
|                                                                |  |                                                 |         |   |                                                    |   |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 504,383 |   |                                                    | $ | 1,864,037 |  
|                                                                |  |                                                 |         |   |                                                    |   |           |  



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

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American Bar Association Members/ State Street Collective Trust

2040 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|------------------------------------------------------------------ |  | ----------------------------------------------- | ---------- | - | -------------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodJuly 1, 2007 toSeptember 30, 2007 |            |   | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|From operations                                                    |  |                                                 |            |   |                                                    |   |            |  
|Net investment income (loss)                                       |  | $                                               | (40,618    | ) |                                                    | $ | (100,520   | )
|Net realized gain (loss)                                           |  |                                                 | 174,842    |   |                                                    |   | 223,176    |  
|Change in net unrealized appreciation (depreciation)               |  |                                                 | 370,159    |   |                                                    |   | 1,741,381  |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                 | 504,383    |   |                                                    |   | 1,864,037  |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|From unitholder transactions                                       |  |                                                 |            |   |                                                    |   |            |  
|Proceeds from units issued                                         |  |                                                 | 4,048,553  |   |                                                    |   | 16,509,252 |  
|Cost of units redeemed                                             |  |                                                 | (1,906,294 | ) |                                                    |   | (3,592,279 | )
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                 | 2,142,259  |   |                                                    |   | 12,916,973 |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|Net increase (decrease) in net assets                              |  |                                                 | 2,646,642  |   |                                                    |   | 14,781,010 |  
|Net Assets                                                         |  |                                                 |            |   |                                                    |   |            |  
|Beginning of period                                                |  |                                                 | 24,028,209 |   |                                                    |   | 11,893,841 |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|End of period                                                      |  | $                                               | 26,674,851 |   |                                                    | $ | 26,674,851 |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|Number of units                                                    |  |                                                 |            |   |                                                    |   |            |  
|Outstanding-beginning of period                                    |  |                                                 | 1,118,284  |   |                                                    |   | 594,990    |  
|Issued                                                             |  |                                                 | 189,474    |   |                                                    |   | 793,242    |  
|Redeemed                                                           |  |                                                 | (90,447    | ) |                                                    |   | (170,921   | )
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|Outstanding-end of period                                          |  |                                                 | 1,217,311  |   |                                                    |   | 1,217,311  |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  



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

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American Bar Association Members/ State Street Collective Trust

2040 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                  |        |    |                                                    |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------------ | ------ | -- | -------------------------------------------------- | - | ------ | --
|                                                             |  | For the period July 1, 2007 toSeptember 30, 2007 |        |    | For the periodJanuary 1, 2007 toSeptember 30, 2007 |  
|Investment income                                           |  | $                                                |       |    |                                                    | $ |       |   
|Net expenses()                                            |  |                                                  | (0.03  | )  |                                                    |   | (0.10  | ) 
|                                                             |  |                                                  |        |    |                                                    |   |        |   
|Net investment income (loss)                                 |  |                                                  | (0.03  | )  |                                                    |   | (0.10  | ) 
|Net realized and unrealized gain (loss)                      |  |                                                  | 0.45   |    |                                                    |   | 2.02   |   
|                                                             |  |                                                  |        |    |                                                    |   |        |   
|Net increase (decrease) in unit value                        |  |                                                  | 0.42   |    |                                                    |   | 1.92   |   
|Net asset value at beginning of period                       |  |                                                  | 21.49  |    |                                                    |   | 19.99  |   
|                                                             |  |                                                  |        |    |                                                    |   |        |   
|Net asset value at end of period                             |  | $                                                | 21.91  |    |                                                    | $ | 21.91  |   
|                                                             |  |                                                  |        |    |                                                    |   |        |   
|Ratios/Supplemental Data:                                    |  |                                                  |        |    |                                                    |   |        |   
|Ratio of net expenses to average net assets*               |  |                                                  | 0.65   | %  |                                                    |   | 0.65   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                  | (0.65  | )% |                                                    |   | (0.65  | )%
|Portfolio turnover**                                      |  |                                                  | 5      | %  |                                                    |   | 8      | % 
|Total return**                                               |  |                                                  | 1.95   | %  |                                                    |   | 9.60   | % 
|Net Assets at end of period (in thousands)                   |  | $                                                | 26,675 |    |                                                    | $ | 26,675 |   

---

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

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

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

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

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



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

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Notes to Financial Statements

(Unaudited)

1. Description of the Trust

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

Balanced Fundcurrent income and long-term capital appreciation through investment in common stocks, other equity-type securities and debt securities. Since July 1, 2004, the debt portion of the
Balanced Fund has been invested through the American Bar Association Members/State Street Collective Trust Intermediate Bond Fund. Prior to July 1, 2004, the debt portion had been invested in separately owned securities. As of
September 30, 2007, 35.1% of the Funds net assets were invested in the American Bar Association Members/State Street Collective Trust Intermediate Bond Fund.

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

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

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

Large-Cap Growth Equity Fundlong-term growth of capital and some dividend
income through investment in common stocks and equity-type securities of large, well established companies. Currently invests in common stocks and the State Street Bank and Trust Company Russell 1000 Growth Index Securities Lending Fund, a separate
State Street Bank collective investment fund which invests in securities contained in the Russell 1000 Growth Index. As of September 30, 2007, 31.7% of the Funds net assets were invested in the State Street Bank and Trust Company Russell
1000 Growth Index Securities Lending Fund. This underlying funds annual financial statements are available from State Street Bank upon request.

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



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Notes to Financial Statements

(Unaudited)



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

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

Small-Cap Equity Fundlong-term growth of capital through investment in common stocks of small companies believed to have strong appreciation potential. Currently invests in common stocks and the State
Street Bank and Trust Company Russell 2000 Index Securities Lending Fund, a separate State Street Bank collective investment fund which invests in securities contained in the Russell 2000 Index. As of September 30, 2007, 2.3% of the Funds
net assets were invested in the State Street Bank and Trust Company Russell 2000 Index Securities Lending Fund. This underlying funds annual financial statements are available from State Street Bank upon request.

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

Structured Portfolio Service

Conservativehigher current investment income and some capital appreciation.

Moderatehigh current investment income and greater capital appreciation.

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

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

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

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

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



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Notes to Financial Statements

(Unaudited)



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

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

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

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

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

All the Funds may invest in YES, a collective investment fund with an objective to match or
exceed the return of the average money market mutual funds characterized as Tier One. The fund is advised by State Street Global Advisors, a division of State Street Bank. The annual financial statements of YES are available from State
Street Bank upon request.

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

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

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

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

2. Summary of Significant Accounting Policies

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

A. Security
Valuation

All Funds and Portfolios (Other than SARF): State Street has delegated to State Street Bank the responsibility to
determine the value of each Fund based on the market value of each Funds portfolio of securities. State Street Bank generally values each Funds portfolio of securities based on closing market prices or readily available market
quotations. When closing market prices or market quotations are not readily available or are considered by State Street Bank to be unreliable, the fair value of the particular securities or assets is determined in good faith by State Street pursuant
to fair value procedures adopted by State Street. For market prices and quotations, as well as some fair value methods of pricing, State Street Bank and State Street may rely upon securities prices provided by pricing services, the Investment
Advisor(s) or independent dealers. By its nature, a fair value price is a good faith estimate of the value of a security at a given point in time and does not reflect an actual market price, which may be different by a material amount.



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Notes to Financial Statements

(Unaudited)



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

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

Certain other types of securities, including those discussed below in
this paragraph, may be priced using fair value rather than market prices. For instance, State Street Bank may use a pricing matrix to determine the value of fixed income securities that do not trade daily. A pricing matrix is a means of valuing a
debt security on the basis of current market prices for other debt securities and historical trading patterns in the market for fixed income securities. To the extent that a Fund invests in the shares of bank collective trust funds or of other
registered open-end investment companies that are not traded on an exchange (mutual funds), such shares are valued at their net asset values per share as reported by the funds. Each of these funds may, under certain circumstances, use fair value
pricing in determining their net asset values. In September 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157, (FAS 157) Fair Value Measurements.
FAS 157 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosure about fair value measurements. FAS 157 is effective for fiscal years beginning after
November 15, 2007. The Trust is currently evaluating the impact the adoption of FAS 157 will have on the Trusts financial statement disclosures.

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

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

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

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

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



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Notes to Financial Statements

(Unaudited)



B. Stable Asset Return Fund

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

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

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

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

A synthetic GIC is a wrap contract paired with an underlying investment or investments, usually a portfolio of high-quality, intermediate term fixed
income securities. The portfolio is owned by the Fund. The Fund purchases a wrapper contract from an insurance company or other financial services institution. The portfolio, coupled with the wrap contract, attempts to replicate the characteristics
of a traditional GIC. A synthetic GIC attempts to protect principal and accumulated interest and credits a stated interest rate for a specified period of time (e.g. monthly or quarterly). Investment gains and losses are amortized over the expected
duration through the calculation of the interest rate applicable to the Fund on a prospective basis (the Crediting Rate). The Crediting Rate is primarily based on the current yield-to-maturity of the covered investments, plus or minus
amortization of the difference between the market value and contract value of the covered investments over the duration of the covered investments at the time of computation. The Crediting Rate is most impacted by the change in the annual effective
yield to maturity of the underlying securities, but is also affected by the differential between the contract value and the market value of the covered investments. This difference is amortized over the duration of the covered investments. Depending
on the change in duration from each reset period, the magnitude of the impact to the Crediting Rate of the contract to market difference is heightened or lessened. The Crediting Rate can be adjusted periodically and is usually adjusted either
monthly or quarterly, but in no event is the Crediting Rate less than zero.

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



|                               |  |                   |             |   |                  |   |             |  |   |            |  
|------------------------------ |  | ----------------- | ----------- | - | ---------------- | - | ----------- |  | - | ---------- | -
|                               |  | September 30,2007 |             |   | December 31,2006 |   | Change      | 
|Net assets at fair value       |  | $                 | 887,979,528 |   |                  | $ | 841,217,184 |  | $ | 46,762,344 |  
|Net assets (at contract value) |  |                   | 887,797,859 |   |                  |   | 848,305,700 |  |   | 39,492,159 |  
|Adjustment to contract value   |  |                   | (181,669    | ) |                  |   | 7,088,516   |  |   | (7,270,185 | )



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Notes to Financial Statements

(Unaudited)



Sensitivity Analysis

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

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



|                   |  |                                     |   |  |             |   |  |             |   |  |             |   |  |             |  
|------------------ |  | ----------------------------------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | -
|                   |  | WeightedAverage CreditInterest Rate |   |  | 50%Decrease |   |  | 25%Decrease |   |  | 25%Increase |   |  | 50%Increase |  
|September 30, 2007 |  | 5.05                                | % |  |             |   |  |             |   |  |             |   |  |             |  
|December 31, 2007  |  |                                     |   |  | 2.78        | % |  | 2.89        | % |  | 3.06        | % |  | 3.11        | %
|March 31, 2008     |  |                                     |   |  | 2.63        | % |  | 2.83        | % |  | 3.18        | % |  | 3.33        | %
|June 30, 2008      |  |                                     |   |  | 2.49        | % |  | 2.77        | % |  | 3.29        | % |  | 3.53        | %
|September 30, 2008 |  |                                     |   |  | 2.37        | % |  | 2.73        | % |  | 3.39        | % |  | 3.70        | %

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



|                   |  |                                     |   |  |             |   |  |             |   |  |             |   |  |             |  
|------------------ |  | ----------------------------------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | -
|                   |  | WeightedAverage CreditInterest Rate |   |  | 50%Decrease |   |  | 25%Decrease |   |  | 25%Increase |   |  | 50%Increase |  
|September 30, 2007 |  | 5.05                                | % |  |             |   |  |             |   |  |             |   |  |             |  
|December 31, 2007  |  |                                     |   |  | 2.96        | % |  | 2.99        | % |  | 2.96        | % |  | 2.92        | %
|March 31, 2008     |  |                                     |   |  | 2.78        | % |  | 2.91        | % |  | 3.10        | % |  | 3.17        | %
|June 30, 2008      |  |                                     |   |  | 2.63        | % |  | 2.84        | % |  | 3.22        | % |  | 3.39        | %
|September 30, 2008 |  |                                     |   |  | 2.49        | % |  | 2.79        | % |  | 3.33        | % |  | 3.58        | %

---

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

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

Average yields



|                                                    |  |      |  
|--------------------------------------------------- |  | ---- | -
|Based on actual income (1)                          |  | 4.53 | %
|Based on interest rate credited to participants (2) |  | 4.55 | %

---

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

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

C. Security Transactions and Related Investment Income

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



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

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

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

D. Foreign Currency Transactions

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

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

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

E. Income Taxes

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

The Collective Trust adopted Financial Accounting Standards Board (FASB) Interpretation No. 48, Accounting for Uncertainty in Income
Taxes, an interpretation of FASB Statement No. 109 (FIN 48), as required, on January 1, 2007. FIN 48 requires management to determine whether a tax position of the Collective Trust is more likely than not to be sustained
upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit
that is greater than fifty percent likely of being realized upon ultimate settlement which could result in the Collective Trust recording a tax liability that would reduce net assets. FIN 48 must be applied to all existing tax positions upon initial
adoption and the cumulative effect, if any, is to be reported as an adjustment to net assets as of January 1, 2007.

Based on its
analysis, management has determined that the adoption of FIN 48 did not have a material impact to the Collective Trusts financial statements upon adoption. However, managements conclusions regarding FIN 48 may be subject to review and
adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from the FASB, and on-going analyses of tax laws, regulations and interpretations thereof.



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F. Sales and Redemptions of Units of Participation and Distributions

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

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

G. TBA Commitments and Roll Transactions

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

H. Futures Contracts

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

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

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

At September 30, 2007, the Intermediate Bond Fund
held the following futures contracts:



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|                                    |  |                    |   |  |               |              |   |                  |                |                                       |   |           |  
|----------------------------------- |  | ------------------ | - |  | ------------- | ------------ | - | ---------------- | -------------- | ------------------------------------- | - | --------- | -
|Futures Contracts                   |  | Number ofContracts |   |  | Notional Cost |              |   | Settlement Month |                | UnrealizedAppreciation/(Depreciation) |  
|Long                                |  |                    |   |  |               |              |   |                  |                |                                       |   |           |  
|Euribor Future                      |  | 13                 |   |  | $             | 4,416,063    |   |                  | December 2007  |                                       | $ | (8,004    | )
|90 Day Eurodollar Futures           |  | 367                |   |  |               | 87,189,245   |   |                  | December 2007  |                                       |   | 115,468   |  
|90 Day Eurodollar Futures           |  | 585                |   |  |               | 139,795,829  |   |                  | December 2008  |                                       |   | 143,484   |  
|90 Day Eurodollar Futures           |  | 295                |   |  |               | 69,985,200   |   |                  | March 2008     |                                       |   | 431,300   |  
|90 Day Eurodollar Futures           |  | 134                |   |  |               | 31,825,000   |   |                  | September 2008 |                                       |   | 231,150   |  
|Germany Federal Republic Bonds 10yr |  | 12                 |   |  |               | 1,933,812    |   |                  | December 2007  |                                       |   | (11,312   | )
|LIBOR Futures                       |  | 8                  |   |  |               | 1,921,121    |   |                  | March 2008     |                                       |   | 1,937     |  
|LIBOR Futures                       |  | 166                |   |  |               | 39,855,200   |   |                  | June 2008      |                                       |   | 111,692   |  
|LIBOR Futures                       |  | 14                 |   |  |               | 3,349,474    |   |                  | December 2007  |                                       |   | 2,676     |  
|LIBOR Futures                       |  | 1                  |   |  |               | 239,261      |   |                  | June 2009      |                                       |   | 1,733     |  
|U.K. Treasury Bonds.                |  | 3                  |   |  |               | 655,691      |   |                  | December 2007  |                                       |   | (1,651    | )
|U.S. Treasury Notes 5yr.            |  | 155                |   |  |               | 16,529,791   |   |                  | December 2007  |                                       |   | 60,053    |  
|                                    |  |                    |   |  |               |              |   |                  |                |                                       |   |           |  
|                                    |  |                    |   |  |               |              |   |                  |                |                                       | $ | 1,078,526 |  
|Short                               |  |                    |   |  |               |              |   |                  |                |                                       |   |           |  
|90 Day Eurodollar Futures           |  | (283               | ) |  |               | (67,755,257  | ) |                  | June 2008      |                                       | $ | 100,570   |  
|U.S. Treasury Bonds Futures         |  | (589               | ) |  |               | (65,531,758  | ) |                  | December 2007  |                                       |   | (49,711   | )
|U.S. Treasury Notes 10yr.           |  | (990               | ) |  |               | (108,284,222 | ) |                  | December 2007  |                                       |   | 95,785    |  
|                                    |  |                    |   |  |               |              |   |                  |                |                                       |   |           |  
|                                    |  |                    |   |  |               |              |   |                  |                |                                       | $ | 146,644   |  
|                                    |  |                    |   |  |               |              |   |                  |                |                                       |   |           |  
|                                    |  |                    |   |  |               |              |   |                  |                |                                       | $ | 1,225,170 |  
|                                    |  |                    |   |  |               |              |   |                  |                |                                       |   |           |  

I. Forward Foreign Currency Contracts

The Intermediate Bond Fund and the International Equity Fund may use forward foreign currency contracts to facilitate transactions in foreign securities
or as a hedge against the foreign currency exposure of either specific transactions or portfolio positions. When entering into a forward foreign currency contract, a 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 September 30, 2007, the Intermediate Bond Fund held the following forward foreign currency
contracts:



|         |  |                |  |                                     |  |                |           |                |            |                                       |   |          |  
|-------- |  | -------------- |  | ----------------------------------- |  | -------------- | --------- | -------------- | ---------- | ------------------------------------- | - | -------- | -
|Type     |  | Currency       |  | Principal AmountCovered by Contract |  | US Dollar Cost |           | SettlementDate |            | UnrealizedAppreciation/(Depreciation) |  
|Purchase |  | Euro Currency  |  | 4,300,000                           |  | $              | 5,875,112 |                | 10/03/2007 |                                       |   | 239,090  |  
|Purchase |  | Euro Currency  |  | 4,300,000                           |  |                | 5,962,311 |                | 10/03/2007 |                                       |   | 151,891  |  
|Purchase |  | Euro Currency  |  | 491,000                             |  |                | 700,261   |                | 10/03/2007 |                                       |   | (2,104   | )
|Sale     |  | Euro Currency  |  | 4,794,000                           |  |                | 6,562,090 |                | 10/03/2007 |                                       |   | (254,535 | )
|Sale     |  | Euro Currency  |  | 4,297,000                           |  |                | 5,871,013 |                | 10/03/2007 |                                       |   | (238,924 | )
|Sale     |  | Euro Currency  |  | 491,000                             |  |                | 700,829   |                | 11/05/2007 |                                       |   | 2,121    |  
|Sale     |  | Japanese Yen   |  | 895,634,000                         |  |                | 7,792,628 |                | 10/03/2007 |                                       |   | 301      |  
|Sale     |  | Japanese Yen   |  | 895,634,000                         |  |                | 7,836,963 |                | 11/05/2007 |                                       |   | 13,237   |  
|Purchase |  | Japanese Yen   |  | 895,634,000                         |  |                | 7,805,681 |                | 10/03/2007 |                                       |   | (13,354  | )
|Sale     |  | Pound Sterling |  | 2,730,000                           |  |                | 5,577,068 |                | 11/05/2007 |                                       |   | 15,910   |  
|Purchase |  | Pound Sterling |  | 2,730,000                           |  |                | 5,580,953 |                | 10/03/2007 |                                       |   | (15,798  | )
|Sale     |  | Pound Sterling |  | 2,730,000                           |  |                | 5,503,882 |                | 10/03/2007 |                                       |   | (61,272  | )
|         |  |                |  |                                     |  |                |           |                |            |                                       |   |          |  
|         |  |                |  |                                     |  |                |           |                |            |                                       | $ | (163,437 | )
|         |  |                |  |                                     |  |                |           |                |            |                                       |   |          |  



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J. Interest Rate Swap Contracts

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

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

At September 30, 2007, the Intermediate Bond Fund held the following interest rate swap contracts:



|                |  |          |            |               |                   |                     |                  |            |           |                   |           |        |   |                                        |   |           |  
|--------------- |  | -------- | ---------- | ------------- | ----------------- | ------------------- | ---------------- | ---------- | --------- | ----------------- | --------- | ------ | - | -------------------------------------- | - | --------- | -
|Notional Amount |  | Net Cost |            |               | Swap Counterparty |                     | Termination Date |            | Rate Type |                   | FixedRate |        |   | Unrealized Appreciation (Depreciation) |  
|                |  |          |            | Floating Rate |                   |                    
|22,500,000 USD  |  | $        | (175,725   | )             |                   | Bank of America (a) |                  | 12/19/2009 |           | 3 Month USD LIBOR |           | 5.00   | % |                                        | $ | 353,388   |  
|110,000,000 JPY |  |          | 15,939     |               |                   | Barclays (b)        |                  | 12/20/2016 |           | 6 Month JPY LIBOR |           | 2.00   | % |                                        |   | (32,443   | )
|1,700,000 USD   |  |          | (9,112     | )             |                   | Barclays (b)        |                  | 12/19/2009 |           | 3 Month USD LIBOR |           | 5.00   | % |                                        |   | 22,535    |  
|92,000,000 USD  |  |          | (2,309,200 | )             |                   | Barclays (a)        |                  | 12/19/2009 |           | 3 Month USD LIBOR |           | 5.00   | % |                                        |   | 2,829,880 |  
|10,100,000 USD  |  |          | (181,093   | )             |                   | Citibank N.A. (a)   |                  | 12/19/2017 |           | 3 Month USD LIBOR |           | 5.00   | % |                                        |   | 17,898    |  
|11,300,000 USD  |  |          | 362,730    |               |                   | Lehman Brothers (b) |                  | 12/19/2014 |           | 3 Month USD LIBOR |           | 5.00   | % |                                        |   | (340,117  | )
|11,000,000 USD  |  |          | (254,815   | )             |                   | Lehman Brothers (a) |                  | 12/19/2012 |           | 3 Month USD LIBOR |           | 5.00   | % |                                        |   | 317,070   |  
|260,000,000 JPY |  |          | 33,933     |               |                   | UBS (a)             |                  | 12/20/2016 |           | 6 Month JPY LIBOR |           | 2.00   | % |                                        |   | (65,248   | )
|2,100,000 USD   |  |          | (3,129     | )             |                   | Merrill Lynch (b)   |                  | 12/19/2009 |           | 3 Month USD LIBOR |           | 5.00   | % |                                        |   | 19,711    |  
|1,500,000 USD   |  |          | (28,032    | )             |                   | Merrill Lynch (b)   |                  | 12/19/2017 |           | 3 Month USD LIBOR |           | 5.00   | % |                                        |   | 3,795     |  
|108,000,000 MXN |  |          | 22,578     |               |                   | Merrill Lynch (b)   |                  | 11/4/2016  |           | MXN-TIIE-Banxico  |           | 8.17   | % |                                        |   | (123,469  | )
|21,000,000 USD  |  |          | (2,751,000 | )             |                   | Morgan Stanley (a)  |                  | 12/19/2037 |           | 3 Month USD LIBOR |           | 5.00   | % |                                        |   | 1,389,520 |  
|17,500,000 USD  |  |          | 12,364     |               |                   | Morgan Stanley (a)  |                  | 12/19/2009 |           | 3 Month USD LIBOR |           | 5.00   | % |                                        |   | 125,818   |  
|14,100,000 BRL  |  |          | (119,433   | )             |                   | Morgan Stanley (a)  |                  | 01/02/2012 |           | CDI-Brazil        |           | 10.115 | % |                                        |   | (157,263  | )
|6,800,000 EUR   |  |          | (133,597   | )             |                   | Morgan Stanley (a)  |                  | 06/16/2014 |           | 6 Month EUR LIBOR |           | 5.00   | % |                                        |   | 482,005   |  
|2,800,000 GBP   |  |          | 17,148     |               |                   | Morgan Stanley (a)  |                  | 09/18/2009 |           | 6 Month GBP LIBOR |           | 6.00   | % |                                        |   | 9,615     |  
|6,000,000 BRL   |  |          | (54,294    | )             |                   | UBS (a)             |                  | 01/02/2012 |           | CDI-Brazil        |           | 10.575 | % |                                        |   | (15,914   | )
|400,000 EUR     |  |          | 139        |               |                   | UBS (a)             |                  | 10/15/2010 |           | CPI-France        |           | 2.1455 | % |                                        |   | 8,898     |  
|                |  |          |            |               |                   |                     |                  |            |           |                   |           |        |   |                                        |   |           |  
|                |  | $        | (5,554,599 | )             |                   |                     |                  |            |           |                   |           |        |   |                                        | $ | 4,845,679 |  
|                |  |          |            |               |                   |                     |                  |            |           |                   |           |        |   |                                        |   |           |  



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



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

K. Option and Swaption Contracts

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

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

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

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

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

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



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L. Use of Estimates

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

M. Indemnifications

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

3. Investment Advisory, Investment Management and Related Party Transactions

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

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



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

---

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



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|                                                                  |  |                                                         |          
|----------------------------------------------------------------- |  | ------------------------------------------------------- | ---------
|Investment Advisor                                                |  | Fees for the nine-month
Period Ended September 30,
2007
|AllianceBernstein L.P. (Large-Cap Value Equity)                   |  | $                                                       | 646,054  
|Capital Guardian Trust Company (Balanced)                         |  |                                                         | 502,211  
|Capital Guardian Trust Company (Large-Cap Growth Equity)          |  |                                                         | 412,616  
|J.P. Morgan Asset Management (UK) Limited (International Equity). |  |                                                         | 678,140  
|Pacific Investment Management Company LLC (Intermediate Bond)     |  |                                                         | 938,903  
|Philadelphia International Advisors LP (International Equity)     |  |                                                         | 536,741  
|Smith Asset Management Group, L.P. (Small-Cap Equity)             |  |                                                         | 641,426  
|T. Rowe Price Associates, Inc. (Large-Cap Growth Equity)          |  |                                                         | 714,488  
|Turner Investments, Inc. (Mid-Cap Growth Equity)                  |  |                                                         | 510,067  
|Wellington Asset Management Company LLP (Mid-Cap Value Equity)    |  |                                                         | 442,327  
|Wellington Asset Management Company LLP (Small-Cap Equity)        |  |                                                         | 929,263  
|                                                                  |  |                                                         |          
|                                                                  |  | $                                                       | 6,952,236
|                                                                  |  |                                                         |          

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

The ARF Program fee is based on the value of Program assets and the
following annual fee rates in effect during the nine-month period ended September 30, 2007:



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

ARF received Program fees of $1,297,626 for the nine-month period ended September 30, 2007.
These fees are allocated to each Fund based on net asset value.

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



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

For the nine-month period ended September 30, 2007, State Street Bank received program fees
of $10,065,343.

A portion of the State Street Bank Program fee is reimbursed or reduced each year based on the amount of retirement plan
assets held by State Street Bank on behalf of law firm and law-related clients identified by State Street Bank and ARF that do not participate in the Program. The amount of the reimbursement is equal to .02% of the first $50 million of assets in
such plans during the preceding year and .01% of any such assets in excess of $50 million. The accrued reduction for the nine-month period ended September 30, 2007 totaled $7,133 and is allocated to each Fund based on net asset value.



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Notes to Financial Statements

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

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



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

For the nine-month period ended September 30, 2007, State Street Bank received trustee,
management and administration fees of $2,833,475.

The Retirement Date Funds are subject to a management fee of .10% of the total annual
assets invested in the Retirement Date Funds, payable to State Street Bank. The fee is accrued daily and paid monthly. For the nine-month period ended September 30, 2007, State Street Bank received Retirement Date Fund management fees of
$85,656.

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

4. Purchases and Sales of Securities

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



|                             |  |                                                    |             |       |   |            
|---------------------------- |  | -------------------------------------------------- | ----------- | ----- | - | -----------
|                             |  | For the Nine-Month Period Ended September 30, 2007
|                             |  | Purchases                                          |             | Sales
|Balanced Fund                |  | $                                                  | 68,681,111  |       | $ | 99,581,862 
|Index Equity Fund            |  |                                                    | 27,975,270  |       |   | 31,904,365 
|Intermediate Bond Fund       |  |                                                    | 90,600,753  |       |   | 49,089,327 
|International Equity Fund    |  |                                                    | 77,989,174  |       |   | 64,452,175 
|Large-Cap Growth Equity Fund |  |                                                    | 247,780,037 |       |   | 325,972,153



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|                                          |  |             |  |            
|----------------------------------------- |  | ----------- |  | -----------
|Large-Cap Value Equity Fund               |  | 92,799,689  |  | 88,233,185 
|Mid-Cap Growth Equity Fund                |  | 108,662,758 |  | 116,161,427
|Mid-Cap Value Equity Fund                 |  | 51,072,852  |  | 35,464,875 
|Small-Cap Equity Fund                     |  | 202,515,549 |  | 224,651,543
|Conservative Structured Portfolio Service |  | 9,969,179   |  | 10,146,507 
|Moderate Structured Portfolio Service     |  | 31,718,539  |  | 38,046,912 
|Aggressive Structured Portfolio Service   |  | 21,690,903  |  | 25,276,373 
|Lifetime Income Retirement Date Fund      |  | 8,412,212   |  | 2,201,170  
|2010 Retirement Date Fund                 |  | 18,142,122  |  | 4,449,924  
|2020 Retirement Date Fund                 |  | 22,409,329  |  | 6,068,649  
|2030 Retirement Date Fund                 |  | 19,208,732  |  | 1,374,833  
|2040 Retirement Date Fund                 |  | 14,505,391  |  | 1,676,704  

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



|                       |  |                                 |               |       |   |              
|---------------------- |  | ------------------------------- | ------------- | ----- | - | -------------
|                       |  | Period Ended September 30, 2007
|                       |  | Purchases                       |               | Sales
|Intermediate Bond Fund |  | $                               | 1,800,654,883 |       | $ | 1,765,395,664

5. Risks Associated with Investments of the Trust

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

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

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



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6. Securities Lending Income

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

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

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

At September 30, 2007, the Funds market value of securities on loan and collateral received for securities loaned was as follows:



|                         |  |                                   |             |                 |   |            
|------------------------ |  | --------------------------------- | ----------- | --------------- | - | -----------
|Fund                     |  | Market Value of Loaned Securities |             | CollateralValue
|Balanced*                |  | $                                 | 42,746,018  |                 | $ | 43,762,929 
|Intermediate Bond*       |  |                                   | 78,080,462  |                 |   | 79,696,098 
|International Equity     |  |                                   | 37,008,746  |                 |   | 38,794,304 
|Large-Cap Growth Equity* |  |                                   | 55,555,989  |                 |   | 56,831,677 
|Large-Cap Value Equity*  |  |                                   | 32,078,698  |                 |   | 32,840,261 
|Mid-Cap Growth Equity*   |  |                                   | 37,346,467  |                 |   | 38,192,139 
|Mid-Cap Value Equity*    |  |                                   | 38,361,394  |                 |   | 39,370,159 
|Small-Cap Equity*        |  |                                   | 178,819,837 |                 |   | 183,291,224

---

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



|                        |  |                           |          
|----------------------- |  | ------------------------- | ---------
|Fund                    |  | Non-Cash Collateral Value
|Balanced                |  | $                         | 3,465,953
|Intermediate Bond       |  |                           | 3,186,350
|Large-Cap Growth Equity |  |                           | 1,927,000
|Large-Cap Value Equity  |  |                           | 5,814,850
|Mid-Cap Growth Equity   |  |                           | 24,940   
|Mid-Cap Value Equity    |  |                           | 1,315,751
|Small-Cap Equity        |  |                           | 3,424,312

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



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7. Participant Ownership

As of September 30, 2007, two Participants owned 6.94% and 5.40%, respectively, of the outstanding Units of the Lifetime Income Retirement Date Fund and four Participants owned 12.00%, 11.63%, 8.71% and 6.17%,
respectively, of the outstanding Units of the 2010 Retirement Date Fund.



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

Stable Asset Return Fund

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

For the quarter ended September 30, 2007, the Stable Asset Return Fund experienced a total return, net of expenses, of 1.11%. By comparison, a
combination of the Ryan Labs Three Year GIC Index and the iMoneyNet MFR Prime Institutional Money Market Fund Average, weighted 70%/30%, respectively, produced an investment record of 1.17% for the same period. For the nine months ended
September 30, 2007, the Fund experienced a total return, net of expenses, of 3.26%, compared to an investment record of 3.46% for the combination benchmark for the same period. The Ryan Labs Three Year GIC Index portion of the combination
benchmark does not include an allowance for the fees that an investor would pay for investing in the instruments that comprise that index or for fund expenses.

The Stable Asset Return Fund underperformed the combination benchmark for the quarter ended September 30, 2007. The underperformance continues to be attributable to higher performance at the money market portion
of the yield curve versus the long end of the yield curve.

During the course of the third quarter the yield curve generally steepened. At
the end of the second quarter, the yield curve was slightly inverted at the short end and generally flat at the longer end. By the end of the third quarter the short end of the yield curve had steepened, but the 2 and 3 year part of the curve lagged
and remained slightly inverted. The Federal Open Market Committee (the FOMC) reduced the Federal Funds rate by 50 basis points in September, injecting much-needed liquidity into the marketplace.

July and August witnessed severe dislocation in the fixed income markets, starting with the subprime home mortgage sector and eventually working through
all spread sectors and across all quality spectrums. Consequently, the Fund generally avoided making trades until September, when the market stabilized somewhat. Trades during the quarter focused on fairly short-duration securities, generally one
year or less. The primary focus of trading activity was in agency adjustable rate mortgage securities and asset-backed bonds backed by auto and equipment loans. The Fund continues to avoid the subprime home equity sector based on the belief that
market volatility and credit concerns will continue in this sector. Guaranteed investment contracts continue to be avoided due to their perceived lower relative value given their illiquid, lower quality characteristics.



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The Stable Asset Return Fund underperformed the combination benchmark for the nine-month period ended
September 30, 2007. The primary reason for underperformance during the period was the rate of return on money market instruments, which outperformed longer-duration securities throughout the year. It is anticipated that this situation will
change as money market fund rates catch up with the current level of interest rates and with the prospect of additional interest rate eases by the FOMC.

During the nine months ended September 30, 2007, the yield curve steepened overall. At year-end 2006, the yield curve was inverted by approximately 20 basis points and the five-year point on the curve was the
lowest rate. By the end of the third quarter 2007 the short end of the yield curve had steepened, but the 2 and 3 year part of the curve lagged and remained slightly inverted.

The focus of trades throughout the year has been primarily on short-duration assets. Early in the year short-duration securities were attractive because
yields were higher; as the yield curve steepened the maturation of these securities allowed for reinvestment at higher yield levels. As the year progressed many securities lengthened in duration; in order to minimize market value volatility, the
Fund remained focused on shorter-duration assets.

Intermediate Bond Fund

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

For the quarter ended September 30, 2007, the Intermediate Bond Fund experienced a
total return, net of expenses, of 4.54%. By comparison, the Lehman Brothers Aggregate Bond Index produced an investment record of 2.84% for the same period. For the nine months ended September 30, 2007, the Fund experienced a total return, net
of expenses, of 4.28%, compared to an investment record of 3.85% for the Lehman Brothers Aggregate Bond Index for the same period. The Lehman Brothers Aggregate Bond Index does not include an allowance for the fees that an investor would pay for
investing in the securities that comprise the index or for fund expenses.

The Intermediate Bond Fund, which is advised by Pacific
Investment Management Company LLC, outperformed the Lehman Brothers Aggregate Bond Index for the quarter ended September 30, 2007. As markets began to adjust during the quarter, the Fund was well-positioned, with a focus on high quality assets
and shorter-duration securities, along with non-U.S. dollar exposure. The Funds interest rate strategies added to performance during the third quarter and have been the biggest contributor to performance year-to-date. An above-index duration
also helped returns during the third quarter. An emphasis on shorter-duration securities in the U.S. and the U.K. has also been positive as the yield curve in both countries steepened during the quarter. In sector strategies, an



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above-benchmark allocation to mortgage securities detracted from performance, as mortgage yield premiums widened in an environment of heightened volatility,
but positive security and coupon selection mitigated some of this impact. Underweighting corporate securities boosted returns during the quarter. Corporate spreads widened significantly during the quarter as investors sought safe haven from problems
in the U.S. subprime mortgage sector. Modest holdings of real return bonds also contributed to the Funds the after-effects of performance as these bonds outperformed nominal Treasuries during the quarter, helped by positive inflation accruals.
Municipal bonds lagged taxable bonds due to an increase in new issuances and the severe market dislocation during August, and a modest exposure detracted from the Funds performance. Avoiding asset-backed commercial paper benefited the Fund
during the quarter as these securities suffered sharp losses. Holdings of locally-issued emerging market bonds added to returns as these bonds benefited from both their higher yield cushion and currency exposure as the U.S. dollar continued to
weaken.

The Intermediate Bond Fund outperformed the Lehman Brothers Aggregate Bond Index for the nine-month period ended
September 30, 2007. The Funds interest rate strategies produced mixed results during the first nine months of the year. An above-benchmark duration for most of the period detracted slightly from performance. The Funds focus on
securities with shorter maturities was the biggest contributor to performance during the year-to-date period as the yield curve steepened during the period. In sector strategies, a slight above-benchmark exposure to mortgage securities detracted
from returns, but good security selection and a focus on high quality agency pass-through securities mitigated this impact. The Funds underweight position in corporate bonds also contributed to performance as corporate spreads widened during
the year-to-date period. Exposure to non-U.S. bonds also contributed slightly to performance. Overall, an allocation to a diversified set of foreign currencies boosted returns as these currencies appreciated relative to the U.S. dollar.

Balanced Fund

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

For the quarter ended
September 30, 2007, the Balanced Fund experienced a total return, net of expenses, of 2.98%. 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 2.36% for the same period. For the nine months ended September 30, 2007, the Fund experienced a total return, net of expenses, of 7.32%, compared to an investment record of 7.18% for the combination benchmark for the same
period. The Russell 1000 Index and the Lehman Brothers Aggregate Bond Index do not include an allowance for the fees that an investor would pay for investing in the securities that comprise the indices or for fund expenses.



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For the quarter ended September 30, 2007, the equity segment of the Balanced Fund, which is
advised with the assistance of Capital Guardian Trust Company, outperformed the Russell 1000 Index. The equity segment benefited from stock selection and overweighting in the information technology sector during the quarter, particularly in the
internet, software and services industry group. Stock selection in the industrials and materials sectors also helped relative returns. Selection in the consumer discretionary sector added to performance, though an overweight position to the sector
overall detracted from returns. The choice of health care stocks, especially pharmaceuticals, was the biggest detractor to relative results. An underweight position in the energy sector also hurt returns, as did stock selection in the financials
sector.

For the quarter ended September 30, 2007, the debt segment of the Balanced Fund, which is advised with the
assistance of Pacific Investment Management Company LLC, outperformed the Lehman Brothers Aggregate Bond Index. As markets began to adjust during the quarter, the segment was well-positioned, with a focus on high quality assets and shorter-duration
securities, along with non-U.S. dollar exposure. The segments interest rate strategies added to performance during the third quarter and have been the biggest contributor to performance year-to-date. An above-index duration also helped returns
during the third quarter. An emphasis on shorter-duration securities in the U.S. and the U.K. has also been positive as the yield curve in both countries steepened during the quarter. In sector strategies, an above-benchmark allocation to mortgage
securities detracted from performance, as mortgage yield premiums widened in an environment of heightened volatility, but positive security and coupon selection mitigated some of this impact. Underweighting corporate securities boosted returns
during the quarter. Corporate spreads widened significantly during the quarter as investors sought safe haven from the after-effects of problems in the U.S. subprime mortgage sector. Modest holdings of real return bonds also contributed to the
segments performance as these bonds outperformed nominal Treasuries during the quarter, helped by positive inflation accruals. Municipal bonds lagged taxable bonds due to an increase in new issuances and the severe market dislocation during
August, and a modest exposure detracted from the segments performance. Avoiding asset-backed commercial paper benefited the segment during the quarter as these securities suffered sharp losses. Holdings of locally-issued emerging market bonds
added to returns as these bonds benefited from both their higher yield cushion and currency exposure as the U.S. dollar continued to weaken.

For the nine months ended September 30, 2007, the equity segment of the Balanced Fund, which is advised with the assistance of Capital Guardian Trust Company, underperformed the Russell 1000 Index. Stock
selection in the health care sector was the largest detractor from performance for the year-to-date period. Stock selection and an overweight in the information technology sector was the largest contributor to results. The segments
underweighting and stock selection in the financials sector also aided performance, as did stock selection in the industrials and consumer discretionary sectors.

For the nine months ended September 30, 2007, the debt segment of the Balanced Fund, which is advised with the assistance of Pacific Investment Management Company LLC, outperformed the Lehman Brothers Aggregate
Bond Index. The segments interest rate strategies produced mixed results during the first nine months of the year. An above-benchmark duration for most of the period detracted slightly from performance. The segments focus on securities
with shorter maturities was the biggest contributor to



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performance during the year-to-date period as the yield curve steepened during the year. In sector strategies, a slight above benchmark exposure to mortgages
detracted from returns, but good security selection and a focus on high quality agency pass-through securities mitigated this impact. The segments underweight position in corporate bonds also contributed to performance as corporate spreads
widened during the year-to-date period. Exposure to non-U.S. bonds also contributed to performance slightly. Overall, an allocation to a diversified set of foreign currencies boosted returns as these currencies appreciated relative to the U.S.
dollar.

Large-Cap Value Equity Fund

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

For the quarter ended September 30, 2007, the Large-Cap Value Equity Fund experienced a total return, net of expenses, of (0.56)%. By comparison,
the Russell 1000 Value Index produced an investment record of (0.24)% for the same period. For the nine months ended September 30, 2007, the Fund experienced a total return, net of expenses, of 4.99%, compared to an investment record of 5.97%
for the Russell 1000 Value Index for the same period. The Russell 1000 Value Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

For the quarter ended September 30, 2007, the actively managed segment of the Large-Cap Value Equity Fund, which is advised with the assistance of
AllianceBernstein L.P., underperformed the Russell 1000 Value Index. The segments returns were hurt by several financial holdings amid ongoing turmoil in the global credit markets. Countrywide Financial was the segments biggest detractor
for the quarter and the year-to-date. While long-term earnings forecasts for Countrywide had assumed steep declines in mortgage originations and credit losses several times larger than historical norms, the rapid deterioration in the companys
ability to access short-term financing and the depth of the contraction in the mortgage-backed securitization market was generally not anticipated by the market. Further, managements response to the crisisnamely to focus on
government-sponsored agency-eligible mortgages and de-emphasize historically profitable businessesled to a reduction in forecasts of the companys long-term earnings power and an increase in the perceived risk associated with the company.
The stock was no longer attractive and was sold entirely.

MGIC Investment and Ambac Financial Group also declined sharply during the
quarter due to investor concerns about potential losses in the mortgage guarantee business. Another detractor from performance was Office Depot. The retailer announced disappointing same-store sales and second-quarter profit as weak sales in North
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Office Depot has responded with more disciplined operational and capital investment. Relative performance was helped by positions in Arcelor Mittal, Boeing
and Nokia. Steel manufacturer Arcelor Mittal gained after posting strong second-quarter earnings due to higher steel prices and the cost-saving benefits from its recent merger. Boeing rose on strong earnings and better-than-expected margins in its
commercial aircraft business. Mobile phone manufacturer Nokia advanced following strong second-quarter earnings and gains in market share.

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

For the nine-month period ended September 30, 2007, the actively managed segment of the Large-Cap Value Equity Fund, which is advised with the
assistance of AllianceBernstein L.P., underperformed the Russell 1000 Value Index. Relative performance was hurt by several financial holdings, such as Countrywide Financial, MGIC Investment and Merrill Lynch. Other significant detractors included
consumer cyclicals stocks Office Depot and Macys. Relative returns were aided by security selection within industrial resources, specifically Arcelor Mittal and Owens-Illinois. The segments exposure to consumer cyclicals stock
DaimlerChrysler also contributed to performance.

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

Large-Cap Growth
Equity Fund

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

For the quarter ended September 30, 2007, the Large-Cap Growth Equity Fund experienced a total return, net of expenses, of 4.38%. By comparison, the
Russell 1000 Growth Index produced an investment record of 4.21% for the same period. For the nine months ended September 30, 2007, the Fund experienced a total return, net of expenses, of 12.09%, compared to an investment record of 12.68% for
the Russell 1000 Growth Index for the same period. The Russell 1000 Growth Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise the Index or for fund expenses.



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The segment of the Large-Cap Growth Equity Fund which is advised with the assistance of Capital Guardian
Trust Company outperformed the Russell 1000 Growth Index for the quarter ended September 30, 2007. Quarterly returns were boosted by stock selection and an overweight position in the information technology sector, including holdings in
software, internet software and services and communication equipment companies. Stock selection in the consumer discretionary sector, particularly in the hotel and leisure area, aided performance, although the segments overweight position in
the sector did not. Holdings in the industrials sector also helped relative returns. Selection among financial stocks detracted from relative results as consumer finance companies weighed on the segments performance. An underweight in the
energy sector detracted from relative results and stock selection and an overweight position in the health care sector, particularly pharmaceuticals, also hurt.

The other actively-managed segment of the Large-Cap Growth Equity Fund, which is advised with the assistance of T. Rowe Price Associates, Inc., outperformed the Russell 1000 Growth Index for the quarter ended
September 30, 2007. Stock selection was strong in the industrials and business services sectors. Positions in infrastructure companies Foster Wheeler and McDermott added to performance. While an overweight position in the consumer discretionary
sector negatively impacted relative performance, stock selection in the sector aided returns. Amazon.com was again a top contributor, followed by International Game Technology and XM Satellite Radio Holdings. Stock selection and an overweight
position in the information technology sector had a positive impact. This sector remains the largest portion of the segment, representing approximately 37% of the segments holdings. Juniper Networks rose on the strength of new product launches
and management changes, and Broadcom benefited from a licensing agreement with Verizon. Stock selection in the financials sector detracted from relative performance due to weakness in capital markets companies E*TRADE Financial and Morgan Stanley.
The segment has retained its overweight position in the capital markets sector, with a focus on companies such as Franklin Resources and Morgan Stanley, in the belief that the sector should thrive behind positive global macroeconomic conditions.

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

The segment of the Large-Cap Growth Equity Fund which is advised with the assistance of
Capital Guardian Trust Company underperformed the Russell 1000 Growth Index for the nine-month period ended September 30, 2007. Stock selection in the health care sector was the largest detractor from performance during the year-to-date period.
Stock selection and an overweight position in the information technology sector was the largest contributor to results. The segments underweighting and stock selection in the financials sector has also aided performance, as did stock selection
in the industrials and consumer discretionary sectors.

The other actively-managed segment of the Large-Cap Growth Equity Fund, which is
advised with the assistance of T. Rowe Price Associates, Inc., outperformed the Russell 1000 Growth Index for the nine-month period ended September 30, 2007. Stock selection benefited performance, while the segments sector allocations
detracted from performance. Stock selection was strong in the



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consumer discretionary sector. An overweight position in the information technology sector also aided relative performance. Stock selection in the financials
sector detracted from performance due to weakness in capital markets companies E*TRADE Financial and Morgan Stanley. The segment remains overweight in the capital markets sector, in the belief that the sector should thrive behind positive global
macroeconomic conditions.

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

Index Equity Fund

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

For the quarter ended September 30, 2007, the Index Equity Fund experienced a total return, net of expenses, of 1.43%. By comparison, the Russell
3000 Index produced an investment record of 1.55% for the same period. For the nine months ended September 30, 2007, the Fund experienced a total return, net of expenses, of 8.44%, compared to an investment record of 8.77% for the Russell 3000
Index for the same period. The Russell 3000 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

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

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

Mid-Cap Value Equity Fund

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

For the quarter ended September 30, 2007, the Mid-Cap Value Equity Fund, which is advised with the assistance of Wellington Asset Management
Company, LLP, experienced a total return, net of expenses, of (2.59)%. By comparison, the Russell Mid-Cap Value Index produced an investment record of (3.55)% for the same period. For the nine months ended September 30, 2007,



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the Fund experienced a total return, net of expenses, of 12.80%, compared to an investment record of 4.83% for the Russell Mid-Cap Value Index for the same
period. The Russell Mid-Cap Value Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The Mid-Cap Value Equity Fund outperformed the Russell Mid-Cap Value Index for the quarter ended September 30, 2007. Positive relative results from
several sectors, including information technology, materials and industrials, outweighed negative relative performance from the financials and telecommunications & media sectors. The information technology sector added to relative
performance, due in part to Varian Semiconductor, a company that engages in the design, manufacture, marketing and servicing of semiconductor equipment. Shares of Varian Semiconductor, a non-benchmark holding, rose 33.4% during the quarter. The
industrials sector benefited from holdings such as Goodrich, a company that supplies systems and services to aviation airplane markets. Goodrichs stock rose 15% as second quarter earnings were stronger than expectations. Goodrich was also a
top contributor to the Fund during the second quarter. The financials sector performed poorly during the quarter. The Funds position in non-benchmark name E*TRADE Financial detracted from relative performance. Shares of E*TRADE declined in
response to a difficult credit market that has increased the companys credit costs. Telecommunications & media holdings also detracted from performance, due in part to the Funds overweight position in R.H. Donnelley, a provider
of online commercial searches and yellow pages, which was negatively impacted by the housing slump.

The Mid-Cap Value Equity Fund
outperformed the Russell Mid-Cap Value Index for the nine-month period ended September 30, 2007. The top-performing sector year-to-date was materials. The Fund benefited from holding strong performers such as Owens-Illinois, a packaging
products manufacturing company. Shares of Owens-Illinois rose 124% during the first nine months of the year. The financials sector, while the largest detractor during the third quarter, was the second largest contributor to performance during the
year-to-date period. Poor performance from holdings in the telecommunications & media and energy sectors detracted slightly from results relative to the index. Within the telecommunications & media sector, the Funds
underweight position in Discovery Holding and overweight position in Entercom Communications each detracted from performance.

Mid-Cap Growth Equity
Fund

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

For the quarter
ended September 30, 2007, the Mid-Cap Growth Equity Fund, which is advised with the assistance of Turner Investments, Inc., experienced a total return, net of expenses, of 7.56%. By comparison, the Russell Mid-Cap Growth Index produced an
investment record of 2.15% for the same period. For the nine months ended September 30, 2007, the Fund experienced a total



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return, net of expenses, of 22.61%, compared to an investment record of 13.35% for the Russell Mid-Cap Growth Index for the same period. The Russell Mid-Cap
Growth Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The Mid-Cap Growth Equity Fund outperformed the Russell Mid-Cap Growth Index for the quarter ended September 30, 2007. The Fund generated positive relative performance versus the benchmark in eight of the ten
market sectors. The utilities and financial services sectors were the lone detractors. The strong performance relative to the benchmark was led by good stock selection in the consumer discretionary sector. Within this sector, the retail industry had
a tough quarter, so maintaining an underweight position in this group added to the strong relative returns. The Funds investments in Under Armour and Gamestop contributed to performance. Under Armour advanced due to the companys ability
to generate significant growth from its penetration in overseas markets. Gamestop, a retailer of videogames, experienced significant growth during the quarter as a result of the highly successful launch of its Halo 3 game. The Funds positions
in certain gaming and internet-related companies also aided performance. Specifically, Wynn Resorts was a significant contributor for the quarter. Wynns quarter was strong as a result of the opening of its Venetian casino in Macau. The energy
sector also generated excess returns for the quarter versus the benchmark. Cameron International, National Oilwell Varco and First Solar were the top contributors in the sector. Cameron is an international oil services company involved in the
deepwater development of oilfields, and National Oilwell Varco is a leading global supplier of equipment used in oil and gas drilling and production operations. Both companies reported strong quarters and each has benefited from having international
exposure,as well more exposure to oil as opposed to natural gas. Positive relative performance for the quarter was also generated within the health care sector. Recently the Fund has focused on biotech companies that research and develop
drugs known as orphan drugs. Orphan drugs are classified by the FDA as drugs that are used for diseases that afflict only a small percentage of the population, usually less than 200,000 in the U.S. Orphan drugs are eligible for favorable FDA rules
with regards to patents. Alexion Pharmaceuticals Inc. benefited from the launch of its orphan drug Soliris, used to fight a rare type of blood disorder. Two additional health care stocks that contributed to performance were Kyphon Inc. and Intuitive
Surgical Inc. Kyphon, a maker of spinal implants, was acquired during the quarter by medical device maker Medtronic Inc. Intuitive Surgical Inc., which has been a long-term holding in the Fund, again delivered strong returns for the quarter as the
company beat earnings expectations.

The Mid-Cap Growth Equity Fund outperformed the Russell Mid-Cap Growth Index for the nine-month period
ended September 30, 2007. All ten sectors provided positive returns to the Fund. The consumer discretionary, energy and materials/processing sectors contributed the most to the Funds absolute and relative results. The only sector that
lagged the benchmarks returns was the traditional growth sector of technology; the underperformance was due to poor stock selection in the sector.



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Small-Cap Equity Fund

The Small-Cap Equity Fund invests primarily in equity securities of companies with market capitalizations of $2.5 billion or less at the time of investment. These companies may include new companies and companies that
may benefit from new technologies, new product or service developments or management changes. The Small-Cap Equity Fund seeks to achieve, over an extended period of time, total returns comparable to or superior to those attained by broad measures of
the domestic stock market. A segment of the Fund is invested to replicate the Russell 2000 Index, which is comprised of the 2,000 companies in the Russell 3000 Index with the smallest market capitalization. The remainder of the Fund is actively
managed with the assistance of Wellington Management Company, LLP and Smith Asset Management Group, L.P.

For the quarter
ended September 30, 2007, the Small-Cap Equity Fund experienced a total return, net of expenses, of (2.54)%. By comparison, the Russell 2000 Index produced an investment record of (3.09)% for the same period. For the nine months ended
September 30, 2007, the Fund experienced a total return, net of expenses, of 5.06%, compared to an investment record of 3.16% for the Russell 2000 Index for the same period. The Russell 2000 Index does not include an allowance for the fees that
an investor would pay for investing in the securities that comprise that index or for fund expenses.

The segment of the Small-Cap Equity
Fund advised with the assistance of Wellington Asset Management Company, LLP outperformed the Russell 2000 Index for the quarter ended September 30, 2007. The segment outperformed the benchmark due to strong stock selection in
five of ten sectors, including information technology, financials and industrials, while holdings in the consumer discretionary and health care sectors dampened results. Outperformance in the information technology sector was due in part to the
strong performance by non-benchmark name Varian Semiconductor. Varian Semiconductor, a chip equipment company, reported a strong revenue increase driven by its leadership in the market for flash memory chips. The Fund also benefited from
its financials sector holdings, including UMB Financial and Nasdaq Stock Market, which rose on strong, consensus-beating second-quarter earnings. Stock selection in the consumer discretionary sector detracted from performance. The segments
overweight position to weak performer Pacific Sunwear negatively impacted results. The stock fell on disappointing second quarter results and weak sales. The health care sector also performed poorly due to stock selection. Shares of non-benchmark
name Lifepoint Hospitals fell after the company reported a sharp decline in quarterly profits due to higher unpaid medical bills, labor costs and medical malpractice insurance.

The segment of the Small-Cap Equity Fund advised with the assistance of Smith Asset Management Group, L.P. underperformed the Russell 2000 Index for the
quarter ended September 30, 2007. In aggregate, sector weights had a negligible impact on performance for the quarter. Stock selection was strongest in the consumer discretionary sector while performance in the technology sector trailed
the benchmark.

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



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The segment of the Small-Cap Equity Fund advised with the assistance of Wellington Asset Management
Company, LLP outperformed the Russell 2000 Index for the nine-month period ended September 30, 2007. The top-performing sector year-to-date was financials. The segment benefited from an overweight to strong performers UMB
Financial and First Community Bancorp, a holding company for Pacific Western Bank. Within the information technology sector, the segments overweight position in Varian Semiconductor helped performance. The segments position in
non-benchmark name Cypress Semiconductor, a semiconductor and programmable-chip company, also contributed to performance. Poor performance from holdings in the consumer discretionary and health care sectors detracted from results. Within the
consumer discretionary sector, the segments overweight position in Standard Pacific, a maker of single-family and detached homes, hurt performance. Homebuilders continue to be plagued by declines in new home sales and prices.

The portion of the Small-Cap Equity Fund advised with the assistance of Smith Asset Management Group, L.P. outperformed the Russell 2000 Index for the
nine-month period ended September 30, 2007. Year-to-date, relative returns have been derived primarily through positive stock selection in the discretionary, technology and health care sectors.

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

International Equity Fund

The International Equity Funds investment objective is to seek long-term growth of capital through investment primarily in common stocks of
established non-U.S. companies. The Fund seeks to diversify investments broadly among developed and emerging countries and generally to have at least three different countries represented in the portfolio. The International Equity Fund seeks to
achieve, over an extended period of time, total returns comparable to or superior to broad measures of the international (non-U.S.) stock market.

For the quarter ended September 30, 2007, the International Equity Fund experienced a total return, net of expenses, of 1.73%. 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 4.62% for the same period. For the nine months ended September 30, 2007, the Fund experienced a total return, net of expenses, of 11.55%, compared to an investment record of 17.43%
for the MSCI AC World Ex-U.S. Index for the same period. The MSCI AC World Ex-U.S. Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The segment of the International Equity Fund advised with the assistance of JPMorgan Asset Management (UK) Limited underperformed the MSCI AC World
Ex-U.S. Index for the quarter ended September 30, 2007. Holdings linked to the U.S. and/or U.K. housing markets were the main detractors from performance. Building materials companies like Lafarge, Imerys and Wosleley, along with Kingfisher (a
U.K. home improvement retailer), all declined on concerns that tighter credit conditions would undermine



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future earnings. European and Japanese financial holdings also suffered as companies in these sectors were swept up by the turmoil in the credit markets. In
contrast, emerging market and resource-oriented holdings contributed positively to performance. Petrobras, a Brazilian oil/gas firm, China Life, China Mobile, mining companies such as CVRD and BHP Billiton and Mitsubishi Corp, a Japanese trading
firm that deals extensively in commodities, all rose during the quarter, reflecting the continued strength in commodity prices and investor appetite for emerging markets.

The segment of the International Equity Fund advised with the assistance of Philadelphia International Advisors, LP underperformed the MSCI AC World Ex-U.S. Index for the quarter ended September 30, 2007. The
segment produced a positive total return but lagged the benchmark due primarily to an underweight position in emerging markets. Other reasons for this weak relative performance were poor stock selection in the consumer, technology and materials
sectors. Stock selection in the utilities sector added to performance. Stock selection in developed countries such as Australia, Greece and Japan also aided performance, but poor performance in Europe, where the segment held an overweight position
in financial and construction stocks, pulled overall returns for the segment below the benchmark.

The segment of the International Equity
Fund advised by JP Morgan Asset Management (UK) underperformed the MSCI AC World Ex-U.S. Index for the nine-month period ended September 30, 2007. Poor stock selection in the financials and materials sectors was the main detractor from
performance. The segments Japanese bank holdings also hurt performance. The materials sector of the segment was up over 30% during the first nine months of the year, but the segments exposure to certain Canadian holdings and a lack of
exposure to steel companies prevented the segment from matching the greater than 40% gain in the sector generally. In comparison, stock selection in the telecommunications and energy sectors contributed to performance, with emerging market names
like China Mobil, American Movil and Petrobras all performing well. Emerging markets and resource-oriented companies have performed well throughout much of the year. The same companies that contributed positively to third quarter performance have
also been among the best performers on a year-to-date basis.

The segment of the International Equity Fund advised by Philadelphia
International Advisors, L.P. underperformed the MSCI AC World Ex-U.S. Index for the nine-month period ended September 30, 2007. An underweight position in emerging markets, which were up 34.5% during the first nine months of the year, detracted
from performance. Performance was also hurt by stock selection in the materials, financials and consumer sectors. Australian stocks performed well but were overshadowed by poor stock selection in the U.K. and Japan.

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



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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 September 30, 2007, the Structured Portfolio Service experienced a total return, net of expenses, of 2.53% for the
Conservative Portfolio, 2.50% for the Moderate Portfolio, and 2.06% for the Aggressive Portfolio.

For the nine-month period ended
September 30, 2007, the Structured Portfolio Service experienced a total return, net of expenses, of 5.73% for the Conservative Portfolio, 7.56% for the Moderate Portfolio, and 8.95% 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.

Retirement Date Funds

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

The Retirement
Date Funds seek to achieve their objectives by investing in various index or other collective investment funds maintained by State Street Bank. During the period from January 1, 2007 through April 30, 2007, these funds included S&P 500



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

For the quarter ended September 30, 2007, the Retirement Date Funds experienced a total return, net of expenses, of 2.42% for the Lifetime Income Retirement Date Fund, 2.73% for the 2010 Retirement Date Fund,
2.48% for the 2020 Retirement Date Fund, 2.11% for the 2030 Retirement Date Fund and 1.95% for the 2040 Retirement Date Fund. The performance of each Retirement Date Fund for the quarter ended September 30, 2007 was consistent with the relevant
combination benchmark after taking into account expenses.

For the nine-month period ended September 30, 2007, the Retirement Date
Funds experienced a total return, net of expenses, of 4.95% for the Lifetime Income Retirement Date Fund, 5.95% for the 2010 Retirement Date Fund, 7.83% for the 2020 Retirement Date Fund, 8.90% for the 2030 Retirement Date Fund and 9.60% for the
2040 Retirement Date Fund. The performance of each Retirement Date Fund for the nine-month period ended September 30, 2007 was consistent with the relevant combination benchmark after taking into account expenses.



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

Conclusion Regarding
the Effectiveness of Disclosure Controls and Procedures: Under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer, the Collective Trust conducted an evaluation of its disclosure controls and
procedures (as such term is defined in Rule 13a-15(e) or 15d-15(e) under the Exchange Act). Based on such evaluation, the Collective Trusts Chief Executive Officer and Chief Financial Officer have concluded that its disclosure controls and
procedures are effective as of September 30, 2007.

Internal Control Over Financial Reporting: No change in the Collective
Trusts internal control over financial reporting occurred during the Collective Trusts last fiscal quarter ended September 30, 2007 that has materially affected, or is reasonably likely to materially affect, the Collective
Trusts internal control over financial reporting.

PART II. OTHER INFORMATION.



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

During the quarter ended September 30, 2007, the Collective Trust issued an aggregate of approximately $168 million in unregistered Units. Such Units were offered and sold at their net asset value in reliance
upon the exemption from registration under



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Rule 180 promulgated under the Securities Act of 1933 relating to exemption from registration of interests and participations issued in connection with
certain H.R. 10 plans. Proceeds received by the Collective Trust from the sale or transfer of the Units are applied to the applicable Fund, portfolio of the Structured Portfolio Service or Retirement Date Fund.



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



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

---

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



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SIGNATURES

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



|                 |  |  |  |                                                                 |  |                       |  |                                          
|---------------- |  |  |  | --------------------------------------------------------------- |  | --------------------- |  | -----------------------------------------
|                 |  |  |  | AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
|                 |  |  |  |                                                                 |  |                      
|November 9, 2007 |  |  |  | By:                                                             |  | /s/ Philip J. Lussier
|                 |  |  |  |                                                                 |  | Name: Title:          |  | Philip J. Lussier Chief Executive
Officer

|                 |  |  |  |     |  |                         |  |                                            
|---------------- |  |  |  | --- |  | ----------------------- |  | -------------------------------------------
|                 |  |  |  |     |  |                        
|November 9, 2007 |  |  |  | By: |  | /s/ Beth M. Halberstadt
|                 |  |  |  |     |  | Name: Title:            |  | Beth M. Halberstadt Chief Financial
Officer



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EXHIBIT INDEX



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

---

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



107