UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, DC 20549



                                   FORM 10-Q

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

For the quarterly period ended June 30, 2005.

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

For the transition period from __________ to __________

                       Commission file number 333-113653
                             ===================

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



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

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

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


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


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

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


<PAGE>


TABLE OF CONTENTS

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


<PAGE>


                  Statement of Operations....................................30
                  Statement of Changes in Net Assets.........................31
                  Financial Highlights.......................................32

         Small-Cap Equity Fund...............................................33
                  Statement of Assets and Liabilities........................33
                  Statement of Operations....................................34
                  Statement of Changes in Net Assets.........................35
                  Financial Highlights.......................................36

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

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

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

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

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

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

         Item 4. Controls and Procedures.....................................78

PART II. OTHER INFORMATION...................................................79

         Item 2. Unregistered Sales of Equity Securities and Use of
                 Proceeds....................................................79

         Item 6. Exhibits....................................................79

SIGNATURES


<PAGE>


PART I.  FINANCIAL INFORMATION.

Item 1. FINANCIAL STATEMENTS (UNAUDITED).

<TABLE>
<CAPTION>

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

                                                                                                       June 30, 2005
                                                                                                  --------------------
                                    Assets
<S>                                                                                               <C>
     Investments, at value (cost $236,529,504)..................................................         $284,689,126 (a)
     Investments in affiliated issuers, at value (cost $24,770,936).............................           24,770,936
     Intermediate Bond Fund (cost $172,682,617 and units of 9,522,830)..........................          183,547,881
     Cash.......................................................................................                  704
     Receivable for investments sold............................................................            1,342,979
     Dividends and interest receivable..........................................................              217,883
     Prepaid expenses...........................................................................                1,852
                                                                                                  --------------------
          Total assets..........................................................................          494,571,361
                                                                                                  --------------------
                                  Liabilities
     Payable for collateral received on securities loaned.......................................           20,531,690
     Payable for investments purchased..........................................................            2,454,828
     Payable for fund units redeemed............................................................            1,097,175
     Investment advisory fee payable............................................................              266,842
     State Street Bank and Trust Company--program fee payable...................................               62,526
     Trustee, management and administration fees payable........................................               19,466
     American Bar Retirement Association--program fee payable...................................               10,269
                                                                                                  --------------------
          Total liabilities.....................................................................           24,442,796
                                                                                                  --------------------
Net assets (equivalent to $77.35 per unit based on 6,078,017 units outstanding).................      $   470,128,565
                                                                                                  ====================
</TABLE>

(a) Includes securities on loan with a value of $19,927,365.

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


                                      1
<PAGE>


<TABLE>
<CAPTION>

        American Bar Association Members/ State Street Collective Trust
                                 Balanced Fund
                            Statement of Operations
                                   Unaudited

                                                                                              For the period        For the period
                                                                                            April 1, 2005 to       January 1, 2005
                                                                                               June 30, 2005      to June 30, 2005
                                                                                          -------------------   -------------------
Investment income
<S>                                                                                       <C>                   <C>
    Dividends (net of foreign tax expense of  $4,778 and $28,082, respectively).......    $         980,696     $        2,117,671
    Interest- affiliated issuers......................................................               45,105                 94,363
    Securities lending income.........................................................                5,798                 11,125
                                                                                          -------------------   -------------------
                    Total investment income...........................................             1,031,599             2,223,159
                                                                                          -------------------   -------------------
Expenses

    Investment advisory fee...........................................................              161,331                321,818
    State Street Bank and Trust Company--program fee..................................              191,120                386,193
    American Bar Retirement Association--program fee..................................               30,914                 62,125
    Trustee, management and administration fees.......................................               58,774                112,626
    Reports to unitholders............................................................               10,773                 25,796
    Legal and audit fees..............................................................               15,495                 37,102
    Compliance consultant fees........................................................               13,068                 31,292
    Registration fees.................................................................                1,455                  3,485
    Other fees........................................................................                9,224                 22,085
                                                                                          -------------------   -------------------
                    Total expenses....................................................              492,154              1,002,522
                                                                                          -------------------   -------------------
Net investment income.................................................................              539,445              1,220,637
                                                                                          -------------------   -------------------
Realized and unrealized gain on:
          Investments.................................................................            5,057,829              8,812,541
          Intermediate Bond Fund......................................................              190,066                343,609
                                                                                          -------------------   -------------------
                    Net realized gain.................................................            5,247,895              9,156,150
                                                                                          -------------------   -------------------

    Change in net unrealized appreciation (depreciation) on investments...............            3,934,099            (9,371,736)
                                                                                          -------------------   -------------------

                    Net realized and unrealized gain (loss)...........................            9,181,994              (215,586)
                                                                                          -------------------   -------------------
Net increase in net assets resulting from operations..................................    $       9,721,439     $       1,005,051
                                                                                          ===================   ===================
</TABLE>

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


                                      2
<PAGE>


<TABLE>
<CAPTION>

        American Bar Association Members/ State Street Collective Trust
                                 Balanced Fund
                      Statement of Changes in Net Assets
                                   Unaudited
                                                                                           For the period         For the period
                                                                                          April 1, 2005 to      January 1, 2005 to
                                                                                            June 30, 2005         June 30, 2005
                                                                                         --------------------  ---------------------
From operations
<S>                                                                                      <C>                    <C>
    Net investment income.............................................................   $           539,445    $         1,220,637
    Net realized gain ................................................................             5,247,895              9,156,150
    Change in net unrealized appreciation (depreciation)..............................             3,934,099            (9,371,736)
                                                                                         --------------------  ---------------------
                    Net increase in net assets resulting from operations..............             9,721,439              1,005,051
                                                                                         --------------------  ---------------------

From unitholder transactions
    Proceeds from units issued........................................................             4,040,270             12,209,515
    Cost of units redeemed............................................................           (8,964,720)           (19,026,938)
                                                                                         --------------------  ---------------------
                    Net decrease in net assets resulting from unitholder transactions.           (4,924,450)            (6,817,423)
                                                                                         --------------------  ---------------------
                    Net increase (decrease) in net assets.............................             4,796,989            (5,812,372)
Net Assets
    Beginning of period...............................................................           465,331,576            475,940,937
                                                                                         --------------------  ---------------------
    End of period.....................................................................   $       470,128,565    $      470,128,565
                                                                                         ====================  =====================

Number of units
    Outstanding-beginning of period...................................................             6,142,302              6,167,129
         Issued.......................................................................                52,960                160,358
         Redeemed.....................................................................             (117,245)              (249,470)

    Outstanding-end of period.........................................................             6,078,017              6,078,017
                                                                                         ====================  =====================
</TABLE>

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


                                      3
<PAGE>


<TABLE>
<CAPTION>

        American Bar Association Members/ State Street Collective Trust
                                 Balanced Fund
                             Financial Highlights
                                   Unaudited
                (For a unit outstanding throughout the period)

                                                                                        For the period          For the period
                                                                                         April 1, 2005            January 1,
                                                                                          to June 30,            2005 to June
                                                                                             2005                  30, 2005
                                                                                        ----------------        ----------------
<S>                                                                                     <C>                     <C>
Investment income+..............................................................        $         0.17          $         0.36
Net expenses(+)++...............................................................                 (0.08)                  (0.16)
                                                                                        ----------------        ----------------
Net investment income ..........................................................                   0.09                    0.20
Net realized and unrealized gain (loss).........................................                   1.50                  (0.02)
                                                                                        ----------------        ----------------
Net increase in unit value......................................................                   1.59                    0.18
Net asset value at beginning of period..........................................                  75.76                   77.17
                                                                                        ----------------        ----------------
Net asset value at end of period................................................        $         77.35          $        77.35
                                                                                        ================        ================

Ratio of net expenses to average net assets*++..................................                  0.42%                   0.43%
Ratio of net investment income to average net assets*...........................                  0.46%                   0.53%
Portfolio turnover**+++.........................................................                     6%                     10%
Total return**..................................................................                  2.10%                   0.23%
Net assets at end of period (in thousands)......................................        $       470,129          $      470,129
</TABLE>


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

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


                                      4
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                                              June 30, 2005
                                                                                                            -------------------
                                                      Assets
<S>                                                                                                         <C>
     Investments in affiliated fund, at value:
     State Street Bank and Trust Company Russell 3000 Index Securities Lending Fund
     (cost $376,829,994 and units of 41,133,335)..........................................................  $      401,667,020
     Prepaid expenses.....................................................................................              20,289
                                                                                                            -------------------
          Total assets                                                                                             401,687,309
                                                                                                            -------------------
                                                    Liabilities
     Payable for fund units redeemed......................................................................           2,014,403
     State Street Bank and Trust Company--program fee payable.............................................              87,034
     Trustee, management and administration fees payable..................................................              27,004
     American Bar Retirement Association--program fee payable.............................................              13,718
                                                                                                            -------------------
          Total liabilities...............................................................................           2,142,159
                                                                                                            -------------------
Net assets (equivalent to $30.14 per unit based on 13,257,357 units outstanding)..........................  $      399,545,150
                                                                                                            ===================
</TABLE>

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


                                      5
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                            For the period         For the period
                                                                                           April 1, 2005 to        January 1, 2005
                                                                                             June 30, 2005        to June 30, 2005
                                                                                           ------------------     ------------------
Investment income
<S>                                                                                        <C>                    <C>
        Securities lending income from underlying affiliated fund.......................   $          10,781      $          23,450
                                                                                           ------------------     ------------------
                       Total investment income..........................................              10,781                 23,450
                                                                                           ------------------     ------------------
Expenses
        State Street Bank and Trust Company--program fee................................             263,185                523,082
        American Bar Retirement Association--program fee................................              42,566                 84,137
        Trustee, management and administration fees.....................................              80,928                152,660
        Reports to unitholders..........................................................              14,833                 34,750
        Legal and audit fees............................................................              21,333                 49,978
        Compliance consultant fees......................................................              17,993                 42,154
        Registration fees...............................................................               2,004                  4,695
        Other fees......................................................................              12,698                 29,749
                                                                                           ------------------     ------------------
                       Total expenses...................................................             455,540                921,205
                                                                                           ------------------     ------------------
Net investment loss.....................................................................           (444,759)              (897,755)
                                                                                           ------------------     ------------------
Net realized and unrealized gain (loss) on investments in affiliated fund
        Net realized loss...............................................................           (441,877)              (847,975)
        Change in net unrealized appreciation ..........................................           9,360,150              1,483,419
                                                                                           ------------------     ------------------

                       Net realized and unrealized gain.................................           8,918,273                635,444
                                                                                           ------------------     ------------------
Net increase (decrease) in net assets resulting from operations.........................   $       8,473,514       $      (262,311)
                                                                                           ==================     ==================
</TABLE>

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


                                      6
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                                                  For the
                                                                                              For the              period
                                                                                            period April         January 1,
                                                                                             1, 2005 to         2005 to June
                                                                                           June 30, 2005          30, 2005
                                                                                           ---------------     ---------------
<S>                                                                                        <C>                 <C>
From operations
        Net investment loss.........................................................       $    (444,759)      $    (897,755)
        Net realized loss...........................................................            (441,877)           (847,975)
        Change in net unrealized appreciation ......................................            9,360,150           1,483,419
                                                                                           ---------------     ---------------
                 Net increase (decrease) in net assets resulting from operations....            8,473,514           (262,311)
                                                                                           ---------------     ---------------

From unitholder transactions
        Proceeds from units issued..................................................           10,019,100          26,320,669
        Cost of units redeemed......................................................          (5,418,568)         (8,685,529)
                                                                                           ---------------     ---------------
                 Net increase in net assets resulting from unitholder transactions..            4,600,532          17,635,140
                                                                                           ---------------     ---------------
                 Net increase in net assets.........................................           13,074,046          17,372,829
Net Assets
        Beginning of period.........................................................          386,471,104         382,172,321
                                                                                           ---------------     ---------------
        End of period...............................................................       $  399,545,150      $  399,545,150
                                                                                           ===============     ===============

Number of units
        Outstanding-beginning of period.............................................           13,097,624          12,655,903
             Issued.................................................................              341,861             893,347
             Redeemed...............................................................            (182,128)           (291,893)
                                                                                           ---------------     ---------------

        Outstanding-end of period...................................................           13,257,357          13,257,357
                                                                                           ===============     ===============
</TABLE>


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


                                      7
<PAGE>


<TABLE>
<CAPTION>

        American Bar Association Members/ State Street Collective Trust
                               Index Equity Fund
                             Financial Highlights
                                   Unaudited

                (For a unit outstanding throughout the period)

                                                                                                                   For the
                                                                                              For the              period
                                                                                            period April         January 1,
                                                                                             1, 2005 to         2005 to June
                                                                                           June 30, 2005          30, 2005
                                                                                           ---------------      --------------
<S>                                                                                        <C>                  <C>
Investment income+(a)................................................................      $         0.00       $        0.00
Net expenses(+)++....................................................................              (0.03)              (0.07)
                                                                                           ---------------      --------------
Net investment loss..................................................................              (0.03)              (0.07)
Net realized and unrealized gain.....................................................                0.66                0.01
                                                                                           ---------------      --------------
Net increase (decrease) in unit value................................................                0.63              (0.06)
Net asset value at beginning of period...............................................               29.51               30.20
                                                                                           ---------------      --------------
Net asset value at end of period.....................................................              $30.14              $30.14
                                                                                           ===============      ==============

Ratio of net expenses to average net assets*++.......................................               0.47%               0.48%
Ratio of net investment loss to average net assets*..................................             (0.45)%             (0.47)%
Portfolio turnover**+++..............................................................                  1%                  3%
Total return**.......................................................................               2.13%             (0.20)%
Net assets at end of period (in thousands)...........................................      $      399,545       $     399,545
</TABLE>

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


<TABLE>
<CAPTION>

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

                                                                                                               June 30, 2005
                                                                                                            --------------------
                                    Assets
<S>                                                                                                         <C>
       Investments, at value (cost $496,267,171)....................................................        $       501,076,288 (a)
       Investments in affiliated issuers, at value (cost $14,410,621)...............................                 14,410,621
       Foreign currency, at value (cost $907,997)...................................................                    902,816
       Receivable for investments sold..............................................................                  3,716,385
       Interest receivable..........................................................................                  3,224,856
       Swap contracts, at value (cost $752,072).....................................................                    495,442
       Receivable for futures variation margin......................................................                     56,317
       Gross unrealized appreciation of forward currency exchange contracts.........................                     54,147
       Prepaid expenses.............................................................................                     15,942
                                                                                                            --------------------
            Total assets............................................................................                523,952,814
                                                                                                            --------------------
                                  Liabilities
      Payable for investments purchased.............................................................                 51,426,824
      Payable for collateral received on securities loaned..........................................                  2,186,765
      Payable for fund units redeemed...............................................................                  2,055,234
      Investment advisory fee payable...............................................................                    103,894
      State Street Bank and Trust Company--program fee payable......................................                    101,047
      Gross unrealized depreciation of forward currency exchange contracts..........................                     74,332
      Trustee, management and administration fees payable...........................................                     31,367
       Options written, at value (premiums received $70,850)........................................                     22,303
      American Bar Retirement Association--program fee payable......................................                     16,576
                                                                                                            --------------------
            Total liabilities.......................................................................                 56,018,342
                                                                                                            --------------------
Net assets (equivalent to $19.27 per unit based on 24,278,921 units outstanding)....................        $      467,934,472
                                                                                                            ====================
</TABLE>


(a)   Includes securities on loan with a value of $2,152,244.

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


                                      9
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                              For the period         For the period
                                                                                            April 1, 2005 to     January 1, 2005 to
                                                                                               June 30, 2005          June 30, 2005
                                                                                        ---------------------  ---------------------
Investment income
<S>                                                                                     <C>                    <C>
     Dividends.......................................................................   $             43,309   $             87,182
     Interest- unaffiliated issuers..................................................              4,369,579              8,035,212
     Interest- affiliated issuers....................................................                219,839                301,194
     Securities lending income.......................................................                  3,608                  4,698
                                                                                        ---------------------  ---------------------
              Total investment income                                                              4,636,335              8,428,286
                                                                                        ---------------------  ---------------------
Expenses
     Investment advisory fee.........................................................                312,272                611,057
     State Street Bank and Trust Company--program fee................................                310,550                613,975
     American Bar Retirement Association--program fee................................                 50,234                 98,782
     Trustee, management and administration fees.....................................                 95,504                179,268
     Reports to unitholders..........................................................                 17,506                 40,856
     Legal and audit fees............................................................                 25,177                 58,760
     Compliance consultant fees......................................................                 21,236                 49,562
     Registration fees...............................................................                  2,365                  5,520
     Other fees......................................................................                 14,985                 34,975
                                                                                        ---------------------  ---------------------
              Total expense..........................................................                849,829              1,692,755
                                                                                        ---------------------  ---------------------
Net investment income ...............................................................              3,786,506              6,735,531
                                                                                        ---------------------  ---------------------
Net realized and unrealized gain (loss)..............................................
     Net realized gain (loss) on:....................................................
           Investments...............................................................              3,483,321              1,288,535
           Foreign currency transactions and forward currency exchange contracts.....              2,296,836              2,097,236
           Swap contracts............................................................              2,546,240              1,407,752
           Written options...........................................................                131,713                363,068
           Futures contracts.........................................................              (328,876)            (1,254,092)
                                                                                        ---------------------  ---------------------
              Net realized gain......................................................              8,129,234              3,902,499
                                                                                        ---------------------  ---------------------
     Change in net unrealized appreciation (depreciation) on:........................
           Investments...............................................................              2,426,837              1,217,014
           Foreign currency transactions and forward currency exchange contracts.....              (541,814)                108,772
           Written options...........................................................               (43,625)               (59,716)
           Futures contracts.........................................................              1,794,830              (395,851)
           Swaps contracts...........................................................            (2,218,158)                333,643
                                                                                        ---------------------  ---------------------
              Change in net unrealized appreciation (depreciation)...................              1,418,070              1,203,862
                                                                                        ---------------------  ---------------------

              Net realized and unrealized gain.......................................              9,547,304              5,106,361
                                                                                        ---------------------  ---------------------
Net increase in net assets resulting from operations.................................   $         13,333,810   $         11,841,892
                                                                                        =====================  =====================
</TABLE>

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


                                      10
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                              For the period          For the period
                                                                                             April 1, 2005 to     January 1, 2005 to
                                                                                               June 30, 2005           June 30, 2005
                                                                                          --------------------  --------------------
From operations
<S>                                                                                       <C>                    <C>
     Net investment income ............................................................   $         3,786,506    $        6,735,531
     Net realized gain.................................................................             8,129,234             3,902,499
     Change in net unrealized appreciation (depreciation)..............................             1,418,070             1,203,862
                                                                                          --------------------  --------------------
              Net increase in net assets resulting from operations.....................            13,333,810            11,841,892
                                                                                          --------------------  --------------------
From unitholder transactions
     Proceeds from units issued........................................................             9,055,381            23,625,706
     Cost of units redeemed............................................................           (6,867,437)           (9,242,513)
                                                                                          --------------------  --------------------
              Net increase in net assets resulting from unitholder transactions........             2,187,944            14,383,193
                                                                                          --------------------  --------------------
              Net increase in net assets...............................................            15,521,754            26,225,085
Net Assets
     Beginning of period...............................................................           452,412,718           441,709,387
                                                                                          --------------------  --------------------
     End of period.....................................................................   $      467,934,472    $      467,934,472
                                                                                          ====================  ====================

Number of units
     Outstanding-beginning of period...................................................            24,160,440            23,511,425
           Issued......................................................................               477,222             1,252,440
           Redeemed....................................................................             (358,741)             (484,944)
                                                                                          --------------------  --------------------

     Outstanding-end of period.........................................................            24,278,921            24,278,921
                                                                                          ====================  ====================
</TABLE>

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


                                      11
<PAGE>


<TABLE>
<CAPTION>

        American Bar Association Members/ State Street Collective Trust
                            Intermediate Bond Fund
                             Financial Highlights
                                   Unaudited

                (For a unit outstanding throughout the period)

                                                                                              For the period         For the period
                                                                                            April 1, 2005 to     January 1, 2005 to
                                                                                               June 30, 2005          June 30, 2005
                                                                                        --------------------    --------------------
<S>                                                                                     <C>                     <C>
Investment income+..............................................................        $             0.19      $              0.35
Net expenses(+)++...............................................................                     (0.03)                   (0.07)
                                                                                        --------------------    --------------------
Net investment income ..........................................................                       0.16                     0.28
Net realized and unrealized gain................................................                       0.38                     0.20
                                                                                        --------------------    --------------------
Net increase in unit value......................................................                       0.54                     0.48
Net asset value at beginning of period..........................................                      18.73                    18.79
                                                                                        --------------------    --------------------
Net asset value at end of period................................................        $             19.27     $              19.27
                                                                                        ====================    ====================

Ratio of net expenses to average net assets*++..................................                      0.74%                    0.75%
Ratio of net investment income to average net assets*...........................                      3.28%                    3.02%
Portfolio turnover**............................................................                        67%                     173%
Total return**..................................................................                      2.88%                    2.55%
Net assets at end of period (in thousands)......................................        $           467,934     $            467,934
</TABLE>

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

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


                                      12
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                                        June 30, 2005
                                                                                                       ---------------
<S>                                                                                                    <C>
                                                         Assets
Investments, at value (cost $143,510,122)..............................................................  $178,332,319 (a)
Investments in affiliated issuers, at value (cost $29,868,547).........................................    29,868,547
Foreign currency, at value (cost $347,552).............................................................       335,162
Dividends receivable...................................................................................       502,077
Tax reclaims receivable................................................................................       210,160
Receivable for investments sold........................................................................       200,051
Prepaid expenses.......................................................................................        12,430
                                                                                                       ---------------
         Total assets..................................................................................   209,460,746
                                                                                                       ---------------
                                                      Liabilities
Payable for collateral received on securities loaned...................................................    24,994,956
Payable for fund units redeemed........................................................................     2,073,911
Payable for investments purchased......................................................................       777,419
Tax withholding payable................................................................................        51,780
Investment advisory fee payable........................................................................        87,807
State Street Bank and Trust Company--program fee payable...............................................        39,209
Trustee, management and administration fees payable....................................................        12,149
American Bar Retirement Association--program fee payable...............................................         6,409
                                                                                                       ---------------
         Total liabilities.............................................................................    28,043,640
                                                                                                       ---------------
Net assets (equivalent to $21.75 per unit based on 8,342,267 units outstanding)........................  $181,417,106
                                                                                                       ===============


(a)  Includes securities on loan with a value of $23,861,555.

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


                                      13
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                                            For the      For the
                                                                                                            period       period
                                                                                                           April 1,    January 1,
                                                                                                            2005 to      2005 to
                                                                                                           June 30,     June 30,
                                                                                                             2005         2005
                                                                                                       ---------------------------
<S>                                                                                                    <C>           <C>
Investment income
     Dividends (net of foreign tax expense of $225,827 and $282,753, respectively)                       $2,108,303    $3,014,578
     Interest- affiliated issuers......................................................................      41,525        79,024
     Securities lending income.........................................................................      32,445        45,249
                                                                                                       ------------- -------------
                  Total investment income..............................................................   2,182,273     3,138,851
                                                                                                       ------------- -------------
Expenses
     Investment advisory fee...........................................................................     260,709       503,481
     State Street Bank and Trust Company--program fee..................................................     118,763       231,573
     American Bar Retirement Association--program fee..................................................      19,211        37,257
     Trustee, management and administration fees.......................................................      37,640        67,665
     Reports to unitholders............................................................................       6,694        15,247
     Legal and audit fees..............................................................................       9,628        21,930
     Compliance consultant fees........................................................................       8,121        18,497
     Registration fees.................................................................................         904         2,060
     Other fees........................................................................................       4,615        13,053
                                                                                                       ------------- -------------
                  Total expenses.......................................................................     466,285       910,763
                                                                                                       ------------- -------------
Net investment income..................................................................................   1,715,988     2,228,088
                                                                                                       ------------- -------------

Realized and unrealized gain (loss)
     Net realized gain (loss) on:
         Investment securities.........................................................................   2,463,625     6,500,689
         Foreign currency..............................................................................     (45,241)      (62,476)
                                                                                                       ------------- -------------
                  Net realized gain....................................................................   2,418,384     6,438,213
                                                                                                       ------------- -------------
     Change in net unrealized depreciation on:
         Investment securities.........................................................................  (5,117,994)   (9,505,490)
         Foreign currency..............................................................................     (16,785)      (36,917)
                                                                                                       ------------- -------------
         Change in net unrealized depreciation.........................................................  (5,134,779)   (9,542,407)
                                                                                                       ------------- -------------
                  Net realized and unrealized loss.....................................................  (2,716,395)   (3,104,194)
                                                                                                       ------------- -------------
Net decrease in net assets resulting from operations................................................... $(1,000,407)    $(876,106)
                                                                                                       ============= =============

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


                                      14
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                                          For the       For the
                                                                                                          period        period
                                                                                                         April 1,     January 1,
                                                                                                          2005 to       2005 to
                                                                                                         June 30,      June 30,
                                                                                                           2005          2005
                                                                                                       ------------- -------------
<S>                                                                                                    <C>           <C>
From operations
         Net investment income.........................................................................  $1,715,988    $2,228,088
         Net realized gain.............................................................................   2,418,384     6,438,213
         Change in net unrealized depreciation.........................................................  (5,134,779)   (9,542,407)
                                                                                                       ------------- -------------
                  Net decrease in net assets resulting from operations.................................  (1,000,407)     (876,106)
                                                                                                       ------------- -------------
From unitholder transactions
         Proceeds from units issued....................................................................  15,447,987    32,194,942
         Cost of units redeemed........................................................................  (6,962,945)   (8,615,277)
                                                                                                       ------------- -------------
                  Net increase in net assets resulting from unitholder transactions                       8,485,042    23,579,665
                                                                                                       ------------- -------------
                  Net increase in net assets                                                              7,484,635    22,703,559

Net Assets
         Beginning of period........................................................................... 173,932,471   158,713,547
                                                                                                       ------------- -------------
         End of period.................................................................................$181,417,106  $181,417,106
                                                                                                       ============= =============

Number of units
         Outstanding-beginning of period...............................................................   7,952,075     7,257,708
                  Issued...............................................................................     716,949     1,487,648
                  Redeemed.............................................................................    (326,757)     (403,089)
                                                                                                       ------------- -------------
         Outstanding-end of period.....................................................................   8,342,267     8,342,267
                                                                                                       ============= =============

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


                                      15
<PAGE>


<TABLE>
<CAPTION>

        American Bar Association Members/ State Street Collective Trust
                           International Equity Fund
                             Financial Highlights
                                   Unaudited

                (For a unit outstanding throughout the period)

                                                                                                          For the       For the
                                                                                                          period        period
                                                                                                         April 1,     January 1,
                                                                                                          2005 to       2005 to
                                                                                                         June 30,      June 30,
                                                                                                           2005          2005
                                                                                                       ------------- -------------
<S>                                                                                                    <C>           <C>
Investment income+.....................................................................................     $0.27         $0.40
Net expenses(+)++......................................................................................     (0.06)        (0.12)
                                                                                                       ------------- -------------

Net investment income..................................................................................      0.21          0.28
Net realized and unrealized loss.......................................................................     (0.33)        (0.40)
                                                                                                       ------------- -------------

Net decrease in unit value.............................................................................     (0.12)        (0.12)
Net asset value at beginning of period.................................................................     21.87         21.87
                                                                                                       ------------- -------------

Net asset value at end of period.......................................................................    $21.75        $21.75
                                                                                                       ============= =============

Ratio of net expenses to average net assets*++.........................................................     1.06%         1.07%
Ratio of net investment income to average net assets*..................................................     3.88%         2.62%
Portfolio turnover**...................................................................................        6%           15%
Total return**.........................................................................................   (0.55)%       (0.55)%
Net assets at end of period (in thousands).............................................................  $181,417      $181,417

______________
*    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 is its assets.

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


                                      16
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                                      June 30, 2005
                                                                                                     ---------------
                                                  Assets
<S>                                                                                                 <C>
     Investments, at value (cost $459,311,281).............................................           $528,909,100  (a)
     Investments in affiliated issuers, at value (cost $224,886,923).......................            283,202,336
     Cash..................................................................................                    662
     Receivable for investments sold.......................................................              1,583,390
     Dividends and interest receivable.....................................................                336,448
     Prepaid expenses......................................................................                    949
                                                                                                     ---------------
         Total assets......................................................................            814,032,885
                                                                                                     ---------------
                                               Liabilities
     Payable for collateral received on securities loaned..................................             25,604,566
     Payable for investments purchased.....................................................              4,919,644
     Payable for fund units redeemed.......................................................              1,652,958
     Investment advisory fee payable.......................................................                452,823
     State Street Bank and Trust Company--program fee payable..............................                170,954
     Trustee, management and administration fees payable...................................                 53,149
     American Bar Retirement Association--program fee payable..............................                 28,068
                                                                                                     ---------------
         Total liabilities.................................................................             32,882,162
                                                                                                     ---------------
Net assets (equivalent to $45.52 per unit based on 17,161,635 units outstanding)...........           $781,150,723
                                                                                                     ===============


(a) Includes securities on loan with a value of $24,879,684.


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


                                      17
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                    For the period            For the period
                                                                                   April 1, 2005 to         January 1, 2005 to
                                                                                    June 30, 2005             June 30, 2005
                                                                                    ---------------------------------------
<S>                                                                                     <C>                    <C>

Investment income
      Dividends (net of foreign tax expense of $2,983 and $23,046, respectively)       $1,403,743                $3,157,564
      Interest- affiliated issuers.................................................        73,528                   166,436
      Securities lending income....................................................        10,160                    25,029
                                                                                    --------------          -----------------
                 Total investment income...........................................     1,487,431                 3,349,029
                                                                                    --------------          -----------------
Expenses
      Investment advisory fee......................................................       358,260                   720,206
      State Street Bank and Trust Company--program fee.............................       520,634                 1,062,082
      American Bar Retirement Association--program fee.............................        84,211                   170,837
      Trustee, management and administration fees..................................       160,103                   309,561
      Reports to unitholders.......................................................        29,345                    71,248
      Legal and audit fees.........................................................        42,204                   102,472
      Compliance consultant fees...................................................        35,598                    86,430
      Registration fees............................................................         3,964                     9,625
      Other fees...................................................................        25,121                    60,994
                                                                                    --------------          -----------------
                 Total expenses....................................................     1,259,440                 2,593,455
                                                                                    --------------          -----------------
Net investment income .............................................................       227,991                   755,574
                                                                                    --------------          -----------------
Net realized and unrealized gain (loss) on investments
           Net realized gain- unaffiliated issuers ................................     7,297,287                11,458,620
           Net realized gain- affiliated issuers ..................................     1,522,133                 3,978,530
                                                                                    --------------          -----------------
                 Net realized gain ................................................     8,819,420                15,437,150
                                                                                    --------------          -----------------

      Change in net unrealized appreciation (depreciation) on investments..........    12,198,209               (28,770,420)
                                                                                    --------------          -----------------
                 Net realized and unrealized gain (loss)...........................    21,017,629               (13,333,270)
                                                                                    --------------          -----------------
Net increase (decrease) in net assets resulting from operations....................   $21,245,620              $(12,577,696)
                                                                                    ==============          =================



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


                                      18
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                    For the period            For the period
                                                                                   April 1, 2005 to         January 1, 2005 to
                                                                                    June 30, 2005             June 30, 2005
                                                                                    -------------             -------------
<S>                                                                                  <C>                       <C>
From operations
      Net investment income......................................................   $    227,991            $       755,574
      Net realized gain .........................................................      8,819,420                 15,437,150
      Change in net unrealized appreciation (depreciation) on investments........     12,198,209                (28,770,420)
                                                                                    --------------          -----------------
              Net increase (decrease) in net assets resulting from operations....     21,245,620                (12,577,696)
                                                                                    --------------          -----------------

From unitholder transactions
      Proceeds from units issued.................................................      3,829,918                 11,477,468
      Cost of units redeemed.....................................................    (19,743,082)               (48,938,905)
                                                                                    --------------          -----------------
              Net decrease in net assets resulting from unitholder transactions..    (15,913,164)               (37,461,437)
                                                                                    --------------          -----------------
              Net increase (decrease) in net assets..............................      5,332,456                (50,039,133)
Net Assets
      Beginning of period........................................................    775,818,267                831,189,856
                                                                                    --------------          -----------------
      End of period..............................................................   $781,150,723            $   781,150,723
                                                                                    ==============          =================

Number of units
      Outstanding-beginning of period............................................     17,516,749                 17,999,653
             Issued..............................................................         85,315                    255,651
             Redeemed............................................................       (440,429)                (1,093,669)
                                                                                    --------------          -----------------

      Outstanding-end of period..................................................     17,161,635                 17,161,635
                                                                                    ==============          =================


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


                                      19
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                    For the period            For the period
                                                                                   April 1, 2005 to         January 1, 2005 to
                                                                                    June 30, 2005             June 30, 2005
                                                                                    -------------             -------------
<S>                                                                                  <C>                       <C>


Investment income+................................................................         $0.09                      $0.19
Net expenses(+)++.................................................................         (0.07)                     (0.15)
                                                                                    --------------          -----------------
Net investment income ............................................................          0.02                       0.04
Net realized and unrealized gain (loss)...........................................          1.21                      (0.70)
                                                                                    --------------          -----------------
Net increase (decrease) in unit value.............................................          1.23                      (0.66)
Net asset value at beginning of period............................................         44.29                      46.18
                                                                                    --------------          -----------------
Net asset value at end of period..................................................        $45.52                     $45.52
                                                                                    ==============          =================

Ratio of net expenses to average net assets*++....................................          0.65%                      0.66%
Ratio of net investment income to average net assets*.............................          0.12%                      0.19%
Portfolio turnover**+++...........................................................             9%                        18%
Total return**....................................................................          2.78%                    (1.43)%
Net assets at end of period (in thousands)........................................       $781,151                   $781,151



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

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


                                      20
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                                      June 30, 2005
                                                                                                     ---------------
                                                  Assets
<S>                                                                                                 <C>

     Investments, at value (cost $241,734,638)................................................          $286,727,828(a)
     Investments in affiliated issuers, at value (cost $93,767,224)...........................           113,526,000
     Cash.....................................................................................                   573
     Receivable for investments sold..........................................................             1,903,951
     Dividends and interest receivable........................................................               444,274
     Prepaid expenses.........................................................................                18,742
                                                                                                     ---------------
          Total assets........................................................................           402,621,368
                                                                                                     ---------------
                                               Liabilities
     Payable for collateral received on securities loaned.....................................            13,411,004
     Payable for investments purchased........................................................             3,963,088
     Payable for fund units redeemed..........................................................             1,638,790
     Investment advisory fee payable..........................................................               125,447
     State Street Bank and Trust Company--program fee payable.................................                83,534
     Trustee, management and administration fees payable......................................                25,731
     American Bar Retirement Association--program fee payable.................................                13,680
                                                                                                     ---------------
          Total liabilities...................................................................            19,261,274
                                                                                                     ---------------
Net assets (equivalent to $34.59 per unit based on 11,083,715 units outstanding)..............          $383,360,094
                                                                                                     ===============

(a) Includes securities on loan with a value of $13,031,310.


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


                                      21
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                    For the period            For the period
                                                                                   April 1, 2005 to         January 1, 2005 to
                                                                                    June 30, 2005             June 30, 2005
                                                                                    ---------------------------------------
<S>                                                                                     <C>                    <C>

Investment income
      Dividends (net of foreign tax expense of $1,134 and $2,245, respectively)        $1,642,716                $3,148,933
      Interest- affiliated issuers.................................................        63,363                   119,661
      Securities lending income....................................................         4,440                     9,194
                                                                                    -------------             -------------
                         Total investment income...................................     1,710,519                 3,277,788
                                                                                    -------------             -------------
Expenses
      Investment advisory fee......................................................       186,122                   366,632
      State Street Bank and Trust Company--program fee.............................       251,757                   499,108
      American Bar Retirement Association--program fee.............................        40,719                    80,282
      Trustee, management and administration fees..................................        77,414                   145,684
      Reports to unitholders.......................................................        14,189                    33,086
      Legal and audit fees.........................................................        20,405                    47,584
      Compliance consultant fees...................................................        17,212                    40,135
      Registration fees............................................................         1,917                     4,470
      Other fees...................................................................        12,148                    28,325
                                                                                    -------------             -------------
                         Total expenses............................................       621,883                 1,245,306
                                                                                    -------------             -------------
Net investment income .............................................................     1,088,636                 2,032,482
                                                                                    -------------             -------------

Net realized and unrealized gain (loss)
      Net realized gain (loss) on:
           Investments- unaffiliated issuers.......................................     2,989,145                 5,134,869
           Investments- affiliated issuers.........................................       219,301                   878,266
           Foreign currency transactions...........................................            38                      (403)
                                                                                    -------------             -------------
                         Net realized gain ........................................     3,208,484                 6,012,732
                                                                                    -------------             -------------

      Change in net unrealized appreciation (depreciation) on:
           Investments.............................................................     2,625,945                (2,873,973)
                                                                                    -------------             -------------
                         Net realized and unrealized gain .........................     5,834,429                 3,138,759
                                                                                    -------------             -------------

Net increase in net assets resulting from operations...............................    $6,923,065                $5,171,241
                                                                                    =============             =============

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



                                      22
<PAGE>


<TABLE>
<CAPTION>

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


                                                                                    For the period            For the period
                                                                                   April 1, 2005 to         January 1, 2005 to
                                                                                    June 30, 2005             June 30, 2005
                                                                                    -------------             -------------
<S>                                                                                  <C>                       <C>
From operations



      Net investment income ........................................................  $1,088,636                 $2,032,482
      Net realized gain ............................................................   3,208,484                  6,012,732
      Change in net unrealized appreciation (depreciation) on investments...........   2,625,945                 (2,873,973)
                                                                                    -------------             -------------
              Net increase in net assets resulting from operations..................   6,923,065                  5,171,241
                                                                                    -------------             -------------

From unitholder transactions
      Proceeds from units issued....................................................  11,725,681                 31,941,131
      Cost of units redeemed........................................................  (5,065,803)               (13,841,879)
                                                                                    -------------             -------------
              Net increase in net assets resulting from unitholder transactions.....   6,659,878                 18,099,252
                                                                                    -------------             -------------
              Net increase in net assets............................................  13,582,943                 23,270,493
Net Assets
      Beginning of period........................................................... 369,777,151                360,089,601
                                                                                    -------------             -------------
      End of period.................................................................$383,360,094               $383,360,094
                                                                                    =============             =============
Number of units
      Outstanding-beginning of period...............................................  10,886,119                 10,548,861
         Issued.....................................................................     345,724                    942,065
         Redeemed...................................................................    (148,128)                  (407,211)
                                                                                    -------------             -------------
      Outstanding-end of period.....................................................  11,083,715                 11,083,715
                                                                                    =============             =============

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


                                      23
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                    For the period            For the period
                                                                                   April 1, 2005 to         January 1, 2005 to
                                                                                    June 30, 2005             June 30, 2005
                                                                                    -------------             -------------
<S>                                                                                  <C>                       <C>


Investment income+......................................................            $       0.15              $        0.30
Net expenses(+)++.......................................................                   (0.06)                     (0.11)
Net investment income ..................................................                    0.09                       0.19
                                                                                    -------------             -------------
Net realized and unrealized gain........................................                    0.53                       0.26
                                                                                    -------------             -------------
Net increase in unit value..............................................                    0.62                       0.45
Net asset value at beginning of period..................................                   33.97                      34.14
                                                                                    -------------             -------------
Net asset value at end of period........................................            $      34.59              $       34.59
                                                                                    =============             =============

Ratio of net expenses to average net assets*++..........................                    0.66%                      0.68%
Ratio of net investment income to average net assets*...................                    1.16%                      1.11%
Portfolio turnover**+++.................................................                       5%                        10%
Total return**..........................................................                    1.83%                      1.32%
Net assets at end of period (in thousands)..............................                 $383,360                   $383,360



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

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


                                      24
<PAGE>



<TABLE>
<CAPTION>

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

                                                                                                  June 30, 2005
                                                                                             -----------------------
                                                        Assets

<S>                                                                                          <C>
     Investments, at value (cost $62,008,389)............................................     $    72,693,874  (a)
     Investments in affiliated issuers, at value (cost $13,655,401)......................          13,655,401
     Cash................................................................................                 274
     Receivable for investments sold.....................................................           1,175,978
     Receivable for fund units sold......................................................             148,812
     Dividends and interest receivable...................................................              17,676
     Prepaid expenses....................................................................               4,555
                                                                                             -----------------------
         Total assets....................................................................          87,696,570
                                                                                             -----------------------

                                                     Liabilities

     Payable for collateral received on securities loaned................................          11,784,869
     Payable for investments purchased...................................................             520,925
     Payable for fund units redeemed.....................................................             196,476
     Investment advisory fee payable.....................................................             113,034
     State Street Bank and Trust Company--program fee payable............................              16,091
     Trustee, management and administration fees payable.................................               4,986
     American Bar Retirement Association--program fee payable............................               2,634
                                                                                             -----------------------

         Total liabilities...............................................................          12,639,015
                                                                                             -----------------------
Net assets  (equivalent to $19.04 per unit based on 3,942,198 units outstanding).........    $     75,057,555
                                                                                             =======================

(a) Includes securities on loan with a value of $11,472,133



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


                                      25
<PAGE>


<TABLE>
<CAPTION>

        American Bar Association Members/ State Street Collective Trust
                          Mid-Cap Growth Equity Fund
                            Statement of Operations
                                   Unaudited

                                                                                    For the period           For the period
                                                                                   April 1, 2005 to        January 1, 2005 to
                                                                                    June 30, 2005            June 30, 2005
                                                                                ---------------------------------------------
<S>                                                                             <C>                       <C>
Investment income
    Dividends (net of foreign tax expense of $0 and $150, respectively)......... $           69,117        $      119,693
    Interest- affiliated issuer.................................................             11,473                25,656
    Securities lending income...................................................              4,062                 8,372
                                                                                 -------------------       ---------------
                Total investment income.........................................             84,652               153,721
                                                                                 -------------------       ---------------

Expenses
    Investment advisory fee.....................................................            113,035               219,456
    State Street Bank and Trust Company--program fee............................             47,828                93,807
    American Bar Retirement Association--program fee............................              7,736                15,090
    Trustee, management and administration fees.................................             14,706                27,397
    Reports to unitholders......................................................              2,695                 6,194
    Legal and audit fees........................................................              3,876                 8,909
    Compliance consultant fees..................................................              3,270                 7,515
    Registration fees...........................................................                364                   837
    Other fees..................................................................              2,306                 5,303
                                                                                 -------------------       ---------------
                Total expenses                                                              195,816               384,508
                                                                                 -------------------       ---------------

Net investment loss.............................................................           (111,164)             (230,787)

Net realized and unrealized gain (loss) on investments
        Net realized gain.......................................................          1,003,398             2,026,307
        Change in net unrealized appreciation (depreciation)....................          1,551,834              (946,472)
                                                                                 -------------------       ---------------

        Net realized and unrealized gain........................................          2,555,232             1,079,835
                                                                                 -------------------       ---------------

Net increase in net assets resulting from operations............................ $        2,444,068        $      849,048
                                                                                 ===================       ===============


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


                                      26
<PAGE>


<TABLE>
<CAPTION>

        American Bar Association Members/ State Street Collective Trust
                          Mid-Cap Growth Equity Fund
                      Statement of Changes in Net Assets
                                   Unaudited

                                                                                    For the period           For the period
                                                                                   April 1, 2005 to        January 1, 2005 to
                                                                                    June 30, 2005            June 30, 2005
                                                                                ---------------------------------------------

<S>                                                                             <C>                       <C>
From operations
    Net investment loss......................................................... $         (111,164)       $     (230,787)
    Net realized gain...........................................................          1,003,398             2,026,307
    Change in net unrealized appreciation (depreciation) on investments.........          1,551,834              (946,472)
                                                                                 -------------------       ---------------
          Net increase in net assets resulting from operations..................          2,444,068               849,048
                                                                                 -------------------       ---------------

From unitholder transactions
    Proceeds from units issued..................................................          4,388,573            10,694,259
    Cost of units redeemed......................................................         (1,702,743)           (3,336,507)
                                                                                 -------------------       ---------------

          Net increase in net assets resulting from unitholder transactions.....          2,685,830             7,357,752
                                                                                 -------------------       ---------------

          Net increase in net assets............................................          5,129,898             8,206,800

Net Assets
    Beginning of period.........................................................         69,927,657            66,850,755
                                                                                 -------------------       ---------------
    End of period............................................................... $       75,057,555        $   75,057,555
                                                                                 ===================       ===============

Number of units
    Outstanding-beginning of period.............................................          3,796,690             3,545,041
        Issued..................................................................            240,883               580,781
        Redeemed................................................................            (95,375)             (183,624)
                                                                                 -------------------       ---------------

    Outstanding-end of period...................................................          3,942,198             3,942,198
                                                                                 ===================       ===============

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


                                      27
<PAGE>


<TABLE>
<CAPTION>

        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 period           For the period
                                                                                   April 1, 2005 to        January 1, 2005 to
                                                                                    June 30, 2005            June 30, 2005
                                                                                ---------------------------------------------
<S>                                                                             <C>                       <C>
Investment income+.............................................................. $             0.02       $          0.04
Net expenses(+)++...............................................................              (0.05)                (0.10)
                                                                                 -------------------       ---------------

Net investment loss.............................................................              (0.03)                (0.06)
Net realized and unrealized gain................................................               0.65                  0.24
                                                                                 -------------------       ---------------

Net increase in unit value......................................................               0.62                  0.18
Net asset value at beginning of period..........................................              18.42                 18.86
                                                                                 -------------------       ---------------

Net asset value at end of period................................................ $            19.04       $         19.04
                                                                                 ===================       ===============

Ratio of net expenses to average net assets*++..................................              1.10%                 1.11%
Ratio of net investment loss to average net assets*.............................            (0.62)%               (0.67)%
Portfolio turnover**............................................................                39%                   71%
Total return**..................................................................              3.37%                 0.95%
Net assets at end of period (in thousands)......................................            $75,058               $75,058


------------------
*   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.
</TABLE>


                                      28
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                                  June 30, 2005
                                                                                             -----------------------
                                                        Assets
<S>                                                                                          <C>
     Investments, at value (cost $55,113,160).............................................     $   62,903,999  (a)
     Investments in affiliated issuers, at value (cost $7,435,726)......................            7,435,726
     Cash................................................................................                 108
     Receivable for fund units sold......................................................             107,684
     Dividends and interest receivable...................................................              57,110
     Prepaid expenses....................................................................               4,604
                                                                                             -----------------------
         Total assets....................................................................          70,509,231
                                                                                             -----------------------

                                                     Liabilities

     Payable for collateral received on securities loaned................................           2,811,300
     Payable for investments purchased...................................................           2,149,370
     Payable for fund units redeemed.....................................................             157,104
     Investment advisory fee payable.....................................................              30,728
     State Street Bank and Trust Company--program fee payable............................              14,022
     Trustee, management and administration fees payable.................................               4,339
     American Bar Retirement Association--program fee payable............................               2,285
                                                                                             -----------------------

         Total liabilities...............................................................           5,169,148
                                                                                             -----------------------
Net assets  (equivalent to $14.37 per unit based on 4,546,940 units outstanding).........    $     65,340,083
                                                                                             =======================

(a) Includes securities on loan with a value of $2,722,607



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


                                      29
<PAGE>


<TABLE>
<CAPTION>

        American Bar Association Members/ State Street Collective Trust
                           Mid-Cap Value Equity Fund
                            Statement of Operations
                                   Unaudited

                                                                                    For the period           For the period
                                                                                   April 1, 2005 to        January 1, 2005 to
                                                                                    June 30, 2005            June 30, 2005
                                                                                ---------------------------------------------
<S>                                                                             <C>                       <C>
Investment income
    Dividends .................................................................. $          163,785       $       366,496
    Interest- affiliated issuer.................................................             45,605                72,409
    Securities lending income...................................................                934                 1,131
                                                                                 -------------------      ----------------
                Total investment income.........................................            210,324               440,036
                                                                                 -------------------      ----------------

Expenses
    Investment advisory fee.....................................................             90,309               172,037
    State Street Bank and Trust Company--program fee............................             41,837                80,028
    American Bar Retirement Association--program fee............................              6,766                12,875
    Trustee, management and administration fees.................................             12,863                23,405
    Reports to unitholders......................................................              2,357                 5,255
    Legal and audit fees........................................................              3,391                 7,558
    Compliance consultant fees..................................................              2,860                 6,375
    Registration fees...........................................................                318                   709
    Other fees..................................................................              2,018                 4,499
                                                                                 -------------------      ----------------
                Total expenses                                                              162,719               312,741
                                                                                 -------------------      ----------------

Net investment income...........................................................             47,605               127,295
                                                                                 -------------------      ----------------

Net realized and unrealized gain (loss) on investments
        Net realized gain (loss) on:
                Investments.....................................................            616,978             1,350,609
                Foreign currency transactions...................................               (140)                 (140)
                                                                                 -------------------      ----------------

                        Net realized gain.......................................            616,838             1,350,469
                                                                                 -------------------      ----------------

        Change in unrealized appreciation (depreciation) on:
                Investments.....................................................            928,119            (1,168,120)
                                                                                 -------------------      ----------------
                        Net realized and unrealized gain........................          1,544,957               182,349
                                                                                 -------------------      ----------------


Net increase in net assets resulting from operations............................ $        1,592,562       $       309,644
                                                                                 ===================      ================


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


                                      30
<PAGE>


<TABLE>
<CAPTION>

        American Bar Association Members/ State Street Collective Trust
                           Mid-Cap Value Equity Fund
                      Statement of Changes in Net Assets
                                   Unaudited

                                                                                    For the period           For the period
                                                                                   April 1, 2005 to        January 1, 2005 to
                                                                                    June 30, 2005            June 30, 2005
                                                                                ---------------------------------------------
<S>                                                                             <C>                       <C>
From operations
    Net investment income....................................................... $           47,605        $      127,295
    Net realized gain...........................................................            616,838             1,350,469
    Change in net unrealized appreciation (depreciation) on investments.........            928,119            (1,168,120)
                                                                                 -------------------       ---------------
          Net increase in net assets resulting from operations..................          1,592,562               309,644
                                                                                 -------------------       ---------------

From unitholder transactions
    Proceeds from units issued..................................................          5,867,381            13,408,113
    Cost of units redeemed......................................................         (1,021,133)           (1,740,545)
                                                                                 -------------------       ---------------
          Net increase in net assets resulting from unitholder transactions.....          4,846,248            11,667,568
                                                                                 -------------------       ---------------
          Net increase in net assets............................................          6,438,810            11,977,212

Net Assets
    Beginning of period.........................................................         58,901,273            53,362,871
                                                                                 -------------------       ---------------
    End of period............................................................... $       65,340,083        $   65,340,083
                                                                                 ===================       ===============

Number of units
    Outstanding-beginning of period.............................................          4,201,215             3,713,649
        Issued..................................................................            418,979               957,861
        Redeemed................................................................            (73,254)             (124,570)
                                                                                 -------------------       ---------------

    Outstanding-end of period...................................................          4,546,940             4,546,940
                                                                                 ===================       ===============


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


                                      31
<PAGE>


<TABLE>
<CAPTION>

        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 period           For the period
                                                                                   April 1, 2005 to        January 1, 2005 to
                                                                                    June 30, 2005            June 30, 2005
                                                                                ---------------------------------------------
<S>                                                                             <C>                       <C>
Investment income+.............................................................. $             0.05       $          0.10
Net expenses(+)++...............................................................              (0.04)                (0.07)
                                                                                 -------------------       ---------------

Net investment income...........................................................               0.01                  0.03
Net realized and unrealized gain (loss).........................................               0.34                 (0.03)
                                                                                 -------------------       ---------------

Net increase in unit value(a)...................................................               0.35                  0.00
Net asset value at beginning of period..........................................              14.02                 14.37
                                                                                 -------------------       ---------------

Net asset value at end of period................................................ $            14.37       $         14.37
                                                                                 ===================       ===============

Ratio of net expenses to average net assets*++..................................              1.05%                 1.06%
Ratio of net investment income to average net assets*...........................              0.31%                 0.43%
Portfolio turnover**............................................................                 6%                   14%
Total return**..................................................................              2.44%                 0.00%
Net assets at end of period (in thousands)......................................            $65,340               $65,340


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


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


                                      32
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                                      June 30, 2005
                                                                                                     ---------------
                                                  Assets
<S>                                                                                                 <C>
     Investments, at value (cost $273,210,386)...........................................           $    291,048,194   (a)
     Investments in affiliated issuers, at value (cost $79,444,323)......................                 79,444,323
     Cash................................................................................                     54,429
     Receivable for investments sold.....................................................                  1,833,256
     Dividends and interest receivable...................................................                    200,514
     Prepaid expenses....................................................................                      6,792
                                                                                                     ---------------
           Total assets..................................................................                372,587,508
                                                                                                     ---------------
                                               Liabilities
     Payable for collateral received on securities loaned................................                 62,380,132
     Payable for investments purchased...................................................                  2,367,646
     Payable for fund units redeemed.....................................................                    831,942
     Investment advisory fee payable.....................................................                    238,100
     State Street Bank and Trust Company--program fee payable............................                     65,897
     Trustee, management and administration fees payable.................................                     20,481
     American Bar Retirement Association--program fee payable............................                     10,808
                                                                                                     ---------------
           Total liabilities.............................................................                 65,915,006
                                                                                                     ---------------
Net assets (equivalent to $63.76 per unit based on 4,809,536 units outstanding...........            $   306,672,502
                                                                                                     ===============


(a) Includes securities on loan with a value of $60,425,124.



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


                                      33
<PAGE>


<TABLE>
<CAPTION>

        American Bar Association Members/ State Street Collective Trust
                             Small-Cap Equity Fund
                            Statement of Operations
                                   Unaudited

                                                                                    For the period            For the period
                                                                                   April 1, 2005 to         January 1, 2005 to
                                                                                    June 30, 2005             June 30, 2005
                                                                                    -------------             -------------
<S>                                                                                     <C>                    <C>
Investment income
      Dividends............................................................             $598,221               $1,195,588
      Interest- affiliated issuers.........................................               55,278                   97,273
      Securities lending income............................................               69,031                  118,340
                                                                                    -------------             -------------
                         Total investment income...........................              722,530                1,411,201
                                                                                    -------------             -------------

Expenses
      Investment advisory fee..............................................              390,966                  781,368
      State Street Bank and Trust Company--program fee.....................              198,012                  405,194
      American Bar Retirement Association--program fee.....................               32,030                   65,168
      Trustee, management and administration fees..........................               60,894                  118,072
      Reports to unitholders...............................................               11,161                   27,132
      Legal and audit fees.................................................               16,051                   39,022
      Compliance consultant fees...........................................               13,539                   32,913
      Registration fees....................................................                1,508                    3,666
      Other fees...........................................................                9,555                   23,226
                                                                                    -------------             -------------
                         Total expenses....................................              733,716                1,495,761
                                                                                    -------------             -------------
Net investment loss........................................................              (11,186)                 (84,560)
                                                                                    -------------             -------------
Net realized and unrealized gain (loss) on investments
                Net realized gain (loss) ..................................             (932,954)               5,061,386
                Change in net unrealized appreciation (depreciation) ......           12,643,256               (6,571,993)
                                                                                    -------------             -------------
                         Net realized and unrealized gain (loss)...........           11,710,302               (1,510,607)
                                                                                    -------------             -------------

Net increase (decrease) in net assets resulting from operations............          $11,699,116              $(1,595,167)
                                                                                     ===========              ===========



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


                                      34
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                    For the period            For the period
                                                                                   April 1, 2005 to         January 1, 2005 to
                                                                                    June 30, 2005             June 30, 2005
                                                                                    -------------             -------------
<S>                                                                                  <C>                       <C>
From operations

      Net investment loss...........................................................     $(11,186)                $(84,560)
      Net realized gain (loss) .....................................................     (932,954)               5,061,386
      Change in net unrealized appreciation (depreciation) on investments...........   12,643,256               (6,571,993)
                                                                                    -------------             -------------
                Net increase (decrease) in net assets resulting from operations.....   11,699,116               (1,595,167)
                                                                                    -------------             -------------

From unitholder transactions
      Proceeds from units issued....................................................    2,631,050                4,890,701
      Cost of units redeemed........................................................   (7,319,516)             (16,656,818)
                                                                                    -------------             -------------
                Net decrease in net assets resulting from unitholder transactions...   (4,688,466)             (11,766,117)
                                                                                    -------------             -------------
                Net increase (decrease) in net assets...............................    7,010,650              (13,361,284)
Net Assets
      Beginning of period...........................................................  299,661,852              320,033,786
                                                                                    -------------             -------------
      End of period................................................................. $306,672,502             $306,672,502
                                                                                    =============             =============

Number of units
      Outstanding-beginning of period...............................................    4,886,029                5,000,918
          Issued....................................................................       43,942                   80,701
          Redeemed..................................................................     (120,435)                (272,083)
                                                                                    -------------             -------------

      Outstanding-end of period.....................................................    4,809,536                4,809,536
                                                                                    =============             =============


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


                                      35
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                    For the period            For the period
                                                                                   April 1, 2005 to         January 1, 2005 to
                                                                                    June 30, 2005             June 30, 2005
                                                                                    -------------             -------------
<S>                                                                                  <C>                       <C>
Investment income+.............................................................           $0.15                      $0.29
Net expenses(+)++..............................................................           (0.15)                     (0.31)
                                                                                    -------------             -------------
Net investment loss............................................................           (0.00)                     (0.02)
Net realized and unrealized gain (loss)........................................            2.43                      (0.22)
                                                                                    -------------             -------------
Net increase (decrease) in unit value..........................................            2.43                      (0.24)
Net asset value at beginning of period.........................................           61.33                      64.00
                                                                                    -------------             -------------
Net asset value at end of period...............................................          $63.76                     $63.76
                                                                                    =============             =============

Ratio of net expenses to average net assets*++.................................           1.00%                      1.00%
Ratio of net investment loss to average net assets*............................         (0.02)%                    (0.06)%
Portfolio turnover**...........................................................             16%                        30%
Total return**.................................................................           3.96%                    (0.38)%
Net assets at end of period (in thousands).....................................        $306,673                   $306,673


===================
*    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.
</TABLE>


                                      36
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                                      June 30, 2005
                                                                                                     ---------------
                                                  Assets
<S>                                                                                                 <C>

Investments in affiliated fund, at contract value:
     State Street Bank ABA Members/Pooled Stable Asset Fund Trust
                (cost $891,810,550 and units of 891,810,550)......................................... $891,810,550
     Prepaid expenses................................................................................            5
                                                                                                     ---------------
           Total assets..............................................................................  891,810,555
                                                                                                     ---------------
                                                Liabilities
     Payable for fund units redeemed.................................................................      409,412
     State Street Bank and Trust Company--program fee payable........................................      191,541
     Trustee, management and administration fees payable.............................................       59,506
     American Bar Retirement Association--program fee payable........................................       31,425
                                                                                                     ---------------
           Total liabilities.........................................................................      691,884
                                                                                                     ---------------
Net assets (equivalent to $30.04 per unit based on 29,668,636 units outstanding)..................... $891,118,671
                                                                                                     ===============


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


                                      37
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                    For the period            For the period
                                                                                   April 1, 2005 to         January 1, 2005 to
                                                                                    June 30, 2005             June 30, 2005
                                                                                    ---------------------------------------
<S>                                                                                     <C>                    <C>
Interest income................................................................       $8,335,875               $16,077,033
                                                                                    --------------            -------------
Expenses
      State Street Bank and Trust Company--program fee.........................          589,193                 1,172,869
      American Bar Retirement Association--program fee.........................           95,305                   188,718
      Trustee, management and administration fees..............................          181,193                   342,354
      Reports to unitholders...................................................           33,212                    78,353
      Legal and audit fees.....................................................           47,768                   112,693
      Compliance consultant fees...............................................           40,289                    95,050
      Registration fees........................................................            4,487                    10,585
      Other fees...............................................................           28,432                    67,078
                                                                                    --------------            -------------
                Total expenses.................................................        1,019,879                 2,067,700
                                                                                    --------------            -------------
Net investment income and net increase in net assets resulting from operations.       $7,315,996               $14,009,333
                                                                                    ==============            =============

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


                                      38
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                    For the period            For the period
                                                                                   April 1, 2005 to         January 1, 2005 to
                                                                                    June 30, 2005             June 30, 2005
                                                                                    -------------             -------------
<S>                                                                                  <C>                       <C>
From operations
      Net investment income and net increase in net assets resulting
        from operations..............................................................  $7,315,996               $14,009,333
                                                                                    --------------            -------------
From unitholder transactions
      Proceeds from units issued.....................................................  43,015,790                67,457,313
      Cost of units redeemed......................................................... (25,496,686)              (54,678,032)
                                                                                    --------------            -------------
                 Net increase in net assets resulting from unitholder transactions...  17,519,104                12,779,281
                                                                                    --------------            -------------
                 Net increase in net assets..........................................  24,835,100                26,788,614
Net Assets
      Beginning of period............................................................ 866,283,571               864,330,057
                                                                                    --------------            -------------
      End of period..................................................................$891,118,671              $891,118,671
                                                                                    ==============            =============

Number of units
      Outstanding-beginning of period................................................  29,082,658                29,243,928
           Issued....................................................................   1,439,539                 2,262,599
           Redeemed..................................................................    (853,561)               (1,837,891)
                                                                                    --------------            -------------

      Outstanding-end of period......................................................  29,668,636                29,668,636
                                                                                    ==============            =============


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


                                      39
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                    For the period            For the period
                                                                                   April 1, 2005 to         January 1, 2005 to
                                                                                    June 30, 2005             June 30, 2005
                                                                                    -------------             -------------
<S>                                                                                  <C>                       <C>

Investment income+...............................................................          $0.28                      $0.55
Net expenses(+)++................................................................          (0.03)                     (0.07)
                                                                                    --------------            -------------
Net investment income ...........................................................           0.25                       0.48
                                                                                    --------------            -------------
Net increase in unit value.......................................................           0.25                       0.48
Net asset value at beginning of period...........................................          29.79                      29.56
                                                                                    --------------            -------------
Net asset value at end of period.................................................         $30.04                     $30.04
                                                                                    ==============            =============

Ratio of net expenses to average net assets*++...................................           0.47%                     0.48%
Ratio of net investment income to average net assets*............................           3.34%                     3.25%
Total return**...................................................................           0.84%                     1.62%
Net assets at end of period (in thousands).......................................        $891,119                  $891,119



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


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


                                      40
<PAGE>


<TABLE>
<CAPTION>

             Structured Portfolio Service - Conservative Portfolio
                      Statement of Assets and Liabilities
                                   Unaudited

                                                                                                       June 30, 2005
                                                                                                       --------------
<S>                                                                                                    <C>
                                                         Assets
American Bar Association Members / State Street Collective Trust investment funds, at value
         Stable Asset Return Fund (cost $17,678,409 and units of 621,809).............................. $18,676,482
         Intermediate Bond Fund (cost $20,002,973 and units of 1,130,469)..............................  21,789,230
         Large Cap Value Equity Fund (cost $3,388,257 and units of 126,000)............................   4,357,846
         Large Cap Growth Equity Fund (cost $3,718,642 and units of 95,739)............................   4,357,846
         Index Equity Fund (cost $7,071,962 and units of 289,196)......................................   8,715,692
         International Equity Fund (cost $3,317,339 and units of 200,391)..............................   4,357,846
         Receivable for collective investments sold....................................................     369,649
                                                                                                       --------------
                  Total assets.........................................................................  62,624,591
                                                                                                       --------------
                                                      Liabilities
         Payable for fund units redeemed...............................................................     369,649
                                                                                                       --------------
                  Total liabilities....................................................................     369,649
                                                                                                       --------------
Net assets (equivalent to $19.53 per unit based on 3,187,877 units outstanding)........................ $62,254,942
                                                                                                       ==============

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


                                      41
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                                          For the       For the
                                                                                                          period        period
                                                                                                         April 1,     January 1,
                                                                                                          2005 to       2005 to
                                                                                                         June 30,      June 30,
                                                                                                           2005          2005
                                                                                                       ---------------------------
<S>                                                                                                    <C>           <C>
Investment income...................................................................................... $        -    $        -
                                                                                                       ------------- -------------
Net realized and unrealized gain (loss) on collective investment funds:
         Net realized gain.............................................................................    534,068     1,091,425
         Change in net unrealized appreciation (depreciation)..........................................    615,740      (227,189)
                                                                                                       ------------- -------------
                  Net realized and unrealized gain.....................................................  1,149,808       864,236
                                                                                                       ------------- -------------
Net increase in net assets resulting from operations................................................... $1,149,808    $  864,236
                                                                                                       ============= =============

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


                                      42
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                                         For the       For the
                                                                                                          period        period
                                                                                                         April 1,     January 1,
                                                                                                          2005 to       2005 to
                                                                                                         June 30,      June 30,
                                                                                                           2005          2005
                                                                                                       ------------- -------------
<S>                                                                                                    <C>           <C>
From operations
         Net investment income......................................................................... $         -   $         -
         Net realized gain on investments..............................................................     534,068     1,091,425
         Change in net unrealized appreciation (depreciation)..........................................     615,740      (227,189)
                                                                                                       ------------- -------------
                  Net increase in net assets resulting from operations.................................   1,149,808       864,236
                                                                                                       ------------- -------------
From unitholder transactions
         Proceeds from units issued....................................................................   3,604,158     8,503,135
         Cost of units redeemed........................................................................  (1,486,612)   (3,175,902)
                                                                                                       ------------- -------------
                  Net increase in net assets resulting from unitholder transactions....................   2,117,546     5,327,233
                                                                                                       ------------- -------------

                  Net increase in net assets...........................................................   3,267,354     6,191,469
Net Assets
         Beginning of period...........................................................................  58,987,588    56,063,473
                                                                                                       ------------- -------------
         End of period................................................................................. $62,254,942   $62,254,942
                                                                                                       ============= =============

Number of units
         Outstanding-beginning of period...............................................................   3,077,209     2,910,075
                  Issued...............................................................................     187,335       442,542
                  Redeemed.............................................................................     (76,667)     (164,740)
                                                                                                       ------------- -------------
         Outstanding-end of period.....................................................................   3,187,877     3,187,877
                                                                                                       ============= =============

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


                                      43
<PAGE>


<TABLE>
<CAPTION>

        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        For the
                                                                                                          period         period
                                                                                                         April 1,      January 1,
                                                                                                          2005 to        2005 to
                                                                                                         June 30,       June 30,
                                                                                                           2005           2005
                                                                                                       ------------- -------------
<S>                                                                                                    <C>           <C>
Investment income+.....................................................................................     $0.00         $0.00
Net expenses(+)++......................................................................................      0.00          0.00
                                                                                                       ------------- -------------

Net investment income..................................................................................      0.00          0.00
Net realized and unrealized gain.......................................................................      0.36          0.26
                                                                                                       ------------- -------------

Net increase in unit value.............................................................................      0.36          0.26
Net asset value at beginning of period.................................................................     19.17         19.27
                                                                                                       ------------- -------------
Net asset value at end of period.......................................................................    $19.53        $19.53
                                                                                                       ============= =============

Ratio of net expenses to average net assets*++.........................................................     0.00%         0.00%
Ratio of net investment income to average net assets*..................................................     0.00%         0.00%
Portfolio turnover**+++................................................................................        4%            8%
Total return**.........................................................................................     1.88%         1.35%
Net assets at end of period (in thousands).............................................................   $62,255       $62,255

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

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


                                      44
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                                       June 30, 2005
                                                                                                       --------------
<S>                                                                                                    <C>
                                                         Assets
American Bar Association Members / State Street Collective Trust investment funds, at value
         Stable Asset Return Fund (cost $21,668,874 and units of 764,061)..............................   $22,949,132
         Intermediate Bond Fund (cost $63,017,439 and units of 3,571,940)..............................    68,847,396
         Large Cap Value Equity Fund (cost $16,487,103 and units of 597,181)...........................    20,654,219
         Large Cap Growth Equity Fund (cost $18,466,574 and units of 453,758)..........................    20,654,219
         Index Equity Fund (cost $44,632,271 and units of 1,751,399)...................................    52,783,003
         Mid-Cap Value Equity Fund (cost $3,670,204 and units of 319,400)..............................     4,589,826
         Mid-Cap Growth Equity Fund (cost $3,671,503 and units of 241,070).............................     4,589,826
         International Equity Fund (cost $26,899,019 and units of 1,582,934)...........................    34,423,698
         Receivable for collective investments sold....................................................     1,922,887
                                                                                                       --------------
                  Total assets.........................................................................   231,414,206
                                                                                                       --------------
                                                      Liabilities
         Payable for portfolio units redeemed..........................................................     1,922,887
                                                                                                       --------------
                  Total liabilities....................................................................     1,922,887
                                                                                                       --------------
Net assets (equivalent to $20.76 per unit based on 11,055,719 units outstanding).......................  $229,491,319
                                                                                                       ==============


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


                                      45
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                                          For the       For the
                                                                                                          period        period
                                                                                                         April 1,     January 1,
                                                                                                          2005 to       2005 to
                                                                                                         June 30,      June 30,
                                                                                                           2005          2005
                                                                                                       ---------------------------
<S>                                                                                                    <C>           <C>
Investment income......................................................................................  $        -    $        -
                                                                                                       ------------- -------------

Net realized and unrealized gain (loss) on collective investment funds:
         Net realized gain.............................................................................   1,988,317     2,922,935
         Change in net unrealized appreciation (depreciation)..........................................   2,324,751      (731,096)
                                                                                                       ------------- -------------
                  Net realized and unrealized gain.....................................................   4,313,068     2,191,839
                                                                                                       ------------- -------------
Net increase in net assets resulting from operations...................................................  $4,313,068    $2,191,839
                                                                                                       ============= =============


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


                                      46
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                                          For the       For the
                                                                                                          period        period
                                                                                                         April 1,     January 1,
                                                                                                          2005 to       2005 to
                                                                                                         June 30,      June 30,
                                                                                                           2005          2005
                                                                                                       ------------- -------------
<S>                                                                                                    <C>           <C>
From operations
         Net investment income.........................................................................$          -  $          -
         Net realized gain on investments..............................................................   1,988,317     2,922,935
         Change in net unrealized appreciation (depreciation)..........................................   2,324,751      (731,096)
                                                                                                       ------------- -------------
                  Net increase in net assets resulting from operations.................................   4,313,068     2,191,839
                                                                                                       ------------- -------------

From unitholder transactions
         Proceeds from units issued....................................................................  12,037,384    33,548,932
         Cost of units redeemed........................................................................  (8,592,620)   (9,771,432)
                                                                                                       ------------- -------------
                  Net increase in net assets resulting from unitholder transactions....................   3,444,764    23,777,500
                                                                                                       ------------- -------------

                  Net increase in net assets...........................................................   7,757,832    25,969,339

Net Assets
         Beginning of period........................................................................... 221,733,487   203,521,980
                                                                                                       ------------- -------------
         End of period.................................................................................$229,491,319  $229,491,319
                                                                                                       ============= =============

Number of units
         Outstanding-beginning of period...............................................................  10,887,305     9,890,662
                  Issued...............................................................................     590,438     1,644,893
                  Redeemed.............................................................................    (422,024)     (479,836)
                                                                                                       ------------- -------------
         Outstanding-end of period.....................................................................  11,055,719    11,055,719
                                                                                                       ============= =============

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


                                      47
<PAGE>


<TABLE>
<CAPTION>

        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       For the
                                                                                                          period        period
                                                                                                         April 1,     January 1,
                                                                                                          2005 to       2005 to
                                                                                                         June 30,      June 30,
                                                                                                           2005          2005
                                                                                                       ------------- -------------
<S>                                                                                                    <C>           <C>
Investment income+.....................................................................................     $0.00         $0.00
Net expenses(+)++......................................................................................      0.00          0.00
                                                                                                       ------------- -------------

Net investment income..................................................................................      0.00          0.00
Net realized and unrealized gain.......................................................................      0.39          0.18
                                                                                                       ------------- -------------

Net increase in unit value.............................................................................      0.39          0.18
Net asset value at beginning of period.................................................................     20.37         20.58
                                                                                                       ------------- -------------
Net asset value at end of period.......................................................................    $20.76        $20.76
                                                                                                       ============= =============

Ratio of net expenses to average net assets*++.........................................................     0.00%         0.00%
Ratio of net investment income to average net assets*..................................................     0.00%         0.00%
Portfolio turnover**+++................................................................................        6%            8%
Total return**.........................................................................................     1.91%         0.87%
Net assets at end of period (in thousands).............................................................  $229,491      $229,491

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

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


                                      48
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                                        June 30, 2005
                                                                                                       --------------
<S>                                                                                                    <C>
                                                         Assets
American Bar Association Members / State Street Collective Trust investment funds, at value
         Intermediate Bond Fund (cost $22,852,275 and units of 1,290,030).............................. $ 24,864,702
         Large Cap Value Equity Fund (cost $16,864,658 and units of 623,064)...........................   21,549,408
         Large Cap Growth Equity Fund (cost $19,345,846 and units of 473,424)..........................   21,549,408
         Index Equity Fund (cost $45,033,810 and units of 1,650,078)...................................   49,729,404
         Mid-Cap Value Equity Fund (cost $3,874,115 and units of 346,061)..............................    4,972,941
         Mid-Cap Growth Equity Fund (cost $3,826,387 and units of 261,192).............................    4,972,941
         Small Cap Equity Fund (cost $4,236,747 and units of 77,991)...................................    4,972,941
         International Equity Fund (cost $26,802,292 and units of 1,524,500)...........................   33,152,935
         Receivable for collective investments sold....................................................    1,366,874
                                                                                                       --------------
                  Total assets.........................................................................  167,131,554
                                                                                                       --------------
                                                      Liabilities
         Payable for portfolio units redeemed..........................................................    1,366,874
                                                                                                       --------------
                  Total liabilities....................................................................    1,366,874
                                                                                                       --------------
Net assets (equivalent to $21.49 per unit based on 7,712,461 units outstanding)........................ $165,764,680
                                                                                                       ==============

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


                                      49
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                                           For the       For the
                                                                                                           period        period
                                                                                                          April 1,     January 1,
                                                                                                           2005 to       2005 to
                                                                                                          June 30,      June 30,
                                                                                                            2005          2005
                                                                                                       ---------------------------
<S>                                                                                                    <C>           <C>
Investment income......................................................................................  $        -    $        -
                                                                                                       ------------- -------------
Net realized and unrealized gain (loss) on collective investment funds:
         Net realized gain.............................................................................   1,185,515     1,596,079
         Change in net unrealized appreciation (depreciation)..........................................   1,843,755      (934,705)
                                                                                                       ------------- -------------
                  Net realized and unrealized gain.....................................................   3,029,270       661,374
                                                                                                       ------------- -------------
Net increase in net assets resulting from operations...................................................  $3,029,270    $  661,374
                                                                                                       ============= =============

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


                                      50
<PAGE>


<TABLE>
<CAPTION>

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

                                                                                                          For the      For the
                                                                                                           period       period
                                                                                                          April 1,    January 1,
                                                                                                           2005 to      2005 to
                                                                                                          June 30,     June 30,
                                                                                                            2005         2005
                                                                                                       ------------- -------------
<S>                                                                                                    <C>           <C>
From operations
         Net investment income.........................................................................$          -  $          -
         Net realized gain on investments..............................................................   1,185,515     1,596,079
         Change in net unrealized appreciation (depreciation)..........................................   1,843,755      (934,705)
                                                                                                       ------------- -------------
                  Net increase in net assets resulting from operations.................................   3,029,270       661,374
                                                                                                       ------------- -------------
From unitholder transactions
         Proceeds from units issued....................................................................   7,395,251    18,014,704
         Cost of units redeemed........................................................................  (2,384,971)   (3,663,144)
                                                                                                       ------------- -------------
                  Net increase in net assets resulting from unitholder transactions....................   5,010,280    14,351,560
                                                                                                       ------------- -------------

                  Net increase in net assets...........................................................   8,039,550    15,012,934
Net Assets
         Beginning of period........................................................................... 157,725,130   150,751,746
                                                                                                       ------------- -------------
         End of period.................................................................................$165,764,680  $165,764,680
                                                                                                       ============= =============

Number of units
         Outstanding-beginning of period...............................................................   7,476,424     7,033,101
                  Issued...............................................................................     348,094       851,070
                  Redeemed.............................................................................    (112,057)     (171,710)
                                                                                                       ------------- -------------
         Outstanding-end of period.....................................................................   7,712,461     7,712,461
                                                                                                       ============= =============


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


                                      51
<PAGE>


<TABLE>
<CAPTION>

        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        For the
                                                                                                          period         period
                                                                                                         April 1,      January 1,
                                                                                                          2005 to        2005 to
                                                                                                         June 30,       June 30,
                                                                                                           2005           2005
                                                                                                       ------------- -------------
<S>                                                                                                    <C>           <C>
Investment income+.....................................................................................     $0.00         $0.00
Net expenses(+)++......................................................................................      0.00          0.00
                                                                                                       ------------- -------------

Net investment income..................................................................................      0.00          0.00
Net realized and unrealized gain.......................................................................      0.39          0.06
                                                                                                       ------------- -------------
Net increase in unit value.............................................................................      0.39          0.06
Net asset value at beginning of period.................................................................     21.10         21.43
                                                                                                       ------------- -------------
Net asset value at end of period.......................................................................    $21.49        $21.49
                                                                                                       ============= =============

Ratio of net expenses to average net assets*++.........................................................     0.00%         0.00%
Ratio of net investment income to average net assets*..................................................     0.00%         0.00%
Portfolio turnover**+++................................................................................        3%            5%
Total return**.........................................................................................     1.85%         0.28%
Net assets at end of period (in thousands).............................................................  $165,765      $165,765

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

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


                                      52
<PAGE>




        American Bar Association Members/State Street Collective Trust

                    Unaudited Notes to Financial Statements


1.    Description of the Trust

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

              Balanced Fund--current income and long-term capital appreciation
       through investment in common stocks, other equity-type securities and
       debt securities. Since July 1, 2004, the debt portion of the Balanced
       Fund has been invested through the American Bar Association
       Members/State Street Collective Trust Intermediate Bond Fund. Prior to
       July 1, 2004, the debt portion had been invested in separately owned
       securities. As of June 30, 2005, 39.0% 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 investible
       assets in the State Street Bank and Trust Company Russell 3000 Index
       Securities Lending Fund, a separate State Street Bank collective
       investment fund which invests in securities contained in the Russell
       3000 Index. This underlying fund's financial statements are available
       from State Street Bank upon request.

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

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

              Large-Cap Growth Equity Fund--long term growth of capital and
       some dividend income through investment in common stocks and
       equity-type securities of large, well established companies. Currently
       invests in common stocks and the State Street Bank and Trust Company
       Russell 1000 Growth Index Securities Lending Fund, a separate State
       Street Bank collective investment fund which invests in securities
       contained in the Russell 1000 Growth Index. As of June 30, 2005, 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 financial statements are available from State Street
       Bank upon request.

              Large-Cap Value Equity Fund--long term growth of capital and
       dividend income through investment in common stocks, primarily of large
       capitalization companies believed to be undervalued. Currently invests
       in common stocks and the State Street Bank and Trust Company Russell
       1000 Value Index Securities Lending Fund, a separate State Street Bank
       collective investment fund which invests in securities contained in the
       Russell 1000 Value Index. As of June 30, 2005, 23.8% of the Fund's net
       assets were invested in the State Street Bank and Trust Company Russell
       1000 Value Index Securities Lending Fund. This underlying fund's
       financial statements are available from State Street Bank upon request.


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


                                      53
<PAGE>


        American Bar Association Members/State Street Collective Trust

            Unaudited Notes to Financial Statements -- (Continued)


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

              Small-Cap Equity Fund--long term growth of capital through
       investment in common stocks of small companies believed to have strong
       appreciation potential.

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

              Structured Portfolio Service

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

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

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

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

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

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

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

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

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


                                      54
<PAGE>


        American Bar Association Members/State Street Collective Trust

            Unaudited Notes to Financial Statements -- (Continued)

2.    Summary of Significant Accounting Policies

       The accompanying statements of assets and liabilities and the related
statements of operations and of changes in net assets and certain financial
data have been prepared in conformity with accounting principles generally
accepted in the United States of America. Such principles were applied on a
basis consistent with those reflected in the 2004 Annual Report on Form 10-K
of the Trust as filed with the Securities and Exchange Commission. The
accompanying financial data should be read in conjunction with these Notes to
the Financial Statements. In the opinion of management, the accompanying
financial statements contain all adjustments (consisting solely of normal
recurring accruals) necessary to present fairly the financial position of the
Balanced Fund, Index Equity Fund, Intermediate Bond Fund, International Equity
Fund, Large-Cap Growth Equity Fund, Large-Cap Value Equity Fund, Mid-Cap
Growth Equity Fund, Mid-Cap Value Equity Fund, Small-Cap Equity Fund, Stable
Asset Return Fund, Conservative Structured Portfolio Service, Moderate
Structured Portfolio Service and Aggressive Structured Portfolio Service as of
June 30, 2005 and the results of each of their operations, the changes in each
of their net assets and certain financial data for the six-month period ended
June 30, 2005.

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

        A.     Security Valuation

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

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

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

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

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

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

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


                                      55
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        American Bar Association Members/State Street Collective Trust

            Unaudited Notes to Financial Statements -- (Continued)

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

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

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

       B.     Security Transactions and Related Investment Income

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

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

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


       C.    Foreign Currency Transactions

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


                                      56
<PAGE>


        American Bar Association Members/State Street Collective Trust

            Unaudited Notes to Financial Statements -- (Continued)

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

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

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

       D.    Income Taxes

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

       E.    Sales and Redemptions of Units of Participation and Distributions

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

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

       F.    TBA Commitments and Roll Transactions

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

 G.    Futures Contracts

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


                                      57
<PAGE>


        American Bar Association Members/State Street Collective Trust

            Unaudited Notes to Financial Statements -- (Continued)

the Fund (with respect to the portion of its portfolio that is held in cash
items). Buying futures tends to increase a fund's exposure to the underlying
instrument. Selling futures tends to decrease a fund's exposure to the
underlying instrument, or hedge other investments. Futures contracts involve,
to varying degrees, credit and market risks.

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

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

       At June 30, 2005, the Intermediate Bond Fund held the following futures
contracts:

<TABLE>
<CAPTION>

                                                                                                                      Unrealized
                                                                                                                     Appreciation
Futures Contracts                             Number of Contracts      Notional Cost       Settlement Month         (Depreciation)
-----------------                             -------------------      ----------------    ----------------        -----------------
Long
----
<S>                                                    <C>             <C>                  <C>                    <C>
Eurodollar Futures.........................            358             $     86,097,688        December 2005       $    (150,837)
Eurodollar Futures.........................            277                   66,516,425           March 2006             (29,500)
Eurodollar Futures.........................             78                   18,726,825        December 2006             (15,600)
Germany Federal Republic Bonds........                  32                    4,748,805       September 2005               32,521
UK Treasury Bonds..........................              8                    1,630,830       September 2005                6,597
U.S. Treasury Notes 5 Year.................            364                   39,689,766       September 2005             (53,579)
                                                                                                                   -----------------
                                                                                                                        (210,398)
                                                                                                                   -----------------
Short
-----
U.S Treasury Bonds.........................            (2)                     (232,672)      September 2005              (4,828)
                                                                                                                   -----------------
                                                                                                                   $    (215,226)
                                                                                                                   =================
</TABLE>

       H.    Forward Foreign Currency Contracts

       The Intermediate Bond Fund and the International Equity Fund may use
forward foreign currency contracts to facilitate transactions in foreign
securities or as a hedge against the foreign currency exposure of either
specific transactions or portfolio positions. When entering into a forward
foreign currency contract, the Fund agrees to receive or deliver a fixed
quantity of foreign currency for an agreed-upon price on an agreed-upon future
date. Such contracts are valued based upon the difference in the forward
exchange rates at the dates of entry into the contracts and the forward rates
at the reporting date, and any resulting unrealized gains or losses are
recorded in the Fund's financial statements. The Fund records realized gains
or losses at the time the forward contract is extinguished by entry into a
closing transaction or by delivery of the currency. Risks in foreign currency
contracts arise from the possible inability of counterparties to meet the
contracts' terms and from movements in currency values. As of June 30, 2005,
the Intermediate Bond Fund held the following forward foreign currency
contracts:

<TABLE>
<CAPTION>

                                                                                                                 Unrealized
                                               Principal Amount                              Settlement         Appreciation
Type                    Currency              Covered by Contract     US Dollar Cost             Date          (Depreciation)
----                    ---------------       -------------------     --------------     ----------------      --------------
<S>                     <C>                   <C>                     <C>                <C>                   <C>
Bought..........        Euro                  $           187,000     $       226,162             7/26/05      $          276
Sold............        Euro                            2,808,000           3,401,274             7/26/05               1,071
Sold............        Euro                            2,808,000           3,397,315             7/26/05             (2,889)
Bought..........        Japanese Yen                  466,000,000           4,268,189             7/01/05            (66,192)
Sold............        Japanese Yen                  407,928,000           3,731,145             7/01/05              52,800
Bought..........        Pound Sterling                    174,000             316,416             7/19/05             (4,701)
Sold............        Pound Sterling                    208,000             372,074             7/19/05               (550)
                                                                                                               --------------
                                                                                                               $    (20,185)
                                                                                                               --------------
</TABLE>


                                      58
<PAGE>


        American Bar Association Members/State Street Collective Trust

            Unaudited Notes to Financial Statements -- (Continued)

       I.    Interest Rate Swap Contracts

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

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

       At June 30, 2005, the Intermediate Bond Fund held the following
interest rate swap contracts:

<TABLE>
<CAPTION>

                                                                            Rate Type
                                                           ----------------------------------------
                                                                                                        Unrealized
 Notional                 Swap             Termination                                                 Appreciation
  Amount              Counterparty             Date             Floating Rate         Fixed Rate      (Depreciation)
--------------    --------------------     -----------        ------------------      ----------    -------------------
<S>               <C>                       <C>               <C>                        <C>           <C>
 8,000,000 GBP    Barclays Capital (a)       9/15/2010        6 Month GBP LIBOR          5.00%         $   131,097
 4,000,000 GBP    Barclays Capital (b)      12/15/2034        6 Month GBP LIBOR          5.00%            (66,302)
 3,600,000 EUR    Barclays Capital (b)      12/15/2014        6 Month EURO LIBOR         4.00%            (33,001)
 1,900,000 USD    Citigroup (a)             12/15/2025        3 Month USD LIBOR          5.00%               6,045
 8,000,000 USD    Goldman Sachs (a)          9/15/2005        3 Month USD LIBOR          3.25%              24,798
26,700,000 USD    Lehman Brothers (b)       12/15/2010        3 Month USD LIBOR          4.00%            (33,890)
24,400,000 USD    Lehman Brothers (a)       12/15/2015        3 Month USD LIBOR          5.00%              94,939
 6,800,000 EUR    UBS (b)                    6/16/2014        6 Month EURO LIBOR         5.00%           (380,316)
                                                                                                    -------------------
                                                                                                       $ (256,630)
                                                                                                    ===================
</TABLE>

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

       J.    Option and Swaption Contracts

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

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


                                      59
<PAGE>


        American Bar Association Members/State Street Collective Trust

            Unaudited Notes to Financial Statements -- (Continued)

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

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

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

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

       A summary of the written put options and swaptions for the six-month
period ended June 30, 2005 is as follows:

<TABLE>
<CAPTION>

Written Put Option/Swaption Contracts                                          Number of Contracts     Premium
                                                                         ---------------------------------------------
<S>                                                                                  <C>          <C>
Outstanding, beginning of year.......................................                13,274       $     146,112
                                                                         =============================================
Options written......................................................                   291             112,649
Options exercised....................................................                    --                  --
Options expired......................................................                 (565)           (223,791)
Options closed.......................................................                    --                  --
                                                                         ---------------------------------------------
Outstanding, end of period...........................................                13,000       $      34,970
                                                                         =============================================

       At June 30, 2005, the Fund held the following written put swaptions
contract:

Security                                                                         Contracts               Appreciation
--------                                                                         ---------               ------------
Pay fixed 6.50%, receive LIBOR, commencing March 7, 2006.............              13,000                $    34,970

       A summary of the written call options and swaptions for the six-month
period ended June 30, 2005 is as follows:

Written Call Option/Swaption Contracts                                       Number of Contracts           Premium
                                                                         ---------------------------------------------
Outstanding, beginning of year.......................................                13,304       $     156,303
                                                                         =============================================
Options written......................................................                   386             136,603
Options exercised....................................................                    --                  --
Options expired......................................................                 (690)             (257,026)
Options closed.......................................................                    --                  --
                                                                         ---------------------------------------------
Outstanding, end of period...........................................                13,000       $      35,880
                                                                         =============================================

       At June 30, 2005, the Fund held the following written call swaptions
contract:

Security                                                                         Contracts               Appreciation
--------                                                                         ---------               ------------
Pay fixed 4.50%, receive LIBOR, commencing March 7, 2006.............              13,000                $      13,577
</TABLE>


                                      60
<PAGE>


        American Bar Association Members/State Street Collective Trust

            Unaudited Notes to Financial Statements -- (Continued)

       K.    Use of Estimates

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

       L.    Indemnifications

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


3.    Investment Advisory, Investment Management and Related Party Transactions


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

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

<TABLE>
<CAPTION>

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

*     Subject to a 5% reduction based on aggregate fees.
**    Effective July 1, 2005, Capital Guardian Trust Company ceased serving as
      an Investment Advisor to Small-Cap Equity Fund (See Note 7).


                                      61
<PAGE>


        American Bar Association Members/State Street Collective Trust

            Unaudited Notes to Financial Statements -- (Continued)

<TABLE>
<CAPTION>

                                                                                              Fees for the
                                                                                         Six-Month Period Ended
Investment Advisor                                                                            June 30, 2005
------------------                                                                       ----------------------
<S>                                                                                             <C>
Alliance Capital Management L.P. (Large-Cap Value Equity).......................                $  366,632
Ariel Capital Management (Mid-Cap Value Equity).................................                   172,037
Capital Guardian Trust Company (Balanced).......................................                   321,818
Capital Guardian Trust Company (Large-Cap Growth Equity)........................                   287,288
Capital Guardian Trust Company (Small-Cap Equity)...............................                   159,554
J.P. Morgan Fleming Asset Management Limited (International Equity).............                   294,194
Pacific Investment Management Company LLC (Intermediate Bond)...................                   611,057
Philadelphia International Advisors LP (International Equity)...................                   209,287
RCM Capital Management LLC (Large-Cap Growth Equity)............................                   432,918
Smith Asset Management Group, LP (Small-Cap Equity).............................                   243,026
Turner Investment Partners (Mid-Cap Growth Equity)..............................                   219,456
Wellington Management Company LLP (Small-Cap Equity)............................                   378,788
</TABLE>

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

           The ABRA Program fee is based on the value of Program assets and
the following annual fee rates:

                                              Rate for the Year Ending
Value of Program Assets                           December 31, 2005
-----------------------------------    ------------------------------------
First $500 million                                      .075%
Next $850 million                                       .065%
Next $1.15 billion                                      .035%
Next $1.5 billion                                       .025%
Over $4.0 billion                                       .015%

       ABRA received Program fees of $815,271 for the six-month period ended
June 30, 2005. These fees are allocated to each Fund based on net asset value.

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

       A portion of the State Street Bank Program fee is reimbursed or reduced
each year based on the amount of retirement plan assets held by State Street
Bank on behalf of law firm and law-related clients identified by State Street
Bank and ABRA that do not participate in the Program. The amount of the
reimbursement is equal to .02% of the first $50 million of assets in such
plans during the preceding year and .01% of any such assets in excess of $50
million. The accrued reduction for the six-month period ended June 30, 2005
totaled $16,533 and is allocated to each Fund based on net asset value.

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


                                      62
<PAGE>


        American Bar Association Members/State Street Collective Trust

            Unaudited Notes to Financial Statements -- (Continued)

Bank retains any earnings attributable to outstanding benefit checks, and
these earnings have been taken into account in setting State Street Bank's
fees under the Program. The Program fee paid to State Street Bank reflects a
$300,000 annual reduction for earnings estimated to be attributable to
outstanding benefit checks for 2005.

       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  (January 1, 2005 through March 31, 2005)          .1560%
First $1.0 billion  (beginning April 1, 2005)                         .1835%
Next $1.8 billion                                                     .0580%
Over $2.8 billion                                                     .0250%

       State Street Bank received program fees of $5,084,445 for the six-month
period ended June 30, 2005 and trustee, management and administration fees
which aggregated $1,478,693 for the six-month period ended June 30, 2005.
These fees are allocated to each Fund based on net asset value.

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

4.    Purchases and Sales of Securities

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

<TABLE>
<CAPTION>

                                                                      Six-Month Period Ended June 30, 2005
                                                                     ----------------------------------------
                                                                          Purchases              Sales
                                                                     -------------------    -----------------
<S>                                                                  <C>                    <C>
Balanced Fund.................................................       $     48,941,625       $      44,585,138
Index Equity Fund.............................................             26,437,837              11,159,384
Intermediate Bond Fund........................................             26,109,997              24,499,255
International Equity Fund.....................................             50,455,101              25,217,258
Large-Cap Growth Equity Fund..................................            143,263,697             174,776,949
Large-Cap Value Equity Fund...................................             55,254,524              34,643,684
Mid-Cap Growth Equity Fund....................................             53,979,855              48,655,935
Mid-Cap Value Equity Fund.....................................             20,131,610               7,724,990
Small-Cap Equity Fund.........................................             88,627,070             106,688,608
Stable Asset Return Fund......................................                     --                      --

Conservative Structured Portfolio Service.....................             10,346,324               5,019,091
Moderate Structured Portfolio Service.........................             41,597,942              17,820,442
Aggressive Structured Portfolio Service.......................             22,564,399               8,212,839
</TABLE>


                                      63
<PAGE>


        American Bar Association Members/State Street Collective Trust

            Unaudited Notes to Financial Statements -- (Continued)

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

                                     Six-Month Period Ended June 30, 2005
                                   --------------------------------------------
                                      Purchases                    Sales
                                   ----------------------    ------------------
Intermediate Bond Fund             $   677,236,748           $      557,965,507


5.    Risks Associated with Investments of the Trust

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

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

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

6.    Securities Lending Income

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

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

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


                                      64
<PAGE>


        American Bar Association Members/State Street Collective Trust

            Unaudited Notes to Financial Statements -- (Continued)

       At June 30, 2005, the Funds' market value of securities on loan and
collateral received for securities loaned was as follows:

<TABLE>
<CAPTION>

                                                           Market Value of
Fund                                                      Loaned Securities           Collateral Value
----                                                  ---------------------       --------------------
<S>                                                    <C>                         <C>
Balanced*.....................................         $        19,927,365         $        20,531,690
Intermediate Bond.............................                   2,152,244                   2,186,765
International Equity..........................                  23,861,555                  24,994,956
Large-Cap Growth Equity ......................                  24,879,684                  25,604,566
Large-Cap Value Equity........................                  13,031,310                  13,411,004
Mid-Cap Growth Equity.........................                  11,472,133                  11,784,869
Mid-Cap Value Equity..........................                   2,722,607                   2,811,300
Small-Cap Equity*.............................                  60,425,124                  62,380,132
</TABLE>

* Collateral value includes non-cash collateral State Street Bank received in
lieu of cash for securities on loan. All non-cash collateral held at June 30,
2005 were in the form of U.S. Government Treasury Obligations in amounts as
follows:

                                                              Non-Cash
Fund                                                      Collateral Value
----                                                      ----------------
Balanced...........................................       $     222,583
Small-Cap Equity ..................................               3,675

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

7.    Changes to Small-Cap Equity Fund

       Effective July 1, 2005, the assets of the Small-Cap Equity Fund were
allocated into three portions, two of which are actively managed with the
advice of, respectively, Wellington Management and Smith Group. The third
portion consists of the remainder of the Fund's assets and is expected to be
invested to replicate the Russell 2000 Index. Capital Guardian ceased serving
as an Investment Advisor to the Fund.

       State Street Bank serves as Investment Advisor to the indexed portion
of the Fund's assets. The assets of this portion of the Fund are invested
through the State Street Bank and Trust Company Russell 2000 Index Securities
Lending Fund, a collective investment fund maintained by State Street Bank.


                                      65
<PAGE>


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


Stable Asset Return Fund

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

       For the quarter ended June 30, 2005, the Stable Asset Return Fund
experienced an annualized return, net of expenses, of 3.35%. By comparison,
the Ryan Labs Three Year GIC Index and the Money Fund Report "Tier One" Money
Market Fund Average, weighted 70%/30%, respectively, produced an investment
record of 2.97% for the same period. For the six months ended June 30, 2005,
the Fund experienced an annualized return, net of expenses, of 3.27%, compared
to an investment record of 2.92% 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 securities that comprise the Index or for fund
expenses.

       The Stable Asset Return Fund outperformed the combination benchmark on
an annualized basis by 38 basis points net of fees for the quarter ended June
30, 2005. During the quarter, the portfolio maintained an average allocation
of 30% money market and 70% investment contracts. On an annualized basis, the
money market portion of the portfolio outperformed the Money Fund Report "Tier
One" Money Market Fund benchmark by 45 basis points, contributing
approximately 14 basis points to the Fund's outperformance, while the
investment contract portion of the portfolio also outperformed the Ryan Labs
Three Year GIC Index, adding approximately 24 basis points to the Fund's
annualized outperformance.

       The money market portfolio was structured in anticipation of the
Federal Funds rate increases that occurred on May 3 and June 30, 2005. While
the majority of fixed rate securities was invested monthly after each Federal
Reserve meeting, the remainder was invested in securities with longer
maturities. Floating rate securities continued to be purchased throughout the
quarter, increasing from 52.8% of the money market portfolio on March 31, 2005
to 59.7% on June 30, 2005. The weighted average maturity declined by one day,
from 43 days on March 31, 2005 to 42 days on June 30, 2005.

       The Stable Asset Return Fund outperformed the combination benchmark for
the six month period ended June 30, 2005 on an annualized basis by 35 basis
points net of fees. On an annualized basis, the money market portion of the
portfolio outperformed the Money Fund Report "Tier One" Money Market Fund
Average benchmark by 51 basis points, contributing approximately 15 basis
points to the Fund's outperformance, while the investment contract portion of
the portfolio also outperformed the Ryan Labs Three Year GIC Index, adding an
additional 20 basis points to the Fund's annualized outperformance.


                                      66
<PAGE>


       Throughout the period, the portfolio managed reinvestment risk with
Federal Funds rate increases. Floating rate securities and shorter maturing
bonds contributed to the portfolio's outperformance by allowing reinvestment
at higher rates as the Federal Funds rate moved. Home equity and commercial
mortgage backed securities added to the investment contract portion of the
portfolio's outperformance for the first and second quarters, providing both
diversification and yield enhancement. Further, investments in the portfolio
had a weighted average duration of approximately four years, compared to the
three-year maximum duration of instruments comprising the Ryan Labs Three-Year
GIC Index. This focus on longer duration investments added to outperformance,
although this contribution is diminishing when compared to the impact in 2004.

Intermediate Bond Fund

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

       For the quarter ended June 30, 2005, the Intermediate Bond Fund
experienced a total return, net of expenses, of 2.93%. By comparison, the
Lehman Brothers Aggregate Bond Index produced an investment record of 3.01%
for the same period. For the six months ended June 30, 2005, the Fund
experienced a total return, net of expenses, of 2.61%, compared to an
investment record of 2.51% 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, underperformed the Lehman Brothers Aggregate Bond
Index for the quarter ended June 30, 2005. Certain interest rate strategies
and an above benchmark duration contributed to performance. The portfolio's
emphasis on mortgage-backed securities which outpaced Treasuries of similar
duration in the second quarter, and Federal National Mortgage Association and
Federal Home Loan Mortgage Corp. mortgages, which outperformed comparable
Government National Mortgage Association securities during the quarter,
contributed to performance. Coupon and security selection and the portfolio's
underweight to investment grade credit further contributed to performance.
Diversifying outside the U.S. via exposure to short maturity European debt
helped returns as European debt outperformed U.S. debt.

       In the government sector, an allocation to Treasury Inflation
Protection Bonds detracted from returns as nominal yields fell more than real
yields. Municipal bonds also detracted from returns.

       The Intermediate Bond Fund outperformed the Lehman Brothers Aggregate
Bond Index for the six month period ended June 30, 2005. Interest rate
strategies both aided and detracted from performance during the six month
period. A modest above index duration position throughout much of the six
month period contributed to relative returns as intermediate yields declined.
Increased exposure to, and coupon selection in, the mortgage sector and
underweighting corporate securities contributed to returns during the six
month period. Diversifying outside the U.S. via exposure to European issuers
continued to benefit the portfolio amid concerns about a slowing economy and
slower political integration in Europe following the rejection of the European
Constitution in France and the Netherlands. However, municipal bonds and
exposure to the Japanese Yen detracted from returns for the six month period.


                                      67
<PAGE>


Balanced Fund

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

       For the quarter ended June 30, 2005, the Balanced Fund experienced a
total return, net of expenses, of 2.10%. 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 2.45% for the same
period. For the six months ended June 30, 2005, the Fund experienced a total
return, net of expenses, of 0.23%, compared to an investment record of 1.11%
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.

       The equity portion of the Balanced Fund, which is advised by Capital
Guardian Trust Company, underperformed the Russell 1000 Index for the quarter
ended June 30, 2005. Poor stock selection in the information technology and
financial sectors detracted from the portfolio's performance due in large part
to the portfolio's holdings in International Business Machines Corporation,
Qualcomm Incorporated, KLA-Tencor Corporation and Lincare Holdings Inc.
Results were helped by the portfolio's investment in pharmaceutical stocks,
such as Allergan, Inc., AstraZeneca PLC, Forest Laboratories, Inc., Eli Lilly
and Company and Amerisource Bergen Corporation, and in integrated oil and oil
services companies, such as Royal Dutch Petroleum Co. and Schlumberger
Limited.

       The fixed income portion of the Balanced Fund, which is advised by
Pacific Investment Management Company LLC and is invested through the
Intermediate Bond Fund, underperformed the Lehman Brothers Aggregate Bond
Index for the quarter ended June 30, 2005. Certain interest rate strategies
and an above benchmark duration contributed to performance. The portfolio's
emphasis on mortgage-backed securities which outpaced Treasuries of similar
duration in the second quarter, and Federal National Mortgage Association and
Federal Home Loan Mortgage Corp. mortgages, which outperformed comparable
Government National Mortgage Association securities during the quarter,
contributed to performance. Coupon and security selection and the portfolio's
underweight to investment grade credit further contributed to performance.
Diversifying outside the U.S. via exposure to short maturity European debt
helped returns as European debt outperformed U.S. debt.

       In the government sector, an allocation to Treasury Inflation
Protection Bonds detracted from returns as nominal yields fell more than real
yields. Municipal bonds also detracted from returns.


                                      68
<PAGE>


       The equity portion of the Balanced Fund, which is advised by Capital
Guardian Trust Company, underperformed the Russell 1000 Index for the six
month period ended June 30, 2005. While the portfolio's overweight in the
healthcare sector and underweight in the financials and consumer discretionary
sectors relative to the benchmark contributed to performance, stock selection
within these sectors was the top detractor from performance for the period. In
particular, certain of the portfolio's holdings in the financial sector,
specifically Federal National Mortgage Association, JP Morgan Chase & Co. and
Federal Home Loan Mortgage Corp., and in the consumer discretionary sector,
specifically eBay Inc. and Time Warner Inc., detracted from performance.
Within the portfolio, an overweight and stock selection within the energy
sector was the chief contributor to performance for the period.

       The fixed income portion of the Balanced Fund, which is advised by
Pacific Investment Management Company LLC and is invested through the
Intermediate Bond Fund, outperformed the Lehman Brothers Aggregate Bond Index
for the six month period ended June 30, 2005. A modest above index duration
position throughout much of the six month period contributed to relative
returns as intermediate yields declined. Increased exposure to, and coupon
selection in, the mortgage sector and underweighting corporate securities
further contributed to returns during the six month period. Diversifying
outside the U.S. via exposure to European issuers continued to benefit the
portfolio. However, municipal bonds and exposure to the Japanese Yen detracted
from returns for the six month period.


Large-Cap Value Equity Fund

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

       For the quarter ended June 30, 2005, the Large-Cap Value Equity Fund
experienced a total return, net of expenses, of 1.82%. By comparison, the
Russell 1000 Value Index produced an investment record of 1.67% for the same
period. For the six months ended June 30, 2005, the Fund experienced a total
return, net of expenses, of 1.32%, compared to an investment record of 1.76%
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 the Index or for fund expenses.

       The actively managed portion of the Large-Cap Value Equity Fund, which
is advised by Alliance Capital Management L.P., underperformed the Russell
1000 Value Index for the quarter ended June 30, 2005. This portion of the
portfolio modestly outperformed the benchmark for the quarter before fees.
Although the technology sector as a whole lagged the market, stock selection
within the sector was the largest contributor to the portfolio's performance
for the quarter. Most notable were positions in Tellabs, Inc., Corning
Incorporated and ADC


                                      69
<PAGE>


Telecommunications, Inc. A modest underweight of the energy sector, as well as
stock selection within the sector, also helped results. The portfolio's
exposure to Occidental Petroleum Corp., ConocoPhillips Co., GlobalSantaFe
Corporation, Noble Energy, Inc. and Diamond Offshore Drilling, Inc.
contributed to performance. Investments within the financial sector detracted
from relative performance, particularly the portfolio's holdings in Wachovia
Corp. and Goldman Sachs Group, Inc.

       The performance of the indexed portion of the Large-Cap Value Equity
Fund for the quarter ended June 30, 2005 was consistent with the Russell 1000
Value Index after taking into account expenses.

       The actively managed portion of the Large-Cap Value Equity Fund
underperformed the Russell 1000 Value Index for the six month period ended
June 30, 2005. However, before fees, the portfolio's performance was
consistent with the benchmark for the period. Although the technology sector
as a whole lagged the market, stock selection within the sector was the
largest contributor to the portfolio's performance for the six month period.
The portfolio's position in Corning Incorporated was a notable contributor to
performance. An underweight of International Business Machines Corporation
also helped results. Investments within the industrial resources sector
diminished returns, particularly the portfolio's holding in United States
Steel Corporation.

       The performance of the indexed portion of the Large-Cap Value Equity
Fund for the six month period ended June 30, 2005 was consistent with the
Russell 1000 Value Index after taking into account expenses.

Large-Cap Growth Equity Fund

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

       For the quarter ended June 30, 2005, the Large-Cap Growth Equity Fund
experienced a total return, net of expenses, of 2.77%. By comparison, the
Russell 1000 Growth Index produced an investment record of 2.46% for the same
period. For the six months ended June 30, 2005, the Fund experienced a total
return, net of expenses, of (1.43)%, compared to an investment record of
(1.72)% 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.


                                      70
<PAGE>


       The portion of the Large-Cap Growth Equity Fund which is advised by
Capital Guardian Trust Company underperformed the Russell 1000 Growth Index
for the quarter ended June 30, 2005. Poor stock selection in the information
technology and financial sectors detracted from the portfolio's performance
due in large part to the portfolio's holdings in International Business
Machines Corporation, Qualcomm Incorporated, KLA-Tencor Corporation and
Lincare Holdings Inc. Results were helped by the portfolio's investment in
pharmaceutical stocks, such as Allergan, Inc., AstraZeneca PLC, Forest
Laboratories, Inc., Eli Lilly and Company and Amerisource Bergen Corporation,
and in integrated oil and oil services companies, such as Royal Dutch
Petroleum Co. and Schlumberger Limited.

       The other actively managed portion of the Large-Cap Growth Equity Fund,
which is advised by RCM Capital Management LLC, outperformed the Russell 1000
Growth Index for the quarter ended June 30, 2005. Stock selection within
Internet software & services, biotechnology and retailing sectors helped
performance for the quarter. Stock selection within diversified financials,
communications equipment and transportation sectors detracted from returns.

       The performance of the indexed portion of the Fund for the quarter
ended June 30, 2005 was consistent with the Russell 1000 Growth Index after
taking into account expenses.

       The actively managed portion of the Large-Cap Growth Equity Fund which
is advised by Capital Guardian Trust Company underperformed the Russell 1000
Growth Index for the six month period ended June 30, 2005. While the
portfolio's overweight in the healthcare sector and underweight in the
financials and consumer discretionary sectors relative to the benchmark
contributed to performance, stock selection within these sectors was the top
detractor from returns for the period. In particular, certain of the
portfolio's holdings in the financial sector, specifically Federal National
Mortgage Association, JP Morgan Chase & Co. and Federal Home Loan Mortgage
Corp., and in the consumer discretionary sector, specifically eBay Inc. and
Time Warner Inc., detracted from performance. Within the portfolio, an
overweight and stock selection within the energy sector was the chief
contributor to performance for the period.

       The other actively managed portion of the Large-Cap Growth Equity Fund,
which is advised by RCM Capital Management LLC, outperformed the Russell 1000
Growth Index for the six month period ended June 30, 2005. Stock selection
within the Internet software & services, computers & peripherals and retailing
sectors helped performance for the six month period, while stock selection
within the biotechnology, consumer services and capital goods sectors
detracted from returns. Industry strategy for the period detracted from
performance. An overweight in the energy and food & drug retailing sectors and
underweight in the computers & peripherals and insurance sectors aided returns
for the period. The portfolio's overweight in the Internet software & services
and transportation sectors and its underweight in the healthcare providers &
services and pharmaceuticals sectors detracted from performance.

       The performance of the indexed portion of the Fund for the six month
period ended June 30, 2005, was consistent with the Russell 1000 Growth Index
after taking into account expenses.

Index Equity Fund


                                      71
<PAGE>


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

       For the quarter ended June 30, 2005, the Index Equity Fund experienced
a total return, net of expenses, of 2.14%. By comparison, the Russell 3000
Index produced an investment record of 2.24% for the same period. For the six
months ended June 30, 2005, the Fund experienced a total return, net of
expenses, of (0.20)%, compared to an investment record of (0.01)% 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 the Index or for fund expenses.

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

       The performance of the Index Equity Fund for the six month period was
consistent with the Russell 3000 Index after taking into account expenses.

Mid-Cap Value Equity Fund

       The Mid-Cap Value Equity Fund invests primarily in equity securities of
companies with market capitalizations between $1 billion and $12 billion at
the time of investment. The Fund seeks to be broadly diversified and
emphasizes sectors and securities that State Street and the Fund's Investment
Advisor consider undervalued. The Mid-Cap Value Equity Fund seeks to
outperform over extended periods of time, broad measures of the domestic stock
market.

       For the quarter ended June 30, 2005, the Mid-Cap Value Equity Fund,
which is advised by Ariel Capital Management, LLC, experienced a total return,
net of expenses, of 2.49%. By comparison, the Russell Mid-Cap Value Index
produced an investment record of 4.70% for the same period. For the six months
ended June 30, 2005, the Fund experienced a total return, net of expenses, of
0.01%, compared to an investment record of 5.51% 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 the Index or for fund expenses.

       The Mid-Cap Value Equity Fund underperformed the Russell Mid-Cap Value
Index for the quarter ended June 30, 2005. The portfolio's underweight in oil
and energy related stocks detracted from performance. The portfolio's holdings
in large city newspaper companies, such as the Tribune Company and The
McClatchy Company, also detracted from returns for the quarter.


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<PAGE>


       The Mid-Cap Value Equity Fund underperformed the Russell Mid-Cap Value
Index for the six month period ended June 30, 2005. The portfolio's
underweight in energy related concerns detracted from performance for the six
month period.

Mid-Cap Growth Equity Fund

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

       For the quarter ended June 30, 2005, the Mid-Cap Growth Equity Fund,
which is advised by Turner Investment Partners, experienced a total return,
net of expenses, of 3.38%. By comparison, the Russell Mid-Cap Growth Index
produced an investment record of 3.43% for the same period. For the six months
ended June 30, 2005, the Fund experienced a total return, net of expenses, of
0.96%, compared to an investment record of 1.70% 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 the Index or for fund expenses.

       The Mid-Cap Growth Equity Fund slightly underperformed the Russell
Mid-Cap Growth Index for the quarter ended June 30, 2005. The portfolio's
holdings in the consumer discretionary sector, such as Chico's FAS, Inc.,
Urban Outfitters, Inc., Coach, Inc., Nordstrom, Inc. and Bed Bath & Beyond,
Inc., and in the materials and processing sector, such as Avery Dennison
Corporation, American Standard Companies Inc. and Ball Corporation,
contributed to performance. Performance in the consumer sector also benefited
from the gaming and gaming related holdings, such as MGM Mirage, Scientific
Games Corporation, and WMS Industries Inc.

       Investments in the healthcare and technology sectors detracted from
returns during the quarter. Specifically, holdings in the Patterson Companies,
Inc., Comverse Technology, Inc. and Apple Computer, Inc. detracted from
performance.

       The Mid-Cap Growth Equity Fund underperformed the Russell Mid-Cap
Growth Index for the six month period ended June 30, 2005. Investments in the
consumer discretionary and utility sectors contributed the most to performance
versus the benchmark while the majority of the relative underperformance was
attributable to the portfolio's holdings in the healthcare sector, such as
Eyetech Pharmaceuticals, Inc., The Medicines Company and Elan Corporation,
PLC.

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


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<PAGE>


include new companies and companies that may benefit from new technologies,
new product or service development or management changes. The Small-Cap Equity
Fund seeks to achieve, over an extended period of time, total returns
comparable to or superior to those attained by broad measures of the domestic
stock market.

       For the quarter ended June 30, 2005, the Small-Cap Equity Fund
experienced a total return, net of expenses, of 3.97%. By comparison, the
Russell 2000 Index produced an investment record of 4.32% for the same period.
For the six months ended June 30, 2005, the Fund experienced a total return,
net of expenses, of (0.36)%, compared to an investment record of (1.25)% 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 the Index or for fund expenses.

       The portion of the Small-Cap Equity Fund advised by Capital Guardian
Trust Company underperformed the Russell 2000 Index for the quarter ended June
30, 2005. Holdings in the consumer discretionary sector detracted from
returns, as did poor stock selection and an overweight position in the
technology sector. Holdings in small banks, REITs, industrial products,
biotechnology and other healthcare related stocks contributed to performance,
particularly Vicuron Pharmaceuticals Inc. and Renovis Inc. in the healthcare
sector.

       The portion of the Small-Cap Equity Fund advised by Wellington
Management Company, LLP outperformed the Russell 2000 Index for the quarter
ended June 30, 2005. Relative performance in the telecommunications sector was
strong in the second quarter, facilitated by performance of wireless carriers
Dobson Communications Corporation and UbiquiTel Inc. The portfolio's
investment in the information technology sector trailed the benchmark during
the quarter, but stock selection in the sector remains a consistent source of
returns. The financials and software sectors were also an area of relative
strength during the second quarter. However, the portfolio's holdings in the
energy and materials sectors detracted from relative performance.

       The portion of the Small-Cap Equity Fund advised by Smith Asset
Management Group, L.P. outperformed the Russell 2000 Index for the quarter
ended June 30, 2005. Relative performance during the quarter was driven by
above benchmark stock selection within the information technology, materials,
and industrial sectors. An overweight position in information technology
stocks, an underweight in financial stocks and below benchmark stock selection
in energy, consumer staples and financials detracted from performance. In
addition, the portfolio does not invest in publicly traded REITs which
adversely impacted relative performance versus the benchmark for the quarter.

       The portion of the Small-Cap Equity Fund advised by Capital Guardian
Trust Company underperformed the Russell 2000 Index for the six month period
ended June 30, 2005. Stock selection in the financials, consumer
discretionary, healthcare and utilities sectors contributed to performance.
The notable names in these sectors were Beazer Homes USA, Inc., Orient-Express
Hotels Ltd., and Jarden Corporation (Consumer Discretionary), Vicuron
Pharmaceuticals Inc. (Healthcare), CMS Energy Corporation (Utilities), and
Zenith National Insurance Corp. and


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<PAGE>


Trammell Crow Company (Financials). The largest detractors to relative and
absolute returns for six month period were positions in the information
technology and industrials sectors.

       The portion of the Small-Cap Equity Fund advised by Wellington
Management Company, LLP outperformed the Russell 2000 Index for the six month
period ended June 30, 2005. The portfolio's position in the financial sector
contributed to relative returns due to strong security selection, most notably
within the banking industry. The information technology sector was weak as a
whole but the portfolio fell significantly less than the benchmark.
Investments in the consumers discretionary sector also aided relative results.
The industrials and energy sectors detracted from relative performance for the
six month period.

       The portion of the Small-Cap Equity Fund advised by Smith Asset
Management Group, L.P. outperformed the Russell 2000 Index for the six month
period ended June 30, 2005. Relative outperformance was primarily generated by
stock selection in the consumer discretionary, healthcare and technology
sectors.

International Equity Fund

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

       For the quarter ended June 30, 2005, the International Equity Fund
experienced a total return, net of expenses, of (0.59)%. By comparison, the
Morgan Stanley Capital International All-Country World Ex-U.S. Free Index (the
"MSCI AC World Ex-U.S. Index") produced an investment record of (0.24)% for
the same period. For the six months ended June 30, 2005, the Fund experienced
a total return, net of expenses, of (0.56)%, compared to an investment record
of 0.01% 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 the Index or
for fund expenses.

       The portion of the International Equity Fund advised by JPMorgan
Fleming Asset Management (London) Limited outperformed the MSCI AC World
Ex-U.S. Index for the quarter ended June 30, 2005. Stock selection in the
areas of consumer staples and information technology were the primary
contributors to the outperformance. Overweight positions in Allied Domecq PLC
and Fomento Economico Mexicano SA de CV in consumer staples and in Ericsson LM
Telephone CO and SAP AG in the technology sector were positive for relative
performance. A portion of those gains were offset by a lack of exposure to
Royal Dutch Petroleum Co. in the energy sector and overweight positions in
Adecco SA and Cie de Saint-Gobain in the industrials sector.

       The portion of the International Equity Fund advised by Philadelphia
International Advisors, LP underperformed the MSCI AC World Ex-U.S. Index for
the quarter ended June 30,


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<PAGE>


2005. Stock selection within the Spanish and Japanese markets contributed to
relative performance but relative returns were offset by the underperformance
of holdings in the United Kingdom, Australian and Dutch markets. Performance
in the technology, financials and energy sectors offset the negative
contribution from the industrials and consumer discretionary sectors. The
portfolio's underweight position in emerging markets detracted from relative
performance as emerging markets solidly outperformed developed countries,
although individual stock selection was positive.

       The portion of the International Equity Fund advised by JPMorgan
Fleming Asset Management (London) Limited underperformed the MSCI AC World
Ex-U.S. Index for the six month period ended June 30, 2005. Stock selection in
the materials and information technology sectors were net contributors to
performance due to holdings such as Cia Vale do Rio Doce, BHP Billiton
Limited, Posco, Nortel Networks Corporation and SAP AG. In contrast, stock
selection in the energy and industrials sectors detracted from performance.
Lack of exposure to Royal Dutch Petroleum Co. and BP p.l.c. undermined
performance in the energy sector.

       The portion of the International Equity Fund advised by Philadelphia
International Advisors, LP underperformed the MSCI AC World Ex-U.S. Index for
the six month period ended June 30, 2005. Strong stock selection in financials
and information technology were offset by poor stock selection in the consumer
staples, materials and telecom sectors and within the United Kingdom and Swiss
markets. The portfolio's underweight in emerging markets, which performed
well, also contributed to the underperformance for the six month period.

Structured Portfolio Service

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

       For the quarter ended June 30, 2005, the Structured Portfolio Service
experienced a total return, net of expenses, of 1.88% for the Conservative
Portfolio, 1.92% for the Moderate Portfolio and 1.88% for the Aggressive
Portfolio.

       For the six month period ended June 30, 2005, the Structured Portfolio
Service experienced a total return, net of expenses, of 1.37% for the
Conservative Portfolio, 0.88% for the Moderate Portfolio and 0.27% for the
Aggressive Portfolio.


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<PAGE>


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


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<PAGE>


Item 4. CONTROLS AND PROCEDURES.

      Conclusion Regarding the Effectiveness of Disclosure Controls and
Procedures: Under the supervision and with the participation of the Chief
Executive Officer and Chief Financial Officer, the Collective Trust conducted
an evaluation of its disclosure controls and procedures (as such term is
defined in Rule 13a-15(e) or 15d-15(e) under the Exchange Act). Based on such
evaluation, the Collective Trust's Chief Executive Officer and Chief Financial
Officer have concluded that its disclosure controls and procedures are
effective as of June 30, 2005.

      Internal Control Over Financial Reporting: No change in the Collective
Trust's internal control over financial reporting occurred during the
Collective Trust's last fiscal quarter ended June 30, 2005 that has materially
affected, or is reasonably likely to materially affect, the Collective Trust's
internal control over financial reporting.


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<PAGE>


PART II.  OTHER INFORMATION.

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

       During the quarter ended June 30, 2005, the Collective Trust issued an
aggregate of approximately $157,000,000 in unregistered Units. Such Units were
offered and sold at their net asset value in reliance upon the exemption from
registration under Rule 180 promulgated under the Securities Act of 1933
relating to exemption from registration of interests and participations issued
in connection with certain H.R. 10 plans. Proceeds received by the Collective
Trust from the sale or transfer of the Units are applied to the applicable
Fund or portfolio of the Structured Portfolio Service.

Item 6. EXHIBITS

3.9*     American Bar Association Members/State Street Collective Trust, Ninth
         Amended and Restated Fund Declaration for the Small-Cap Equity Fund.

31.1*    Certification of James S. Phalen pursuant to Rule
         13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the
         Sarbanes-Oxley Act of 2002.

31.2*    Certification of Beth M. Halberstadt pursuant to Rule
         13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the
         Sarbanes-Oxley Act of 2002.

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

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

* Filed herewith.


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<PAGE>


                                  SIGNATURES

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



                                          AMERICAN BAR ASSOCIATION MEMBERS/
                                          STATE STREET COLLECTIVE TRUST


August 9, 2005                            By:   /s/ James S. Phalen
                                                --------------------------------
                                                Name:  James S. Phalen
                                                Title: Chief Executive Officer



August 9, 2005                            By:    /s/ Beth M. Halberstadt
                                                 -------------------------------
                                                 Name:  Beth M. Halberstadt
                                                 Title: Chief Financial Officer




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<PAGE>


EXHIBIT INDEX


3.9*     American Bar Association Members/State Street Collective Trust, Ninth
         Amended and Restated Fund Declaration for the Small-Cap Equity Fund.

31.1*    Certification of James S. Phalen pursuant to Rule
         13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the
         Sarbanes-Oxley Act of 2002.

31.2*    Certification of Beth M. Halberstadt pursuant to Rule
         13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the
         Sarbanes-Oxley Act of 2002.

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

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


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