##### Table of Contents





UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549





FORM 10-Q







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

For the quarterly period ended June 30, 2009



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

For the transition period from  to

Commission file number 33-50080





AMERICAN BAR ASSOCIATION MEMBERS/

STATE STREET COLLECTIVE TRUST

(Exact Name of Registrant as Specified in Its Charter)







|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|New Hampshire                                                  |  | 04-6691601                          
|(State or Other Jurisdiction of Incorporation or Organization) |  | (I.R.S. Employer Identification No.)
|                                                               | 
|20 Trafalgar Square, Suite 449 Nashua, New Hampshire           |  | 03063                               
|(Address of Principal Executive Offices)                       |  | (Zip Code)                          

(603) 589-4097

(Registrants Telephone Number, Including Area Code)

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





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

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

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



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

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









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##### Table of Contents

TABLE OF CONTENTS



|        |  |                                          |  |   
|------- |  | ---------------------------------------- |  | --
|PART I. |  | FINANCIAL INFORMATION                    |  | 1 
|        |  |                                         
|        |  | Item 1. Financial Statements (Unaudited) |  | 1 
|        |  |                                         
|        |  | Stable Asset Return Fund                 |  | 1 
|        |  | Statement of Assets and Liabilities      |  | 1 
|        |  | Statement of Operations                  |  | 2 
|        |  | Statement of Changes in Net Assets       |  | 3 
|        |  | Financial Highlights                     |  | 4 
|        |  |                                         
|        |  | Intermediate Bond Fund                   |  | 5 
|        |  | Statement of Assets and Liabilities      |  | 5 
|        |  | Statement of Operations                  |  | 6 
|        |  | Statement of Changes in Net Assets       |  | 7 
|        |  | Financial Highlights                     |  | 8 
|        |  |                                         
|        |  | Balanced Fund                            |  | 9 
|        |  | Statement of Assets and Liabilities      |  | 9 
|        |  | Statement of Operations                  |  | 10
|        |  | Statement of Changes in Net Assets       |  | 11
|        |  | Financial Highlights                     |  | 12
|        |  |                                         
|        |  | Large-Cap Value 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
|        |  |                                         
|        |  | Mid-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
|        |  |                                         
|        |  | Small-Cap Equity Fund                    |  | 29
|        |  | Statement of Assets and Liabilities      |  | 29
|        |  | Statement of Operations                  |  | 30
|        |  | Statement of Changes in Net Assets       |  | 31
|        |  | Financial Highlights                     |  | 32



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##### Table of Contents

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



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##### Table of Contents

|           |  |                                                                                               |  |    
|---------- |  | --------------------------------------------------------------------------------------------- |  | ---
|           |  | 2010 Retirement Date Fund                                                                     |  | 65 
|           |  | Statement of Assets and Liabilities                                                           |  | 65 
|           |  | Statement of Operations                                                                       |  | 66 
|           |  | Statement of Changes in Net Assets                                                            |  | 67 
|           |  | Financial Highlights                                                                          |  | 68 
|           |  |                                                                                              
|           |  | 2020 Retirement Date Fund                                                                     |  | 69 
|           |  | Statement of Assets and Liabilities                                                           |  | 69 
|           |  | Statement of Operations                                                                       |  | 70 
|           |  | Statement of Changes in Net Assets                                                            |  | 71 
|           |  | Financial Highlights                                                                          |  | 72 
|           |  |                                                                                              
|           |  | 2030 Retirement Date Fund                                                                     |  | 73 
|           |  | Statement of Assets and Liabilities                                                           |  | 73 
|           |  | Statement of Operations                                                                       |  | 74 
|           |  | Statement of Changes in Net Assets                                                            |  | 75 
|           |  | Financial Highlights                                                                          |  | 76 
|           |  |                                                                                              
|           |  | 2040 Retirement Date Fund                                                                     |  | 77 
|           |  | Statement of Assets and Liabilities                                                           |  | 77 
|           |  | Statement of Operations                                                                       |  | 78 
|           |  | Statement of Changes in Net Assets                                                            |  | 79 
|           |  | Financial Highlights                                                                          |  | 80 
|           |  |                                                                                              
|           |  | Notes to Unaudited Financial Statements                                                       |  | 81 
|           |  |                                                                                              
|           |  | Item 2. Managements Discussion and Analysis of Financial Condition and Results of
Operations |  | 114
|           |  |                                                                                              
|           |  | Item 4. Controls and Procedures                                                               |  | 135
|           |  |                                                                                              
|PART II.   |  | OTHER INFORMATION                                                                             |  | 136
|           |  |                                                                                              
|           |  | Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                           |  | 136
|           |  |                                                                                              
|           |  | Item 6. Exhibits                                                                              |  | 136
|           | 
|SIGNATURES |  | 137                                                                                          



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##### Table of Contents

PART I. FINANCIAL INFORMATION.



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

American Bar Association Members/ State Street Collective Trust

Stable Asset Return Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                          |  |               |               |  
|----------------------------------------------------------------------------------------- |  | ------------- | ------------- | -
|                                                                                          |  | June 30, 2009 |              
|Assets                                                                                    |  |               |               |  
|American Bar Association Members/State Street Collective Trust investment fund, at value: |  |               |               |  
|Stable Asset Fund Trust (cost $1,007,779,191 and units of 1,007,779,191)                  |  | $             | 1,013,049,392 |  
|Receivable for fund units sold                                                            |  |               | 2,250,690     |  
|Interest receivable                                                                       |  |               | 2,257,765     |  
|                                                                                          |  |               |               |  
|Total assets                                                                              |  |               | 1,017,557,847 |  
|                                                                                          |  |               |               |  
|Liabilities                                                                               |  |               |               |  
|Payable for fund units redeemed                                                           |  |               | 781,273       |  
|INGprogram fee payable                                                                   |  |               | 435,962       |  
|Trustee, management and administration fees payable                                       |  |               | 88,647        |  
|ABA Retirement Fundsprogram fee payable                                                  |  |               | 49,759        |  
|Payable for legal and audit services                                                      |  |               | 119,210       |  
|Payable for compliance consultant fees                                                    |  |               | 100,144       |  
|Payable for reports to unitholders                                                        |  |               | 102,609       |  
|Other accruals                                                                            |  |               | 52,775        |  
|                                                                                          |  |               |               |  
|Total liabilities                                                                         |  |               | 1,730,379     |  
|                                                                                          |  |               |               |  
|Net Assets at fair value                                                                  |  |               | 1,015,827,468 |  
|                                                                                          |  |               |               |  
|Adjustment from fair value to contract value for fully benefit responsive contracts       |  |               | (5,270,201    | )
|                                                                                          |  |               |               |  
|                                                                                          | 
|Net Assets(equivalent to $34.93 per unit based on 28,928,227 units outstanding)           |  | $             | 1,010,557,267 |  
|                                                                                          |  |               |               |  

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



1



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Stable Asset Return Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |           |                                               |   |           
|--------------------------------------------------------------- |  | ------------------------------------------- | --------- | --------------------------------------------- | - | ----------
|                                                                |  | For the periodApril 1, 2009 toJune 30, 2009 |           | For the periodJanuary 1, 2009 toJune 30, 2009
|Investment income                                               |  | $                                           | 7,219,980 |                                               | $ | 15,098,766
|                                                                |  |                                             |           |                                               |   |           
|                                                                |  |                                            
|Expenses                                                        |  |                                             |           |                                               |   |           
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 304,473   |                                               |   | 1,256,879 
|INGprogram fee                                                 |  |                                             | 870,435   |                                               |   | 870,435   
|Trustee, management and administration fees                     |  |                                             | 274,673   |                                               |   | 558,018   
|ABA Retirement Fundsprogram fee                                |  |                                             | 130,844   |                                               |   | 254,738   
|Legal and audit fees                                            |  |                                             | 80,376    |                                               |   | 239,536   
|Compliance consultant fees                                      |  |                                             | 34,802    |                                               |   | 178,709   
|Reports to unitholders                                          |  |                                             | 153,298   |                                               |   | 274,525   
|Registration fees                                               |  |                                             | 4,924     |                                               |   | 25,283    
|Other fees                                                      |  |                                             | 31,525    |                                               |   | 92,538    
|                                                                |  |                                             |           |                                               |   |           
|Total expenses                                                  |  |                                             | 1,885,350 |                                               |   | 3,750,661 
|                                                                |  |                                             |           |                                               |   |           
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 5,334,630 |                                               | $ | 11,348,105
|                                                                |  |                                             |           |                                               |   |           

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



2



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Stable Asset Return Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |               |   |                                               |   |               |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ------------- | - | --------------------------------------------- | - | ------------- | -
|                                                                   |  | For the periodApril 1, 2009 toJune 30, 2009 |               |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|From operations                                                    |  |                                             |               |   |                                               |   |               |  
|Net investment income (loss)                                       |  | $                                           | 5,334,630     |   |                                               | $ | 11,348,105    |  
|                                                                   |  |                                             |               |   |                                               |   |               |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 5,334,630     |   |                                               |   | 11,348,105    |  
|                                                                   |  |                                             |               |   |                                               |   |               |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |               |   |                                               |   |               |  
|Proceeds from units issued                                         |  |                                             | 58,822,565    |   |                                               |   | 157,842,647   |  
|Cost of units redeemed                                             |  |                                             | (65,783,351   | ) |                                               |   | (125,725,087  | )
|                                                                   |  |                                             |               |   |                                               |   |               |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | (6,960,786    | ) |                                               |   | 32,117,560    |  
|                                                                   |  |                                             |               |   |                                               |   |               |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | (1,626,156    | ) |                                               |   | 43,465,665    |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |               |   |                                               |   |               |  
|Beginning of period                                                |  |                                             | 1,012,183,423 |   |                                               |   | 967,091,602   |  
|                                                                   |  |                                             |               |   |                                               |   |               |  
|End of period                                                      |  | $                                           | 1,010,557,267 |   |                                               | $ | 1,010,557,267 |  
|                                                                   |  |                                             |               |   |                                               |   |               |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |               |   |                                               |   |               |  
|Outstanding-beginning of period                                    |  |                                             | 29,128,232    |   |                                               |   | 28,000,795    |  
|Issued                                                             |  |                                             | 1,688,234     |   |                                               |   | 4,545,843     |  
|Redeemed                                                           |  |                                             | (1,888,239    | ) |                                               |   | (3,618,411    | )
|                                                                   |  |                                             |               |   |                                               |   |               |  
|Outstanding-end of period                                          |  |                                             | 28,928,227    |   |                                               |   | 28,928,227    |  
|                                                                   |  |                                             |               |   |                                               |   |               |  

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



3



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Stable Asset Return Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |           |   |                                               |   |           |  
|------------------------------------------------------------ |  | ------------------------------------------- | --------- | - | --------------------------------------------- | - | --------- | -
|                                                             |  | For the periodApril 1, 2009 toJune 30, 2009 |           |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                           |  | $                                           | 0.24      |   |                                               | $ | 0.52      |  
|Expenses()                                                |  |                                             | (0.06     | ) |                                               |   | (0.13     | )
|                                                             |  |                                             |           |   |                                               |   |           |  
|Net investment income (loss)                                 |  |                                             | 0.18      |   |                                               |   | 0.39      |  
|                                                             |  |                                             |           |   |                                               |   |           |  
|Net increase (decrease) in unit value                        |  |                                             | 0.18      |   |                                               |   | 0.39      |  
|Net asset value at beginning of period                       |  |                                             | 34.75     |   |                                               |   | 34.54     |  
|                                                             |  |                                             |           |   |                                               |   |           |  
|Net asset value at end of period                             |  | $                                           | 34.93     |   |                                               | $ | 34.93     |  
|                                                             |  |                                             |           |   |                                               |   |           |  
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |           |   |                                               |   |           |  
|Ratio of expenses to average net assets*                   |  |                                             | 0.75      | % |                                               |   | 0.76      | %
|Ratio of net investment income (loss) to average net assets* |  |                                             | 2.12      | % |                                               |   | 2.29      | %
|Total return**                                               |  |                                             | 0.52      | % |                                               |   | 1.13      | %
|Net assets at end of period (in thousands)                   |  | $                                           | 1,010,557 |   |                                               | $ | 1,010,557 |  



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

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

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

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

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



4



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Intermediate Bond Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                  |  |               |             |    
|--------------------------------------------------------------------------------- |  | ------------- | ----------- | ---
|                                                                                  |  | June 30, 2009 |            
|Assets                                                                            |  |               |             |    
|Investments, at value (cost $338,508,591)                                         |  | $             | 328,268,018 | (a)
|Investments in affiliated issuers, at value (cost $24,208,602)                    |  |               | 23,111,590  |    
|Foreign currency, at value (cost $1,261,273)                                      |  |               | 1,272,957   |    
|Cash                                                                              |  |               | 30,822      |    
|Deposit with broker for open swap contracts                                       |  |               | 1,440,000   |    
|Deposit with broker for investments purchased or sold on a delayed delivery basis |  |               | 300,000     |    
|Receivable for investments sold on delayed delivery basis                         |  |               | 267,363,594 |    
|Receivable for investments sold                                                   |  |               | 1,185,683   |    
|Receivable for fund units sold                                                    |  |               | 205,138     |    
|Interest receivable                                                               |  |               | 3,172,395   |    
|Gross unrealized appreciation of forward currency exchange contracts              |  |               | 47,075      |    
|Tax reclaims receivable                                                           |  |               | 13,335      |    
|Interest receivable for closed swap contracts                                     |  |               | 187,534     |    
|Swap contracts, at value (cost $34,963)                                           |  |               | 215,808     |    
|                                                                                  |  |               |             |    
|Total assets                                                                      |  |               | 626,813,949 |    
|                                                                                  |  |               |             |    
|Liabilities                                                                       |  |               |             |    
|Payable for cash collateral received on securities loaned                         |  |               | 22,512,045  |    
|Payable for investments purchased on a delayed delivery basis                     |  |               | 209,212,477 |    
|Payable for investments purchased                                                 |  |               | 2,960,573   |    
|Net payable for closed swap contracts                                             |  |               | 1,059,233   |    
|Payable for fund units redeemed                                                   |  |               | 1,006,447   |    
|Swap contracts, at value (proceeds $182,465)                                      |  |               | 494,147     |    
|Due to broker for open futures contracts                                          |  |               | 1,011,000   |    
|Due to broker for open swap contracts                                             |  |               | 270,000     |    
|Due to broker for investments purchased or sold on a delayed delivery basis       |  |               | 390,000     |    
|Payable for futures variation margin                                              |  |               | 90,964      |    
|Options written, at value (premium received $13,553)                              |  |               | 10,482      |    
|Gross unrealized depreciation of forward currency exchange contracts              |  |               | 20,718      |    
|Investment advisory fee payable                                                   |  |               | 87,869      |    
|INGprogram fee payable                                                           |  |               | 169,114     |    
|Trustee, management and administration fees payable                               |  |               | 34,420      |    
|ABA Retirement Fundsprogram fee payable                                          |  |               | 19,303      |    
|Other liabilities                                                                 |  |               | 46,354      |    
|Other accruals                                                                    |  |               | 151,083     |    
|                                                                                  |  |               |             |    
|Total liabilities                                                                 |  |               | 239,546,229 |    
|                                                                                  |  |               |             |    
|                                                                                  | 
|Net Assets (equivalent to $22.92 per unit based on 16,893,803 units outstanding)  |  | $             | 387,267,720 |    
|                                                                                  |  |               |             |    



|(a) | Includes securities on loan with a value of $22,058,538 (see Note 6).
|--- | ---------------------------------------------------------------------

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



5



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Intermediate Bond Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |             |   |                                               |   |            |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ---------- | -
|                                                                |  | For the periodApril 1, 2009 toJune 30, 2009 |             |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                               |  |                                             |             |   |                                               |   |            |  
|Dividends (net of foreign tax expense of $518 and $518)         |  | $                                           | 31,845      |   |                                               | $ | 106,704    |  
|Dividendsaffiliated issuers                                    |  |                                             | 8,467       |   |                                               |   | 27,227     |  
|Interestunaffiliated issuers                                   |  |                                             | 5,076,700   |   |                                               |   | 10,152,461 |  
|Securities lending net income                                   |  |                                             | 22,732      |   |                                               |   | 50,960     |  
|                                                                |  |                                             |             |   |                                               |   |            |  
|Total investment income                                         |  |                                             | 5,139,744   |   |                                               |   | 10,337,352 |  
|                                                                |  |                                             |             |   |                                               |   |            |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |             |   |                                               |   |            |  
|Investment advisory fee                                         |  |                                             | 266,500     |   |                                               |   | 530,471    |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 116,505     |   |                                               |   | 494,388    |  
|INGprogram fee                                                 |  |                                             | 337,708     |   |                                               |   | 337,708    |  
|Trustee, management and administration fees                     |  |                                             | 106,097     |   |                                               |   | 218,260    |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 50,548      |   |                                               |   | 99,583     |  
|Legal and audit fees                                            |  |                                             | 31,046      |   |                                               |   | 94,441     |  
|Compliance consultant fees                                      |  |                                             | 13,442      |   |                                               |   | 70,761     |  
|Reports to unitholders                                          |  |                                             | 59,212      |   |                                               |   | 107,498    |  
|Registration fees                                               |  |                                             | 1,902       |   |                                               |   | 10,011     |  
|Other fees                                                      |  |                                             | 12,176      |   |                                               |   | 36,477     |  
|                                                                |  |                                             |             |   |                                               |   |            |  
|Total expenses                                                  |  |                                             | 995,136     |   |                                               |   | 1,999,598  |  
|                                                                |  |                                             |             |   |                                               |   |            |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | 4,144,608   |   |                                               |   | 8,337,754  |  
|                                                                |  |                                             |             |   |                                               |   |            |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |             |   |                                               |   |            |  
|Net realized gain (loss) on:                                    |  |                                             |             |   |                                               |   |            |  
|Investments                                                     |  |                                             | (5,996,300  | ) |                                               |   | (5,609,749 | )
|Foreign currency transactions                                   |  |                                             | (513,910    | ) |                                               |   | (709,900   | )
|Futures contracts                                               |  |                                             | 2,573,604   |   |                                               |   | 4,966,668  |  
|Swap contracts                                                  |  |                                             | (11,238,136 | ) |                                               |   | (8,555,904 | )
|                                                                |  |                                             |             |   |                                               |   |            |  
|Net realized gain (loss)                                        |  |                                             | (15,174,742 | ) |                                               |   | (9,908,885 | )
|                                                                |  |                                             |             |   |                                               |   |            |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |             |   |                                               |   |            |  
|Investments                                                     |  |                                             | 14,217,759  |   |                                               |   | 1,629,877  |  
|Foreign currency transactions                                   |  |                                             | 284,059     |   |                                               |   | 539,392    |  
|Futures contracts                                               |  |                                             | (2,836,309  | ) |                                               |   | (5,428,745 | )
|Swap contracts                                                  |  |                                             | 15,428,862  |   |                                               |   | 21,007,021 |  
|Written options                                                 |  |                                             | 3,071       |   |                                               |   | 3,071      |  
|                                                                |  |                                             |             |   |                                               |   |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | 27,097,442  |   |                                               |   | 17,750,616 |  
|                                                                |  |                                             |             |   |                                               |   |            |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | 11,922,700  |   |                                               |   | 7,841,731  |  
|                                                                |  |                                             |             |   |                                               |   |            |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 16,067,308  |   |                                               | $ | 16,179,485 |  
|                                                                |  |                                             |             |   |                                               |   |            |  

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



6



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Intermediate Bond Fund

Statement of Changes in Net Assets

Unaudited



|                                                                            |  |                                             |             |   |                                               |   |             |  
|--------------------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                            |  | For the periodApril 1, 2009 toJune 30, 2009 |             |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|From operations                                                             |  |                                             |             |   |                                               |   |             |  
|Net investment income (loss)                                                |  | $                                           | 4,144,608   |   |                                               | $ | 8,337,754   |  
|Net realized gain (loss) from investments and foreign currency transactions |  |                                             | (15,174,742 | ) |                                               |   | (9,908,885  | )
|Change in net unrealized appreciation (depreciation)                        |  |                                             | 27,097,442  |   |                                               |   | 17,750,616  |  
|                                                                            |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations             |  |                                             | 16,067,308  |   |                                               |   | 16,179,485  |  
|                                                                            |  |                                             |             |   |                                               |   |             |  
|From unitholder transactions                                                |  |                                             |             |   |                                               |   |             |  
|Proceeds from units issued                                                  |  |                                             | 11,072,478  |   |                                               |   | 28,083,271  |  
|Cost of units redeemed                                                      |  |                                             | (25,939,694 | ) |                                               |   | (55,718,714 | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions          |  |                                             | (14,867,216 | ) |                                               |   | (27,635,443 | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|                                                                            |  |                                            
|Net increase (decrease) in net assets                                       |  |                                             | 1,200,092   |   |                                               |   | (11,455,958 | )
|                                                                            |  |                                            
|Net Assets                                                                  |  |                                             |             |   |                                               |   |             |  
|Beginning of period                                                         |  |                                             | 386,067,628 |   |                                               |   | 398,723,678 |  
|                                                                            |  |                                             |             |   |                                               |   |             |  
|End of period                                                               |  | $                                           | 387,267,720 |   |                                               | $ | 387,267,720 |  
|                                                                            |  |                                             |             |   |                                               |   |             |  
|                                                                            |  |                                            
|Number of units                                                             |  |                                             |             |   |                                               |   |             |  
|Outstanding-beginning of period                                             |  |                                             | 17,551,820  |   |                                               |   | 18,136,087  |  
|Issued                                                                      |  |                                             | 491,933     |   |                                               |   | 1,272,585   |  
|Redeemed                                                                    |  |                                             | (1,149,950  | ) |                                               |   | (2,514,869  | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|Outstanding-end of period                                                   |  |                                             | 16,893,803  |   |                                               |   | 16,893,803  |  
|                                                                            |  |                                             |             |   |                                               |   |             |  

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



7



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Intermediate Bond Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |   |                                               |   |         |  
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | - | --------------------------------------------- | - | ------- | -
|                                                             |  | For the periodApril 1, 2009 toJune 30, 2009 |         |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                           |  | $                                           | 0.30    |   |                                               | $ | 0.59    |  
|Expenses()                                                |  |                                             | (0.05   | ) |                                               |   | (0.11   | )
|                                                             |  |                                             |         |   |                                               |   |         |  
|Net investment income (loss)                                 |  |                                             | 0.25    |   |                                               |   | 0.48    |  
|Net realized and unrealized gain (loss)                      |  |                                             | 0.67    |   |                                               |   | 0.45    |  
|                                                             |  |                                             |         |   |                                               |   |         |  
|Net increase (decrease) in unit value                        |  |                                             | 0.92    |   |                                               |   | 0.93    |  
|Net asset value at beginning of period                       |  |                                             | 22.00   |   |                                               |   | 21.99   |  
|                                                             |  |                                             |         |   |                                               |   |         |  
|Net asset value at end of period                             |  | $                                           | 22.92   |   |                                               | $ | 22.92   |  
|                                                             |  |                                             |         |   |                                               |   |         |  
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |         |   |                                               |   |         |  
|Ratio of expenses to average net assets*                   |  |                                             | 1.02    | % |                                               |   | 1.03    | %
|Ratio of net investment income (loss) to average net assets* |  |                                             | 4.26    | % |                                               |   | 4.31    | %
|Portfolio turnover**                                         |  |                                             | 370     | % |                                               |   | 780     | %
|Total return**                                               |  |                                             | 4.18    | % |                                               |   | 4.23    | %
|Net assets at end of period (in thousands)                   |  | $                                           | 387,268 |   |                                               | $ | 387,268 |  



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

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

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

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

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



8



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Balanced Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                          |  |               |             |    
|----------------------------------------------------------------------------------------- |  | ------------- | ----------- | ---
|                                                                                          |  | June 30, 2009 |            
|Assets                                                                                    |  |               |             |    
|Investments, at value (cost $170,019,510)                                                 |  | $             | 158,882,513 | (a)
|Investments in affiliated issuers, at value (cost $25,582,215)                            |  |               | 24,522,982  |    
|American Bar Association Members/State Street Collective Trust investment fund, at value: |  |               |             |    
|Intermediate Bond Fund (cost $96,557,340 and units of 5,174,146)                          |  |               | 118,607,336 | (b)
|Cash                                                                                      |  |               | 3,862       |    
|Receivable for investments sold                                                           |  |               | 526,019     |    
|Receivable for fund units sold                                                            |  |               | 213,650     |    
|Interest and dividends receivable                                                         |  |               | 258,569     |    
|Tax reclaims receivable                                                                   |  |               | 19,443      |    
|                                                                                          |  |               |             |    
|Total assets                                                                              |  |               | 303,034,374 |    
|                                                                                          |  |               |             |    
|Liabilities                                                                               |  |               |             |    
|Payable for cash collateral received on securities loaned                                 |  |               | 21,736,771  | (c)
|Payable for fund units redeemed                                                           |  |               | 598,572     |    
|Investment advisory fee payable                                                           |  |               | 188,132     |    
|INGprogram fee payable                                                                   |  |               | 70,952      |    
|Trustee, management and administration fees payable                                       |  |               | 14,437      |    
|ABA Retirement Fundsprogram fee payable                                                  |  |               | 8,076       |    
|Other accruals                                                                            |  |               | 58,420      |    
|                                                                                          |  |               |             |    
|Total liabilities                                                                         |  |               | 22,675,360  |    
|                                                                                          |  |               |             |    
|                                                                                          | 
|Net Assets (equivalent to $71.49 per unit based on 3,921,880 units outstanding)           |  | $             | 280,359,014 |    
|                                                                                          |  |               |             |    



|(a) | Includes securities on loan with a value of $21,236,231 (see Note 6).
|--- | ---------------------------------------------------------------------

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

|(c) | Excludes non-cash collateral of $5,690 (see Note 6).
|--- | ----------------------------------------------------

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



9



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Balanced Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |            |   |                                               |   |             |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ----------- | -
|                                                                |  | For the periodApril 1, 2009 toJune 30, 2009 |            |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                               |  |                                             |            |   |                                               |   |             |  
|Dividends (net of foreign tax expense of $607 and $1,173)       |  | $                                           | 791,969    |   |                                               | $ | 1,990,253   |  
|Dividendsaffiliated issuers                                    |  |                                             | 7,547      |   |                                               |   | 29,547      |  
|Securities lending net income                                   |  |                                             | 27,493     |   |                                               |   | 62,738      |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|Total investment income                                         |  |                                             | 827,009    |   |                                               |   | 2,082,538   |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|Expenses                                                        |  |                                             |            |   |                                               |   |             |  
|Investment advisory fee                                         |  |                                             | 100,004    |   |                                               |   | 188,112     |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 43,438     |   |                                               |   | 175,291     |  
|INGprogram fee                                                 |  |                                             | 138,782    |   |                                               |   | 138,782     |  
|Trustee, management and administration fees                     |  |                                             | 42,253     |   |                                               |   | 81,357      |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 20,198     |   |                                               |   | 37,281      |  
|Legal and audit fees                                            |  |                                             | 12,359     |   |                                               |   | 34,488      |  
|Compliance consultant fees                                      |  |                                             | 5,352      |   |                                               |   | 25,361      |  
|Reports to unitholders                                          |  |                                             | 23,573     |   |                                               |   | 40,428      |  
|Registration fees                                               |  |                                             | 757        |   |                                               |   | 3,588       |  
|Other fees                                                      |  |                                             | 4,847      |   |                                               |   | 13,330      |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|Total expenses                                                  |  |                                             | 391,563    |   |                                               |   | 738,018     |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | 435,446    |   |                                               |   | 1,344,520   |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                               |   |             |  
|Net realized gain (loss) on:                                    |  |                                             |            |   |                                               |   |             |  
|Investments                                                     |  |                                             | (9,112,514 | ) |                                               |   | (22,173,584 | )
|Intermediate Bond Fund                                          |  |                                             | 1,788,996  |   |                                               |   | 3,297,679   |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|Net realized gain (loss)                                        |  |                                             | (7,323,518 | ) |                                               |   | (18,875,905 | )
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation)            |  |                                             | 33,364,216 |   |                                               |   | 30,546,485  |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | 26,040,698 |   |                                               |   | 11,670,580  |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 26,476,144 |   |                                               | $ | 13,015,100  |  
|                                                                |  |                                             |            |   |                                               |   |             |  

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



10



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Balanced Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |             |   |                                               |   |             |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodApril 1, 2009 toJune 30, 2009 |             |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|From operations                                                    |  |                                             |             |   |                                               |   |             |  
|Net investment income (loss)                                       |  | $                                           | 435,446     |   |                                               | $ | 1,344,520   |  
|Net realized gain (loss)                                           |  |                                             | (7,323,518  | ) |                                               |   | (18,875,905 | )
|Change in net unrealized appreciation (depreciation)               |  |                                             | 33,364,216  |   |                                               |   | 30,546,485  |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 26,476,144  |   |                                               |   | 13,015,100  |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |             |   |                                               |   |             |  
|Proceeds from units issued                                         |  |                                             | 10,128,247  |   |                                               |   | 20,896,855  |  
|Cost of units redeemed                                             |  |                                             | (14,877,159 | ) |                                               |   | (31,505,851 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | (4,748,912  | ) |                                               |   | (10,608,996 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 21,727,232  |   |                                               |   | 2,406,104   |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |             |   |                                               |   |             |  
|Beginning of period                                                |  |                                             | 258,631,782 |   |                                               |   | 277,952,910 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|End of period                                                      |  | $                                           | 280,359,014 |   |                                               | $ | 280,359,014 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |             |   |                                               |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 3,988,246   |   |                                               |   | 4,081,965   |  
|Issued                                                             |  |                                             | 146,140     |   |                                               |   | 311,995     |  
|Redeemed                                                           |  |                                             | (212,506    | ) |                                               |   | (472,080    | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Outstanding-end of period                                          |  |                                             | 3,921,880   |   |                                               |   | 3,921,880   |  
|                                                                   |  |                                             |             |   |                                               |   |             |  

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



11



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Balanced Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                                |  |                                             |         |   |                                               |   |         |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ------- | - | --------------------------------------------- | - | ------- | -
|                                                                |  | For the periodApril 1, 2009 toJune 30, 2009 |         |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                              |  | $                                           | 0.21    |   |                                               | $ | 0.52    |  
|Expenses()                                                   |  |                                             | (0.09   | ) |                                               |   | (0.18   | )
|                                                                |  |                                             |         |   |                                               |   |         |  
|Net investment income (loss)                                    |  |                                             | 0.12    |   |                                               |   | 0.34    |  
|Net realized and unrealized gain (loss)                         |  |                                             | 6.52    |   |                                               |   | 3.06    |  
|                                                                |  |                                             |         |   |                                               |   |         |  
|Net increase (decrease) in unit value                           |  |                                             | 6.64    |   |                                               |   | 3.40    |  
|Net asset value at beginning of period                          |  |                                             | 64.85   |   |                                               |   | 68.09   |  
|                                                                |  |                                             |         |   |                                               |   |         |  
|Net asset value at end of period                                |  | $                                           | 71.49   |   |                                               | $ | 71.49   |  
|                                                                |  |                                             |         |   |                                               |   |         |  
|                                                                |  |                                            
|Ratios/Supplemental Data:                                       |  |                                             |         |   |                                               |   |         |  
|Ratio of expenses to average net assets*                      |  |                                             | 0.57    | % |                                               |   | 0.55    | %
|Ratio of net investment income (loss) to average net assets*(a) |  |                                             | 0.63    | % |                                               |   | 1.00    | %
|Portfolio turnover**                                         |  |                                             | 11      | % |                                               |   | 19      | %
|Total return**                                                  |  |                                             | 10.24   | % |                                               |   | 4.99    | %
|Net assets at end of period (in thousands)                      |  | $                                           | 280,359 |   |                                               | $ | 280,359 |  



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

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

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

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

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

|(a) | Does not reflect net investment income from the portion of the Fund invested in the Intermediate Bond Fund which retains all net investment income and makes no distributions.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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



12



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Value Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                               |  |               |             |    
|------------------------------------------------------------------------------ |  | ------------- | ----------- | ---
|                                                                               |  | June 30, 2009 |            
|Assets                                                                         |  |               |             |    
|Investments, at value (cost $163,122,821)                                      |  | $             | 140,007,630 | (a)
|Investments in affiliated issuers, at value (cost $80,524,369)                 |  |               | 69,235,145  |    
|Cash                                                                           |  |               | 3,763       |    
|Receivable for fund units sold                                                 |  |               | 165,661     |    
|Interest and dividends receivable                                              |  |               | 267,448     |    
|Tax reclaims receivable                                                        |  |               | 26,378      |    
|                                                                               |  |               |             |    
|Total assets                                                                   |  |               | 209,706,025 |    
|                                                                               |  |               |             |    
|Liabilities                                                                    |  |               |             |    
|Payable for cash collateral received on securities loaned                      |  |               | 14,817,895  |    
|Payable for fund units redeemed                                                |  |               | 830,003     |    
|Investment advisory fee payable                                                |  |               | 39,595      |    
|INGprogram fee payable                                                        |  |               | 86,889      |    
|Trustee, management and administration fees payable                            |  |               | 17,715      |    
|ABA Retirement Fundsprogram fee payable                                       |  |               | 9,868       |    
|Other accruals                                                                 |  |               | 75,238      |    
|                                                                               |  |               |             |    
|Total liabilities                                                              |  |               | 15,877,203  |    
|                                                                               |  |               |             |    
|                                                                               | 
|Net Assets(equivalent to $25.04 per unit based on 7,739,834 units outstanding) |  | $             | 193,828,822 |    
|                                                                               |  |               |             |    



|(a) | Includes securities on loan with a value of $14,435,867 (see Note 6).
|--- | ---------------------------------------------------------------------

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



13



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Value Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |            |   |                                               |   |             |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ----------- | -
|                                                                |  | For the periodApril 1, 2009 toJune 30, 2009 |            |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                               |  |                                             |            |   |                                               |   |             |  
|Dividends                                                       |  | $                                           | 1,177,706  |   |                                               | $ | 2,371,623   |  
|Dividendsaffiliated issuers                                    |  |                                             | 4,114      |   |                                               |   | 18,442      |  
|Securities lending net income                                   |  |                                             | 35,523     |   |                                               |   | 71,418      |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|Total investment income                                         |  |                                             | 1,217,343  |   |                                               |   | 2,461,483   |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|Expenses                                                        |  |                                             |            |   |                                               |   |             |  
|Investment advisory fee                                         |  |                                             | 120,244    |   |                                               |   | 229,919     |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 54,875     |   |                                               |   | 228,430     |  
|INGprogram fee                                                 |  |                                             | 171,548    |   |                                               |   | 171,548     |  
|Trustee, management and administration fees                     |  |                                             | 52,609     |   |                                               |   | 103,998     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 25,096     |   |                                               |   | 47,528      |  
|Legal and audit fees                                            |  |                                             | 15,390     |   |                                               |   | 44,592      |  
|Compliance consultant fees                                      |  |                                             | 6,664      |   |                                               |   | 33,068      |  
|Reports to unitholders                                          |  |                                             | 29,352     |   |                                               |   | 51,594      |  
|Registration fees                                               |  |                                             | 943        |   |                                               |   | 4,678       |  
|Other fees                                                      |  |                                             | 6,036      |   |                                               |   | 17,231      |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|Total expenses                                                  |  |                                             | 482,757    |   |                                               |   | 932,586     |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | 734,586    |   |                                               |   | 1,528,897   |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                               |   |             |  
|Net realized gain (loss) on:                                    |  |                                             |            |   |                                               |   |             |  
|Investments                                                     |  |                                             | (5,019,046 | ) |                                               |   | (47,946,895 | )
|Investmentsaffiliated issuers                                  |  |                                             | 224,477    |   |                                               |   | 8,092       |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|Net realized gain (loss)                                        |  |                                             | (4,794,569 | ) |                                               |   | (47,938,803 | )
|                                                                |  |                                             |            |   |                                               |   |             |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |            |   |                                               |   |             |  
|Investments                                                     |  |                                             | 31,731,412 |   |                                               |   | 39,565,584  |  
|Foreign currency transactions                                   |  |                                             | (47        | ) |                                               |   | (47         | )
|                                                                |  |                                             |            |   |                                               |   |             |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | 31,731,365 |   |                                               |   | 39,565,537  |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | 26,936,796 |   |                                               |   | (8,373,266  | )
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 27,671,382 |   |                                               | $ | (6,844,369  | )
|                                                                |  |                                             |            |   |                                               |   |             |  

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



14



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Value Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |             |   |                                               |   |             |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodApril 1, 2009 toJune 30, 2009 |             |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|From operations                                                    |  |                                             |             |   |                                               |   |             |  
|Net investment income (loss)                                       |  | $                                           | 734,586     |   |                                               | $ | 1,528,897   |  
|Net realized gain (loss)                                           |  |                                             | (4,794,569  | ) |                                               |   | (47,938,803 | )
|Change in net unrealized appreciation (depreciation)               |  |                                             | 31,731,365  |   |                                               |   | 39,565,537  |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 27,671,382  |   |                                               |   | (6,844,369  | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |             |   |                                               |   |             |  
|Proceeds from units issued                                         |  |                                             | 10,780,834  |   |                                               |   | 23,196,638  |  
|Cost of units redeemed                                             |  |                                             | (14,846,801 | ) |                                               |   | (29,359,778 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | (4,065,967  | ) |                                               |   | (6,163,140  | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 23,605,415  |   |                                               |   | (13,007,509 | )
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |             |   |                                               |   |             |  
|Beginning of period                                                |  |                                             | 170,223,407 |   |                                               |   | 206,836,331 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|End of period                                                      |  | $                                           | 193,828,822 |   |                                               | $ | 193,828,822 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |             |   |                                               |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 7,899,763   |   |                                               |   | 8,022,135   |  
|Issued                                                             |  |                                             | 443,066     |   |                                               |   | 1,002,220   |  
|Redeemed                                                           |  |                                             | (602,995    | ) |                                               |   | (1,284,521  | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Outstanding-end of period                                          |  |                                             | 7,739,834   |   |                                               |   | 7,739,834   |  
|                                                                   |  |                                             |             |   |                                               |   |             |  

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



15



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Value Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |   |                                               |   |         |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | - | --------------------------------------------- | - | ------- | --
|                                                             |  | For the periodApril 1, 2009 toJune 30, 2009 |         |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                           |  | $                                           | 0.15    |   |                                               | $ | 0.31    |   
|Expenses()                                                |  |                                             | (0.06   | ) |                                               |   | (0.12   | ) 
|                                                             |  |                                             |         |   |                                               |   |         |   
|Net investment income (loss)                                 |  |                                             | 0.09    |   |                                               |   | 0.19    |   
|Net realized and unrealized gain (loss)                      |  |                                             | 3.40    |   |                                               |   | (0.93   | ) 
|                                                             |  |                                             |         |   |                                               |   |         |   
|Net increase (decrease) in unit value                        |  |                                             | 3.49    |   |                                               |   | (0.74   | ) 
|Net asset value at beginning of period                       |  |                                             | 21.55   |   |                                               |   | 25.78   |   
|                                                             |  |                                             |         |   |                                               |   |         |   
|Net asset value at end of period                             |  | $                                           | 25.04   |   |                                               | $ | 25.04   |   
|                                                             |  |                                             |         |   |                                               |   |         |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |         |   |                                               |   |         |   
|Ratio of expenses to average net assets*                   |  |                                             | 1.00    | % |                                               |   | 1.01    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | 1.52    | % |                                               |   | 1.65    | % 
|Portfolio turnover**                                      |  |                                             | 13      | % |                                               |   | 26      | % 
|Total return**                                               |  |                                             | 16.19   | % |                                               |   | (2.87   | )%
|Net assets at end of period (in thousands)                   |  | $                                           | 193,829 |   |                                               | $ | 193,829 |   



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

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

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

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

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

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



16



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Growth Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                 |  |               |             |    
|-------------------------------------------------------------------------------- |  | ------------- | ----------- | ---
|                                                                                 |  | June 30, 2009 |            
|Assets                                                                           |  |               |             |    
|Investments, at value (cost $289,202,320)                                        |  | $             | 268,810,129 | (a)
|Investments in affiliated issuers, at value (cost $171,877,378)                  |  |               | 176,005,561 |    
|Receivable for fund units sold                                                   |  |               | 194,028     |    
|Interest and dividends receivable                                                |  |               | 178,828     |    
|Tax reclaims receivable                                                          |  |               | 5,425       |    
|                                                                                 |  |               |             |    
|Total assets                                                                     |  |               | 445,193,971 |    
|                                                                                 |  |               |             |    
|Liabilities                                                                      |  |               |             |    
|Due to custodian                                                                 |  |               | 3,780       |    
|Payable for cash collateral received on securities loaned                        |  |               | 47,127,917  |    
|Payable for fund units redeemed                                                  |  |               | 1,206,521   |    
|Investment advisory fee payable                                                  |  |               | 206,123     |    
|INGprogram fee payable                                                          |  |               | 175,903     |    
|Trustee, management and administration fees payable                              |  |               | 35,831      |    
|ABA Retirement Fundsprogram fee payable                                         |  |               | 20,004      |    
|Other accruals                                                                   |  |               | 147,489     |    
|                                                                                 |  |               |             |    
|Total liabilities                                                                |  |               | 48,923,568  |    
|                                                                                 |  |               |             |    
|                                                                                 | 
|Net Assets (equivalent to $39.40 per unit based on 10,057,996 units outstanding) |  | $             | 396,270,403 |    
|                                                                                 |  |               |             |    



|(a) | Includes securities on loan with a value of $45,992,344 (see Note 6).
|--- | ---------------------------------------------------------------------

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



17



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Growth Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |            |   |                                               |   |             |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ----------- | -
|                                                                |  | For the periodApril 1, 2009 toJune 30, 2009 |            |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                               |  |                                             |            |   |                                               |   |             |  
|Dividends (net of foreign tax expense of $616 and $1,190)       |  | $                                           | 641,605    |   |                                               | $ | 1,814,121   |  
|Dividendsaffiliated issuers                                    |  |                                             | 10,601     |   |                                               |   | 33,476      |  
|Securities lending net income                                   |  |                                             | 74,098     |   |                                               |   | 182,399     |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|Total investment income                                         |  |                                             | 726,304    |   |                                               |   | 2,029,996   |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |            |   |                                               |   |             |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 110,194    |   |                                               |   | 445,318     |  
|Investment advisory fee                                         |  |                                             | 234,411    |   |                                               |   | 434,786     |  
|INGprogram fee                                                 |  |                                             | 344,560    |   |                                               |   | 344,560     |  
|Trustee, management and administration fees                     |  |                                             | 105,632    |   |                                               |   | 204,973     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 50,453     |   |                                               |   | 93,870      |  
|Legal and audit fees                                            |  |                                             | 30,901     |   |                                               |   | 87,222      |  
|Compliance consultant fees                                      |  |                                             | 13,380     |   |                                               |   | 64,304      |  
|Reports to unitholders                                          |  |                                             | 58,935     |   |                                               |   | 101,833     |  
|Registration fees                                               |  |                                             | 1,893      |   |                                               |   | 9,097       |  
|Other fees                                                      |  |                                             | 12,120     |   |                                               |   | 33,710      |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|Total expenses                                                  |  |                                             | 962,479    |   |                                               |   | 1,819,673   |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | (236,175   | ) |                                               |   | 210,323     |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                               |   |             |  
|Net realized gain (loss) on:                                    |  |                                             |            |   |                                               |   |             |  
|Investments                                                     |  |                                             | (8,970,905 | ) |                                               |   | (43,517,073 | )
|Investmentsaffiliated issuers                                  |  |                                             | 3,915,968  |   |                                               |   | 3,803,930   |  
|Foreign currency transactions                                   |  |                                             |           |   |                                               |   | 80          |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|Net realized gain (loss)                                        |  |                                             | (5,054,937 | ) |                                               |   | (39,713,063 | )
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation)            |  |                                             | 66,005,674 |   |                                               |   | 89,497,105  |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | 60,950,737 |   |                                               |   | 49,784,042  |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 60,714,562 |   |                                               | $ | 49,994,365  |  
|                                                                |  |                                             |            |   |                                               |   |             |  

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



18



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Growth Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                            |  |                                             |             |   |                                               |   |             |  
|--------------------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                            |  | For the periodApril 1, 2009 toJune 30, 2009 |             |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|From operations                                                             |  |                                             |             |   |                                               |   |             |  
|Net investment income (loss)                                                |  | $                                           | (236,175    | ) |                                               | $ | 210,323     |  
|Net realized gain (loss) from investments and foreign currency transactions |  |                                             | (5,054,937  | ) |                                               |   | (39,713,063 | )
|Change in net unrealized appreciation (depreciation)                        |  |                                             | 66,005,674  |   |                                               |   | 89,497,105  |  
|                                                                            |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations             |  |                                             | 60,714,562  |   |                                               |   | 49,994,365  |  
|                                                                            |  |                                             |             |   |                                               |   |             |  
|                                                                            |  |                                            
|From unitholder transactions                                                |  |                                             |             |   |                                               |   |             |  
|Proceeds from units issued                                                  |  |                                             | 14,185,337  |   |                                               |   | 27,262,357  |  
|Cost of units redeemed                                                      |  |                                             | (21,450,561 | ) |                                               |   | (43,924,067 | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions          |  |                                             | (7,265,224  | ) |                                               |   | (16,661,710 | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|                                                                            |  |                                            
|Net increase (decrease) in net assets                                       |  |                                             | 53,449,338  |   |                                               |   | 33,332,655  |  
|                                                                            |  |                                            
|Net Assets                                                                  |  |                                             |             |   |                                               |   |             |  
|Beginning of period                                                         |  |                                             | 342,821,065 |   |                                               |   | 362,937,748 |  
|                                                                            |  |                                             |             |   |                                               |   |             |  
|End of period                                                               |  | $                                           | 396,270,403 |   |                                               | $ | 396,270,403 |  
|                                                                            |  |                                             |             |   |                                               |   |             |  
|                                                                            |  |                                            
|Number of units                                                             |  |                                             |             |   |                                               |   |             |  
|Outstanding-beginning of period                                             |  |                                             | 10,240,002  |   |                                               |   | 10,547,465  |  
|Issued                                                                      |  |                                             | 376,102     |   |                                               |   | 768,868     |  
|Redeemed                                                                    |  |                                             | (558,108    | ) |                                               |   | (1,258,337  | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|Outstanding-end of period                                                   |  |                                             | 10,057,996  |   |                                               |   | 10,057,996  |  
|                                                                            |  |                                             |             |   |                                               |   |             |  

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



19



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Growth Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |    |                                               |   |         |  
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | -- | --------------------------------------------- | - | ------- | -
|                                                             |  | For the periodApril 1, 2009 toJune 30, 2009 |         |    | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                           |  | $                                           | 0.07    |    |                                               | $ | 0.20    |  
|Expenses()                                                |  |                                             | (0.10   | )  |                                               |   | (0.18   | )
|                                                             |  |                                             |         |    |                                               |   |         |  
|Net investment income (loss)                                 |  |                                             | (0.03   | )  |                                               |   | 0.02    |  
|Net realized and unrealized gain (loss)                      |  |                                             | 5.95    |    |                                               |   | 4.97    |  
|                                                             |  |                                             |         |    |                                               |   |         |  
|Net increase (decrease) in unit value                        |  |                                             | 5.92    |    |                                               |   | 4.99    |  
|Net asset value at beginning of period                       |  |                                             | 33.48   |    |                                               |   | 34.41   |  
|                                                             |  |                                             |         |    |                                               |   |         |  
|Net asset value at end of period                             |  | $                                           | 39.40   |    |                                               | $ | 39.40   |  
|                                                             |  |                                             |         |    |                                               |   |         |  
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                               |   |         |  
|Ratio of expenses to average net assets*                   |  |                                             | 0.99    | %  |                                               |   | 1.00    | %
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.24   | )% |                                               |   | 0.12    | %
|Portfolio turnover**                                      |  |                                             | 14      | %  |                                               |   | 25      | %
|Total return**                                               |  |                                             | 17.68   | %  |                                               |   | 14.50   | %
|Net assets at end of period (in thousands)                   |  | $                                           | 396,270 |    |                                               | $ | 396,270 |  



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

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

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

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

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

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



20



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Value Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                |  |               |            |    
|------------------------------------------------------------------------------- |  | ------------- | ---------- | ---
|                                                                                |  | June 30, 2009 |           
|Assets                                                                          |  |               |            |    
|Investments, at value (cost $56,935,033)                                        |  | $             | 48,904,524 | (a)
|Investments in affiliated issuers, at value (cost $12,882,379)                  |  |               | 12,286,553 |    
|Foreign currency, at value (cost $27,620)                                       |  |               | 27,633     |    
|Cash                                                                            |  |               | 3,010      |    
|Receivable for fund units sold                                                  |  |               | 43,832     |    
|Interest and dividends receivable                                               |  |               | 54,735     |    
|Tax reclaims receivable                                                         |  |               | 1,801      |    
|                                                                                |  |               |            |    
|Total assets                                                                    |  |               | 61,322,088 |    
|                                                                                |  |               |            |    
|Liabilities                                                                     |  |               |            |    
|Payable for cash collateral received on securities loaned                       |  |               | 12,227,087 |    
|Payable for investments purchased                                               |  |               | 71,390     |    
|Payable for fund units redeemed                                                 |  |               | 299,530    |    
|Investment advisory fee payable                                                 |  |               | 83,208     |    
|INGprogram fee payable                                                         |  |               | 21,696     |    
|Trustee, management and administration fees payable                             |  |               | 4,419      |    
|ABA Retirement Fundsprogram fee payable                                        |  |               | 2,459      |    
|Other accruals                                                                  |  |               | 17,487     |    
|                                                                                |  |               |            |    
|Total liabilities                                                               |  |               | 12,727,276 |    
|                                                                                |  |               |            |    
|                                                                                | 
|Net Assets (equivalent to $11.04 per unit based on 4,401,792 units outstanding) |  | $             | 48,594,812 |    
|                                                                                |  |               |            |    



|(a) | Includes securities on loan with a value of $11,790,855 (see Note 6).
|--- | ---------------------------------------------------------------------

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



21



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Value Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |            |   |                                               |   |            |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                |  | For the periodApril 1, 2009 toJune 30, 2009 |            |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                               |  |                                             |            |   |                                               |   |            |  
|Dividends (net of foreign tax expense of $210 and $210)         |  | $                                           | 231,437    |   |                                               | $ | 441,997    |  
|Dividendsaffiliated issuers                                    |  |                                             | 1,262      |   |                                               |   | 4,177      |  
|Securities lending net income                                   |  |                                             | 16,485     |   |                                               |   | 41,928     |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Total investment income                                         |  |                                             | 249,184    |   |                                               |   | 488,102    |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |            |   |                                               |   |            |  
|Investment advisory fee                                         |  |                                             | 83,208     |   |                                               |   | 154,164    |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 13,307     |   |                                               |   | 52,452     |  
|INGprogram fee                                                 |  |                                             | 42,391     |   |                                               |   | 42,391     |  
|Trustee, management and administration fees                     |  |                                             | 12,914     |   |                                               |   | 24,513     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 6,170      |   |                                               |   | 11,236     |  
|Legal and audit fees                                            |  |                                             | 3,777      |   |                                               |   | 10,341     |  
|Compliance consultant fees                                      |  |                                             | 1,636      |   |                                               |   | 7,571      |  
|Reports to unitholders                                          |  |                                             | 7,204      |   |                                               |   | 12,203     |  
|Registration fees                                               |  |                                             | 231        |   |                                               |   | 1,071      |  
|Other fees                                                      |  |                                             | 1,482      |   |                                               |   | 3,998      |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Total expenses                                                  |  |                                             | 172,320    |   |                                               |   | 319,940    |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | 76,864     |   |                                               |   | 168,162    |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                               |   |            |  
|Net realized gain (loss) on:                                    |  |                                             |            |   |                                               |   |            |  
|Investments                                                     |  |                                             | (4,582,935 | ) |                                               |   | (7,905,523 | )
|Foreign currency transactions                                   |  |                                             | 17,115     |   |                                               |   | 350        |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Net realized gain (loss)                                        |  |                                             | (4,565,820 | ) |                                               |   | (7,905,173 | )
|                                                                |  |                                             |            |   |                                               |   |            |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |            |   |                                               |   |            |  
|Investments                                                     |  |                                             | 14,314,789 |   |                                               |   | 13,022,349 |  
|Foreign currency transactions                                   |  |                                             | 94         |   |                                               |   | 79         |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | 14,314,883 |   |                                               |   | 13,022,428 |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | 9,749,063  |   |                                               |   | 5,117,255  |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 9,825,927  |   |                                               | $ | 5,285,417  |  
|                                                                |  |                                             |            |   |                                               |   |            |  

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



22



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Value Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                            |  |                                             |            |   |                                               |   |            |  
|--------------------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                            |  | For the periodApril 1, 2009 toJune 30, 2009 |            |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|From operations                                                             |  |                                             |            |   |                                               |   |            |  
|Net investment income (loss)                                                |  | $                                           | 76,864     |   |                                               | $ | 168,162    |  
|Net realized gain (loss) from investments and foreign currency transactions |  |                                             | (4,565,820 | ) |                                               |   | (7,905,173 | )
|Change in net unrealized appreciation (depreciation)                        |  |                                             | 14,314,883 |   |                                               |   | 13,022,428 |  
|                                                                            |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations             |  |                                             | 9,825,927  |   |                                               |   | 5,285,417  |  
|                                                                            |  |                                             |            |   |                                               |   |            |  
|                                                                            |  |                                            
|From unitholder transactions                                                |  |                                             |            |   |                                               |   |            |  
|Proceeds from units issued                                                  |  |                                             | 4,193,171  |   |                                               |   | 9,017,676  |  
|Cost of units redeemed                                                      |  |                                             | (4,731,774 | ) |                                               |   | (9,449,955 | )
|                                                                            |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions          |  |                                             | (538,603   | ) |                                               |   | (432,279   | )
|                                                                            |  |                                             |            |   |                                               |   |            |  
|                                                                            |  |                                            
|Net increase (decrease) in net assets                                       |  |                                             | 9,287,324  |   |                                               |   | 4,853,138  |  
|                                                                            |  |                                            
|Net Assets                                                                  |  |                                             |            |   |                                               |   |            |  
|Beginning of period                                                         |  |                                             | 39,307,488 |   |                                               |   | 43,741,674 |  
|                                                                            |  |                                             |            |   |                                               |   |            |  
|End of period                                                               |  | $                                           | 48,594,812 |   |                                               | $ | 48,594,812 |  
|                                                                            |  |                                             |            |   |                                               |   |            |  
|                                                                            |  |                                            
|Number of units                                                             |  |                                             |            |   |                                               |   |            |  
|Outstanding-beginning of period                                             |  |                                             | 4,446,257  |   |                                               |   | 4,457,993  |  
|Issued                                                                      |  |                                             | 397,003    |   |                                               |   | 927,740    |  
|Redeemed                                                                    |  |                                             | (441,468   | ) |                                               |   | (983,941   | )
|                                                                            |  |                                             |            |   |                                               |   |            |  
|Outstanding-end of period                                                   |  |                                             | 4,401,792  |   |                                               |   | 4,401,792  |  
|                                                                            |  |                                             |            |   |                                               |   |            |  

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



23



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Value Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |   |                                               |   |        |  
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | - | --------------------------------------------- | - | ------ | -
|                                                             |  | For the periodApril 1, 2009 toJune 30, 2009 |        |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                           |  | $                                           | 0.06   |   |                                               | $ | 0.11   |  
|Expenses()                                                |  |                                             | (0.04  | ) |                                               |   | (0.07  | )
|                                                             |  |                                             |        |   |                                               |   |        |  
|Net investment income (loss)                                 |  |                                             | 0.02   |   |                                               |   | 0.04   |  
|Net realized and unrealized gain (loss)                      |  |                                             | 2.18   |   |                                               |   | 1.19   |  
|                                                             |  |                                             |        |   |                                               |   |        |  
|Net increase (decrease) in unit value                        |  |                                             | 2.20   |   |                                               |   | 1.23   |  
|Net asset value at beginning of period                       |  |                                             | 8.84   |   |                                               |   | 9.81   |  
|                                                             |  |                                             |        |   |                                               |   |        |  
|Net asset value at end of period                             |  | $                                           | 11.04  |   |                                               | $ | 11.04  |  
|                                                             |  |                                             |        |   |                                               |   |        |  
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |        |   |                                               |   |        |  
|Ratio of expenses to average net assets*                   |  |                                             | 1.45   | % |                                               |   | 1.47   | %
|Ratio of net investment income (loss) to average net assets* |  |                                             | 0.65   | % |                                               |   | 0.77   | %
|Portfolio turnover**                                         |  |                                             | 22     | % |                                               |   | 35     | %
|Total return**                                               |  |                                             | 24.89  | % |                                               |   | 12.54  | %
|Net assets at end of period (in thousands)                   |  | $                                           | 48,595 |   |                                               | $ | 48,595 |  



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

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

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

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

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



24



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Growth Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                |  |               |            |    
|------------------------------------------------------------------------------- |  | ------------- | ---------- | ---
|                                                                                |  | June 30, 2009 |           
|Assets                                                                          |  |               |            |    
|Investments, at value (cost $66,585,011)                                        |  | $             | 67,772,963 | (a)
|Investments in affiliated issuers, at value (cost $25,520,408)                  |  |               | 24,394,916 |    
|Receivable for fund units sold                                                  |  |               | 107,478    |    
|Interest and dividends receivable                                               |  |               | 30,194     |    
|Tax reclaims receivable                                                         |  |               | 165        |    
|                                                                                |  |               |            |    
|Total assets                                                                    |  |               | 92,305,716 |    
|                                                                                |  |               |            |    
|Liabilities                                                                     |  |               |            |    
|Payable for cash collateral received on securities loaned                       |  |               | 23,096,488 |    
|Payable for fund units redeemed                                                 |  |               | 295,368    |    
|Investment advisory fee payable                                                 |  |               | 109,326    |    
|INGprogram fee payable                                                         |  |               | 31,276     |    
|Trustee, management and administration fees payable                             |  |               | 6,369      |    
|ABA Retirement Fundsprogram fee payable                                        |  |               | 3,550      |    
|Other accruals                                                                  |  |               | 25,997     |    
|                                                                                |  |               |            |    
|Total liabilities                                                               |  |               | 23,568,374 |    
|                                                                                |  |               |            |    
|                                                                                | 
|Net Assets (equivalent to $15.78 per unit based on 4,355,280 units outstanding) |  | $             | 68,737,342 |    
|                                                                                |  |               |            |    



|(a) | Includes securities on loan with a value of $22,501,440 (see Note 6).
|--- | ---------------------------------------------------------------------

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



25



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Growth Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |            |   |                                               |   |            |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                |  | For the periodApril 1, 2009 toJune 30, 2009 |            |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                               |  |                                             |            |   |                                               |   |            |  
|Dividends                                                       |  | $                                           | 121,503    |   |                                               | $ | 254,238    |  
|Dividendsaffiliated issuers                                    |  |                                             | 3,298      |   |                                               |   | 4,489      |  
|Securities lending net income                                   |  |                                             | 43,886     |   |                                               |   | 88,587     |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Total investment income                                         |  |                                             | 168,687    |   |                                               |   | 347,314    |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |            |   |                                               |   |            |  
|Investment advisory fee                                         |  |                                             | 109,327    |   |                                               |   | 203,783    |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 19,399     |   |                                               |   | 77,143     |  
|INGprogram fee                                                 |  |                                             | 61,325     |   |                                               |   | 61,325     |  
|Trustee, management and administration fees                     |  |                                             | 18,727     |   |                                               |   | 35,851     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 8,940      |   |                                               |   | 16,421     |  
|Legal and audit fees                                            |  |                                             | 5,478      |   |                                               |   | 15,152     |  
|Compliance consultant fees                                      |  |                                             | 2,372      |   |                                               |   | 11,119     |  
|Reports to unitholders                                          |  |                                             | 10,448     |   |                                               |   | 17,817     |  
|Registration fees                                               |  |                                             | 336        |   |                                               |   | 1,574      |  
|Other fees                                                      |  |                                             | 2,148      |   |                                               |   | 5,856      |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|Total expenses                                                  |  |                                             | 238,500    |   |                                               |   | 446,041    |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | (69,813    | ) |                                               |   | (98,727    | )
|                                                                |  |                                             |            |   |                                               |   |            |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                               |   |            |  
|Net realized gain (loss)                                        |  |                                             | (1,692,738 | ) |                                               |   | (9,436,417 | )
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation)            |  |                                             | 12,694,690 |   |                                               |   | 17,474,441 |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | 11,001,952 |   |                                               |   | 8,038,024  |  
|                                                                |  |                                             |            |   |                                               |   |            |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 10,932,139 |   |                                               | $ | 7,939,297  |  
|                                                                |  |                                             |            |   |                                               |   |            |  

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



26



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Growth Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                               |   |             |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodApril 1, 2009 toJune 30, 2009 |            |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|From operations                                                    |  |                                             |            |   |                                               |   |             |  
|Net investment income (loss)                                       |  | $                                           | (69,813    | ) |                                               | $ | (98,727     | )
|Net realized gain (loss)                                           |  |                                             | (1,692,738 | ) |                                               |   | (9,436,417  | )
|Change in net unrealized appreciation (depreciation)               |  |                                             | 12,694,690 |   |                                               |   | 17,474,441  |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 10,932,139 |   |                                               |   | 7,939,297   |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |             |  
|Proceeds from units issued                                         |  |                                             | 6,855,097  |   |                                               |   | 12,285,223  |  
|Cost of units redeemed                                             |  |                                             | (6,937,344 | ) |                                               |   | (14,635,155 | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | (82,247    | ) |                                               |   | (2,349,932  | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 10,849,892 |   |                                               |   | 5,589,365   |  
|Net Assets                                                         |  |                                             |            |   |                                               |   |             |  
|Beginning of period                                                |  |                                             | 57,887,450 |   |                                               |   | 63,147,977  |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|End of period                                                      |  | $                                           | 68,737,342 |   |                                               | $ | 68,737,342  |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |            |   |                                               |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 4,356,826  |   |                                               |   | 4,547,205   |  
|Issued                                                             |  |                                             | 440,545    |   |                                               |   | 845,202     |  
|Redeemed                                                           |  |                                             | (442,091   | ) |                                               |   | (1,037,127  | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|Outstanding-end of period                                          |  |                                             | 4,355,280  |   |                                               |   | 4,355,280   |  
|                                                                   |  |                                             |            |   |                                               |   |             |  

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



27



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Growth Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                               |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | --------------------------------------------- | - | ------ | --
|                                                             |  | For the periodApril 1, 2009 toJune 30, 2009 |        |    | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                           |  | $                                           | 0.04   |    |                                               | $ | 0.08   |   
|Expenses()                                                |  |                                             | (0.05  | )  |                                               |   | (0.10  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.01  | )  |                                               |   | (0.02  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 2.50   |    |                                               |   | 1.91   |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | 2.49   |    |                                               |   | 1.89   |   
|Net asset value at beginning of period                       |  |                                             | 13.29  |    |                                               |   | 13.89  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net asset value at end of period                             |  | $                                           | 15.78  |    |                                               | $ | 15.78  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                               |   |        |   
|Ratio of expenses to average net assets*                   |  |                                             | 1.39   | %  |                                               |   | 1.40   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.41  | )% |                                               |   | (0.31  | )%
|Portfolio turnover**                                         |  |                                             | 30     | %  |                                               |   | 61     | % 
|Total return**                                               |  |                                             | 18.74  | %  |                                               |   | 13.61  | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 68,737 |    |                                               | $ | 68,737 |   



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

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

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

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

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



28



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Small-Cap Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                               |  |               |             |    
|------------------------------------------------------------------------------ |  | ------------- | ----------- | ---
|                                                                               |  | June 30, 2009 |            
|Assets                                                                         |  |               |             |    
|Investments, at value (cost $120,803,322)                                      |  | $             | 122,830,624 | (a)
|Investments in affiliated issuers, at value (cost $87,677,143)                 |  |               | 85,617,194  |    
|Cash                                                                           |  |               | 1,745       |    
|Receivable for fund units sold                                                 |  |               | 102,071     |    
|Interest and dividends receivable                                              |  |               | 53,717      |    
|Tax reclaims receivable                                                        |  |               | 1,003       |    
|                                                                               |  |               |             |    
|Total assets                                                                   |  |               | 208,606,354 |    
|                                                                               |  |               |             |    
|Liabilities                                                                    |  |               |             |    
|Payable for cash collateral received on securities loaned                      |  |               | 67,654,942  |    
|Payable for fund units redeemed                                                |  |               | 684,513     |    
|Investment advisory fee payable                                                |  |               | 184,499     |    
|INGprogram fee payable                                                        |  |               | 63,849      |    
|Trustee, management and administration fees payable                            |  |               | 13,009      |    
|ABA Retirement Fundsprogram fee payable                                       |  |               | 7,249       |    
|Other accruals                                                                 |  |               | 53,516      |    
|                                                                               |  |               |             |    
|Total liabilities                                                              |  |               | 68,661,577  |    
|                                                                               |  |               |             |    
|                                                                               | 
|Net Assets(equivalent to $46.70 per unit based on 2,996,668 units outstanding) |  | $             | 139,944,777 |    
|                                                                               |  |               |             |    



|(a) | Includes securities on loan with a value of $65,927,110 (see Note 6).
|--- | ---------------------------------------------------------------------

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



29



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Small-Cap Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |             |   |                                               |   |             |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                |  | For the periodApril 1, 2009 toJune 30, 2009 |             |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                               |  |                                             |             |   |                                               |   |             |  
|Dividends                                                       |  | $                                           | 261,773     |   |                                               | $ | 572,156     |  
|Dividendsaffiliated issuers                                    |  |                                             | 3,542       |   |                                               |   | 12,973      |  
|Securities lending net income                                   |  |                                             | 58,367      |   |                                               |   | 183,184     |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Total investment income                                         |  |                                             | 323,682     |   |                                               |   | 768,313     |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |             |   |                                               |   |             |  
|Investment advisory fee                                         |  |                                             | 246,125     |   |                                               |   | 472,832     |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 38,896      |   |                                               |   | 160,442     |  
|INGprogram fee                                                 |  |                                             | 124,012     |   |                                               |   | 124,012     |  
|Trustee, management and administration fees                     |  |                                             | 37,786      |   |                                               |   | 73,727      |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 18,064      |   |                                               |   | 33,768      |  
|Legal and audit fees                                            |  |                                             | 11,053      |   |                                               |   | 31,554      |  
|Compliance consultant fees                                      |  |                                             | 4,786       |   |                                               |   | 23,322      |  
|Reports to unitholders                                          |  |                                             | 21,080      |   |                                               |   | 36,695      |  
|Registration fees                                               |  |                                             | 677         |   |                                               |   | 3,299       |  
|Other fees                                                      |  |                                             | 4,335       |   |                                               |   | 12,193      |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Total expenses                                                  |  |                                             | 506,814     |   |                                               |   | 971,844     |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | (183,132    | ) |                                               |   | (203,531    | )
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |             |   |                                               |   |             |  
|Net realized gain (loss) on:                                    |  |                                             |             |   |                                               |   |             |  
|Investments                                                     |  |                                             | (10,539,946 | ) |                                               |   | (33,074,534 | )
|Investmentsaffiliated issuers                                  |  |                                             | 196,576     |   |                                               |   | (1,243,414  | )
|                                                                |  |                                             |             |   |                                               |   |             |  
|Net realized gain (loss)                                        |  |                                             | (10,343,370 | ) |                                               |   | (34,317,948 | )
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation)            |  |                                             | 37,566,163  |   |                                               |   | 43,220,736  |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|Net realized and unrealized gain (loss)                         |  |                                             | 27,222,793  |   |                                               |   | 8,902,788   |  
|                                                                |  |                                             |             |   |                                               |   |             |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 27,039,661  |   |                                               | $ | 8,699,257   |  
|                                                                |  |                                             |             |   |                                               |   |             |  

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



30



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Small-Cap Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |             |   |                                               |   |             |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodApril 1, 2009 toJune 30, 2009 |             |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|From operations                                                    |  |                                             |             |   |                                               |   |             |  
|Net investment income (loss)                                       |  | $                                           | (183,132    | ) |                                               | $ | (203,531    | )
|Net realized gain (loss)                                           |  |                                             | (10,343,370 | ) |                                               |   | (34,317,948 | )
|Change in net unrealized appreciation (depreciation)               |  |                                             | 37,566,163  |   |                                               |   | 43,220,736  |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 27,039,661  |   |                                               |   | 8,699,257   |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |             |   |                                               |   |             |  
|Proceeds from units issued                                         |  |                                             | 5,346,452   |   |                                               |   | 11,833,901  |  
|Cost of units redeemed                                             |  |                                             | (9,153,634  | ) |                                               |   | (17,510,852 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | (3,807,182  | ) |                                               |   | (5,676,951  | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 23,232,479  |   |                                               |   | 3,022,306   |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |             |   |                                               |   |             |  
|Beginning of period                                                |  |                                             | 116,712,298 |   |                                               |   | 136,922,471 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|End of period                                                      |  | $                                           | 139,944,777 |   |                                               | $ | 139,944,777 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |             |   |                                               |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 3,075,900   |   |                                               |   | 3,129,124   |  
|Issued                                                             |  |                                             | 119,300     |   |                                               |   | 281,495     |  
|Redeemed                                                           |  |                                             | (198,532    | ) |                                               |   | (413,951    | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Outstanding-end of period                                          |  |                                             | 2,996,668   |   |                                               |   | 2,996,668   |  
|                                                                   |  |                                             |             |   |                                               |   |             |  

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



31



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Small-Cap Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |    |                                               |   |         |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | -- | --------------------------------------------- | - | ------- | --
|                                                             |  | For the periodApril 1, 2009 toJune 30, 2009 |         |    | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                           |  | $                                           | 0.11    |    |                                               | $ | 0.25    |   
|Expenses()                                                |  |                                             | (0.16   | )  |                                               |   | (0.31   | ) 
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net investment income (loss)                                 |  |                                             | (0.05   | )  |                                               |   | (0.06   | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 8.81    |    |                                               |   | 3.00    |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net increase (decrease) in unit value                        |  |                                             | 8.76    |    |                                               |   | 2.94    |   
|Net asset value at beginning of period                       |  |                                             | 37.94   |    |                                               |   | 43.76   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net asset value at end of period                             |  | $                                           | 46.70   |    |                                               | $ | 46.70   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                               |   |         |   
|Ratio of expenses to average net assets*                   |  |                                             | 1.46    | %  |                                               |   | 1.48    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.53   | )% |                                               |   | (0.31   | )%
|Portfolio turnover**                                      |  |                                             | 46      | %  |                                               |   | 79      | % 
|Total return**                                               |  |                                             | 23.09   | %  |                                               |   | 6.72    | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 139,945 |    |                                               | $ | 139,945 |   



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

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

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

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

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

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



32



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

International Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                |  |               |             |    
|------------------------------------------------------------------------------- |  | ------------- | ----------- | ---
|                                                                                |  | June 30, 2009 |            
|Assets                                                                          |  |               |             |    
|Investments, at value (cost $159,948,632)                                       |  | $             | 143,485,745 | (a)
|Investments in affiliated issuers, at value (cost $15,446,271)                  |  |               | 14,759,111  |    
|Foreign currency, at value (cost $947,021)                                      |  |               | 948,687     |    
|Receivable for investments sold                                                 |  |               | 116,292     |    
|Receivable for fund units sold                                                  |  |               | 186,989     |    
|Interest and dividends receivable                                               |  |               | 560,883     |    
|Tax reclaims receivable                                                         |  |               | 488,853     |    
|                                                                                |  |               |             |    
|Total assets                                                                    |  |               | 160,546,560 |    
|                                                                                |  |               |             |    
|Liabilities                                                                     |  |               |             |    
|Payable for cash collateral received on securities loaned                       |  |               | 14,101,380  |    
|Payable for investments purchased                                               |  |               | 275,322     |    
|Payable for fund units redeemed                                                 |  |               | 1,136,578   |    
|Investment advisory fee payable                                                 |  |               | 101,704     |    
|INGprogram fee payable                                                         |  |               | 64,540      |    
|Trustee, management and administration fees payable                             |  |               | 13,157      |    
|ABA Retirement Fundsprogram fee payable                                        |  |               | 7,325       |    
|Other accruals                                                                  |  |               | 52,747      |    
|                                                                                |  |               |             |    
|Total liabilities                                                               |  |               | 15,752,753  |    
|                                                                                |  |               |             |    
|                                                                                | 
|Net Assets (equivalent to $20.93 per unit based on 6,917,497 units outstanding) |  | $             | 144,793,807 |    
|                                                                                |  |               |             |    



|(a) | Includes securities on loan with a value of $13,529,346 (see Note 6).
|--- | ---------------------------------------------------------------------

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



33



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

International Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |            |   |                                               |   |             |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ----------- | -
|                                                                |  | For the periodApril 1, 2009 toJune 30, 2009 |            |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                               |  |                                             |            |   |                                               |   |             |  
|Dividends (net of foreign tax expense of $139,918 and $150,549) |  | $                                           | 2,291,469  |   |                                               | $ | 2,976,283   |  
|Dividendsaffiliated issuers                                    |  |                                             | 1,541      |   |                                               |   | 6,713       |  
|Securities lending net income                                   |  |                                             | 53,538     |   |                                               |   | 89,016      |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|Total investment income                                         |  |                                             | 2,346,548  |   |                                               |   | 3,072,012   |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |            |   |                                               |   |             |  
|Investment advisory fee                                         |  |                                             | 198,252    |   |                                               |   | 355,035     |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 38,042     |   |                                               |   | 153,681     |  
|INGprogram fee                                                 |  |                                             | 125,432    |   |                                               |   | 125,432     |  
|Trustee, management and administration fees                     |  |                                             | 37,806     |   |                                               |   | 72,087      |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 18,088     |   |                                               |   | 33,056      |  
|Legal and audit fees                                            |  |                                             | 11,058     |   |                                               |   | 30,462      |  
|Compliance consultant fees                                      |  |                                             | 4,788      |   |                                               |   | 22,333      |  
|Reports to unitholders                                          |  |                                             | 21,090     |   |                                               |   | 35,869      |  
|Registration fees                                               |  |                                             | 677        |   |                                               |   | 3,159       |  
|Other fees                                                      |  |                                             | 4,336      |   |                                               |   | 11,775      |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|Total expenses                                                  |  |                                             | 459,569    |   |                                               |   | 842,889     |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | 1,886,979  |   |                                               |   | 2,229,123   |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |            |   |                                               |   |             |  
|Net realized gain (loss) on:                                    |  |                                             |            |   |                                               |   |             |  
|Investments                                                     |  |                                             | (4,785,637 | ) |                                               |   | (27,291,816 | )
|Foreign currency transactions                                   |  |                                             | 11,727     |   |                                               |   | (19,218     | )
|                                                                |  |                                             |            |   |                                               |   |             |  
|Net realized gain (loss)                                        |  |                                             | (4,773,910 | ) |                                               |   | (27,311,034 | )
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation) on:        |  |                                             |            |   |                                               |   |             |  
|Investments                                                     |  |                                             | 35,060,870 |   |                                               |   | 41,658,244  |  
|Foreign currency transactions                                   |  |                                             | 50,135     |   |                                               |   | 38,293      |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | 35,111,005 |   |                                               |   | 41,696,537  |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | 30,337,095 |   |                                               |   | 14,385,503  |  
|                                                                |  |                                             |            |   |                                               |   |             |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 32,224,074 |   |                                               | $ | 16,614,626  |  
|                                                                |  |                                             |            |   |                                               |   |             |  

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



34



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

International Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                            |  |                                             |             |   |                                               |   |             |  
|--------------------------------------------------------------------------- |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                            |  | For the periodApril 1, 2009 toJune 30, 2009 |             |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|From operations                                                             |  |                                             |             |   |                                               |   |             |  
|Net investment income (loss)                                                |  | $                                           | 1,886,979   |   |                                               | $ | 2,229,123   |  
|Net realized gain (loss) from investments and foreign currency transactions |  |                                             | (4,773,910  | ) |                                               |   | (27,311,034 | )
|Change in net unrealized appreciation (depreciation)                        |  |                                             | 35,111,005  |   |                                               |   | 41,696,537  |  
|                                                                            |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations             |  |                                             | 32,224,074  |   |                                               |   | 16,614,626  |  
|                                                                            |  |                                             |             |   |                                               |   |             |  
|                                                                            |  |                                            
|From unitholder transactions                                                |  |                                             |             |   |                                               |   |             |  
|Proceeds from units issued                                                  |  |                                             | 7,026,045   |   |                                               |   | 14,520,962  |  
|Cost of units redeemed                                                      |  |                                             | (10,147,974 | ) |                                               |   | (20,302,164 | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions          |  |                                             | (3,121,929  | ) |                                               |   | (5,781,202  | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|                                                                            |  |                                            
|Net increase (decrease) in net assets                                       |  |                                             | 29,102,145  |   |                                               |   | 10,833,424  |  
|                                                                            |  |                                            
|Net Assets                                                                  |  |                                             |             |   |                                               |   |             |  
|Beginning of period                                                         |  |                                             | 115,691,662 |   |                                               |   | 133,960,383 |  
|                                                                            |  |                                             |             |   |                                               |   |             |  
|End of period                                                               |  | $                                           | 144,793,807 |   |                                               | $ | 144,793,807 |  
|                                                                            |  |                                             |             |   |                                               |   |             |  
|                                                                            |  |                                            
|Number of units                                                             |  |                                             |             |   |                                               |   |             |  
|Outstanding-beginning of period                                             |  |                                             | 7,072,314   |   |                                               |   | 7,265,059   |  
|Issued                                                                      |  |                                             | 360,353     |   |                                               |   | 809,518     |  
|Redeemed                                                                    |  |                                             | (515,170    | ) |                                               |   | (1,157,080  | )
|                                                                            |  |                                             |             |   |                                               |   |             |  
|Outstanding-end of period                                                   |  |                                             | 6,917,497   |   |                                               |   | 6,917,497   |  
|                                                                            |  |                                             |             |   |                                               |   |             |  

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



35



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

International Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |   |                                               |   |         |  
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | - | --------------------------------------------- | - | ------- | -
|                                                             |  | For the periodApril 1, 2009 toJune 30, 2009 |         |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                           |  | $                                           | 0.33    |   |                                               | $ | 0.43    |  
|Expenses()                                                |  |                                             | (0.07   | ) |                                               |   | (0.12   | )
|                                                             |  |                                             |         |   |                                               |   |         |  
|Net investment income (loss)                                 |  |                                             | 0.26    |   |                                               |   | 0.31    |  
|Net realized and unrealized gain (loss)                      |  |                                             | 4.31    |   |                                               |   | 2.18    |  
|                                                             |  |                                             |         |   |                                               |   |         |  
|Net increase (decrease) in unit value                        |  |                                             | 4.57    |   |                                               |   | 2.49    |  
|Net asset value at beginning of period                       |  |                                             | 16.36   |   |                                               |   | 18.44   |  
|                                                             |  |                                             |         |   |                                               |   |         |  
|Net asset value at end of period                             |  | $                                           | 20.93   |   |                                               | $ | 20.93   |  
|                                                             |  |                                             |         |   |                                               |   |         |  
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |         |   |                                               |   |         |  
|Ratio of expenses to average net assets*                   |  |                                             | 1.32    | % |                                               |   | 1.31    | %
|Ratio of net investment income (loss) to average net assets* |  |                                             | 5.44    | % |                                               |   | 3.47    | %
|Portfolio turnover**                                         |  |                                             | 14      | % |                                               |   | 26      | %
|Total return**                                               |  |                                             | 27.93   | % |                                               |   | 13.50   | %
|Net assets at end of period (in thousands)                   |  | $                                           | 144,794 |   |                                               | $ | 144,794 |  



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

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

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

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

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



36



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Bond Index Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                       |  |               |           
|---------------------------------------------------------------------------------------------------------------------- |  | ------------- | ----------
|                                                                                                                       |  | June 30, 2009
|Assets                                                                                                                 |  |               |           
|Investments in affiliated fund, at value:                                                                              |  |               |           
|State Street Bank and Trust Company Passive Bond Market Index Non-Lending Fund (cost $15,701,843 and units of 733,897) |  | $             | 15,976,196
|Cash                                                                                                                   |  |               | 83        
|Receivable for fund units sold                                                                                         |  |               | 674,702   
|                                                                                                                       |  |               |           
|Total assets                                                                                                           |  |               | 16,650,981
|                                                                                                                       |  |               |           
|Liabilities                                                                                                            |  |               |           
|Payable for fund units redeemed                                                                                        |  |               | 11,126    
|Investment advisory fee payable                                                                                        |  |               | 398       
|INGprogram fee payable                                                                                                |  |               | 5,253     
|Trustee, management and administration fees payable                                                                    |  |               | 1,066     
|ABA Retirement Fundsprogram fee payable                                                                               |  |               | 615       
|Other accruals                                                                                                         |  |               | 2,643     
|                                                                                                                       |  |               |           
|Total liabilities                                                                                                      |  |               | 21,101    
|                                                                                                                       |  |               |           
|                                                                                                                       | 
|Net Assets (equivalent to $11.27 per unit based on 1,475,799 units outstanding)                                        |  | $             | 16,629,880
|                                                                                                                       |  |               |           

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



37



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Bond Index Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |         |   |                                                   |   |         |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ------- | - | ------------------------------------------------- | - | ------- | -
|                                                                |  | For the periodApril 1, 2009 toJune 30, 2009 |         |   | For the periodFebruary 3, 2009(a) toJune 30, 2009 |  
|Investment income                                               |  | $                                           |        |   |                                                   | $ |        |  
|                                                                |  |                                             |         |   |                                                   |   |         |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |         |   |                                                   |   |         |  
|INGprogram fee                                                 |  |                                             | 9,541   |   |                                                   |   | 9,541   |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 2,537   |   |                                                   |   | 4,991   |  
|Trustee, management and administration fees                     |  |                                             | 2,759   |   |                                                   |   | 3,575   |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 1,352   |   |                                                   |   | 1,707   |  
|Investment advisory fee                                         |  |                                             | 1,014   |   |                                                   |   | 1,295   |  
|Legal and audit fees                                            |  |                                             | 807     |   |                                                   |   | 1,104   |  
|Compliance consultant fees                                      |  |                                             | 349     |   |                                                   |   | 618     |  
|Reports to unitholders                                          |  |                                             | 1,538   |   |                                                   |   | 1,764   |  
|Registration fees                                               |  |                                             | 49      |   |                                                   |   | 87      |  
|Other fees                                                      |  |                                             | 317     |   |                                                   |   | 431     |  
|                                                                |  |                                             |         |   |                                                   |   |         |  
|Total expenses                                                  |  |                                             | 20,263  |   |                                                   |   | 25,113  |  
|                                                                |  |                                             |         |   |                                                   |   |         |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | (20,263 | ) |                                                   |   | (25,113 | )
|                                                                |  |                                             |         |   |                                                   |   |         |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |         |   |                                                   |   |         |  
|Net realized gain (loss)                                        |  |                                             | 13,889  |   |                                                   |   | 14,232  |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation)            |  |                                             | 209,650 |   |                                                   |   | 274,353 |  
|                                                                |  |                                             |         |   |                                                   |   |         |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | 223,539 |   |                                                   |   | 288,585 |  
|                                                                |  |                                             |         |   |                                                   |   |         |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 203,276 |   |                                                   | $ | 263,472 |  
|                                                                |  |                                             |         |   |                                                   |   |         |  



|(a) | Commencement of operations.
|--- | ---------------------------

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



38



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Bond Index Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                                   |   |            |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | ------------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodApril 1, 2009 toJune 30, 2009 |            |   | For the periodFebruary 3, 2009(a) toJune 30, 2009 |  
|From operations                                                    |  |                                             |            |   |                                                   |   |            |  
|Net investment income (loss)                                       |  | $                                           | (20,263    | ) |                                                   | $ | (25,113    | )
|Net realized gain (loss)                                           |  |                                             | 13,889     |   |                                                   |   | 14,232     |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 209,650    |   |                                                   |   | 274,353    |  
|                                                                   |  |                                             |            |   |                                                   |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 203,276    |   |                                                   |   | 263,472    |  
|                                                                   |  |                                             |            |   |                                                   |   |            |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |            |   |                                                   |   |            |  
|Proceeds from units issued                                         |  |                                             | 10,483,109 |   |                                                   |   | 18,867,573 |  
|Cost of units redeemed                                             |  |                                             | (1,945,339 | ) |                                                   |   | (2,501,165 | )
|                                                                   |  |                                             |            |   |                                                   |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 8,537,770  |   |                                                   |   | 16,366,408 |  
|                                                                   |  |                                             |            |   |                                                   |   |            |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 8,741,046  |   |                                                   |   | 16,629,880 |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |            |   |                                                   |   |            |  
|Beginning of period                                                |  |                                             | 7,888,834  |   |                                                   |   |           |  
|                                                                   |  |                                             |            |   |                                                   |   |            |  
|End of period                                                      |  | $                                           | 16,629,880 |   |                                                   | $ | 16,629,880 |  
|                                                                   |  |                                             |            |   |                                                   |   |            |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |            |   |                                                   |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 710,963    |   |                                                   |   |           |  
|Issued                                                             |  |                                             | 939,375    |   |                                                   |   | 1,700,615  |  
|Redeemed                                                           |  |                                             | (174,539   | ) |                                                   |   | (224,816   | )
|                                                                   |  |                                             |            |   |                                                   |   |            |  
|Outstanding-end of period                                          |  |                                             | 1,475,799  |   |                                                   |   | 1,475,799  |  
|                                                                   |  |                                             |            |   |                                                   |   |            |  



|(a) | Commencement of operations.
|--- | ---------------------------

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



39



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Bond Index Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                                   |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | ------------------------------------------------- | - | ------ | --
|                                                             |  | For the periodApril 1, 2009 toJune 30, 2009 |        |    | For the periodFebruary 3, 2009(a) toJune 30, 2009 |  
|Investment income                                           |  | $                                           |       |    |                                                   | $ |       |   
|Expenses()                                                |  |                                             | (0.02  | )  |                                                   |   | (0.03  | ) 
|                                                             |  |                                             |        |    |                                                   |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.02  | )  |                                                   |   | (0.03  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 0.19   |    |                                                   |   | 0.30   |   
|                                                             |  |                                             |        |    |                                                   |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | 0.17   |    |                                                   |   | 0.27   |   
|Net asset value at beginning of period                       |  |                                             | 11.10  |    |                                                   |   | 11.00  |   
|                                                             |  |                                             |        |    |                                                   |   |        |   
|Net asset value at end of period                             |  | $                                           | 11.27  |    |                                                   | $ | 11.27  |   
|                                                             |  |                                             |        |    |                                                   |   |        |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                                   |   |        |   
|Ratio of expenses to average net assets*                   |  |                                             | 0.80   | %  |                                                   |   | 0.77   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.80  | )% |                                                   |   | (0.77  | )%
|Portfolio turnover**                                      |  |                                             | 12     | %  |                                                   |   | 16     | % 
|Total return**                                               |  |                                             | 1.53   | %  |                                                   |   | 2.45   | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 16,630 |    |                                                   | $ | 16,630 |   



|(a) | Commencement of operations.
|--- | ---------------------------

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

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

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

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

| | Portfolio turnover reflects purchases and sales of a collective investment fund, rather than portfolio turnover of the underlying portfolio of such collective investment fund. Due
to short period since inception, turnover is calculated using daily average instead of month end average which is utilized in the standard calculation.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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



40



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Index Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                            |  |               |          
|----------------------------------------------------------------------------------------------------------- |  | ------------- | ---------
|                                                                                                            |  | June 30, 2009
|Assets                                                                                                      |  |               |          
|Investments in affiliated fund, at value:                                                                   |  |               |          
|State Street Bank and Trust Company S&P 500 Flagship Non-Lending Fund (cost $8,301,431 and units of 48,889) |  | $             | 9,021,514
|Cash                                                                                                        |  |               | 16       
|Receivable for fund units sold                                                                              |  |               | 434,011  
|                                                                                                            |  |               |          
|Total assets                                                                                                |  |               | 9,455,541
|                                                                                                            |  |               |          
|Liabilities                                                                                                 |  |               |          
|Payable for fund units redeemed                                                                             |  |               | 12,606   
|Investment advisory fee payable                                                                             |  |               | 120      
|INGprogram fee payable                                                                                     |  |               | 3,159    
|Trustee, management and administration fees payable                                                         |  |               | 641      
|ABA Retirement Fundsprogram fee payable                                                                    |  |               | 366      
|Other accruals                                                                                              |  |               | 1,434    
|                                                                                                            |  |               |          
|Total liabilities                                                                                           |  |               | 18,326   
|                                                                                                            |  |               |          
|                                                                                                            | 
|Net Assets (equivalent to $12.88 per unit based on 732,515 units outstanding)                               |  | $             | 9,437,215
|                                                                                                            |  |               |          

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



41



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Index Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |         |   |                                                   |   |         |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ------- | - | ------------------------------------------------- | - | ------- | -
|                                                                |  | For the periodApril 1, 2009 toJune 30, 2009 |         |   | For the periodFebruary 9, 2009(a) toJune 30, 2009 |  
|Investment income                                               |  | $                                           |        |   |                                                   | $ |        |  
|                                                                |  |                                             |         |   |                                                   |   |         |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |         |   |                                                   |   |         |  
|INGprogram fee                                                 |  |                                             | 5,624   |   |                                                   |   | 5,624   |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 1,202   |   |                                                   |   | 1,950   |  
|Trustee, management and administration fees                     |  |                                             | 1,536   |   |                                                   |   | 1,787   |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 756     |   |                                                   |   | 864     |  
|Investment advisory fee                                         |  |                                             | 283     |   |                                                   |   | 326     |  
|Legal and audit fees                                            |  |                                             | 449     |   |                                                   |   | 539     |  
|Compliance consultant fees                                      |  |                                             | 194     |   |                                                   |   | 276     |  
|Reports to unitholders                                          |  |                                             | 856     |   |                                                   |   | 925     |  
|Registration fees                                               |  |                                             | 27      |   |                                                   |   | 39      |  
|Other fees                                                      |  |                                             | 177     |   |                                                   |   | 211     |  
|                                                                |  |                                             |         |   |                                                   |   |         |  
|Total expenses                                                  |  |                                             | 11,104  |   |                                                   |   | 12,541  |  
|                                                                |  |                                             |         |   |                                                   |   |         |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | (11,104 | ) |                                                   |   | (12,541 | )
|                                                                |  |                                             |         |   |                                                   |   |         |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |         |   |                                                   |   |         |  
|Net realized gain (loss)                                        |  |                                             | 8,297   |   |                                                   |   | 6,909   |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation)            |  |                                             | 625,893 |   |                                                   |   | 720,083 |  
|                                                                |  |                                             |         |   |                                                   |   |         |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | 634,190 |   |                                                   |   | 726,992 |  
|                                                                |  |                                             |         |   |                                                   |   |         |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 623,086 |   |                                                   | $ | 714,451 |  
|                                                                |  |                                             |         |   |                                                   |   |         |  



|(a) | Commencement of operations.
|--- | ---------------------------

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



42



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |           |   |                                                   |   |           |  
|------------------------------------------------------------------ |  | ------------------------------------------- | --------- | - | ------------------------------------------------- | - | --------- | -
|                                                                   |  | For the periodApril 1, 2009 toJune 30, 2009 |           |   | For the periodFebruary 9, 2009(a) toJune 30, 2009 |  
|From operations                                                    |  |                                             |           |   |                                                   |   |           |  
|Net investment income (loss)                                       |  | $                                           | (11,104   | ) |                                                   | $ | (12,541   | )
|Net realized gain (loss)                                           |  |                                             | 8,297     |   |                                                   |   | 6,909     |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 625,893   |   |                                                   |   | 720,083   |  
|                                                                   |  |                                             |           |   |                                                   |   |           |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 623,086   |   |                                                   |   | 714,451   |  
|                                                                   |  |                                             |           |   |                                                   |   |           |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |           |   |                                                   |   |           |  
|Proceeds from units issued                                         |  |                                             | 6,008,483 |   |                                                   |   | 9,210,354 |  
|Cost of units redeemed                                             |  |                                             | (399,904  | ) |                                                   |   | (487,590  | )
|                                                                   |  |                                             |           |   |                                                   |   |           |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 5,608,579 |   |                                                   |   | 8,722,764 |  
|                                                                   |  |                                             |           |   |                                                   |   |           |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 6,231,665 |   |                                                   |   | 9,437,215 |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |           |   |                                                   |   |           |  
|Beginning of period                                                |  |                                             | 3,205,550 |   |                                                   |   |          |  
|                                                                   |  |                                             |           |   |                                                   |   |           |  
|End of period                                                      |  | $                                           | 9,437,215 |   |                                                   | $ | 9,437,215 |  
|                                                                   |  |                                             |           |   |                                                   |   |           |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |           |   |                                                   |   |           |  
|Outstanding-beginning of period                                    |  |                                             | 288,459   |   |                                                   |   |          |  
|Issued                                                             |  |                                             | 475,598   |   |                                                   |   | 772,022   |  
|Redeemed                                                           |  |                                             | (31,542   | ) |                                                   |   | (39,507   | )
|                                                                   |  |                                             |           |   |                                                   |   |           |  
|Outstanding-end of period                                          |  |                                             | 732,515   |   |                                                   |   | 732,515   |  
|                                                                   |  |                                             |           |   |                                                   |   |           |  



|(a) | Commencement of operations.
|--- | ---------------------------

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



43



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |       |    |                                                   |   |       |   
|------------------------------------------------------------ |  | ------------------------------------------- | ----- | -- | ------------------------------------------------- | - | ----- | --
|                                                             |  | For the periodApril 1, 2009 toJune 30, 2009 |       |    | For the periodFebruary 9, 2009(a) toJune 30, 2009 |  
|Investment income                                           |  | $                                           |      |    |                                                   | $ |      |   
|Expenses()                                                |  |                                             | (0.03 | )  |                                                   |   | (0.04 | ) 
|                                                             |  |                                             |       |    |                                                   |   |       |   
|Net investment income (loss)                                 |  |                                             | (0.03 | )  |                                                   |   | (0.04 | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 1.80  |    |                                                   |   | 0.92  |   
|                                                             |  |                                             |       |    |                                                   |   |       |   
|Net increase (decrease) in unit value                        |  |                                             | 1.77  |    |                                                   |   | 0.88  |   
|Net asset value at beginning of period                       |  |                                             | 11.11 |    |                                                   |   | 12.00 |   
|                                                             |  |                                             |       |    |                                                   |   |       |   
|Net asset value at end of period                             |  | $                                           | 12.88 |    |                                                   | $ | 12.88 |   
|                                                             |  |                                             |       |    |                                                   |   |       |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |       |    |                                                   |   |       |   
|Ratio of expenses to average net assets*                   |  |                                             | 0.79  | %  |                                                   |   | 0.76  | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.79 | )% |                                                   |   | (0.76 | )%
|Portfolio turnover**                                      |  |                                             | 2     | %  |                                                   |   | 3     | % 
|Total return**                                               |  |                                             | 15.93 | %  |                                                   |   | 7.33  | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 9,437 |    |                                                   | $ | 9,437 |   



|(a) | Commencement of operations.
|--- | ---------------------------

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

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

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

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

| | Portfolio turnover reflects purchases and sales of a collective investment fund, rather than portfolio turnover of the underlying portfolio of such collective investment fund. Due
to short period since inception, turnover is calculated using daily average instead of month end average which is utilized in the standard calculation.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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



44



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Index Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                             |  |               |            
|---------------------------------------------------------------------------------------------------------------------------- |  | ------------- | -----------
|                                                                                                                             |  | June 30, 2009
|Assets                                                                                                                       |  |               |            
|Investments in affiliated funds, at value:                                                                                   |  |               |            
|State Street Bank and Trust Company Russell 3000 Index Securities Lending Fund (cost $211,792,006 and units of 23,225,276)   |  | $             | 187,985,379
|State Street Bank and Trust Company Russell 3000 Index Non-Securities Lending Fund (cost $36,819,870 and units of 4,500,656) |  |               | 37,220,429 
|Cash                                                                                                                         |  |               | 2,815      
|Receivable for fund units sold                                                                                               |  |               | 193,846    
|                                                                                                                             |  |               |            
|Total assets                                                                                                                 |  |               | 225,402,469
|                                                                                                                             |  |               |            
|Liabilities                                                                                                                  |  |               |            
|Payable for fund units redeemed                                                                                              |  |               | 560,519    
|Investment advisory fee payable                                                                                              |  |               | 9,479      
|INGprogram fee payable                                                                                                      |  |               | 99,971     
|Trustee, management and administration fees payable                                                                          |  |               | 20,371     
|ABA Retirement Fundsprogram fee payable                                                                                     |  |               | 10,827     
|Other accruals                                                                                                               |  |               | 84,558     
|                                                                                                                             |  |               |            
|Total liabilities                                                                                                            |  |               | 785,725    
|                                                                                                                             |  |               |            
|                                                                                                                             | 
|Net Assets(equivalent to $24.55 per unit based on 9,150,990 units outstanding)                                               |  | $             | 224,616,744
|                                                                                                                             |  |               |            

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



45



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Index Equity Fund

Statement of Operations

Unaudited



|                                                                           |  |                                             |            |   |                                               |   |           |  
|-------------------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | --------- | -
|                                                                           |  | For the periodApril 1, 2009 toJune 30, 2009 |            |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                                          |  |                                             |            |   |                                               |   |           |  
|Securities lending net income                                              |  | $                                           | 61,509     |   |                                               | $ | 137,433   |  
|                                                                           |  |                                             |            |   |                                               |   |           |  
|Total investment income                                                    |  |                                             | 61,509     |   |                                               |   | 137,433   |  
|                                                                           |  |                                             |            |   |                                               |   |           |  
|                                                                           |  |                                            
|Expenses                                                                   |  |                                             |            |   |                                               |   |           |  
|State Street Bank and Trust Companyprogram fee                            |  |                                             | 62,321     |   |                                               |   | 255,894   |  
|INGprogram fee                                                            |  |                                             | 195,731    |   |                                               |   | 195,731   |  
|Trustee, management and administration fees                                |  |                                             | 59,916     |   |                                               |   | 117,253   |  
|ABA Retirement Fundsprogram fee                                           |  |                                             | 28,624     |   |                                               |   | 53,666    |  
|Investment advisory fee                                                    |  |                                             | 27,482     |   |                                               |   | 42,973    |  
|Legal and audit fees                                                       |  |                                             | 17,527     |   |                                               |   | 50,101    |  
|Compliance consultant fees                                                 |  |                                             | 7,589      |   |                                               |   | 37,041    |  
|Reports to unitholders                                                     |  |                                             | 33,428     |   |                                               |   | 58,238    |  
|Registration fees                                                          |  |                                             | 1,074      |   |                                               |   | 5,241     |  
|Other fees                                                                 |  |                                             | 6,874      |   |                                               |   | 19,360    |  
|                                                                           |  |                                             |            |   |                                               |   |           |  
|Total expenses                                                             |  |                                             | 440,566    |   |                                               |   | 835,498   |  
|                                                                           |  |                                             |            |   |                                               |   |           |  
|                                                                           |  |                                            
|Net investment income (loss)                                               |  |                                             | (379,057   | ) |                                               |   | (698,065  | )
|                                                                           |  |                                             |            |   |                                               |   |           |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss) on investments in affiliated funds |  |                                             |            |   |                                               |   |           |  
|Net realized gain (loss)                                                   |  |                                             | 2,497,048  |   |                                               |   | 805,786   |  
|                                                                           |  |                                            
|Change in net unrealized appreciation (depreciation)                       |  |                                             | 28,434,902 |   |                                               |   | 5,603,163 |  
|                                                                           |  |                                             |            |   |                                               |   |           |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss)                                    |  |                                             | 30,931,950 |   |                                               |   | 6,408,949 |  
|                                                                           |  |                                             |            |   |                                               |   |           |  
|                                                                           |  |                                            
|Net increase (decrease) in net assets resulting from operations            |  | $                                           | 30,552,893 |   |                                               | $ | 5,710,884 |  
|                                                                           |  |                                             |            |   |                                               |   |           |  

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



46



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |             |   |                                               |   |             |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ----------- | - | --------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodApril 1, 2009 toJune 30, 2009 |             |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|From operations                                                    |  |                                             |             |   |                                               |   |             |  
|Net investment income (loss)                                       |  | $                                           | (379,057    | ) |                                               | $ | (698,065    | )
|Net realized gain (loss)                                           |  |                                             | 2,497,048   |   |                                               |   | 805,786     |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 28,434,902  |   |                                               |   | 5,603,163   |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 30,552,893  |   |                                               |   | 5,710,884   |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |             |   |                                               |   |             |  
|Proceeds from units issued                                         |  |                                             | 12,044,711  |   |                                               |   | 24,107,681  |  
|Cost of units redeemed                                             |  |                                             | (11,364,913 | ) |                                               |   | (26,461,629 | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 679,798     |   |                                               |   | (2,353,948  | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 31,232,691  |   |                                               |   | 3,356,936   |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |             |   |                                               |   |             |  
|Beginning of period                                                |  |                                             | 193,384,053 |   |                                               |   | 221,259,808 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|End of period                                                      |  | $                                           | 224,616,744 |   |                                               | $ | 224,616,744 |  
|                                                                   |  |                                             |             |   |                                               |   |             |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |             |   |                                               |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 9,122,509   |   |                                               |   | 9,275,049   |  
|Issued                                                             |  |                                             | 500,729     |   |                                               |   | 1,052,317   |  
|Redeemed                                                           |  |                                             | (472,248    | ) |                                               |   | (1,176,376  | )
|                                                                   |  |                                             |             |   |                                               |   |             |  
|Outstanding-end of period                                          |  |                                             | 9,150,990   |   |                                               |   | 9,150,990   |  
|                                                                   |  |                                             |             |   |                                               |   |             |  

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



47



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |         |    |                                               |   |         |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------- | -- | --------------------------------------------- | - | ------- | --
|                                                             |  | For the periodApril 1, 2009 toJune 30, 2009 |         |    | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                           |  | $                                           | 0.01    |    |                                               | $ | 0.02    |   
|Expenses()                                                |  |                                             | (0.05   | )  |                                               |   | (0.09   | ) 
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net investment income (loss)                                 |  |                                             | (0.04   | )  |                                               |   | (0.07   | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 3.39    |    |                                               |   | 0.76    |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net increase (decrease) in unit value                        |  |                                             | 3.35    |    |                                               |   | 0.69    |   
|Net asset value at beginning of period                       |  |                                             | 21.20   |    |                                               |   | 23.86   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|Net asset value at end of period                             |  | $                                           | 24.55   |    |                                               | $ | 24.55   |   
|                                                             |  |                                             |         |    |                                               |   |         |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |         |    |                                               |   |         |   
|Ratio of expenses to average net assets*                   |  |                                             | 0.80    | %  |                                               |   | 0.80    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.69   | )% |                                               |   | (0.67   | )%
|Portfolio turnover**                                      |  |                                             | 19      | %  |                                               |   | 22      | % 
|Total return**                                               |  |                                             | 15.80   | %  |                                               |   | 2.89    | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 224,617 |    |                                               | $ | 224,617 |   



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

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

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

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

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

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



48



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Index Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                            |  |               |          
|----------------------------------------------------------------------------------------------------------- |  | ------------- | ---------
|                                                                                                            |  | June 30, 2009
|Assets                                                                                                      |  |               |          
|Investments in affiliated fund, at value:                                                                   |  |               |          
|State Street Bank and Trust Company S&P Midcap Index Non-Lending Fund (cost $4,242,676 and units of 63,131) |  | $             | 4,518,611
|Cash                                                                                                        |  |               | 9        
|Receivable for fund units sold                                                                              |  |               | 366,457  
|                                                                                                            |  |               |          
|Total assets                                                                                                |  |               | 4,885,077
|                                                                                                            |  |               |          
|Liabilities                                                                                                 |  |               |          
|Payable for fund units redeemed                                                                             |  |               | 927      
|Investment advisory fee payable                                                                             |  |               | 139      
|INGprogram fee payable                                                                                     |  |               | 1,463    
|Trustee, management and administration fees payable                                                         |  |               | 297      
|ABA Retirement Fundsprogram fee payable                                                                    |  |               | 171      
|Payable for legal and audit services                                                                        |  |               | 191      
|Other accruals                                                                                              |  |               | 410      
|                                                                                                            |  |               |          
|Total liabilities                                                                                           |  |               | 3,598    
|                                                                                                            |  |               |          
|                                                                                                            | 
|Net Assets(equivalent to $15.66 per unit based on 311,743 units outstanding)                                |  | $             | 4,881,479
|                                                                                                            |  |               |          

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



49



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Index Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |         |   |                                                   |   |         |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ------- | - | ------------------------------------------------- | - | ------- | -
|                                                                |  | For the periodApril 1, 2009 toJune 30, 2009 |         |   | For the periodFebruary 3, 2009(a) toJune 30, 2009 |  
|Investment income                                               |  | $                                           |        |   |                                                   | $ |        |  
|                                                                |  |                                             |         |   |                                                   |   |         |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |         |   |                                                   |   |         |  
|INGprogram fee                                                 |  |                                             | 2,434   |   |                                                   |   | 2,434   |  
|Trustee, management and administration fees                     |  |                                             | 641     |   |                                                   |   | 723     |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 446     |   |                                                   |   | 690     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 320     |   |                                                   |   | 356     |  
|Investment advisory fee                                         |  |                                             | 295     |   |                                                   |   | 331     |  
|Legal and audit fees                                            |  |                                             | 187     |   |                                                   |   | 217     |  
|Compliance consultant fees                                      |  |                                             | 81      |   |                                                   |   | 108     |  
|Reports to unitholders                                          |  |                                             | 357     |   |                                                   |   | 380     |  
|Registration fees                                               |  |                                             | 11      |   |                                                   |   | 15      |  
|Other fees                                                      |  |                                             | 73      |   |                                                   |   | 83      |  
|                                                                |  |                                             |         |   |                                                   |   |         |  
|Total expenses                                                  |  |                                             | 4,845   |   |                                                   |   | 5,337   |  
|                                                                |  |                                             |         |   |                                                   |   |         |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | (4,845  | ) |                                                   |   | (5,337  | )
|                                                                |  |                                             |         |   |                                                   |   |         |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |         |   |                                                   |   |         |  
|Net realized gain (loss)                                        |  |                                             | 19,742  |   |                                                   |   | 19,291  |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation)            |  |                                             | 231,794 |   |                                                   |   | 275,935 |  
|                                                                |  |                                             |         |   |                                                   |   |         |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | 251,536 |   |                                                   |   | 295,226 |  
|                                                                |  |                                             |         |   |                                                   |   |         |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 246,691 |   |                                                   | $ | 289,889 |  
|                                                                |  |                                             |         |   |                                                   |   |         |  



|(a) | Commencement of operations.
|--- | ---------------------------

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



50



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |           |   |                                                   |   |           |  
|------------------------------------------------------------------ |  | ------------------------------------------- | --------- | - | ------------------------------------------------- | - | --------- | -
|                                                                   |  | For the periodApril 1, 2009 toJune 30, 2009 |           |   | For the periodFebruary 3, 2009(a) toJune 30, 2009 |  
|From operations                                                    |  |                                             |           |   |                                                   |   |           |  
|Net investment income (loss)                                       |  | $                                           | (4,845    | ) |                                                   | $ | (5,337    | )
|Net realized gain (loss)                                           |  |                                             | 19,742    |   |                                                   |   | 19,291    |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 231,794   |   |                                                   |   | 275,935   |  
|                                                                   |  |                                             |           |   |                                                   |   |           |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 246,691   |   |                                                   |   | 289,889   |  
|                                                                   |  |                                             |           |   |                                                   |   |           |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |           |   |                                                   |   |           |  
|Proceeds from units issued                                         |  |                                             | 3,951,577 |   |                                                   |   | 5,021,342 |  
|Cost of units redeemed                                             |  |                                             | (372,730  | ) |                                                   |   | (429,752  | )
|                                                                   |  |                                             |           |   |                                                   |   |           |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 3,578,847 |   |                                                   |   | 4,591,590 |  
|                                                                   |  |                                             |           |   |                                                   |   |           |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 3,825,538 |   |                                                   |   | 4,881,479 |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |           |   |                                                   |   |           |  
|Beginning of period                                                |  |                                             | 1,055,941 |   |                                                   |   |          |  
|                                                                   |  |                                             |           |   |                                                   |   |           |  
|End of period                                                      |  | $                                           | 4,881,479 |   |                                                   | $ | 4,881,479 |  
|                                                                   |  |                                             |           |   |                                                   |   |           |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |           |   |                                                   |   |           |  
|Outstanding-beginning of period                                    |  |                                             | 80,058    |   |                                                   |   |          |  
|Issued                                                             |  |                                             | 256,144   |   |                                                   |   | 340,749   |  
|Redeemed                                                           |  |                                             | (24,459   | ) |                                                   |   | (29,006   | )
|                                                                   |  |                                             |           |   |                                                   |   |           |  
|Outstanding-end of period                                          |  |                                             | 311,743   |   |                                                   |   | 311,743   |  
|                                                                   |  |                                             |           |   |                                                   |   |           |  



|(a) | Commencement of operations.
|--- | ---------------------------

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



51



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |       |    |                                                   |   |       |   
|------------------------------------------------------------ |  | ------------------------------------------- | ----- | -- | ------------------------------------------------- | - | ----- | --
|                                                             |  | For the periodApril 1, 2009 toJune 30, 2009 |       |    | For the periodFebruary 3, 2009(a) toJune 30, 2009 |  
|Investment income                                           |  | $                                           |      |    |                                                   | $ |      |   
|Expenses()                                                |  |                                             | (0.04 | )  |                                                   |   | (0.05 | ) 
|                                                             |  |                                             |       |    |                                                   |   |       |   
|Net investment income (loss)                                 |  |                                             | (0.04 | )  |                                                   |   | (0.05 | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 2.51  |    |                                                   |   | 2.71  |   
|                                                             |  |                                             |       |    |                                                   |   |       |   
|Net increase (decrease) in unit value                        |  |                                             | 2.47  |    |                                                   |   | 2.66  |   
|Net asset value at beginning of period                       |  |                                             | 13.19 |    |                                                   |   | 13.00 |   
|                                                             |  |                                             |       |    |                                                   |   |       |   
|Net asset value at end of period                             |  | $                                           | 15.66 |    |                                                   | $ | 15.66 |   
|                                                             |  |                                             |       |    |                                                   |   |       |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |       |    |                                                   |   |       |   
|Ratio of expenses to average net assets*                   |  |                                             | 0.82  | %  |                                                   |   | 0.80  | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.82 | )% |                                                   |   | (0.80 | )%
|Portfolio turnover**                                      |  |                                             | 8     | %  |                                                   |   | 12    | % 
|Total return**                                               |  |                                             | 18.73 | %  |                                                   |   | 20.46 | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 4,881 |    |                                                   | $ | 4,881 |   



|(a) | Commencement of operations.
|--- | ---------------------------

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

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

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

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

| | Portfolio turnover reflects purchases and sales of a collective investment fund, rather than portfolio turnover of the underlying portfolio of such collective investment fund. Due
to short period since inception, turnover is calculated using daily average instead of month end average which is utilized in the standard calculation.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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



52



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##### Table of Contents

American Bar Association Members / State Street Collective Trust

Small-Cap Index Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                               |  |               |          
|-------------------------------------------------------------------------------------------------------------- |  | ------------- | ---------
|                                                                                                               |  | June 30, 2009
|Assets                                                                                                         |  |               |          
|Investments in affiliated fund, at value:                                                                      |  |               |          
|State Street Bank and Trust Company Russell 2000 Index Non-Lending Fund (cost $4,184,876 and units of 142,648) |  | $             | 4,458,308
|Cash                                                                                                           |  |               | 10       
|Receivable for fund units sold                                                                                 |  |               | 130,072  
|                                                                                                               |  |               |          
|Total assets                                                                                                   |  |               | 4,588,390
|                                                                                                               |  |               |          
|Liabilities                                                                                                    |  |               |          
|Payable for fund units redeemed                                                                                |  |               | 67       
|Investment advisory fee payable                                                                                |  |               | 133      
|INGprogram fee payable                                                                                        |  |               | 1,409    
|Trustee, management and administration fees payable                                                            |  |               | 286      
|ABA Retirement Fundsprogram fee payable                                                                       |  |               | 163      
|Payable for legal and audit services                                                                           |  |               | 189      
|Payable for compliance consultant fees                                                                         |  |               | 159      
|Payable for reports to unitholders                                                                             |  |               | 163      
|Other accruals                                                                                                 |  |               | 83       
|                                                                                                               |  |               |          
|Total liabilities                                                                                              |  |               | 2,652    
|                                                                                                               |  |               |          
|                                                                                                               | 
|Net Assets (equivalent to $16.76 per unit based on 273,575 units outstanding)                                  |  | $             | 4,585,738
|                                                                                                               |  |               |          

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



53



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Small-Cap Index Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |         |   |                                                   |   |         |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ------- | - | ------------------------------------------------- | - | ------- | -
|                                                                |  | For the periodApril 1, 2009 toJune 30, 2009 |         |   | For the periodFebruary 3, 2009(a)to June 30, 2009 |  
|Investment income                                               |  | $                                           |        |   |                                                   | $ |        |  
|                                                                |  |                                             |         |   |                                                   |   |         |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |         |   |                                                   |   |         |  
|INGprogram fee                                                 |  |                                             | 2,423   |   |                                                   |   | 2,423   |  
|Trustee, management and administration fees                     |  |                                             | 635     |   |                                                   |   | 713     |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 433     |   |                                                   |   | 668     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 314     |   |                                                   |   | 348     |  
|Investment advisory fee                                         |  |                                             | 292     |   |                                                   |   | 326     |  
|Legal and audit fees                                            |  |                                             | 185     |   |                                                   |   | 213     |  
|Compliance consultant fees                                      |  |                                             | 80      |   |                                                   |   | 105     |  
|Reports to unitholders                                          |  |                                             | 354     |   |                                                   |   | 375     |  
|Registration fees                                               |  |                                             | 11      |   |                                                   |   | 15      |  
|Other fees                                                      |  |                                             | 74      |   |                                                   |   | 85      |  
|                                                                |  |                                             |         |   |                                                   |   |         |  
|Total expenses                                                  |  |                                             | 4,801   |   |                                                   |   | 5,271   |  
|                                                                |  |                                             |         |   |                                                   |   |         |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | (4,801  | ) |                                                   |   | (5,271  | )
|                                                                |  |                                             |         |   |                                                   |   |         |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |         |   |                                                   |   |         |  
|Net realized gain (loss)                                        |  |                                             | 59,222  |   |                                                   |   | 28,565  |  
|Change in net unrealized appreciation (depreciation)            |  |                                             | 217,302 |   |                                                   |   | 273,432 |  
|                                                                |  |                                             |         |   |                                                   |   |         |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | 276,524 |   |                                                   |   | 301,997 |  
|                                                                |  |                                             |         |   |                                                   |   |         |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 271,723 |   |                                                   | $ | 296,726 |  
|                                                                |  |                                             |         |   |                                                   |   |         |  



|(a) | Commencement of operations.
|--- | ---------------------------

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



54



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Small-Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |           |   |                                                   |   |            |  
|------------------------------------------------------------------ |  | ------------------------------------------- | --------- | - | ------------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodApril 1, 2009 toJune 30, 2009 |           |   | For the periodFebruary 3, 2009(a) toJune 30, 2009 |  
|From operations                                                    |  |                                             |           |   |                                                   |   |            |  
|Net investment income (loss)                                       |  |                                             | $ (4,801) |   |                                                   |   | $ (5,271)  |  
|Net realized gain (loss)                                           |  |                                             | 59,222    |   |                                                   |   | 28,565     |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 217,302   |   |                                                   |   | 273,432    |  
|                                                                   |  |                                             |           |   |                                                   |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 271,723   |   |                                                   |   | 296,726    |  
|                                                                   |  |                                             |           |   |                                                   |   |            |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |           |   |                                                   |   |            |  
|Proceeds from units issued                                         |  |                                             | 4,025,932 |   |                                                   |   | 5,539,064  |  
|Cost of units redeemed                                             |  |                                             | (767,152  | ) |                                                   |   | (1,250,052 | )
|                                                                   |  |                                             |           |   |                                                   |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 3,258,780 |   |                                                   |   | 4,289,012  |  
|                                                                   |  |                                             |           |   |                                                   |   |            |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 3,530,503 |   |                                                   |   | 4,585,738  |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |           |   |                                                   |   |            |  
|Beginning of period                                                |  |                                             | 1,055,235 |   |                                                   |   |           |  
|                                                                   |  |                                             |           |   |                                                   |   |            |  
|End of period                                                      |  | $                                           | 4,585,738 |   |                                                   | $ | 4,585,738  |  
|                                                                   |  |                                             |           |   |                                                   |   |            |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |           |   |                                                   |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 76,609    |   |                                                   |   |           |  
|Issued                                                             |  |                                             | 245,018   |   |                                                   |   | 359,346    |  
|Redeemed                                                           |  |                                             | (48,052   | ) |                                                   |   | (85,771    | )
|                                                                   |  |                                             |           |   |                                                   |   |            |  
|Outstanding-end of period                                          |  |                                             | 273,575   |   |                                                   |   | 273,575    |  
|                                                                   |  |                                             |           |   |                                                   |   |            |  



|(a) | Commencement of operations.
|--- | ---------------------------

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



55



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Small-Cap Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |       |    |                                                   |   |       |   
|------------------------------------------------------------ |  | ------------------------------------------- | ----- | -- | ------------------------------------------------- | - | ----- | --
|                                                             |  | For the periodApril 1, 2009 toJune 30, 2009 |       |    | For the periodFebruary 3, 2009(a) toJune 30, 2009 |  
|Investment income                                           |  | $                                           |      |    |                                                   | $ |      |   
|Expenses()                                                |  |                                             | (0.04 | )  |                                                   |   | (0.05 | ) 
|                                                             |  |                                             |       |    |                                                   |   |       |   
|Net investment income (loss)                                 |  |                                             | (0.04 | )  |                                                   |   | (0.05 | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 3.03  |    |                                                   |   | 2.81  |   
|                                                             |  |                                             |       |    |                                                   |   |       |   
|Net increase (decrease) in unit value                        |  |                                             | 2.99  |    |                                                   |   | 2.76  |   
|Net asset value at beginning of period                       |  |                                             | 13.77 |    |                                                   |   | 14.00 |   
|                                                             |  |                                             |       |    |                                                   |   |       |   
|Net asset value at end of period                             |  | $                                           | 16.76 |    |                                                   | $ | 16.76 |   
|                                                             |  |                                             |       |    |                                                   |   |       |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |       |    |                                                   |   |       |   
|Ratio of expenses to average net assets*                   |  |                                             | 0.82  | %  |                                                   |   | 0.80  | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.82 | )% |                                                   |   | (0.80 | )%
|Portfolio turnover**                                      |  |                                             | 15    | %  |                                                   |   | 41    | % 
|Total return**                                               |  |                                             | 21.71 | %  |                                                   |   | 19.71 | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 4,586 |    |                                                   | $ | 4,586 |   



|(a) | Commencement of operations.
|--- | ---------------------------

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

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

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

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

| | Portfolio turnover reflects purchases and sales of a collective investment fund, rather than portfolio turnover of the underlying portfolio of such collective investment fund. Due
to short period since inception, turnover is calculated using daily average instead of month end average which is utilized in the standard calculation.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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



56



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

International Index Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                        |  |               |          
|----------------------------------------------------------------------------------------------------------------------- |  | ------------- | ---------
|                                                                                                                        |  | June 30, 2009
|Assets                                                                                                                  |  |               |          
|Investments in affiliated fund, at value:                                                                               |  |               |          
|State Street Bank and Trust Company Daily MSCI ACWI Ex-US Index Non-Lending Fund (cost $5,983,885 and units of 503,939) |  | $             | 6,355,684
|Receivable for fund units sold                                                                                          |  |               | 321,731  
|                                                                                                                        |  |               |          
|Total assets                                                                                                            |  |               | 6,677,415
|                                                                                                                        |  |               |          
|Liabilities                                                                                                             |  |               |          
|Due to custodian                                                                                                        |  |               | 108      
|Payable for fund units redeemed                                                                                         |  |               | 717      
|Investment advisory fee payable                                                                                         |  |               | 387      
|INGprogram fee payable                                                                                                 |  |               | 2,047    
|Trustee, management and administration fees payable                                                                     |  |               | 415      
|ABA Retirement Fundsprogram fee payable                                                                                |  |               | 242      
|Other accruals                                                                                                          |  |               | 709      
|                                                                                                                        |  |               |          
|Total liabilities                                                                                                       |  |               | 4,625    
|                                                                                                                        |  |               |          
|                                                                                                                        | 
|Net Assets (equivalent to $21.39 per unit based on 311,904 units outstanding)                                           |  | $             | 6,672,790
|                                                                                                                        |  |               |          

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



57



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American Bar Association Members/ State Street Collective Trust

International Index Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                             |         |   |                                                |   |         |  
|--------------------------------------------------------------- |  | ------------------------------------------- | ------- | - | ---------------------------------------------- | - | ------- | -
|                                                                |  | For the periodApril 1, 2009 toJune 30, 2009 |         |   | For the periodMarch 3, 2009(a) toJune 30, 2009 |  
|Investment income                                               |  | $                                           |        |   |                                                | $ |        |  
|                                                                |  |                                             |         |   |                                                |   |         |  
|                                                                |  |                                            
|Expenses                                                        |  |                                             |         |   |                                                |   |         |  
|INGprogram fee                                                 |  |                                             | 3,125   |   |                                                |   | 3,125   |  
|Trustee, management and administration fees                     |  |                                             | 743     |   |                                                |   | 769     |  
|Investment advisory fee                                         |  |                                             | 687     |   |                                                |   | 709     |  
|ABA Retirement Fundsprogram fee                                |  |                                             | 384     |   |                                                |   | 395     |  
|State Street Bank and Trust Companyprogram fee                 |  |                                             | 316     |   |                                                |   | 390     |  
|Legal and audit fees                                            |  |                                             | 217     |   |                                                |   | 226     |  
|Compliance consultant fees                                      |  |                                             | 94      |   |                                                |   | 102     |  
|Reports to unitholders                                          |  |                                             | 413     |   |                                                |   | 420     |  
|Registration fees                                               |  |                                             | 13      |   |                                                |   | 14      |  
|Other fees                                                      |  |                                             | 85      |   |                                                |   | 89      |  
|                                                                |  |                                             |         |   |                                                |   |         |  
|Total expenses                                                  |  |                                             | 6,077   |   |                                                |   | 6,239   |  
|                                                                |  |                                             |         |   |                                                |   |         |  
|                                                                |  |                                            
|Net investment income (loss)                                    |  |                                             | (6,077  | ) |                                                |   | (6,239  | )
|                                                                |  |                                             |         |   |                                                |   |         |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             |         |   |                                                |   |         |  
|Net realized gain (loss)                                        |  |                                             |        |   |                                                |   | 130     |  
|                                                                |  |                                            
|Change in net unrealized appreciation (depreciation)            |  |                                             | 352,496 |   |                                                |   | 371,799 |  
|                                                                |  |                                             |         |   |                                                |   |         |  
|                                                                |  |                                            
|Net realized and unrealized gain (loss)                         |  |                                             | 352,496 |   |                                                |   | 371,929 |  
|                                                                |  |                                             |         |   |                                                |   |         |  
|                                                                |  |                                            
|Net increase (decrease) in net assets resulting from operations |  | $                                           | 346,419 |   |                                                | $ | 365,690 |  
|                                                                |  |                                             |         |   |                                                |   |         |  



|(a) | Commencement of operations.
|--- | ---------------------------

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



58



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American Bar Association Members/ State Street Collective Trust

International Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |           |   |                                                |   |           |  
|------------------------------------------------------------------ |  | ------------------------------------------- | --------- | - | ---------------------------------------------- | - | --------- | -
|                                                                   |  | For the periodApril 1, 2009 toJune 30, 2009 |           |   | For the periodMarch 3, 2009(a) toJune 30, 2009 |  
|From operations                                                    |  |                                             |           |   |                                                |   |           |  
|Net investment income (loss)                                       |  | $                                           | (6,077    | ) |                                                | $ | (6,239    | )
|Net realized gain (loss)                                           |  |                                             |          |   |                                                |   | 130       |  
|Change in net unrealized appreciation (depreciation)               |  |                                             | 352,496   |   |                                                |   | 371,799   |  
|                                                                   |  |                                             |           |   |                                                |   |           |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 346,419   |   |                                                |   | 365,690   |  
|                                                                   |  |                                             |           |   |                                                |   |           |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |           |   |                                                |   |           |  
|Proceeds from units issued                                         |  |                                             | 5,648,865 |   |                                                |   | 6,385,956 |  
|Cost of units redeemed                                             |  |                                             | (52,724   | ) |                                                |   | (78,856   | )
|                                                                   |  |                                             |           |   |                                                |   |           |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 5,596,141 |   |                                                |   | 6,307,100 |  
|                                                                   |  |                                             |           |   |                                                |   |           |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 5,942,560 |   |                                                |   | 6,672,790 |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |           |   |                                                |   |           |  
|Beginning of period                                                |  |                                             | 730,230   |   |                                                |   |          |  
|                                                                   |  |                                             |           |   |                                                |   |           |  
|End of period                                                      |  | $                                           | 6,672,790 |   |                                                | $ | 6,672,790 |  
|                                                                   |  |                                             |           |   |                                                |   |           |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |           |   |                                                |   |           |  
|Outstanding-beginning of period                                    |  |                                             | 43,386    |   |                                                |   |          |  
|Issued                                                             |  |                                             | 271,040   |   |                                                |   | 316,015   |  
|Redeemed                                                           |  |                                             | (2,522    | ) |                                                |   | (4,111    | )
|                                                                   |  |                                             |           |   |                                                |   |           |  
|Outstanding-end of period                                          |  |                                             | 311,904   |   |                                                |   | 311,904   |  
|                                                                   |  |                                             |           |   |                                                |   |           |  



|(a) | Commencement of operations.
|--- | ---------------------------

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



59



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

International Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |       |    |                                                |   |       |     
|------------------------------------------------------------ |  | ------------------------------------------- | ----- | -- | ---------------------------------------------- | - | ----- | ----
|                                                             |  | For the periodApril 1, 2009 toJune 30, 2009 |       |    | For the periodMarch 3, 2009(a) toJune 30, 2009 |  
|Investment income                                           |  | $                                           |      |    |                                                | $ |      |     
|Expenses()                                                |  |                                             | (0.05 | )  |                                                |   | (0.06 | )   
|                                                             |  |                                             |       |    |                                                |   |       |     
|Net investment income (loss)                                 |  |                                             | (0.05 | )  |                                                |   | (0.06 | )   
|Net realized and unrealized gain (loss)                      |  |                                             | 4.61  |    |                                                |   | 6.45  |     
|                                                             |  |                                             |       |    |                                                |   |       |     
|Net increase (decrease) in unit value                        |  |                                             | 4.56  |    |                                                |   | 6.39  |     
|Net asset value at beginning of period                       |  |                                             | 16.83 |    |                                                |   | 15.00 |     
|                                                             |  |                                             |       |    |                                                |   |       |     
|Net asset value at end of period                             |  | $                                           | 21.39 |    |                                                | $ | 21.39 |     
|                                                             |  |                                             |       |    |                                                |   |       |     
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |       |    |                                                |   |       |     
|Ratio of expenses to average net assets*                   |  |                                             | 0.88  | %  |                                                |   | 0.87  | %   
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.88 | )% |                                                |   | (0.87 | )%  
|Portfolio turnover**                                      |  |                                             | 0     | %  |                                                |   | 0     | %***
|Total return**                                               |  |                                             | 27.09 | %  |                                                |   | 42.60 | %   
|Net assets at end of period (in thousands)                   |  | $                                           | 6,673 |    |                                                | $ | 6,673 |     



|(a) | Commencement of operations.
|--- | ---------------------------

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

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

|*** | Amounts less than 0.50% are rounded to zero.
|--- | --------------------------------------------

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

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

| | Portfolio turnover reflects purchases and sales of a collective investment fund, rather than portfolio turnover of the underlying portfolio of such collective investment fund. Due
to short period since inception, turnover is calculated using daily average instead of month end average which is utilized in the standard calculation.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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



60



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Lifetime Income Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                            |  |               |           
|------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | ----------
|                                                                                                                                            |  | June 30, 2009
|Assets                                                                                                                                      |  |               |           
|Investments in affiliated funds, at value:                                                                                                  |  |               |           
|State Street Bank and Trust CompanySSGA Target Retirement Income Securities Lending Series Fund (cost $23,224,540 and units of
2,019,034)  |  | $             | 21,785,378
|State Street Bank and Trust CompanySSGA Target Retirement Income Non-Securities Lending Series Fund (cost $4,168,995 and units of
416,899) |  |               | 4,205,682 
|Cash                                                                                                                                        |  |               | 693       
|Receivable for fund units sold                                                                                                              |  |               | 11,152    
|                                                                                                                                            |  |               |           
|Total assets                                                                                                                                |  |               | 26,002,905
|                                                                                                                                            |  |               |           
|Liabilities                                                                                                                                 |  |               |           
|Payable for investments purchased                                                                                                           |  |               | 2,982     
|Payable for fund units redeemed                                                                                                             |  |               | 8,170     
|Retirement Date Fund management fee payable                                                                                                 |  |               | 2,146     
|INGprogram fee payable                                                                                                                     |  |               | 11,319    
|Trustee, management and administration fees payable                                                                                         |  |               | 2,301     
|ABA Retirement Fundsprogram fee payable                                                                                                    |  |               | 1,289     
|Payable for legal and audit services                                                                                                        |  |               | 3,201     
|Payable for compliance consultant fees                                                                                                      |  |               | 2,689     
|Payable for reports to unitholders                                                                                                          |  |               | 2,755     
|Other accruals                                                                                                                              |  |               | 1,416     
|                                                                                                                                            |  |               |           
|Total liabilities                                                                                                                           |  |               | 38,268    
|                                                                                                                                            |  |               |           
|                                                                                                                                            | 
|Net Assets (equivalent to $9.94 per unit based on 2,610,888 units outstanding)                                                              |  | $             | 25,964,637
|                                                                                                                                            |  |               |           

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



61



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American Bar Association Members/ State Street Collective Trust

Lifetime Income Retirement Date Fund

Statement of Operations

Unaudited



|                                                                           |  |                                             |           |   |                                               |   |           |  
|-------------------------------------------------------------------------- |  | ------------------------------------------- | --------- | - | --------------------------------------------- | - | --------- | -
|                                                                           |  | For the periodApril 1, 2009 toJune 30, 2009 |           |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                                          |  | $                                           |          |   |                                               | $ |          |  
|                                                                           |  |                                             |           |   |                                               |   |           |  
|                                                                           |  |                                            
|Expenses                                                                   |  |                                             |           |   |                                               |   |           |  
|State Street Bank and Trust Companyprogram fee                            |  |                                             | 7,708     |   |                                               |   | 32,902    |  
|INGprogram fee                                                            |  |                                             | 22,408    |   |                                               |   | 22,408    |  
|Trustee, management and administration fees                                |  |                                             | 7,028     |   |                                               |   | 14,496    |  
|Retirement Date Fund management fee                                        |  |                                             | 6,442     |   |                                               |   | 12,857    |  
|ABA Retirement Fundsprogram fee                                           |  |                                             | 3,349     |   |                                               |   | 6,613     |  
|Legal and audit fees                                                       |  |                                             | 2,056     |   |                                               |   | 6,289     |  
|Compliance consultant fees                                                 |  |                                             | 890       |   |                                               |   | 4,717     |  
|Reports to unitholders                                                     |  |                                             | 3,922     |   |                                               |   | 7,146     |  
|Registration fees                                                          |  |                                             | 126       |   |                                               |   | 667       |  
|Other fees                                                                 |  |                                             | 807       |   |                                               |   | 2,431     |  
|                                                                           |  |                                             |           |   |                                               |   |           |  
|Total expenses                                                             |  |                                             | 54,736    |   |                                               |   | 110,526   |  
|                                                                           |  |                                             |           |   |                                               |   |           |  
|                                                                           |  |                                            
|Net investment income (loss)                                               |  |                                             | (54,736   | ) |                                               |   | (110,526  | )
|                                                                           |  |                                             |           |   |                                               |   |           |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss) on investments in affiliated funds |  |                                             |           |   |                                               |   |           |  
|Net realized gain (loss)                                                   |  |                                             | (517,333  | ) |                                               |   | (966,805  | )
|                                                                           |  |                                            
|Change in net unrealized appreciation (depreciation)                       |  |                                             | 2,352,509 |   |                                               |   | 2,124,127 |  
|                                                                           |  |                                             |           |   |                                               |   |           |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss)                                    |  |                                             | 1,835,176 |   |                                               |   | 1,157,322 |  
|                                                                           |  |                                             |           |   |                                               |   |           |  
|                                                                           |  |                                            
|Net increase (decrease) in net assets resulting from operations            |  | $                                           | 1,780,440 |   |                                               | $ | 1,046,796 |  
|                                                                           |  |                                             |           |   |                                               |   |           |  

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



62



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American Bar Association Members/ State Street Collective Trust

Lifetime Income Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                               |   |            |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodApril 1, 2009 toJune 30, 2009 |            |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|From operations                                                    |  |                                             |            |   |                                               |   |            |  
|Net investment income (loss)                                       |  | $                                           | (54,736    | ) |                                               | $ | (110,526   | )
|Net realized gain (loss)                                           |  |                                             | (517,333   | ) |                                               |   | (966,805   | )
|Change in net unrealized appreciation (depreciation)               |  |                                             | 2,352,509  |   |                                               |   | 2,124,127  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 1,780,440  |   |                                               |   | 1,046,796  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |            |  
|Proceeds from units issued                                         |  |                                             | 1,104,127  |   |                                               |   | 3,198,340  |  
|Cost of units redeemed                                             |  |                                             | (1,810,152 | ) |                                               |   | (5,742,561 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | (706,025   | ) |                                               |   | (2,544,221 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 1,074,415  |   |                                               |   | (1,497,425 | )
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |            |   |                                               |   |            |  
|Beginning of period                                                |  |                                             | 24,890,222 |   |                                               |   | 27,462,062 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|End of period                                                      |  | $                                           | 25,964,637 |   |                                               | $ | 25,964,637 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |            |   |                                               |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 2,683,539  |   |                                               |   | 2,883,860  |  
|Issued                                                             |  |                                             | 112,929    |   |                                               |   | 339,302    |  
|Redeemed                                                           |  |                                             | (185,580   | ) |                                               |   | (612,274   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Outstanding-end of period                                          |  |                                             | 2,610,888  |   |                                               |   | 2,610,888  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  

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



63



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Lifetime Income Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                               |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | --------------------------------------------- | - | ------ | --
|                                                             |  | For the periodApril 1, 2009 toJune 30, 2009 |        |    | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                           |  | $                                           |       |    |                                               | $ |       |   
|Expenses()                                                |  |                                             | (0.02  | )  |                                               |   | (0.04  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.02  | )  |                                               |   | (0.04  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 0.68   |    |                                               |   | 0.46   |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | 0.66   |    |                                               |   | 0.42   |   
|Net asset value at beginning of period                       |  |                                             | 9.28   |    |                                               |   | 9.52   |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net asset value at end of period                             |  | $                                           | 9.94   |    |                                               | $ | 9.94   |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                               |   |        |   
|Ratio of expenses to average net assets*                   |  |                                             | 0.85   | %  |                                               |   | 0.86   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.85  | )% |                                               |   | (0.86  | )%
|Portfolio turnover**                                      |  |                                             | 20     | %  |                                               |   | 24     | % 
|Total return**                                               |  |                                             | 7.11   | %  |                                               |   | 4.41   | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 25,965 |    |                                               | $ | 25,965 |   



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

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

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

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

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

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



64



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2010 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                          |  |               |           
|----------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | ----------
|                                                                                                                                          |  | June 30, 2009
|Assets                                                                                                                                    |  |               |           
|Investments in affiliated funds, at value:                                                                                                |  |               |           
|State Street Bank and Trust CompanySSGA Target Retirement 2010 Securities Lending Series Fund (cost $46,190,599 and units of 4,022,023)  |  | $             | 41,760,666
|State Street Bank and Trust CompanySSGA Target Retirement 2010 Non-Securities Lending Series Fund (cost $7,980,651 and units of 798,065) |  |               | 8,078,015 
|Cash                                                                                                                                      |  |               | 1,252     
|Receivable for investments sold                                                                                                           |  |               | 186,113   
|Receivable for fund units sold                                                                                                            |  |               | 18,776    
|                                                                                                                                          |  |               |           
|Total assets                                                                                                                              |  |               | 50,044,822
|                                                                                                                                          |  |               |           
|Liabilities                                                                                                                               |  |               |           
|Payable for fund units redeemed                                                                                                           |  |               | 204,889   
|Retirement Date Fund management fee payable                                                                                               |  |               | 4,139     
|INGprogram fee payable                                                                                                                   |  |               | 21,827    
|Trustee, management and administration fees payable                                                                                       |  |               | 4,436     
|ABA Retirement Fundsprogram fee payable                                                                                                  |  |               | 2,485     
|Other accruals                                                                                                                            |  |               | 18,414    
|                                                                                                                                          |  |               |           
|Total liabilities                                                                                                                         |  |               | 256,190   
|                                                                                                                                          |  |               |           
|                                                                                                                                          | 
|Net Assets (equivalent to $11.31 per unit based on 4,402,573 units outstanding)                                                           |  | $             | 49,788,632
|                                                                                                                                          |  |               |           

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



65



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2010 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                           |  |                                             |            |   |                                               |   |            |  
|-------------------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                           |  | For the periodApril 1, 2009 toJune 30, 2009 |            |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                                          |  | $                                           |           |   |                                               | $ |           |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Expenses                                                                   |  |                                             |            |   |                                               |   |            |  
|State Street Bank and Trust Companyprogram fee                            |  |                                             | 13,996     |   |                                               |   | 57,705     |  
|INGprogram fee                                                            |  |                                             | 43,177     |   |                                               |   | 43,177     |  
|Trustee, management and administration fees                                |  |                                             | 13,278     |   |                                               |   | 26,250     |  
|Retirement Date Fund management fee                                        |  |                                             | 12,179     |   |                                               |   | 23,323     |  
|ABA Retirement Fundsprogram fee                                           |  |                                             | 6,337      |   |                                               |   | 12,003     |  
|Legal and audit fees                                                       |  |                                             | 3,884      |   |                                               |   | 11,199     |  
|Compliance consultant fees                                                 |  |                                             | 1,682      |   |                                               |   | 8,296      |  
|Reports to unitholders                                                     |  |                                             | 7,409      |   |                                               |   | 12,981     |  
|Registration fees                                                          |  |                                             | 238        |   |                                               |   | 1,174      |  
|Other fees                                                                 |  |                                             | 1,523      |   |                                               |   | 4,327      |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|Total expenses                                                             |  |                                             | 103,703    |   |                                               |   | 200,435    |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net investment income (loss)                                               |  |                                             | (103,703   | ) |                                               |   | (200,435   | )
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss) on investments in affiliated funds |  |                                             |            |   |                                               |   |            |  
|Net realized gain (loss)                                                   |  |                                             | (1,636,357 | ) |                                               |   | (2,688,465 | )
|                                                                           |  |                                            
|Change in net unrealized appreciation (depreciation)                       |  |                                             | 5,756,821  |   |                                               |   | 4,297,764  |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss)                                    |  |                                             | 4,120,464  |   |                                               |   | 1,609,299  |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net increase (decrease) in net assets resulting from operations            |  | $                                           | 4,016,761  |   |                                               | $ | 1,408,864  |  
|                                                                           |  |                                             |            |   |                                               |   |            |  

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



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American Bar Association Members/ State Street Collective Trust

2010 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                               |   |            |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodApril 1, 2009 toJune 30, 2009 |            |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|From operations                                                    |  |                                             |            |   |                                               |   |            |  
|Net investment income (loss)                                       |  | $                                           | (103,703   | ) |                                               | $ | (200,435   | )
|Net realized gain (loss)                                           |  |                                             | (1,636,357 | ) |                                               |   | (2,688,465 | )
|Change in net unrealized appreciation (depreciation)               |  |                                             | 5,756,821  |   |                                               |   | 4,297,764  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 4,016,761  |   |                                               |   | 1,408,864  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |            |  
|Proceeds from units issued                                         |  |                                             | 5,206,162  |   |                                               |   | 8,995,015  |  
|Cost of units redeemed                                             |  |                                             | (3,217,990 | ) |                                               |   | (9,801,151 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 1,988,172  |   |                                               |   | (806,136   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 6,004,933  |   |                                               |   | 602,728    |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |            |   |                                               |   |            |  
|Beginning of period                                                |  |                                             | 43,783,699 |   |                                               |   | 49,185,904 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|End of period                                                      |  | $                                           | 49,788,632 |   |                                               | $ | 49,788,632 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |            |   |                                               |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 4,218,523  |   |                                               |   | 4,478,584  |  
|Issued                                                             |  |                                             | 468,936    |   |                                               |   | 834,085    |  
|Redeemed                                                           |  |                                             | (284,886   | ) |                                               |   | (910,096   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Outstanding-end of period                                          |  |                                             | 4,402,573  |   |                                               |   | 4,402,573  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  

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



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American Bar Association Members/ State Street Collective Trust

2010 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                               |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | --------------------------------------------- | - | ------ | --
|                                                             |  | For the periodApril 1, 2009 toJune 30, 2009 |        |    | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                           |  | $                                           |       |    |                                               | $ |       |   
|Expenses()                                                |  |                                             | (0.03  | )  |                                               |   | (0.05  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.03  | )  |                                               |   | (0.05  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 0.96   |    |                                               |   | 0.38   |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | 0.93   |    |                                               |   | 0.33   |   
|Net asset value at beginning of period                       |  |                                             | 10.38  |    |                                               |   | 10.98  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net asset value at end of period                             |  | $                                           | 11.31  |    |                                               | $ | 11.31  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                               |   |        |   
|Ratio of expenses to average net assets*                   |  |                                             | 0.85   | %  |                                               |   | 0.86   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.85  | )% |                                               |   | (0.86  | )%
|Portfolio turnover**                                      |  |                                             | 21     | %  |                                               |   | 29     | % 
|Total return**                                               |  |                                             | 8.96   | %  |                                               |   | 3.01   | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 49,789 |    |                                               | $ | 49,789 |   



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

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

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

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

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

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



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American Bar Association Members/ State Street Collective Trust

2020 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                             |  |               |           
|-------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | ----------
|                                                                                                                                             |  | June 30, 2009
|Assets                                                                                                                                       |  |               |           
|Investments in affiliated funds, at value:                                                                                                   |  |               |           
|State Street Bank and Trust CompanySSGA Target Retirement 2020 Securities Lending Series Fund (cost $79,092,987 and units of 6,746,255)     |  | $             | 66,740,700
|State Street Bank and Trust CompanySSGA Target Retirement 2020 Non-Securities Lending Series Fund (cost $12,611,634 and units of
1,261,163) |  |               | 12,769,279
|Cash                                                                                                                                         |  |               | 1,808     
|Receivable for investments sold                                                                                                              |  |               | 37,231    
|Receivable for fund units sold                                                                                                               |  |               | 108,432   
|                                                                                                                                             |  |               |           
|Total assets                                                                                                                                 |  |               | 79,657,450
|                                                                                                                                             |  |               |           
|Liabilities                                                                                                                                  |  |               |           
|Payable for fund units redeemed                                                                                                              |  |               | 145,663   
|Retirement Date Fund management fee payable                                                                                                  |  |               | 6,487     
|INGprogram fee payable                                                                                                                      |  |               | 34,211    
|Trustee, management and administration fees payable                                                                                          |  |               | 6,951     
|ABA Retirement Fundsprogram fee payable                                                                                                     |  |               | 3,897     
|Other accruals                                                                                                                               |  |               | 28,675    
|                                                                                                                                             |  |               |           
|Total liabilities                                                                                                                            |  |               | 225,884   
|                                                                                                                                             |  |               |           
|                                                                                                                                             | 
|Net Assets (equivalent to $12.36 per unit based on 6,425,791 units outstanding)                                                              |  | $             | 79,431,566
|                                                                                                                                             |  |               |           

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



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American Bar Association Members/ State Street Collective Trust

2020 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                           |  |                                             |            |   |                                               |   |            |  
|-------------------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                           |  | For the periodApril 1, 2009 toJune 30, 2009 |            |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                                          |  | $                                           |           |   |                                               | $ |           |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Expenses                                                                   |  |                                             |            |   |                                               |   |            |  
|State Street Bank and Trust Companyprogram fee                            |  |                                             | 21,889     |   |                                               |   | 90,050     |  
|INGprogram fee                                                            |  |                                             | 66,975     |   |                                               |   | 66,975     |  
|Trustee, management and administration fees                                |  |                                             | 20,648     |   |                                               |   | 40,852     |  
|Retirement Date Fund management fee                                        |  |                                             | 18,938     |   |                                               |   | 36,298     |  
|ABA Retirement Fundsprogram fee                                           |  |                                             | 9,864      |   |                                               |   | 18,694     |  
|Legal and audit fees                                                       |  |                                             | 6,040      |   |                                               |   | 17,476     |  
|Compliance consultant fees                                                 |  |                                             | 2,615      |   |                                               |   | 12,955     |  
|Reports to unitholders                                                     |  |                                             | 11,521     |   |                                               |   | 20,231     |  
|Registration fees                                                          |  |                                             | 370        |   |                                               |   | 1,833      |  
|Other fees                                                                 |  |                                             | 2,370      |   |                                               |   | 6,754      |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|Total expenses                                                             |  |                                             | 161,230    |   |                                               |   | 312,118    |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net investment income (loss)                                               |  |                                             | (161,230   | ) |                                               |   | (312,118   | )
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss) on investments in affiliated funds |  |                                             |            |   |                                               |   |            |  
|Net realized gain (loss)                                                   |  |                                             | (4,790,971 | ) |                                               |   | (6,599,477 | )
|                                                                           |  |                                            
|Change in net unrealized appreciation (depreciation)                       |  |                                             | 13,903,266 |   |                                               |   | 9,463,037  |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss)                                    |  |                                             | 9,112,295  |   |                                               |   | 2,863,560  |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net increase (decrease) in net assets resulting from operations            |  | $                                           | 8,951,065  |   |                                               | $ | 2,551,442  |  
|                                                                           |  |                                             |            |   |                                               |   |            |  

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



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American Bar Association Members/ State Street Collective Trust

2020 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                               |   |             |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ----------- | -
|                                                                   |  | For the periodApril 1, 2009 toJune 30, 2009 |            |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|From operations                                                    |  |                                             |            |   |                                               |   |             |  
|Net investment income (loss)                                       |  | $                                           | (161,230   | ) |                                               | $ | (312,118    | )
|Net realized gain (loss)                                           |  |                                             | (4,790,971 | ) |                                               |   | (6,599,477  | )
|Change in net unrealized appreciation (depreciation)               |  |                                             | 13,903,266 |   |                                               |   | 9,463,037   |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 8,951,065  |   |                                               |   | 2,551,442   |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |             |  
|Proceeds from units issued                                         |  |                                             | 7,190,309  |   |                                               |   | 13,737,353  |  
|Cost of units redeemed                                             |  |                                             | (5,378,604 | ) |                                               |   | (11,712,690 | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 1,811,705  |   |                                               |   | 2,024,663   |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 10,762,770 |   |                                               |   | 4,576,105   |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |            |   |                                               |   |             |  
|Beginning of period                                                |  |                                             | 68,668,796 |   |                                               |   | 74,855,461  |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|End of period                                                      |  | $                                           | 79,431,566 |   |                                               | $ | 79,431,566  |  
|                                                                   |  |                                             |            |   |                                               |   |             |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |            |   |                                               |   |             |  
|Outstanding-beginning of period                                    |  |                                             | 6,283,170  |   |                                               |   | 6,284,404   |  
|Issued                                                             |  |                                             | 588,290    |   |                                               |   | 1,181,234   |  
|Redeemed                                                           |  |                                             | (445,669   | ) |                                               |   | (1,039,847  | )
|                                                                   |  |                                             |            |   |                                               |   |             |  
|Outstanding-end of period                                          |  |                                             | 6,425,791  |   |                                               |   | 6,425,791   |  
|                                                                   |  |                                             |            |   |                                               |   |             |  

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



71



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American Bar Association Members/ State Street Collective Trust

2020 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                               |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | --------------------------------------------- | - | ------ | --
|                                                             |  | For the periodApril 1, 2009 toJune 30, 2009 |        |    | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                           |  | $                                           |       |    |                                               | $ |       |   
|Expenses()                                                |  |                                             | (0.03  | )  |                                               |   | (0.05  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.03  | )  |                                               |   | (0.05  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 1.46   |    |                                               |   | 0.50   |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | 1.43   |    |                                               |   | 0.45   |   
|Net asset value at beginning of period                       |  |                                             | 10.93  |    |                                               |   | 11.91  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net asset value at end of period                             |  | $                                           | 12.36  |    |                                               | $ | 12.36  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                               |   |        |   
|Ratio of expenses to average net assets*                   |  |                                             | 0.85   | %  |                                               |   | 0.86   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.85  | )% |                                               |   | (0.86  | )%
|Portfolio turnover**                                      |  |                                             | 21     | %  |                                               |   | 27     | % 
|Total return**                                               |  |                                             | 13.08  | %  |                                               |   | 3.78   | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 79,432 |    |                                               | $ | 79,432 |   



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

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

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

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

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

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



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American Bar Association Members/ State Street Collective Trust

2030 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                          |  |               |           
|----------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | ----------
|                                                                                                                                          |  | June 30, 2009
|Assets                                                                                                                                    |  |               |           
|Investments in affiliated funds, at value:                                                                                                |  |               |           
|State Street Bank and Trust CompanySSGA Target Retirement 2030 Securities Lending Series Fund (cost $60,093,375 and units of 5,045,441)  |  | $             | 48,032,599
|State Street Bank and Trust CompanySSGA Target Retirement 2030 Non-Securities Lending Series Fund (cost $9,059,412 and units of 905,941) |  |               | 9,170,843 
|Cash                                                                                                                                      |  |               | 1,285     
|Receivable for fund units sold                                                                                                            |  |               | 552,131   
|                                                                                                                                          |  |               |           
|Total assets                                                                                                                              |  |               | 57,756,858
|                                                                                                                                          |  |               |           
|Liabilities                                                                                                                               |  |               |           
|Payable for investments purchased                                                                                                         |  |               | 439,009   
|Payable for fund units redeemed                                                                                                           |  |               | 113,122   
|Retirement Date Fund management fee payable                                                                                               |  |               | 4,642     
|INGprogram fee payable                                                                                                                   |  |               | 24,480    
|Trustee, management and administration fees payable                                                                                       |  |               | 4,976     
|ABA Retirement Fundsprogram fee payable                                                                                                  |  |               | 2,791     
|Other accruals                                                                                                                            |  |               | 20,094    
|                                                                                                                                          |  |               |           
|Total liabilities                                                                                                                         |  |               | 609,114   
|                                                                                                                                          |  |               |           
|                                                                                                                                          | 
|Net Assets(equivalent to $13.39 per unit based on 4,268,949 units outstanding)                                                            |  | $             | 57,147,744
|                                                                                                                                          |  |               |           

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



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American Bar Association Members/ State Street Collective Trust

2030 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                           |  |                                             |            |   |                                               |   |            |  
|-------------------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                           |  | For the periodApril 1, 2009 toJune 30, 2009 |            |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                                          |  | $                                           |           |   |                                               | $ |           |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Expenses                                                                   |  |                                             |            |   |                                               |   |            |  
|State Street Bank and Trust Companyprogram fee                            |  |                                             | 15,403     |   |                                               |   | 61,701     |  
|INGprogram fee                                                            |  |                                             | 47,854     |   |                                               |   | 47,854     |  
|Trustee, management and administration fees                                |  |                                             | 14,680     |   |                                               |   | 28,417     |  
|Retirement Date Fund management fee                                        |  |                                             | 13,466     |   |                                               |   | 25,270     |  
|ABA Retirement Fundsprogram fee                                           |  |                                             | 7,019      |   |                                               |   | 13,019     |  
|Legal and audit fees                                                       |  |                                             | 4,294      |   |                                               |   | 12,054     |  
|Compliance consultant fees                                                 |  |                                             | 1,859      |   |                                               |   | 8,876      |  
|Reports to unitholders                                                     |  |                                             | 8,190      |   |                                               |   | 14,101     |  
|Registration fees                                                          |  |                                             | 263        |   |                                               |   | 1,256      |  
|Other fees                                                                 |  |                                             | 1,686      |   |                                               |   | 4,660      |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|Total expenses                                                             |  |                                             | 114,714    |   |                                               |   | 217,208    |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net investment income (loss)                                               |  |                                             | (114,714   | ) |                                               |   | (217,208   | )
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss) on investments in affiliated funds |  |                                             |            |   |                                               |   |            |  
|Net realized gain (loss)                                                   |  |                                             | (3,971,319 | ) |                                               |   | (4,903,715 | )
|                                                                           |  |                                            
|Change in net unrealized appreciation (depreciation)                       |  |                                             | 11,730,077 |   |                                               |   | 7,645,534  |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss)                                    |  |                                             | 7,758,758  |   |                                               |   | 2,741,819  |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net increase (decrease) in net assets resulting from operations            |  | $                                           | 7,644,044  |   |                                               | $ | 2,524,611  |  
|                                                                           |  |                                             |            |   |                                               |   |            |  

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



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American Bar Association Members/ State Street Collective Trust

2030 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                               |   |            |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodApril 1, 2009 toJune 30, 2009 |            |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|From operations                                                    |  |                                             |            |   |                                               |   |            |  
|Net investment income (loss)                                       |  | $                                           | (114,714   | ) |                                               | $ | (217,208   | )
|Net realized gain (loss)                                           |  |                                             | (3,971,319 | ) |                                               |   | (4,903,715 | )
|Change in net unrealized appreciation (depreciation)               |  |                                             | 11,730,077 |   |                                               |   | 7,645,534  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 7,644,044  |   |                                               |   | 2,524,611  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |            |  
|Proceeds from units issued                                         |  |                                             | 6,235,514  |   |                                               |   | 11,636,369 |  
|Cost of units redeemed                                             |  |                                             | (4,104,224 | ) |                                               |   | (8,255,592 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 2,131,290  |   |                                               |   | 3,380,777  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 9,775,334  |   |                                               |   | 5,905,388  |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |            |   |                                               |   |            |  
|Beginning of period                                                |  |                                             | 47,372,410 |   |                                               |   | 51,242,356 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|End of period                                                      |  | $                                           | 57,147,744 |   |                                               | $ | 57,147,744 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |            |   |                                               |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 4,108,176  |   |                                               |   | 4,006,357  |  
|Issued                                                             |  |                                             | 476,713    |   |                                               |   | 936,958    |  
|Redeemed                                                           |  |                                             | (315,940   | ) |                                               |   | (674,366   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Outstanding-end of period                                          |  |                                             | 4,268,949  |   |                                               |   | 4,268,949  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  

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



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American Bar Association Members/ State Street Collective Trust

2030 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                               |        |    |                                                 |   |        |   
|------------------------------------------------------------ |  | --------------------------------------------- | ------ | -- | ----------------------------------------------- | - | ------ | --
|                                                             |  | For the period April 1, 2009 to June 30, 2009 |        |    | For the period January 1, 2009 to June 30, 2009 |  
|                                                             |  |                                               |        |    |                                                 |   |        |   
|Investment income                                           |  | $                                             |       |    |                                                 | $ |       |   
|Expenses()                                                |  |                                               | (0.02  | )  |                                                 |   | (0.05  | ) 
|                                                             |  |                                               |        |    |                                                 |   |        |   
|Net investment income (loss)                                 |  |                                               | (0.02  | )  |                                                 |   | (0.05  | ) 
|Net realized and unrealized gain (loss)                      |  |                                               | 1.88   |    |                                                 |   | 0.65   |   
|                                                             |  |                                               |        |    |                                                 |   |        |   
|Net increase (decrease) in unit value                        |  |                                               | 1.86   |    |                                                 |   | 0.60   |   
|Net asset value at beginning of period                       |  |                                               | 11.53  |    |                                                 |   | 12.79  |   
|                                                             |  |                                               |        |    |                                                 |   |        |   
|Net asset value at end of period                             |  | $                                             | 13.39  |    |                                                 | $ | 13.39  |   
|                                                             |  |                                               |        |    |                                                 |   |        |   
|                                                             |  |                                              
|Ratios/Supplemental Data:                                    |  |                                               |        |    |                                                 |   |        |   
|Ratio of expenses to average net assets*                   |  |                                               | 0.85   | %  |                                                 |   | 0.86   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                               | (0.85  | )% |                                                 |   | (0.86  | )%
|Portfolio turnover**                                      |  |                                               | 21     | %  |                                                 |   | 25     | % 
|Total return**                                               |  |                                               | 16.13  | %  |                                                 |   | 4.69   | % 
|Net assets at end of period (in thousands)                   |  | $                                             | 57,148 |    |                                                 | $ | 57,148 |   



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

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

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

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

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

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



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American Bar Association Members/ State Street Collective Trust

2040 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                          |  |               |           
|----------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | ----------
|                                                                                                                                          |  | June 30, 2009
|Assets                                                                                                                                    |  |               |           
|Investments in affiliated funds, at value:                                                                                                |  |               |           
|State Street Bank and Trust CompanySSGA Target Retirement 2040 Securities Lending Series Fund (cost $39,371,187 and units of 3,351,297)  |  | $             | 31,810,506
|State Street Bank and Trust CompanySSGA Target Retirement 2040 Non-Securities Lending Series Fund (cost $5,976,983 and units of 597,698) |  |               | 6,047,512 
|Cash                                                                                                                                      |  |               | 819       
|Receivable for investments sold                                                                                                           |  |               | 16,164    
|Receivable for fund units sold                                                                                                            |  |               | 45,803    
|                                                                                                                                          |  |               |           
|Total assets                                                                                                                              |  |               | 37,920,804
|                                                                                                                                          |  |               |           
|Liabilities                                                                                                                               |  |               |           
|Payable for fund units redeemed                                                                                                           |  |               | 61,967    
|Retirement Date Fund management fee payable                                                                                               |  |               | 3,079     
|INGprogram fee payable                                                                                                                   |  |               | 16,235    
|Trustee, management and administration fees payable                                                                                       |  |               | 3,300     
|ABA Retirement Fundsprogram fee payable                                                                                                  |  |               | 1,848     
|Other accruals                                                                                                                            |  |               | 12,749    
|                                                                                                                                          |  |               |           
|Total liabilities                                                                                                                         |  |               | 99,178    
|                                                                                                                                          |  |               |           
|                                                                                                                                          | 
|Net Assets (equivalent to $14.71 per unit based on 2,571,587 units outstanding)                                                           |  | $             | 37,821,626
|                                                                                                                                          |  |               |           

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



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American Bar Association Members/ State Street Collective Trust

2040 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                           |  |                                             |            |   |                                               |   |            |  
|-------------------------------------------------------------------------- |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                           |  | For the periodApril 1, 2009 toJune 30, 2009 |            |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                                          |  | $                                           |           |   |                                               | $ |           |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Expenses                                                                   |  |                                             |            |   |                                               |   |            |  
|State Street Bank and Trust Companyprogram fee                            |  |                                             | 9,702      |   |                                               |   | 37,789     |  
|INGprogram fee                                                            |  |                                             | 31,479     |   |                                               |   | 31,479     |  
|Trustee, management and administration fees                                |  |                                             | 9,524      |   |                                               |   | 17,866     |  
|Retirement Date Fund management fee                                        |  |                                             | 8,741      |   |                                               |   | 15,909     |  
|ABA Retirement Fundsprogram fee                                           |  |                                             | 4,560      |   |                                               |   | 8,203      |  
|Legal and audit fees                                                       |  |                                             | 2,786      |   |                                               |   | 7,482      |  
|Compliance consultant fees                                                 |  |                                             | 1,206      |   |                                               |   | 5,452      |  
|Reports to unitholders                                                     |  |                                             | 5,313      |   |                                               |   | 8,890      |  
|Registration fees                                                          |  |                                             | 171        |   |                                               |   | 772        |  
|Other fees                                                                 |  |                                             | 1,093      |   |                                               |   | 2,892      |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|Total expenses                                                             |  |                                             | 74,575     |   |                                               |   | 136,734    |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net investment income (loss)                                               |  |                                             | (74,575    | ) |                                               |   | (136,734   | )
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss) on investments in affiliated funds |  |                                             |            |   |                                               |   |            |  
|Net realized gain (loss)                                                   |  |                                             | (2,348,663 | ) |                                               |   | (3,031,072 | )
|                                                                           |  |                                            
|Change in net unrealized appreciation (depreciation)                       |  |                                             | 7,801,557  |   |                                               |   | 5,359,267  |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net realized and unrealized gain (loss)                                    |  |                                             | 5,452,894  |   |                                               |   | 2,328,195  |  
|                                                                           |  |                                             |            |   |                                               |   |            |  
|                                                                           |  |                                            
|Net increase (decrease) in net assets resulting from operations            |  | $                                           | 5,378,319  |   |                                               | $ | 2,191,461  |  
|                                                                           |  |                                             |            |   |                                               |   |            |  

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



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American Bar Association Members/ State Street Collective Trust

2040 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                             |            |   |                                               |   |            |  
|------------------------------------------------------------------ |  | ------------------------------------------- | ---------- | - | --------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodApril 1, 2009 toJune 30, 2009 |            |   | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|From operations                                                    |  |                                             |            |   |                                               |   |            |  
|Net investment income (loss)                                       |  | $                                           | (74,575    | ) |                                               | $ | (136,734   | )
|Net realized gain (loss)                                           |  |                                             | (2,348,663 | ) |                                               |   | (3,031,072 | )
|Change in net unrealized appreciation (depreciation)               |  |                                             | 7,801,557  |   |                                               |   | 5,359,267  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                             | 5,378,319  |   |                                               |   | 2,191,461  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|From unitholder transactions                                       |  |                                             |            |   |                                               |   |            |  
|Proceeds from units issued                                         |  |                                             | 4,341,356  |   |                                               |   | 9,098,185  |  
|Cost of units redeemed                                             |  |                                             | (1,704,662 | ) |                                               |   | (4,781,721 | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                             | 2,636,694  |   |                                               |   | 4,316,464  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Net increase (decrease) in net assets                              |  |                                             | 8,015,013  |   |                                               |   | 6,507,925  |  
|                                                                   |  |                                            
|Net Assets                                                         |  |                                             |            |   |                                               |   |            |  
|Beginning of period                                                |  |                                             | 29,806,613 |   |                                               |   | 31,313,701 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|End of period                                                      |  | $                                           | 37,821,626 |   |                                               | $ | 37,821,626 |  
|                                                                   |  |                                             |            |   |                                               |   |            |  
|                                                                   |  |                                            
|Number of units                                                    |  |                                             |            |   |                                               |   |            |  
|Outstanding-beginning of period                                    |  |                                             | 2,387,442  |   |                                               |   | 2,251,543  |  
|Issued                                                             |  |                                             | 304,216    |   |                                               |   | 680,116    |  
|Redeemed                                                           |  |                                             | (120,071   | ) |                                               |   | (360,072   | )
|                                                                   |  |                                             |            |   |                                               |   |            |  
|Outstanding-end of period                                          |  |                                             | 2,571,587  |   |                                               |   | 2,571,587  |  
|                                                                   |  |                                             |            |   |                                               |   |            |  

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



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American Bar Association Members/ State Street Collective Trust

2040 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                             |        |    |                                               |   |        |   
|------------------------------------------------------------ |  | ------------------------------------------- | ------ | -- | --------------------------------------------- | - | ------ | --
|                                                             |  | For the periodApril 1, 2009 toJune 30, 2009 |        |    | For the periodJanuary 1, 2009 toJune 30, 2009 |  
|Investment income                                           |  | $                                           |       |    |                                               | $ |       |   
|Expenses()                                                |  |                                             | (0.03  | )  |                                               |   | (0.06  | ) 
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net investment income (loss)                                 |  |                                             | (0.03  | )  |                                               |   | (0.06  | ) 
|Net realized and unrealized gain (loss)                      |  |                                             | 2.26   |    |                                               |   | 0.86   |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net increase (decrease) in unit value                        |  |                                             | 2.23   |    |                                               |   | 0.80   |   
|Net asset value at beginning of period                       |  |                                             | 12.48  |    |                                               |   | 13.91  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|Net asset value at end of period                             |  | $                                           | 14.71  |    |                                               | $ | 14.71  |   
|                                                             |  |                                             |        |    |                                               |   |        |   
|                                                             |  |                                            
|Ratios/Supplemental Data:                                    |  |                                             |        |    |                                               |   |        |   
|Ratio of expenses to average net assets*                   |  |                                             | 0.85   | %  |                                               |   | 0.86   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                             | (0.85  | )% |                                               |   | (0.86  | )%
|Portfolio turnover**                                      |  |                                             | 19     | %  |                                               |   | 25     | % 
|Total return**                                               |  |                                             | 17.87  | %  |                                               |   | 5.75   | % 
|Net assets at end of period (in thousands)                   |  | $                                           | 37,822 |    |                                               | $ | 37,822 |   



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

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

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

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

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

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



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American Bar Association Members/State Street Collective Trust

Notes to Financial Statements

(Unaudited)

1. Description of the Trust

American Bar Association Members/State Street Collective Trust (the Trust or the Collective Trust) was organized on August 8,
1991 under the American Bar Association Members/State Street Collective Trust Declaration of Trust as amended and restated on December 5, 1991 and as amended thereafter. Since December 1, 2004, State Street Bank and Trust Company of New
Hampshire (State Street or the Trustee) acts as trustee of the Collective Trust. The Trust is maintained exclusively for the collective investment of monies administered on behalf of participants in the ABA Retirement Funds
program (the Program). Fifteen separate collective investment funds (the Funds) and the Retirement Date Funds (also the Funds)are established under the Trust. The Retirement Date Funds are a group of five
balanced investment funds that invest in a series of SSgA funds, each of which is designed to correspond to a particular time horizon to retirement. The Funds are investment options under the Program, which is sponsored by the ABA Retirement Funds
(ARF) (formerly called the American Bar Retirement Association). See Note 8 for changes to the Funds and the Program as of July 6, 2009. The objectives and principal strategies of the Funds are as follows:

Managed Funds

Balanced Fundcurrent income and long-term capital appreciation through investment in common stocks, other equity-type securities and debt securities. As of June 30, 2009, 42.3% of the Funds net assets were invested
in the American Bar Association Members/State Street Collective Trust Intermediate Bond Fund.

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. Invests in common stocks and the State Street Bank and Trust Company Russell 1000 Growth Index Securities Lending Fund and the State Street
Bank and Trust Company Russell 1000 Growth Index Securities Non Lending Fund, separate State Street Bank collective investment funds which invest in securities contained in the Russell 1000 Growth Index. As of June 30, 2009, 27.0% of the
Funds net assets were invested in the State Street Bank and Trust Company Russell 1000 Growth Index Securities Lending Fund and 5.2% of the Funds net assets were invested in the State Street Bank and Trust Company Russell 1000 Growth
Index Securities Non Lending Fund. These underlying funds annual financial statements are available from State Street Bank upon request.

Large-Cap Value Equity Fundlong term growth of capital and dividend income through investment in common stocks, primarily of large capitalization companies believed to be undervalued. Invests in common
stocks and the State Street Bank and Trust Company Russell 1000 Value Index Securities Lending Fund and the State Street Bank and Trust Company Russell 1000 Value Index Securities Non Lending Fund, separate State Street Bank collective investment
funds which invest in securities contained in the Russell 1000 Value Index. As of June 30, 2009, 21.0% of the Funds net assets were invested in the State Street Bank and Trust Company Russell 1000 Value Index Securities Lending Fund and
4.1% of the Funds net assets were invested in the State Street Bank and Trust Company Russell 1000 Value Index Securities Non Lending Fund. These underlying funds annual 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.

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



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American Bar Association Members/State Street Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



Small-Cap Equity Fundlong term growth of capital through investment in
common stocks of small companies believed to have strong appreciation potential. Invests in common stocks and the State Street Bank and Trust Company Russell 2000 Index Securities Lending Fund and the State Street Bank and Trust Company MidCap 400
Index Non Lending Fund, separate State Street Bank collective investment funds which invest in securities contained in the Russell 2000 Index. As of June 30, 2009, 10.1% of the Funds net assets were invested in the State Street Bank and
Trust Company Russell 2000 Index Securities Lending Fund and 2.2% of the Funds net assets were invested in the State Street Bank and Trust Company MidCap 400 Index Non Lending Fund. These funds annual financial statements are available
from State Street Bank upon request.

Stable Asset Return Fund(SARF)current income consistent with
preserving principal and maintaining liquidity. Currently, SARF invests all of its assets 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 (Traditional Investment Contracts), Synthetic GICs, which represent individual high quality fixed income and asset-backed securities subject to benefit responsive wrap contracts issued by financial
institutions, and collective investment funds maintained by State Street Bank that invest in high quality fixed income and asset backed securities. SAFT also invests a portion of its assets in the State Street Bank and Trust Company Short Term
Investment Fund (STIF), a short-term income collective investment fund maintained by State Street Bank in order to maintain liquidity for SAFT (a so-called cash buffer, the Cash Buffer). The Stable Asset Return Fund is the
only investor in SAFT, while retirement plans other than those adopted under the Program also invest in STIF. The annual financial statements of STIF and SAFT are available from State Street Bank upon request.

Index Funds

Bond
Index Fundreplication of the total return of the U.S. investment-grade bond market represented by the Barclays Capital U.S. Aggregate Bond Index. Currently 100% of the Funds net assets are invested indirectly through the State Street
Bank and Trust Company Passive Bond Market Index Non-Lending Fund, which is a collective investment fund maintained by State Street Bank. This underlying funds annual financial statements are available from State Street Bank upon request.

Large-Cap Index Equity Fundreplication of the total return of the portion of the U.S. stock market represented
by the S&P 500 Index. Currently 100% of the Funds assets are invested indirectly through the State Street Bank and Trust Company S&P 500 Flagship Non-Lending Fund, which is a collective investment fund maintained by State Street Bank.
This underlying funds annual financial statements are available from State Street Bank upon request.

Index Equity
Fundreplication of the total return of the Russell 3000 Index. Currently invests 100% of the Funds net assets in the State Street Bank and Trust Company Russell 3000 Index Securities Lending Fund and the State Street Bank and Trust
Company Russell 3000 Index Securities Non Lending Fund, separate State Street Bank collective investment funds which invest in securities contained in the Russell 3000 Index. As of June 30, 2009, 83.7% of the Funds net assets were
invested in the Lending Fund and 16.6% were invested in the Non Lending Fund. These underlying funds annual financial statements are available from State Street Bank upon request.

Mid-Cap Index Equity Fundreplication of the total return of the portion of the U.S. stock market represented by the S&P
Mid Cap 400 Index. Currently 100% of the Funds net assets are invested indirectly through the State Street Bank and Trust Company S&P Mid-Cap Index Non-Lending Fund, which is a collective investment fund maintained by State Street Bank.
This underlying funds annual financial statements are available from State Street Bank upon request.

Small-Cap
Index Equity Fundreplication of the total return of the portion of the U.S. stock market represented by the Russell 2000 Index. Currently 100% of the Funds net assets are invested indirectly through the State Street Bank and Trust
Company Russell 2000 Index Non-Lending Fund, which is a collective investment fund maintained by State Street Bank. This underlying funds annual financial statements are available from State Street Bank upon request.



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American Bar Association Members/State Street Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



International Index Equity Fundreplication of the total return of the
portion of the stock market represented by the Morgan Stanley Capital International All-Country World Ex-U.S. Free (MSCI ACWI ex-US) Index. Currently invests 100% of the Funds assets indirectly through the State Street Bank and
Trust Company Daily MSCI ACWI Ex-US Index Non-Lending Fund, which is a collective investment fund maintained by State Street Bank. This underlying funds annual financial statements are available from State Street Bank upon request.

Retirement Date Funds

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

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

Lifetime Income
Retirement Date Fundinvests in the State Street Bank and Trust CompanySSgA Target Retirement Income Securities Lending Series Fund and the State Street Bank and Trust Company SSgA Target Retirement Income Securities Non Lending
Series Fund. As of June 30, 2009, 83.9% of the Funds net assets were invested in the Lending Fund and 16.2% were invested in the Non Lending Fund.

2010 Retirement Date Fundinvests in the State Street Bank and Trust CompanySSgA Target Retirement 2010 Securities Lending Series Fund and the State Street Bank and Trust CompanySSgA Target
Retirement 2010 Securities Non Lending Series Fund. As of June 30, 2009, 83.9% of the Funds net assets were invested in the Lending Fund and 16.2% were invested in the Non Lending Fund.

2020 Retirement Date Fundinvests in the State Street Bank and Trust CompanySSgA Target Retirement 2020 Securities Lending Series Fund
and the State Street Bank and Trust CompanySSgA Target Retirement 2020 Securities Non Lending Series Fund. As of June 30, 2009, 84.0% of the Funds net assets were invested in the Lending Fund and 16.1% were invested in the Non
Lending Fund.

2030 Retirement Date Fundinvests in the State Street Bank and Trust CompanySSgA Target Retirement 2030
Securities Lending Series Fund and the State Street Bank and Trust CompanySSgA Target Retirement 2030 Securities Non Lending Series Fund. As of June 30, 2009, 84.0% of the Funds net assets were invested in the Lending Fund and 16.0%
were invested in the Non Lending Fund.

2040 Retirement Date Fundinvests in the State Street Bank and Trust CompanySSgA
Target Retirement 2040 Securities Lending Series Fund and the State Street Bank and Trust CompanySSgA Target Retirement 2040 Securities Non Lending Series Fund. As of June 30, 2009, 84.1% of the Funds net assets were invested in the
Lending Fund and 16.0% were invested in the Non Lending Fund.

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



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All the Funds may invest in STIF or the State Street Bank and Trust Company Yield Enhanced Short-Term
Investment Fund (YES), an enhanced short-term income collective investment fund maintained by State Street Bank. The annual financial statements of STIF and YES are available from State Street Bank upon request.

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

The trustee for Quality D has informed the Trust that
it believes that the current disparity between the constant or amortized cost net asset value and the net asset value based on fair market value is primarily attributable to unrealized losses on longer duration instruments stemming from a lack of
liquidity in the secondary market rather than from any impairment to the underlying assets. The trustee of Quality D continues to believe that these longer duration instruments will mature at par and that selling these assets in the short term would
result in significant realized losses that would not be in the best interest of all participants in Quality D. Accordingly, the trustee for Quality D has applied withdrawal safeguards. In order to maintain long term value for all investors in
Quality D, any investor in Quality D, including the Funds of the Trust, that expressly or otherwise effectively terminates its participation in the securities lending program would, on redemption, receive an in-kind pro rata share of the securities
held by Quality D. The trustee of Quality D continues, however, to transact normal daily activity, such as new loans, loan returns plan participant-directed transactions and daily marks to market, at $1.00. The financial statements of Quality D are
available from State Street Bank upon request.

State Street Bank collective investment funds, in which the Funds invest, may participate
in securities lending and may invest their cash collateral in State Street Bank Quality Trust (Quality Trust), or in the State Street Super Collateral Short-Term Investment Fund (Super C), funds that operate similar to
Quality D (collectively with Quality D, the Cash Collateral Funds). These funds also have experienced discrepancies between constant asset values and net asset values based on fair market values of these securities for the same reasons
as described above, and also have imposed withdrawal safeguards for participants terminating participation in the securities lending program although the trustee of Quality Trust and Super C currently permit limited monthly withdrawals by investors
in Quality Trust and Super C. The financial statements of Quality Trust and Super C are available from State Street Bank upon request.

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

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

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

State Street is a non-depository trust company established under the laws of the State of New Hampshire and is
a wholly-owned subsidiary of State Street Bank. State Street has assumed responsibility for administering the Collective Trust and providing investment options for the Program. State Street Bank is a trust company



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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 has delegated to State Street Bank the responsibility to provide certain services to the Collective Trust on behalf of State Street. In addition, State Street Bank is the primary custodian and, based on instructions from ING
Institutional Plan Services, LLC, a Delaware limited liability company (ING Services), as discussed below, 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. State Street Bank was, through April 30, 2009, responsible for certain recordkeeping and administrative services required by the Program. Effective May 1, 2009, ING Services or
an affiliate thereof, provides recordkeeping, communication, marketing and administration services to the Program. ING Services is responsible for the maintenance of individual account records or accrued benefit information for participants whose
employers choose to have the Programs administrator maintain those account records. ING Services also provides certain account and investment information to employers and participants, manages the receipt of all plan contributions, forwards
investment and transaction instructions to the appropriate parties and forwards instructions relating to distribution of benefits provided by the plans.

2. Summary of Significant Accounting Policies

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

A. Security Valuation

The Collective Trust adopted
Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157), effective January 1, 2008, which governs the application of generally accepted accounting principles
that require fair value measurements of the Funds assets and liabilities. Fair value is an estimate of the price a Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous
market for the security.

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

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

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

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



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Other securities may be priced using a pricing matrix to determine the value of fixed income
securities that do not trade daily. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities and historical trading patterns in the market for fixed income securities. To the extent that
a Fund invests in the shares of bank collective trust funds or of other registered open-end investment companies that are not traded on an exchange (mutual funds), such shares are valued at their net asset values per share as reported by the funds.
Exchange traded funds that were used during the realignment of certain Funds in the program described in Note 8 were priced based on readily available closing market prices. Each of these funds uses fair value pricing in determining their net asset
values.

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

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

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

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

FAS 157 established a three-tier hierarchy based on the use of observable market data and unobservable inputs to establish classification
of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about uncertainty, for example, the risk inherent in a particular
valuation technique used to measure fair value including such a pricing model, and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions
market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about
the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

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



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



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



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

The Fund may record changes to valuations based on the amount that it might reasonably be expected to receive for a
security upon its current sale consistent with the fair value measurement objective. Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may
include, but are not limited to the type of the security, the existence of any contractual restrictions on the securitys disposition, the price of comparable securities, quotations or evaluated prices from broker-dealers and/or pricing
services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys



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financial statements, an evaluation of the forces that influence the issuer and the market(s) in which the security
is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially differ from the value realized upon sale of those investments.

B.
Recent Accounting Pronouncement

In April 2009, the FASB issued FSP FAS 157-4, Determining Fair Value When the Volume and Level of
Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (FAS 157-4) which amends FASB Statement No. 157 Fair Value Measurements (FAS 157), provides additional guidance
for estimating fair value in accordance with FAS 157 when the volume and level of activity for the asset or liability have significantly decreased, and includes guidance on identifying circumstances that indicate a transaction is not orderly for
fair value measurements. FAS 157-4 is effective for fiscal years ending and interim periods after June 15, 2009. The Funds have adopted FSP 157-4 effective June 30, 2009. The following is a summary of the inputs used in valuing the
Funds assets and liabilities, as well as a reconciliation of Level 3 assets for which significant unobservable inputs were used in determining value:



|                                                        |  |         |           |   |         |   |             |         |  |       |        |  |   |             |  
|------------------------------------------------------- |  | ------- | --------- | - | ------- | - | ----------- | ------- |  | ----- | ------ |  | - | ----------- | -
|Intermediate Bond Fund                                  |  | Level 1 |           |   | Level 2 |   |             | Level 3 |  | Total |       
|Assets                                                  |  |         |           |   |         |   |             |         |  |       |        | 
|Fixed Income                                            |  |         |           |   |         |   |             |         |  |       |        | 
|U.S. Corporate Asset-Backed Securities                  |  | $       |          |   |         | $ | 2,699,463   |         |  | $     |       |  | $ | 2,699,463   |  
|U.S. Government & Agency Obligations                    |  |         |          |   |         |   | 191,888,808 |         |  |       |       |  |   | 191,888,808 |  
|Foreign Government Obligations                          |  |         |          |   |         |   | 1,708,768   |         |  |       |       |  |   | 1,708,768   |  
|Municipals                                              |  |         |          |   |         |   | 15,842,625  |         |  |       |       |  |   | 15,842,625  |  
|Corporate Bonds                                         |  |         |          |   |         |   | 93,129,033  |         |  |       |       |  |   | 93,129,033  |  
|Bank Loans                                              |  |         |          |   |         |   | 13,954,671  |         |  |       |       |  |   | 13,954,671  |  
|Common Stock and/or Other Equity Investments Financials |  |         | 1,177,455 |   |         |   |            |         |  |       |       |  |   | 1,177,455   |  
|Short-Term Investments                                  |  |         |          |   |         |   | 30,978,785  |         |  |       |       |  |   | 30,978,785  |  
|Derivatives*                                            |  |         | 3,206,930 |   |         |   | 134,044     |         |  |       | 65,502 |  |   | 3,406,476   |  
|                                                        |  |         |           |   |         |   |             |         |  |       |        |  |   |             |  
|Total                                                   |  | $       | 4,384,385 |   |         | $ | 350,336,197 |         |  | $     | 65,502 |  | $ | 354,786,084 |  
|                                                        |  |         |           |   |         |   |             |         |  |       |        |  |   |             |  
|                                                        |  |         |           |  
|Liabilities                                             |  |         |           |   |         |   |             |         |  |       |        |  |   |             |  
|Options Written, at Value                               |  | $       |          |   |         | $ | (10,482     | )       |  | $     |       |  | $ | (10,482     | )
|Derivatives*                                            |  |         | (55,882   | ) |         |   | (330,383    | )       |  |       |       |  |   | (386,265    | )
|                                                        |  |         |           |   |         |   |             |         |  |       |        |  |   |             |  
|Total                                                   |  | $       | (55,882   | ) |         | $ | (340,865    | )       |  | $     |       |  | $ | (396,747    | )
|                                                        |  |         |           |   |         |   |             |         |  |       |        |  |   |             |  



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



|                                                                                                  |  |                                                                         |            |  
|------------------------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------- | ---------- | -
|Intermediate Bond Level 3 Roll Forward                                                            |  | Net UnrealizedAppreciation(Depreciation) onOther FinancialInstruments * |           
|Balance as of January 1, 2009                                                                     |  | $                                                                       | (2,176,808 | )
|Accrued discounts/premiums                                                                        |  |                                                                         |           |  
|Realized gain (loss)                                                                              |  |                                                                         | (2,004,950 | )
|Change in unrealized appreciation (depreciation)                                                  |  |                                                                         | 2,242,310  |  
|Net purchases sales                                                                               |  |                                                                         | 2,004,950  |  
|Net transfers in and/or out of Level 3                                                            |  |                                                                         |           |  
|                                                                                                  |  |                                                                         |            |  
|Balance as of June 30, 2009                                                                       |  | $                                                                       | 65,502     |  
|                                                                                                  |  |                                                                         |            |  
|Net change in unrealized appreciation (depreciation) from investments still held at June 30, 2009 |  | $                                                                       | 34,671     |  
|                                                                                                  |  |                                                                         |            |  



|* | Other financial instruments are derivatives instruments including interest rate swap contracts, which are valued at the unrealized appreciation/depreciation on the
instrument.
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                                             |  |         |             |         |   |             |  |       |   |  |   |            
|-------------------------------------------- |  | ------- | ----------- | ------- | - | ----------- |  | ----- | - |  | - | -----------
|Balanced Fund                                |  | Level 1 |             | Level 2 |   | Level 3     |  | Total
|Assets                                       |  |         |             |         |   |             |  |       |  
|Common Stock and/or Other Equity Investments |  |         |             |         |   |             |  |       |   |  |   |            
|Basic Materials                              |  | $       | 9,022,915   |         | $ |            |  | $     |  |  | $ | 9,022,915  
|Communications                               |  |         | 24,017,103  |         |   |            |  |       |  |  |   | 24,017,103 
|Consumer, Cyclical                           |  |         | 17,416,895  |         |   |            |  |       |  |  |   | 17,416,895 
|Consumer, Non-Cyclical                       |  |         | 49,059,100  |         |   |            |  |       |  |  |   | 49,059,100 
|Energy                                       |  |         | 13,795,943  |         |   |            |  |       |  |  |   | 13,795,943 
|Financial                                    |  |         | 17,073,093  |         |   |            |  |       |  |  |   | 17,073,093 
|Industrial                                   |  |         | 12,322,979  |         |   |            |  |       |  |  |   | 12,322,979 
|Technology                                   |  |         | 14,443,299  |         |   |            |  |       |  |  |   | 14,443,299 
|Utilities                                    |  |         | 1,731,186   |         |   |            |  |       |  |  |   | 1,731,186  
|Collective Investment Funds                  |  |         |            |         |   | 118,607,336 |  |       |  |  |   | 118,607,336
|Short-Term Investments                       |  |         |            |         |   | 24,522,982  |  |       |  |  |   | 24,522,982 
|                                             |  |         |             |         |   |             |  |       |   |  |   |            
|Total                                        |  | $       | 158,882,513 |         | $ | 143,130,318 |  | $     |  |  | $ | 302,012,831
|                                             |  |         |             |         |   |             |  |       |   |  |   |            



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Notes to Financial StatementsContinued

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|                            |  |         |   |         |   |             |  |   |  
|--------------------------- |  | ------- | - | ------- | - | ----------- |  | - | -
|Index Equity Fund           |  | Level 1 |   | Level 2 |   | Level 3    
|Assets                      |  |         |   |         |   |             |  |   |  
|Collective Investment Funds |  | $       |  |         | $ | 225,205,808 |  | $ | 
|                            |  |         |   |         |   |             |  |   |  
|Total                       |  | $       |  |         | $ | 225,205,808 |  | $ | 
|                            |  |         |   |         |   |             |  |   |  



|                                             |  |         |             |         |   |             |  |       |   |  |   |            
|-------------------------------------------- |  | ------- | ----------- | ------- | - | ----------- |  | ----- | - |  | - | -----------
|International Equity Fund                    |  | Level 1 |             | Level 2 |   | Level 3     |  | Total
|Assets                                       |  |         |             |         |   |             |  |       |  
|                                             |  |         |            
|Common Stock and/or Other Equity Investments |  |         |             |         |   |             |  |       |  
|Australia                                    |  | $       |            |         | $ | 3,641,780   |  | $     |  |  | $ | 3,641,780  
|Austria                                      |  |         |            |         |   | 821,061     |  |       |  |  |   | 821,061    
|Belgium                                      |  |         |            |         |   | 702,266     |  |       |  |  |   | 702,266    
|Bermuda                                      |  |         | 704,132     |         |   | 706,480     |  |       |  |  |   | 1,410,612  
|Brazil                                       |  |         | 5,346,145   |         |   |            |  |       |  |  |   | 5,346,145  
|Canada                                       |  |         | 4,570,682   |         |   |            |  |       |  |  |   | 4,570,682  
|China                                        |  |         |            |         |   | 4,622,469   |  |       |  |  |   | 4,622,469  
|Denmark                                      |  |         |            |         |   | 2,206,205   |  |       |  |  |   | 2,206,205  
|Egypt                                        |  |         | 369,740     |         |   |            |  |       |  |  |   | 369,740    
|Finland                                      |  |         |            |         |   | 893,992     |  |       |  |  |   | 893,992    
|France                                       |  |         |            |         |   | 15,843,659  |  |       |  |  |   | 15,843,659 
|Germany                                      |  |         |            |         |   | 10,127,034  |  |       |  |  |   | 10,127,034 
|Greece                                       |  |         |            |         |   | 1,247,733   |  |       |  |  |   | 1,247,733  
|Hong Kong                                    |  |         |            |         |   | 4,860,165   |  |       |  |  |   | 4,860,165  
|India                                        |  |         | 1,311,598   |         |   |            |  |       |  |  |   | 1,311,598  
|Ireland                                      |  |         |            |         |   | 331,435     |  |       |  |  |   | 331,435    
|Israel                                       |  |         | 1,011,470   |         |   |            |  |       |  |  |   | 1,011,470  
|Italy                                        |  |         |            |         |   | 3,451,790   |  |       |  |  |   | 3,451,790  
|Japan                                        |  |         |            |         |   | 21,556,203  |  |       |  |  |   | 21,556,203 
|Korea, Republic of                           |  |         | 464,167     |         |   | 752,797     |  |       |  |  |   | 1,216,964  
|Mexico                                       |  |         | 1,496,814   |         |   |            |  |       |  |  |   | 1,496,814  
|Netherlands                                  |  |         | 1,184,592   |         |   | 3,367,513   |  |       |  |  |   | 4,552,105  
|Norway                                       |  |         |            |         |   | 1,823,816   |  |       |  |  |   | 1,823,816  
|Russia                                       |  |         | 472,704     |         |   |            |  |       |  |  |   | 472,704    
|Singapore                                    |  |         |            |         |   | 2,360,704   |  |       |  |  |   | 2,360,704  
|Spain                                        |  |         |            |         |   | 4,592,020   |  |       |  |  |   | 4,592,020  
|Sweden                                       |  |         |            |         |   | 1,216,901   |  |       |  |  |   | 1,216,901  
|Switzerland                                  |  |         |            |         |   | 9,545,206   |  |       |  |  |   | 9,545,206  
|Taiwan                                       |  |         | 433,180     |         |   |            |  |       |  |  |   | 433,180    
|United Kingdom                               |  |         |            |         |   | 28,069,568  |  |       |  |  |   | 28,069,568 
|Exchange Traded Investment Funds             |  |         | 3,379,724   |         |   |            |  |       |  |  |   | 3,379,724  
|Short-Term Investments                       |  |         |            |         |   | 14,759,111  |  |       |  |  |   | 14,759,111 
|                                             |  |         |             |         |   |             |  |       |   |  |   |            
|Total                                        |  | $       | 20,744,948  |         | $ | 137,499,908 |  | $     |  |  | $ | 158,244,856
|                                             |  |         |             |         |   |             |  |       |   |  |   |            
|                                             |  |         |             |        
|Large-Cap Growth Equity Fund                 |  | Level 1 |             | Level 2 |   | Level 3     |  | Total
|Assets                                       |  |         |             |         |   |             |  |       |  
|Common Stock and/or Other Equity Investments |  |         |             |         |   |             |  |       |   |  |   |            
|Basic Materials                              |  | $       | 5,732,562   |         | $ |            |  | $     |  |  | $ | 5,732,562  
|Communications                               |  |         | 57,440,245  |         |   |            |  |       |  |  |   | 57,440,245 
|Consumer, Cyclical                           |  |         | 30,520,560  |         |   |            |  |       |  |  |   | 30,520,560 
|Consumer, Non-Cyclical                       |  |         | 63,746,413  |         |   |            |  |       |  |  |   | 63,746,413 
|Energy                                       |  |         | 19,321,513  |         |   |            |  |       |  |  |   | 19,321,513 
|Financial                                    |  |         | 24,671,049  |         |   |            |  |       |  |  |   | 24,671,049 
|Industrial                                   |  |         | 21,248,706  |         |   |            |  |       |  |  |   | 21,248,706 
|Technology                                   |  |         | 43,958,826  |         |   |            |  |       |  |  |   | 43,958,826 
|Utilities                                    |  |         | 2,170,255   |         |   |            |  |       |  |  |   | 2,170,255  
|Collective Investment Funds                  |  |         |            |         |   | 127,851,600 |  |       |  |  |   | 127,851,600
|Short-Term Investments                       |  |         |            |         |   | 48,153,961  |  |       |  |  |   | 48,153,961 
|                                             |  |         |             |         |   |             |  |       |   |  |   |            
|Total                                        |  | $       | 268,810,129 |         | $ | 176,005,561 |  | $     |  |  | $ | 444,815,690
|                                             |  |         |             |         |   |             |  |       |   |  |   |            



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American Bar Association Members/State Street Collective Trust

Notes to Financial StatementsContinued

(Unaudited)





|                                                                                                  |  |         |             |         |   |            |  |                                             |         |  |   |             |  
|------------------------------------------------------------------------------------------------- |  | ------- | ----------- | ------- | - | ---------- |  | ------------------------------------------- | ------- |  | - | ----------- | -
|Large-Cap Value Equity Fund                                                                       |  | Level 1 |             | Level 2 |   | Level 3    |  | Total                                       |        
|Assets                                                                                            |  |         |             |         |   |            |  |                                             |         | 
|Common Stock and/or Other Equity Investments                                                      |  |         |             |         |   |            |  |                                             |         |  |   |             |  
|Basic Materials                                                                                   |  | $       | 1,994,474   |         | $ |           |  | $                                           |        |  | $ | 1,994,474   |  
|Communications                                                                                    |  |         | 29,524,682  |         |   |           |  |                                             |        |  |   | 29,524,682  |  
|Consumer, Cyclical                                                                                |  |         | 8,208,958   |         |   |           |  |                                             |        |  |   | 8,208,958   |  
|Consumer, Non-Cyclical                                                                            |  |         | 34,797,306  |         |   |           |  |                                             |        |  |   | 34,797,306  |  
|Energy                                                                                            |  |         | 26,174,150  |         |   |           |  |                                             |        |  |   | 26,174,150  |  
|Financial                                                                                         |  |         | 26,864,164  |         |   |           |  |                                             |        |  |   | 26,864,164  |  
|Industrial                                                                                        |  |         | 8,341,947   |         |   |           |  |                                             |        |  |   | 8,341,947   |  
|Technology                                                                                        |  |         | 1,686,642   |         |   |           |  |                                             |        |  |   | 1,686,642   |  
|Utilities                                                                                         |  |         | 2,415,307   |         |   |           |  |                                             |        |  |   | 2,415,307   |  
|Collective Investment Funds                                                                       |  |         |            |         |   | 48,636,688 |  |                                             |        |  |   | 48,636,688  |  
|Short-Term Investments                                                                            |  |         |            |         |   | 20,598,457 |  |                                             |        |  |   | 20,598,457  |  
|                                                                                                  |  |         |             |         |   |            |  |                                             |         |  |   |             |  
|Total                                                                                             |  | $       | 140,007,630 |         | $ | 69,235,145 |  | $                                           |        |  | $ | 209,242,775 |  
|                                                                                                  |  |         |             |         |   |            |  |                                             |         |  |   |             |  
|                                                                                                  |  |         |             |        
|Mid-Cap Value Equity Fund                                                                         |  | Level 1 |             | Level 2 |   | Level 3    |  | Total                                       |        
|Assets                                                                                            |  |         |             |         |   |            |  |                                             |         | 
|Common Stock and/or Other Equity Investments                                                      |  |         |             |         |   |            |  |                                             |         | 
|Basic Materials                                                                                   |  | $       | 1,604,345   |         | $ |           |  | $                                           |        |  | $ | 1,604,345   |  
|Communications                                                                                    |  |         | 2,179,167   |         |   |           |  |                                             |        |  |   | 2,179,167   |  
|Consumer, Cyclical                                                                                |  |         | 5,788,544   |         |   |           |  |                                             |        |  |   | 5,788,544   |  
|Consumer, Non-Cyclical                                                                            |  |         | 8,560,821   |         |   |           |  |                                             |        |  |   | 8,560,821   |  
|Diversified                                                                                       |  |         | 382,978     |         |   |           |  |                                             |        |  |   | 382,978     |  
|Energy                                                                                            |  |         | 2,584,163   |         |   |           |  |                                             | 299,256 |  |   | 2,883,419   |  
|Financial                                                                                         |  |         | 11,103,093  |         |   |           |  |                                             |        |  |   | 11,103,093  |  
|Industrial                                                                                        |  |         | 7,747,036   |         |   |           |  |                                             |        |  |   | 7,747,036   |  
|Technology                                                                                        |  |         | 2,452,834   |         |   |           |  |                                             |        |  |   | 2,452,834   |  
|Utilities                                                                                         |  |         | 4,531,017   |         |   |           |  |                                             |        |  |   | 4,531,017   |  
|Exchange Traded Investment Funds                                                                  |  |         | 1,671,270   |         |   |           |  |                                             |        |  |   | 1,671,270   |  
|Short-Term Investments                                                                            |  |         |            |         |   | 12,286,553 |  |                                             |        |  |   | 12,286,553  |  
|                                                                                                  |  |         |             |         |   |            |  |                                             |         |  |   |             |  
|Total                                                                                             |  | $       | 48,605,268  |         | $ | 12,286,553 |  | $                                           | 299,256 |  | $ | 61,191,077  |  
|                                                                                                  |  |         |             |         |   |            |  |                                             |         |  |   |             |  
|                                                                                                  |  |         |             |        
|Mid-Cap Value Equity Fund Level 3 Roll Forward                                                    |  |         |             |         |   |            |  | Common Stock and/orOther Equity Investments |        
|Balance as of January 1, 2009                                                                     |  |         |             |         |   |            |  |                                             |         |  | $ | 1,218,071   |  
|Accrued discounts/premiums                                                                        |  |         |             |         |   |            |  |                                             |         |  |   |            |  
|Realized gain (loss)                                                                              |  |         |             |         |   |            |  |                                             |         |  |   |            |  
|Change in unrealized appreciation (depreciation)                                                  |  |         |             |         |   |            |  |                                             |         |  |   | (416,299    | )
|Net purchases sales                                                                               |  |         |             |         |   |            |  |                                             |         |  |   |            |  
|Net transfers in and/or out of Level 3                                                            |  |         |             |         |   |            |  |                                             |         |  |   | (502,516    | )
|                                                                                                  |  |         |             |         |   |            |  |                                             |         |  |   |             |  
|Balance as of June 30, 2009                                                                       |  |         |             |         |   |            |  |                                             |         |  | $ | 299,256     |  
|                                                                                                  |  |         |             |         |   |            |  |                                             |         |  |   |             |  
|Net change in unrealized appreciation (depreciation) from investments still held at June 30, 2009 |  |         |             |         |   |            |  |                                             |         |  | $ | (139,518    | )
|                                                                                                  |  |         |             |         |   |            |  |                                             |         |  |   |             |  
|                                                                                                  |  |         |             |        
|Small-Cap Equity Fund                                                                             |  | Level 1 |             | Level 2 |   | Level 3    |  | Total                                       |        
|Assets                                                                                            |  |         |             |         |   |            |  |                                             |         | 
|Common Stock and/or Other Equity Investments                                                      |  |         |             |         |   |            |  |                                             |         |  |   |             |  
|Basic Materials                                                                                   |  | $       | 3,285,760   |         | $ |           |  | $                                           |        |  | $ | 3,285,760   |  
|Communications                                                                                    |  |         | 9,815,837   |         |   |           |  |                                             |        |  |   | 9,815,837   |  
|Consumer, Cyclical                                                                                |  |         | 16,584,710  |         |   |           |  |                                             |        |  |   | 16,584,710  |  
|Consumer, Non-Cyclical                                                                            |  |         | 27,873,201  |         |   |           |  |                                             |        |  |   | 27,873,201  |  
|Energy                                                                                            |  |         | 5,018,830   |         |   |           |  |                                             |        |  |   | 5,018,830   |  
|Financial                                                                                         |  |         | 13,003,973  |         |   |           |  |                                             |        |  |   | 13,003,973  |  
|Industrial                                                                                        |  |         | 12,075,115  |         |   |           |  |                                             |        |  |   | 12,075,115  |  
|Technology                                                                                        |  |         | 11,050,055  |         |   |           |  |                                             |        |  |   | 11,050,055  |  
|Utilities                                                                                         |  |         | 1,782,280   |         |   |           |  |                                             |        |  |   | 1,782,280   |  
|Exchange Traded Investment Funds                                                                  |  |         | 22,340,863  |         |   |           |  |                                             |        |  |   | 22,340,863  |  
|Collective Investment Funds                                                                       |  |         |            |         |   | 17,212,334 |  |                                             |        |  |   | 17,212,334  |  
|Short-Term Investments                                                                            |  |         |            |         |   | 68,404,860 |  |                                             |        |  |   | 68,404,860  |  
|                                                                                                  |  |         |             |         |   |            |  |                                             |         |  |   |             |  
|Total                                                                                             |  | $       | 122,830,624 |         | $ | 85,617,194 |  | $                                           |        |  | $ | 208,447,818 |  
|                                                                                                  |  |         |             |         |   |            |  |                                             |         |  |   |             |  
|                                                                                                  |  |         |             |        
|Mid-Cap Growth Equity Fund                                                                        |  | Level 1 |             | Level 2 |   | Level 3    |  | Total                                       |        
|Assets                                                                                            |  |         |             |         |   |            |  |                                             |         | 
|Common Stock and/or Other Equity Investments                                                      |  |         |             |         |   |            |  |                                             |         |  |   |             |  
|Basic Materials                                                                                   |  | $       | 4,081,231   |         | $ |           |  | $                                           |        |  | $ | 4,081,231   |  
|Communications                                                                                    |  |         | 8,383,955   |         |   |           |  |                                             |        |  |   | 8,383,955   |  
|Consumer, Cyclical                                                                                |  |         | 11,275,251  |         |   |           |  |                                             |        |  |   | 11,275,251  |  
|Consumer, Non-Cyclical                                                                            |  |         | 15,525,574  |         |   |           |  |                                             |        |  |   | 15,525,574  |  
|Energy                                                                                            |  |         | 5,420,332   |         |   |           |  |                                             |        |  |   | 5,420,332   |  
|Financial                                                                                         |  |         | 4,833,983   |         |   |           |  |                                             |        |  |   | 4,833,983   |  
|Industrial                                                                                        |  |         | 5,247,475   |         |   |           |  |                                             |        |  |   | 5,247,475   |  
|Technology                                                                                        |  |         | 12,051,959  |         |   |           |  |                                             |        |  |   | 12,051,959  |  
|Utilities                                                                                         |  |         | 953,203     |         |   |           |  |                                             |        |  |   | 953,203     |  
|Short-Term Investments                                                                            |  |         |            |         |   | 24,394,916 |  |                                             |        |  |   | 24,394,916  |  
|                                                                                                  |  |         |             |         |   |            |  |                                             |         |  |   |             |  
|Total                                                                                             |  | $       | 67,772,963  |         | $ | 24,394,916 |  | $                                           |        |  | $ | 92,167,879  |  
|                                                                                                  |  |         |             |         |   |            |  |                                             |         |  |   |             |  



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Notes to Financial StatementsContinued

(Unaudited)



|                                     |  |         |   |         |   |               |  |   |  
|------------------------------------ |  | ------- | - | ------- | - | ------------- |  | - | -
|Stable Asset Return Fund             |  | Level 1 |   | Level 2 |   | Level 3      
|Assets                               |  |         |   |         |   |               |  |   |  
|Collective Investment Funds          |  | $       |  |         | $ | 1,013,049,392 |  | $ | 
|                                     |  |         |   |         |   |               |  |   |  
|Total                                |  | $       |  |         | $ | 1,013,049,392 |  | $ | 
|                                     |  |         |   |         |   |               |  |   |  
|                                     |  |         |  
|Lifetime Income Retirement Date Fund |  | Level 1 |   | Level 2 |   | Level 3      
|Assets                               |  |         |   |         |   |               |  |   |  
|Collective Investment Funds          |  | $       |  |         | $ | 25,991,060    |  | $ | 
|                                     |  |         |   |         |   |               |  |   |  
|Total                                |  | $       |  |         | $ | 25,991,060    |  | $ | 
|                                     |  |         |   |         |   |               |  |   |  
|                                     |  |         |  
|2010 Retirement Date Fund            |  | Level 1 |   | Level 2 |   | Level 3      
|Assets                               |  |         |   |         |   |               |  |   |  
|Collective Investment Funds          |  | $       |  |         | $ | 49,838,681    |  | $ | 
|                                     |  |         |   |         |   |               |  |   |  
|Total                                |  | $       |  |         | $ | 49,838,681    |  | $ | 
|                                     |  |         |   |         |   |               |  |   |  
|                                     |  |         |  
|2020 Retirement Date Fund            |  | Level 1 |   | Level 2 |   | Level 3      
|Assets                               |  |         |   |         |   |               |  |   |  
|Collective Investment Funds          |  | $       |  |         | $ | 79,509,979    |  | $ | 
|                                     |  |         |   |         |   |               |  |   |  
|Total                                |  | $       |  |         | $ | 79,509,979    |  | $ | 
|                                     |  |         |   |         |   |               |  |   |  
|                                     |  |         |  
|2030 Retirement Date Fund            |  | Level 1 |   | Level 2 |   | Level 3      
|Assets                               |  |         |   |         |   |               |  |   |  
|Collective Investment Funds          |  | $       |  |         | $ | 57,203,442    |  | $ | 
|                                     |  |         |   |         |   |               |  |   |  
|Total                                |  | $       |  |         | $ | 57,203,442    |  | $ | 
|                                     |  |         |   |         |   |               |  |   |  
|                                     |  |         |  
|2040 Retirement Date Fund            |  | Level 1 |   | Level 2 |   | Level 3      
|Assets                               |  |         |   |         |   |               |  |   |  
|Collective Investment Funds          |  | $       |  |         | $ | 37,858,018    |  | $ | 
|                                     |  |         |   |         |   |               |  |   |  
|Total                                |  | $       |  |         | $ | 37,858,018    |  | $ | 
|                                     |  |         |   |         |   |               |  |   |  
|                                     |  |         |  
|International Index Equity Fund      |  | Level 1 |   | Level 2 |   | Level 3      
|Assets                               |  |         |   |         |   |               |  |   |  
|Collective Investment Funds          |  | $       |  |         | $ | 6,355,684     |  | $ | 
|                                     |  |         |   |         |   |               |  |   |  
|Total                                |  | $       |  |         | $ | 6,355,684     |  | $ | 
|                                     |  |         |   |         |   |               |  |   |  
|                                     |  |         |  
|Small-Cap Index Equity Fund          |  | Level 1 |   | Level 2 |   | Level 3      
|Assets                               |  |         |   |         |   |               |  |   |  
|Collective Investment Funds          |  | $       |  |         | $ | 4,458,308     |  | $ | 
|                                     |  |         |   |         |   |               |  |   |  
|Total                                |  | $       |  |         | $ | 4,458,308     |  | $ | 
|                                     |  |         |   |         |   |               |  |   |  
|                                     |  |         |  
|Mid-Cap Index Equity Fund            |  | Level 1 |   | Level 2 |   | Level 3      
|Assets                               |  |         |   |         |   |               |  |   |  
|Collective Investment Funds          |  | $       |  |         | $ | 4,518,611     |  | $ | 
|                                     |  |         |   |         |   |               |  |   |  
|Total                                |  | $       |  |         | $ | 4 ,518,611    |  | $ | 
|                                     |  |         |   |         |   |               |  |   |  
|                                     |  |         |  
|Large-Cap Index Equity Fund          |  | Level 1 |   | Level 2 |   | Level 3      
|Assets                               |  |         |   |         |   |               |  |   |  
|Collective Investment Funds          |  | $       |  |         | $ | 9,021,514     |  | $ | 
|                                     |  |         |   |         |   |               |  |   |  
|Total                                |  | $       |  |         | $ | 9,021,514     |  | $ | 
|                                     |  |         |   |         |   |               |  |   |  



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American Bar Association Members/State Street Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



|                            |  |         |   |         |   |            |  |   |  
|--------------------------- |  | ------- | - | ------- | - | ---------- |  | - | -
|Bond Index Fund             |  | Level 1 |   | Level 2 |   | Level 3   
|Assets                      |  |         |   |         |   |            |  |   |  
|Collective Investment Funds |  | $       |  |         | $ | 15,976,196 |  | $ | 
|                            |  |         |   |         |   |            |  |   |  
|Total                       |  | $       |  |         | $ | 15,976,196 |  | $ | 
|                            |  |         |   |         |   |            |  |   |  

C. Stable Asset Return Fund

SARF invests in SAFT, whose investments include insurance company, bank and financial institution investment contracts, high quality short-term income
securities, investments in STIF or YES and the State Street Bank and Trust Mortgage Backed Securities Fund. SAFT has entered into a global fully benefit responsive investment contract with four different financial institutions which are so called
synthetic investment contracts described below. On a daily basis SARF accrues dividend income based on the income credited by SAFT. SARF does not distribute income and any increase to the net assets is reflected by an increase to the
unit value. Each month the dividend income earned by SARF is reinvested into SAFT. As a result of its investment in SAFT, SARF is subject to the specialized accounting provisions described below. The Statement of Assets and Liabilities presents the
fair value of the investment contracts held by SAFT with a separate adjustment to contract value. The Statements of Operations and Changes in Net Assets were prepared on a contract value basis. Since SARF is fully invested in SAFT, we are providing
the following accounting policies of SAFT:

i. Basis of Accounting

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

ii. Value of Investments

Investments in bank, insurance company and other financial institution investment contracts (GICs) are stated at contract
value. An investment contract is generally permitted to be valued at contract value, rather than fair value, to the extent it is fully benefit-responsive and held by a trust offered only to qualified employer-sponsored defined-contribution plans. An
investment contract is considered fully benefit responsive if: 1) it is effected directly between SAFT and the issuer and may not be transferred without the consent of the issuer, 2) either the repayment of principal and interest is a financial
obligation of the issuer (i.e., for traditional investment contracts) or the issuer of a wrap contract provides assurance that the contract crediting rate will not be adjusted to less than zero (i.e., for synthetic investment contracts), 3) the
contract requires all permitted participant-initiated transactions with the trust to occur at contract value without limitation, 4) it is improbable that an event will occur that would limit the ability of SAFT to transact at contract value with
both the issuer and unitholders of SAFT, and 5) SAFT allows unitholders reasonable access to their funds. Investment contracts that do not meet the criteria for valuation at contract value will be valued at fair value as determined by the Trustee,
and such value may be more or less than contract value.

The fair value of traditional GICs is determined using a discounted cash flow
methodology where the individual contract cash flows are discounted at the prevailing interpolated swap rate as of period-end.

A
traditional GIC is a group annuity contract that pays a specified rate of return for a specific period of time and guarantees a fixed return after any benefit responsive payments are made to participants. The issuer of a traditional GIC takes a
deposit from SAFT and purchases investments that are held in the issuers general account. The GIC issuer is contractually obligated to repay the principal and a specified interest rate that is guaranteed to the fund.



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Notes to Financial StatementsContinued

(Unaudited)



Synthetic investment contracts represent individual high quality fixed income and asset-backed
securities subject to benefit responsive wrap contracts issued by financial institutions. Individual assets of the synthetic investment contract are generally valued at representative quoted market prices. Short-term securities, if any, are stated
at amortized cost, which approximates market value. Debt securities are valued on the basis of valuations furnished by a pricing service approved by the Trustee, which determines valuations using methods based on market transactions for comparable
securities and various relationships between securities which are generally recognized by institutional traders. Investments in registered investment companies or collective investment funds are valued at the net asset value per share/unit on the
valuation date. Securities for which market quotations are not readily available, or that have quotations which management believes are not appropriate, are valued at fair value as determined in good faith by the Trustee. The fair value of the wrap
contracts is determined using the market approach discounting methodology which incorporates the difference between current market level rates for contract level wrap fees and the wrap fee being charged. The difference is calculated as a dollar
value and discounted by the prevailing interpolated swap rate as of period end.

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

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

A synthetic GIC is a wrap contract paired with an underlying investment or investments, usually a
portfolio of high-quality, intermediate term fixed income securities. Events disqualifying an underlying investment include but are not limited to bankruptcy of the security issuer or default or restricted liquidity of the security. The portfolio is
owned by SAFT. SAFT purchases a wrap contract from an insurance company, bank or other financial services institution. The portfolio, coupled with the wrap contract, attempts to replicate the characteristics of a traditional GIC.

Synthetic GICs generally require a Cash Buffer of a certain level to be maintained in order to provide liquidity for the stable value fund. The wrap
contracts in place as of June 30, 2009 held by SAFT require a Cash Buffer of a minimum of 20% of the net asset value of SAFT. At June 30, 2009, the Cash Buffer was 28% of such net assets.

A synthetic GIC attempts to protect principal and accumulated interest and credits a stated interest rate for a specified period of time (e.g. monthly or
quarterly). Under the terms of the wrap contracts, assets subject to synthetic GICs are credited at a rate (the Crediting Rate) agreed to with the issuer of the benefit responsive contract (which rate is adjusted periodically, but not
below zero, to reflect the performance of the underlying securities of the synthetic GIC) for purposes of permitting the contract to be benefit responsive. Investment gains and losses are amortized over the expected duration through the calculation
of the applicable Crediting Rate to SAFT on a prospective basis. The Crediting Rate is primarily based on the current yield-to-maturity of the covered investments, plus or minus amortization of the difference between the market value and contract
value of the covered investments over the duration of the covered investments at the time of computation. The Crediting Rate is most impacted by the change in the annual effective yield to maturity of the underlying securities, but is also affected
by the differential between the contract value and the market value of the covered investments. This difference is amortized over the duration of the covered investments. Depending on the change in duration from each reset period, the magnitude of
the impact to the Crediting Rate of the contract to market difference is heightened or lessened. The Crediting Rate can be adjusted periodically and is usually adjusted either monthly or quarterly, but in no event is the Crediting Rate less than
zero. The Crediting Rate may be impacted amongst other things, by volatility and illiquidity in the fixed-income securities market. If the market value of the underlying investments held by SAFT as a whole is lower than their contract value, the
Crediting Rate may be lower than the return on the underlying investments. Significant additional contributions from participants may in certain cases increase market value attributed to the underlying investments and increase the Crediting Rate and
SAFTs return. Redemptions may have an opposite effect, where if SAFT experiences significant redemptions when the market value is below the contract value, SAFTs return and Crediting Rate may be reduced to zero.

iii. Events Limiting Contract Value Treatment

Investment contracts are valued at contract value principally because participants are able to transact at contract value when initiating benefit responsive withdrawals, taking loans or making investment option



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transfers permitted by the participating plan. A benefit responsive withdrawal includes a payment to a participant
arising from retirement, termination of employment, disability or death. In the normal course, participant events are predictive (for participants as a group) such that the economic integrity of investment contracts is largely unaffected by
participant withdrawals.

Employer initiated events, if material, may affect the underlying economics of investment contracts. These events
include plant closings, layoffs, plan termination, bankruptcy or reorganization, merger, early retirement incentive programs, tax disqualification of a trust or other events. The occurrence of one or more employer initiated events could limit
SAFTs ability to transact at contract value with plan participants.

For example, retirement benefit payments which occur because an
employer has offered a subsidized early retirement program will not transact at contract value unless the scope of the program is not material or the investment contract includes a contract value corridor. Whether an employer initiated
event is probable is foremost within the knowledge of the employer, but in the normal course may be communicated to the investment manager of SAFT. While the investment manager may take action to minimize or eliminate the impact of the employer
initiated event, there is no assurance that the issuer will continue to transact at contract value once the corridor is used. In that case, SAFT would be unable to maintain the ability to transact at contract value. As of June 30, 2009, the
occurrence of an event that would limit the ability of SAFT to transact at contract value with the participants in SAFT is not probable.

iv. Termination Events by the Issuer

Investment contracts generally impose conditions on both SAFT
and the issuer. Assuming conditions are met and neither SAFT nor the issuer is in default, SAFT can buy and sell covered investments and process withdrawals through the sale of covered investments in accordance with SAFTs liquidity hierarchy.

If an event of default, within the meaning of an investment contract, occurs and is not cured, the non-defaulting party may terminate the
contract. The following (among other events) may cause SAFT to be in default: a breach of material obligation under the contract; a material misrepresentation; a material amendment to the trust agreement, in the administration of the trust or in the
investment of fund assets without consent from the issuer; and an uncured violation of SAFTs Investment Guidelines.

The issuer may
be in default if it breaches a material obligation under the investment contract; makes a material misrepresentation; has a decline in its long term credit rating below a threshold set forth in the contract; is acquired or reorganized and the
successor issuer does not satisfy the investment or credit guidelines applicable to issuers. If, in the event of default of an issuer, SAFT were unable to obtain a replacement investment contract, withdrawing plans may experience losses if the value
of SAFT assets no longer covered by the contract is below contract value. SAFT may seek to add additional issuers over time to diversify SAFTs exposure to such risk, but there is no assurance that SAFT will be able to do so. The combination of
the default of an issuer and an inability to obtain a replacement agreement could render SAFT unable to achieve its objective of maintaining a stable contract value.

The terms of an investment contract generally provide for settlement of payments only upon termination of the contract or total liquidation of the covered investments. Generally, payments under a global wrap will be
made pro-rata, based on the percentage of investments covered by each issuer. Contract termination occurs whenever the contract value or market value of the covered investments reaches zero or upon certain events of default. If the contract
terminates due to issuer default (other than a default occurring because of a decline in its rating), the issuer will generally be required to pay to SAFT the excess, if any, of contract value over market value on the date of termination. If a
synthetic GIC terminates due to a decline in the ratings of the issuer, the issuer may be required to pay to SAFT the cost of acquiring a replacement contract (i.e. replacement cost) within the meaning of the contract. If the contract terminates
when the market value equals zero, the issuer will pay the excess of contract value over market value to SAFT to the extent necessary for SAFT to satisfy outstanding contract value withdrawal requests. Contract termination also may occur by either
party upon election and notice.



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

Effective January 2009, Bank of America announced it will not be accepting any new participant cash flows into the global wrap
contracts, unless otherwise determined by Bank of America which it has not done as of this date. The other three wrap contract providers have taken the same action as Bank of America. In addition, UBS AG, Stamford Branch, one of the wrap providers,
has determined to terminate its wrap contract effective as of October 26, 2009, subject to providing certain wrap protection during a wind-down period to be determined by State Street Bank and the wrap provider. At the discretion of State Street,
net new participant cash flows will be invested in traditional GICs or in the Cash Buffer on a going forward basis, although the Trustee continues to seek to identify additional and replacement wrap providers.

v. Investment Transactions and income

Investment transactions are accounted for on the trade date. Interest income is recorded on the accrual basis. Income from investment contracts is recorded at the contract rate, which in the case of synthetic
investment contracts is referred to as the crediting rate. Crediting rates on synthetic contacts are net of fees to the issuer of the wrap contract (wrap fees) and custody fees on underlying assets. For fully benefit-responsive synthetic investment
contracts, earnings on the underlying assets are factored into the next computation of the crediting rate re-set. Interest income is accrued and reinvested daily. Reinvested units are issued to unitholders on a pro-rata basis.

vi. Issuances and Redemptions of SAFT Units

Issuances and redemptions of participant units are made on each business day (valuation date). Participant units are typically purchased and redeemed at a constant net asset value of $1.00 per unit. In the
event that a significant disparity develops between the constant net asset value and the market-based net asset value of SAFT, the Trustee may determine that continued redemption at a constant $1.00 net asset value would create inequitable results
for SAFTs unitholders. In these circumstances, the Trustee, in its sole discretion and acting on behalf of SAFTs unitholders, may direct that units be redeemed at the market-based net asset value until such time as the disparity between
the market-based and the constant net asset value per unit is deemed to be immaterial.

vii. Industry Concentration of
Investments

SAFT maintains investment contracts issued by insurance companies, banks and other financial institutions as required by
the Declaration of Trust. The issuing institutions ability to meet their contractual obligations under the respective contracts may be affected by future economic and regulatory developments in the insurance and banking industries,
respectively.

viii. Adjustments to Contract Value

At June 30, 2009, all investment contracts held by SAFT were deemed fully benefit-responsive. The change in the difference between the fair value and
contract value of the Trusts fully benefit-responsive investment contracts during 2009 is reflected below:



|                               |  |              |               |   |                  |   |             |        |  |   |           
|------------------------------ |  | ------------ | ------------- | - | ---------------- | - | ----------- | ------ |  | - | ----------
|                               |  | June 30,2009 |               |   | December 31,2008 |   |             | Change
|Net assets at fair value       |  | $            | 1,015,307,098 |   |                  | $ | 976,459,379 |        |  | $ | 38,847,719
|Net assets (at contract value) |  |              | 1,010,036,897 |   |                  |   | 969,171,710 |        |  |   | 40,865,187
|Adjustment to contract value   |  |              | (5,270,201    | ) |                  |   | (7,287,669  | )      |  |   | 2,017,468 



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Sensitivity Analysis

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

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



|                   |  |                                     |   |  |             |   |  |             |   |  |             |   |  |             |  
|------------------ |  | ----------------------------------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | -
|                   |  | WeightedAverage CreditInterest Rate |   |  | 50%Decrease |   |  | 25%Decrease |   |  | 25%Increase |   |  | 50%Increase |  
|June 30, 2009      |  | 2.73                                | % |  |             |   |  |             |   |  |             |   |  |             |  
|September 30, 2009 |  |                                     |   |  | 2.72        | % |  | 2.81        | % |  | 2.95        | % |  | 3.00        | %
|December 31, 2009  |  |                                     |   |  | 2.54        | % |  | 2.70        | % |  | 2.99        | % |  | 3.12        | %
|March 31, 2010     |  |                                     |   |  | 2.38        | % |  | 2.60        | % |  | 3.03        | % |  | 3.23        | %
|June 30, 2010      |  |                                     |   |  | 2.23        | % |  | 2.52        | % |  | 3.06        | % |  | 3.32        | %

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



|                   |  |                                     |   |  |             |   |  |             |   |  |             |   |  |             |  
|------------------ |  | ----------------------------------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | - |  | ----------- | -
|                   |  | WeightedAverage CreditInterest Rate |   |  | 50%Decrease |   |  | 25%Decrease |   |  | 25%Increase |   |  | 50%Increase |  
|June 30, 2009      |  | 2.73                                | % |  |             |   |  |             |   |  |             |   |  |             |  
|September 30, 2009 |  |                                     |   |  | 2.90        | % |  | 2.92        | % |  | 2.91        | % |  | 2.88        | %
|December 31, 2009  |  |                                     |   |  | 2.69        | % |  | 2.79        | % |  | 2.96        | % |  | 3.02        | %
|March 31, 2010     |  |                                     |   |  | 2.51        | % |  | 2.68        | % |  | 3.00        | % |  | 3.14        | %
|June 30, 2010      |  |                                     |   |  | 2.35        | % |  | 2.59        | % |  | 3.03        | % |  | 3.24        | %



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

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

Average yields



|                                                    |  |      |  
|--------------------------------------------------- |  | ---- | -
|Based on actual income (1)                          |  | 2.03 | %
|Based on interest rate credited to participants (2) |  | 2.67 | %



|(1) | Computed by dividing the annualized one-day actual earnings of the Fund on June 30, 2009 by the fair value of investments on June 30, 2009.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Computed by dividing the annualized one-day earnings credited to participants on June 30, 2009 by the fair value of investments on June 30, 2009.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------



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D. Security Transactions and Related Investment Income

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

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

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

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

E. Foreign Currency Transactions

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

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

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

F. Income Taxes

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

Management is
required to determine whether a tax position of the Collective Trust is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the
technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement which could result in the Collective Trust recording
a tax liability that would reduce net assets. Based on managements analysis for the Collective Trust under Financial Accounting Standards Board (FASB) Interpretation No. 48, Accounting for Uncertainty in Income Taxes, an
interpretation of FASB Statement No. 109 (FIN 48) for the open tax years (calendar years ended December 31, 2005-2008), management determined that no uncertainties would have a material impact on the Collective Trusts
financial statements. FIN 48 establishes financial accounting and disclosure requirements for recognition and



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measurement of tax positions taken or expected to be taken on a U.S. income tax return. However, managements
conclusions regarding tax liabilities may be subject to review and adjustment at a later date based on factors including, but not limited to, further guidance and on-going analyses of tax laws, regulations and interpretations thereof.

G. Sales and Redemptions of Units of Participation and Distributions

The units offered represent interests in the Funds 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 net asset value.

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

H. 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 on the securities to be purchased. Unsettled TBA commitments are
valued at the current market value of the underlying securities, generally according to the procedures described under Security Valuation above. 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.

I. Futures Contracts

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

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

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



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At June 30, 2009, the Intermediate Bond Fund held the following futures contracts:



|                               |  |                    |  |               |             |                  |                |                                       |   |           |  
|------------------------------ |  | ------------------ |  | ------------- | ----------- | ---------------- | -------------- | ------------------------------------- | - | --------- | -
|Futures Contracts              |  | Number ofContracts |  | Notional Cost |             | Settlement Month |                | UnrealizedAppreciation/(Depreciation) |  
|Long                           |  |                    |  |               |             |                  |                |                                       |   |           |  
|90 Day Eurodollar Futures      |  | 604                |  | $             | 146,515,082 |                  | March 2010     |                                       | $ | 2,710,668 |  
|90 Day Eurodollar Futures      |  | 286                |  |               | 70,641,925  |                  | December 2009  |                                       |   | 211,000   |  
|90 Day Eurodollar Futures      |  | 92                 |  |               | 22,678,000  |                  | June 2010      |                                       |   | (33,350   | )
|90 Day Euribor Futures         |  | 5                  |  |               | 1,715,785   |                  | September 2010 |                                       |   | 3,330     |  
|Germany Federal Republic Bonds |  | 51                 |  |               | 8,483,374   |                  | September 2009 |                                       |   | 174,085   |  
|Germany Federal Republic Bonds |  | 29                 |  |               | 4,660,398   |                  | September 2009 |                                       |   | 33,567    |  
|Sterling Futures               |  | 7                  |  |               | 1,407,842   |                  | June 2010      |                                       |   | 788       |  
|Sterling Futures               |  | 8                  |  |               | 1,603,452   |                  | September 2010 |                                       |   | (1,814    | )
|U.K. Treasury Bonds            |  | 22                 |  |               | 4,246,636   |                  | September 2009 |                                       |   | 26,417    |  
|                               |  |                    |  |               |             |                  |                |                                       |   |           |  
|                               |  |                    |  |               |             |                  |                |                                       | $ | 3,124,691 |  
|                               |  |                    |  |               |             |                  |                |                                       |   |           |  

J. 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, 2009, the Intermediate Bond Fund held the following forward foreign currency
contracts:



|         |  |                |  |                                     |  |               |           |                |          |                                       |   |         |  
|-------- |  | -------------- |  | ----------------------------------- |  | ------------- | --------- | -------------- | -------- | ------------------------------------- | - | ------- | -
|Type     |  | Currency       |  | Principal AmountCovered by Contract |  | US DollarCost |           | SettlementDate |          | UnrealizedAppreciation/(Depreciation) |  
|Purchase |  | Japanese Yen   |  | 209,156,000                         |  | $             | 2,176,464 |                | 7/02/09  |                                       | $ | (7,471  | )
|Purchase |  | Mexican Peso   |  | 74,039                              |  |               | 5,486     |                | 11/27/09 |                                       |   | 20      |  
|Sale     |  | Euro           |  | 1,613,000                           |  |               | 2,275,820 |                | 7/02/09  |                                       |   | 14,395  |  
|Sale     |  | Euro           |  | 266,000                             |  |               | 371,824   |                | 7/27/09  |                                       |   | (1,110  | )
|Sale     |  | Euro           |  | 3,210,000                           |  |               | 4,504,105 |                | 8/05/09  |                                       |   | 3,680   |  
|Sale     |  | Pound Sterling |  | 425,000                             |  |               | 686,945   |                | 7/02/09  |                                       |   | (12,137 | )
|Sale     |  | Pound Sterling |  | 425,000                             |  |               | 699,379   |                | 8/05/09  |                                       |   | 321     |  
|Sale     |  | Japanese Yen   |  | 209,156,000                         |  |               | 2,189,989 |                | 7/02/09  |                                       |   | 20,996  |  
|Sale     |  | Japanese Yen   |  | 209,156,000                         |  |               | 2,177,531 |                | 8/05/09  |                                       |   | 7,663   |  
|         |  |                |  |                                     |  |               |           |                |          |                                       |   |         |  
|         |  |                |  |                                     |  |               |           |                |          |                                       | $ | 26,357  |  
|         |  |                |  |                                     |  |               |           |                |          |                                       |   |         |  

K. Interest Rate Swap Contracts

The Intermediate Bond Fund may invest in swap contracts. A swap is an agreement to exchange the return generated by one instrument for the return
generated by another instrument. The Fund uses interest rate swap contracts to manage its exposure to interest rates. Interest rate swap contracts typically represent the exchange of commitments to make variable rate and fixed rate payments with
respect to a notional amount of principal. Swap contracts typically have a term of one to ten years, but typically require periodic interim settlement in cash, at which time the specified variable interest rate is reset for the next settlement
period. During the period that the swap contract is open, the contract is marked-to-market as the net amount due to or



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from the Fund in accordance with the terms of the contract based on the closing level of the interest accrual through
valuation date. Changes in the value of swap contracts are recorded as unrealized gains or losses. Periodic cash settlements on interest rate swaps are recorded as adjustments to realized gains or losses. Up-front payments are recorded to realized
gains or losses upon termination of the swap contract.

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

At June 30, 2009, the Intermediate Bond Fund held the following interest rate swap contracts:



|                |  |                     |          |   |                   |                    |                 |            |               |                      |           |        |   |                                       |   |          |  
|--------------- |  | ------------------- | -------- | - | ----------------- | ------------------ | --------------- | ---------- | ------------- | -------------------- | --------- | ------ | - | ------------------------------------- | - | -------- | -
|                |  |                     |          |   |                   |                    |                 |            | Rate Type     |                      |           |        |  
|Notional Amount |  | Net Cost/(Proceeds) |          |   | Swap Counterparty |                    | TerminationDate |            | Floating Rate |                      | FixedRate |        |   | UnrealizedAppreciation/(Depreciation) |  
|15,100,000 BRL  |  | $                   | (137,999 | ) |                   | Morgan Stanley (a) |                 | 01/02/2012 |               | CDI-Brazil (b)       |           | 10.115 | % |                                       | $ | (194,041 | )
|4,000,000 BRL   |  |                     | (35,463  | ) |                   | UBS (a)            |                 | 01/02/2012 |               | CDI-Brazil (b)       |           | 10.575 | % |                                       |   | (18,066  | )
|1,700,000 BRL   |  |                     | (9,003   | ) |                   | Morgan Stanley (a) |                 | 01/02/2012 |               | CDI-Brazil (b)       |           | 12.540 | % |                                       |   | 35,466   |  
|2,000,000 BRL   |  |                     | 9,641    |   |                   | Merrill Lynch (a)  |                 | 01/02/2012 |               | CDI-Brazil (b)       |           | 14.765 | % |                                       |   | 65,502   |  
|400,000 EUR     |  |                     | 238      |   |                   | UBS (a)            |                 | 10/15/2010 |               | CPI - France (c)     |           | 2.146  | % |                                       |   | 22,732   |  
|11,300,000 GBP  |  |                     | 9,698    |   |                   | Barclays (a)       |                 | 03/17/2012 |               | 6 Month GBP LIBOR    |           | 3.000  | % |                                       |   | (118,276 | )
|73,600,000 MXN  |  |                     | 15,386   |   |                   | Merrill Lynch (a)  |                 | 11/04/2016 |               | MXN-TIIE-Banxico (d) |           | 8.170  | % |                                       |   | 75,846   |  
|                |  |                     |          |   |                   |                    |                 |            |               |                      |           |        |   |                                       |   |          |  
|                |  | $                   | (147,502 | ) |                   |                    |                 |            |               |                      |           |        |   |                                       | $ | (130,837 | )
|                |  |                     |          |   |                   |                    |                 |            |               |                      |           |        |   |                                       |   |          |  



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

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

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

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

L. Option and Swaption Contracts

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

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



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

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

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

A summary of the written put options for the six-month period ended June 30, 2009 is as follows:



|                               |  |                     |  |         |       
|------------------------------ |  | ------------------- |  | ------- | ------
|Written Put Option Contracts   |  | Number of Contracts |  | Premium
|Outstanding, beginning of year |  |                    |  | $       |      
|Options written                |  | 39                  |  |         | 13,553
|Options exercised              |  |                    |  |         |      
|Options expired                |  |                    |  |         |      
|Options closed                 |  |                    |  |         |      
|                               |  |                     |  |         |       
|Outstanding, period end        |  | 39                  |  | $       | 13,553
|                               |  |                     |  |         |       

For the six-month period ended June 30, 2009, the Fund had not written any call options or
entered into any swaption contracts.

M. Additional Derivative Disclosure

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

The Intermediate Bond Fund has entered into futures contracts used to adjust interest rate exposures and to replicate bond positions. A
futures contract frequently offers the opportunity to outperform securities due to cheapness of futures contracts and active management of the liquid, short duration securities backing the futures. The Intermediate Bond Fund uses futures contracts
to manage its exposure to the securities markets or



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to movements in interest rates and currency values. The primary risks associated with the use of futures contracts
are the imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract.
Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to deposit with its futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance
with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (variation margin) is recorded by the Fund. Gains or losses are
recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities.

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

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

Derivative Market and
Credit Risk

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

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

The investment advisor minimizes credit risks to the Intermediate Bond Fund by performing extensive reviews of each counterparty and obtains approval from the
advisors counterparty risk committee prior to entering into transactions with a third party. All transactions in listed securities are settled/paid for upon delivery using approved counterparties. The risk of default is considered minimal, as
delivery of securities sold is only made once the Intermediate Bond Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its
obligation.



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

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

The considerations and factors surrounding the settlement of certain purchases and sales made on a delayed-delivery basis are governed by Master
Securities Forward Transaction Agreements (Master Forward Agreements) between the Intermediate Bond Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation,
payment and transfer, events of default, termination, and maintenance of collateral. Cash collateral provided, and received by, the Intermediate Bond Fund for each type of derivative contract at June 30, 2009 are presented as Deposit with
broker or Due to broker, respectively, on the accompanying Statement of Assets and Liabilities.

At June 30, 2009, the Intermediate
Bond Fund had the following derivatives (not designated as hedges under SFAS 133), grouped into appropriate risk categories that illustrate how and why the Fund uses derivative instruments:

Asset Derivatives



|                       |  |                       |  |                         |           |                          |   |                   |  |                 |   |       |   |   |  |   |          
|---------------------- |  | --------------------- |  | ----------------------- | --------- | ------------------------ | - | ----------------- |  | --------------- | - | ----- | - | - |  | - | ---------
|                       |  |                       |  | Interest Rate Contracts |           | ForeignExchangeContracts |   | CreditDerivatives |  | EquityContracts |   | Total
|Intermediate Bond Fund |  | Futures Contracts (a) |  | $                       | 3,159,855 |                          | $ |                  |  | $               |  |       | $ |  |  | $ | 3,159,855
|                       |  | Forward Contracts (b) |  |                         |          |                          |   | 47,075            |  |                 |  |       |   |  |  |   | 47,075   
|                       |  | Swap Contracts (c)    |  |                         | 215,808   |                          |   |                  |  |                 |  |       |   |  |  |   | 215,808  
|                       |  |                       |  |                         |           |                          |   |                   |  |                 |   |       |   |   |  |   |          
|                       |  | Total Value           |  | $                       | 3,375,663 |                          | $ | 47,075            |  | $               |  |       | $ |  |  | $ | 3,422,738
|                       |  |                       |  |                         |           |                          |   |                   |  |                 |   |       |   |   |  |   |          

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



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

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

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



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Liability Derivatives



|                       |  |                       |  |                         |         |                          |   |                   |  |                 |   |       |   |   |  |   |        
|---------------------- |  | --------------------- |  | ----------------------- | ------- | ------------------------ | - | ----------------- |  | --------------- | - | ----- | - | - |  | - | -------
|                       |  |                       |  | Interest Rate Contracts |         | ForeignExchangeContracts |   | CreditDerivatives |  | EquityContracts |   | Total
|Intermediate Bond Fund |  | Futures Contracts (a) |  | $                       | 35,164  |                          | $ |                  |  | $               |  |       | $ |  |  | $ | 35,164 
|                       |  | Forward Contracts (b) |  |                         |        |                          |   | 20,718            |  |                 |  |       |   |  |  |   | 20,718 
|                       |  | Swap Contracts (c)    |  |                         | 494,147 |                          |   |                  |  |                 |  |       |   |  |  |   | 494,147
|                       |  | Written Options (d)   |  |                         | 10,482  |                          |   |                  |  |                 |  |       |   |  |  |   | 10,482 
|                       |  |                       |  |                         |         |                          |   |                   |  |                 |   |       |   |   |  |   |        
|                       |  | Total Value           |  | $                       | 539,793 |                          | $ | 20,718            |  | $               |  |       | $ |  |  | $ | 560,511
|                       |  |                       |  |                         |         |                          |   |                   |  |                 |   |       |   |   |  |   |        

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



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

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

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

|(d) | Options written, at value
|--- | -------------------------



|                       |  |  |  |                       |  |                         |            |   |                          |   |          |                   |  |                 |   |       |   |   |  |   |            |  
|---------------------- |  |  |  | --------------------- |  | ----------------------- | ---------- | - | ------------------------ | - | -------- | ----------------- |  | --------------- | - | ----- | - | - |  | - | ---------- | -
|                       |  |  |  |                       |  | Interest Rate Contracts |            |   | ForeignExchangeContracts |   |          | CreditDerivatives |  | EquityContracts |   | Total |  
|Intermediate Bond Fund |  |  |  | Realized gain (loss)  |  |                         |            |   |                          |   |          |                   |  |                 |   |       |   |   |  |   |            |  
|                       |  |  |  | Futures Contracts (a) |  | $                       | 4,966,668  |   |                          | $ |         |                   |  | $               |  |       | $ |  |  | $ | 4,966,668  |  
|                       |  |  |  | Forward Contracts (b) |  |                         |           |   |                          |   | (486,157 | )                 |  |                 |  |       |   |  |  |   | (486,157   | )
|                       |  |  |  | Swap Contracts (c)    |  |                         | (8,555,904 | ) |                          |   |         |                   |  |                 |  |       |   |  |  |   | (8,555,904 | )
|                       |  |  |  |                       |  |                         |            |   |                          |   |          |                   |  |                 |   |       |   |   |  |   |            |  
|                       |  |  |  | Total Value           |  | $                       | (3,589,236 | ) |                          | $ | (486,157 | )                 |  | $               |  |       | $ |  |  | $ | (4,075,393 | )
|                       |  |  |  |                       |  |                         |            |   |                          |   |          |                   |  |                 |   |       |   |   |  |   |            |  

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



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

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

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



|                       |  |  |  |                                                  |  |                         |            |   |                          |   |                   |  |                 |   |       |   |   |  |   |            |  
|---------------------- |  |  |  | ------------------------------------------------ |  | ----------------------- | ---------- | - | ------------------------ | - | ----------------- |  | --------------- | - | ----- | - | - |  | - | ---------- | -
|                       |  |  |  |                                                  |  | Interest Rate Contracts |            |   | ForeignExchangeContracts |   | CreditDerivatives |  | EquityContracts |   | Total |  
|Intermediate Bond Fund |  |  |  | Change in Unrealized Appreciation (Depreciation) |  |                         |            |   |                          |   |                   |  |                 |   |       |   |   | 
|                       |  |  |  | Futures Contracts (a)                            |  | $                       | (5,428,745 | ) |                          | $ |                  |  | $               |  |       | $ |  |  | $ | (5,428,745 | )
|                       |  |  |  | Forward Contracts (b)                            |  |                         |           |   |                          |   | 539,076           |  |                 |  |       |   |  |  |   | 539,076    |  
|                       |  |  |  | Swap Contracts (c)                               |  |                         | 21,007,021 |   |                          |   |                  |  |                 |  |       |   |  |  |   | 21,007,021 |  
|                       |  |  |  | Written Options (d)                              |  |                         | 3,071      |   |                          |   |                  |  |                 |  |       |   |  |  |   | 3,071      |  
|                       |  |  |  |                                                  |  |                         |            |   |                          |   |                   |  |                 |   |       |   |   |  |   |            |  
|                       |  |  |  | Total Value                                      |  | $                       | 15,581,347 |   |                          | $ | 539,076           |  | $               |  |       | $ |  |  | $ | 16,120,423 |  
|                       |  |  |  |                                                  |  |                         |            |   |                          |   |                   |  |                 |   |       |   |   |  |   |            |  

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



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

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

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

|(d) | Change in net unrealized appreciation (depreciation) on written options
|--- | -----------------------------------------------------------------------



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

N. 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.

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

A fee is paid to each investment advisor for certain of the Funds based on the value of the assets allocated to that investment advisor and the
respective breakpoints agreed to in the advisors contract. These fees are accrued on a daily basis and paid monthly or quarterly from the allocated assets. Actual fees paid to each investment advisor during the six-month period ended
June 30, 2009 are listed below.



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



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|                                                                  |  |                                       |          
|----------------------------------------------------------------- |  | ------------------------------------- | ---------
|Investment Advisor                                                |  | Fees for thePeriod EndedJune 30, 2009
|Alliance Capital Management L.P. (Large-Cap Value Equity)         |  | $                                     | 220,507  
|Capital Guardian Trust Company (Balanced)                         |  |                                       | 188,112  
|Capital Guardian Trust Company (Large-Cap Growth Equity)          |  |                                       | 153,078  
|JP Morgan Fleming Asset Management Limited (International Equity) |  |                                       | 203,545  
|Pacific Investment Management Company (Intermediate Bond)         |  |                                       | 530,471  
|Philadelphia International Advisors LP (International Equity)     |  |                                       | 151,490  
|Smith Asset Management Group, LP (Small-Cap Equity)               |  |                                       | 180,856  
|T. Rowe Price Associates, Inc. (Large-Cap Growth Equity)          |  |                                       | 257,234  
|Turner Investment Partners (Mid-Cap Growth Equity)                |  |                                       | 203,783  
|Wellington Management Company, LLP (Mid-Cap Value Equity)         |  |                                       | 154,164  
|Wellington Management Company, LLP (Small-Cap Equity)             |  |                                       | 288,267  
|                                                                  |  |                                       |          
|                                                                  |  | $                                     | 2,531,507
|                                                                  |  |                                       |          

A separate program fee (Program fee) is paid to each the Program recordkeeper and ARF.
These fees are allocated to each Fund based on net asset value and are accrued daily and paid monthly from the assets of the Funds. (During the period of January 1, 2009 and April 30,2009 in which State Street Bank served as recordkeeper,
State Street did not receive any fees or payments in respect of expenses from the Collective Trust. Rather, State Street was entitled to payment for services from State Street Bank.)

The ARF Program fee is based on the value of Program assets and the following annual fee rates in effect during the six-month period ended June 30,
2009:

For the period January 1, 2009 through June 17, 2009:



|                        |  |                          |  
|----------------------- |  | ------------------------ | -
|Value of Program Assets |  | Rate of ARF Program Fees |  
|First $500 million      |  | .075                     | %
|Next $850 million       |  | .065                     | %
|Next $1.15 billion      |  | .035                     | %
|Next $1.5 billion       |  | .025                     | %
|Over $4 billion         |  | .015                     | %



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For the period June 18, 2009 through June 30, 2009:



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

ARF received Program fees of $743,349 for the six-month period ended June 30, 2009. These
fees are allocated to each Fund based on net asset value.

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



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

For the period from May 1, 2009 through June 30, 2009, the Program fee paid to ING Life
was $2,646,964.

This Program fee is accrued daily and paid monthly based on the aggregate assets of the Funds as of the last Business Day
of the preceding month. The Funds bear their respective portions of this Program fee pro rata based on their respective net asset values as of the time of calculation thereof. This Program fee attributable to the portion of the Balanced Fund
invested in the Intermediate Bond Fund are accrued and paid from the Intermediate Bond Fund, as applicable, not from such portion of the Balanced Fund. The Program Services Agreement contains certain service standards applicable to the performance
of recordkeeping services by ING Life and imposes penalties that reduce the Program fee if these service standards are not met. No service penalties were imposed for this period.

Prior to May 1, 2009, the Collective Trust paid a Program fee to State Street Bank based on the aggregate assets of the Funds at the following
annual rate (excluding one-time project fees):



|                 |  |                                              |  
|---------------- |  | -------------------------------------------- | -
|Value of Assets  |  | Rate of State Street BankProgram Expense Fee |  
|First $2 billion |  | .40                                          | %
|Next $1 billion  |  | .31                                          | %
|Next $1 billion  |  | .21                                          | %
|Over $4 billion  |  | .13                                          | %



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For the period from January 1, 2009 through April 30, 2009, the Program fee paid to State Street
Bank was $3,588,754. The agreement between ABA Retirement Funds and State Street Bank had service standards similar to those contained in the Program Services Agreement and imposed similar penalties for failure to meet these standards. No service
penalties were imposed for this period.

A one-time additional program expense fee of $150,000 was charged to the Program on
February 2, 2009 relating to expenses incurred by State Street in connection with the establishment of five new Index Funds in early 2009.

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

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

For the period January 1, 2009 through January 31, 2009:



|                             |  |      |  
|---------------------------- |  | ---- | -
|Value of Assets in all Funds |  | Rate |  
|First $1 billion             |  | .217 | %
|Next $1.8 billion            |  | .067 | %
|Over $2.8 billion            |  | .029 | %

For the period February 1, 2009 through June 30, 2009:



|                             |  |      |  
|---------------------------- |  | ---- | -
|Value of Assets in all Funds |  | Rate |  
|First $1 billion             |  | .202 | %
|Next $1.8 billion            |  | .067 | %
|Over $2.8 billion            |  | .029 | %

For the six-month period ended June 30, 2009, State Street Bank received trustee, management
and administration fees of $1,625,485.

Management FeesIndex Funds and Indexed Portions of Managed Funds

Since February 2, 2009, fees have been paid to State Street Bank for the investment management services it performs relating to the assets in the
Index Funds and the indexed portions of the Large-Cap Growth Equity Fund, the Large-Cap Value Equity Fund and the Small-Cap Equity Fund. These fees are accrued on a daily basis and paid monthly from the relevant assets of the respective Funds and
are based on respective net asset values as of the time of calculation. The fees for the indexed portions of the Managed Funds and the fees for the respective Index Funds are at the following annual rates:



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



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Notes to Financial StatementsContinued

(Unaudited)



State Street Bank received the following fees paid from the Funds listed below during the period
since inception through June 30, 2009:



|                                                                   |  |   |       
|------------------------------------------------------------------ |  | - | ------
|Bond Index Fund (inception date February 4, 2009)                  |  | $ | 1,295 
|Large-Cap Index Equity Fund (inception date February 9, 2009)      |  |   | 326   
|Index Equity Fund (fee inception date February 1, 2009)            |  |   | 42,973
|Mid-Cap Index Equity Fund (inception date February 3, 2009)        |  |   | 331   
|Small-Cap Index Equity Fund (inception date February 3, 2009)      |  |   | 326   
|International Index Equity Fund (inception date March 3, 2009)     |  |   | 709   
|Large-Cap Growth Equity Fund (fee inception date February 1, 2009) |  |   | 24,474
|Large-Cap Value Equity Fund (fee inception date February 1, 2009)  |  |   | 9,412 
|Small-Cap Equity Fund (fee inception date February 1, 2009)        |  |   | 3,709 

The Retirement Date Funds are subject to a management fee of .10% of the total annual assets
invested in the Retirement Date Funds, payable to State Street Bank. The fee is accrued daily and paid monthly. For the six-month period ended June 30, 2009, State Street Bank received Retirement Date Fund management fees of $113,657.



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Notes to Financial StatementsContinued

(Unaudited)



4. Purchases and Sales of Securities

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



|                                     |  |                                   |             |       |   |            
|------------------------------------ |  | --------------------------------- | ----------- | ----- | - | -----------
|                                     |  | For the Period EndedJune 30, 2009
|                                     |  | Purchases                         |             | Sales
|Balanced Fund                        |  | $                                 | 50,240,050  |       | $ | 58,300,402 
|Bond Index Fund                      |  |                                   | 16,911,444  |       |   | 1,223,833  
|Index Equity Fund                    |  |                                   | 45,948,045  |       |   | 49,603,847 
|Intermediate Bond Fund               |  |                                   | 33,504,141  |       |   | 44,986,014 
|International Equity Fund            |  |                                   | 33,769,561  |       |   | 38,329,981 
|International Index Equity Fund      |  |                                   | 5,985,597   |       |   | 1,842      
|Large-Cap Growth Equity Fund         |  |                                   | 90,560,183  |       |   | 101,973,607
|Large-Cap Index Equity Fund          |  |                                   | 8,427,701   |       |   | 133,179    
|Large-Cap Value Equity Fund          |  |                                   | 47,336,727  |       |   | 53,029,893 
|Mid-Cap Growth Equity Fund           |  |                                   | 38,431,396  |       |   | 42,837,877 
|Mid-Cap Index Equity Fund            |  |                                   | 4,417,001   |       |   | 193,616    
|Mid-Cap Value Equity Fund            |  |                                   | 15,467,980  |       |   | 15,315,780 
|Small-Cap Equity Fund                |  |                                   | 102,200,651 |       |   | 109,280,316
|Small-Cap Index Equity Fund          |  |                                   | 4,810,967   |       |   | 654,656    
|Lifetime Income Retirement Date Fund |  |                                   | 6,217,546   |       |   | 8,867,618  
|2010 Retirement Date Fund            |  |                                   | 13,692,809  |       |   | 14,688,136 
|2020 Retirement Date Fund            |  |                                   | 21,486,624  |       |   | 19,754,657 
|2030 Retirement Date Fund            |  |                                   | 15,972,257  |       |   | 12,793,415 
|2040 Retirement Date Fund            |  |                                   | 12,119,085  |       |   | 7,927,314  

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



|                       |  |                                    |               |       |   |              
|---------------------- |  | ---------------------------------- | ------------- | ----- | - | -------------
|                       |  | For the Period Ended June 30, 2009
|                       |  | Purchases                          |               | Sales
|Intermediate Bond Fund |  | $                                  | 2,986,475,027 |       | $ | 2,955,904,909

5. Risks Associated with Investments of the Trust

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

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



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Notes to Financial StatementsContinued

(Unaudited)



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

Recent events in both the equity and fixed income markets and in particular the financial sector have resulted in an unusually high degree of volatility
in the market and the Funds of the Collective Trust. Fixed income markets have also experienced an unusually high degree of illiquidity which has adversely affected the Funds of the Collective Trust that invest in fixed income securities. The
Collective Trusts investment in the financial sector has attributed to the volatility of the Collective Trusts Funds.

6. Securities
Lending Income

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

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

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

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



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Notes to Financial StatementsContinued

(Unaudited)



At June 30, 2009, the Funds fair value of securities on loan and collateral value received
at amortized cost and fair value for securities loaned was as follows:



|                        |  |                                |            |                     |   |            |  |   |           
|----------------------- |  | ------------------------------ | ---------- | ------------------- | - | ---------- |  | - | ----------
|                        |  |                                |            | Collateral Received
|Fund                    |  | Fair Value ofLoaned Securities |            | AmortizedCost       |   | FairValue*
|Balanced                |  | $                              | 21,236,231 |                     | $ | 21,736,771 |  | $ | 20,683,228
|Intermediate Bond       |  |                                | 22,058,538 |                     |   | 22,512,045 |  |   | 21,415,033
|International Equity    |  |                                | 13,529,346 |                     |   | 14,101,380 |  |   | 13,414,220
|Large-Cap Growth Equity |  |                                | 45,992,344 |                     |   | 47,127,917 |  |   | 44,831,374
|Large-Cap Value Equity  |  |                                | 14,435,867 |                     |   | 14,817,895 |  |   | 14,095,819
|Mid-Cap Growth Equity   |  |                                | 22,501,440 |                     |   | 23,096,488 |  |   | 21,970,996
|Mid-Cap Value Equity    |  |                                | 11,790,855 |                     |   | 12,227,087 |  |   | 11,631,261
|Small-Cap Equity        |  |                                | 65,927,110 |                     |   | 67,654,942 |  |   | 64,358,117

As discussed in Note 1, units of Quality D continue to be issued and redeemed at a constant $1.00
net asset value per unit; however, certain limitations on withdrawals would apply to redemptions in connection with discontinuing participation in the lending program. At June 30, 2009, the market value of the investments in Quality D, as
reported by its trustee, was approximately 95.13% of amortized cost. Furthermore, as reported by the trustee as of June 30, 2009, all investments in Quality D were performing in accordance with their respective terms. The accompanying
financial statements of the Funds and Retirement Date Funds have valued their direct and indirect investments in the Cash Collateral Funds at their fair values, and have recognized unrealized losses. However, the Funds and Retirement Date Funds have
continued to value their investments in the Cash Collateral Funds for purposes of Participant transactions at the amortized cost based values used by the Cash Collateral Funds for daily transactions.



| | * | Collateral Received Fair Value includes non-cash collateral State Street Bank received in lieu of cash for securities on loan. The Funds receive a fee from the Borrowers to
compensate for the revenue lost from the inability to generate income from the investment of cash collateral. Non-cash collateral can be held in the form of securities issued or guaranteed by the United States Government or its agencies or
instrumentalities, convertible bonds denominated in US dollars, irrevocable bank letters of credit issued by a person other than the borrower or an affiliate of the borrower, or tri-party agreements backed by securities issued or guaranteed by the
United States government or its agencies. Non-cash collateral held at June 30, 2009 was in amounts as follows:
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|         |  |                         |      
|-------- |  | ----------------------- | -----
|Fund     |  | Non-CashCollateralValue
|Balanced |  | $                       | 5,690

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

7. Participant Ownership

As of June 30,
2009, the following funds had participants owning greater than 5% of the outstanding Units of a fund. One participant owned 8.37% of the outstanding Units of the Bond Index Fund. One participant owned 5.75% of the outstanding Units of the Large-Cap
Index Equity Fund. One participant owned 5.15% of the outstanding Units of the Mid-Cap Index Equity Fund. Two participants owned 13.28% and 5.53% respectively, of the outstanding Units of the Small-Cap Index Equity Fund. In addition one participant
owned 5.71% of the outstanding Units of the Lifetime Income Retirement Date Fund and one participant owned 6.19% of the outstanding Units of the 2010 Retirement Date Fund.



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Notes to Financial StatementsContinued

(Unaudited)



8. Changes and Expected Changes to the Collective Trust

Previously it was anticipated that The Northern Trust Company (Northern Trust), through an affiliate, would become the trustee of the
Collective Trust and would implement certain changes to the Funds after becoming trustee. As described in the Collective Trusts Quarterly Report on Form 10-Q for the quarter ended March 31, 2009, it is likely that Northern Trust will not
become trustee of the Collective Trust until a date in 2010 or conceivably later. In the interim, Northern Trust has been retained by the ABA Retirement Funds as investment fiduciary to the Program until such time as it becomes the successor trustee
of the Collective Trust. Northern Trust will be paid a one time fee of $250,000 that was charged to the Funds in July 2009 and an additional $250,000 for the remaining portion of 2009 that will be accrued over that period as part of the operational
expenses.

In its capacity as investment fiduciary, Northern Trust had recommended that State Street, as trustee of the Collective Trust,
implement the changes to the Funds described below.

State Street, acting upon such recommendations, determined in its judgment to realign
certain of the Funds offered under the Program so that participants may choose to invest assets contributed to the Program in a wider variety of investment options. The following is a summary of the changes that were made to the Funds offered under
the Program. These changes took effect on or about July 6, 2009.



| |  |  | The Large-Cap Value Equity Fund and Large-Cap Growth Equity Fund were terminated and instead the Program offers a new Large Cap Equity Fund, a multi-manager fund
with a new line-up of Investment Advisors;
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The Mid-Cap Value Equity Fund, Mid-Cap Growth Equity Fund and Small-Cap Equity Fund were terminated and instead the Program offers a new Small-Mid Cap Equity Fund,
a multi-manager fund with a new line-up of Investment Advisors;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The International Equity Fund changed its name to the International All Cap Equity Fund with a new line-up of Investment Advisors;
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------



| |  |  | The Balanced Fund ceased offering its Units (although assets held under the Program and invested therein through July 1, 2009 continue to remain invested
therein), and investment of the equity portion of the Balanced Fund has been changed to the new Large Cap Equity Fund above;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | In lieu of offering the Balanced Fund, the Program offers a series of three new Target Risk Funds: the Conservative Risk Fund, the Moderate Risk Fund and the
Aggressive Risk Fund, each of which reflects a specified level of investment risk; and
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The Program offers a new Real Asset Return Fund.
| | - |  | ------------------------------------------------

The new Large Cap Equity Fund, the new Small-Mid Cap Equity Fund, the three new Target Risk Funds and the new Real Asset Return Fund are referred to below as the New Funds.

Additionally, two Funds are expected to be renamed, as follows:



|                       |  |                          
|---------------------- |  | -------------------------
|Previous Name          |  | New Name                 
|Intermediate Bond Fund |  | Bond Core Plus Fund      
|                       | 
|Index Equity Fund      |  | All Cap Index Equity Fund



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Notes to Financial StatementsContinued

(Unaudited)



None of the Stable Asset Return Fund, the Index Funds (other than the name change for the Index
Equity Fund) or the Retirement Date Funds were modified on July 6, 2009.

Participants invested in any of the Funds being terminated were
given at least 30 days advance written notice of the expected date of termination, and such Participants were given an opportunity to direct the transfer of their assets so invested into other investment options available under the Program
prior to such termination. Any assets not subject to a valid timely direction to be transferred to another investment option and hence remained in the terminated Funds were transferred, in the case of the Large-Cap Value Equity Fund and the
Large-Cap Growth Equity Fund, to the Large Cap Equity Fund, and, in the case of the Mid-Cap Value Equity Fund, the Mid-Cap Growth Equity Fund and the Small-Cap Equity Fund, to the Small-Mid Cap Equity Fund.

Any elections to invest contributions in any of the Funds being terminated, or the Balanced Fund, which had not been amended or revoked by a participant
by July 1, 2009 were allocated to whatever Fund designated by the participants employer as its default option in the adoption agreement pursuant to which such employer adopted the Program or any amendment thereto.

Effective May 1, 2009 State Street Bank and Trust Company and the ABA Retirement Funds amended and restated the Investment Services and
Administrative Agreement. In addition the American Bar Association Members/State Street Collective Trust Declaration of Trust was also amended and restated as of May 1, 2009.

9. Review for Subsequent Events

In accordance with the provisions set forth in FASB Statement of
Financial Accounting Standards No. 165 Subsequent Events, adopted by the Funds as of June 30, 2009, events and transactions through August 14, 2009, the date the financial statements were available to be issued, have been
evaluated by management for subsequent events. Management has determined that other than those disclosed in Note 8 there were no material events that would require disclosure in the Funds financial statements through this date.



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

Quarter and Six Month Period Ended June 30, 2009

Stable Asset Return Fund

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

For the quarter ended June 30, 2009, the Stable Asset Return Fund experienced a total return, net of expenses, of 0.52%. By comparison, a
combination of the Ryan Labs Three Year GIC Index and the iMoneyNet MFR Prime Institutional Money Market Fund Average, weighted 70%/30%, respectively, produced an investment record of 0.82% for the same period. For the six month period ended June
30, 2009, the Fund experienced a total return, net of expenses, of 1.13%, compared to an investment record of 1.70% for the combination benchmark for the same period. The Ryan Labs Three Year GIC Index portion of the combination benchmark does not
include an allowance for the fees that an investor would pay for investing in the instruments that comprise that index or for fund expenses.

The Stable Asset Return Fund underperformed the combination benchmark for the quarter ended June 30, 2009. The Funds investments are primarily focused on segments of the market such as U.S. Treasuries, agency debentures and agency
mortgaged-backed securities that have a high degree of support from the U.S. Government. These types of investments have a higher credit quality but lower yield than traditional GICs and other fixed income securities. These lower yielding U.S.
Government supported investments are employed to provide a higher degree of stability for the market value of the underlying investments supporting the wrap contracts valued at book value. The market to book ratio as of June 30, 2009 is lower than
that at the previous quarter-end and is reflective of lower market values associated with higher interest rates, although the market value still exceeded the book value as of June 30, 2009 and March 31, 2009.

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

Intermediate Bond Fund

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



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

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

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

For the quarter and six month period ended June 30, 2009, the Intermediate Bond
Fund participated in the State Street Bank securities lending program as described in Note 6 of the Notes to Financial Statements. For the reasons described under Effect on Performance of Certain Funds and
Retirement Date Funds that Participate in Securities Lending, the financial statement-reported performance of the Intermediate Bond Fund was positively impacted by 0.20 percentage point in the quarter ended June 30, 2009 as a result of
such participation. For the six month period ended June 30, 2009, the financial statement-reported performance of the Intermediate Bond Fund was negatively impacted by 0.15 percentage point as a result of such participation. As discussed below under
Effect on Performance of Certain Funds and Retirement Date Funds that Participate in Securities Lending, actual returns experienced by Participants in the Fund based on net asset values for transaction purposes do not
reflect the impact of any unrealized gains or losses in the cash collateral funds associated with the State Street securities lending program.

Balanced
Fund

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

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



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

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

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

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

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

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 of greater than $1 billion at the time of purchase that are believed to be 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 stocks in the Russell 1000 Index that have a greater than average value orientation. The remainder of the Large-Cap Value Equity Fund is actively managed. As of July 3, 2009, the Fund was terminated.

For the quarter ended June 30, 2009, the Large-Cap Value Equity Fund experienced a total return, net of expenses, of 16.19%. By comparison, the Russell
1000 Value Index produced an investment record of 16.70% for the same period. For the six month period ended June 30, 2009, the Fund experienced a total return, net of expenses, of (2.87)%, compared to an investment record of (2.87)% for the Russell
1000 Value Index for the same period. The Russell 1000 Value Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

For the quarter ended June 30, 2009, the actively managed portion of the Large-Cap Value Equity Fund, which was advised with the assistance of
AllianceBernstein L.P., underperformed the Russell 1000 Value Index. Relative performance was hurt mostly by holdings in companies in the consumer staples sector, such as Archer Daniels Midland, and the healthcare sector, such as Merck, which
trailed as investors gravitated to cyclically sensitive names.

The performance of the indexed portion of the Large-Cap Value Equity Fund
for the quarter ended June 30, 2009 was consistent with the Russell 1000 Value Index after taking into account expenses and the effect of participation in securities lending.



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For the six month period ended June 30, 2009, the actively managed portion of the Large-Cap Value Equity
Fund, which was advised with the assistance of AllianceBernstein L.P., outperformed the Russell 1000 Value Index. Stock selection in the financials sector contributed to relative performance of the Fund.

The performance of the indexed portion of the Large-Cap Value Equity Fund for the six month period ended June 30, 2009 was consistent with the Russell
1000 Value Index after taking into account expenses and the effect of participation in securities lending.

For the quarter and six month
period ended June 30, 2009, the Large-Cap Value Equity Fund participated in the State Street Bank securities lending program as described in Note 6 of the Notes to Financial Statements. For the reasons described under
Effect on Performance of Certain Funds and Retirement Date Funds that Participate in Securities Lending, the financial statement-reported performance of the Large-Cap Value Equity Fund was positively impacted by 0.13
percentage point in the quarter ended June 30, 2009 as a result of such participation. For the six month period ended June 30, 2009, the financial statement-reported performance of the Large-Cap Value Equity Fund was positively impacted by 0.24
percentage point as a result of such participation. As discussed below under Effect on Performance of Certain Funds and Retirement Date Funds that Participate in Securities Lending, actual returns experienced by Participants
in the Fund based on net asset values for transaction purposes do not reflect the impact of any unrealized gains or losses in the cash collateral funds associated with the State Street securities lending program.

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, at the time of purchase, of greater than $1 billion that are believed to have strong earnings growth
potential. The Large-Cap Growth Equity Fund seeks to achieve long-term growth of capital through increases in the value of the securities it holds and to realize income principally from dividends on such securities. A portion of the Large-Cap Growth
Equity Fund (approximately 33 1/3%) is invested to replicate the
Russell 1000 Growth Index, which is comprised of those stocks in the Russell 1000 Index that have a greater than average growth orientation. The remainder of the Large-Cap Growth Equity Fund is actively managed in two portions of approximately
331/3% each of the assets of the Fund. The 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. As of July 3, 2009, the Fund was terminated.

For the quarter ended June 30, 2009, the Large-Cap Growth Equity Fund experienced a total return, net of expenses, of 17.68%. By comparison, the Russell
1000 Growth Index produced an investment record of 16.32% for the same period. For the six month period ended June 30, 2009, the Fund experienced a total return, net of expenses, of 14.50%, compared to an investment record of 11.53% 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.

The portion of the Large-Cap Growth Equity Fund advised with the assistance of Capital Guardian Trust Company outperformed the Russell 1000 Growth Index
for the quarter ended June 30, 2009. Holdings in the consumer discretionary sector contributed to relative results as did stock selection in the healthcare sector. Stock selection in the media and advertising and materials sectors also contributed
to relative performance of the Fund. Poor stock selection in the financial sectors detracted from relative performance.

The portion of the
Large-Cap Growth Equity Fund advised with the assistance of T. Rowe Price Associates, Inc. outperformed the Russell 1000 Growth Index for the quarter ended June 30, 2009. Stock selection in the information technology sector was the top contributor
to relative returns. Stock selection in communications equipment, particularly Juniper Networks, also contributed to relative performance of the Fund. Holdings in oil, gas, and consumable fuels proved beneficial to relative results in the energy
sector. Conversely, holdings in the telecommunication services sector was the biggest detractor from relative performance. In particular, holdings in the wireless company MetroPCS Communications was among the detractors from relative performance. An
overweight allocation to the telecommunications sector, which lagged the benchmark, also detracted from performance.



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The performance of the indexed portion of the Fund for the quarter ended June 30, 2009 was consistent
with the Russell 1000 Growth Index after taking into account expenses and the effect of participation in securities lending.

The portion
of the Large-Cap Growth Equity Fund advised with the assistance of Capital Guardian Trust Company underperformed the Russell 1000 Growth Index for the six month period ended June 30, 2009. Stock selection in the healthcare and information technology
sectors helped relative results as did an underweight position in the consumer staples sector. Poor stock selection in the financials and industrials sectors detracted from relative performance of the Fund for the six months ended June 30, 2009.

The portion of the Large-Cap Growth Equity Fund advised with the assistance of T. Rowe Price Associates, Inc. outperformed the Russell
1000 Growth Index for the six month period ended June 30, 2009. Strong stock selection was the primary contributor to relative outperformance, but sector weighting also helped relative results. The information technology sector was the top
contributor to relative performance. Stock selection in communications equipment, computers and peripherals, and semiconductors and semiconductor equipment industries drove sector outperformance. Stock selection in the consumer discretionary sector
and stock selection and an overweight position in the financials sector were also contributors to relative performance. One minor detractor from relative performance during the period was stock selection in the telecommunication services sector,
which had a slight negative impact on relative performance.

The performance of the indexed portion of the Fund for the six month period
ended June 30, 2009 was consistent with the Russell 1000 Growth Index after taking into account expenses and the effect of participation in securities lending.

For the quarter and six month period ended June 30, 2009, the Large-Cap Growth Equity Fund participated in the State Street Bank securities lending program as described in Note 6 of the Notes to Financial
Statements. For the reasons described under Effect on Performance of Certain Funds and Retirement Date Funds that Participate in Securities Lending, the financial statement-reported performance of the Large-Cap
Growth Equity Fund was positively impacted by 0.12 percentage point in the quarter ended June 30, 2009 as a result of such participation. For the six month period ended June 30, 2009, the financial statement-reported performance of the Large-Cap
Growth Equity Fund was positively impacted by 0.09 percentage point as a result of such participation. As discussed below under Effect on Performance of Certain Funds and Retirement Date Funds that Participate in Securities
Lending, actual returns experienced by Participants in the Fund based on net asset values for transaction purposes do not reflect the impact of any unrealized gains or losses in the cash collateral funds associated with the State Street
securities lending program.

Mid-Cap Value Equity Fund

The Mid-Cap Value Equity Fund seeks to outperform, over extended periods of time, broad measures of the domestic stock market. The Fund invests primarily in equity securities of companies with market capitalizations
of between $1 billion and $12 billion at the time of purchase. The Fund seeks to achieve growth of capital through investing primarily in common stocks of medium-sized companies believed to be attractively priced relative to their future earnings
power. The Fund seeks to emphasize sectors and securities State Street and the Funds Investment Advisor consider undervalued. As of July 3, 2009, the Fund was terminated.

For the quarter ended June 30, 2009, the Mid-Cap Value Equity Fund, which was advised with the assistance of Wellington Asset Management Company, LLP,
experienced a total return, net of expenses, of 24.89%. By comparison, the Russell Mid-Cap Value Index produced an investment record of 20.94% for the same period. For the six month period ended June 30, 2009, the Fund experienced a total return,
net of expenses, of 12.54%, compared to an investment record of 3.19% for the Russell Mid-Cap Value Index for the same period. The Russell Mid-Cap Value Index does not include an allowance for the fees that an investor would pay for investing in the
securities that comprise that index or for fund expenses.

The Mid-Cap Value Equity Fund outperformed the Russell Mid-Cap Value Index for
the quarter ended June 30, 2009. Security selection within the financials sector was a major contributor to relative performance in the second quarter of 2009. Holdings in PHH, which provides mortgage and fleet financing in the U.S., and SunTrust
Banks, the holding company for consumer financial services provider SunTrust Bank, contributed to relative results. Strong security selection within the consumer staples sector also contributed to relative results. Shares of Marine Harvest, a salmon
farming company based in Norway, rose as constrained industry supply out of Chile sent wholesale salmon prices to multi-year highs. Within the consumer discretionary sector, MDC Holdings was a relatively weak performer. MDC declined in line with
homebuilding stocks, which retreated this quarter. Also detracting from relative performance was VFC, which declined 2% and missed out on a strong rally for many retail and apparel stocks.



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The Mid-Cap Value Equity Fund outperformed the Russell Mid-Cap Value Index for the six month period ended
June 30, 2009. Strong performance from holdings in the financials and consumer staples sectors contributed to relative results. Within the financials sector, the Funds overweight positions in PHH Corp and Affiliated Managers Group bolstered
relative results. Within the consumer staples sector, the Funds overweight position in Marine Harvest and Marfrig Alimentos contributed to relative performance. The industrials sector detracted from relative results. The Funds overweight
position in Delta Air Lines detracted from relative results. In addition, the Funds lack of exposure to Hertz Global Holding, which had significant relative returns during the period, detracted from relative performance.

For the quarter and six month period ended June 30, 2009, the Mid-Cap Value Equity Fund participated in the State Street Bank securities lending program
as described in Note 6 of the Notes to Financial Statements. For the reasons described under Effect on Performance of Certain Funds and Retirement Date Funds that Participate in Securities Lending,the
financial statement-reported performance of the Mid-Cap Value Equity Fund was positively impacted by 0.67 percentage point in the quarter ended June 30, 2009 as a result of such participation. For the six month period ended June 30, 2009, the
financial statement-reported performance of the Mid-Cap Value Equity Fund was positively impacted by 1.40 percentage points as a result of such participation. As discussed below under Effect on Performance of Certain Funds and
Retirement Date Funds that Participate in Securities Lending, actual returns experienced by Participants in the Fund based on net asset values for transaction purposes do not reflect the impact of any unrealized gains or losses in the cash
collateral funds associated with the State Street securities lending program.

Mid-Cap Growth Equity Fund

The Mid-Cap Growth Equity Fund invests primarily in common stocks and other equity-type securities of companies with market capitalizations, at the time
of purchase, of between $1 billion and $12 billion. The 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. As of July 3, 2009, the Fund
was terminated.

For the quarter ended June 30, 2009, the Mid-Cap Growth Equity Fund, which was advised with the assistance of Turner
Investment Partners, Inc., experienced a total return, net of expenses, of 18.74%. By comparison, the Russell Mid-Cap Growth Index produced an investment record of 20.67% for the same period. For the six month period ended June 30, 2009, the Fund
experienced a total return, net of expenses, of 13.61%, compared to an investment record of 16.61% for the Russell Mid-Cap Growth Index for the same period. The Russell Mid-Cap Growth Index does not include an allowance for the fees that an investor
would pay for investing in the securities that comprise that index or for fund expenses.

The Mid-Cap Growth Equity Fund underperformed the
Russell Mid-Cap Growth Index for the quarter ended June 30, 2009. On a relative basis, the producer durables, health care and consumer staples sectors detracted the most from relative performance while the consumer discretionary, technology, and
energy sectors provided excess returns for the Fund when compared to the benchmark. The producer durables sector was among the top detractors from relative performance resulting primarily from the Funds overweight position in homebuilders. The
consumer discretionary sector was among the top contributors to relative performance of the Fund as consumers began to show some signs of confidence amid the year-and-a-half long recession. Consumer-sensitive areas such as travel, casinos/gaming,
and hotels all enjoyed sizeable returns during the quarter ended June 30, 2009, in part due to an economy that appears to be closer to the end of the recession.

The Mid-Cap Growth Equity Fund underperformed the Russell Mid-Cap Growth Index for the six month period ended June 30, 2009. On a relative basis, the materials/processing sector detracted the most from relative
performance while the energy and technology sectors contributed to relative performance for the Fund.

For the quarter and six month period
ended June 30, 2009, the Mid-Cap Growth Equity Fund participated in the State Street Bank securities lending program as described in Note 6 of the Notes to Financial Statements. For the reasons described under
Effect on Performance of Certain Funds and Retirement Date Funds that Participate in Securities Lending, the financial statement-reported performance of the Mid-Cap Growth Equity Fund was positively impacted by 0.68
percentage point in the quarter ended June 30, 2009 as a result of such participation. For the six month period ended June 30, 2009, the financial statement-reported performance of the Mid-Cap Growth Equity Fund was positively impacted by 0.70
percentage point as a result of such participation. As discussed below under Effect on Performance of Certain Funds and Retirement Date Funds that Participate in Securities Lending, actual returns experienced by Participants
in the Fund based on net asset values for transaction purposes do not reflect the impact of any unrealized gains or losses in the cash collateral funds associated with the State Street securities lending program.



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Small-Cap Equity Fund

The Small-Cap Equity Fund invests primarily in equity securities of companies with market capitalizations of $2.5 billion or less at the time of purchase. These companies may include new companies and companies that
may benefit from new technologies, new product or service developments or management changes. The Fund seeks to achieve, over an extended period of time, total returns comparable to or superior to those attained by broad measures of the domestic
stock market. A portion of the Fund is invested to replicate the Russell 2000 Index, which is comprised of the approximately 2,000 companies in the Russell 3000 Index with the smallest market capitalization. The remainder of the Fund is actively
managed with the assistance of Wellington Management Company, LLP and Smith Asset Management Group, L.P. As of July 3, 2009, the Fund was terminated.

For the quarter ended June 30, 2009, the Small-Cap Equity Fund experienced a total return, net of expenses, of 23.09%. By comparison, the Russell 2000 Index produced an investment record of 20.69% for the same period.
For the six month period ended June 30, 2009, the Fund experienced a total return, net of expenses, of 6.72%, compared to an investment record of 2.64% for the Russell 2000 Index for the same period. The Russell 2000 Index does not include an
allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The
portion of the Small-Cap Equity Fund advised with the assistance of Wellington Asset Management Company, LLP outperformed the Russell 2000 Index for the quarter ended June 30, 2009. A bottom-up stock selection was a primary driver behind relative
performance of this portion of the Fund. Strong security selection contributed to the relative performance of the portfolio compared to the benchmark. Holdings in the healthcare and consumer staples sectors were the largest contributors to relative
performance. Security selection within the healthcare sector aided relative results during the quarter ended June 30, 2009, led by Eclipsys and HealthSouth. Eclipsys, a health information technology company, reported better-than-expected profits and
raised its 2009 earnings outlook. Shares of HealthSouth, a provider of inpatient rehabilitative healthcare services, also reported earnings that exceeded analyst expectations. Security selection in the consumer staples sector also contributed to
positive relative results, led by Cott Corporation, a non-alcoholic beverage maker focused on private-label brands, and Herbalife, a worldwide direct marketer of health and nutrition products. Security selection in the utilities sector detracted
from performance during the quarter. The Funds exposure to Unisource Energy hurt results. Unisource, a Tucson-based utility company, declined as the company reported weak sales.

The portion of the Small-Cap Equity Fund advised with the assistance of Smith Asset Management Group, L.P. underperformed the Russell 2000 Index for the
quarter ended June 30, 2009. The underperformance was broad-based with portfolio stock returns trailing those of the benchmark in every sector except healthcare. The financials sector was the only sector where the portfolio outperformed the
benchmark, as the exposure was low to this lagging sector. Holdings in the information technology and consumer discretionary sectors were among the top detractors from relative performance as the benchmarks holdings in these sectors rallied
after previous decline.

The performance of the indexed portion of the Small-Cap Equity Fund for the quarter ended June 30, 2009 was
consistent with the Russell 2000 Index after taking into account expenses and the effect of participation in securities lending.

The
portion of the Small-Cap Equity Fund advised with the assistance of Wellington Asset Management Company, LLP outperformed the Russell 2000 Index for the six month period ended June 30, 2009. The portfolios bottom-up investment approach
produced strong relative results for the six months ended June 30, 2009, with outperformance in nine of the ten broad market sectors. Performance from holdings in the information technology sector contributed to results relative to the index, led by
the portfolios overweight positions in RF Micro Devices and Wright Express. Shares of RF Micro Devices, a designer and manufacturer of radio frequency components and compound semiconductors, rose during the period. Wright Express, a payment
processor for commercial and government vehicle fleets, also appreciated during the period. Within the healthcare sector, the portfolios overweight to Inverness Medical and Cougar Biotechnology contributed to relative performance. Inverness
Medical provides products that help in disease diagnosis and monitoring, and performed relatively well during the six months ended June 30, 2009. Shares of Cougar Biotechnology, a development-stage biopharmaceutical company, rose after Johnson &
Johnson announced it would acquire the company. Holdings in the consumer discretionary sector detracted from relative results. The portfolios overweight position to weak performer Orbitz Worldwide hurt relative results as global economic
weakness led to declining travel and vacation trends.

The portion of the Small-Cap Equity Fund advised with the assistance of Smith Asset
Management Group, L.P. underperformed the Russell 2000 Index for the six month period ended June 30, 2009. During this period, the benchmark outperformed the portfolio due to a rally which began toward the end of the first quarter of 2009 with
relative gains concentrated in stocks with relatively higher levels of risks. Typically, the companies with the characteristics that are generally included in the portfolio (strong growth outlook, good earnings quality, reasonable valuation) do not
perform well during such rallies, and that was certainly the case in this period.

The performance of the indexed portion of the Small-Cap
Equity Fund for the six month period ended June 30, 2009 was consistent with the Russell 2000 Index after taking into account expenses and the effect of participation in securities lending.

For the quarter and six month period ended June 30, 2009, the Small-Cap Equity Fund participated in the State Street
Bank securities lending program as described in Note 6 of the Notes to Financial Statements. For the reasons described under Effect on Performance of Certain Funds and Retirement Date Funds that Participate in
Securities Lending, the financial statement-reported performance of the Small-Cap Equity Fund was negatively impacted by 0.33 percentage point in the quarter ended June 30, 2009 as a result of such participation. For the six month period
ended June 30, 2009, the financial statement-reported performance of the Small-Cap Equity Fund was positively impacted by 1.56 percentage points as a result of such participation. As discussed below under Effect on Performance of
Certain Funds and Retirement Date Funds that Participate in Securities Lending, actual returns experienced by Participants in the Fund based on net asset values for transaction purposes do not reflect the impact of any unrealized gains or
losses in the cash collateral funds associated with the State Street securities lending program.



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International Equity Fund

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

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

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

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

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

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

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

Bond Index Fund

The Bond Index Fund seeks to
replicate, after taking into account Fund expenses, the total rate of return of the Barclays Capital U.S. Aggregate Bond Index by investing generally in securities which are representative of the domestic investment grade bond market as included in
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For the quarter ended June 30, 2009, the Bond Index Fund experienced a total return, net of expenses, of
1.53%. By comparison, the Barclays Capital U.S. Aggregate Bond Index produced an investment record of 1.78% for the same period. For the period from commencement of operations on February 3, 2009 to June 30, 2009, the Fund experienced a total
return, net of expenses, of 2.45%, compared to an investment record of 0.10% for the Barclays Capital U.S. Aggregate Bond Index for the same period. The Barclays Capital U.S. Aggregate Bond Index does not include an allowance for the fees that an
investor would pay for investing in the securities that comprise that index or for fund expenses.

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

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

Large-Cap Index Equity Fund

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

For the quarter ended June 30, 2009, the Large-Cap Index Equity Fund experienced a total return,
net of expenses, of 15.93%. By comparison, the S&P 500 Index produced an investment record of 15.93% for the same period. For the period from commencement of operations on February 9, 2009 to June 30, 2009, the Fund experienced a total return,
net of expenses, of 7.33%, compared to an investment record of 5.84% for the S&P 500 Index for the same period. The S&P 500 Index does not include an allowance for the fees that an investor would pay for investing in the securities that
comprise that index or for fund expenses.

The performance of the Large-Cap Index Equity Fund for the quarter ended June 30, 2009 was
consistent with the S&P 500 Index.

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

Index Equity Fund

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

For the quarter ended June 30, 2009, the Index Equity Fund experienced a total return, net of expenses, of 15.80%. By comparison, the Russell 3000 Index
produced an investment record of 16.82% for the same period. For the six month period ended June 30, 2009, the Fund experienced a total return, net of expenses, of 2.89%, compared to an investment record of 4.20% for the Russell 3000 Index for the
same period. The Russell 3000 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.



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

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

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

Mid-Cap Index Equity Fund

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

For the quarter ended June 30, 2009, the Mid-Cap Index Equity Fund experienced a total return,
net of expenses, of 18.73%. By comparison, the S&P MidCap 400 Index produced an investment record of 18.75% for the same period. For the period from commencement of operations on February 3, 2009 to June 30, 2009, the Fund experienced a total
return, net of expenses, of 20.46%, compared to an investment record of 15.57% for the S&P MidCap 400 Index for the same period. The S&P MidCap 400 Index does not include an allowance for the fees that an investor would pay for investing in
the securities that comprise that index or for fund expenses.

The performance of the Mid-Cap Index Equity Fund for the quarter ended June
30, 2009 was consistent with the S&P MidCap 400 Index after taking into account expenses.

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

Small-Cap Index Equity Fund

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

For the quarter ended June 30, 2009, the Small-Cap Index Equity Fund experienced a total return, net of
expenses, of 21.71%. By comparison, the Russell 2000 Index produced an investment record of 20.69% for the same period. For the period from commencement of operations on February 3, 2009 to June 30, 2009, the Fund experienced a total return, net of
expenses, of 19.71%, compared to an investment record of 13.05% for the Russell 2000 Index for the same period. The Russell 2000 Index does not include an allowance for the fees that an investor would pay for investing in the securities that
comprise that index or for fund expenses.



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

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

International Index Equity Fund

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

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

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

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

Retirement Date Funds

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



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

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

For the quarter ended June 30, 2009, the Retirement Date Funds participated in the State Street Bank securities
lending program as described in Note 6 of the Notes to Financial Statements. For the reasons described under Effect on Performance of Certain Funds and Retirement Date Funds that Participate in Securities
Lending,the financial statement-reported performance of the Retirement Date Funds was positively impacted by 0.41 percentage point for the Lifetime Income Retirement Date Fund, 0.56 percentage point for the 2010 Retirement Date Fund, 0.52
percentage point for the 2020 Retirement Date Fund, 0.43 percentage point for the 2030 Retirement Date Fund and 0.33 percentage point for the 2040 Retirement Date Fund as a result of such participation. As discussed below under Effect
on Performance of Certain Funds and Retirement Date Funds that Participate in Securities Lending, actual returns experienced by Participants in the Funds based on net asset values for transaction purposes do not reflect the impact of any
unrealized gains or losses associated with the State Street securities lending program.

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

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

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

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



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

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

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



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Quarter and Six Month Period Ended June 30, 2008

Stable Asset Return Fund

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

For the quarter ended June 30, 2008, the Stable Asset Return Fund experienced a total return, net of expenses, of 0.95%. By comparison, a
combination of the Ryan Labs Three Year GIC Index and the iMoneyNet MFR Prime Institutional Money Market Fund Average, weighted 70%/30%, respectively, produced an investment record of 1.00% for the same period. For the six months ended June 30,
2008, the Fund experienced a total return, net of expenses, of 1.98%, compared to an investment record of 2.11% for the combination benchmark for the same period. The Ryan Labs Three Year GIC Index portion of the combination benchmark does not
include an allowance for the fees that an investor would pay for investing in the instruments that comprise that index or for fund expenses.

The Stable Asset Return Fund underperformed the combination benchmark for the quarter ended June 30, 2008. Underperformance for the quarter was primarily due to a general rise in interest rates, which led to lower valuations across the
bond market. During the quarter, Treasury yields rose across the yield curve; the two year Treasury yield finished the quarter approximately 1.03% higher than at the quarters beginning. Market volatility and uncertainty also continued into the
second quarter. The effect of Fund expenses also lowered total return as compared to the combination benchmark.

The Fund continues to
focus on maintaining liquidity and reducing risk. Exposures to the commercial mortgage-backed securities and non-agency mortgage sectors decreased over the second quarter of 2008 by approximately 1% each. Similar to the first quarter, investment in
the quarter was primarily in the agency mortgage sector, with the Fund adding roughly 4.8% to this exposure. The increase was primarily executed through the use of the SSgA Lehman Brothers Mortgage Index Fund; it is a highly liquid, sizeable
portfolio whose investments are benchmarked to the Lehman Brothers mortgage index, primarily consisting of mortgage pass-through securities. The agency mortgage sector is high quality, exhibits lower market value volatility than other structured
products, provides yield to support the crediting rate, and is a sector which may recover more quickly than others once the market begins to normalize.

The Stable Asset Return Fund underperformed the combination benchmark for the six month period ended June 30, 2008. Market volatility and uncertainty were the primary contributors to underperformance. The effect
of Fund expenses also lowered total return as compared to the combination benchmark.

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, 2008, the Intermediate Bond Fund experienced a total
return, net of expenses, of (2.77)%. By comparison, the Lehman Brothers Aggregate Bond Index produced an investment record of (1.02)% for the same period. For the six months ended June 30, 2008, the Fund experienced a total return, net of
expenses, of 1.26%, compared to an investment record of 1.13% 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.



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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, 2008. During the second quarter most fixed income sectors lost ground under the pressure of rising interest rates associated with anxiety about inflation. The benchmark
10-year Treasury bond yielded 3.97% as of June 30, not far from where it started the year but 56 basis points higher than at the end of the first quarter. The movement of yield curves in the U.S., the U.K. and Europe during the second quarter
reflected increased nervousness about inflation. These curves flattened as investors anticipated that central banks would have to push short-term interest rates higher in the near future. The Funds allocation to shorter-term maturities in the
U.S., U.K. and the Eurozone was negative for returns as short-term interest rates in those areas increased and their respective yield curves flattened over the quarter. An overweight to high quality agency-backed mortgage securities helped
performance as mortgage-backed securities fared better than other non-Treasury sectors during the second quarter. An underweight to corporate bonds detracted from performance as corporate bonds fared relatively well against Treasuries during the
second quarter. Modest holdings of municipal bonds contributed to second quarter returns as munis outpaced more volatile taxable bonds, despite constrained liquidity in this market. Finally, exposure to emerging market currencies, especially Brazil,
was beneficial for returns as the U.S. dollar weakened due to slowing growth and falling rates.

The Intermediate Bond Fund outperformed
the Lehman Brothers Aggregate Bond Index for the six month period ended June 30, 2008. Stress in the financial system arising from the sub-prime debacle, and concern about higher inflation, weighed on stock and bond markets during the first
half of 2008. Bonds held up better than equities in general. The Lehman Brothers Aggregate Bond Index posted a gain of 1.13% for the first six months of the year despite the turbulence. The Funds transition away from U.S. interest rate
strategies and focus on attractively valued high quality assets protected returns during a difficult market in the first half of 2008. An overweight to high quality agency-backed mortgage securities helped performance as mortgage-backed securities
fared better than other non-Treasury sectors during the year to date period. Corporate bonds, however, lagged Treasuries for the first half of 2008 amid generally poor economic data, surging raw material prices and the same liquidity concerns that
hurt all non-Treasury sectors.

Balanced Fund

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

For the quarter ended June 30, 2008, the Balanced Fund experienced a total return, net of expenses, of (3.06)%. By comparison, a combination of the Russell 1000 Index and the Lehman Brothers Aggregate Bond Index, weighted 60%/40%,
respectively, produced an investment record of (1.42)% for the same period. For the six months ended June 30, 2008, the Fund experienced a total return, net of expenses, of (7.62)%, compared to an investment record of (6.26)% 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.

For the quarter ended June 30, 2008, the equity segment of the Balanced Fund, which is advised with the assistance of
Capital Guardian Trust Company, underperformed the Russell 1000 Index. The segment was held back primarily by stock selection in the financials sector, particularly thrifts and mortgage companies. In addition, the segments underweight position
in the energy sector held back relative performance, though stock selection within that sector was beneficial. The segments returns were helped by stock selection in the materials sector.

For the quarter ended June 30, 2008, the debt segment of the Balanced Fund, which is advised with the assistance of Pacific Investment Management
Company LLC, underperformed the Lehman Brothers Aggregate Bond Index. During the second quarter most fixed income sectors lost ground under the pressure of rising interest rates associated with anxiety about inflation. The benchmark 10-year Treasury
bond yielded 3.97% as of June 30, not far from where it started the year but 56 basis points higher than at the end of the first quarter. The movement of yield curves in the U.S., the U.K. and Europe during the second quarter reflected
increased nervousness about inflation. These curves flattened as investors anticipated that central banks would have to push short-term rates higher in the near future. The segments allocation to shorter-term maturities in the U.S., U.K. and
the Eurozone was negative for returns as short-term rates in those areas increased and their respective yield curves flattened over the quarter. An overweight to high quality agency-backed mortgage securities helped performance as mortgage-backed
securities fared better than other non-Treasury sectors during the second quarter. An underweight to corporate bonds detracted from performance as corporate bonds fared relatively well against Treasuries during the second quarter. Modest holdings of
municipal bonds contributed to second quarter returns as munis outpaced more volatile taxable bonds, despite constrained liquidity in this market. Finally, exposure to emerging market currencies, especially Brazil, was beneficial for returns as the
U.S. dollar weakened due to slowing growth and falling rates.



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For the six months ended June 30, 2008, the equity segment of the Balanced Fund, which is advised
with the assistance of Capital Guardian Trust Company, underperformed the Russell 1000 Index. For the year to date, stock selection in the financials sector has been the largest detractor, followed by the segments underweight position in
energy stocks.

For the six months ended June 30, 2008, the debt segment of the Balanced Fund, which is advised with the assistance of
Pacific Investment Management Company LLC, outperformed the Lehman Brothers Aggregate Bond Index. Stress in the financial system arising from the sub-prime debacle, and concern about higher inflation, weighed on stock and bond markets during the
first half of 2008. Bonds held up better than equities in general. The Lehman Brothers Aggregate Bond Index posted a gain of 1.13% for the first six months of the year despite the turbulence. The segments transition away from U.S. interest
rate strategies and focus on attractively valued high quality assets protected the segments returns during a difficult market in the first half of 2008. An overweight to high quality agency-backed mortgage securities helped performance as
mortgage-backed securities fared better than other non-Treasury sectors during the year to date period. Corporate bonds, however, lagged Treasuries for the first half of 2008 amid generally poor economic data, surging raw material prices and the
same liquidity concerns that hurt all non-Treasury sectors.

Large-Cap Value Equity Fund

The Large-Cap Value Equity Fund seeks to outperform, over extended periods of time, broad measures of the domestic stock market. The Fund invests
primarily in common stocks and other equity-type securities of companies with market capitalizations, at the time of purchase, of greater than $1 billion that in the opinion of State Street and the Funds Investment Advisor are undervalued in
the marketplace. A 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, 2008, the Large-Cap Value Equity Fund experienced a total return, net
of expenses, of (7.60)%. By comparison, the Russell 1000 Value Index produced an investment record of (5.31)% for the same period. For the six months ended June 30, 2008, the Fund experienced a total return, net of expenses, of (16.75)%,
compared to an investment record of (13.57)% for the Russell 1000 Value Index for the same period. The Russell 1000 Value Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that
index or for fund expenses.

For the quarter ended June 30, 2008, the actively managed portion of the Large-Cap Value Equity Fund,
which is advised with the assistance of AllianceBernstein L.P., underperformed the Russell 1000 Value Index. Relative returns were hurt by declines in financial holdings, namely Fifth Third Bancorp, AIG and Bank of America, as concerns about further
write-downs and dysfunctional credit markets returned. Relative performance was helped by positions in SPX, ArcelorMittal and Chevron. Industrial conglomerate SPXs first-quarter earnings exceeded consensus estimates, supported by strength in
its thermal equipment and services segment. Shares of ArcelorMittal benefited from rising global steel prices, bolstered by strong demand and rising input costs. Chevron reported stronger-than-expected first-quarter profit as the impact of higher
oil and natural gas prices more than offset weak refining margins.

The performance of the indexed portion of the Large-Cap Value Equity
Fund for the quarter ended June 30, 2008 was consistent with the Russell 1000 Value Index after taking into account expenses.

For the
six month period ended June 30, 2008, the actively managed portion of the Large-Cap Value Equity Fund, which is advised with the assistance of AllianceBernstein L.P., underperformed the Russell 1000 Value Index. Relative returns were hurt by
declines in General Motors, AIG and Idearc. Shares of General Motors fell amid its weaker-than-expected short-term sales outlook and concerns surrounding initiatives for decreased production in its highly profitable sports utility vehicle segment.
Shares of AIG were weak in reaction to the global insurers larger-than-expected capital-raising effort. Printing and publishing company Idearc was dragged down by managements lower sales guidance and balance sheet concerns. Relative
performance was helped by several positions including SPX and ArcelorMittal. Industrial conglomerate SPXs first-quarter earnings exceeded consensus estimates, supported by strength in its thermal equipment and services segment. ArcelorMittal
benefited from rising global steel prices, bolstered by strong demand and rising input costs.

The performance of the indexed portion of
the Large-Cap Value Equity Fund for the six month period ended June 30, 2008 was consistent with the Russell 1000 Value Index after taking into account expenses.



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Large-Cap Growth Equity Fund

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

For the quarter ended June 30, 2008, the Large-Cap Growth Equity Fund experienced a total return, net of expenses, of 1.27%. By comparison, the
Russell 1000 Growth Index produced an investment record of 1.25% for the same period. For the six months ended June 30, 2008, the Fund experienced a total return, net of expenses, of (9.61)%, compared to an investment record of (9.06)% 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.

The portion of the Large-Cap Growth Equity Fund advised with the assistance of Capital Guardian Trust Company underperformed the Russell 1000 Growth
Index for the quarter ended June 30, 2008. Quarterly returns underperformed the benchmark due primarily to an underweight in the energy sector. Poor stock selection in the consumer discretionary and financials sectors also hurt relative
performance. Stock selection among the materials sector aided performance.

The portion of the Large-Cap Growth Equity Fund advised with
the assistance of T. Rowe Price Associates, Inc. outperformed the Russell 1000 Growth Index for the quarter ended June 30, 2008. During the quarter, factors including surging food and energy costs, the lingering impact of the global credit
crisis, and anemic consumer spending weighed heavily on the market. This portion of the Fund outperformed the Russell 1000 Growth Index for the period as stock selection contributed to relative results. Stock selection in the information technology
and industrials and business services sectors boosted relative results. Holdings in the semiconductors and semiconductor equipment and Internet software and services sectors contributed to relative performance. Marvell Technology reported earnings
growth during the period, and Google reported strong quarterly results. Stock selection in the consumer discretionary sector impaired relative results, as did an underweight allocation to the energy sector. Holdings in the hotels, restaurants, and
leisure sector, which included International Game Technology and Las Vegas Sands, detracted from relative performance.

The performance of
the indexed portion of the Fund for the quarter ended June 30, 2008 was consistent with the Russell 1000 Growth Index after taking into account expenses.

The portion of the Large-Cap Growth Equity Fund advised with the assistance of Capital Guardian Trust Company underperformed the Russell 1000 Growth Index for the six month period ended June 30, 2008. For the
year to date, an underweight to the energy sector hurt results, although stock selection in the sector was helpful. Poor stock selection in the consumer discretionary and consumer staples sectors hurt performance.

The portion of the Large-Cap Growth Equity Fund advised with the assistance of T. Rowe Price Associates, Inc., outperformed the Russell 1000 Growth Index
for the six month period ended June 30, 2008. Stock selection contributed to relative performance while sector allocations detracted. Stock selection drove relative outperformance in the health care and information technology sectors. The
biotechnology and semiconductors and semiconductor equipment sectors contributed to relative results. Top contributors to results during the period included Marvell Technology, Gilead Sciences, Visa, and Celgene. Stock selection in the consumer
discretionary sector detracted from relative performance. The hotels, restaurants and leisure industry detracted from relative results. An underweight allocation to the energy sector also hurt relative performance during the period. Leading
detractors during the period included Juniper Networks, Microsoft, Google, and International Game Technology.

The performance of the
indexed portion of the Fund for the six month period ended June 30, 2008 was consistent with the Russell 1000 Growth Index after taking into account expenses.



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Index Equity Fund

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

For the quarter ended June 30, 2008, the Index Equity Fund experienced a total return, net of expenses, of (1.78)%. By comparison, the Russell 3000 Index produced an investment record of (1.69)% for the same
period. For the six months ended June 30, 2008, the Fund experienced a total return, net of expenses, of (11.24)%, compared to an investment record of (11.05)% for the Russell 3000 Index for the same period. The Russell 3000 Index does not
include an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The performance of the Index Equity Fund for the quarter ended June 30, 2008 was consistent with the Russell 3000 Index after taking into account expenses.

The performance of the Index Equity Fund for the six month period ended June 30, 2008 was consistent with the Russell 3000 Index after taking into account expenses.

Mid-Cap Value Equity Fund

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

For the quarter ended June 30, 2008, the Mid-Cap Value
Equity Fund, which is advised with the assistance of Wellington Asset Management Company, LLP, experienced a total return, net of expenses, of (0.83)%. By comparison, the Russell Mid-Cap Value Index produced an investment record of
0.07% for the same period. For the six months ended June 30, 2008, the Fund experienced a total return, net of expenses, of (15.56)%, compared to an investment record of (8.58)% for the Russell Mid-Cap Value Index for the same period. The
Russell Mid-Cap Value Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The Mid-Cap Value Equity Fund underperformed the Russell Mid-Cap Value Index for the quarter ended June 30, 2008. Security selection within the
materials sector helped relative performance, due in part to Agrium and Cleveland-Cliffs. Both companies benefited from a rise in crop and coal prices, respectively. The consumer staples sector also benefited from strong holdings like Marine
Harvest, which rebounded following a successful debt refinancing. An underweight to the energy sector detracted most from performance during the quarter. Avoidance of Helmerich & Payne, Petrohawk Energy, and Plains Exploration and
Production hurt relative performance. Industrials holdings also detracted from performance, due in part to weak performer Northwest Airlines. Northwest Airlines earnings struggled and the stock declined 28% as fuel costs increased
significantly.

The Mid-Cap Value Equity Fund underperformed the Russell Mid-Cap Value Index for the six month period ended June 30,
2008. Poor performance from holdings in the energy and industrials sectors detracted from relative results. Within the energy sector, the Funds avoidance of strong performing stocks Helmerich & Payne and Patterson-UTI Energy hurt
performance. The largest detractor within the industrials sector was Northwest Airlines, which fell 55% during the first six months of the year. The top-performing sector year-to-date was materials. Cleveland-Cliffs saw shares rise alongside surging
coal prices, while Agrium outperformed as rising grain prices spurred growing demand for crop nutrients and seeds. The consumer staples sector was the second-largest contributor to performance for the year-to-date period, with Marine Harvest as the
top contributor within the sector.



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Mid-Cap Growth Equity Fund

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

For the quarter ended June 30, 2008, the Mid-Cap Growth Equity Fund, which is advised with the
assistance of Turner Investment Partners, Inc., experienced a total return, net of expenses, of 4.37%. By comparison, the Russell Mid-Cap Growth Index produced an investment record of 4.65% for the same period. For the six months ended June 30,
2008, the Fund experienced a total return, net of expenses, of (9.13)%, compared to an investment record of (6.81)% for the Russell Mid-Cap Growth Index for the same period. The Russell Mid-Cap Growth Index does not include an allowance for the fees
that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The Mid-Cap Growth Equity Fund
underperformed the Russell Mid-Cap Growth Index for the quarter ended June 30, 2008. Absolute performance was positive in eight of the Funds ten sectors, led by the energy sector which continued to benefit from soaring oil and gas prices.
When compared to the benchmark, results were mixed as four of the Funds ten sectors generated excess returns, led by the cyclical sectors autos/transportation and materials/processing. The Funds holdings in the turbulent financial
services sector also contributed to relative performance during the quarter. On the downside, the Fund trailed in the traditional growth sectors of consumer discretionary and technology, which combined represent approximately 30% of the Fund.

The Mid-Cap Growth Equity Fund underperformed the Russell Mid-Cap Growth Index for the six month period ended June 30, 2008. On an
absolute basis, results were mixed as performance was positive in three of the Funds ten sectors, led by the energy sector. When compared to the benchmark, four of the Funds ten sectors generated excess returns, led by the cyclical
sectors autos/transportation and materials/processing, while the Funds holdings in the technology and consumer discretionary sectors lagged the benchmark. As was the case for the second quarter, cyclical companies led the way in terms of
absolute and relative performance for the year-to-date period. Key drivers for relative performance in the materials and processing sector were holdings in fertilizer company Mosaic Co. and iron-ore pellet producer Cleveland-Cliffs. In autos and
transportation, SPX Corp. and CSX Corp. both traded higher in the year-to-date period. The technology sector detracted the most from year-to-date performance as a few of the Funds semiconductor holdings came under pressure during the period,
including Cypress Semiconductor Corp. and NVIDIA Corp. The largest detractor in this sector was web analytics firm Omniture Inc.

Small-Cap Equity Fund

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

For the quarter ended June 30, 2008, the Small-Cap Equity Fund experienced a total return, net of expenses, of 5.04%. By comparison, the Russell
2000 Index produced an investment record of 0.58% for the same period. For the six months ended June 30, 2008, the Fund experienced a total return, net of expenses, of (6.98)%, compared to an investment record of (9.37)% for the Russell 2000
Index for the same period. The Russell 2000 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The portion of the Small-Cap Equity Fund advised with the assistance of Wellington Asset Management Company, LLP outperformed the Russell
2000 Index for the quarter ended June 30, 2008. This portion of the Fund outperformed the benchmark due to favorable stock selection in seven of the ten broad market sectors, led by financials and energy. Security selection within the
financials sector added to performance, helped by strong performers UMB Financial and First Cash Financial Services. UMB Financial, a Missouri-based bank, recorded record profits, while First Cash Financial Services benefited from strong consumer
credit demand. The portfolio also benefited from its energy holdings, including Whiting Petroleum, an oil and gas exploration and production company that benefited from higher prices, cost reductions, and increased production during the quarter.
Also contributing to performance was Venoco, an oil and gas producer that reported results above consensus. Security selection in the industrials sector detracted from performance. The portfolios exposure to Tennant and AirTran Holdings hurt
results. Tennant, a maker of cleaning equipment, reported weak results due to decreased equipment sales, while shares of AirTran holdings, a discount airline, fell due to rising fuel prices.



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The portion of the Small-Cap Equity Fund advised with the assistance of Smith Asset Management Group,
L.P. outperformed the Russell 2000 Index for the quarter ended June 30, 2008. Positive relative performance for the period was driven primarily by an overweight sector position and good stock selection in the consumer discretionary sector and
an underweight sector position and positive stock selection in the financials sector. Negative contributing sectors included information technology and utilities. In the information technology sector, both an overweight position in this sector and
the underperformance of the stocks in the sector detracted from total performance.

The performance of the indexed portion of the Small-Cap
Equity Fund for the quarter ended June 30, 2008 was consistent with the Russell 2000 Index after taking into account expenses.

The
portion of the Small-Cap Equity Fund advised with the assistance of Wellington Asset Management Company, LLP outperformed the Russell 2000 Index for the six month period ended June 30, 2008. This portion of the Fund outperformed
the benchmark due to outperformance in six of the ten broad market sectors. The top-performing sector year-to-date was energy. The portfolio benefited from an overweight to strong performer Whiting Petroleum, an oil and gas exploration and
production company. Within the materials sector, the portfolios exposure to Cleveland-Cliffs, a producer of iron ore pellets, aided performance. Cleveland-Cliffs posted strong returns driven by higher demand for coal and iron ore. Also
contributing to performance was the portfolios overweight to strong performer Century Aluminum. Poor performance from holdings in the industrials and consumer discretionary sectors detracted from results. Within the industrials sector, the
portfolios overweight position in Commercial Vehicle Group, a truck parts supplier that saw first quarter profits fall as a result of a weakening dollar, was a primary detractor. An underweight to Walter Industries also hurt performance.

The portion of the Small-Cap Equity Fund advised with the assistance of Smith Asset Management Group, L.P. underperformed the Russell 2000
Index for the six month period ended June 30, 2008. Stock selection in the consumer discretionary sector contributed to performance as did the performance of the overall sector. Stock selection in the information technology sector
detracted from performance as did performance of the overall sector.

The performance of the indexed portion of the Small-Cap Equity Fund
for the six months ended June 30, 2008 was consistent with the Russell 2000 Index after taking into account expenses.

International Equity Fund

The International Equity Funds investment objective is to seek long-term growth of capital through investment primarily in common
stocks of established non-U.S. companies. The Fund seeks to diversify investments broadly among developed and emerging countries and generally to have at least three different countries represented in the portfolio. The International Equity Fund
seeks to achieve, over an extended period of time, total returns comparable to or superior to broad measures of the international (non-U.S.) stock market. The International Equity Fund is actively managed in two approximately equal portions, subject
to differences in relative performance, with the assistance of JPMorgan Asset Management (UK) Limited and Philadelphia International Advisors, LP.

For the quarter ended June 30, 2008, the International Equity Fund experienced a total return, net of expenses, of (2.53)%. By comparison, the Morgan Stanley Capital International Europe, Australasia, and Far East Index (the MSCI
EAFE Index) produced an investment record of (2.25)% for the same period. For further comparison, the Morgan Stanley Capital International All-Country World Ex-U.S. Free Index (the MSCI ACWI ex-USA Index) produced an investment
record of (1.12)% for the same period. For the six months ended June 30, 2008, the Fund experienced a total return, net of expenses, of (10.37)%, compared to an investment record of (10.96)% for the MSCI EAFE Index and an investment record of
(10.16)% for the MSCI ACWI ex-USA Index for the same period. The International Equity Fund began using the MSCI EAFE Index as its primary benchmark effective January 1, 2008 because the MSCI EAFE Index reflects less exposure to developing
countries and is thus believed to be more closely reflective of the Funds portfolio. Neither the MSCI EAFE Index nor the MSCI ACWI ex-USA Index includes an allowance for the fees that an investor would pay for investing in the securities that
comprise that index or for fund expenses.



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The portion of the International Equity Fund advised with the assistance of JPMorgan Asset Management
(UK) Limited outperformed the MSCI EAFE Index for the quarter ended June 30, 2008. Stock selection in Japan, emerging markets and continental Europe added value while holdings in the U.K. lagged. From a sector standpoint, stock selection in the
energy and consumer-related sectors were the main drivers of outperformance. Virtually all energy-related holdings posted solid gains during the quarter as oil prices soared to record levels; Petrobras (a Brazilian oil and gas company) was a notable
standout, rising 39% on strong reported earnings and the continued success of the companys exploration program. Within the consumer sectors, Honda (a Japanese auto-maker) rose 20% as higher gas prices drove demand for more fuel-efficient
vehicles. FEMSA (a Mexican beer and soft drink producer) gained 10% as the companys earnings rose 13% in the first quarter, the market reacted favorably to the firms introduction of flavored beers and InBevs bid for Anheuser-Busch
sparked takeover speculation within the industry. In contrast, stock selection in the materials sector lagged. While mining-related holdings like BHP Billiton and Teck Cominco did well, a lack of exposure to the steel makers combined with
disappointing performances from Holcim (a Swiss building materials company) and Imerys (a French mineral producer) hurt performance. Both Holcim and Imerys posted disappointing numbers as the U.S. economic slowdown undermined their earnings.

The portion of the International Equity Fund advised with the assistance of Philadelphia International Advisors, LP underperformed the
MSCI EAFE Index for the quarter ended June 30, 2008. Although an underweight to, and stock selection in, the consumer staples sector added value, the portfolios economically sensitive sectors declined sharply in June, and lowered overall
returns. Specifically, materials and consumer discretionary holdings accounted for the bulk of the decline. These sectors have been frustrating for some time now, yet valuations for the companies remain very attractive. Many of these sector holdings
are in the U.K., which was the worst-performing country in the portfolio this quarter. Of the other major markets, the Japanese stock returns were favorable, but not to a degree sufficient to compensate for the U.K.

The portion of the International Equity Fund advised by JP Morgan Asset Management (UK) Limited outperformed the MSCI EAFE Index for the six-month period
ended June 30, 2008. Stock selection in emerging markets and continental Europe contributed positively to relative performance while stock selection in the U.K. detracted. Stock selection in the energy sector has been a major contributor to
performance with Petrobras and BG Group (UK) spearheading the way. Holdings in the industrials and technology sectors also added value. Within industrials, investors reacted positively to Orascom Construction (an Egypt-based construction company)
selling its cement unit to Lafarge. Orascom continued to bring in new contracts as oil money flows into the Middle East. Mitsubishi Corp. (a Japanese trading company that deals extensively in commodities) continued to benefit from strength in
commodity prices. In the technology sector, better-than-expected earnings and sales growth combined with the prospect of improved Taiwan-China relations fueled gains in the price of Taiwan Semiconductor. Stock selection in the materials sector was
the main detractor from relative performance on a year-to-date basis, with most of that underperformance coming in the second quarter.

The
portion of the International Equity Fund advised by Philadelphia International Advisors, L.P. underperformed the MSCI EAFE Index for the six month period ended June 30, 2008. The portfolio lagged the index due to the relative shortfall in the
second quarter. Despite favorable results early in the year, the portfolios holdings in the U.K., specifically consumer discretionary and materials stocks, resulted in net returns lower than that of the index.



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Retirement Date Funds

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

The Retirement Date Funds
seek to achieve their objectives by investing in various index or other collective investment funds maintained by State Street Bank. During the quarter ended June 30, 2008, these funds included, in the case of some or all of the Retirement Date
Funds and in varying allocations, S&P 500® Flagship Securities Lending Series Fund, Daily MSCI ACWI ex-US Securities
Lending Index Fund, S&P MidCap® Index Securities Lending Series Fund, Russell 2000® Index Securities Lending Series Fund, Long U.S. Government Index Securities Lending Fund, Passive Bond Market Index Securities Lending Series Fund, U.S.
Treasury Inflation Protected Securities Lending Series Fund and Principal Accumulation Return Fund.

For the quarter ended June 30,
2008, the Retirement Date Funds experienced a total return, net of expenses, of (0.82)% for the Lifetime Income Retirement Date Fund, (1.60)% for the 2010 Retirement Date Fund, (1.62)% for the 2020 Retirement Date Fund, (1.42)% for the 2030
Retirement Date Fund and (1.22)% for the 2040 Retirement Date Fund. The performance of each Retirement Date Fund for the quarter ended June 30, 2008 was consistent with the relevant composite benchmark after taking into account expenses.

For the six month period ended June 30, 2008, the Retirement Date Funds experienced a total return, net of expenses, of (2.43)% for
the Lifetime Income Retirement Date Fund, (5.01)% for the 2010 Retirement Date Fund, (7.39)% for the 2020 Retirement Date Fund, (8.83)% for the 2030 Retirement Date Fund and (9.31)% for the 2040 Retirement Date Fund. The performance of each
Retirement Date Fund for the six month period ended June 30, 2008 was consistent with the relevant combination benchmark after taking into account expenses.

Item 4. CONTROLS AND PROCEDURES.

Conclusion Regarding the Effectiveness of Disclosure
Controls and Procedures: Under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer, the Collective Trust conducted an evaluation of its disclosure controls and procedures (as such term is defined
in Rule 13a-15(e) or 15d-15(e) under the Exchange Act). Based on such evaluation, the Collective Trusts Chief Executive Officer and Chief Financial Officer have concluded that its disclosure controls and procedures are effective as of
June 30, 2009.



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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, 2009 that has materially affected, or is reasonably likely to materially affect, the Collective Trusts internal control over
financial reporting.

PART II. OTHER INFORMATION.



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

During the quarter ended June 30, 2009, the Collective Trust issued an aggregate of approximately $125,000,000 in unregistered Units. Such Units were offered and sold in reliance upon the exemption from
registration under Rule 180 promulgated under the Securities Act of 1933 relating to exemption from registration of interests and participations issued in connection with certain H.R. 10 plans. Proceeds received by the Collective Trust from the sale
or transfer of the Units are applied to the applicable Fund.



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



|     |  |                                                                                                                                              
|---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------
|     | 
|31.1 |  | Certification of Monet T. Ewing 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 Robert E. Fullam 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 Monet T. Ewing 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 Robert E. Fullam pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.  



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SIGNATURES

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



|                |  |  |  |                                                                 |  |                      |  |                        
|--------------- |  |  |  | --------------------------------------------------------------- |  | -------------------- |  | -----------------------
|                |  |  |  | AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
|                |  |  | 
|August 14, 2009 |  |  |  | By:                                                             |  | /s/ Monet T. Ewing  
|                |  |  |  |                                                                 |  | Name:                |  | Monet T. Ewing         
|                |  |  |  |                                                                 |  | Title:               |  | Chief Executive Officer
|                |  |  | 
|August 14, 2009 |  |  |  | By:                                                             |  | /s/ Robert E. Fullam
|                |  |  |  |                                                                 |  | Name:                |  | Robert E. Fullam       
|                |  |  |  |                                                                 |  | Title:               |  | Chief Financial Officer



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EXHIBIT INDEX



|     |  |                                                                                                                                              
|---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------
|31.1 |  | Certification of Monet T. Ewing 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 Robert E. Fullam 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 Monet T. Ewing 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 Robert E. Fullam pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.  



138