##### Table of Contents

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549



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FORM 10-Q



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

For the quarterly period ended September 30, 2006.



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

For the transition period from  to

Commission file number 33-50080



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AMERICAN BAR ASSOCIATION MEMBERS/

STATE STREET COLLECTIVE TRUST

(Exact name of registrant as specified in its charter)



---



|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|New Hampshire                                                  |  | 04-6691601                          
|(State or other jurisdiction 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 is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of
accelerated filer and large accelerated filer in Rule 1b-2 of the Exchange Act.    Large Accelerated Filer ̈Accelerated Filer  x    Non-Accelerated Filer ̈

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



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##### Table of Contents

TABLE OF CONTENTS



|                              |  |                                          |  |                                     |  |   
|----------------------------- |  | ---------------------------------------- |  | ----------------------------------- |  | --
|PART I.
FINANCIAL INFORMATION |  |                                         
|                              |  |                                         
|                              |  | Item 1.
Financial Statements (Unaudited) |  | 1                                  
|                              |  |                                         
|                              |  | Balanced Fund                            |  | 1                                  
|                              |  |                                          |  | Statement of Assets and Liabilities |  | 1 
|                              |  |                                          |  | Statement of Operations             |  | 2 
|                              |  |                                          |  | Statement of Changes in Net Assets  |  | 3 
|                              |  |                                          |  | Financial Highlights                |  | 4 
|                              |  |                                         
|                              |  | Index Equity Fund                        |  | 5                                  
|                              |  |                                          |  | Statement of Assets and Liabilities |  | 5 
|                              |  |                                          |  | Statement of Operations             |  | 6 
|                              |  |                                          |  | Statement of Changes in Net Assets  |  | 7 
|                              |  |                                          |  | Financial Highlights                |  | 8 
|                              |  |                                         
|                              |  | Intermediate Bond Fund                   |  | 9                                  
|                              |  |                                          |  | Statement of Assets and Liabilities |  | 9 
|                              |  |                                          |  | Statement of Operations             |  | 10
|                              |  |                                          |  | Statement of Changes in Net Assets  |  | 11
|                              |  |                                          |  | Financial Highlights                |  | 12
|                              |  |                                         
|                              |  | International Equity Fund                |  | 13                                 
|                              |  |                                          |  | Statement of Assets and Liabilities |  | 13
|                              |  |                                          |  | Statement of Operations             |  | 14
|                              |  |                                          |  | Statement of Changes in Net Assets  |  | 15
|                              |  |                                          |  | Financial Highlights                |  | 16
|                              |  |                                         
|                              |  | Large-Cap Growth Equity Fund             |  | 17                                 
|                              |  |                                          |  | Statement of Assets and Liabilities |  | 17
|                              |  |                                          |  | Statement of Operations             |  | 18
|                              |  |                                          |  | Statement of Changes in Net Assets  |  | 19
|                              |  |                                          |  | Financial Highlights                |  | 20
|                              |  |                                         
|                              |  | Large-Cap Value Equity Fund              |  | 21                                 
|                              |  |                                          |  | Statement of Assets and Liabilities |  | 21
|                              |  |                                          |  | Statement of Operations             |  | 22
|                              |  |                                          |  | Statement of Changes in Net Assets  |  | 23
|                              |  |                                          |  | Financial Highlights                |  | 24
|                              |  |                                         
|                              |  | Mid-Cap Growth Equity Fund               |  | 25                                 
|                              |  |                                          |  | Statement of Assets and Liabilities |  | 25
|                              |  |                                          |  | Statement of Operations             |  | 26
|                              |  |                                          |  | Statement of Changes in Net Assets  |  | 27
|                              |  |                                          |  | Financial Highlights                |  | 28
|                              |  |                                         
|                              |  | Mid-Cap Value Equity Fund                |  | 29                                 
|                              |  |                                          |  | Statement of Assets and Liabilities |  | 29
|                              |  |                                          |  | Statement of Operations             |  | 30
|                              |  |                                          |  | Statement of Changes in Net Assets  |  | 31
|                              |  |                                          |  | Financial Highlights                |  | 32



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



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|                           |  |                                                                                               |  |                                     |  |   
|-------------------------- |  | --------------------------------------------------------------------------------------------- |  | ----------------------------------- |  | --
|                           |  | Retirement Date Funds - 2030 Retirement Date Fund                                             |  | 65                                 
|                           |  |                                                                                               |  | Statement of Assets and Liabilities |  | 65
|                           |  |                                                                                               |  | Statement of Operations             |  | 66
|                           |  |                                                                                               |  | Statement of Changes in Net Assets  |  | 67
|                           |  |                                                                                               |  | Financial Highlights                |  | 68
|                           |  |                                                                                              
|                           |  | Retirement Date Funds - 2040 Retirement Date Fund                                             |  | 69                                 
|                           |  |                                                                                               |  | Statement of Assets and Liabilities |  | 69
|                           |  |                                                                                               |  | Statement of Operations             |  | 70
|                           |  |                                                                                               |  | Statement of Changes in Net Assets  |  | 71
|                           |  |                                                                                               |  | Financial Highlights                |  | 72
|                           |  |                                                                                              
|                           |  | Notes to Unaudited Financial Statements                                                       |  | 73                                 
|                           |  |                                                                                              
|                           |  | Item 2.
Managements Discussion and Analysis of Financial Condition and Results of Operations |  | 87                                 
|                           |  |                                                                                              
|                           |  | Item 4.
Controls and Procedures                                                               |  | 101                                
|                           | 
|PART II.
OTHER INFORMATION |  |                                                                                              
|                           |  |                                                                                              
|                           |  | Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds                           |  | 101                                
|                           |  |                                                                                              
|                           |  | Item 6.
Exhibits                                                                              |  | 101                                
|                           | 
|SIGNATURES                 |  | 102                                                                                          



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PART I. FINANCIAL INFORMATION.

Item 1. FINANCIAL STATEMENTS (UNAUDITED).

American Bar Association Members/ State Street Collective Trust

Balanced Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                           |  |                    |             |    
|------------------------------------------------------------------------------------------ |  | ------------------ | ----------- | ---
|                                                                                           |  | September 30, 2006 |            
|Assets                                                                                     |  |                    |             |    
|Investments, at value (cost $232,536,027)                                                  |  | $                  | 288,946,669 | (a)
|Investments in affiliated issuers, at value (cost $25,500,497)                             |  |                    | 25,500,497  |    
|Investments in Intermediate Bond Fund, at value (cost $150,716,350 and units of 8,290,191) |  |                    | 163,426,110 |    
|Cash                                                                                       |  |                    | 205         |    
|Dividends and interest receivable                                                          |  |                    | 252,230     |    
|Receivable for investments sold                                                            |  |                    | 158,801     |    
|Receivable for fund units sold                                                             |  |                    | 104,477     |    
|                                                                                           |  |                    |             |    
|Total assets                                                                               |  |                    | 478,388,989 |    
|                                                                                           |  |                    |             |    
|Liabilities                                                                                |  |                    |             |    
|Payable for collateral received on securities loaned                                       |  |                    | 23,528,617  |    
|Payable for investments purchased                                                          |  |                    | 437,670     |    
|Investment advisory fee payable                                                            |  |                    | 166,340     |    
|State Street Bank and Trust Companyprogram fee payable                                    |  |                    | 83,327      |    
|Trustee, management and administration fees payable                                        |  |                    | 22,070      |    
|ABA Retirement Fundsprogram fee payable                                                   |  |                    | 10,062      |    
|Other accruals                                                                             |  |                    | 72,359      |    
|                                                                                           |  |                    |             |    
|Total liabilities                                                                          |  |                    | 24,320,445  |    
|                                                                                           |  |                    |             |    
|Net Assets(equivalent to $84.82 per unit based on 5,353,010 units outstanding)             |  | $                  | 454,068,544 |    
|                                                                                           |  |                    |             |    

---

|(a) | Includes securities on loan with a value of $22,952,368.
|--- | --------------------------------------------------------

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



1



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Balanced Fund

Statement of Operations

Unaudited



|                                                                          |  |                                                 |            |                                                    |   |           
|------------------------------------------------------------------------- |  | ----------------------------------------------- | ---------- | -------------------------------------------------- | - | ----------
|                                                                          |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |            | For the periodJanuary 1, 2006 toSeptember 30, 2006
|Investment income                                                         |  |                                                 |            |                                                    |   |           
|Dividends (net of foreign tax expense of $2,014 and $9,367, respectively) |  | $                                               | 1,095,588  |                                                    | $ | 3,294,052 
|Dividendsaffiliated issuers                                              |  |                                                 | 35,143     |                                                    |   | 122,650   
|Securities lending income, net                                            |  |                                                 | 6,800      |                                                    |   | 17,590    
|                                                                          |  |                                                 |            |                                                    |   |           
|Total investment income                                                   |  |                                                 | 1,137,531  |                                                    |   | 3,434,292 
|                                                                          |  |                                                 |            |                                                    |   |           
|Expenses                                                                  |  |                                                 |            |                                                    |   |           
|Investment advisory fee                                                   |  |                                                 | 166,339    |                                                    |   | 506,648   
|State Street Bank and Trust Companyprogram fee                           |  |                                                 | 248,109    |                                                    |   | 737,308   
|ABA Retirement Fundsprogram fee                                          |  |                                                 | 30,990     |                                                    |   | 94,409    
|Trustee, management and administration fees                               |  |                                                 | 67,568     |                                                    |   | 203,904   
|Reports to unitholders                                                    |  |                                                 | 13,013     |                                                    |   | 36,043    
|Legal and audit fees                                                      |  |                                                 | 23,703     |                                                    |   | 61,502    
|Compliance consultant fees                                                |  |                                                 | 25,576     |                                                    |   | 70,844    
|Registration fees                                                         |  |                                                 | 2,771      |                                                    |   | 7,681     
|Other fees                                                                |  |                                                 | 12,333     |                                                    |   | 31,219    
|                                                                          |  |                                                 |            |                                                    |   |           
|Total expenses                                                            |  |                                                 | 590,402    |                                                    |   | 1,749,558 
|                                                                          |  |                                                 |            |                                                    |   |           
|Net investment income                                                     |  |                                                 | 547,129    |                                                    |   | 1,684,734 
|                                                                          |  |                                                 |            |                                                    |   |           
|Net realized and unrealized gain                                          |  |                                                 |            |                                                    |   |           
|Net realized gain on:                                                     |  |                                                 |            |                                                    |   |           
|Investments                                                               |  |                                                 | 4,393,954  |                                                    |   | 15,850,601
|Intermediate Bond Fund                                                    |  |                                                 | 489,824    |                                                    |   | 1,058,704 
|                                                                          |  |                                                 |            |                                                    |   |           
|Net realized gain                                                         |  |                                                 | 4,883,778  |                                                    |   | 16,909,305
|                                                                          |  |                                                 |            |                                                    |   |           
|Change in net unrealized appreciation (depreciation) on investments       |  |                                                 | 10,139,857 |                                                    |   | 2,512,580 
|                                                                          |  |                                                 |            |                                                    |   |           
|Net realized and unrealized gain                                          |  |                                                 | 15,023,635 |                                                    |   | 19,421,885
|                                                                          |  |                                                 |            |                                                    |   |           
|Net increase in net assets resulting from operations                      |  | $                                               | 15,570,764 |                                                    | $ | 21,106,619
|                                                                          |  |                                                 |            |                                                    |   |           

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



2



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Balanced Fund

Statement of Changes in Net Assets

Unaudited



|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|----------------------------------------------------------------- |  | ----------------------------------------------- | ----------- | - | -------------------------------------------------- | - | ----------- | -
|                                                                  |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |             |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|From operations                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net investment income                                             |  | $                                               | 547,129     |   |                                                    | $ | 1,684,734   |  
|Net realized gain                                                 |  |                                                 | 4,883,778   |   |                                                    |   | 16,909,305  |  
|Change in net unrealized appreciation (depreciation)              |  |                                                 | 10,139,857  |   |                                                    |   | 2,512,580   |  
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|Net increase in net assets resulting from operations              |  |                                                 | 15,570,764  |   |                                                    |   | 21,106,619  |  
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|From unitholder transactions                                      |  |                                                 |             |   |                                                    |   |             |  
|Proceeds from units issued                                        |  |                                                 | 3,494,894   |   |                                                    |   | 9,216,434   |  
|Cost of units redeemed                                            |  |                                                 | (18,276,569 | ) |                                                    |   | (45,194,181 | )
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|Net decrease in net assets resulting from unitholder transactions |  |                                                 | (14,781,675 | ) |                                                    |   | (35,977,747 | )
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets                             |  |                                                 | 789,089     |   |                                                    |   | (14,871,128 | )
|Net Assets                                                        |  |                                                 |             |   |                                                    |   |             |  
|Beginning of period                                               |  |                                                 | 453,279,455 |   |                                                    |   | 468,939,672 |  
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|End of period                                                     |  | $                                               | 454,068,544 |   |                                                    | $ | 454,068,544 |  
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|Number of units                                                   |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-beginning of period                                   |  |                                                 | 5,531,975   |   |                                                    |   | 5,787,593   |  
|Issued                                                            |  |                                                 | 41,897      |   |                                                    |   | 111,143     |  
|Redeemed                                                          |  |                                                 | (220,862    | ) |                                                    |   | (545,726    | )
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-end of period                                         |  |                                                 | 5,353,010   |   |                                                    |   | 5,353,010   |  
|                                                                  |  |                                                 |             |   |                                                    |   |             |  

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



3



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Balanced Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                      |  |                                                 |         |   |                                                    |   |         |  
|----------------------------------------------------- |  | ----------------------------------------------- | ------- | - | -------------------------------------------------- | - | ------- | -
|                                                      |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |         |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|Investment income                                    |  | $                                               | 0.21    |   |                                                    | $ | 0.62    |  
|Net expenses()                                     |  |                                                 | (0.11   | ) |                                                    |   | (0.31   | )
|                                                      |  |                                                 |         |   |                                                    |   |         |  
|Net investment income                                 |  |                                                 | 0.10    |   |                                                    |   | 0.31    |  
|Net realized and unrealized gain (loss)               |  |                                                 | 2.78    |   |                                                    |   | 3.49    |  
|                                                      |  |                                                 |         |   |                                                    |   |         |  
|Net increase (decrease) in unit value                 |  |                                                 | 2.88    |   |                                                    |   | 3.80    |  
|Net asset value at beginning of period                |  |                                                 | 81.94   |   |                                                    |   | 81.02   |  
|                                                      |  |                                                 |         |   |                                                    |   |         |  
|Net asset value at end of period                      |  | $                                               | 84.82   |   |                                                    | $ | 84.82   |  
|                                                      |  |                                                 |         |   |                                                    |   |         |  
|Ratio of net expenses to average net assets*        |  |                                                 | 0.52    | % |                                                    |   | 0.51    | %
|Ratio of net investment income to average net assets* |  |                                                 | 0.48    | % |                                                    |   | 0.49    | %
|Portfolio turnover**                               |  |                                                 | 4       | % |                                                    |   | 12      | %
|Total return**                                        |  |                                                 | 3.51    | % |                                                    |   | 4.69    | %
|Net assets at end of period (in thousands)            |  | $                                               | 454,069 |   |                                                    | $ | 454,069 |  

---

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

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

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

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

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

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



4



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Index Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                           |  |                    |            
|-------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | -----------
|                                                                                                                           |  | September 30, 2006
|Assets                                                                                                                     |  |                    |            
|Investments in affiliated fund, at value:                                                                                  |  |                    |            
|State Street Bank and Trust Company Russell 3000 Index Securities Lending Fund (cost $355,282,358 and units of 38,985,887) |  | $                  | 436,563,966
|Cash                                                                                                                       |  |                    | 312        
|                                                                                                                           |  |                    |            
|Total assets                                                                                                               |  |                    | 436,564,278
|                                                                                                                           |  |                    |            
|Liabilities                                                                                                                |  |                    |            
|Payable for fund units redeemed                                                                                            |  |                    | 922,371    
|State Street Bank and Trust Companyprogram fee payable                                                                    |  |                    | 124,391    
|Trustee, management and administration fees payable                                                                        |  |                    | 32,896     
|ABA Retirement Fundsprogram fee payable                                                                                   |  |                    | 14,440     
|Other accruals                                                                                                             |  |                    | 105,814    
|                                                                                                                           |  |                    |            
|Total liabilities                                                                                                          |  |                    | 1,199,912  
|                                                                                                                           |  |                    |            
|Net Assets(equivalent to $34.35 per unit based on 12,675,789 units outstanding)                                            |  | $                  | 435,364,366
|                                                                                                                           |  |                    |            

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



5



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Index Equity Fund

Statement of Operations

Unaudited



|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|------------------------------------------------------------------ |  | ----------------------------------------------- | ---------- | - | -------------------------------------------------- | - | ---------- | -
|                                                                   |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |            |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|Investment income                                                  |  |                                                 |            |   |                                                    |   |            |  
|Securities lending income from underlying affiliated fund          |  | $                                               | 8,518      |   |                                                    | $ | 42,689     |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|Total investment income                                            |  |                                                 | 8,518      |   |                                                    |   | 42,689     |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|Expenses                                                           |  |                                                 |            |   |                                                    |   |            |  
|State Street Bank and Trust Companyprogram fee                    |  |                                                 | 365,115    |   |                                                    |   | 1,052,092  |  
|ABA Retirement Fundsprogram fee                                   |  |                                                 | 45,589     |   |                                                    |   | 134,641    |  
|Trustee, management and administration fees                        |  |                                                 | 99,406     |   |                                                    |   | 290,842    |  
|Reports to unitholders                                             |  |                                                 | 19,144     |   |                                                    |   | 51,466     |  
|Legal and audit fees                                               |  |                                                 | 34,870     |   |                                                    |   | 87,920     |  
|Compliance consultant fees                                         |  |                                                 | 37,628     |   |                                                    |   | 101,162    |  
|Registration fees                                                  |  |                                                 | 4,077      |   |                                                    |   | 10,968     |  
|Other fees                                                         |  |                                                 | 18,140     |   |                                                    |   | 44,646     |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|Total expenses                                                     |  |                                                 | 623,969    |   |                                                    |   | 1,773,737  |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|Net investment loss                                                |  |                                                 | (615,451   | ) |                                                    |   | (1,731,048 | )
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|Net realized and unrealized gain on investments in affiliated fund |  |                                                 |            |   |                                                    |   |            |  
|Net realized gain                                                  |  |                                                 | 492,848    |   |                                                    |   | 1,033,805  |  
|Change in net unrealized appreciation (depreciation)               |  |                                                 | 18,950,010 |   |                                                    |   | 31,460,734 |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|Net realized and unrealized gain                                   |  |                                                 | 19,442,858 |   |                                                    |   | 32,494,539 |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  
|Net increase in net assets resulting from operations               |  | $                                               | 18,827,407 |   |                                                    | $ | 30,763,491 |  
|                                                                   |  |                                                 |            |   |                                                    |   |            |  

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



6



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|---------------------------------------------------------------------------- |  | ----------------------------------------------- | ----------- | - | -------------------------------------------------- | - | ----------- | -
|                                                                             |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |             |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|From operations                                                              |  |                                                 |             |   |                                                    |   |             |  
|Net investment loss                                                          |  | $                                               | (615,451    | ) |                                                    | $ | (1,731,048  | )
|Net realized gain                                                            |  |                                                 | 492,848     |   |                                                    |   | 1,033,805   |  
|Change in net unrealized appreciation (depreciation)                         |  |                                                 | 18,950,010  |   |                                                    |   | 31,460,734  |  
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|Net increase in net assets resulting from operations                         |  |                                                 | 18,827,407  |   |                                                    |   | 30,763,491  |  
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|From unitholder transactions                                                 |  |                                                 |             |   |                                                    |   |             |  
|Proceeds from units issued                                                   |  |                                                 | 3,700,347   |   |                                                    |   | 19,006,377  |  
|Cost of units redeemed                                                       |  |                                                 | (7,978,818  | ) |                                                    |   | (17,107,934 | )
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets resulting from unitholder transactions |  |                                                 | (4,278,471  | ) |                                                    |   | 1,898,443   |  
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|Net increase in net assets                                                   |  |                                                 | 14,548,936  |   |                                                    |   | 32,661,934  |  
|Net Assets                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Beginning of period                                                          |  |                                                 | 420,815,430 |   |                                                    |   | 402,702,432 |  
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|End of period                                                                |  | $                                               | 435,364,366 |   |                                                    | $ | 435,364,366 |  
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|Number of units                                                              |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-beginning of period                                              |  |                                                 | 12,806,419  |   |                                                    |   | 12,621,390  |  
|Issued                                                                       |  |                                                 | 110,358     |   |                                                    |   | 572,499     |  
|Redeemed                                                                     |  |                                                 | (240,988    | ) |                                                    |   | (518,100    | )
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-end of period                                                    |  |                                                 | 12,675,789  |   |                                                    |   | 12,675,789  |  
|                                                                             |  |                                                 |             |   |                                                    |   |             |  

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



7



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                    |  |                                                 |         |    |                                                    |   |         |   
|--------------------------------------------------- |  | ----------------------------------------------- | ------- | -- | -------------------------------------------------- | - | ------- | --
|                                                    |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |         |    | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|Investment income(a)                               |  | $                                               | 0.00    |    |                                                    | $ | 0.00    |   
|Net expenses()                                   |  |                                                 | (0.05   | )  |                                                    |   | (0.14   | ) 
|                                                    |  |                                                 |         |    |                                                    |   |         |   
|Net investment loss                                 |  |                                                 | (0.05   | )  |                                                    |   | (0.14   | ) 
|Net realized and unrealized gain                    |  |                                                 | 1.54    |    |                                                    |   | 2.58    |   
|                                                    |  |                                                 |         |    |                                                    |   |         |   
|Net increase in unit value                          |  |                                                 | 1.49    |    |                                                    |   | 2.44    |   
|Net asset value at beginning of period              |  |                                                 | 32.86   |    |                                                    |   | 31.91   |   
|                                                    |  |                                                 |         |    |                                                    |   |         |   
|Net asset value at end of period                    |  | $                                               | 34.35   |    |                                                    | $ | 34.35   |   
|                                                    |  |                                                 |         |    |                                                    |   |         |   
|Ratio of net expenses to average net assets*      |  |                                                 | 0.59    | %  |                                                    |   | 0.56    | % 
|Ratio of net investment loss to average net assets* |  |                                                 | (0.58   | )% |                                                    |   | (0.55   | )%
|Portfolio turnover**                             |  |                                                 | 2       | %  |                                                    |   | 5       | % 
|Total return**                                      |  |                                                 | 4.53    | %  |                                                    |   | 7.65    | % 
|Net assets at end of period (in thousands)          |  | $                                               | 435,364 |    |                                                    | $ | 435,364 |   

---

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

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

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

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

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

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

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



8



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Intermediate Bond Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                |  |                    |             |    
|------------------------------------------------------------------------------- |  | ------------------ | ----------- | ---
|                                                                                |  | September 30, 2006 |            
|Assets                                                                          |  |                    |             |    
|Investments, at value (cost $507,336,394)                                       |  | $                  | 505,438,177 | (a)
|Investments in affiliated issuers, at value (cost $109,773,798)                 |  |                    | 109,773,798 |    
|Foreign currency, at value (cost $6,959,329)                                    |  |                    | 6,904,467   |    
|Cash                                                                            |  |                    | 82          |    
|Receivable for investments sold                                                 |  |                    | 15,916,250  |    
|Dividends and interest receivable                                               |  |                    | 2,682,931   |    
|Receivable for fund units sold                                                  |  |                    | 939,847     |    
|Gross unrealized appreciation of forward currency exchange contracts            |  |                    | 170,266     |    
|Swap contracts, at value                                                        |  |                    | 56,426      |    
|                                                                                |  |                    |             |    
|Total assets                                                                    |  |                    | 641,882,244 |    
|                                                                                |  |                    |             |    
|Liabilities                                                                     |  |                    |             |    
|Payable for collateral received on securities loaned                            |  |                    | 93,600,938  |    
|Payable for investments purchased                                               |  |                    | 82,207,427  |    
|Swap contracts, at value                                                        |  |                    | 1,339,156   |    
|Investment advisory fee payable                                                 |  |                    | 207,061     |    
|State Street Bank and Trust Companyprogram fee payable                         |  |                    | 132,850     |    
|Payable for futures variation margin                                            |  |                    | 113,562     |    
|Gross unrealized depreciation of forward currency exchange contracts            |  |                    | 91,967      |    
|Trustee, management and administration fees payable                             |  |                    | 35,155      |    
|ABA Retirement Fundsprogram fee payable                                        |  |                    | 16,023      |    
|Other accruals                                                                  |  |                    | 114,319     |    
|                                                                                |  |                    |             |    
|Total liabilities                                                               |  |                    | 177,858,458 |    
|                                                                                |  |                    |             |    
|Net Assets(equivalent to $19.71 per unit based on 23,540,870 units outstanding) |  | $                  | 464,023,786 |    
|                                                                                |  |                    |             |    

---

|(a) | Includes securities on loan with a value of $91,732,856.
|--- | --------------------------------------------------------

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



9



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Intermediate Bond Fund

Statement of Operations

Unaudited



|                                                                      |  |                                                 |            |   |                                                    |   |            |  
|--------------------------------------------------------------------- |  | ----------------------------------------------- | ---------- | - | -------------------------------------------------- | - | ---------- | -
|                                                                      |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |            |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|Investment income                                                     |  |                                                 |            |   |                                                    |   |            |  
|Dividends                                                             |  | $                                               | 41,659     |   |                                                    | $ | 124,978    |  
|Interest - unaffiliated issuers                                       |  |                                                 | 5,877,892  |   |                                                    |   | 16,779,126 |  
|Securities lending income                                             |  |                                                 | 17,009     |   |                                                    |   | 42,187     |  
|                                                                      |  |                                                 |            |   |                                                    |   |            |  
|Total investment income                                               |  |                                                 | 5,936,560  |   |                                                    |   | 16,946,291 |  
|                                                                      |  |                                                 |            |   |                                                    |   |            |  
|Expenses                                                              |  |                                                 |            |   |                                                    |   |            |  
|Investment advisory fee                                               |  |                                                 | 310,909    |   |                                                    |   | 920,913    |  
|State Street Bank and Trust Companyprogram fee                       |  |                                                 | 394,719    |   |                                                    |   | 1,138,818  |  
|ABA Retirement Fundsprogram fee                                      |  |                                                 | 49,302     |   |                                                    |   | 145,759    |  
|Trustee, management and administration fees                           |  |                                                 | 107,494    |   |                                                    |   | 314,844    |  
|Reports to unitholders                                                |  |                                                 | 20,705     |   |                                                    |   | 55,734     |  
|Legal and audit fees                                                  |  |                                                 | 37,714     |   |                                                    |   | 95,206     |  
|Compliance consultant fees                                            |  |                                                 | 40,696     |   |                                                    |   | 109,549    |  
|Registration fees                                                     |  |                                                 | 4,409      |   |                                                    |   | 11,877     |  
|Other fees                                                            |  |                                                 | 19,619     |   |                                                    |   | 48,346     |  
|                                                                      |  |                                                 |            |   |                                                    |   |            |  
|Total expenses                                                        |  |                                                 | 985,567    |   |                                                    |   | 2,841,046  |  
|                                                                      |  |                                                 |            |   |                                                    |   |            |  
|Net investment income                                                 |  |                                                 | 4,950,993  |   |                                                    |   | 14,105,245 |  
|                                                                      |  |                                                 |            |   |                                                    |   |            |  
|Net realized and unrealized gain (loss)                               |  |                                                 |            |   |                                                    |   |            |  
|Net realized gain (loss) on:                                          |  |                                                 |            |   |                                                    |   |            |  
|Investments                                                           |  |                                                 | 592,479    |   |                                                    |   | (188,891   | )
|Foreign currency transactions and forward currency exchange contracts |  |                                                 | (150,125   | ) |                                                    |   | 531,076    |  
|Swap contracts                                                        |  |                                                 |           |   |                                                    |   | (2,156,742 | )
|Written options                                                       |  |                                                 |           |   |                                                    |   | (7,176     | )
|Futures contracts                                                     |  |                                                 | (340,911   | ) |                                                    |   | (3,432,408 | )
|                                                                      |  |                                                 |            |   |                                                    |   |            |  
|Net realized gain (loss)                                              |  |                                                 | 101,443    |   |                                                    |   | (5,254,141 | )
|                                                                      |  |                                                 |            |   |                                                    |   |            |  
|Change in net unrealized appreciation (depreciation) on:              |  |                                                 |            |   |                                                    |   |            |  
|Investments                                                           |  |                                                 | 6,687,972  |   |                                                    |   | 244,296    |  
|Foreign currency transactions and forward currency exchange contracts |  |                                                 | (58,464    | ) |                                                    |   | 123,915    |  
|Written options                                                       |  |                                                 |           |   |                                                    |   | (21,603    | )
|Futures contracts                                                     |  |                                                 | 3,426,705  |   |                                                    |   | 1,807,512  |  
|Swap contracts                                                        |  |                                                 | 2,115,929  |   |                                                    |   | 1,910,212  |  
|                                                                      |  |                                                 |            |   |                                                    |   |            |  
|Change in net unrealized appreciation (depreciation)                  |  |                                                 | 12,172,142 |   |                                                    |   | 4,064,332  |  
|                                                                      |  |                                                 |            |   |                                                    |   |            |  
|Net realized and unrealized gain (loss)                               |  |                                                 | 12,273,585 |   |                                                    |   | (1,189,809 | )
|                                                                      |  |                                                 |            |   |                                                    |   |            |  
|Net increase in net assets resulting from operations                  |  | $                                               | 17,224,578 |   |                                                    | $ | 12,915,436 |  
|                                                                      |  |                                                 |            |   |                                                    |   |            |  

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



10



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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 periodJuly 1, 2006 toSeptember 30, 2006 |             |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|From operations                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net investment income                                             |  | $                                               | 4,950,993   |   |                                                    | $ | 14,105,245  |  
|Net realized gain (loss)                                          |  |                                                 | 101,443     |   |                                                    |   | (5,254,141  | )
|Change in net unrealized appreciation (depreciation)              |  |                                                 | 12,172,142  |   |                                                    |   | 4,064,332   |  
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|Net increase in net assets resulting from operations              |  |                                                 | 17,224,578  |   |                                                    |   | 12,915,436  |  
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|From unitholder transactions                                      |  |                                                 |             |   |                                                    |   |             |  
|Proceeds from units issued                                        |  |                                                 | 6,917,249   |   |                                                    |   | 15,215,369  |  
|Cost of units redeemed                                            |  |                                                 | (10,128,961 | ) |                                                    |   | (18,151,594 | )
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|Net decrease in net assets resulting from unitholder transactions |  |                                                 | (3,211,712  | ) |                                                    |   | (2,936,225  | )
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|Net increase in net assets                                        |  |                                                 | 14,012,866  |   |                                                    |   | 9,979,211   |  
|Net Assets                                                        |  |                                                 |             |   |                                                    |   |             |  
|Beginning of period                                               |  |                                                 | 450,010,920 |   |                                                    |   | 454,044,575 |  
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|End of period                                                     |  | $                                               | 464,023,786 |   |                                                    | $ | 464,023,786 |  
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|Number of units                                                   |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-beginning of period                                   |  |                                                 | 23,708,981  |   |                                                    |   | 23,695,486  |  
|Issued                                                            |  |                                                 | 355,626     |   |                                                    |   | 789,757     |  
|Redeemed                                                          |  |                                                 | (523,737    | ) |                                                    |   | (944,373    | )
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-end of period                                         |  |                                                 | 23,540,870  |   |                                                    |   | 23,540,870  |  
|                                                                  |  |                                                 |             |   |                                                    |   |             |  

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



11



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Intermediate Bond Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                      |  |                                                 |         |   |                                                    |   |         |  
|----------------------------------------------------- |  | ----------------------------------------------- | ------- | - | -------------------------------------------------- | - | ------- | -
|                                                      |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |         |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|Investment income                                    |  | $                                               | 0.25    |   |                                                    | $ | 0.71    |  
|Net expenses()                                     |  |                                                 | (0.04   | ) |                                                    |   | (0.12   | )
|                                                      |  |                                                 |         |   |                                                    |   |         |  
|Net investment income                                 |  |                                                 | 0.21    |   |                                                    |   | 0.59    |  
|Net realized and unrealized gain (loss)               |  |                                                 | 0.52    |   |                                                    |   | (0.04   | )
|                                                      |  |                                                 |         |   |                                                    |   |         |  
|Net increase in unit value                            |  |                                                 | 0.73    |   |                                                    |   | 0.55    |  
|Net asset value at beginning of period                |  |                                                 | 18.98   |   |                                                    |   | 19.16   |  
|                                                      |  |                                                 |         |   |                                                    |   |         |  
|Net asset value at end of period                      |  | $                                               | 19.71   |   |                                                    | $ | 19.71   |  
|                                                      |  |                                                 |         |   |                                                    |   |         |  
|Ratio of net expenses to average net assets*        |  |                                                 | 0.86    | % |                                                    |   | 0.83    | %
|Ratio of net investment income to average net assets* |  |                                                 | 4.31    | % |                                                    |   | 4.14    | %
|Portfolio turnover**                                  |  |                                                 | 49      | % |                                                    |   | 242     | %
|Total return**                                        |  |                                                 | 3.85    | % |                                                    |   | 2.87    | %
|Net assets at end of period (in thousands)            |  | $                                               | 464,024 |   |                                                    | $ | 464,024 |  

---

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

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

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

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

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



12



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

International Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                               |  |                    |             |    
|------------------------------------------------------------------------------ |  | ------------------ | ----------- | ---
|                                                                               |  | September 30, 2006 |            
|Assets                                                                         |  |                    |             |    
|Investments, at value (cost $181,855,165)                                      |  | $                  | 247,133,665 | (a)
|Investments in affilated issuers, at value (cost $47,057,157)                  |  |                    | 47,057,157  |    
|Foreign currency, at value (cost $565,755)                                     |  |                    | 561,009     |    
|Cash                                                                           |  |                    | 1,202       |    
|Receivable for fund units sold                                                 |  |                    | 1,084,634   |    
|Dividends and interest receivable                                              |  |                    | 686,724     |    
|Tax reclaims receivable                                                        |  |                    | 160,665     |    
|Receivable for investments sold                                                |  |                    | 121,963     |    
|                                                                               |  |                    |             |    
|Total assets                                                                   |  |                    | 296,807,019 |    
|                                                                               |  |                    |             |    
|Liabilities                                                                    |  |                    |             |    
|Payable for collateral received on securities loaned                           |  |                    | 40,064,624  |    
|Investment advisory fee payable                                                |  |                    | 115,604     |    
|State Street Bank and Trust Companyprogram fee payable                        |  |                    | 72,817      |    
|Payable for investments purchased                                              |  |                    | 39,434      |    
|Trustee, management and administration fees payable                            |  |                    | 19,230      |    
|ABA Retirement Fundsprogram fee payable                                       |  |                    | 8,752       |    
|Tax withholding payable                                                        |  |                    | 2,583       |    
|Other accruals                                                                 |  |                    | 61,017      |    
|                                                                               |  |                    |             |    
|Total liabilities                                                              |  |                    | 40,384,061  |    
|                                                                               |  |                    |             |    
|Net Assets(equivalent to $28.48 per unit based on 9,002,083 units outstanding) |  | $                  | 256,422,958 |    
|                                                                               |  |                    |             |    

---

|(a) | Includes securities on loan with a value of $38,183,012.
|--- | --------------------------------------------------------

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



13



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

International Equity Fund

Statement of Operations

Unaudited



|                                                                             |  |                                                 |           |   |                                                    |   |           
|---------------------------------------------------------------------------- |  | ----------------------------------------------- | --------- | - | -------------------------------------------------- | - | ----------
|                                                                             |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |           |   | For the periodJanuary 1, 2006 toSeptember 30, 2006
|Investment income                                                            |  |                                                 |           |   |                                                    |   |           
|Dividends (net of foreign tax expense of $24,895 and $312,623, respectively) |  | $                                               | 1,621,296 |   |                                                    | $ | 5,666,061 
|Dividendsaffiliated issuers                                                 |  |                                                 | 87,345    |   |                                                    |   | 224,043   
|Securities lending income, net                                               |  |                                                 | 28,751    |   |                                                    |   | 94,833    
|                                                                             |  |                                                 |           |   |                                                    |   |           
|Total investment income                                                      |  |                                                 | 1,737,392 |   |                                                    |   | 5,984,937 
|                                                                             |  |                                                 |           |   |                                                    |   |           
|Expenses                                                                     |  |                                                 |           |   |                                                    |   |           
|Investment advisory fee                                                      |  |                                                 | 348,592   |   |                                                    |   | 1,002,451 
|State Street Bank and Trust Companyprogram fee                              |  |                                                 | 213,216   |   |                                                    |   | 592,815   
|ABA Retirement Fundsprogram fee                                             |  |                                                 | 26,622    |   |                                                    |   | 75,820    
|Trustee, management and administration fees                                  |  |                                                 | 58,054    |   |                                                    |   | 163,808   
|Reports to unitholders                                                       |  |                                                 | 11,181    |   |                                                    |   | 29,006    
|Legal and audit fees                                                         |  |                                                 | 20,367    |   |                                                    |   | 49,622    
|Compliance consultant fees                                                   |  |                                                 | 21,976    |   |                                                    |   | 57,010    
|Registration fees                                                            |  |                                                 | 2,381     |   |                                                    |   | 6,181     
|Other fees                                                                   |  |                                                 | 10,594    |   |                                                    |   | 25,213    
|                                                                             |  |                                                 |           |   |                                                    |   |           
|Total expenses                                                               |  |                                                 | 712,983   |   |                                                    |   | 2,001,926 
|                                                                             |  |                                                 |           |   |                                                    |   |           
|Net investment income                                                        |  |                                                 | 1,024,409 |   |                                                    |   | 3,983,011 
|                                                                             |  |                                                 |           |   |                                                    |   |           
|Net realized and unrealized gain (loss)                                      |  |                                                 |           |   |                                                    |   |           
|Net realized gain (loss) on:                                                 |  |                                                 |           |   |                                                    |   |           
|Investment securities                                                        |  |                                                 | 2,477,310 |   |                                                    |   | 13,274,836
|Foreign currency                                                             |  |                                                 | (22,462   | ) |                                                    |   | 38,462    
|                                                                             |  |                                                 |           |   |                                                    |   |           
|Net realized gain                                                            |  |                                                 | 2,454,848 |   |                                                    |   | 13,313,298
|                                                                             |  |                                                 |           |   |                                                    |   |           
|Change in net unrealized appreciation (depreciation) on:                     |  |                                                 |           |   |                                                    |   |           
|Investment securities                                                        |  |                                                 | 6,126,955 |   |                                                    |   | 13,303,944
|Foreign currency                                                             |  |                                                 | (18,171   | ) |                                                    |   | 5,356     
|                                                                             |  |                                                 |           |   |                                                    |   |           
|Net change in net unrealized appreciation (depreciation)                     |  |                                                 | 6,108,784 |   |                                                    |   | 13,309,300
|                                                                             |  |                                                 |           |   |                                                    |   |           
|Net realized and unrealized gain                                             |  |                                                 | 8,563,632 |   |                                                    |   | 26,622,598
|                                                                             |  |                                                 |           |   |                                                    |   |           
|Net increase in net assets resulting from operations                         |  | $                                               | 9,588,041 |   |                                                    | $ | 30,605,609
|                                                                             |  |                                                 |           |   |                                                    |   |           

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



14



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American Bar Association Members/ State Street Collective Trust

International Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|----------------------------------------------------------------- |  | ----------------------------------------------- | ----------- | - | -------------------------------------------------- | - | ----------- | -
|                                                                  |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |             |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|From operations                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net investment income                                             |  | $                                               | 1,024,409   |   |                                                    | $ | 3,983,011   |  
|Net realized gain                                                 |  |                                                 | 2,454,848   |   |                                                    |   | 13,313,298  |  
|Change in net unrealized appreciation (depreciation)              |  |                                                 | 6,108,784   |   |                                                    |   | 13,309,300  |  
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|Net increase in net assets resulting from operations              |  |                                                 | 9,588,041   |   |                                                    |   | 30,605,609  |  
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|From unitholder transactions                                      |  |                                                 |             |   |                                                    |   |             |  
|Proceeds from units issued                                        |  |                                                 | 6,147,123   |   |                                                    |   | 30,940,791  |  
|Cost of units redeemed                                            |  |                                                 | (2,096,737  | ) |                                                    |   | (7,229,648  | )
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|Net increase in net assets resulting from unitholder transactions |  |                                                 | 4,050,386   |   |                                                    |   | 23,711,143  |  
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|Net increase in net assets                                        |  |                                                 | 13,638,427  |   |                                                    |   | 54,316,752  |  
|Net Assets                                                        |  |                                                 |             |   |                                                    |   |             |  
|Beginning of period                                               |  |                                                 | 242,784,531 |   |                                                    |   | 202,106,206 |  
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|End of period                                                     |  | $                                               | 256,422,958 |   |                                                    | $ | 256,422,958 |  
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|Number of units                                                   |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-beginning of period                                   |  |                                                 | 8,857,300   |   |                                                    |   | 8,133,807   |  
|Issued                                                            |  |                                                 | 221,242     |   |                                                    |   | 1,137,460   |  
|Redeemed                                                          |  |                                                 | (76,459     | ) |                                                    |   | (269,184    | )
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-end of period                                         |  |                                                 | 9,002,083   |   |                                                    |   | 9,002,083   |  
|                                                                  |  |                                                 |             |   |                                                    |   |             |  

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



15



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American Bar Association Members/ State Street Collective Trust

International Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                      |  |                                                 |         |   |                                                    |   |         |  
|----------------------------------------------------- |  | ----------------------------------------------- | ------- | - | -------------------------------------------------- | - | ------- | -
|                                                      |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |         |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|Investment income                                    |  | $                                               | 0.20    |   |                                                    | $ | 0.69    |  
|Net expenses()                                     |  |                                                 | (0.08   | ) |                                                    |   | (0.23   | )
|                                                      |  |                                                 |         |   |                                                    |   |         |  
|Net investment income                                 |  |                                                 | 0.12    |   |                                                    |   | 0.46    |  
|Net realized and unrealized gain                      |  |                                                 | 0.95    |   |                                                    |   | 3.17    |  
|                                                      |  |                                                 |         |   |                                                    |   |         |  
|Net increase in unit value                            |  |                                                 | 1.07    |   |                                                    |   | 3.63    |  
|Net asset value at beginning of period                |  |                                                 | 27.41   |   |                                                    |   | 24.85   |  
|                                                      |  |                                                 |         |   |                                                    |   |         |  
|Net asset value at end of period                      |  | $                                               | 28.48   |   |                                                    | $ | 28.48   |  
|                                                      |  |                                                 |         |   |                                                    |   |         |  
|Ratio of net expenses to average net assets*        |  |                                                 | 1.15    | % |                                                    |   | 1.13    | %
|Ratio of net investment income to average net assets* |  |                                                 | 1.65    | % |                                                    |   | 2.25    | %
|Portfolio turnover**                                  |  |                                                 | 6       | % |                                                    |   | 24      | %
|Total return**                                        |  |                                                 | 3.90    | % |                                                    |   | 14.61   | %
|Net assets at end of period (in thousands)            |  | $                                               | 256,423 |   |                                                    | $ | 256,423 |  
|                                                      |  |                                                 |         |   |                                                    |   |         |  

---

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

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

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

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

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



16



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Growth Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                |  |                    |            
|------------------------------------------------------------------------------- |  | ------------------ | -----------
|                                                                                |  | September 30, 2006
|Assets                                                                          |  |                    |            
|Investments, at value (cost $456,984,299)                                       |  | $                  | 511,267,761
|Investments in affiliated issuers, at value (cost $214,309,280)                 |  |                    | 283,981,478
|Cash                                                                            |  |                    | 1,213      
|Dividends and interest receivable                                               |  |                    | 395,876    
|Receivable for investments sold                                                 |  |                    | 301,815    
|                                                                                |  |                    |            
|Total assets                                                                    |  |                    | 795,948,143
|                                                                                |  |                    |            
|Liabilities                                                                     |  |                    |            
|Payable for collateral received on securities loaned                            |  |                    | 35,074,488 
|Payable for investments purchased                                               |  |                    | 754,795    
|Payable for fund units redeemed                                                 |  |                    | 599,183    
|Investment advisory fee payable                                                 |  |                    | 218,874    
|State Street Bank and Trust Companyprogram fee payable                         |  |                    | 216,767    
|Trustee, management and administration fees payable                             |  |                    | 57,459     
|ABA Retirement Fundsprogram fee payable                                        |  |                    | 26,170     
|Other accruals                                                                  |  |                    | 189,050    
|                                                                                |  |                    |            
|Total liabilities                                                               |  |                    | 37,136,786 
|                                                                                |  |                    |            
|Net Assets(equivalent to $50.74 per unit based on 14,956,351 units outstanding) |  | $                  | 758,811,357
|                                                                                |  |                    |            

---

|(a) | Includes securities on loan with a value of $34,256,457.
|--- | --------------------------------------------------------

The accompanying notes are an integral part of these unaudited 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 periodJuly 1, 2006 toSeptember 30, 2006 |            |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|Investment income                                                          |  |                                                 |            |   |                                                    |   |             |  
|Dividends (net of foreign tax expense of $1,652 and $8,077, respectively.) |  | $                                               | 1,388,563  |   |                                                    | $ | 4,415,024   |  
|Dividendsaffiliated issuers                                               |  |                                                 | 60,183     |   |                                                    |   | 334,142     |  
|Securities lending income, net                                             |  |                                                 | 15,375     |   |                                                    |   | 34,080      |  
|                                                                           |  |                                                 |            |   |                                                    |   |             |  
|Total investment income                                                    |  |                                                 | 1,464,121  |   |                                                    |   | 4,783,246   |  
|                                                                           |  |                                                 |            |   |                                                    |   |             |  
|Expenses                                                                   |  |                                                 |            |   |                                                    |   |             |  
|Investment advisory fee                                                    |  |                                                 | 374,038    |   |                                                    |   | 1,118,972   |  
|State Street Bank and Trust Companyprogram fee                            |  |                                                 | 643,451    |   |                                                    |   | 1,937,847   |  
|ABA Retirement Fundsprogram fee                                           |  |                                                 | 80,363     |   |                                                    |   | 248,177     |  
|Trustee, management and administration fees                                |  |                                                 | 175,215    |   |                                                    |   | 535,982     |  
|Reports to unitholders                                                     |  |                                                 | 33,743     |   |                                                    |   | 94,699      |  
|Legal and audit fees                                                       |  |                                                 | 61,462     |   |                                                    |   | 161,508     |  
|Compliance consultant fees                                                 |  |                                                 | 66,324     |   |                                                    |   | 186,140     |  
|Registration fees                                                          |  |                                                 | 7,186      |   |                                                    |   | 20,181      |  
|Other fees                                                                 |  |                                                 | 31,974     |   |                                                    |   | 81,963      |  
|                                                                           |  |                                                 |            |   |                                                    |   |             |  
|Total expenses                                                             |  |                                                 | 1,473,756  |   |                                                    |   | 4,385,469   |  
|                                                                           |  |                                                 |            |   |                                                    |   |             |  
|Net investment income (loss)                                               |  |                                                 | (9,635     | ) |                                                    |   | 397,777     |  
|                                                                           |  |                                                 |            |   |                                                    |   |             |  
|Net realized and unrealized gain (loss) on investments                     |  |                                                 |            |   |                                                    |   |             |  
|Net realized gainunaffiliated issuers                                     |  |                                                 | 3,238,112  |   |                                                    |   | 54,660,084  |  
|Net realized gainaffiliated issuers                                       |  |                                                 | 2,808,933  |   |                                                    |   | 8,207,525   |  
|                                                                           |  |                                                 |            |   |                                                    |   |             |  
|Net realized gain                                                          |  |                                                 | 6,047,045  |   |                                                    |   | 62,867,609  |  
|                                                                           |  |                                                 |            |   |                                                    |   |             |  
|Change in net unrealized appreciation (depreciation) on investments        |  |                                                 | 18,900,322 |   |                                                    |   | (42,055,353 | )
|                                                                           |  |                                                 |            |   |                                                    |   |             |  
|Net realized and unrealized gain                                           |  |                                                 | 24,947,367 |   |                                                    |   | 20,812,256  |  
|                                                                           |  |                                                 |            |   |                                                    |   |             |  
|Net increase in net assets resulting from operations                       |  | $                                               | 24,937,732 |   |                                                    | $ | 21,210,033  |  
|                                                                           |  |                                                 |            |   |                                                    |   |             |  

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



18



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American Bar Association Members/ State Street Collective Trust

Large-Cap Growth Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                    |  |                                                 |             |   |                                                    |   |             |  
|------------------------------------------------------------------- |  | ----------------------------------------------- | ----------- | - | -------------------------------------------------- | - | ----------- | -
|                                                                    |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |             |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|From operations                                                     |  |                                                 |             |   |                                                    |   |             |  
|Net investment income (loss)                                        |  | $                                               | (9,635      | ) |                                                    | $ | 397,777     |  
|Net realized gain                                                   |  |                                                 | 6,047,045   |   |                                                    |   | 62,867,609  |  
|Change in net unrealized appreciation (depreciation) on investments |  |                                                 | 18,900,322  |   |                                                    |   | (42,055,353 | )
|                                                                    |  |                                                 |             |   |                                                    |   |             |  
|Net increase in net assets resulting from operations                |  |                                                 | 24,937,732  |   |                                                    |   | 21,210,033  |  
|                                                                    |  |                                                 |             |   |                                                    |   |             |  
|From unitholder transactions                                        |  |                                                 |             |   |                                                    |   |             |  
|Proceeds from units issued                                          |  |                                                 | 3,004,855   |   |                                                    |   | 14,442,168  |  
|Cost of units redeemed                                              |  |                                                 | (27,340,347 | ) |                                                    |   | (66,466,539 | )
|                                                                    |  |                                                 |             |   |                                                    |   |             |  
|Net decrease in net assets resulting from unitholder transactions   |  |                                                 | (24,335,492 | ) |                                                    |   | (52,024,371 | )
|                                                                    |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets                               |  |                                                 | 602,240     |   |                                                    |   | (30,814,338 | )
|Net Assets                                                          |  |                                                 |             |   |                                                    |   |             |  
|Beginning of period                                                 |  |                                                 | 758,209,117 |   |                                                    |   | 789,625,695 |  
|                                                                    |  |                                                 |             |   |                                                    |   |             |  
|End of period                                                       |  | $                                               | 758,811,357 |   |                                                    | $ | 758,811,357 |  
|                                                                    |  |                                                 |             |   |                                                    |   |             |  
|Number of units                                                     |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-beginning of period                                     |  |                                                 | 15,456,467  |   |                                                    |   | 16,007,462  |  
|Issued                                                              |  |                                                 | 62,093      |   |                                                    |   | 288,593     |  
|Redeemed                                                            |  |                                                 | (562,209    | ) |                                                    |   | (1,339,704  | )
|                                                                    |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-end of period                                           |  |                                                 | 14,956,351  |   |                                                    |   | 14,956,351  |  
|                                                                    |  |                                                 |             |   |                                                    |   |             |  

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



19



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Growth Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |         |     |                                                    |   |         |  
|------------------------------------------------------------ |  | ----------------------------------------------- | ------- | --- | -------------------------------------------------- | - | ------- | -
|                                                             |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |         |     | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|Investment income                                           |  | $                                               | 0.10    |     |                                                    | $ | 0.31    |  
|Net expenses()                                            |  |                                                 | (0.10   | )   |                                                    |   | (0.28   | )
|                                                             |  |                                                 |         |     |                                                    |   |         |  
|Net investment income (loss)                                 |  |                                                 | 0.00    | (a) |                                                    |   | 0.03    |  
|Net realized and unrealized gain                             |  |                                                 | 1.69    |     |                                                    |   | 1.38    |  
|                                                             |  |                                                 |         |     |                                                    |   |         |  
|Net increase in unit value                                   |  |                                                 | 1.69    |     |                                                    |   | 1.41    |  
|Net asset value at beginning of period                       |  |                                                 | 49.05   |     |                                                    |   | 49.33   |  
|                                                             |  |                                                 |         |     |                                                    |   |         |  
|Net asset value at end of period                             |  | $                                               | 50.74   |     |                                                    | $ | 50.74   |  
|                                                             |  |                                                 |         |     |                                                    |   |         |  
|Ratio of net expenses to average net assets*               |  |                                                 | 0.79    | %   |                                                    |   | 0.76    | %
|Ratio of net investment income (loss) to average net assets* |  |                                                 | (0.01   | )%  |                                                    |   | 0.07    | %
|Portfolio turnover**                                      |  |                                                 | 5       | %   |                                                    |   | 48      | %
|Total return**                                               |  |                                                 | 3.45    | %   |                                                    |   | 2.86    | %
|Net assets at end of period (in thousands)                   |  | $                                               | 758,811 |     |                                                    | $ | 758,811 |  

---

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

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

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

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

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

|(a) | Less than ($.005) per unit.
|--- | ---------------------------

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



20



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Value Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                |  |                    |             |    
|------------------------------------------------------------------------------- |  | ------------------ | ----------- | ---
|                                                                                |  | September 30, 2006 |            
|Assets                                                                          |  |                    |             |    
|Investments, at value (cost $253,587,287)                                       |  | $                  | 319,586,965 | (a)
|Investments in affiliated issuers, at value (cost $86,830,656)                  |  |                    | 119,329,139 |    
|Cash                                                                            |  |                    | 714         |    
|Receivable for investments sold                                                 |  |                    | 2,030,778   |    
|Dividends and interest receivable                                               |  |                    | 415,208     |    
|Receivable for fund units sold                                                  |  |                    | 22,298      |    
|                                                                                |  |                    |             |    
|Total assets                                                                    |  |                    | 441,385,102 |    
|                                                                                |  |                    |             |    
|Liabilities                                                                     |  |                    |             |    
|Payable for collateral received on securities loaned                            |  |                    | 6,899,040   |    
|Payable for investments purchased                                               |  |                    | 3,391,919   |    
|Payable for fund units redeemed                                                 |  |                    | 345,995     |    
|State Street Bank and Trust Companyprogram fee payable                         |  |                    | 122,479     |    
|Investment advisory fee payable                                                 |  |                    | 66,156      |    
|Trustee, management and administration fees payable                             |  |                    | 32,368      |    
|ABA Retirement Fundsprogram fee payable                                        |  |                    | 14,742      |    
|Other accruals                                                                  |  |                    | 103,100     |    
|                                                                                |  |                    |             |    
|Total liabilities                                                               |  |                    | 10,975,799  |    
|                                                                                |  |                    |             |    
|Net Assets(equivalent to $40.99 per unit based on 10,500,316 units outstanding) |  | $                  | 430,409,303 |    
|                                                                                |  |                    |             |    

---

|(a) | Includes securities on loan with a value of $6,729,796.
|--- | -------------------------------------------------------

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



21



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Value Equity Fund

Statement of Operations

Unaudited



|                                                                        |  |                                                 |            |                                                    |   |           
|----------------------------------------------------------------------- |  | ----------------------------------------------- | ---------- | -------------------------------------------------- | - | ----------
|                                                                        |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |            | For the periodJanuary 1, 2006 toSeptember 30, 2006
|Investment income                                                       |  |                                                 |            |                                                    |   |           
|Dividends (net of foreign tax expense of $19 and $4,451, respectively.) |  | $                                               | 1,892,713  |                                                    | $ | 5,388,282 
|Dividendsaffiliated issuers                                            |  |                                                 | 100,487    |                                                    |   | 258,454   
|Securities lending income, net                                          |  |                                                 | 3,931      |                                                    |   | 17,332    
|                                                                        |  |                                                 |            |                                                    |   |           
|Total investment income                                                 |  |                                                 | 1,997,131  |                                                    |   | 5,664,068 
|                                                                        |  |                                                 |            |                                                    |   |           
|Expenses                                                                |  |                                                 |            |                                                    |   |           
|Investment advisory fee                                                 |  |                                                 | 199,899    |                                                    |   | 586,017   
|State Street Bank and Trust Companyprogram fee                         |  |                                                 | 357,730    |                                                    |   | 1,012,733 
|ABA Retirement Fundsprogram fee                                        |  |                                                 | 44,661     |                                                    |   | 129,566   
|Trustee, management and administration fees                             |  |                                                 | 97,388     |                                                    |   | 279,907   
|Reports to unitholders                                                  |  |                                                 | 18,756     |                                                    |   | 49,569    
|Legal and audit fees                                                    |  |                                                 | 34,164     |                                                    |   | 84,736    
|Compliance consultant fees                                              |  |                                                 | 36,866     |                                                    |   | 97,430    
|Registration fees                                                       |  |                                                 | 3,994      |                                                    |   | 10,563    
|Other fees                                                              |  |                                                 | 17,773     |                                                    |   | 43,041    
|                                                                        |  |                                                 |            |                                                    |   |           
|Total expenses                                                          |  |                                                 | 811,231    |                                                    |   | 2,293,562 
|                                                                        |  |                                                 |            |                                                    |   |           
|Net investment income                                                   |  |                                                 | 1,185,900  |                                                    |   | 3,370,506 
|                                                                        |  |                                                 |            |                                                    |   |           
|Net realized and unrealized gain                                        |  |                                                 |            |                                                    |   |           
|Net realized gain on:                                                   |  |                                                 |            |                                                    |   |           
|Investmentsunaffiliated issuers                                        |  |                                                 | 3,658,889  |                                                    |   | 17,717,146
|Investmentsaffiliated issuers                                          |  |                                                 | 552,857    |                                                    |   | 2,617,763 
|                                                                        |  |                                                 |            |                                                    |   |           
|Net realized gain                                                       |  |                                                 | 4,211,746  |                                                    |   | 20,334,909
|                                                                        |  |                                                 |            |                                                    |   |           
|Change in net unrealized appreciation (depreciation) on:                |  |                                                 |            |                                                    |   |           
|Investments                                                             |  |                                                 | 19,754,857 |                                                    |   | 24,841,592
|                                                                        |  |                                                 |            |                                                    |   |           
|Net realized and unrealized gain                                        |  |                                                 | 23,966,603 |                                                    |   | 45,176,501
|                                                                        |  |                                                 |            |                                                    |   |           
|Net increase in net assets resulting from operations                    |  | $                                               | 25,152,503 |                                                    | $ | 48,547,007
|                                                                        |  |                                                 |            |                                                    |   |           

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



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Value Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|---------------------------------------------------------------------------- |  | ----------------------------------------------- | ----------- | - | -------------------------------------------------- | - | ----------- | -
|                                                                             |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |             |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|From operations                                                              |  |                                                 |             |   |                                                    |   |             |  
|Net investment income                                                        |  | $                                               | 1,185,900   |   |                                                    | $ | 3,370,506   |  
|Net realized gain                                                            |  |                                                 | 4,211,746   |   |                                                    |   | 20,334,909  |  
|Change in net unrealized appreciation (depreciation) on investments          |  |                                                 | 19,754,857  |   |                                                    |   | 24,841,592  |  
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|Net increase in net assets resulting from operations                         |  |                                                 | 25,152,503  |   |                                                    |   | 48,547,007  |  
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|From unitholder transactions                                                 |  |                                                 |             |   |                                                    |   |             |  
|Proceeds from units issued                                                   |  |                                                 | 7,587,786   |   |                                                    |   | 18,411,057  |  
|Cost of units redeemed                                                       |  |                                                 | (4,298,669  | ) |                                                    |   | (19,320,557 | )
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets resulting from unitholder transactions |  |                                                 | 3,289,117   |   |                                                    |   | (909,500    | )
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|Net increase in net assets                                                   |  |                                                 | 28,441,620  |   |                                                    |   | 47,637,507  |  
|Net Assets                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Beginning of period                                                          |  |                                                 | 401,967,683 |   |                                                    |   | 382,771,796 |  
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|End of period                                                                |  | $                                               | 430,409,303 |   |                                                    | $ | 430,409,303 |  
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|Number of units                                                              |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-beginning of period                                              |  |                                                 | 10,417,644  |   |                                                    |   | 10,529,361  |  
|Issued                                                                       |  |                                                 | 190,959     |   |                                                    |   | 472,942     |  
|Redeemed                                                                     |  |                                                 | (108,287    | ) |                                                    |   | (501,987    | )
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-end of period                                                    |  |                                                 | 10,500,316  |   |                                                    |   | 10,500,316  |  
|                                                                             |  |                                                 |             |   |                                                    |   |             |  

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



23



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Large-Cap Value Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                      |  |                                                 |         |   |                                                    |   |         |  
|----------------------------------------------------- |  | ----------------------------------------------- | ------- | - | -------------------------------------------------- | - | ------- | -
|                                                      |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |         |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|Investment income                                    |  | $                                               | 0.19    |   |                                                    | $ | 0.54    |  
|Net expenses()                                     |  |                                                 | (0.08   | ) |                                                    |   | (0.22   | )
|                                                      |  |                                                 |         |   |                                                    |   |         |  
|Net investment income                                 |  |                                                 | 0.11    |   |                                                    |   | 0.32    |  
|                                                      |  |                                                
|Net realized and unrealized gain                      |  |                                                 | 2.29    |   |                                                    |   | 4.32    |  
|                                                      |  |                                                 |         |   |                                                    |   |         |  
|Net increase in unit value                            |  |                                                 | 2.40    |   |                                                    |   | 4.64    |  
|Net asset value at beginning of period                |  |                                                 | 38.59   |   |                                                    |   | 36.35   |  
|                                                      |  |                                                 |         |   |                                                    |   |         |  
|Net asset value at end of period                      |  | $                                               | 40.99   |   |                                                    | $ | 40.99   |  
|                                                      |  |                                                 |         |   |                                                    |   |         |  
|Ratio of net expenses to average net assets*        |  |                                                 | 0.78    | % |                                                    |   | 0.76    | %
|Ratio of net investment income to average net assets* |  |                                                 | 1.14    | % |                                                    |   | 1.11    | %
|Portfolio turnover**                               |  |                                                 | 4       | % |                                                    |   | 14      | %
|Total return**                                        |  |                                                 | 6.22    | % |                                                    |   | 12.76   | %
|Net assets at end of period (in thousands)            |  | $                                               | 430,409 |   |                                                    | $ | 430,409 |  

---

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

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

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

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

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

The accompanying notes are an
integral part of these unaudited 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



|                                                                               |  |                    |             |    
|------------------------------------------------------------------------------ |  | ------------------ | ----------- | ---
|                                                                               |  | September 30, 2006 |            
|Assets                                                                         |  |                    |             |    
|Investments, at value (cost $97,252,916)                                       |  | $                  | 107,205,072 | (a)
|Investments in affiliated issuers, at value (cost $24,278,734)                 |  |                    | 24,278,734  |    
|Cash                                                                           |  |                    | 909         |    
|Receivable for investments sold                                                |  |                    | 2,768,023   |    
|Receivable for fund units sold                                                 |  |                    | 4,991       |    
|Dividends and interest receivable                                              |  |                    | 41,280      |    
|                                                                               |  |                    |             |    
|Total assets                                                                   |  |                    | 134,299,009 |    
|                                                                               |  |                    |             |    
|Liabilities                                                                    |  |                    |             |    
|Payable for collateral received on securities loaned                           |  |                    | 22,466,081  |    
|Payable for investments purchased                                              |  |                    | 1,893,396   |    
|Investment advisory fee payable                                                |  |                    | 169,521     |    
|State Street Bank and Trust Companyprogram fee payable                        |  |                    | 31,331      |    
|Payable for fund units redeemed                                                |  |                    | 21,796      |    
|Trustee, management and administration fees payable                            |  |                    | 8,289       |    
|ABA Retirement Fundsprogram fee payable                                       |  |                    | 3,776       |    
|Other accruals                                                                 |  |                    | 27,233      |    
|                                                                               |  |                    |             |    
|Total liabilities                                                              |  |                    | 24,621,423  |    
|                                                                               |  |                    |             |    
|Net Assets(equivalent to $21.28 per unit based on 5,153,651 units outstanding) |  | $                  | 109,677,586 |    
|                                                                               |  |                    |             |    

---

|(a) | Includes securities on loan with a value of $21,959,605.
|--- | --------------------------------------------------------

The accompanying notes are an integral part of these unaudited 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 periodJuly 1, 2006 toSeptember 30, 2006 |            |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|Investment income                                                    |  |                                                 |            |   |                                                    |   |            |  
|Dividends (net of foreign tax expense of $0 and $287, respectively.) |  | $                                               | 92,320     |   |                                                    | $ | 587,878    |  
|Dividendsaffiliated issuer                                          |  |                                                 | 29,775     |   |                                                    |   | 127,760    |  
|Securities lending income, net                                       |  |                                                 | 8,291      |   |                                                    |   | 36,329     |  
|                                                                     |  |                                                 |            |   |                                                    |   |            |  
|Total investment income                                              |  |                                                 | 130,386    |   |                                                    |   | 751,967    |  
|                                                                     |  |                                                 |            |   |                                                    |   |            |  
|Expenses                                                             |  |                                                 |            |   |                                                    |   |            |  
|Investment advisory fee                                              |  |                                                 | 169,521    |   |                                                    |   | 504,939    |  
|State Street Bank and Trust Companyprogram fee                      |  |                                                 | 94,036     |   |                                                    |   | 273,080    |  
|ABA Retirement Fundsprogram fee                                     |  |                                                 | 11,749     |   |                                                    |   | 34,953     |  
|Trustee, management and administration fees                          |  |                                                 | 25,614     |   |                                                    |   | 75,491     |  
|Reports to unitholders                                               |  |                                                 | 4,933      |   |                                                    |   | 13,329     |  
|Legal and audit fees                                                 |  |                                                 | 8,986      |   |                                                    |   | 22,766     |  
|Compliance consultant fees                                           |  |                                                 | 9,695      |   |                                                    |   | 26,196     |  
|Registration fees                                                    |  |                                                 | 1,050      |   |                                                    |   | 2,840      |  
|Other fees                                                           |  |                                                 | 4,672      |   |                                                    |   | 11,557     |  
|                                                                     |  |                                                 |            |   |                                                    |   |            |  
|Total expenses                                                       |  |                                                 | 330,256    |   |                                                    |   | 965,151    |  
|                                                                     |  |                                                 |            |   |                                                    |   |            |  
|Net investment loss                                                  |  |                                                 | (199,870   | ) |                                                    |   | (213,184   | )
|                                                                     |  |                                                 |            |   |                                                    |   |            |  
|Net realized and unrealized gain (loss) on investments               |  |                                                 |            |   |                                                    |   |            |  
|Net realized gain (loss) on:                                         |  |                                                 |            |   |                                                    |   |            |  
|Investments                                                          |  |                                                 | (1,148,038 | ) |                                                    |   | 3,939,139  |  
|                                                                     |  |                                                 |            |   |                                                    |   |            |  
|Change in net unrealized appreciation (depreciation) on:             |  |                                                 |            |   |                                                    |   |            |  
|Investments                                                          |  |                                                 | (2,277,436 | ) |                                                    |   | (4,816,775 | )
|                                                                     |  |                                                 |            |   |                                                    |   |            |  
|Net realized and unrealized loss                                     |  |                                                 | (3,425,474 | ) |                                                    |   | (877,636   | )
|                                                                     |  |                                                 |            |   |                                                    |   |            |  
|Net decrease in net assets resulting from operations                 |  | $                                               | (3,625,344 | ) |                                                    | $ | (1,090,820 | )
|                                                                     |  |                                                 |            |   |                                                    |   |            |  

The accompanying notes are an integral part of these unaudited 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 periodJuly 1, 2006 toSeptember 30, 2006 |             |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|From operations                                                              |  |                                                 |             |   |                                                    |   |             |  
|Net investment loss                                                          |  | $                                               | (199,870    | ) |                                                    | $ | (213,184    | )
|Net realized gain (loss)                                                     |  |                                                 | (1,148,038  | ) |                                                    |   | 3,939,139   |  
|Change in net unrealized appreciation (depreciation) on investments          |  |                                                 | (2,277,436  | ) |                                                    |   | (4,816,775  | )
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|Net decrease in net assets resulting from operations                         |  |                                                 | (3,625,344  | ) |                                                    |   | (1,090,820  | )
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|From unitholder transactions                                                 |  |                                                 |             |   |                                                    |   |             |  
|Proceeds from units issued                                                   |  |                                                 | 4,404,127   |   |                                                    |   | 32,908,756  |  
|Cost of units redeemed                                                       |  |                                                 | (6,752,995  | ) |                                                    |   | (13,180,226 | )
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets resulting from unitholder transactions |  |                                                 | (2,348,868  | ) |                                                    |   | 19,728,530  |  
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets                                        |  |                                                 | (5,974,212  | ) |                                                    |   | 18,637,710  |  
|Net Assets                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Beginning of period                                                          |  |                                                 | 115,651,798 |   |                                                    |   | 91,039,876  |  
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|End of period                                                                |  | $                                               | 109,677,586 |   |                                                    | $ | 109,677,586 |  
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|Number of units                                                              |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-beginning of period                                              |  |                                                 | 5,269,735   |   |                                                    |   | 4,324,917   |  
|Issued                                                                       |  |                                                 | 210,377     |   |                                                    |   | 1,448,906   |  
|Redeemed                                                                     |  |                                                 | (326,461    | ) |                                                    |   | (620,172    | )
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-end of period                                                    |  |                                                 | 5,153,651   |   |                                                    |   | 5,153,651   |  
|                                                                             |  |                                                 |             |   |                                                    |   |             |  

The accompanying notes are an integral part of these unaudited 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 periodJuly 1, 2006 toSeptember 30, 2006 |         |    | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|Investment income                                  |  | $                                               | 0.03    |    |                                                    | $ | 0.15    |    
|Net expenses()                                   |  |                                                 | (0.06   | )  |                                                    |   | (0.19   | )  
|                                                    |  |                                                 |         |    |                                                    |   |         |    
|Net investment loss                                 |  |                                                 | (0.03   | )  |                                                    |   | (0.04   | )  
|Net realized and unrealized gain (loss)             |  |                                                 | (0.64   | )  |                                                    |   | 0.27    | (a)
|                                                    |  |                                                 |         |    |                                                    |   |         |    
|Net increase (decrease) in unit value               |  |                                                 | (0.67   | )  |                                                    |   | 0.23    |    
|Net asset value at beginning of period              |  |                                                 | 21.95   |    |                                                    |   | 21.05   |    
|                                                    |  |                                                 |         |    |                                                    |   |         |    
|Net asset value at end of period                    |  | $                                               | 21.28   |    |                                                    | $ | 21.28   |    
|                                                    |  |                                                 |         |    |                                                    |   |         |    
|Ratio of net expenses to average net assets*      |  |                                                 | 1.21    | %  |                                                    |   | 1.18    | %  
|Ratio of net investment loss to average net assets* |  |                                                 | (0.73   | )% |                                                    |   | (0.26   | )% 
|Portfolio turnover**                                |  |                                                 | 35      | %  |                                                    |   | 98      | %  
|Total return**                                      |  |                                                 | (3.05   | )% |                                                    |   | 1.09    | %  
|Net assets at end of period (in thousands)          |  | $                                               | 109,678 |    |                                                    | $ | 109,678 |    

---

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

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

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

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

|(a) | The per unit amount shown does not correspond to the net change in realized and unrealized gain (loss) for the period due to the timing of sales and redemptions of units in relation
to the fluctuating market values of the investments of the fund.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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



28



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Value Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                               |  |                    |            |    
|------------------------------------------------------------------------------ |  | ------------------ | ---------- | ---
|                                                                               |  | September 30, 2006 |           
|Assets                                                                         |  |                    |            |    
|Investments, at value (cost $58,829,138)                                       |  | $                  | 65,717,989 | (a)
|Investments in affiliated issuers, at value (cost $16,255,137)                 |  |                    | 16,255,137 |    
|Cash                                                                           |  |                    | 159,836    |    
|Receivable for investments sold                                                |  |                    | 7,850      |    
|Receivable for fund units sold                                                 |  |                    | 7,595      |    
|Dividends and interest receivable                                              |  |                    | 89,577     |    
|                                                                               |  |                    |            |    
|Total assets                                                                   |  |                    | 82,237,984 |    
|                                                                               |  |                    |            |    
|Liabilities                                                                    |  |                    |            |    
|Payable for collateral received on securities loaned                           |  |                    | 12,052,953 |    
|Payable for investments purchased                                              |  |                    | 436,616    |    
|Payable for fund units redeemed                                                |  |                    | 326,090    |    
|Investment advisory fee payable                                                |  |                    | 31,925     |    
|State Street Bank and Trust Companyprogram fee payable                        |  |                    | 19,590     |    
|Trustee, management and administration fees payable                            |  |                    | 5,176      |    
|ABA Retirement Fundsprogram fee payable                                       |  |                    | 2,351      |    
|Other accruals                                                                 |  |                    | 16,579     |    
|                                                                               |  |                    |            |    
|Total liabilities                                                              |  |                    | 12,891,280 |    
|                                                                               |  |                    |            |    
|Net Assets(equivalent to $15.43 per unit based on 4,495,544 units outstanding) |  | $                  | 69,346,704 |    
|                                                                               |  |                    |            |    

---

|(a) | Includes securities on loan with a value of $11,754,995.
|--- | --------------------------------------------------------

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



29



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Value Equity Fund

Statement of Operations

Unaudited



|                                                                        |  |                                                 |           |                                                    |   |           |  
|----------------------------------------------------------------------- |  | ----------------------------------------------- | --------- | -------------------------------------------------- | - | --------- | -
|                                                                        |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |           | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|Investment income                                                       |  |                                                 |           |                                                    |   |           |  
|Dividends (net of foreign tax expense of $33 and $1,846, respectively.) |  | $                                               | 213,931   |                                                    | $ | 613,000   |  
|Dividends- affiliated issuers                                           |  |                                                 | 37,739    |                                                    |   | 72,374    |  
|Securities lending income, net                                          |  |                                                 | 5,023     |                                                    |   | 13,719    |  
|                                                                        |  |                                                 |           |                                                    |   |           |  
|Total investment income                                                 |  |                                                 | 256,693   |                                                    |   | 699,093   |  
|                                                                        |  |                                                 |           |                                                    |   |           |  
|Expenses                                                                |  |                                                 |           |                                                    |   |           |  
|Investment advisory fee                                                 |  |                                                 | 95,350    |                                                    |   | 286,326   |  
|State Street Bank and Trust Companyprogram fee                         |  |                                                 | 56,870    |                                                    |   | 166,565   |  
|ABA Retirement Fundsprogram fee                                        |  |                                                 | 7,099     |                                                    |   | 21,319    |  
|Trustee, management and administration fees                             |  |                                                 | 15,479    |                                                    |   | 46,049    |  
|Reports to unitholders                                                  |  |                                                 | 2,981     |                                                    |   | 8,145     |  
|Compliance consultant fees                                              |  |                                                 | 5,858     |                                                    |   | 16,007    |  
|Legal and audit fees                                                    |  |                                                 | 5,430     |                                                    |   | 13,904    |  
|Registration fees                                                       |  |                                                 | 635       |                                                    |   | 1,736     |  
|Other fees                                                              |  |                                                 | 2,825     |                                                    |   | 7,060     |  
|                                                                        |  |                                                 |           |                                                    |   |           |  
|Total expenses                                                          |  |                                                 | 192,527   |                                                    |   | 567,111   |  
|                                                                        |  |                                                 |           |                                                    |   |           |  
|Net investment income                                                   |  |                                                 | 64,166    |                                                    |   | 131,982   |  
|                                                                        |  |                                                 |           |                                                    |   |           |  
|Net realized and unrealized gain (loss) on investments                  |  |                                                 |           |                                                    |   |           |  
|Net realized gain on:                                                   |  |                                                 |           |                                                    |   |           |  
|Investments                                                             |  |                                                 | 236,571   |                                                    |   | 2,908,098 |  
|Change in net unrealized appreciation (depreciation) on:                |  |                                                 |           |                                                    |   |           |  
|Investments                                                             |  |                                                 | 2,720,068 |                                                    |   | (328,658  | )
|                                                                        |  |                                                 |           |                                                    |   |           |  
|Net realized and unrealized gain                                        |  |                                                 | 2,956,639 |                                                    |   | 2,579,440 |  
|                                                                        |  |                                                 |           |                                                    |   |           |  
|Net increase in net assets resulting from operations                    |  | $                                               | 3,020,805 |                                                    | $ | 2,711,422 |  
|                                                                        |  |                                                 |           |                                                    |   |           |  

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



30



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Value Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                    |  |                                                 |            |   |                                                    |   |            |  
|------------------------------------------------------------------- |  | ----------------------------------------------- | ---------- | - | -------------------------------------------------- | - | ---------- | -
|                                                                    |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |            |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|From operations                                                     |  |                                                 |            |   |                                                    |   |            |  
|Net investment income                                               |  | $                                               | 64,166     |   |                                                    | $ | 131,982    |  
|Net realized gain                                                   |  |                                                 | 236,571    |   |                                                    |   | 2,908,098  |  
|Change in net unrealized appreciation (depreciation) on investments |  |                                                 | 2,720,068  |   |                                                    |   | (328,658   | )
|                                                                    |  |                                                 |            |   |                                                    |   |            |  
|Net increase in net assets resulting from operations                |  |                                                 | 3,020,805  |   |                                                    |   | 2,711,422  |  
|                                                                    |  |                                                 |            |   |                                                    |   |            |  
|From unitholder transactions                                        |  |                                                 |            |   |                                                    |   |            |  
|Proceeds from units issued                                          |  |                                                 | 2,186,243  |   |                                                    |   | 7,349,722  |  
|Cost of units redeemed                                              |  |                                                 | (1,562,212 | ) |                                                    |   | (6,855,764 | )
|                                                                    |  |                                                 |            |   |                                                    |   |            |  
|Net increase in net assets resulting from unitholder transactions   |  |                                                 | 624,031    |   |                                                    |   | 493,958    |  
|                                                                    |  |                                                 |            |   |                                                    |   |            |  
|Net increase in net assets                                          |  |                                                 | 3,644,836  |   |                                                    |   | 3,205,380  |  
|Net Assets                                                          |  |                                                 |            |   |                                                    |   |            |  
|Beginning of period                                                 |  |                                                 | 65,701,868 |   |                                                    |   | 66,141,324 |  
|                                                                    |  |                                                 |            |   |                                                    |   |            |  
|End of period                                                       |  | $                                               | 69,346,704 |   |                                                    | $ | 69,346,704 |  
|                                                                    |  |                                                 |            |   |                                                    |   |            |  
|Number of units                                                     |  |                                                 |            |   |                                                    |   |            |  
|Outstanding-beginning of period                                     |  |                                                 | 4,453,338  |   |                                                    |   | 4,461,597  |  
|Issued                                                              |  |                                                 | 149,094    |   |                                                    |   | 491,516    |  
|Redeemed                                                            |  |                                                 | (106,888   | ) |                                                    |   | (457,569   | )
|                                                                    |  |                                                 |            |   |                                                    |   |            |  
|Outstanding-end of period                                           |  |                                                 | 4,495,544  |   |                                                    |   | 4,495,544  |  
|                                                                    |  |                                                 |            |   |                                                    |   |            |  

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



31



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Mid-Cap Value Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                      |  |                                                 |        |   |                                                    |   |        |  
|----------------------------------------------------- |  | ----------------------------------------------- | ------ | - | -------------------------------------------------- | - | ------ | -
|                                                      |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |        |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|Investment income                                    |  | $                                               | 0.06   |   |                                                    | $ | 0.16   |  
|Net expenses()                                     |  |                                                 | (0.04  | ) |                                                    |   | (0.13  | )
|                                                      |  |                                                 |        |   |                                                    |   |        |  
|Net investment income                                 |  |                                                 | 0.02   |   |                                                    |   | 0.03   |  
|Net realized and unrealized gain                      |  |                                                 | 0.66   |   |                                                    |   | 0.58   |  
|                                                      |  |                                                 |        |   |                                                    |   |        |  
|Net increase in unit value                            |  |                                                 | 0.68   |   |                                                    |   | 0.61   |  
|Net asset value at beginning of period                |  |                                                 | 14.75  |   |                                                    |   | 14.82  |  
|                                                      |  |                                                 |        |   |                                                    |   |        |  
|Net asset value at end of period                      |  | $                                               | 15.43  |   |                                                    | $ | 15.43  |  
|                                                      |  |                                                 |        |   |                                                    |   |        |  
|Ratio of net expenses to average net assets*        |  |                                                 | 1.16   | % |                                                    |   | 1.14   | %
|Ratio of net investment income to average net assets* |  |                                                 | 0.39   | % |                                                    |   | 0.27   | %
|Portfolio turnover**                                  |  |                                                 | 5      | % |                                                    |   | 21     | %
|Total return**                                        |  |                                                 | 4.61   | % |                                                    |   | 4.12   | %
|Net assets at end of period (in thousands)            |  | $                                               | 69,347 |   |                                                    | $ | 69,347 |  

---

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

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

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

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

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



32



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Small-Cap Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                               |  |                    |             |    
|------------------------------------------------------------------------------ |  | ------------------ | ----------- | ---
|                                                                               |  | September 30, 2006 |            
|Assets                                                                         |  |                    |             |    
|Investments, at value (cost $243,846,949)                                      |  | $                  | 269,410,249 | (a)
|Investments in affiliated issuers, at value (cost $138,546,826)                |  |                    | 139,610,650 |    
|Cash                                                                           |  |                    | 1,405       |    
|Receivable for investments sold                                                |  |                    | 3,363,423   |    
|Receivable for fund units sold                                                 |  |                    | 19,925      |    
|Dividends and interest receivable                                              |  |                    | 153,009     |    
|                                                                               |  |                    |             |    
|Total assets                                                                   |  |                    | 412,558,661 |    
|                                                                               |  |                    |             |    
|Liabilities                                                                    |  |                    |             |    
|Payable for collateral received on securities loaned                           |  |                    | 102,193,788 |    
|Payable for investments purchased                                              |  |                    | 3,944,180   |    
|Investment advisory fee payable                                                |  |                    | 165,997     |    
|State Street Bank and Trust Companyprogram fee payable                        |  |                    | 87,973      |    
|Payable for fund units redeemed                                                |  |                    | 78,768      |    
|Trustee, management and administration fees payable                            |  |                    | 23,337      |    
|ABA Retirement Fundsprogram fee payable                                       |  |                    | 10,623      |    
|Other accruals                                                                 |  |                    | 77,789      |    
|                                                                               |  |                    |             |    
|Total liabilities                                                              |  |                    | 106,582,455 |    
|                                                                               |  |                    |             |    
|Net Assets(equivalent to $68.75 per unit based on 4,450,790 units outstanding) |  | $                  | 305,976,206 |    
|                                                                               |  |                    |             |    

---

|(a) | Includes securities on loan with a value of $99,588,741.
|--- | --------------------------------------------------------

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



33



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Small-Cap Equity Fund

Statement of Operations

Unaudited



|                                                                    |  |                                                 |            |   |                                                    |   |            |  
|------------------------------------------------------------------- |  | ----------------------------------------------- | ---------- | - | -------------------------------------------------- | - | ---------- | -
|                                                                    |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |            |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|Investment income                                                   |  |                                                 |            |   |                                                    |   |            |  
|Dividends                                                           |  | $                                               | 464,049    |   |                                                    | $ | 1,329,232  |  
|Dividendsaffiliated issuers                                        |  |                                                 | 100,588    |   |                                                    |   | 302,046    |  
|Securities lending income, net                                      |  |                                                 | 63,537     |   |                                                    |   | 170,203    |  
|                                                                    |  |                                                 |            |   |                                                    |   |            |  
|Total investment income                                             |  |                                                 | 628,174    |   |                                                    |   | 1,801,481  |  
|                                                                    |  |                                                 |            |   |                                                    |   |            |  
|Expenses                                                            |  |                                                 |            |   |                                                    |   |            |  
|Investment advisory fee                                             |  |                                                 | 504,269    |   |                                                    |   | 1,559,463  |  
|State Street Bank and Trust Companyprogram fee                     |  |                                                 | 263,953    |   |                                                    |   | 811,353    |  
|ABA Retirement Fundsprogram fee                                    |  |                                                 | 32,977     |   |                                                    |   | 103,942    |  
|Trustee, management and administration fees                         |  |                                                 | 71,889     |   |                                                    |   | 224,447    |  
|Reports to unitholders                                              |  |                                                 | 13,844     |   |                                                    |   | 39,585     |  
|Legal and audit fees                                                |  |                                                 | 25,217     |   |                                                    |   | 67,466     |  
|Compliance consultant fees                                          |  |                                                 | 27,212     |   |                                                    |   | 77,810     |  
|Registration fees                                                   |  |                                                 | 2,948      |   |                                                    |   | 8,436      |  
|Other fees                                                          |  |                                                 | 13,120     |   |                                                    |   | 34,229     |  
|                                                                    |  |                                                 |            |   |                                                    |   |            |  
|Total expenses                                                      |  |                                                 | 955,429    |   |                                                    |   | 2,926,731  |  
|                                                                    |  |                                                 |            |   |                                                    |   |            |  
|Net investment loss                                                 |  |                                                 | (327,255   | ) |                                                    |   | (1,125,250 | )
|                                                                    |  |                                                 |            |   |                                                    |   |            |  
|Net realized and unrealized gain (loss) on investments              |  |                                                 |            |   |                                                    |   |            |  
|Net realized gain (loss) on:                                        |  |                                                 |            |   |                                                    |   |            |  
|Investmentsunaffiliated issuers                                    |  |                                                 | (1,429,899 | ) |                                                    |   | 5,856,004  |  
|Investmentsaffiliated issuers                                      |  |                                                 | 1,019,659  |   |                                                    |   | 3,217,421  |  
|                                                                    |  |                                                 |            |   |                                                    |   |            |  
|Net realized gain (loss)                                            |  |                                                 | (410,240   | ) |                                                    |   | 9,073,425  |  
|                                                                    |  |                                                 |            |   |                                                    |   |            |  
|Change in net unrealized appreciation (depreciation) on investments |  |                                                 | (6,614,271 | ) |                                                    |   | (5,072,671 | )
|                                                                    |  |                                                 |            |   |                                                    |   |            |  
|Net realized and unrealized gain (loss)                             |  |                                                 | (7,024,511 | ) |                                                    |   | 4,000,754  |  
|                                                                    |  |                                                 |            |   |                                                    |   |            |  
|Net increase (decrease) in net assets resulting from operations     |  | $                                               | (7,351,766 | ) |                                                    | $ | 2,875,504  |  
|                                                                    |  |                                                 |            |   |                                                    |   |            |  

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



34



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Small-Cap Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                    |  |                                                 |             |   |                                                    |   |             |  
|------------------------------------------------------------------- |  | ----------------------------------------------- | ----------- | - | -------------------------------------------------- | - | ----------- | -
|                                                                    |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |             |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|From operations                                                     |  |                                                 |             |   |                                                    |   |             |  
|Net investment loss                                                 |  | $                                               | (327,255    | ) |                                                    | $ | (1,125,250  | )
|Net realized gain (loss)                                            |  |                                                 | (410,240    | ) |                                                    |   | 9,073,425   |  
|Change in net unrealized appreciation (depreciation) on investments |  |                                                 | (6,614,271  | ) |                                                    |   | (5,072,671  | )
|                                                                    |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets resulting from operations     |  |                                                 | (7,351,766  | ) |                                                    |   | 2,875,504   |  
|                                                                    |  |                                                 |             |   |                                                    |   |             |  
|From unitholder transactions                                        |  |                                                 |             |   |                                                    |   |             |  
|Proceeds from units issued                                          |  |                                                 | 2,079,148   |   |                                                    |   | 14,129,682  |  
|Cost of units redeemed                                              |  |                                                 | (10,489,233 | ) |                                                    |   | (25,781,593 | )
|                                                                    |  |                                                 |             |   |                                                    |   |             |  
|Net decrease in net assets resulting from unitholder transactions   |  |                                                 | (8,410,085  | ) |                                                    |   | (11,651,911 | )
|                                                                    |  |                                                 |             |   |                                                    |   |             |  
|Net decrease in net assets                                          |  |                                                 | (15,761,851 | ) |                                                    |   | (8,776,407  | )
|Net Assets                                                          |  |                                                 |             |   |                                                    |   |             |  
|Beginning of period                                                 |  |                                                 | 321,738,057 |   |                                                    |   | 314,752,613 |  
|                                                                    |  |                                                 |             |   |                                                    |   |             |  
|End of period                                                       |  | $                                               | 305,976,206 |   |                                                    | $ | 305,976,206 |  
|                                                                    |  |                                                 |             |   |                                                    |   |             |  
|Number of units                                                     |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-beginning of period                                     |  |                                                 | 4,576,933   |   |                                                    |   | 4,628,769   |  
|Issued                                                              |  |                                                 | 30,495      |   |                                                    |   | 192,058     |  
|Redeemed                                                            |  |                                                 | (156,638    | ) |                                                    |   | (370,037    | )
|                                                                    |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-end of period                                           |  |                                                 | 4,450,790   |   |                                                    |   | 4,450,790   |  
|                                                                    |  |                                                 |             |   |                                                    |   |             |  

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



35



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Small-Cap Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                    |  |                                                 |         |    |                                                    |   |         |   
|--------------------------------------------------- |  | ----------------------------------------------- | ------- | -- | -------------------------------------------------- | - | ------- | --
|                                                    |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |         |    | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|Investment income                                  |  | $                                               | 0.14    |    |                                                    | $ | 0.39    |   
|Net expenses()                                   |  |                                                 | (0.21   | )  |                                                    |   | (0.64   | ) 
|                                                    |  |                                                 |         |    |                                                    |   |         |   
|Net investment loss                                 |  |                                                 | (0.07   | )  |                                                    |   | (0.25   | ) 
|Net realized and unrealized gain (loss)             |  |                                                 | (1.48   | )  |                                                    |   | 1.00    |   
|                                                    |  |                                                 |         |    |                                                    |   |         |   
|Net increase (decrease) in unit value               |  |                                                 | (1.55   | )  |                                                    |   | 0.75    |   
|Net asset value at beginning of period              |  |                                                 | 70.30   |    |                                                    |   | 68.00   |   
|                                                    |  |                                                 |         |    |                                                    |   |         |   
|Net asset value at end of period                    |  | $                                               | 68.75   |    |                                                    | $ | 68.75   |   
|                                                    |  |                                                 |         |    |                                                    |   |         |   
|Ratio of net expenses to average net assets*      |  |                                                 | 1.24    | %  |                                                    |   | 1.21    | % 
|Ratio of net investment loss to average net assets* |  |                                                 | (0.43   | )% |                                                    |   | (0.46   | )%
|Portfolio turnover**                             |  |                                                 | 26      | %  |                                                    |   | 59      | % 
|Total return**                                      |  |                                                 | (2.20   | )% |                                                    |   | 1.10    | % 
|Net assets at end of period (in thousands)          |  | $                                               | 305,976 |    |                                                    | $ | 305,976 |   

---

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

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

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

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

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

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



36



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Stable Asset Return Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                          |  |                    |            
|--------------------------------------------------------------------------------------------------------- |  | ------------------ | -----------
|                                                                                                          |  | September 30, 2006
|Assets                                                                                                    |  |                    |            
|Investments in affiliated fund, at contract value:                                                        |  |                    |            
|                                                                                                          | 
|State Street Bank ABA Members/Pooled Stable Asset Fund Trust (cost $878,845,490 and units of 878,845,490) |  | $                  | 878,845,490
|Receivable for investments sold                                                                           |  |                    | 417,601    
|                                                                                                          |  |                    |            
|Total assets                                                                                              |  |                    | 879,263,091
|                                                                                                          |  |                    |            
|Liabilities                                                                                               |  |                    |            
|State Street Bank and Trust Companyprogram fee payable                                                   |  |                    | 256,518    
|Payable for fund units redeemed                                                                           |  |                    | 164,846    
|Legal and audit fee payable                                                                               |  |                    | 87,072     
|Trustee, management and administration fees payable                                                       |  |                    | 67,898     
|Compliance consultant fee payable                                                                         |  |                    | 67,376     
|ABA Retirement Fundsprogram fee payable                                                                  |  |                    | 30,926     
|Other accruals                                                                                            |  |                    | 66,700     
|                                                                                                          |  |                    |            
|Total liabilities                                                                                         |  |                    | 741,336    
|                                                                                                          |  |                    |            
|Net Assets(equivalent to $31.52 per unit based on 27,874,810 units outstanding)                           |  | $                  | 878,521,755
|                                                                                                          |  |                    |            

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



37



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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 periodJuly 1, 2006 toSeptember 30, 2006 |            | For the periodJanuary 1, 2006 toSeptember 30, 2006
|Interest incomeaffiliated                                                     |  | $                                               | 10,594,158 |                                                    | $ | 29,973,701
|                                                                               |  |                                                 |            |                                                    |   |           
|Expenses                                                                       |  |                                                 |            |                                                    |   |           
|State Street Bank and Trust Companyprogram fee                                |  |                                                 | 765,592    |                                                    |   | 2,187,902 
|ABA Retirement Fundsprogram fee                                               |  |                                                 | 95,637     |                                                    |   | 280,004   
|Trustee, management and administration fees                                    |  |                                                 | 208,510    |                                                    |   | 604,830   
|Reports to unitholders                                                         |  |                                                 | 40,161     |                                                    |   | 107,107   
|Legal and audit fees                                                           |  |                                                 | 73,152     |                                                    |   | 183,030   
|Compliance consultant fees                                                     |  |                                                 | 78,942     |                                                    |   | 210,531   
|Registration fees                                                              |  |                                                 | 8,552      |                                                    |   | 22,825    
|Other fees                                                                     |  |                                                 | 38,054     |                                                    |   | 92,956    
|                                                                               |  |                                                 |            |                                                    |   |           
|Total expenses                                                                 |  |                                                 | 1,308,600  |                                                    |   | 3,689,185 
|                                                                               |  |                                                 |            |                                                    |   |           
|Net investment income and net increase in net assets resulting from operations |  | $                                               | 9,285,558  |                                                    | $ | 26,284,516
|                                                                               |  |                                                 |            |                                                    |   |           

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



38



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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 periodJuly 1, 2006 toSeptember 30, 2006 |             |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|From operations                                                                |  |                                                 |             |   |                                                    |   |              |  
|Net investment income and net increase in net assets resulting from operations |  | $                                               | 9,285,558   |   |                                                    | $ | 26,284,516   |  
|                                                                               |  |                                                 |             |   |                                                    |   |              |  
|From unitholder transactions                                                   |  |                                                 |             |   |                                                    |   |              |  
|Proceeds from units issued                                                     |  |                                                 | 48,322,261  |   |                                                    |   | 95,438,378   |  
|Cost of units redeemed                                                         |  |                                                 | (59,257,791 | ) |                                                    |   | (113,701,293 | )
|                                                                               |  |                                                 |             |   |                                                    |   |              |  
|Net decrease in net assets resulting from unitholder transactions              |  |                                                 | (10,935,530 | ) |                                                    |   | (18,262,915  | )
|                                                                               |  |                                                 |             |   |                                                    |   |              |  
|Net increase (decrease) in net assets                                          |  |                                                 | (1,649,972  | ) |                                                    |   | 8,021,601    |  
|Net Assets                                                                     |  |                                                 |             |   |                                                    |   |              |  
|Beginning of period                                                            |  |                                                 | 880,171,727 |   |                                                    |   | 870,500,154  |  
|                                                                               |  |                                                 |             |   |                                                    |   |              |  
|End of period                                                                  |  | $                                               | 878,521,755 |   |                                                    | $ | 878,521,755  |  
|                                                                               |  |                                                 |             |   |                                                    |   |              |  
|Number of units                                                                |  |                                                 |             |   |                                                    |   |              |  
|Outstanding-beginning of period                                                |  |                                                 | 28,222,076  |   |                                                    |   | 28,463,595   |  
|Issued                                                                         |  |                                                 | 1,539,458   |   |                                                    |   | 3,061,641    |  
|Redeemed                                                                       |  |                                                 | (1,886,724  | ) |                                                    |   | (3,650,426   | )
|                                                                               |  |                                                 |             |   |                                                    |   |              |  
|Outstanding-end of period                                                      |  |                                                 | 27,874,810  |   |                                                    |   | 27,874,810   |  
|                                                                               |  |                                                 |             |   |                                                    |   |              |  

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



39



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Stable Asset Return Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                      |  |                                                 |         |   |                                                    |   |         |  
|----------------------------------------------------- |  | ----------------------------------------------- | ------- | - | -------------------------------------------------- | - | ------- | -
|                                                      |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |         |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|Investment income                                    |  | $                                               | 0.38    |   |                                                    | $ | 1.07    |  
|Net expenses()                                     |  |                                                 | (0.05   | ) |                                                    |   | (0.13   | )
|                                                      |  |                                                 |         |   |                                                    |   |         |  
|Net investment income                                 |  |                                                 | 0.33    |   |                                                    |   | 0.94    |  
|                                                      |  |                                                 |         |   |                                                    |   |         |  
|Net increase in unit value                            |  |                                                 | 0.33    |   |                                                    |   | 0.94    |  
|Net asset value at beginning of period                |  |                                                 | 31.19   |   |                                                    |   | 30.58   |  
|                                                      |  |                                                 |         |   |                                                    |   |         |  
|Net asset value at end of period                      |  | $                                               | 31.52   |   |                                                    | $ | 31.52   |  
|                                                      |  |                                                 |         |   |                                                    |   |         |  
|Ratio of net expenses to average net assets*        |  |                                                 | 0.59    | % |                                                    |   | 0.56    | %
|Ratio of net investment income to average net assets* |  |                                                 | 4.17    | % |                                                    |   | 4.02    | %
|Total return**                                        |  |                                                 | 1.06    | % |                                                    |   | 3.07    | %
|Net assets at end of period (in thousands)            |  | $                                               | 878,522 |   |                                                    | $ | 878,522 |  

---

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

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

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

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

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



40



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Conservative
Portfolio

Statement of Assets and Liabilities

Unaudited



|                                                                                            |  |                    |           
|------------------------------------------------------------------------------------------- |  | ------------------ | ----------
|                                                                                            |  | September 30, 2006
|Assets                                                                                      |  |                    |           
|American Bar Association Members / State Street Collective Trust investment funds, at value |  |                    |           
|Stable Asset Return Fund (cost $19,386,739 and units of 659,860)                            |  | $                  | 20,799,007
|Intermediate Bond Fund (cost $22,699,446 and units of 1,230,928)                            |  |                    | 24,265,508
|Index Equity Fund (cost $7,909,137 and units of 282,604)                                    |  |                    | 9,706,204 
|Large Cap Growth Equity Fund (cost $4,191,262 and units of 95,658)                          |  |                    | 4,853,101 
|Large Cap Value Equity Fund (cost $3,727,052 and units of 118,400)                          |  |                    | 4,853,101 
|International Equity Fund (cost $3,600,945 and units of 170,382)                            |  |                    | 4,853,101 
|Receivable for portfolio units sold                                                         |  |                    | 10,669    
|                                                                                            |  |                    |           
|Total assets                                                                                |  |                    | 69,340,691
|                                                                                            |  |                    |           
|Liabilities                                                                                 |  |                    |           
|Payable for collective investments purchased                                                |  |                    | 10,669    
|                                                                                            |  |                    |           
|Total liabilities                                                                           |  |                    | 10,669    
|                                                                                            |  |                    |           
|Net Assets(equivalent to $21.16 per unit based on 3,276,409 units outstanding)              |  | $                  | 69,330,022
|                                                                                            |  |                    |           

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



41



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Conservative
Portfolio

Statement of Operations

Unaudited



|                                                                        |  |                                                 |           |                                                     |   |          
|----------------------------------------------------------------------- |  | ----------------------------------------------- | --------- | --------------------------------------------------- | - | ---------
|                                                                        |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |           | For the periodJanuary 1, 2006 to September 30, 2006
|Investment income                                                       |  | $                                               |          |                                                     | $ |         
|                                                                        |  |                                                 |           |                                                     |   |          
|Net realized and unrealized gain (loss) on collective investment funds: |  |                                                 |           |                                                     |   |          
|Net realized gain                                                       |  |                                                 | 865,202   |                                                     |   | 2,367,381
|Change in net unrealized appreciation (depreciation)                    |  |                                                 | 1,348,814 |                                                     |   | 996,495  
|                                                                        |  |                                                 |           |                                                     |   |          
|Net realized and unrealized gain (loss)                                 |  |                                                 | 2,214,016 |                                                     |   | 3,363,876
|                                                                        |  |                                                 |           |                                                     |   |          
|Net increase (decrease) in net assets resulting from operations         |  | $                                               | 2,214,016 |                                                     | $ | 3,363,876
|                                                                        |  |                                                 |           |                                                     |   |          

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



42



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Conservative
Portfolio

Statement of Changes in Net Assets

Unaudited



|                                                                             |  |                                                   |            |   |                                                    |   |            |  
|---------------------------------------------------------------------------- |  | ------------------------------------------------- | ---------- | - | -------------------------------------------------- | - | ---------- | -
|                                                                             |  | For the period July 1, 2006 to September 30, 2006 |            |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|From operations                                                              |  |                                                   |            |   |                                                    |   |            |  
|Net investment income                                                        |  | $                                                 |           |   |                                                    | $ |           |  
|Net realized gain on investments                                             |  |                                                   | 865,202    |   |                                                    |   | 2,367,381  |  
|Change in net unrealized appreciation (depreciation)                         |  |                                                   | 1,348,814  |   |                                                    |   | 996,495    |  
|                                                                             |  |                                                   |            |   |                                                    |   |            |  
|Net increase in net assets resulting from operations                         |  |                                                   | 2,214,016  |   |                                                    |   | 3,363,876  |  
|                                                                             |  |                                                   |            |   |                                                    |   |            |  
|From unitholder transactions                                                 |  |                                                   |            |   |                                                    |   |            |  
|Proceeds from units issued                                                   |  |                                                   | 1,598,171  |   |                                                    |   | 8,666,268  |  
|Cost of units redeemed                                                       |  |                                                   | (2,672,102 | ) |                                                    |   | (6,671,158 | )
|                                                                             |  |                                                   |            |   |                                                    |   |            |  
|Net increase (decrease) in net assets resulting from unitholder transactions |  |                                                   | (1,073,931 | ) |                                                    |   | 1,995,110  |  
|                                                                             |  |                                                   |            |   |                                                    |   |            |  
|Net increase in net assets                                                   |  |                                                   | 1,140,085  |   |                                                    |   | 5,358,986  |  
|Net Assets                                                                   |  |                                                   |            |   |                                                    |   |            |  
|Beginning of period                                                          |  |                                                   | 68,189,937 |   |                                                    |   | 63,971,036 |  
|                                                                             |  |                                                   |            |   |                                                    |   |            |  
|End of period                                                                |  | $                                                 | 69,330,022 |   |                                                    | $ | 69,330,022 |  
|                                                                             |  |                                                   |            |   |                                                    |   |            |  
|Number of units                                                              |  |                                                   |            |   |                                                    |   |            |  
|Outstanding-beginning of period                                              |  |                                                   | 3,326,996  |   |                                                    |   | 3,177,803  |  
|Issued                                                                       |  |                                                   | 77,707     |   |                                                    |   | 422,462    |  
|Redeemed                                                                     |  |                                                   | (128,294   | ) |                                                    |   | (323,856   | )
|                                                                             |  |                                                   |            |   |                                                    |   |            |  
|Outstanding-end of period                                                    |  |                                                   | 3,276,409  |   |                                                    |   | 3,276,409  |  
|                                                                             |  |                                                   |            |   |                                                    |   |            |  

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



43



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Conservative
Portfolio

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                     |  |                                                 |        |   |                                                    |   |        |  
|---------------------------------------------------- |  | ----------------------------------------------- | ------ | - | -------------------------------------------------- | - | ------ | -
|                                                     |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |        |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|Investment income                                    |  | $                                               | 0.00   |   |                                                    | $ | 0.00   |  
|Net expenses                                        |  |                                                 | 0.00   |   |                                                    |   | 0.00   |  
|                                                     |  |                                                 |        |   |                                                    |   |        |  
|Net investment income                                |  |                                                 | 0.00   |   |                                                    |   | 0.00   |  
|Net realized and unrealized gain                     |  |                                                 | 0.66   |   |                                                    |   | 1.03   |  
|                                                     |  |                                                 |        |   |                                                    |   |        |  
|Net increase in unit value                           |  |                                                 | 0.66   |   |                                                    |   | 1.03   |  
|Net asset value at beginning of period               |  |                                                 | 20.50  |   |                                                    |   | 20.13  |  
|                                                     |  |                                                 |        |   |                                                    |   |        |  
|Net asset value at end of period                     |  | $                                               | 21.16  |   |                                                    | $ | 21.16  |  
|                                                     |  |                                                 |        |   |                                                    |   |        |  
|Ratio of net expenses to average net assets         |  |                                                 | 0.00   | % |                                                    |   | 0.00   | %
|Ratio of net investment income to average net assets |  |                                                 | 0.00   | % |                                                    |   | 0.00   | %
|Portfolio turnover*                                |  |                                                 | 3      | % |                                                    |   | 14     | %
|Total return*                                        |  |                                                 | 3.22   | % |                                                    |   | 5.12   | %
|Net assets at end of period (in thousands)           |  | $                                               | 69,330 |   |                                                    | $ | 69,330 |  

---

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

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

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

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



44



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Moderate
Portfolio

Statement of Assets and Liabilities

Unaudited



|                                                                                            |  |                    |            
|------------------------------------------------------------------------------------------- |  | ------------------ | -----------
|                                                                                            |  | September 30, 2006
|Assets                                                                                      |  |                    |            
|American Bar Association Members / State Street Collective Trust investment funds, at value |  |                    |            
|Stable Asset Return Fund (cost $23,739,895 and units of 809,629)                            |  | $                  | 25,519,783 
|Intermediate Bond Fund (cost $71,558,083 and units of 3,883,661)                            |  |                    | 76,559,346 
|Large Cap Value Equity Fund (cost $16,653,795 and units of 560,341)                         |  |                    | 22,967,804 
|Large Cap Growth Equity Fund (cost $19,133,482 and units of 452,712)                        |  |                    | 22,967,804 
|Index Equity Fund (cost $45,590,786 and units of 1,708,968)                                 |  |                    | 58,695,499 
|Mid-Cap Value Equity Fund (cost $4,186,817 and units of 330,896)                            |  |                    | 5,103,956  
|Mid-Cap Growth Equity Fund (cost $4,376,691 and units of 239,834)                           |  |                    | 5,103,956  
|International Equity Fund (cost $26,161,982 and units of 1,343,917)                         |  |                    | 38,279,673 
|Receivable for portfolio units sold                                                         |  |                    | 278,886    
|                                                                                            |  |                    |            
|Total assets                                                                                |  |                    | 255,476,707
|                                                                                            |  |                    |            
|Liabilities                                                                                 |  |                    |            
|Payable for collective investments purchased                                                |  |                    | 278,886    
|                                                                                            |  |                    |            
|Total liabilities                                                                           |  |                    | 278,886    
|                                                                                            |  |                    |            
|Net Assets(equivalent to $23.23 per unit based on 10,986,176 units outstanding)             |  | $                  | 255,197,821
|                                                                                            |  |                    |            

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



45



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Moderate
Portfolio

Statement of Operations

Unaudited



|                                                                 |  |                                                 |           |                                                    |   |           
|---------------------------------------------------------------- |  | ----------------------------------------------- | --------- | -------------------------------------------------- | - | ----------
|                                                                 |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |           | For the periodJanuary 1, 2006 toSeptember 30, 2006
|Investment income                                                |  | $                                               |          |                                                    | $ |          
|                                                                 |  |                                                 |           |                                                    |   |           
|Net realized and unrealized gain on collective investment funds: |  |                                                 |           |                                                    |   |           
|Net realized gain                                                |  |                                                 | 3,488,896 |                                                    |   | 8,165,941 
|Change in net unrealized appreciation (depreciation)             |  |                                                 | 5,877,676 |                                                    |   | 7,699,389 
|                                                                 |  |                                                 |           |                                                    |   |           
|Net realized and unrealized gain                                 |  |                                                 | 9,366,572 |                                                    |   | 15,865,330
|                                                                 |  |                                                 |           |                                                    |   |           
|Net increase in net assets resulting from operations             |  | $                                               | 9,366,572 |                                                    | $ | 15,865,330
|                                                                 |  |                                                 |           |                                                    |   |           

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



46



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Moderate
Portfolio

Statement of Changes in Net Assets

Unaudited



|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|---------------------------------------------------------------------------- |  | ----------------------------------------------- | ----------- | - | -------------------------------------------------- | - | ----------- | -
|                                                                             |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |             |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|From operations                                                              |  |                                                 |             |   |                                                    |   |             |  
|Net investment income                                                        |  | $                                               |            |   |                                                    | $ |            |  
|Net realized gain on investments                                             |  |                                                 | 3,488,896   |   |                                                    |   | 8,165,941   |  
|Change in net unrealized appreciation (depreciation)                         |  |                                                 | 5,877,676   |   |                                                    |   | 7,699,389   |  
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|Net increase in net assets resulting from operations                         |  |                                                 | 9,366,572   |   |                                                    |   | 15,865,330  |  
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|From unitholder transactions                                                 |  |                                                 |             |   |                                                    |   |             |  
|Proceeds from units issued                                                   |  |                                                 | 4,476,134   |   |                                                    |   | 20,070,862  |  
|Cost of units redeemed                                                       |  |                                                 | (10,394,664 | ) |                                                    |   | (16,980,248 | )
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|Net increase (decrease) in net assets resulting from unitholder transactions |  |                                                 | (5,918,530  | ) |                                                    |   | 3,090,614   |  
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|Net increase in net assets                                                   |  |                                                 | 3,448,042   |   |                                                    |   | 18,955,944  |  
|Net Assets                                                                   |  |                                                 |             |   |                                                    |   |             |  
|Beginning of period                                                          |  |                                                 | 251,749,779 |   |                                                    |   | 236,241,877 |  
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|End of period                                                                |  | $                                               | 255,197,821 |   |                                                    | $ | 255,197,821 |  
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|Number of units                                                              |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-beginning of period                                              |  |                                                 | 11,248,667  |   |                                                    |   | 10,844,908  |  
|Issued                                                                       |  |                                                 | 196,860     |   |                                                    |   | 893,651     |  
|Redeemed                                                                     |  |                                                 | (459,351    | ) |                                                    |   | (752,383    | )
|                                                                             |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-end of period                                                    |  |                                                 | 10,986,176  |   |                                                    |   | 10,986,176  |  
|                                                                             |  |                                                 |             |   |                                                    |   |             |  

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



47



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Moderate
Portfolio

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                     |  |                                                 |         |   |                                                    |   |         |  
|---------------------------------------------------- |  | ----------------------------------------------- | ------- | - | -------------------------------------------------- | - | ------- | -
|                                                     |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |         |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|Investment income                                    |  | $                                               | 0.00    |   |                                                    | $ | 0.00    |  
|Net expenses                                        |  |                                                 | 0.00    |   |                                                    |   | 0.00    |  
|                                                     |  |                                                 |         |   |                                                    |   |         |  
|Net investment income                                |  |                                                 | 0.00    |   |                                                    |   | 0.00    |  
|Net realized and unrealized gain                     |  |                                                 | 0.85    |   |                                                    |   | 1.45    |  
|                                                     |  |                                                 |         |   |                                                    |   |         |  
|Net increase in unit value                           |  |                                                 | 0.85    |   |                                                    |   | 1.45    |  
|Net asset value at beginning of period               |  |                                                 | 22.38   |   |                                                    |   | 21.78   |  
|                                                     |  |                                                 |         |   |                                                    |   |         |  
|Net asset value at end of period                     |  | $                                               | 23.23   |   |                                                    | $ | 23.23   |  
|                                                     |  |                                                 |         |   |                                                    |   |         |  
|Ratio of net expenses to average net assets         |  |                                                 | 0.00    | % |                                                    |   | 0.00    | %
|Ratio of net investment income to average net assets |  |                                                 | 0.00    | % |                                                    |   | 0.00    | %
|Portfolio turnover*                                |  |                                                 | 3       | % |                                                    |   | 12      | %
|Total return*                                        |  |                                                 | 3.80    | % |                                                    |   | 6.66    | %
|Net assets at end of period (in thousands)           |  | $                                               | 255,198 |   |                                                    | $ | 255,198 |  

---

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

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

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

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



48



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Aggressive
Portfolio

Statement of Assets and Liabilities

Unaudited



|                                                                                            |  |                    |            
|------------------------------------------------------------------------------------------- |  | ------------------ | -----------
|                                                                                            |  | September 30, 2006
|Assets                                                                                      |  |                    |            
|American Bar Association Members / State Street Collective Trust investment funds, at value |  |                    |            
|Intermediate Bond Fund (cost $26,577,384 and units of 1,433,503)                            |  | $                  | 28,258,914 
|Large Cap Value Equity Fund (cost $17,617,119 and units of 597,504)                         |  |                    | 24,491,058 
|Large Cap Growth Equity Fund (cost $20,720,611 and units of 482,736)                        |  |                    | 24,491,058 
|Index Equity Fund (cost $44,978,863 and units of 1,645,564)                                 |  |                    | 56,517,828 
|Mid-Cap Value Equity Fund (cost $4,571,685 and units of 366,413)                            |  |                    | 5,651,783  
|Mid-Cap Growth Equity Fund (cost $4,643,522 and units of 265,577)                           |  |                    | 5,651,783  
|Small Cap Equity Fund (cost $4,917,631 and units of 82,207)                                 |  |                    | 5,651,783  
|International Equity Fund (cost $24,933,746 and units of 1,322,813)                         |  |                    | 37,678,552 
|Receivable for portfolio units sold                                                         |  |                    | 85,029     
|                                                                                            |  |                    |            
|Total assets                                                                                |  |                    | 188,477,788
|                                                                                            |  |                    |            
|Liabilities                                                                                 |  |                    |            
|Payable for collective investments purchased                                                |  |                    | 85,029     
|                                                                                            |  |                    |            
|Total liabilities                                                                           |  |                    | 85,029     
|                                                                                            |  |                    |            
|Net assets(equivalent to $24.77 per unit based on 7,604,625 units outstanding)              |  | $                  | 188,392,759
|                                                                                            |  |                    |            

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



49



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Aggressive
Portfolio

Statement of Operations

Unaudited



|                                                                 |  |                                                 |           |                                                    |   |           
|---------------------------------------------------------------- |  | ----------------------------------------------- | --------- | -------------------------------------------------- | - | ----------
|                                                                 |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |           | For the periodJanuary 1, 2006 toSeptember 30, 2006
|Investment income                                                |  | $                                               |          |                                                    | $ |          
|                                                                 |  |                                                 |           |                                                    |   |           
|Net realized and unrealized gain on collective investment funds: |  |                                                 |           |                                                    |   |           
|Net realized gain                                                |  |                                                 | 1,725,575 |                                                    |   | 4,825,017 
|Change in net unrealized appreciation (depreciation)             |  |                                                 | 5,419,442 |                                                    |   | 8,604,852 
|                                                                 |  |                                                 |           |                                                    |   |           
|Net realized and unrealized gain                                 |  |                                                 | 7,145,017 |                                                    |   | 13,429,869
|                                                                 |  |                                                 |           |                                                    |   |           
|Net increase in net assets resulting from operations             |  | $                                               | 7,145,017 |                                                    | $ | 13,429,869
|                                                                 |  |                                                 |           |                                                    |   |           

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



50



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Aggressive
Portfolio

Statement of Changes in Net Assets

Unaudited



|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|----------------------------------------------------------------- |  | ----------------------------------------------- | ----------- | - | -------------------------------------------------- | - | ----------- | -
|                                                                  |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |             |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|From operations                                                   |  |                                                 |             |   |                                                    |   |             |  
|Net investment income                                             |  | $                                               |            |   |                                                    | $ |            |  
|Net realized gain on investments                                  |  |                                                 | 1,725,575   |   |                                                    |   | 4,825,017   |  
|Change in net unrealized appreciation (depreciation)              |  |                                                 | 5,419,442   |   |                                                    |   | 8,604,852   |  
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|Net increase in net assets resulting from operations              |  |                                                 | 7,145,017   |   |                                                    |   | 13,429,869  |  
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|From unitholder transactions                                      |  |                                                 |             |   |                                                    |   |             |  
|Proceeds from units issued                                        |  |                                                 | 5,900,038   |   |                                                    |   | 19,346,769  |  
|Cost of units redeemed                                            |  |                                                 | (5,721,309  | ) |                                                    |   | (12,618,497 | )
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|Net increase in net assets resulting from unitholder transactions |  |                                                 | 178,729     |   |                                                    |   | 6,728,272   |  
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|Net increase in net assets                                        |  |                                                 | 7,323,746   |   |                                                    |   | 20,158,141  |  
|Net Assets                                                        |  |                                                 |             |   |                                                    |   |             |  
|Beginning of period                                               |  |                                                 | 181,069,013 |   |                                                    |   | 168,234,618 |  
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|End of period                                                     |  | $                                               | 188,392,759 |   |                                                    | $ | 188,392,759 |  
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|Number of units                                                   |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-beginning of period                                   |  |                                                 | 7,598,453   |   |                                                    |   | 7,324,928   |  
|Issued                                                            |  |                                                 | 243,833     |   |                                                    |   | 804,173     |  
|Redeemed                                                          |  |                                                 | (237,661    | ) |                                                    |   | (524,476    | )
|                                                                  |  |                                                 |             |   |                                                    |   |             |  
|Outstanding-end of period                                         |  |                                                 | 7,604,625   |   |                                                    |   | 7,604,625   |  
|                                                                  |  |                                                 |             |   |                                                    |   |             |  

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



51



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Structured Portfolio Service - Aggressive
Portfolio

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                     |  |                                                 |         |   |                                                    |   |         |  
|---------------------------------------------------- |  | ----------------------------------------------- | ------- | - | -------------------------------------------------- | - | ------- | -
|                                                     |  | For the periodJuly 1, 2006 toSeptember 30, 2006 |         |   | For the periodJanuary 1, 2006 toSeptember 30, 2006 |  
|Investment income                                    |  | $                                               | 0.00    |   |                                                    | $ | 0.00    |  
|Net expenses                                        |  |                                                 | 0.00    |   |                                                    |   | 0.00    |  
|                                                     |  |                                                 |         |   |                                                    |   |         |  
|Net investment income                                |  |                                                 | 0.00    |   |                                                    |   | 0.00    |  
|Net realized and unrealized gain                     |  |                                                 | 0.94    |   |                                                    |   | 1.80    |  
|                                                     |  |                                                 |         |   |                                                    |   |         |  
|Net increase in unit value                           |  |                                                 | 0.94    |   |                                                    |   | 1.80    |  
|Net asset value at beginning of period               |  |                                                 | 23.83   |   |                                                    |   | 22.97   |  
|                                                     |  |                                                 |         |   |                                                    |   |         |  
|Net asset value at end of period                     |  | $                                               | 24.77   |   |                                                    | $ | 24.77   |  
|                                                     |  |                                                 |         |   |                                                    |   |         |  
|Ratio of net expenses to average net assets         |  |                                                 | 0.00    | % |                                                    |   | 0.00    | %
|Ratio of net investment income to average net assets |  |                                                 | 0.00    | % |                                                    |   | 0.00    | %
|Portfolio turnover*                                |  |                                                 | 4       | % |                                                    |   | 11      | %
|Total return*                                        |  |                                                 | 3.94    | % |                                                    |   | 7.84    | %
|Net assets at end of period (in thousands)           |  | $                                               | 188,393 |   |                                                    | $ | 188,393 |  

---

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

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

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

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



52



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Lifetime Income Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                  |  |                    |          
|--------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ---------
|                                                                                                                                  |  | September 30, 2006
|Assets                                                                                                                            |  |                    |          
|Investments in affiliated fund, at value:                                                                                         |  |                    |          
|                                                                                                                                  | 
|State Street Bank and Trust Company - SSgA Age-Based Income Securities Lending Series Fund (cost $8,342,408 and units of
770,798) |  | $                  | 8,414,028
|Receivable for investments sold                                                                                                   |  |                    | 249,768  
|                                                                                                                                  |  |                    |          
|Total assets                                                                                                                      |  |                    | 8,663,796
|                                                                                                                                  |  |                    |          
|Liabilities                                                                                                                       |  |                    |          
|Payable for fund units redeemed                                                                                                   |  |                    | 249,768  
|State Street Bank and Trust Companyprogram fee payable                                                                           |  |                    | 1,930    
|Investment advisory fee payable                                                                                                   |  |                    | 547      
|Trustee, management and administration fees payable                                                                               |  |                    | 500      
|ABA Retirement Fundsprogram fee payable                                                                                          |  |                    | 227      
|Other accruals                                                                                                                    |  |                    | 571      
|                                                                                                                                  |  |                    |          
|Total liabilities                                                                                                                 |  |                    | 253,543  
|                                                                                                                                  |  |                    |          
|Net Assets(equivalent to $10.25 per unit based on 820,716 units outstanding)                                                      |  | $                  | 8,410,253
|                                                                                                                                  |  |                    |          

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



53



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Lifetime Income Retirement Date Fund

Statement of Operations

Unaudited



|                                                                  |  |                                                      |         |  
|----------------------------------------------------------------- |  | ---------------------------------------------------- | ------- | -
|                                                                  |  | For the periodAugust 9, 2006(a) toSeptember 30, 2006 |        
|Investment income                                                 |  |                                                      |         |  
|Securities lending income from underlying affiliated fund         |  | $                                                    |        |  
|                                                                  |  |                                                      |         |  
|Total investment income                                           |  |                                                      |        |  
|                                                                  |  |                                                      |         |  
|Expenses                                                          |  |                                                      |         |  
|Retirement Date Fund management fee                               |  |                                                      | 547     |  
|State Street Bank and Trust Companyprogram fee                   |  |                                                      | 1,956   |  
|ABA Retirement Fundsprogram fee                                  |  |                                                      | 231     |  
|Trustee, management and administration fees                       |  |                                                      | 507     |  
|Reports to unitholders                                            |  |                                                      | 97      |  
|Legal and audit fees                                              |  |                                                      | 176     |  
|Compliance consultant fees                                        |  |                                                      | 191     |  
|Registration fees                                                 |  |                                                      | 21      |  
|Other fees                                                        |  |                                                      | 92      |  
|                                                                  |  |                                                      |         |  
|Total expenses                                                    |  |                                                      | 3,818   |  
|                                                                  |  |                                                      |         |  
|Net investment loss                                               |  |                                                      | (3,818  | )
|                                                                  |  |                                                      |         |  
|Net realized and unrealized gain on investment in affiliated fund |  |                                                      |         |  
|Net realized gain                                                 |  |                                                      | 39,600  |  
|Change in net unrealized appreciation (depreciation)              |  |                                                      | 71,620  |  
|                                                                  |  |                                                      |         |  
|Net realized and unrealized gain                                  |  |                                                      | 111,220 |  
|                                                                  |  |                                                      |         |  
|Net increase in net assets resulting from operations              |  | $                                                    | 107,402 |  
|                                                                  |  |                                                      |         |  

---

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

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



54



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

Lifetime Income Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                  |  |                                                      |            |  
|----------------------------------------------------------------- |  | ---------------------------------------------------- | ---------- | -
|                                                                  |  | For the periodAugust 9, 2006(a) toSeptember 30, 2006 |           
|From operations                                                   |  |                                                      |            |  
|Net investment loss                                               |  | $                                                    | (3,818     | )
|Net realized gain                                                 |  |                                                      | 39,600     |  
|Change in net unrealized appreciation (depreciation)              |  |                                                      | 71,620     |  
|                                                                  |  |                                                      |            |  
|Net increase in net assets resulting from operations              |  |                                                      | 107,402    |  
|                                                                  |  |                                                      |            |  
|From unitholder transactions                                      |  |                                                      |            |  
|Proceeds from units issued                                        |  |                                                      | 12,265,559 |  
|Cost of units redeemed                                            |  |                                                      | (3,962,708 | )
|                                                                  |  |                                                      |            |  
|Net increase in net assets resulting from unitholder transactions |  |                                                      | 8,302,851  |  
|                                                                  |  |                                                      |            |  
|Net increase in net assets                                        |  |                                                      | 8,410,253  |  
|Net Assets                                                        |  |                                                      |            |  
|Beginning of period                                               |  |                                                      |           |  
|                                                                  |  |                                                      |            |  
|End of period                                                     |  | $                                                    | 8,410,253  |  
|                                                                  |  |                                                      |            |  
|Number of units                                                   |  |                                                      |            |  
|Outstanding-beginning of period                                   |  |                                                      |           |  
|Issued                                                            |  |                                                      | 1,207,714  |  
|Redeemed                                                          |  |                                                      | (386,998   | )
|                                                                  |  |                                                      |            |  
|Outstanding-end of period                                         |  |                                                      | 820,716    |  
|                                                                  |  |                                                      |            |  

---

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

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



55



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##### Table of Contents

Lifetime Income Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding
throughout the period)



|                                                    |  |                                                      |       |   
|--------------------------------------------------- |  | ---------------------------------------------------- | ----- | --
|                                                    |  | For the periodAugust 9, 2006(a) toSeptember 30, 2006 |      
|Investment income                                  |  | $                                                    | 0.00  |   
|Net expenses()                                   |  |                                                      | (0.01 | ) 
|                                                    |  |                                                      |       |   
|Net investment loss                                 |  |                                                      | (0.01 | ) 
|Net realized and unrealized gain                    |  |                                                      | 0.26  |   
|                                                    |  |                                                      |       |   
|Net increase (decrease) in unit value               |  |                                                      | 0.25  |   
|Net asset value at beginning of period              |  |                                                      | 10.00 |   
|                                                    |  |                                                      |       |   
|Net asset value at end of period                    |  | $                                                    | 10.25 |   
|                                                    |  |                                                      |       |   
|Ratio of net expenses to average net assets*      |  |                                                      | 0.69  | % 
|Ratio of net investment loss to average net assets* |  |                                                      | (0.69 | )%
|Portfolio turnover**                             |  |                                                      | 87    | % 
|Total return**                                      |  |                                                      | 2.50  | % 
|Net assets at end of period (in thousands)          |  | $                                                    | 8,410 |   

---

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

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

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

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

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

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

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



56



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2010 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                |  |                    |          
|------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ---------
|                                                                                                                                |  | September 30, 2006
|Assets                                                                                                                          |  |                    |          
|Investments in affiliated fund, at value:                                                                                       |  |                    |          
|                                                                                                                                | 
|State Street Bank and Trust Company - SSgA Age-Based 2010 Securities Lending Series Fund (cost $8,277,489 and units of
757,013) |  | $                  | 8,458,867
|Receivable for fund units sold                                                                                                  |  |                    | 60,246   
|                                                                                                                                |  |                    |          
|Total assets                                                                                                                    |  |                    | 8,519,113
|                                                                                                                                |  |                    |          
|Liabilities                                                                                                                     |  |                    |          
|Payable for investments purchased                                                                                               |  |                    | 60,246   
|State Street Bank and Trust Companyprogram fee payable                                                                         |  |                    | 2,036    
|Investment advisory fee payable                                                                                                 |  |                    | 710      
|Trustee, management and administration fees payable                                                                             |  |                    | 527      
|ABA Retirement Fundsprogram fee payable                                                                                        |  |                    | 240      
|Other accruals                                                                                                                  |  |                    | 668      
|                                                                                                                                |  |                    |          
|Total liabilities                                                                                                               |  |                    | 64,427   
|                                                                                                                                |  |                    |          
|Net Assets(equivalent to $12.38 per unit based on 682,722 units outstanding)                                                    |  | $                  | 8,454,686
|                                                                                                                                |  |                    |          

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



57



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2010 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                   |  |                                                      |         |  
|------------------------------------------------------------------ |  | ---------------------------------------------------- | ------- | -
|                                                                   |  | For the periodAugust 8, 2006(a) toSeptember 30, 2006 |        
|Investment income                                                  |  |                                                      |         |  
|Securities lending income from underlying affiliated fund          |  | $                                                    |        |  
|                                                                   |  |                                                      |         |  
|Total investment income                                            |  |                                                      |        |  
|                                                                   |  |                                                      |         |  
|Expenses                                                           |  |                                                      |         |  
|Retirement Date Fund management fee                                |  |                                                      | 710     |  
|State Street Bank and Trust Companyprogram fee                    |  |                                                      | 2,511   |  
|ABA Retirement Fundsprogram fee                                   |  |                                                      | 301     |  
|Trustee, management and administration fees                        |  |                                                      | 662     |  
|Reports to unitholders                                             |  |                                                      | 127     |  
|Legal and audit fees                                               |  |                                                      | 232     |  
|Compliance consultant fees                                         |  |                                                      | 248     |  
|Registration fees                                                  |  |                                                      | 27      |  
|Other fees                                                         |  |                                                      | 120     |  
|                                                                   |  |                                                      |         |  
|Total expenses                                                     |  |                                                      | 4,938   |  
|                                                                   |  |                                                      |         |  
|Net investment loss                                                |  |                                                      | (4,938  | )
|                                                                   |  |                                                      |         |  
|Net realized and unrealized gain on investments in affiliated fund |  |                                                      |         |  
|Net realized gain                                                  |  |                                                      | 443     |  
|Change in net unrealized appreciation (depreciation)               |  |                                                      | 181,378 |  
|                                                                   |  |                                                      |         |  
|Net realized and unrealized gain                                   |  |                                                      | 181,821 |  
|                                                                   |  |                                                      |         |  
|Net increase in net assets resulting from operations               |  | $                                                    | 176,883 |  
|                                                                   |  |                                                      |         |  

---

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

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



58



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2010 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                  |  |                                                      |           |  
|----------------------------------------------------------------- |  | ---------------------------------------------------- | --------- | -
|                                                                  |  | For the periodAugust 8, 2006(a) toSeptember 30, 2006 |          
|From operations                                                   |  |                                                      |           |  
|Net investment loss                                               |  | $                                                    | (4,938    | )
|Net realized gain                                                 |  |                                                      | 443       |  
|Change in net unrealized appreciation (depreciation)              |  |                                                      | 181,378   |  
|                                                                  |  |                                                      |           |  
|Net increase in net assets resulting from operations              |  |                                                      | 176,883   |  
|                                                                  |  |                                                      |           |  
|From unitholder transactions                                      |  |                                                      |           |  
|Proceeds from units issued                                        |  |                                                      | 8,301,755 |  
|Cost of units redeemed                                            |  |                                                      | (23,952   | )
|                                                                  |  |                                                      |           |  
|Net increase in net assets resulting from unitholder transactions |  |                                                      | 8,277,803 |  
|                                                                  |  |                                                      |           |  
|Net increase in net assets                                        |  |                                                      | 8,454,686 |  
|Net Assets                                                        |  |                                                      |           |  
|Beginning of period                                               |  |                                                      | 0         |  
|                                                                  |  |                                                      |           |  
|End of period                                                     |  | $                                                    | 8,454,686 |  
|                                                                  |  |                                                      |           |  
|Number of units                                                   |  |                                                      |           |  
|Outstanding-beginning of period                                   |  |                                                      |          |  
|Issued                                                            |  |                                                      | 684,682   |  
|Redeemed                                                          |  |                                                      | (1,960    | )
|                                                                  |  |                                                      |           |  
|Outstanding-end of period                                         |  |                                                      | 682,722   |  
|                                                                  |  |                                                      |           |  

---

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

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



59



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2010 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                    |  |                                                      |       |      
|--------------------------------------------------- |  | ---------------------------------------------------- | ----- | -----
|                                                    |  | For the periodAugust 8, 2006(a) toSeptember 30, 2006 |      
|Investment income                                  |  | $                                                    | 0.00  |      
|Net expenses()                                   |  |                                                      | (0.01 | )    
|                                                    |  |                                                      |       |      
|Net investment loss                                 |  |                                                      | (0.01 | )    
|Net realized and unrealized gain                    |  |                                                      | 0.39  |      
|                                                    |  |                                                      |       |      
|Net increase in unit value                          |  |                                                      | 0.38  |      
|Net asset value at beginning of period              |  |                                                      | 12.00 |      
|                                                    |  |                                                      |       |      
|Net asset value at end of period                    |  | $                                                    | 12.38 |      
|                                                    |  |                                                      |       |      
|Ratio of net expenses to average net assets*      |  |                                                      | 0.68  | %    
|Ratio of net investment loss to average net assets* |  |                                                      | (0.68 | )%   
|Portfolio turnover**                             |  |                                                      | 0     | % (b)
|Total return**                                      |  |                                                      | 3.17  | %    
|Net assets at end of period (in thousands)          |  | $                                                    | 8,455 |      

---

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

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

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

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

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

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

|(b) | Portfolio turnover rounds to less than 1%.
|--- | ------------------------------------------

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



60



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2020 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                   |  |                    |           
|---------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ----------
|                                                                                                                                   |  | September 30, 2006
|Assets                                                                                                                             |  |                    |           
|Investments in affiliated fund, at value:                                                                                          |  |                    |           
|State Street Bank and Trust Company - SSgA Age-Based 2020 Securities Lending Series Fund (cost $12,257,541 and units of
1,084,320) |  | $                  | 12,462,086
|Receivable for fund units sold                                                                                                     |  |                    | 170,460   
|                                                                                                                                   |  |                    |           
|Total assets                                                                                                                       |  |                    | 12,632,546
|                                                                                                                                   |  |                    |           
|Liabilities                                                                                                                        |  |                    |           
|Payable for investments purchased                                                                                                  |  |                    | 170,460   
|State Street Bank and Trust Companyprogram fee payable                                                                            |  |                    | 2,174     
|Investment advisory fee payable                                                                                                    |  |                    | 707       
|Trustee, management and administration fees payable                                                                                |  |                    | 563       
|ABA Retirement Fundsprogram fee payable                                                                                           |  |                    | 256       
|Other accruals                                                                                                                     |  |                    | 691       
|                                                                                                                                   |  |                    |           
|Total liabilities                                                                                                                  |  |                    | 174,851   
|                                                                                                                                   |  |                    |           
|Net Assets(equivalent to $14.61 per unit based on 852,557 units outstanding)                                                       |  | $                  | 12,457,695
|                                                                                                                                   |  |                    |           

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



61



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##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2020 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                   |  |                                                      |         |  
|------------------------------------------------------------------ |  | ---------------------------------------------------- | ------- | -
|                                                                   |  | For the periodAugust 2, 2006(a) toSeptember 30, 2006 |        
|Investment income                                                  |  |                                                      |         |  
|Securities lending income from underlying affiliated fund          |  | $                                                    |        |  
|Total investment income                                            |  |                                                      |        |  
|Expenses                                                           |  |                                                      |         |  
|Retirement Date Fund management fee                                |  |                                                      | 707     |  
|State Street Bank and Trust Companyprogram fee                    |  |                                                      | 2,508   |  
|ABA Retirement Fundsprogram fee                                   |  |                                                      | 299     |  
|Trustee, management and administration fees                        |  |                                                      | 658     |  
|Reports to unitholders                                             |  |                                                      | 126     |  
|Legal and audit fees                                               |  |                                                      | 230     |  
|Compliance consultant fees                                         |  |                                                      | 247     |  
|Registration fees                                                  |  |                                                      | 27      |  
|Other fees                                                         |  |                                                      | 119     |  
|                                                                   |  |                                                      |         |  
|Total expenses                                                     |  |                                                      | 4,921   |  
|                                                                   |  |                                                      |         |  
|Net investment loss                                                |  |                                                      | (4,921  | )
|                                                                   |  |                                                      |         |  
|Net realized and unrealized gain on investments in affiliated fund |  |                                                      |         |  
|Net realized gain                                                  |  |                                                      | 2,214   |  
|Change in net unrealized appreciation (depreciation)               |  |                                                      | 204,545 |  
|                                                                   |  |                                                      |         |  
|Net realized and unrealized gain                                   |  |                                                      | 206,759 |  
|                                                                   |  |                                                      |         |  
|Net increase in net assets resulting from operations               |  | $                                                    | 201,838 |  
|                                                                   |  |                                                      |         |  

---

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

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



62



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2020 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                  |  |                                                      |            |  
|----------------------------------------------------------------- |  | ---------------------------------------------------- | ---------- | -
|                                                                  |  | For the periodAugust 2, 2006(a) toSeptember 30, 2006 |           
|From operations                                                   |  |                                                      |            |  
|Net investment loss                                               |  | $                                                    | (4,921     | )
|Net realized gain                                                 |  |                                                      | 2,214      |  
|Change in net unrealized appreciation (depreciation)              |  |                                                      | 204,545    |  
|                                                                  |  |                                                      |            |  
|Net increase (decrease) in net assets resulting from operations   |  |                                                      | 201,838    |  
|                                                                  |  |                                                      |            |  
|From unitholder transactions                                      |  |                                                      |            |  
|Proceeds from units issued                                        |  |                                                      | 12,341,260 |  
|Cost of units redeemed                                            |  |                                                      | (85,403    | )
|                                                                  |  |                                                      |            |  
|Net increase in net assets resulting from unitholder transactions |  |                                                      | 12,255,857 |  
|                                                                  |  |                                                      |            |  
|Net increase (decrease) in net assets                             |  |                                                      | 12,457,695 |  
|Net Assets                                                        |  |                                                      |            |  
|Beginning of period                                               |  |                                                      | 0          |  
|                                                                  |  |                                                      |            |  
|End of period                                                     |  | $                                                    | 12,457,695 |  
|                                                                  |  |                                                      |            |  
|Number of units                                                   |  |                                                      |            |  
|Outstanding-beginning of period                                   |  |                                                      |           |  
|Issued                                                            |  |                                                      | 858,502    |  
|Redeemed                                                          |  |                                                      | (5,945     | )
|                                                                  |  |                                                      |            |  
|Outstanding-end of period                                         |  |                                                      | 852,557    |  
|                                                                  |  |                                                      |            |  

---

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

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



63



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2020 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                    |  |                                                      |        |   
|--------------------------------------------------- |  | ---------------------------------------------------- | ------ | --
|                                                    |  | For the periodAugust 2, 2006(a) toSeptember 30, 2006 |       
|Investment income                                  |  | $                                                    | 0.00   |   
|Net expenses()                                   |  |                                                      | (0.02  | ) 
|                                                    |  |                                                      |        |   
|Net investment loss                                 |  |                                                      | (0.02  | ) 
|Net realized and unrealized gain                    |  |                                                      | 0.63   |   
|                                                    |  |                                                      |        |   
|Net increase in unit value                          |  |                                                      | 0.61   |   
|Net asset value at beginning of period              |  |                                                      | 14.00  |   
|                                                    |  |                                                      |        |   
|Net asset value at end of period                    |  | $                                                    | 14.61  |   
|                                                    |  |                                                      |        |   
|Ratio of net expenses to average net assets*      |  |                                                      | 0.68   | % 
|Ratio of net investment loss to average net assets* |  |                                                      | (0.68  | )%
|Portfolio turnover**                             |  |                                                      | 1      | % 
|Total return**                                      |  |                                                      | 4.36   | % 
|Net assets at end of period (in thousands)          |  | $                                                    | 12,458 |   

---

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

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

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

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

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

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

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



64



---

##### Table of Contents

American Bar Association Members/ State Street Collective Trust

2030 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                |  |                    |          
|------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ---------
|                                                                                                                                |  | September 30, 2006
|Assets                                                                                                                          |  |                    |          
|Investments in affiliated fund, at value:                                                                                       |  |                    |          
|State Street Bank and Trust Company - SSgA Age-Based 2030 Securities Lending Series Fund (cost $8,047,646 and units of
701,119) |  | $                  | 8,202,386
|Receivable for fund units sold                                                                                                  |  |                    | 79,341   
|                                                                                                                                |  |                    |          
|Total assets                                                                                                                    |  |                    | 8,281,727
|                                                                                                                                |  |                    |          
|Liabilities                                                                                                                     |  |                    |          
|Payable for investments purchased                                                                                               |  |                    | 79,341   
|State Street Bank and Trust Companyprogram fee payable                                                                         |  |                    | 1,632    
|Investment advisory fee payable                                                                                                 |  |                    | 550      
|Trustee, management and administration fees payable                                                                             |  |                    | 423      
|ABA Retirement Fundsprogram fee payable                                                                                        |  |                    | 192      
|Other accruals                                                                                                                  |  |                    | 529      
|                                                                                                                                |  |                    |          
|Total liabilities                                                                                                               |  |                    | 82,667   
|                                                                                                                                |  |                    |          
|Net Assets(equivalent to $16.74 per unit based on 489,801 units outstanding)                                                    |  | $                  | 8,199,060
|                                                                                                                                |  |                    |          

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



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American Bar Association Members/ State Street Collective Trust

2030 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                   |  |                                                      |         |  
|------------------------------------------------------------------ |  | ---------------------------------------------------- | ------- | -
|                                                                   |  | For the periodAugust 2, 2006(a) toSeptember 30, 2006 |        
|Investment income                                                  |  |                                                      |         |  
|Securities lending income from underlying affiliated fund          |  | $                                                    |        |  
|                                                                   |  |                                                      |         |  
|Total investment income                                            |  |                                                      |        |  
|                                                                   |  |                                                      |         |  
|Expenses                                                           |  |                                                      |         |  
|Retirement Date Fund management fee                                |  |                                                      | 550     |  
|State Street Bank and Trust Companyprogram fee                    |  |                                                      | 1,950   |  
|ABA Retirement Fundsprogram fee                                   |  |                                                      | 233     |  
|Trustee, management and administration fees                        |  |                                                      | 513     |  
|Reports to unitholders                                             |  |                                                      | 98      |  
|Legal and audit fees                                               |  |                                                      | 180     |  
|Compliance consultant fees                                         |  |                                                      | 192     |  
|Registration fees                                                  |  |                                                      | 21      |  
|Other fees                                                         |  |                                                      | 93      |  
|                                                                   |  |                                                      |         |  
|Total expenses                                                     |  |                                                      | 3,830   |  
|                                                                   |  |                                                      |         |  
|Net investment loss                                                |  |                                                      | (3,830  | )
|                                                                   |  |                                                      |         |  
|Net realized and unrealized gain on investments in affiliated fund |  |                                                      |         |  
|Net realized gain                                                  |  |                                                      | 0       |  
|Change in net unrealized appreciation (depreciation)               |  |                                                      | 154,740 |  
|                                                                   |  |                                                      |         |  
|Net realized and unrealized gain                                   |  |                                                      | 154,740 |  
|                                                                   |  |                                                      |         |  
|Net increase in net assets resulting from operations               |  | $                                                    | 150,910 |  
|                                                                   |  |                                                      |         |  

---

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

The accompanying notes are an
integral part of these unaudited 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 periodAugust 2, 2006(a) toSeptember 30, 2006 |          
|From operations                                                   |  |                                                      |           |  
|Net investment loss                                               |  | $                                                    | (3,830    | )
|Net realized gain                                                 |  |                                                      | 0         |  
|Change in net unrealized appreciation (depreciation)              |  |                                                      | 154,740   |  
|                                                                  |  |                                                      |           |  
|Net increase in net assets resulting from operations              |  |                                                      | 150,910   |  
|                                                                  |  |                                                      |           |  
|From unitholder transactions                                      |  |                                                      |           |  
|Proceeds from units issued                                        |  |                                                      | 8,048,373 |  
|Cost of units redeemed                                            |  |                                                      | (223      | )
|                                                                  |  |                                                      |           |  
|Net increase in net assets resulting from unitholder transactions |  |                                                      | 8,048,150 |  
|                                                                  |  |                                                      |           |  
|Net increase in net assets                                        |  |                                                      | 8,199,060 |  
|Net Assets                                                        |  |                                                      |           |  
|Beginning of period                                               |  |                                                      | 0         |  
|                                                                  |  |                                                      |           |  
|End of period                                                     |  | $                                                    | 8,199,060 |  
|                                                                  |  |                                                      |           |  
|Number of units                                                   |  |                                                      |           |  
|Outstanding-beginning of period                                   |  |                                                      |          |  
|Issued                                                            |  |                                                      | 489,815   |  
|Redeemed                                                          |  |                                                      | (14       | )
|                                                                  |  |                                                      |           |  
|Outstanding-end of period                                         |  |                                                      | 489,801   |  
|                                                                  |  |                                                      |           |  

---

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

The accompanying notes are an
integral part of these unaudited 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 periodAugust 2, 2006(a) toSeptember 30, 2006 |      
|Investment income                                  |  | $                                                    | 0.00  |      
|Net expenses()                                   |  |                                                      | (0.02 | )    
|                                                    |  |                                                      |       |      
|Net investment loss                                 |  |                                                      | (0.02 | )    
|Net realized and unrealized gain (loss)             |  |                                                      | 0.76  |      
|                                                    |  |                                                      |       |      
|Net increase (decrease) in unit value               |  |                                                      | 0.74  |      
|Net asset value at beginning of period              |  |                                                      | 16.00 |      
|                                                    |  |                                                      |       |      
|Net asset value at end of period                    |  | $                                                    | 16.74 |      
|                                                    |  |                                                      |       |      
|Ratio of net expenses to average net assets*      |  |                                                      | 0.68  | %    
|Ratio of net investment loss to average net assets* |  |                                                      | (0.68 | )%   
|Portfolio turnover**                             |  |                                                      | 0     | % (b)
|Total return**                                      |  |                                                      | 4.62  | %    
|Net assets at end of period (in thousands)          |  | $                                                    | 8,199 |      

---

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

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

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

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

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

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

|(b) | Portfolio turnover rounds to less than 1%.
|--- | ------------------------------------------

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



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American Bar Association Members/ State Street Collective Trust

2040 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                |  |                    |          
|------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ---------
|                                                                                                                                |  | September 30, 2006
|Assets                                                                                                                          |  |                    |          
|Investments in affiliated fund, at value:                                                                                       |  |                    |          
|State Street Bank and Trust Company - SSgA Age-Based 2040 Securities Lending Series Fund (cost $5,256,644 and units of
451,697) |  | $                  | 5,351,705
|Receivable for fund units sold                                                                                                  |  |                    | 192,530  
|                                                                                                                                |  |                    |          
|Total assets                                                                                                                    |  |                    | 5,544,235
|                                                                                                                                |  |                    |          
|Liabilities                                                                                                                     |  |                    |          
|Payable for investments purchased                                                                                               |  |                    | 192,530  
|State Street Bank and Trust Companyprogram fee payable                                                                         |  |                    | 1,014    
|Investment advisory fee payable                                                                                                 |  |                    | 346      
|Trustee, management and administration fees payable                                                                             |  |                    | 263      
|ABA Retirement Fundsprogram fee payable                                                                                        |  |                    | 120      
|Other accruals                                                                                                                  |  |                    | 328      
|                                                                                                                                |  |                    |          
|Total liabilities                                                                                                               |  |                    | 194,601  
|                                                                                                                                |  |                    |          
|Net Assets(equivalent to $18.68 per unit based on 286,319 units outstanding)                                                    |  | $                  | 5,349,634
|                                                                                                                                |  |                    |          

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



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American Bar Association Members/ State Street Collective Trust

2040 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                   |  |                                                      |        |  
|------------------------------------------------------------------ |  | ---------------------------------------------------- | ------ | -
|                                                                   |  | For the periodAugust 3, 2006(a) toSeptember 30, 2006 |       
|Investment income                                                  |  |                                                      |        |  
|Securities lending income from underlying affiliated fund          |  | $                                                    |       |  
|                                                                   |  |                                                      |        |  
|Total investment income                                            |  |                                                      |       |  
|                                                                   |  |                                                      |        |  
|Expenses                                                           |  |                                                      |        |  
|Retirement Date Fund management fee                                |  |                                                      | 346    |  
|State Street Bank and Trust Companyprogram fee                    |  |                                                      | 1,223  |  
|ABA Retirement Fundsprogram fee                                   |  |                                                      | 146    |  
|Trustee, management and administration fees                        |  |                                                      | 322    |  
|Reports to unitholders                                             |  |                                                      | 62     |  
|Legal and audit fees                                               |  |                                                      | 113    |  
|Compliance consultant fees                                         |  |                                                      | 121    |  
|Registration fees                                                  |  |                                                      | 13     |  
|Other fees                                                         |  |                                                      | 58     |  
|                                                                   |  |                                                      |        |  
|Total expenses                                                     |  |                                                      | 2,404  |  
|                                                                   |  |                                                      |        |  
|Net investment loss                                                |  |                                                      | (2,404 | )
|                                                                   |  |                                                      |        |  
|Net realized and unrealized gain on investments in affiliated fund |  |                                                      |        |  
|Net realized gain                                                  |  |                                                      | 24     |  
|Change in net unrealized appreciation (depreciation)               |  |                                                      | 95,060 |  
|                                                                   |  |                                                      |        |  
|Net realized and unrealized gain                                   |  |                                                      | 95,084 |  
|                                                                   |  |                                                      |        |  
|Net increase in net assets resulting from operations               |  | $                                                    | 92,680 |  
|                                                                   |  |                                                      |        |  

---

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

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



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American Bar Association Members/ State Street Collective Trust

2040 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                  |  |                                                      |           |  
|----------------------------------------------------------------- |  | ---------------------------------------------------- | --------- | -
|                                                                  |  | For the periodAugust 3, 2006(a) toSeptember 30, 2006 |          
|From operations                                                   |  |                                                      |           |  
|Net investment loss                                               |  | $                                                    | (2,404    | )
|Net realized gain                                                 |  |                                                      | 24        |  
|Change in net unrealized appreciation (depreciation)              |  |                                                      | 95,060    |  
|                                                                  |  |                                                      |           |  
|Net increase in net assets resulting from operations              |  |                                                      | 92,680    |  
|                                                                  |  |                                                      |           |  
|From unitholder transactions                                      |  |                                                      |           |  
|Proceeds from units issued                                        |  |                                                      | 5,258,168 |  
|Cost of units redeemed                                            |  |                                                      | (1,214    | )
|                                                                  |  |                                                      |           |  
|Net increase in net assets resulting from unitholder transactions |  |                                                      | 5,256,954 |  
|                                                                  |  |                                                      |           |  
|Net increase in net assets                                        |  |                                                      | 5,349,634 |  
|Net Assets                                                        |  |                                                      |           |  
|Beginning of period                                               |  |                                                      | 0         |  
|                                                                  |  |                                                      |           |  
|End of period                                                     |  | $                                                    | 5,349,634 |  
|                                                                  |  |                                                      |           |  
|Number of units                                                   |  |                                                      |           |  
|Outstanding-beginning of period                                   |  |                                                      |          |  
|Issued                                                            |  |                                                      | 286,385   |  
|Redeemed                                                          |  |                                                      | (66       | )
|                                                                  |  |                                                      |           |  
|Outstanding-end of period                                         |  |                                                      | 286,319   |  
|                                                                  |  |                                                      |           |  

---

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

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



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American Bar Association Members/ State Street Collective Trust

2040 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                    |  |                                                      |       |      
|--------------------------------------------------- |  | ---------------------------------------------------- | ----- | -----
|                                                    |  | For the periodAugust 3, 2006(a) toSeptember 30, 2006 |      
|Investment income                                  |  | $                                                    | 0.00  |      
|Net expenses()                                   |  |                                                      | (0.02 | )    
|                                                    |  |                                                      |       |      
|Net investment loss                                 |  |                                                      | (0.02 | )    
|Net realized and unrealized gain                    |  |                                                      | 0.70  |      
|                                                    |  |                                                      |       |      
|Net increase in unit value                          |  |                                                      | 0.68  |      
|Net asset value at beginning of period              |  |                                                      | 18.00 |      
|                                                    |  |                                                      |       |      
|Net asset value at end of period                    |  | $                                                    | 18.68 |      
|                                                    |  |                                                      |       |      
|Ratio of net expenses to average net assets*      |  |                                                      | 0.68  | %    
|Ratio of net investment loss to average net assets* |  |                                                      | (0.68 | )%   
|Portfolio turnover**                             |  |                                                      | 0     | % (b)
|Total return**                                      |  |                                                      | 3.78  | %    
|Net assets at end of period (in thousands)          |  | $                                                    | 5,350 |      

---

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

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

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

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

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

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

|(b) | Portfolio turnover rounds to less than 1%.
|--- | ------------------------------------------

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



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American Bar Association Members/State Street Collective Trust

Unaudited Notes to Financial Statements

1. Description of the Trust

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

Balanced Fundcurrent income and long-term capital appreciation through investment in common
stocks, other equity-type securities and debt securities. Since July 1, 2004, the debt portion of the Balanced Fund has been invested through the American Bar Association Members/State Street Collective Trust Intermediate Bond Fund. Prior to
July 1, 2004, the debt portion had been invested in separately owned securities. As of September 30, 2006, 36.0% of the Funds net assets were invested in the American Bar Association Members/State Street Collective Trust Intermediate
Bond Fund.

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

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

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

Large-Cap Growth Equity Fundlong term growth of capital and some dividend
income through investment in common stocks and equity-type securities of large, well established companies. Currently invests in common stocks and the State Street Bank and Trust Company Russell 1000 Growth Index Securities Lending Fund, a separate
State Street Bank collective investment fund which invests in securities contained in the Russell 1000 Growth Index. As of September 30, 2006, 31.8% of the Funds net assets were invested in the State Street Bank and Trust Company Russell
1000 Growth Index Securities Lending Fund. This underlying funds annual financial statements are available from State Street Bank upon request.

Large-Cap Value Equity Fundlong term growth of capital and dividend income through investment in common stocks, primarily of large capitalization companies believed to be undervalued. Currently invests in
common stocks and the State Street Bank and Trust Company Russell 1000 Value Index Securities Lending Fund, a separate State Street Bank collective investment fund which invests in securities contained in the Russell 1000 Value Index. As of
September 30, 2006, 23.6% of the Funds net assets were invested in the State Street Bank and Trust Company Russell 1000 Value Index Securities Lending Fund. This underlying funds annual financial statements are available from State
Street Bank upon request.

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.



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American Bar Association Members/State Street Collective Trust

Unaudited Notes to Financial Statements

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

Small-Cap Equity Fundlong term growth of capital through investment in common stocks of small companies believed to have
strong appreciation potential. Currently invests in common stocks and the State Street Bank and Trust Company Russell 2000 Index Securities Lending Fund, a separate State Street Bank collective investment fund which invests in securities contained
in the Russell 2000 Index. As of September 30, 2006, 8.6% of the Funds net assets were invested in the State Street Bank and Trust Company Russell 2000 Index Securities Lending Fund. This underlying funds annual financial statements
are available from State Street Bank upon request.

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

Structured Portfolio Service

Conservativehigher current investment income and some capital appreciation.

Moderatehigh current investment income and greater capital appreciation.

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

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

Retirement Date Fundseffective August 1, 2006, the Retirement Date
Funds seek to provide a series of balanced investment funds each of which is designed to correspond to a particular time horizon to retirement. The five Retirement Date Funds, designated as the Lifetime Income Retirement Date Fund, 2010
Retirement Date Fund, 2020 Retirement Date Fund, 2030 Retirement Date Fund and 2040 Retirement Date Fund, respectively, will offer five separate target retirement date strategies, each with a distinct asset mix. With the
exception of the Lifetime Income Retirement Date Fund, which is designed for those currently retired, each Retirement Date Funds asset mix will, over time, become progressively more conservative as the specified target retirement date draws
nearer.

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

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

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



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American Bar Association Members/State Street Collective Trust

Unaudited Notes to Financial Statements

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

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

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

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

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

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

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

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

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

2. Summary of Significant Accounting Policies

The accompanying statements of assets and liabilities and the related statements of operations and of changes in net assets and certain financial data have been prepared in conformity with accounting principles generally accepted in the
United States of America. Such principles were applied on a basis consistent with those reflected in the 2005 Annual Report on Form 10-K of the Trust as filed with the Securities and Exchange Commission. The accompanying financial data should be
read in conjunction with these Notes to the Financial Statements. In the opinion of management, the accompanying financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial
position of the Balanced Fund, Index Equity Fund, Intermediate Bond Fund, International Equity Fund, Large-Cap Growth Equity Fund, Large-Cap Value Equity Fund, Mid-Cap Growth Equity Fund, Mid-Cap Value Equity Fund, Small-Cap Equity Fund, Stable
Asset Return Fund, Conservative Structured Portfolio Service, Moderate Structured Portfolio Service, Aggressive Structured Portfolio Service, Lifetime Income Retirement Date Fund, 2010 Retirement Date Fund, 2020 Retirement Date Fund, 2030 Retirement
Date Fund and 2040 Retirement Date Fund as of September 30, 2006 and the results of each of their operations, the changes in each of their net assets and certain financial data for periods ended September 30, 2006.



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American Bar Association Members/State Street Collective Trust

Unaudited Notes to Financial Statements

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

A. Security Valuation

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

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

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

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

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

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

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.

Stable Asset Return Fund: SARF invests in SAFT, whose investments include insurance company, bank and financial institution investment contracts and investments in YES. The short-term portfolio instruments
of YES are valued on the basis of amortized cost, which approximates fair value. Amortized



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cost involves
valuing an instrument initially at its cost and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the instrument. As the contracts are
benefit-responsive and the Funds investors are participants in qualified benefit plans, the insurance company, bank and financial institution investment contracts are maintained by SAFT at contract value (cost plus accrued interest). The
values of SARFs investments in collective investment funds are based on the net asset values of such respective collective investment funds.

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

In December 2005, FASB issued Staff Position
Nos. AAG INV-1 and SOP 94-4-1, Reporting of Fully Benefit-Responsive Investment Contracts Held by Certain Investment Companies Subject to the AICPA Investment Company Guide and Defined-Contribution Health and Welfare and Pension Plans
(FSP) that gave guidance in the use of contract value accounting for benefit-responsive investment contracts owned by certain investment companies utilized exclusively by defined-contribution and health and welfare benefit plans. The FSP
required several changes in financial statement presentation and disclosure, including presentation of both the fair value and contract value of benefit-responsive investment contracts. SARF currently provides for transactions to be made on a
contract value basis and the new reporting requirements are not intended to alter how participants transact with the Fund. The FSP includes a condition to the continued use of contract value accounting, that the portion of SARFs net assets
that is not held in trust for the benefit of participants in qualified employer-sponsored defined-contribution plans, which amounted to less than 1% of the Fund at September 30, 2006, is not permitted to increase after January 15, 2006,
except for the reinvestment of income earned. Effective January 15, 2006, SARF no longer accepts contributions from non-defined-contribution plans. The Trust does not expect the adoption of the provisions of the FSP to impact the use of
contract value accounting by SAFT, and therefore, by SARF. The FSP is effective for financial statements for annual periods ending after December 15, 2006.

B. Security Transactions and Related Investment Income

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

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

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

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



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C. Foreign Currency Transactions

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

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

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

D. Income Taxes

The Trust has received a favorable determination letter dated March 9, 1992 from the Internal
Revenue Service, which concluded that the Trust is a trust arrangement described in Rev. 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.

E. Sales and Redemptions of Units of
Participation and Distributions

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

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

F. TBA Commitments and Roll Transactions

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



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G. Futures Contracts

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

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

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

At September 30, 2006, the Intermediate Bond Fund held the following futures contracts:



|                                |  |                     |   |  |               |             |   |                  |                |                                       |   |           |  
|------------------------------- |  | ------------------- | - |  | ------------- | ----------- | - | ---------------- | -------------- | ------------------------------------- | - | --------- | -
|Futures Contracts               |  | Number of Contracts |   |  | Notional Cost |             |   | Settlement Month |                | UnrealizedAppreciation/(Depreciation) |  
|Long                            |  |                     |   |  |               |             |   |                  |                |                                       |   |           |  
|Eurodollar Futures              |  | 62                  |   |  | $             | 14,697,875  |   |                  | March 2007     |                                       | $ | 67,756    |  
|Eurodollar Futures              |  | 194                 |   |  |               | 46,067,725  |   |                  | June 2007      |                                       |   | 124,078   |  
|Eurodollar Futures              |  | 1,337               |   |  |               | 317,955,313 |   |                  | September 2007 |                                       |   | 590,097   |  
|Eurodollar Futures              |  | 531                 |   |  |               | 126,391,275 |   |                  | December 2007  |                                       |   | 271,382   |  
|Eurodollar Futures              |  | 143                 |   |  |               | 34,046,513  |   |                  | March 2008     |                                       |   | 73,451    |  
|Eurodollar Futures              |  | 71                  |   |  |               | 16,844,725  |   |                  | December 2008  |                                       |   | 44,400    |  
|Germany Federal Republic Bonds. |  | 12                  |   |  |               | 1,787,549   |   |                  | December 2006  |                                       |   | 10,383    |  
|U.K. Treasury Bonds.            |  | 3                   |   |  |               | 616,208     |   |                  | December 2006  |                                       |   | 1,628     |  
|U.K. Treasury Bonds.            |  | 58                  |   |  |               | 12,860,461  |   |                  | June 2007      |                                       |   | 7,018     |  
|U.K. Treasury Bonds.            |  | 72                  |   |  |               | 15,973,132  |   |                  | October 2007   |                                       |   | 13,639    |  
|U.S. Treasury Bonds             |  | 11                  |   |  |               | 1,236,469   |   |                  | December 2006  |                                       |   | 22,601    |  
|U.S. Treasury Notes 5yr.        |  | 1,062               |   |  |               | 112,057,594 |   |                  | December 2006  |                                       |   | 726,249   |  
|                                |  |                     |   |  |               |             |   |                  |                |                                       |   |           |  
|                                |  |                     |   |  |               |             |   |                  |                |                                       |   | 1,952,682 |  
|                                |  |                     |   |  |               |             |   |                  |                |                                       |   |           |  
|Short                           |  |                     |   |  |               |             |   |                  |                |                                       |   |           |  
|U.S. Treasury Notes 10yr.       |  | (631                | ) |  |               | (68,187,438 | ) |                  | December 2006  |                                       |   | (288,063  | )
|                                |  |                     |   |  |               |             |   |                  |                |                                       |   |           |  
|                                |  |                     |   |  |               |             |   |                  |                |                                       | $ | 1,664,619 |  
|                                |  |                     |   |  |               |             |   |                  |                |                                       |   |           |  

H. Forward Foreign Currency Contracts

The Intermediate Bond Fund and the International Equity Fund may use forward foreign currency contracts to facilitate transactions in foreign securities
or as a hedge against the foreign currency exposure of either specific transactions or portfolio positions. When entering into a forward foreign currency contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an
agreed-upon price on an agreed-upon future date. Such contracts are valued based upon the difference in the forward exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, and any resulting unrealized
gains or losses are recorded in the Funds financial statements. The Fund records realized gains or losses at the time the forward contract is extinguished by entry into a closing transaction or by delivery of the currency. Risks in foreign
currency contracts arise from the possible inability of counterparties to meet the contracts terms and from movements in currency values. As of September 30, 2006, the Intermediate Bond Fund held the following forward foreign currency
contracts:



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|          |  |                |  |                                     |  |                |           |                |          |                                       |   |         |  
|--------- |  | -------------- |  | ----------------------------------- |  | -------------- | --------- | -------------- | -------- | ------------------------------------- | - | ------- | -
|Type      |  | Currency       |  | Principal AmountCovered by Contract |  | US Dollar Cost |           | SettlementDate |          | UnrealizedAppreciation/(Depreciation) |  
|Purchased |  | Euro           |  | 4,850,000                           |  | $              | 6,214,737 |                | 10/04/06 |                                       | $ | (59,999 | )
|Sold      |  | Euro           |  | 4,850,000                           |  |                | 6,208,394 |                | 10/04/06 |                                       |   | 53,657  |  
|Purchased |  | Pound Sterling |  | 3,021,000                           |  |                | 5,662,550 |                | 10/04/06 |                                       |   | (8,209  | )
|Sold      |  | Pound Sterling |  | 3,021,000                           |  |                | 5,748,268 |                | 10/04/06 |                                       |   | 93,927  |  
|Purchased |  | Japanese Yen   |  | 332,807,000                         |  |                | 2,846,183 |                | 10/04/06 |                                       |   | (23,598 | )
|Sold      |  | Japanese Yen   |  | 332,807,000                         |  |                | 2,836,790 |                | 10/04/06 |                                       |   | 14,205  |  
|Sold      |  | Euro           |  | 350,000                             |  |                | 445,156   |                | 11/02/06 |                                       |   | 260     |  
|Purchased |  | Japanese Yen   |  | 77,496,000                          |  |                | 660,297   |                | 11/02/06 |                                       |   | (161    | )
|Sold      |  | Pound Sterling |  | 3,021,000                           |  |                | 5,664,695 |                | 11/02/06 |                                       |   | 8,217   |  
|          |  |                |  |                                     |  |                |           |                |          |                                       |   |         |  
|          |  |                |  |                                     |  |                |           |                |          |                                       | $ | 78,299  |  
|          |  |                |  |                                     |  |                |           |                |          |                                       |   |         |  

I. Interest Rate Swap Contracts

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

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

At September 30, 2006, the Intermediate Bond Fund held the following interest rate swap contracts:



|                |  |                     |  |                  |  |                   |  |        |                                        |  |   |           |  
|--------------- |  | ------------------- |  | ---------------- |  | ----------------- |  | ------ | -------------------------------------- |  | - | --------- | -
|                |  | Swap Counterparty   |  | Termination Date |  | Rate Type         |  |        | Unrealized Appreciation (Depreciation) | 
|Notional Amount |  |                     |  | Floating Rate    |  | Fixed Rate        |  |       
|7,000,000 USD   |  | Bank of America (a) |  | 12/20/2016       |  | 3 Month USD LIBOR |  | 5.00   | %                                      |  | $ | 206,109   |  
|3,500,000 GBP   |  | Barclays (a)        |  | 06/15/2009       |  | 6 Month GBP LIBOR |  | 5.00   | %                                      |  |   | 15,991    |  
|110,000,000 JPY |  | Barclays (b)        |  | 12/15/2015       |  | 6 Month JPY LIBOR |  | 2.00   | %                                      |  |   | (22,315   | )
|24,400,000 USD  |  | Lehman Brothers (a) |  | 12/20/2016       |  | 3 Month USD LIBOR |  | 5.00   | %                                      |  |   | 718,437   |  
|260,000,000 JPY |  | Merrill Lynch (b)   |  | 12/15/2015       |  | 6 Month JPY LIBOR |  | 2.00   | %                                      |  |   | (54,447   | )
|18,300,000 USD  |  | Morgan Stanley (b)  |  | 12/20/2036       |  | 3 Month USD LIBOR |  | 5.00   | %                                      |  |   | 1,061,279 |  
|6,800,000 EUR   |  | Morgan Stanley (a)  |  | 06/16/2014       |  | 6 Month EUR LIBOR |  | 5.00   | %                                      |  |   | 65,151    |  
|42,000,000 USD  |  | UBS (a)             |  | 06/18/2009       |  | 3 Month USD LIBOR |  | 5.00   | %                                      |  |   | 120,501   |  
|26,000,000 USD  |  | UBS (a)             |  | 12/20/2008       |  | 3 Month USD LIBOR |  | 5.00   | %                                      |  |   | 207,545   |  
|400,000 EUR     |  | UBS (a)             |  | 10/15/2010       |  | CPI-France        |  | 2.1455 | %                                      |  |   | 4,140     |  
|20,000,000 USD  |  | UBS (b)             |  | 12/20/2011       |  | 3 Month USD LIBOR |  | 5.00   | %                                      |  |   | (302,432  | )
|                |  |                     |  |                  |  |                   |  |        |                                        |  |   |           |  
|                |  |                     |  |                  |  |                   |  |        |                                        |  | $ | 2,019,959 |  
|                |  |                     |  |                  |  |                   |  |        |                                        |  |   |           |  

---

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

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

J. Option and Swaption Contracts

The Intermediate Bond Fund may purchase or write option contracts to manage exposure
to fluctuations in interest rates or hedge the fair value of other Fund investments. The premium paid by a Fund for the purchase of a call or put option is included in the Funds Statement of Assets and Liabilities as an



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investment
and subsequently marked-to-market to reflect the current market value of the option purchased. If an option which the Fund has purchased expires on its stipulated expiration date, the Fund realizes a loss for the amount of the cost of the option. If
the Fund enters into a closing transaction, it realizes a gain or loss, depending on whether the proceeds from the sale are greater or less than the cost of the option. If the Fund exercises a put option, it realizes a gain or loss from the sale of
the underlying security and the proceeds from such sale will be decreased by the premium originally paid. If the Fund exercises a call option, the cost of the security which the Fund purchases upon exercise will be increased by the premium
originally paid.

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

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

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

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

A summary of the
written call options and swaptions for the nine month period ended September 30, 2006 is as follows:



|                                       |  |                     |   |  |         |         |  
|-------------------------------------- |  | ------------------- | - |  | ------- | ------- | -
|Written Call Option/Swaption Contracts |  | Number of Contracts |   |  | Premium |        
|Outstanding, beginning of year         |  | 605                 |   |  | $       | 92,959  |  
|                                       |  |                     |   |  |         |         |  
|Options written                        |  |                    |   |  |         |        |  
|Options exercised                      |  |                    |   |  |         |        |  
|Options expired                        |  | (605                | ) |  |         | (92,959 | )
|Options closed                         |  |                    |   |  |         |        |  
|                                       |  |                     |   |  |         |         |  
|Outstanding, end of period             |  |                    |   |  | $       |        |  
|                                       |  |                     |   |  |         |         |  

At September 30, 2006, the Fund did not hold any written call or written put option
contracts.

K. Use of Estimates

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



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L. Indemnifications

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

3. Investment Advisory, Investment Management and Related Party Transactions

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

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



|                                                                      |  |                                
|--------------------------------------------------------------------- |  | -------------------------------
|Investment Advisor                                                    |  | Fee Rate RangeHighest to Lowest
|AllianceBernstein L.P. (Large-Cap Value Equity)                       |  | .50% to .15%                   
|Ariel Capital Management (Mid-Cap Value Equity)                       |  | .75% to .50%                   
|Capital Guardian Trust Company (Large-Cap Growth Equity 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%                   
|RCM Capital Management LLC (Large-Cap Growth Equity)                  |  | .70% to .25%                   
|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 (Small-Cap Equity)                  |  | .90% to .70%                   

---

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



|                                                                     |  |                                              |           |    
|-------------------------------------------------------------------- |  | -------------------------------------------- | --------- | ---
|Investment Advisor                                                   |  | Fees for the Period Ended September 30, 2006 |          
|AllianceBernstein L.P. (Large-Cap Value Equity)                      |  | $                                            | 586,017   |    
|Ariel Capital Management (Mid-Cap Value Equity)                      |  |                                              | 286,326   |    
|Capital Guardian Trust Company (Balanced)                            |  |                                              | 506,648   |    
|Capital Guardian Trust Company (Large-Cap Growth Equity)             |  |                                              | 433,999   |    
|J.P. Morgan Fleming Asset Management Limited (International Equity). |  |                                              | 576,365   |    
|Pacific Investment Management Company (Intermediate Bond)            |  |                                              | 920,913   |    
|Philadelphia International Advisors LP (International Equity)        |  |                                              | 426,086   |    
|RCM Capital Management LLC (Large-Cap Growth Equity)                 |  |                                              | 148,275   | (a)
|T. Rowe Price Associates, Inc. (Large-Cap Growth Equity)             |  |                                              | 536,698   | (b)
|Smith Asset Management Group, LP (Small-Cap Equity)                  |  |                                              | 661,371   |    
|Turner Investment Partners (Mid-Cap Growth Equity)                   |  |                                              | 504,939   |    
|Wellington Management Company LLP (Small-Cap Equity)                 |  |                                              | 898,092   |    
|                                                                     |  |                                              |           |    
|                                                                     |  | $                                            | 6,485,729 |    
|                                                                     |  |                                              |           |    

---

|(a) | For the period January 1, 2006 through February 28, 2006.
|--- | ---------------------------------------------------------

|(b) | For the period March 1, 2006 through September 30, 2006.
|--- | --------------------------------------------------------



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American Bar Association Members/State Street Collective Trust

Unaudited Notes to Financial Statements

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

The ARF Program fee is based on the value of Program assets and the following annual fee rates in effect during the nine month period ended September 30, 2006:



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

ARF received Program fees of $1,269,800 for the nine month period ended September 30, 2006.
These fees are allocated to each Fund based on net asset value.

Effective October 1, 2005, ARF and State Street Bank agreed to adjust
the State Street Bank Program fee based upon the following schedule:



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

Effective May 1, 2006, project fees related to the establishment and offering of the
telephonic delivery of investment advice by CitiStreet Advisors LLC totaling $75,000 was added to the State Street Program fee. This one-time fee will be accrued by the Funds from May 1, 2006 through December 31, 2006.

Effective August 1, 2006, a one-time project fee related to the establishment and offering of the Retirement Date Funds of $400,000 will be added to
the Program fee payable. The fee will be accrued over a period beginning August 1, 2006 through December 31, 2006.

For the nine
month period ended September 30, 2006, State Street Bank received program fees of $9,951,315.

A portion of the State Street Bank
Program fee is reimbursed or reduced each year based on the amount of retirement plan assets held by State Street Bank on behalf of law firm and law-related clients identified by State Street Bank and ARF that do not participate in the Program. The
amount of the reimbursement is equal to .02% of the first $50 million of assets in such plans during the preceding year and .01% of any such assets in excess of $50 million. The accrued reduction for the nine month period ended September 30,
2006 totaled $30,651 and is allocated to each Fund based on net asset value.

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



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American Bar Association Members/State Street Collective Trust

Unaudited Notes to Financial Statements

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



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

---

|* | Effective August 1, 2006, the trustee, management and administration fee payable to State Street Bank was increased from .211% to the currently disclosed rate.
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------

For the nine month period ended September 30, 2006, State Street Bank received trustee, management and administration
fees of $2,742,765.

The Retirement Date Funds are subject to a management fee of .10% of the total annual assets invested in the
Retirement Date Funds, payable to State Street Bank. The fee is accrued daily and paid monthly. For the period ended September 30, 2006, State Street Bank received Retirement Date Fund management fees of $2,860.

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

4. Purchases and Sales of Securities

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



|                                          |  |                                           |             |       |   |            
|----------------------------------------- |  | ----------------------------------------- | ----------- | ----- | - | -----------
|                                          |  | Nine Month Period EndedSeptember 30, 2006
|                                          |  | Purchases                                 |             | Sales
|Balanced Fund                             |  | $                                         | 56,562,494  |       | $ | 90,867,993 
|Index Equity Fund                         |  |                                           | 22,856,135  |       |   | 37,954,025 
|Intermediate Bond Fund                    |  |                                           | 81,380,748  |       |   | 25,907,773 
|International Equity Fund                 |  |                                           | 73,274,063  |       |   | 55,994,757 
|Large-Cap Growth Equity Fund              |  |                                           | 364,784,150 |       |   | 420,812,336
|Large-Cap Value Equity Fund               |  |                                           | 57,079,337  |       |   | 66,522,951 
|Mid-Cap Growth Equity Fund                |  |                                           | 121,901,210 |       |   | 103,352,737
|Mid-Cap Value Equity Fund                 |  |                                           | 13,879,007  |       |   | 15,577,158 
|Small-Cap Equity Fund                     |  |                                           | 186,718,839 |       |   | 208,879,416
|Conservative Structured Portfolio Service |  |                                           | 11,302,977  |       |   | 9,307,867  
|Moderate Structured Portfolio Service     |  |                                           | 32,138,083  |       |   | 29,047,469 
|Aggressive Structured Portfolio Service   |  |                                           | 27,448,459  |       |   | 20,720,187 
|Lifetime Income Retirement Date Fund(a)   |  |                                           | 12,265,523  |       |   | 3,962,715  
|2010 Retirement Date Fund(b)              |  |                                           | 8,300,999   |       |   | 23,953     
|2020 Retirement Date Fund(c)              |  |                                           | 12,340,731  |       |   | 85,402     
|2030 Retirement Date Fund(c)              |  |                                           | 8,047,646   |       |   | 0          
|2040 Retirement Date Fund(d)              |  |                                           | 5,257,873   |       |   | 1,251      

---

|(a) | For the period August 9, 2006 through September 30, 2006.
|--- | ---------------------------------------------------------

|(b) | For the period August 8, 2006 through September 30, 2006.
|--- | ---------------------------------------------------------

|(c) | For the period August 2, 2006 through September 30, 2006.
|--- | ---------------------------------------------------------

|(d) | For the period August 3, 2006 through September 30, 2006.
|--- | ---------------------------------------------------------



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American Bar Association Members/State Street Collective Trust

Unaudited Notes to Financial Statements

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



|                       |  |                                            |             |       |   |            
|---------------------- |  | ------------------------------------------ | ----------- | ----- | - | -----------
|                       |  | Nine Month Period Ended September 30, 2006
|                       |  | Purchases                                  |             | Sales
|Intermediate Bond Fund |  | $                                          | 946,020,401 |       | $ | 904,762,687

5. Risks Associated with Investments of the Trust

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

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

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

6. Securities Lending Income

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

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

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



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American Bar Association Members/State Street Collective Trust

Unaudited Notes to Financial Statements

At September 30, 2006, the Funds market value of securities on loan and collateral received for securities loaned was as follows:



|                        |  |                                   |            |                  |   |            
|----------------------- |  | --------------------------------- | ---------- | ---------------- | - | -----------
|Fund                    |  | Market Value of Loaned Securities |            | Collateral Value
|Balanced                |  | $                                 | 22,952,368 |                  | $ | 23,528,617 
|Intermediate Bond       |  |                                   | 91,732,856 |                  |   | 93,600,938 
|International Equity    |  |                                   | 38,183,012 |                  |   | 40,064,624 
|Large-Cap Growth Equity |  |                                   | 34,256,457 |                  |   | 35,074,488 
|Large-Cap Value Equity  |  |                                   | 6,729,796  |                  |   | 6,899,040  
|Mid-Cap Growth Equity   |  |                                   | 21,959,605 |                  |   | 22,466,081 
|Mid-Cap Value Equity    |  |                                   | 11,754,995 |                  |   | 12,052,953 
|Small-Cap Equity        |  |                                   | 99,588,741 |                  |   | 102,193,788

All collateral was held in the form of cash as of September 30, 2006.

7. Subsequent Event

Effective
November 1, 2006, Ariel Capital Management will be replaced by Wellington Management Company LLP (Wellington) as investment advisor to the Mid-Cap Value Equity Fund. Wellington managements fee schedule for the Mid-Cap Value
Fund is listed below:



|                                                                                                 |  |      |  
|------------------------------------------------------------------------------------------------ |  | ---- | -
|Value of Assets in the Mid-Cap Value Equity Fund Allocated to Wellington Management Company, LLP |  | Rate |  
|First $25 Million                                                                                |  | .75  | %
|Next $25 Million                                                                                 |  | .65  | %
|Over $50 Million                                                                                 |  | .55  | %



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

Stable Asset
Return Fund

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

For the
quarter ended September 30, 2006, the Stable Asset Return Fund experienced a total return, net of expenses, of 1.06%. 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 1.05% for the same period. For the nine months ended September 30, 2006, the Fund experienced a total return, net of expenses, of 3.07%, compared to an investment record
of 2.95% 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 outperformed the combination benchmark for the quarter ended
September 30, 2006. The performance was attributable to the money market portion of the yield curve outperforming the longer end. Trades for the quarter consisted primarily of buying non-agency hybrid adjustable rate mortgage-backed securities
and short-term commercial mortgage-backed securities. The focus of the Fund is on the short end of the yield curve given the inverted yield curve and the uncertainty of interest rates with a data-dependent Federal Open Market Committee. Guaranteed
investment contracts were avoided due to their lack of relative value given their illiquid, lower quality characteristics.

The Stable
Asset Return Fund outperformed the combination benchmark for the nine month period ended September 30, 2006. The general level of interest rates continued to rise with shorter-term rates rising an average of approximately 70 basis points while
yields at two years and longer only rose between 20 and 30 basis points. The yield curve has become much more inverted in the past nine months, primarily between the six month and two year part of the curve. Trades year to date continue to consist
primarily of buying commercial mortgage-backed securities as well as investments in seasoned hybrid adjustable rate mortgage-backed securities, continuing the theme of additional value being placed on their future conversion to a floating rate
instrument in a rising interest rate environment. Guaranteed investment contracts offered very little value relative to other market sectors. Overall, the Fund is positioned in anticipation of yield curve steepening in the second half of 2006.



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Intermediate Bond Fund

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

For the quarter ended September 30, 2006, the Intermediate Bond Fund experienced a total return, net of expenses, of 3.85%. By comparison, the
Lehman Brothers Aggregate Bond Index produced an investment record of 3.81% for the same period. For the nine months ended September 30, 2006, the Fund experienced a total return, net of expenses, of 2.87%, compared to an investment record of
3.06% for the Lehman Brothers Aggregate Bond Index for the same period. The Lehman Brothers Aggregate Bond Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise the index or for
fund expenses.

The Intermediate Bond Fund, which is advised by Pacific Investment Management Company LLC,outperformed the Lehman
Brothers Aggregate Bond Index for the quarter ended September 30, 2006. Interest rate strategies that anticipated a cooling economy helped returns during the third quarter. Extending duration longer than the index contributed to returns as
interest rates fell across the yield curve. Exposure to short-term U.S. rates via Eurodollar futures also positively impacted returns as investors anticipated rate cuts by the Federal Reserve. This is in contrast to the second quarter and for most
of the year when interest rate strategies detracted from the Funds performance. An overweight to mortgage-backed securities, as well as coupon selection, benefited returns as this sector outpaced Treasurys for the quarter. An underweight to
corporate bonds hurt performance during the quarter as the sector outperformed on the back of strong corporate profits and a pause in Federal Reserve tightening. A modest allocation to Treasury Inflation Protected Securities benefited the
Funds performance as real return bonds outpaced like-duration nominal bonds. A small allocation to emerging market bonds benefited the Funds performance as the emerging markets enjoyed a strong quarter, outperforming all other fixed
income assets. Exposure to the euro and yen helped performance for the quarter as these currencies gained relative to the dollar.

The
Intermediate Bond Fund underperformed the Lehman Brothers Aggregate Bond Index for the nine month period ended September 30, 2006. For most of the period interest rate strategies detracted from the Funds performance. Year to date,
exposure to mortgages and coupon selection have contributed to the Funds performance as non-U.S. buyers in search of higher yields have supported this sector. Year to date, emerging market bonds have benefited the Funds performance,
after a disappointing first quarter.

Balanced Fund

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



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For the quarter ended September 30, 2006, the Balanced Fund experienced a total return, net of
expenses, of 3.51%. By comparison, a combination of the Russell 1000 Index and the Lehman Brothers Aggregate Bond Index, weighted 60%/40%, respectively, produced an investment record of 4.56% for the same period. For the nine months ended
September 30, 2006, the Fund experienced a total return, net of expenses, of 4.69%, compared to an investment record of 6.00% 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 September 30, 2006, the equity segment of the Balanced Fund, which is advised with the assistance of Capital Guardian Trust Company, underperformed the Russell 1000 Index. Stock selection hurt relative returns,
especially among financial and consumer discretionary companies. Not owning particular banks and restaurants weighed on relative performance. The worst relative performer was Fluor, which announced weaker-than-expected guidance. Consumer staples
stocks were among the bright spots as stock selection in beverage and food makers boosted results. Forest Labs was the best relative performer after the company won a patent ruling on its depression treatment Lexapro. The segments position in
Microsoft, which announced it would repurchase up to $40 billion in stock, also aided returns.

For the quarter ended September 30,
2006, the debt segment of the Balanced Fund, which is advised with the assistance of Pacific Investment Management Company LLC, outperformed the Lehman Brothers Aggregate Bond Index. Interest rate strategies that anticipated a cooling economy helped
returns during the third quarter. Extending duration longer than the index contributed to returns as interest rates fell across the yield curve. Exposure to short-term U.S. rates via Eurodollar futures also positively impacted returns as investors
anticipated rate cuts by the Federal Reserve. This is in contrast to the second quarter and for most of the year when above interest rate strategies detracted from the segments performance. An overweight to mortgage-backed securities, as well
as coupon selection, benefited returns as this sector outpaced Treasurys for the quarter. An underweight to corporate bonds hurt performance during the quarter as the sector outperformed on the back of strong corporate profits and a pause in Federal
Reserve tightening. A modest allocation to Treasury Inflation Protected Securities benefited the segments performance as real return bonds outpaced like-duration nominal bonds. A small allocation to emerging market bonds benefited the
segments performance as the emerging markets enjoyed a strong quarter, outperforming all other fixed income assets. Exposure to the euro and yen helped performance for the quarter as these currencies gained relative to the dollar.

For the nine months ended September 30, 2006, the equity segment of the Balanced Fund, which is advised with the assistance of Capital
Guardian Trust Company, underperformed the Russell 1000 Index. Stock selection in healthcare, energy and consumer staples helped performance. Overweighting in the information technology sector hurt performance as did stock selection in financials,
consumer discretionary and telecom services.



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For the nine months ended September 30, 2006, 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. For most of the period interest rate strategies detracted from the segments performance. Year to date, exposure
to mortgages and coupon selection have contributed to the segments performance as non-U.S. buyers in search of higher yields have supported this sector. Year to date, emerging market bonds have benefited the segments performance, after a
disappointing first quarter.

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 are believed to be undervalued in the marketplace. A segment of the Fund (approximately 25%) is invested to replicate the Russell 1000 Value Index, which
is comprised of those Russell 1000 stocks with a greater than average value orientation. The remainder of the Large-Cap Value Equity Fund is actively managed.

For the quarter ended September 30, 2006, the Large-Cap Value Equity Fund experienced a total return, net of expenses, of 6.22%. By comparison, the Russell 1000 Value Index produced an investment record of 6.22%
for the same period. For the nine months ended September 30, 2006, the Fund experienced a total return, net of expenses, of 12.76%, compared to an investment record of 13.19% for the Russell 1000 Value Index for the same period. The Russell
1000 Value Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

For the quarter ended September 30, 2006, the actively managed segment of the Large-Cap Value Equity Fund, which is advised with the assistance of AllianceBernstein L.P., outperformed the Russell 1000 Value
Index. Relative returns were helped by stock selection within the financial sector. Shares of government-sponsored housing agencies Fannie Mae and Freddie Mac increased after the U.S. Department of Justice ended its investigation of Fannie
Maes accounting practices without bringing criminal charges against the company and investor concerns abated. Stock selection within the consumer growth sector also contributed to relative performance. Merck benefited as investors reacted
positively to the outcomes of several Vioxx-related lawsuits against the company. Additionally, Merck maintained market share upon the generic release of its anti-cholesterol drug, Zocor. Another key contributor to performance was UST, a consumer
goods company that reported better-than-expected second-quarter earnings due to improving volume trends. Shares of UST also rose after management increased 2006 full-year earnings guidance and announced a cost-savings program. Relative returns were
hurt by stock selection within the technology sector. Tellabs reported disappointing second-quarter results, while ADC Telecommunications reduced guidance, citing slower-than-expected sales of fiber and wireline telecommunication devices. Several
capital equipment holdings also detracted from relative performance. Investors took profits in Boeing which had been strong on excitement about orders announced in the prior quarter. Boeing, however, remains on track with long-term expectations and
the long-term outlook is strong for commercial aircraft orders. Another chief detractor from performance was Norfolk Southern as the railroad company was hurt by slowing rail volumes due to lower production rates.



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The performance of the indexed segment of the Large-Cap Value Equity Fund for the quarter ended
September 30, 2006 was consistent with the Russell 1000 Value Index after taking into account expenses.

For the nine month period
ended September 30, 2006, the actively managed segment of the Large-Cap Value Equity Fund, which is advised with the assistance of AllianceBernstein L.P., slightly underperformed the Russell 1000 Value Index. Relative returns were helped by
stock selection within the consumer growth sector. Shares of Merck rose as investors reacted positively to the outcomes of several Vioxx-related lawsuits against the company. Additionally, Merck maintained market share upon the generic release of
its anti-cholesterol drug, Zocor. Another key contributor was Corning, which traded higher on an improved outlook for LCD glass. Chief detractors from relative performance included Intel and Sprint Nextel. Shares of Intel declined after the company
reported fourth-quarter revenue below investors expectations caused by market-share losses to rival Advanced Micro Devices and weakened demand for personal computers. Meanwhile, shares of Sprint Nextel declined on investors concerns
about the companys ability to market to and maintain the historically profitable Nextel customer base. Although recent performance has been disappointing, Sprint Nextel remains on track to achieve long-term expectations.

The performance of the indexed segment of the Large-Cap Value Equity Fund for the nine month period ended September 30, 2006 was consistent with the
Russell 1000 Value Index after taking into account expenses.

Large-Cap Growth Equity Fund

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

For the quarter ended September 30, 2006, the Large-Cap Growth Equity Fund experienced a total return, net of expenses, of 3.45%. By comparison, the
Russell 1000 Growth Index produced an investment record of 3.94% for the same period. For the nine months ended September 30, 2006, the Fund experienced a total return, net of expenses, of 2.86%, compared to an investment record of 2.97% for
the Russell 1000 Growth Index for the same period. The Russell 1000 Growth Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise the Index or for fund expenses.



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The segment of the Large-Cap Growth Equity Fund which is advised with the assistance of Capital Guardian
Trust Company underperformed the Russell 1000 Growth Index for the quarter ended September 30, 2006. Stock selection hurt relative returns, especially among financial and consumer discretionary companies. Not owning particular banks and
restaurants weighed on relative performance. The worst relative performer was Fluor, which announced weaker-than-expected guidance. Consumer staples stocks were among the bright spots as selection of beverage and food makers boosted results. Forest
Labs was the best relative performer after the company won a patent ruling on its depression treatment Lexapro. The segments position in Microsoft, which announced it would repurchase up to $40 billion in stock, also aided returns.

The other actively managed segment of the Large-Cap Growth Equity Fund, which is advised with the assistance of T. Rowe Price Associates,
Inc., underperformed the Russell 1000 Growth Index for the quarter ended September 30, 2006. The segments underperformance relative to the index was driven by weak stock selection, offsetting the contribution made by sector weightings. In
information technology, stock selection in software, semiconductors and semiconductor equipment, and Internet software and services detracted from performance, with weakness in holdings of Maxim Integrated Products, Marvell Technology Group, and
Yahoo! Stock selection in the consumer discretionary sector also detracted from performance, notably in Internet and catalog retail and household durables. Industries contributing to relative performance included industrial conglomerates, energy
equipment and services, and wireless telecommunication services. Holdings contributing to relative results included General Electric, Danaher, Southwest Airlines and American Tower Systems.

The performance of the indexed segment of the Fund for the quarter ended September 30, 2006 was consistent with the Russell 1000 Growth Index after
taking into account expenses.

The segment of the Large-Cap Growth Equity Fund which is advised with the assistance of Capital Guardian
Trust Company underperformed the Russell 1000 Growth Index for the nine month period ended September 30, 2006. For the year to date, stock selection in healthcare, consumer staples and energy helped performance. Overweighting in the information
technology sector hurt performance as did stock selection in financials, consumer discretionary and telecom services.

The other actively
managed segment of the Large-Cap Growth Equity Fund, advised with the assistance of RCM Capital Management LLC until February 28, 2006, and thereafter with the assistance of T. Rowe Price Associates, Inc., outperformed the Russell 1000 Growth
Index for the nine month period ended September 30, 2006. RCM outperformed during the period it advised as stock selection added to performance. Stock selection within the semiconductors, energy and biotechnology sectors helped performance for
the period, while stock selection within the health care equipment, communications equipment and consumer services sectors detracted from returns. Industry strategy for the period hurt performance. An overweight in the diversified financials sector
and an underweight in the food beverage & tobacco and computers &



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peripherals sectors aided performance. An overweight in the Internet software & services and semiconductors
sectors and an underweight in the communications equipment sector detracted from performance. Since March 1, 2006 the segment has underperformed the Russell 1000 Growth Index. Both stock selection and sector weightings detracted from relative
results. The primary source of value added during the period was stock selection in the consumer discretionary sector. Stock selection in the multiline retail, household durables, and hotels, restaurants and leisure industries contributed to
relative performance, offsetting negative relative performance in media. Stock selection in the industrials and business services sector also boosted relative results, notably in the machinery industry. Stock selection in the wireless
telecommunication services industry drove positive relative performance in the telecommunication services sector. Information technology was the primary detractor from relative performance. Both stock selection, notably in semiconductors and
semiconductor equipment and software, and an overweight sector position detracted from performance. The health care sector detracted from relative results due to stock selection in pharmaceuticals and health care equipment and supplies, with an
underweight position in the former industry also impairing relative performance. Stock selection also drove relative underperformance in the financials sector.

The performance of the indexed segment of the Fund for the nine month period ended September 30, 2006 was consistent with the Russell 1000 Growth Index after taking into account expenses.

Index Equity Fund

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

For the quarter ended September 30, 2006, the Index Equity Fund
experienced a total return, net of expenses, of 4.53%. By comparison, the Russell 3000 Index produced an investment record of 4.64% for the same period. For the nine months ended September 30, 2006, the Fund experienced a total return, net of
expenses, of 7.65%, compared to an investment record of 8.02% 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 was consistent with the Russell 3000 Index after
taking into account expenses.

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



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Mid-Cap Value Equity Fund

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

For the quarter
ended September 30, 2006, the Mid-Cap Value Equity Fund, which was then advised with the assistance of Ariel Capital Management, LLC, experienced a total return, net of expenses, of 4.61%. By comparison, the Russell Mid-Cap Value Index produced
an investment record of 3.53% for the same period. For the nine months ended September 30, 2006, the Fund experienced a total return, net of expenses, of 4.12%, compared to an investment record of 10.79% for the Russell Mid-Cap Value Index for
the same period. The Russell Mid-Cap Value Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The Mid-Cap Value Equity Fund outperformed the Russell Mid-Cap Value Index for the quarter ended September 30, 2006. The benchmarks returns
were weighed down by exposure to the lower quality cyclical issues that have fueled recent rallies. During the quarter, several of the Funds holdings rebounded significantly. Notably, a recovering Interpublic Group of Companies, Inc.s
stock was up more than 27% from its July low. The stock had been depressed from ongoing revenue falloff combined with significant expenditures connected to Sarbanes-Oxley compliance requirements. Sizeable new business wins have given its turnaround
efforts important momentum. Interpublic stands at an inflection point as revenue runoff has largely diminished and compliance outlays have been considerably reduced. Conversely, H&R Block, Inc. is still facing headwinds. Its shares fell 8% due
to higher than anticipated mortgage delinquencies, prompting the company to book a higher than expected loss provision. These mortgage credit issues continue to be monitored closely, as the company is attractively valued given the strength of the
core tax-preparation business, which experienced a successful price increase during the 2006 tax season.

The Mid-Cap Value Equity Fund
underperformed the Russell Mid-Cap Value Index for the nine month period ended September 30, 2006. The first three quarters of 2006 have been somewhat erratic. While indices rallied on the back of soaring commodity and cyclical stocks through
March, sentiments gyrated between bullish and bearish in the second quarter. Over the last three months, the stock market returned to normalcy with the price of oil dropping, inflation apparently moderating and market leadership rotating towards
favored holdings that have predictable earnings and strong balance sheets. Closer inspection reveals that the weakest performers have been in the consumer discretionary and services sector. Specifically, two holdings were primarily responsible for
the shortfall: McClatchy Co. (-28%) and Career Education Corp. (-33%). Aiding performance was Fisher Scientific International Inc., which rose 26% on the news of its acquisition by Thermo Electron Corp. in an all-stock transaction. The merger
vertically integrates Thermo Electrons leadership in analytical instruments for the life sciences and health care industries with Fisher Scientifics leading position in consumables.



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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. The Fund
emphasizes sectors and securities that State Street and the Investment Advisor believe have strong earnings growth potential. The Mid-Cap Growth Equity Fund seeks to achieve, over an extended period of time, total returns comparable to or superior
to those attained by broad measures of the domestic stock market.

For the quarter ended September 30, 2006, the Mid-Cap Growth Equity
Fund, which is advised with the assistance of Turner Investment Partners, experienced a total return, net of expenses, of (3.05%). By comparison, the Russell Mid-Cap Growth Index produced an investment record of 0.89% for the same period. For the
nine months ended September 30, 2006, the Fund experienced a total return, net of expenses, of 1.09%, compared to an investment record of 3.47% 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 September 30, 2006. The consumer discretionary sector (-1.2%) accounted for the largest underperformance on a sector basis
versus the Russell Mid-Cap Growth Index. Within this group, solid results posted by Coach Inc. (+15%) and electronic game manufacturer International Game Technology Inc. (+9%) were more than offset by weakness in Station Casinos
Inc. (-17%), Coldwater Creek Inc. (-26%), and Wesco International Inc. (-16%). Station Casinos sold off on concerns that the local gambling markets it covers were becoming over-served, and future earnings growth may be hampered due to the addition
of high cost debt on its balance sheet. The Funds holding in Coldwater Creek, a specialty retailer focused on womens apparel, fell due to concerns related to weaker consumer spending. Wesco, an electrical products distributor, traded
lower due to concerns that economic growth would impinge upon the companys future growth rate. Results in the consumer staples sector detracted from performance as Hansen Natural Corp. (-37%) and Whole Foods Market Inc. (-8%) traded lower.
Hansen, a leading provider of energy drinks, suffered from supply disruptions during the quarter, while the near term earnings for Whole Foods are expected to be weighed down by additional expenses related to the companys new store openings.
The Fund also lost ground versus the benchmark in the technology sector (-0.6%), as investors quickly punished companies that provided a weaker than expected outlook. Rackable Systems Inc. (-48%) traded down significantly after indicating that end
markets were weakening and pricing pressures loomed. SiRF Technology Holdings Inc. (-39%), which makes semiconductors for global positioning systems, also plummeted after the company posted second-quarter results which topped Wall Street
expectations but issued a disappointing forecast. During the quarter, modest excess return in the materials & processing sector was due to the solid results posted by Precision Castparts Corp. (+6%) and General Cable Corp.
(+9%). Aerospace markets continue to remain robust, and Precision Castparts is well positioned to continue its above-average revenue and margin performance going forward. General Cables positive results were driven by the strong demand in
the North American industrial and networking businesses, improved pricing and strong operating performance.



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The Mid-Cap Growth Equity Fund underperformed the Russell Mid-Cap Growth Index for the nine month period
ended September 30, 2006. Weighing on performance for the year-to-date period was security selection within the healthcare sector (-3.5% for the Fund vs. +3.6% for the benchmark) which represented 15% of the Fund on average. The
Funds managed care and medical specialties holdings hurt performance the most. Leading the decline were Biomet Inc. and Humana Inc. In the consumer discretionary area  the largest weight of the Fund representing 22% on average 
weakness in satellite radio holdings (XM Satellite Radio Holdings Inc. and Sirius Satellite Radio Inc.) and specialty stores (Williams-Sonoma Inc. and Coldwater Creek Inc.) contributed to the erosion of 1.0% of relative performance.

Small-Cap Equity Fund

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

For the quarter ended September 30, 2006, the Small-Cap Equity Fund experienced a total return, net of expenses, of (2.20)%. By comparison, the
Russell 2000 Index produced an investment record of 0.44% for the same period. For the nine months ended September 30, 2006, the Fund experienced a total return, net of expenses, of 1.10%, compared to an investment record of 8.69% for the
Russell 2000 Index for the same period. The Russell 2000 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The segment of the Small-Cap Equity Fund advised with the assistance of Wellington Asset Management Company, LLP underperformed the
Russell 2000 Index for the quarter ended September 30, 2006. A bottom-up investment approach was the primary driver behind negative performance in the third quarter. Stock selection suffered across most sectors, with the exception of health
care, consumer discretionary and information technology. Stock selection in the financials sector detracted from relative performance, due in part to holdings such as First Community Bancorp and Taylor Capital. First Community, despite solid second
quarter results, declined as the company took a large provision for bad loans. However, First Community Bancorp is viewed as an attractive acquisition target due to its unique position in southern California. Taylor Capital, an attractive stock due
to its cheap valuation, reported lower-than-expected second quarter profits, causing its share price to decline during the third quarter. The industrials sector also performed poorly due to security selection. The segments overweight position
to underperforming stocks such as Genesee & Wyoming and non-benchmark names, such as US Airways, detracted from performance. Genesee & Wyoming, a regional railroad operator, reported disappointing second quarter earnings,
reflecting weaknesses in its Bolivian and Mexican operations. However, it is believed that the stock will bounce back due to its ability to expand rail properties and run them more efficiently and profitably. Shares of US



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Airways declined as news of a foiled terrorist plot in the United Kingdom caused a drop in revenue in July. Stock
selection in the health care sector added to relative performance, due in part to the strong performance of Connetics Corporation, a specialty pharmaceuticals company that focuses on commercialization of dermatological products. Connetics recently
received FDA approval for several new products. The consumer discretionary sector also benefited from stock selection, in particular from ADVO, a direct mail media company. Shares of ADVO soared after it was announced that the company would be
acquired by Valassis Communications.

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 September 30, 2006. The third quarter especially displayed the growth penalty as companies in the Russell 2000 with the highest expectations of growth dramatically
underperformed the benchmark. The segment lagged the benchmark primarily due to a larger exposure to stocks with high earnings growth relative to the benchmark.

The performance of the indexed segment of the Small-Cap Equity Fund for the quarter ended September 30, 2006 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 underperformed the
Russell 2000 Index for the nine month period ended September 30, 2006. A bottom-up investment approach produced weak relative results in the first nine months of the year, with underperformance in nine of the ten broad market sectors. Poor
performance from holdings in the materials and information technology sectors detracted from results relative to the Russell 2000 Index. Within the materials sector, the segments overweight position in Cleveland-Cliffs, an iron ore pellet
producer, detracted from performance, particularly as the decrease in the price of iron ore pellets negatively impacted earnings in the early part of the year. The stock continues to be held as it is attractive over the long-term. Within the
information technology sector, non-benchmark holding Red Hat detracted from relative performance. Red Hat, which acquired JBoss late in the second quarter, performed poorly year-to-date. Declining subscription revenues, in addition to integration
roadblocks with JBoss, have contributed to the stocks poor performance. The top-performing sector year-to-date was health care. The segment benefited from a large overweight to Magellan Health Services, a provider of health benefit services to
health plans, employers and public sector payers.

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 nine month period ended September 30, 2006. Year to date performance has been negatively impacted primarily by a strong bias against companies with high expected earnings
growth. This pattern of underperformance to growth typically happens when overall economic activity begins to slow as investors seek stability in earnings rather than growth itself.

The indexed segment of the Small-Cap Equity Fund underperformed the Russell 2000 Index for the nine months ended September 30, 2006 due to
trading during the annual index reconstitution in June.



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International Equity Fund

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

For the quarter ended September 30, 2006, the International Equity
Fund experienced a total return, net of expenses, of 3.90%. By comparison, the Morgan Stanley Capital International All-Country World Ex-U.S. Free Index (the MSCI AC World Ex-U.S. Index) produced an investment record of 3.88% for the
same period. For the nine months ended September 30, 2006, the Fund experienced a total return, net of expenses, of 14.61%, compared to an investment record of 13.93% for the MSCI AC World Ex-U.S. Index for the same period. The MSCI AC World
Ex-U.S. Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that index or for fund expenses.

The segment of the International Equity Fund advised with the assistance of JPMorgan Asset Management (UK) Limited underperformed the MSCI AC World Ex-U.S. Index for the quarter ended September 30, 2006. Stock
selection in the material and industrial sectors combined with an underweight in utilities were the main reasons for the shortfall. A pullback in commodity prices combined with concerns about a possible slowdown in global demand negatively impacted
a number of holdings within the material and industrial sectorsamong them CVRD, BHP Billiton, Wolseley, Mitsubishi Corp., Sumitomo Corp, Daikin and Fanuc. A lack of exposure to Spanish utilities also hurt the portfolio, as mergers and
acquisitions activity caused those stocks to surge. On the positive side, stock selection in consumer staples and financials contributed positively to performance. Performance in consumer staples was underpinned by a number of companies in the
United Kingdom and Mexico (Morrison, Tesco, FEMSA and Wal-Mex). Within financials, Japanese companies fared poorly but the effects were more than offset by a strong showing from China Life and a number of European holdings. Performance within the
energy sector was mixed. The sector in general fared poorly during the quarter as oil prices retreated but the segments holdings held up better than the sector average.

The segment of the International Equity Fund advised with the assistance of Philadelphia International Advisors, LP outperformed the MSCI AC World
Ex-U.S. Index for the quarter ended September 30, 2006. International equity markets performed well in the third quarter, despite the sharp housing slowdown in America, more violent flare-ups in the Middle East and a military coup in Thailand.
Fortunately, these worrisome events were more than offset by the United States Federal Reserves decision to put its two year tightening policy on hold, and by a dramatic slide in energy and commodity prices. During the third quarter, the
segment modestly outperformed the index. Some of the extra return resulted from relatively low exposure to Japanese stocks, and from successful stock selection, especially in the United Kingdom, Australia, Germany, Sweden and Switzerland.



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The segment of the International Equity Fund advised with the assistance of JPMorgan Asset Management
(UK) Limited outperformed the MSCI AC World Ex-U.S. Index for the nine month period ended September 30, 2006. The factors that detracted from performance in the third quarter, an underweight in utilities, stock selection in industrials and
materials, were also the main detractors on a year-to-date basis. In contrast, stock selection in financials, technology, consumer discretionary and telecoms all contributed positively to performance. As was the case in the third quarter, Japanese
financial holdings have fared poorly on a year-to-date basis but have been more than offset by a strong showing from China Life and a number of companies in Europe. On the other hand, Japanese companies, most notably Canon and Nintendo, spearheaded
the strong showing in technology. Within consumer discretionary, auto and media holdings, BMW, Wolters Kluwer and Reed Elsevier were the main drivers. In telecoms, the segment benefited from holding emerging market names Telecom Indonesia and
America Movil.

The segment of the International Equity Fund advised with the assistance of Philadelphia International Advisors, L.P.
outperformed the MSCI AC World Ex-U.S. Index for the nine month period ended September 30, 2006. Positive relative performance in the third quarter has widened the margin over the Index year to date. Like recent performance, higher returns this
year have also been generated by a portfolio tilt towards Europe and away from Japan, and good security selection in the United Kingdom, Japan and Germany.

Structured Portfolio Service

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

For the quarter ended September 30, 2006, the Structured Portfolio Service experienced a total return, net of expenses, of 3.22% for the
Conservative Portfolio, 3.80% for the Moderate Portfolio, and 3.94% for the Aggressive Portfolio.

For the nine month period ended
September 30, 2006, the Structured Portfolio Service experienced a total return, net of expenses, of 5.12% for the Conservative Portfolio, 6.66% for the Moderate Portfolio, and 7.84% for the Aggressive Portfolio.

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



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Retirement Date Funds

The purpose of the Retirement Date Funds is to provide a series of balanced investment funds each of which is designed to correspond to a particular time horizon to retirement. The Retirement Date Funds utilize a
broad range of asset classes and a regular rebalancing process to provide diversification of returns and risks consistent with the stated time period to retirement. The Lifetime Income Retirement Date Fund seeks to avoid significant loss of
principal for investors who have reached retirement. The 2010 Retirement Date Fund currently seeks to provide moderate capital appreciation and some stability of principal for investors planning to retire in or around the year 2010. The 2020
Retirement Date Fund currently seeks to provide long-term capital appreciation and some stability of principal for investors planning to retire in or around the year 2020. The 2030 Retirement Date Fund currently seeks primarily to provide long-term
capital appreciation for individuals planning to retire in or around the year 2030. The 2040 Retirement Date Fund currently seeks primarily to provide long-term capital appreciation for investors planning to retire in or around the year 2040. 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 seek to achieve their objectives by investing in various index or other collective investment
funds maintained by State Street Bank and Trust Company, including S&P 500 Flagship Securities Lending Fund (S&P 500 Index Fund), Daily MSCI EAFE Fund, S&P MidCap 400 Index Securities Lending Fund (S&P MidCap 400
Index Fund), Russell 2000 Index Securities Lending Fund (Russell 2000 Index Fund), Long U.S. Government Index Securities Lending Fund (Lehman Long Government Bond Fund), Limited Duration Bond Non-Lending Fund
(Limited Duration Bond Fund) and Short Term Investment Fund.

Funds in the Lifetime Income Retirement Date Fund are allocated
as follows: S&P 500 Index Fund, 19.0%; Daily MSCI EAFE Index Fund, 3.0%; S&P MidCap 400 Index Fund, 2.0%; Russell 2000 Index Fund, 1.0%; Lehman Long Government Bond Fund, 25.0%; Limited Duration Bond Fund, 40.0%; and Short Term Investment
Fund, 10.0%. Funds in the 2010 Retirement Date Fund are currently allocated as follows: S&P 500 Index Fund, 28.2%; Daily MSCI EAFE Index Fund, 4.7%; S&P MidCap 400 Index Fund, 2.8%; Russell 2000 Index Fund, 1.8%; Lehman Long Government Bond
Fund, 37.5%; Limited Duration Bond Fund, 19.2%; and Short Term Investment Fund, 5.8%. Funds in the 2020 Retirement Date Fund are currently allocated as follows: S&P 500 Index Fund, 39.0%; Daily MSCI EAFE Index Fund, 14.0%; S&P MidCap 400
Index Fund, 5.7%; Russell 2000 Index Fund, 3.8%; Lehman Long Government Bond Fund, 31.0%; Limited Duration Bond Fund, 1.5%; and Short Term Investment Fund, 5.0%. Funds in the 2030 Retirement Date Fund are currently allocated as follows: S&P 500
Index Fund, 44.5%; Daily MSCI EAFE Index Fund, 19.5%; S&P MidCap 400 Index Fund, 7.4%; Russell 2000 Index Fund, 7.1%; Lehman Long Government Bond Fund, 21.0%; and Short Term Investment Fund, 0.5%. Funds in the 2040 Retirement Date Fund are
currently allocated as follows: S&P 500 Index Fund, 45.0%; Daily MSCI EAFE Index Fund, 24.5%; S&P MidCap 400 Index Fund, 9.8%; Russell 2000 Index Fund, 9.7%; and Lehman Long Government Bond Fund, 11.0%.



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For the period August 1, 2006 through September 30, 2006, the Retirement Date Funds experienced
a total return, net of expenses, of 2.50% for the Lifetime Income Retirement Date Fund, 3.17% for the 2010 Retirement Date Fund, 4.36% for the 2020 Retirement Date Fund, 4.62% for the 2030 Retirement Date Fund and 3.78% for the 2040 Retirement Date
Fund.

Item 4. CONTROLS AND PROCEDURES.

Conclusion Regarding the Effectiveness of Disclosure Controls and
Procedures: Under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer, the Collective Trust conducted an evaluation of its disclosure controls and procedures (as such term is defined in Rule
13a-15(e) or 15d-15(e) under the Exchange Act). Based on such evaluation, the Collective Trusts Chief Executive Officer and Chief Financial Officer have concluded that its disclosure controls and procedures are effective as of
September 30, 2006.

Internal Control Over Financial Reporting: During the preparation of the Collective Trusts financial
statements for the quarter ended June 30, 2006, an input error resulted in an error in selected figures on the financial highlight data which were not timely detected by management in its review of the preliminary drafts. Management has
concluded that the input control is designed appropriately but was not operating effectively. Management has added new procedures and reinforced existing standard operating procedures with process owners as part of its remediation plan. These
changes were in place for the preparation of the Collective Trusts financial statements for the quarter ended September 30, 2006.

PART II. OTHER INFORMATION.

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

During the quarter ended
September 30, 2006, the Collective Trust issued an aggregate of approximately $204,000,000 in unregistered Units. Such Units were offered and sold at their net asset value in reliance upon the exemption from registration under Rule 180
promulgated under the Securities Act of 1933 relating to exemption from registration of interests and participations issued in connection with certain H.R. 10 plans. Proceeds received by the Collective Trust from the sale or transfer of the Units
are applied to the applicable Fund, portfolio of the Structured Portfolio Service or Retirement Date Fund.

Item 6. EXHIBITS.



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

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



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SIGNATURES

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



|                 |  |                                                                |  |                        
|---------------- |  | -------------------------------------------------------------- |  | -----------------------
|                 |  | AMERICAN BAR ASSOCIATION MEMBERS/STATE STREET COLLECTIVE TRUST
|                 |  |                                                               
|November 9, 2006 |  | By:                                                            |  | /s/ Philip J. Lussier  
|                 |  | Name:                                                          |  | Philip J. Lussier      
|                 |  | Title:                                                         |  | Chief Executive Officer
|                 |  |                                                               
|November 9, 2006 |  | By:                                                            |  | /s/ Beth M. Halberstadt
|                 |  | Name:                                                          |  | Beth M. Halberstadt    
|                 |  | Title:                                                         |  | Chief Financial Officer



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EXHIBIT INDEX



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

---

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



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