FORM 10-Q
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

     [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934
                For the quarterly period ended September 30, 1997

                                       OR

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

For the transition period from                              to


                  Commission file Nos. 333-23633 AND 33-92120

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

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

                225 FRANKLIN STREET, BOSTON, MASSACHUSETTS 02110 (Address of
                    principal executive offices)
                                   (Zip Code)

                                 (617) 985-3000
              (Registrant's telephone number, including area code)

                                 NOT APPLICABLE
   (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
                               -----     -----


<PAGE>

                        AMERICAN BAR ASSOCIATION MEMBERS/
                          STATE STREET COLLECTIVE TRUST

                                    FORM 10-Q

                                      INDEX



                                                          Page No.
                                                          --------
PART I.  FINANCIAL INFORMATION

     Item 1.Financial Statements (Unaudited)

     Aggressive Equity Fund
           Statement of Assets and Liabilities................. 1
           Statement of Operations............................. 2
           Statement of Changes in Net Assets...................3
           Per-Unit Data and Ratios.............................4

     Balanced Fund
           Statement of Assets and Liabilities................. 5
           Statement of Operations............................. 6
           Statement of Changes in Net Assets...................7
           Per-Unit Data and Ratios.............................8

     Growth Equity Fund
           Statement of Assets and Liabilities................. 9
           Statement of Operations............................ 10
           Statement of Changes in Net Assets..................11
           Per-Unit Data and Ratios............................12

     Index Equity Fund
           Statement of Assets and Liabilities................ 13
           Statement of Operations............................ 14
           Statement of Changes in Net Assets..................15
           Per-Unit Data and Ratios............................16

     Intermediate Bond Fund
           Statement of Assets and Liabilities................ 17
           Statement of Operations............................ 18
           Statement of Changes in Net Assets..................19
           Per-Unit Data and Ratios............................20



                                        i
<PAGE>


     International Equity Fund
           Statement of Assets and Liabilities................ 21
           Statement of Operations............................ 22
           Statement of Changes in Net Assets..................23
           Per-Unit Data and Ratios............................24

     Stable Asset Return Fund
           Statement of Assets and Liabilities................ 25
           Statement of Operations............................ 26
           Statement of Changes in Net Assets..................27
           Per-Unit Data and Ratios............................28

     Value Equity Fund
           Statement of Assets and Liabilities................ 29
           Statement of Operations............................ 30
           Statement of Changes in Net Assets..................31
           Per-Unit Data and Ratios............................32

     Structured Portfolio Service - Conservative Portfolio
           Statement of Assets and Liabilities................ 33
           Statement of Operations............................ 34
           Statement of Changes in Net Assets..................35
           Per-Unit Data and Ratios............................36

     Structured Portfolio Service - Moderate Portfolio
           Statement of Assets and Liabilities................ 37
           Statement of Operations............................ 38
           Statement of Changes in Net Assets..................39
           Per-Unit Data and Ratios............................40

     Structured Portfolio Service - Aggressive Portfolio
           Statement of Assets and Liabilities................ 41
           Statement of Operations............................ 42
           Statement of Changes in Net Assets..................43
           Per-Unit Data and Ratios............................44

     Item 2. Management's Discussion and Analysis of Financial
             Condition and Results of Operations...............45

     Item 3. Quantitative Disclosures About Market Risk........49


PART II.  OTHER INFORMATION

     Item 6. Exhibits and Reports on Form 8-K..................50

SIGNATURES.....................................................51

                                       ii

<PAGE>



PART I  FINANCIAL INFORMATION

Item 1  Financial Statements ( Unaudited )


         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                             AGGRESSIVE EQUITY FUND


                       STATEMENT OF ASSETS AND LIABILITIES
                                    UNAUDITED


<TABLE>
<CAPTION>

ASSETS .............................................................................   SEPT 30, 1997
                                                                                       ------------
<S>                                                                                   <C>  
Investments, at value (cost $235,146,043) ..........................................   $360,181,753
Cash ...............................................................................        813,461
Receivable for investments sold ....................................................        983,399
Receivable for fund units sold .....................................................              0
Dividends and interest receivable ..................................................        211,246
Other assets .......................................................................         71,499
                                                                                       ------------
   Total assets ....................................................................    362,261,358
                                                                                       ------------

LIABILITIES
Payable for investments purchased ..................................................      2,798,972
Payable for fund units purchased ...................................................        787,343
Accrued expenses ...................................................................        503,401
Other liabilities ..................................................................         19,041
                                                                                       ------------
   Total liabilities ...............................................................      4,108,757
                                                                                       ------------

NET ASSETS .........................................................................   $358,152,601
                                                                                       ============

Net asset value, redemption price and offering price per unit of beneficial interest
( $358,152,601/6,832,400 units outstanding) ........................................   $      52.42
                                                                                       ============

</TABLE>

                                        1
<PAGE>


         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                             AGGRESSIVE EQUITY FUND


                             STATEMENT OF OPERATIONS
                                    UNAUDITED

<TABLE>
<CAPTION>

                                                                        FOR THE PERIOD         FOR THE PERIOD
                                                                         JULY 1, 1997          JANUARY 1, 1997
                                                                        TO SEPT 30, 1997       TO SEPT 30, 1997
                                                                       ----------------        ----------------
<S> .................................................................  <C>                    <C>  
Investment income
   Dividend income ..................................................  $    393,205           $  1,118,121 
   Interest income ..................................................       249,458                803,520
                                                                            -------              ---------
     Total investment income ........................................       642,663              1,921,641
                                                                                              
Expenses:                                                                                     
   Investment advisory fee ..........................................  $    370,469           $    995,553
   State Street Bank & Trust Company - program fee ..................       286,288                791,628
   American Bar Retirement Association - program fee ................        41,797                115,683
   Trustee, management and administration fees ......................        60,153                165,206
   Other expenses and taxes .........................................        45,357                120,803
   Amortization of organization expenses ............................        19,406                 58,050
                                                                            -------              ---------
     Total expenses .................................................       823,470              2,246,923
                                                                            -------              ---------
Net investment income (loss) ........................................      (180,807)              (325,282)
                                                                          ---------              ---------
                                                                                              
                                                                          ---------              ---------
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS                                              
Net realized gain on investments sold ...............................     4,610,936             19,844,794
Unrealized appreciation of investments during the period ............    43,536,069             58,665,256
                                                                        -----------            ----------- 
   Net gain on investments ..........................................    48,147,005             78,510,050
                                                                        -----------            -----------
   Net increase in net assets resulting from operations .............  $ 47,966,198           $ 78,184,768
                                                                        ===========           ============
                                                                                              
</TABLE>
                                       2
<PAGE>
         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                             AGGRESSIVE EQUITY FUND


                       STATEMENT OF CHANGES IN NET ASSETS
                                    UNAUDITED
<TABLE>
<CAPTION>


                                                                                   FOR THE PERIOD             FOR THE PERIOD
                                                                                    JULY 1, 1997              JANUARY 1, 1997
                                                                                   TO SEPT 30, 1997          TO SEPT 30, 1997
                                                                                   ----------------          ----------------
<S> .............................................................................  <C>                       <C>   
Operations:
     Net investment income (loss) ...............................................  ($    180,807)            ($    325,282)
     Net realized gain on investments ...........................................      4,610,936                19,844,794
     Unrealized appreciation on investments during the period ...................     43,536,069                58,665,256
                                                                                      ----------                ----------
                                                                                                                                  
     Net increase in net assets resulting from operations .......................     47,966,198                78,184,768
                                                                                      ----------                ----------
                                                                                                                                  
                                                                                                            
Participant transactions:                                                                                   
     Proceeds from sales of units ...............................................      9,947,602                30,891,183
     Cost of units redeemed .....................................................     (9,962,847)              (26,838,818)
                                                                                      ----------               ----------- 
                                                                                                                                  
     Net increase (decrease)in net assets resulting from participant transactions        (15,245)                4,052,365
                                                                                         -------                 ---------
                                                                                                                                  
          Total increase in net assets ..........................................     47,950,953                82,237,133
                                                                                      ----------                ----------
                                                                                                            
NET ASSETS:                                                                                                 
     Beginning of period ........................................................    310,201,648               275,915,468
     End of period ..............................................................  $ 358,152,601             $ 358,152,601
                                                                                                            
Number of units:                                                                                            
     Outstanding-beginning of period ............................................      6,833,172                 6,727,703
        Sold ....................................................................        200,889                   712,296
        Redeemed ................................................................       (201,661)                 (607,599)
                                                                                        --------                  -------- 
                                                                                                                                  
     Outstanding-end of period ..................................................      6,832,400                 6,832,400
                                                                                       =========                 =========
</TABLE>
                                       3


<PAGE>

         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                             AGGRESSIVE EQUITY FUND


                            PER-UNIT DATA AND RATIOS
                                    UNAUDITED
<TABLE>
<CAPTION>

Selected data for a unit outstanding throughout the period:  FOR THE PERIOD         FOR THE PERIOD
                                                              JULY 1, 1997          JANUARY 1, 1997
                                                            TO SEPT 30, 1997       TO SEPT 30, 1997
                                                            ----------------       ----------------
<S> .......................................................  <C>                  <C>           
Investment income .........................................  $       0.09         $       0.28   
Expenses ..................................................         (0.12)               (0.33)
                                                                ---------            ---------
Net investment income (loss) ..............................         (0.03)               (0.05)
Net realized and unrealized gain on investments ...........          7.05                11.46
                                                                ---------            ---------
Net increase in unit value ................................          7.02                11.41
Net asset value at beginning of period ....................         45.40                41.01
                                                                ---------            ---------
Net assets value at end of period .........................  $      52.42         $      52.42
                                                                =========            =========
                                                                                  
Ratio of expenses to average net assets* ..................          0.97                 1.00
Ratio of net investment income (loss) to average assets* ..         (0.21)                (0.14)
Portfolio turnover ........................................             9%                  32%
Number of units outstanding at end of period (in thousands)         6,832                6,832
                                                                                  
                                                                                         
*Annualized                                                               
</TABLE>
 
                                       4
<PAGE>                                                             



         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                                  BALANCED FUND


                       STATEMENT OF ASSETS AND LIABILITIES
                                    UNAUDITED


<TABLE>
<CAPTION>

ASSETS                                                                                SEPT 30, 1997
                                                                                      -------------
<S> ................................................................................   <C>   
Investments, at value (cost $338,846,476) .......................................   $360,093,241
Cash ...............................................................................            743
Receivable for investments sold ....................................................        128,604
Receivable for fund units sold .....................................................         36,532
Dividends and interest receivable ..................................................      1,606,413
Other assets .......................................................................         97,026
                                                                                      -------------                      
   Total assets ....................................................................    361,962,559
                                                                                      -------------                      

LIABILITIES
Payable for investments purchased ..................................................      1,835,997
Payable for fund units purchased ...................................................              0
Accrued expenses ...................................................................        439,137
Other liabilities ..................................................................          9,987
                                                                                      -------------                     
   Total liabilities ...............................................................      2,285,121
                                                                                      -------------                     

NET ASSETS .........................................................................   $359,677,438
                                                                                      =============                      

Net asset value, redemption price and offering price per unit of beneficial interest
( $359,677,438/8,158,537 units outstanding) ........................................         $44.09
                                                                                      =============                     
</TABLE>
                                       5
<PAGE>





         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                                  BALANCED FUND


                             STATEMENT OF OPERATIONS
                                    UNAUDITED
<TABLE>
<CAPTION>

                                                       FOR THE PERIOD                  FOR THE PERIOD          
                                                       JULY 1, 1997                   JANUARY 1, 1997
                                                      TO SEPT 30, 1997                TO SEPT 30, 1997
                                                      -----------------              -----------------
<S>                                                       <C>                         <C>                                        
Investment income                                                                    
   Dividend income .....................................   $   823,952                $  2,247,217  
   Interest income .....................................     2,136,492                   6,463,181
                                                           -----------                ------------
     Total investment income ...........................     2,960,444                   8,710,398
                                                                                     
Expenses:                                                                            
   Investment advisory fee .............................   $   216,909                $    782,812
   State Street Bank & Trust Company - program fee .....       296,257                     853,084
   American Bar Retirement Association - program fee ...        43,252                     124,665
   Trustee, management and administration fees .........        62,245                     178,010
   Other expenses and taxes ............................        63,170                     157,235
   Amortization of organization expenses ...............        21,417                      63,839
                                                           -----------                ------------
     Total expenses ....................................       703,250                   2,159,645
                                                           -----------                ------------
Net investment income ..................................     2,257,194                   6,550,753
                                                           -----------                ------------
                                                                                     
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS                                     
Net realized gain on investments sold ..................     2,514,977                  74,393,367
Unrealized appreciation (depreciation) of investments 
     during the period..................................    22,417,136                 (21,232,757)
                                                           -----------                ------------
   Net gain on investments .............................    24,932,113                  53,160,610
                                                           -----------                ------------
   Net increase in net assets resulting from operations    $27,189,307                $ 59,711,363
                                                           ===========                ============
                                                                                     
                                                                        
</TABLE>
                                       6
<PAGE>

         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                                  BALANCED FUND


                       STATEMENT OF CHANGES IN NET ASSETS
                                    UNAUDITED
<TABLE>
<CAPTION>

                                                                           FOR THE PERIOD             FOR THE PERIOD
                                                                           JULY 1, 1997               JANUARY 1, 1997
                                                                          TO SEPT 30, 1997           TO SEPT 30, 1997
                                                                         -----------------           -----------------
<S>                                                                       <C>                         <C>    
INCREASE IN NET ASSETS FROM:
Operations:
     Net investment income ............................................   $   2,257,194                $   6,550,753
     Net realized gain on investments .................................       2,514,977                   74,393,367
     Unrealized appreciation (depreciation) on investments 
          during the period ...........................................      22,417,136                  (21,232,757)
                                                                          -------------                -------------
     Net increase in net assets resulting from operations .............      27,189,307                   59,711,363
                                                                          -------------                -------------

Participant transactions:
     Proceeds from sales of units .....................................       7,884,646                   69,729,279
     Cost of units redeemed ...........................................      (7,705,448)                  65,164,535
                                                                          -------------                -------------
     Net increase in net assets resulting from participant transactions         179,198                    4,564,744
                                                                          -------------                -------------
          Total increase in net assets ................................      27,368,505                   64,276,107

NET ASSETS:
     Beginning of period ..............................................     332,308,933                  295,401,332
     End of period ....................................................   $ 359,677,438               $  359,677,438

Number of units:
     Outstanding-beginning of period ..................................       8,155,880                    8,036,685
        Sold ..........................................................         182,631                    1,482,806
        Redeemed ......................................................        (179,974)                  (1,360,954)
                                                                          -------------                -------------
     Outstanding-end of period ........................................       8,158,537                    8,158,537
                                                                          =============                =============
</TABLE>
                                       7
<PAGE>


         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                                  BALANCED FUND


                            PER-UNIT DATA AND RATIOS
                                    UNAUDITED
<TABLE>
<CAPTION>

Selected data for a unit outstanding throughout the period:  FOR THE PERIOD                FOR THE PERIOD   
                                                              JULY 1, 1997                JANUARY 1, 1997
                                                            TO SEPT 30, 1997             TO SEPT 30, 1997
                                                           -----------------             -----------------
<S>                                                           <C>                        <C>   
                                                                                         
Investment income .........................................   $       0.36               $       1.07
Expenses ..................................................          (0.09)                     (0.27)
                                                                 ---------                  ---------
Net investment income .....................................           0.27                       0.80
Net realized and unrealized gain on investments ...........           3.08                       6.53
                                                                 ---------                  ---------
Net increase in unit value ................................           3.35                       7.33
Net asset value at beginning of period ....................          40.74                      36.76
                                                                 ---------                  ---------
Net assets value at end of period .........................   $      44.09               $      44.09
                                                                 =========                  =========
                                                                                         
Ratio of expenses to average net assets* ..................           0.80%                      0.89%
Ratio of net investment income to average assets* .........           2.57%                      2.70%
Portfolio turnover ........................................             16%                       182%
Number of units outstanding at end of period (in thousands)          8,159                      8,159
                                                                                         
</TABLE>      
              
---------     
*Annualized 

                                        8
<PAGE>

         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                               GROWTH EQUITY FUND


                       STATEMENT OF ASSETS AND LIABILITIES
                                    UNAUDITED


<TABLE>
<CAPTION>

ASSETS                                                                                SEPT 30, 1997
                                                                                     --------------
<S>                                                                                    <C>         
Investments, at value (cost $757,138,086) ..........................................   $964,137,198
Cash ...............................................................................        136,910
Receivable for investments sold ....................................................      3,604,406
Receivable for fund units sold .....................................................              0
Dividends and interest receivable ..................................................      1,165,618
Other assets .......................................................................        227,105
                                                                                       ------------
   Total assets ....................................................................    969,271,237
                                                                                       ------------

LIABILITIES
Payable for investments purchased ..................................................      3,867,379
Payable for fund units purchased ...................................................      1,266,630
Accrued expenses ...................................................................        756,098
Other liabilities ..................................................................        199,501
                                                                                       ------------
   Total liabilities ...............................................................      6,089,608
                                                                                       ------------

NET ASSETS .........................................................................   $963,181,629
                                                                                       ============

Net asset value, redemption price and offering price per unit of beneficial interest
( $963,181,629/2,704,897 units outstanding) ........................................        $356.09
                                                                                       ============
</TABLE>
                                       9
<PAGE>




         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                               GROWTH EQUITY FUND


                             STATEMENT OF OPERATIONS
                                    UNAUDITED
<TABLE>
<CAPTION>

                                                           FOR THE PERIOD                 FOR THE PERIOD
                                                            JULY 1, 1997                  JANUARY 1, 1997
                                                       TO SEPTEMBER 30, 1997           TO SEPTEMBER 30, 1997
                                                       ---------------------           ---------------------
<S>                                                             <C>                             <C>    
Investment income                                                                        
   Dividend income .....................................        $ 2,484,323                     $  7,547,794
   Interest income .....................................            307,280                        1,243,726
                                                                -----------                     ------------
     Total investment income ...........................          2,791,603                        8,791,520
                                                                                         
Expenses:                                                                                
   Investment advisory fee .............................        $   563,586                     $  1,733,748
   State Street Bank & Trust Company - program fee .....            805,900                        2,250,334
   American Bar Retirement Association - program fee ...            117,656                          328,844
   Trustee, management and administration fees .........            169,320                          469,621
   Other expenses and taxes ............................             91,284                          304,924
   Amortization of organization expenses ...............            123,811                          334,802
                                                                -----------                     ------------
     Total expenses ....................................          1,871,557                        5,422,273
                                                                -----------                     ------------
Net investment income ..................................            920,046                        3,369,247
                                                                -----------                     ------------
                                                                                         
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS                                         
Net realized gain on investments sold ..................         22,118,412                      189,039,437
Unrealized appreciation of investments during the period         48,216,283                       19,096,294
                                                                -----------                     ------------
   Net gain on investments .............................         70,334,695                      208,135,731
                                                                -----------                     ------------
   Net increase in net assets resulting from operations         $71,254,741                     $211,504,978
                                                                ===========                     ============
                                                                                         
</TABLE>                                                                    
                                       10
<PAGE>


         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                               GROWTH EQUITY FUND


                       STATEMENT OF CHANGES IN NET ASSETS
                                    UNAUDITED
<TABLE>
<CAPTION>

                                                                          FOR THE PERIOD                     FOR THE PERIOD        
                                                                           JULY 1, 1997                      JANUARY 1, 1997
                                                                       TO SEPTEMBER 30, 1997              TO SEPTEMBER 30, 1997
                                                                       ---------------------              ---------------------
<S>                                                                            <C>                                <C>    
INCREASE IN NET ASSETS FROM:                                                                              
Operations:                                                                                               
     Net investment income ............................................        $     920,046                      $   3,369,247
     Net realized gain on investments .................................           22,118,412                        189,039,437
     Unrealized appreciation on investments during the period .........           48,216,283                         19,096,294
                                                                               -------------                      -------------
     Net increase in net assets resulting from operations .............           71,254,741                        211,504,978
                                                                               -------------                      -------------
                                                                                                          
Participant transactions:                                                                                 
     Proceeds from sales of units .....................................           10,260,249                        272,896,333
     Cost of units redeemed ...........................................          (16,332,041)                      (274,017,731)
                                                                               -------------                      -------------
     Net decrease in net assets resulting from participant transactions           (6,071,792)                        (1,121,398)
                                                                               -------------                      -------------
          Total increase in net assets ................................           65,182,949                        210,383,580
                                                                                                          
NET ASSETS:                                                                                               
     Beginning of period ..............................................          897,998,680                        752,798,049
     End of period ....................................................        $ 963,181,629                      $ 963,181,629
                                                                                                          
Number of units:                                                                                          
     Outstanding-beginning of period ..................................            2,722,344                          2,705,373
        Sold ..........................................................               29,227                            836,521
        Redeemed ......................................................              (46,674)                          (836,997)
                                                                               -------------                      -------------
     Outstanding-end of period ........................................            2,704,897                          2,704,897
                                                                               =============                      =============
                                                                                                          
</TABLE>
                                       11

<PAGE>


         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                               GROWTH EQUITY FUND


                            PER-UNIT DATA AND RATIOS
                                    UNAUDITED
<TABLE>
<CAPTION>

Selected data for a unit outstanding throughout the period:       FOR THE PERIOD                     FOR THE PERIOD
                                                                   JULY 1, 1997                      JANUARY 1, 1997
                                                              TO SEPTEMBER 30, 1997               TO SEPTEMBER 30, 1997
                                                              ---------------------               ---------------------
                                                                                                 
<S>                                                                    <C>                                 <C>         
Investment income .........................................            $       1.03                        $       3.23
Expenses ..................................................            ($      0.69)                       ($      1.99)
                                                                       ------------                        ------------
Net investment income .....................................                    0.34                                1.24
Net realized and unrealized gain on investments ...........            $      25.89                        $      76.59
                                                                       ------------                        ------------
Net increase in unit value ................................                   26.23                               77.83
Net asset value at beginning of period ....................                  329.86                              278.26
                                                                       ------------                        ------------
Net assets value at end of period .........................            $     356.09                        $     356.09
                                                                       ============                        ============
                                                                                                 
Ratio of expenses to average net assets* ..................                    0.79%                               0.85%
Ratio of net investment income to average assets* .........                    0.39%                               0.53%
Portfolio turnover ........................................                      20%                                101%
Number of units outstanding at end of period (in thousands)                   2,705                               2,705
                                                                                                 
---------
*Annualized                                                                                      
  
</TABLE>

                                       12
<PAGE>

     AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST
                                                                    
                INDEX EQUITY FUND                                   
                                                                    
                                                                    
            STATEMENT OF ASSETS AND LIABILITIES                     
                  UNAUDITED                                         
                                                                    



ASSETS                                                             SEPT 30, 1997
                                                                   -------------
Investments, at value (cost $ 108,891,516) ....................     $147,870,462
Cash ..........................................................          408,780
Receivable for investments sold ...............................                0
Receivable for fund units sold ................................                0
Dividends and interest receivable .............................                0
Other assets ..................................................           29,259
                                                                    ------------
   Total assets ...............................................      148,308,501
                                                                    ------------

LIABILITIES
Payable for investments purchased .............................          122,600
Payable for fund units purchased ..............................          379,033
Accrued expenses ..............................................           59,231
Other liabilities .............................................                0
                                                                    ------------
   Total liabilities ..........................................          560,864
                                                                    ------------

NET ASSETS ....................................................     $147,747,637
                                                                    ============

Net asset value, redemption price and offering price per
unit of beneficial interest ($147,747,637/6,830,713
units outstanding) ............................................     $      21.63
                                                                    ============

                                       13
<PAGE>

     AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                INDEX EQUITY FUND


               STATEMENT OF OPERATIONS
                  UNAUDITED
<TABLE>
<CAPTION>

                                                          FOR THE PERIOD            FOR THE PERIOD
                                                           JULY 1, 1997            JANUARY 1, 1997
                                                        TO SEPTEMBER 30, 1997    TO SEPTEMBER 30, 1997
                                                       ---------------------     ---------------------

<S>                                                        <C>                    <C>         
Investment income
   Dividend income .....................................   $    122,600           $    404,093
   Interest income .....................................              0                      0
                                                           ------------           ------------
     Total investment income ...........................        122,600                404,093

Expenses:
   Investment advisory fee .............................   $          0           $          0
   State Street Bank & Trust Company - program fee .....        118,159                308,275
   American Bar Retirement Association - program fee ...         17,251                 45,046
   Trustee, management and administration fees .........         54,300                140,628
   Other expenses and taxes ............................         18,676                44,765
   Amortization of organization expenses ...............          7,940                20,121
                                                           ------------           ------------
     Total expenses ....................................        216,326                558,835
                                                           ------------           ------------
Net investment income (loss) ...........................        (93,726)              (154,742)
                                                           ------------           ------------
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS                                
Net realized gain on investments sold ..................        910,038              4,405,860
Unrealized appreciation of investments during the period     11,017,315             25,609,577
                                                           ------------           ------------
   Net gain on investments .............................     11,927,353             30,015,437
                                                           ------------           ------------
   Net increase in net assets resulting from operations    $ 11,833,627           $ 29,860,695
                                                           ============           ============
</TABLE>

                                       14
<PAGE>

         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                                INDEX EQUITY FUND


                       STATEMENT OF CHANGES IN NET ASSETS
                                    UNAUDITED
<TABLE>
<CAPTION>

                                                                              FOR THE PERIOD            FOR THE PERIOD
                                                                                JULY 1, 1997           JANUARY 1, 1997
                                                                            TO SEPTEMBER 30, 1997    TO SEPTEMBER 30, 1997
                                                                            ---------------------    ---------------------
<S>                                                                                  <C>                 <C>       
INCREASE IN NET ASSETS FROM:
Operations:
     Net investment income (loss) ......................................             ($93,726)           ($154,742)
     Net realized gain on investments ..................................              910,038            4,405,860
     Unrealized appreciation on investments during the period ..........           11,017,315           25,609,577
                                                                                 ------------         ------------
     Net increase in net assets resulting from operations ..............           11,833,627           29,860,695
                                                                                 ------------         ------------

Participant transactions:
     Proceeds from sales of units ......................................            9,435,744           47,256,259
     Cost of units redeemed ............................................           (1,592,251)         (12,250,320)
                                                                                 ------------         ------------
     Net increase in net assets resulting from participant transactions             7,843,493           35,005,939
                                                                                 ------------         ------------
          Total increase in net assets .................................           19,677,120           64,866,634

NET ASSETS:
     Beginning of period ...............................................          128,070,517           82,881,003
     End of period .....................................................         $147,747,637         $147,747,637

Number of units:
     Outstanding-beginning of period ...................................            6,459,135            4,914,409
        Sold ...........................................................              447,204            2,584,417
        Redeemed .......................................................              (75,626)            (668,113)
                                                                                 ------------         ------------
     Outstanding-end of period .........................................            6,830,713            6,830,713
                                                                                 ============         ============

</TABLE>

                                       15
<PAGE>

         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                                INDEX EQUITY FUND


                            PER-UNIT DATA AND RATIOS
                                    UNAUDITED
<TABLE>
<CAPTION>

Selected data for a unit outstanding throughout the period:                            FOR THE PERIOD           FOR THE PERIOD
                                                                                        JULY 1, 1997            JANUARY 1, 1997
                                                                                   TO SEPTEMBER 30, 1997     TO SEPTEMBER 30, 1997
                                                                                   ---------------------     ---------------------

<S>                                                                                          <C>                    <C>  
Investment income ..............................................................             $0.02                  $0.07
Expenses .......................................................................            ($0.03)                ($0.09)
                                                                                       -----------             ----------
Net investment income (loss)...................................................             (0.01)                  (0.02)
Net realized and unrealized gain on investments ................................             1.81                    4.79
                                                                                       -----------             ----------
Net increase in unit value .....................................................             1.80                    4.77
Net asset value at beginning of period .........................................            19.83                   16.86
                                                                                       -----------             ----------
Net assets value at end of period ..............................................            $21.63                 $21.63
                                                                                       ===========             ==========

Ratio of expenses to average net assets* .......................................              0.62%                  0.64%
Ratio of net investment income (loss) to average assets*.......................             (0.27%)                (0.18%)
Portfolio turnover** ...........................................................                 1%                    13%
Number of units outstanding at end of period (in thousands) ....................              6,831                  6,831

<FN>
----------
*Annualized
**Reflects purchases and sales of units of the collective investment funds in
  which the Fund invests, rather than the turnover of the underlying portfolio
  of such collective investment funds.
</FN>
</TABLE>

                                       16
<PAGE>


         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                             INTERMEDIATE BOND FUND


                       STATEMENT OF ASSETS AND LIABILITIES
                                    UNAUDITED

<TABLE>
<CAPTION>
ASSETS                                                                                SEPT 30, 1997
                                                                                       -----------
<S>                                                                                    <C>        
Investments, at value (cost $ 72,726,792) ..........................................   $73,932,303
Cash ...............................................................................         1,000
Receivable for investments sold ....................................................             0
Receivable for fund units sold .....................................................       762,377
Dividends and interest receivable ..................................................       399,088
Other assets .......................................................................        15,340
                                                                                       -----------
   Total assets ....................................................................    75,110,108
                                                                                       -----------

LIABILITIES
Payable for investments purchased ..................................................       164,160
Payable for fund units purchased ...................................................       516,137
Accrued expenses ...................................................................        27,060
Other liabilities ..................................................................             0
                                                                                       -----------
   Total liabilities ...............................................................       707,357
                                                                                       -----------

NET ASSETS .........................................................................   $74,402,751
                                                                                       ===========

Net asset value, redemption price and offering price per unit of beneficial interest
($74,402,751/6,425,546 units outstanding) ..........................................   $     11.58
                                                                                       ===========
</TABLE>


                                       17

<PAGE>



         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                             INTERMEDIATE BOND FUND


                             STATEMENT OF OPERATIONS
                                    UNAUDITED

<TABLE>
<CAPTION>
                                                              FOR THE PERIOD     FOR THE PERIOD
                                                               JULY 1, 1997      JANUARY 1, 1997
                                                             TO SEPT 30, 1997   TO SEPT 30, 1997
                                                                -----------        -----------
<S>                                                             <C>                <C>        
Investment income
   Dividend income .....................................        $ 1,152,310        $ 3,071,255
   Interest income .....................................                  0                  0
                                                                -----------        -----------
     Total investment income ...........................          1,152,310          3,071,255

Expenses:
   Investment advisory fee .............................        $         0        $         0
   State Street Bank & Trust Company - program fee .....             60,108            165,481
   American Bar Retirement Association - program fee ...              8,775             24,181
   Trustee, management and administration fees .........             17,188             47,179
   Other expenses and taxes ............................             10,451             25,069
   Amortization of organization expenses ...............              4,170             11,441
                                                                -----------        -----------
     Total expenses ....................................            100,692            273,351
                                                                -----------        -----------
Net investment income ..................................          1,051,618          2,797,904
                                                                -----------        -----------

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on investments sold ............            20,674            (37,862)
Unrealized appreciation of investments during the period          1,235,512          1,384,881
                                                                -----------        -----------
   Net gain on investments .............................          1,256,186          1,347,019
                                                                -----------        -----------
   Net increase in net assets resulting from operations         $ 2,307,804        $ 4,144,923
                                                                ===========        ===========
</TABLE>


                                       18

<PAGE>



         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                             INTERMEDIATE BOND FUND


                       STATEMENT OF CHANGES IN NET ASSETS
                                    UNAUDITED

<TABLE>
<CAPTION>
                                                                    FOR THE PERIOD       FOR THE PERIOD
                                                                     JULY 1, 1997       JANUARY 1, 1997
                                                                   TO SEPT 30, 1997     TO SEPT 30, 1997
                                                                     ------------         ------------
<S>                                                                  <C>                  <C>         
INCREASE IN NET ASSETS FROM:
Operations:
     Net investment income ..................................        $  1,051,618         $  2,797,904
     Net realized gain (loss) on investments ................              20,674              (37,862)
     Unrealized appreciation on investments during the period           1,235,512            1,384,881
                                                                     ------------         ------------
     Net increase in net assets resulting from operations ...           2,307,804            4,144,923
                                                                     ------------         ------------

Participant transactions:
     Proceeds from sales of units ...........................           8,112,560           27,729,440
     Cost of units redeemed .................................          (2,162,563)          (7,083,429)
                                                                     ------------         ------------
     Net increase in net assets from participant transactions           5,949,997           20,646,011
                                                                     ------------         ------------
          Total increase in net assets ......................           8,257,801           24,790,934

NET ASSETS:
     Beginning of period ....................................          66,144,950           49,611,817
     End of period ..........................................        $ 74,402,751         $ 74,402,751

Number of units:
     Outstanding-beginning of period ........................           5,905,085            4,556,518
        Sold ................................................             708,714            2,505,935
        Redeemed ............................................            (188,253)            (636,907)
                                                                     ------------         ------------
     Outstanding-end of period ..............................           6,425,546            6,425,546
                                                                     ============         ============
</TABLE>


                                       19



<PAGE>



         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                             INTERMEDIATE BOND FUND


                            PER-UNIT DATA AND RATIOS
                                    UNAUDITED

<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period:     FOR THE PERIOD      FOR THE PERIOD
                                                                 JULY 1, 1997      JANUARY 1, 1997
                                                               TO SEPT 30, 1997    TO SEPT 30, 1997
                                                                   --------             -------                                
<S>                                                                <C>                  <C>    
Investment income .........................................        $   0.19             $  0.54
Expenses ..................................................        ($  0.02)            ($ 0.05)
                                                                   --------             -------
Net investment income .....................................            0.17                0.49
Net realized and unrealized loss on investments ...........        $   0.21             $  0.20
                                                                   --------             -------
Net increase in unit value ................................            0.38                0.69
Net asset value at beginning of period ....................           11.20               10.89
                                                                   --------             -------
Net assets value at end of period .........................        $  11.58             $ 11.58
                                                                   ========             =======
                                                                                     
Ratio of expenses to average net assets* ..................           0.57%               0.58%
Ratio of net investment income to average assets* .........           5.91%               5.93%
Portfolio turnover** ......................................              3%                 11%
Number of units outstanding at end of period (in thousands)           6,426               6,426
</TABLE>
                                                                               
------------------------------
*Annualized
**Reflects purchases and sales of shares of the registered investment companies
  in which the Fund invests, rather than the turnover of the underlying
  portfolios of such registered investment companies 



                                       20

<PAGE>




         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                            INTERNATIONAL EQUITY FUND


                       STATEMENT OF ASSETS AND LIABILITIES
                                    UNAUDITED


<TABLE>
<CAPTION>
ASSETS                                                                                  SEPT 30, 1997
                                                                                          -----------
<S>                                                                                       <C>        
Investments, at value (cost $61,156,709) ...........................................      $64,863,297
Cash ...............................................................................                0
Receivable for investments sold ....................................................                0
Receivable for fund units sold .....................................................                0
Dividends and interest receivable ..................................................                0
Other assets .......................................................................           24,286
                                                                                          -----------
   Total assets ....................................................................       64,887,583
                                                                                          -----------

LIABILITIES
Payable for investments purchased ..................................................            9,281
Payable for fund units purchased ...................................................                0
Accrued expenses ...................................................................           20,124
Other liabilities ..................................................................          420,519
                                                                                          -----------
   Total liabilities ...............................................................          449,924
                                                                                          -----------

NET ASSETS .........................................................................      $64,437,659
                                                                                          ===========

Net asset value, redemption price and offering price per unit of beneficial interest
($64,437,659/3,271,981 units outstanding) ..........................................      $     19.69
                                                                                          ===========
</TABLE>


                                 21

<PAGE>




         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                            INTERNATIONAL EQUITY FUND


                             STATEMENT OF OPERATIONS
                                    UNAUDITED

<TABLE>
<CAPTION>
                                                                              FOR THE PERIOD        FOR THE PERIOD
                                                                              JULY 1, 1997          JANUARY 1, 1997
                                                                          TO SEPTEMBER 30, 1997   TO SEPTEMBER 30, 1997
                                                                               -----------           -----------
<S>                                                                            <C>                   <C>        
Investment income                                                                               
   Dividend income ....................................................        $         0           $         0
   Interest income ....................................................                  0                     0
                                                                               -----------           -----------
     Total investment income ..........................................                  0                     0
                                                                                                  
Expenses:                                                                                         
   Investment advisory fee ............................................        ($   24,226)          ($   24,226)
   State Street Bank & Trust Company - program fee ....................             50,692               132,564
   American Bar Retirement Association - program fee ..................              7,401                19,370
   Trustee, management and administration fees ........................             10,651                27,679
   Other expenses and taxes ...........................................              8,280                19,195
   Amortization of organization expenses ..............................              3,521                 8,590
                                                                               -----------           -----------
     Total expenses ...................................................             56,319               183,172
                                                                               -----------           -----------
Net investment income (loss) ..........................................            (56,319)             (183,172)
                                                                               -----------           -----------
                                                                                                  
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS                                                  
Net realized gain on investments sold .................................          1,487,675             3,211,602
Unrealized appreciation (depreciation) of investments during the period         (1,750,925)            2,674,617
                                                                               -----------           -----------
   Net gain (loss) on investments .....................................           (263,250)            5,886,219
                                                                               -----------           -----------
   Net increase (decrease) in net assets resulting from operations ....        ($  319,569)          $ 5,703,047
                                                                               ===========           ===========
</TABLE>


                                       22

<PAGE>




         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                            INTERNATIONAL EQUITY FUND


                       STATEMENT OF CHANGES IN NET ASSETS
                                    UNAUDITED

<TABLE>
<CAPTION>
                                                                                     FOR THE PERIOD            FOR THE PERIOD
                                                                                       JULY 1, 1997            JANUARY 1, 1997
                                                                                  TO SEPTEMBER 30, 1997    TO SEPTEMBER 30, 1997
                                                                                       ------------            ------------
<S>                                                                                    <C>                     <C>   
INCREASE IN NET ASSETS FROM:
Operations:
     Net investment income (loss) ..........................................           ($    56,319)           ($   183,172)
     Net realized gain on investments ......................................              1,487,675               3,211,602
     Unrealized appreciation (depreciation) on investments during the period             (1,750,925)              2,674,617
                                                                                       ------------            ------------
     Net increase (decrease) in net assets resulting from operations .......               (319,569)              5,703,047
                                                                                       ------------            ------------
                                                                                                           
Participant transactions:                                                                                  
     Proceeds from sales of units ..........................................             22,317,376              65,222,053
     Cost of units redeemed ................................................            (15,565,286)            (39,755,741)
                                                                                       ------------            ------------
     Net increase in net assets resulting from participant transactions ....              6,752,090              25,466,312
                                                                                       ------------            ------------
          Total increase in net assets .....................................              6,432,521              31,169,359
                                                                                                           
NET ASSETS:                                                                                                
     Beginning of period ...................................................             58,005,138              33,268,300
     End of period .........................................................           $ 64,437,659            $ 64,437,659
                                                                                                           
Number of units:                                                                                           
     Outstanding-beginning of period .......................................              2,919,454               1,868,547
        Sold ...............................................................              1,146,146               3,515,387
        Redeemed ...........................................................               (793,620)             (2,111,954)
                                                                                       ------------            ------------
     Outstanding-end of period .............................................              3,271,980               3,271,980
                                                                                       ============            ============
</TABLE>


                                       23

<PAGE>



         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                            INTERNATIONAL EQUITY FUND


                            PER-UNIT DATA AND RATIOS
                                    UNAUDITED

<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period:            FOR THE PERIOD           FOR THE PERIOD
                                                                        JULY 1, 1997           JANUARY 1, 1997
                                                                   TO SEPTEMBER 30, 1997     TO SEPTEMBER 30, 1997
                                                                           --------               --------
<S>                                                                        <C>                    <C>     
Investment income .........................................                $   0.00               $   0.00
Expenses ..................................................                ($  0.02)              ($  0.07)
                                                                           --------               --------
Net investment income (loss) ..............................                   (0.02)                 (0.07)
Net realized and unrealized gain (loss)
  on investments ..........................................                ($  0.16)              $   1.96
                                                                           --------               --------
Net increase (decrease) in unit value .....................                   (0.18)                  1.89
Net asset value at beginning of period ....................                   19.87                  17.80
                                                                           --------               --------
Net assets value at end of period .........................                $  19.69               $  19.69
                                                                           ========               ========
                                                                                               
Ratio of expenses to average net assets* ..................                   0.38%                  0.48%
Ratio of net investment income (loss) to average assets* ..                  (0.38%)                (0.48%)
Portfolio turnover** ......................................                     26%                    77%
Number of units outstanding at end of period (in thousands)                   3,272                  3,272
</TABLE>                                                               
                                                                               
-------------------------------------------------
*Annualized
**Reflects purchases and sales of shares of the registered investment company in
  which the Fund invests, rather than the turnover of the underlying portfolio
  of such registered investment company 


                                       24

<PAGE>




        AMERICAN BAR ASSOCIATION MEMBERS / STATE STREET COLLECTIVE TRUST

                            STABLE ASSET RETURN FUND


                       STATEMENT OF ASSETS AND LIABILITIES
                                    UNAUDITED


<TABLE>
<CAPTION>
ASSETS                                                                                   SEPT 30, 1997
                                                                                          ------------
<S>                                                                                       <C>         
Investments, at value (Cost $633,301,167) ..........................................      $633,301,167
Interest Receivable ................................................................         3,245,149
Receivable for fund units sold .....................................................           890,096
Other assets .......................................................................           115,039
                                                                                          ------------

   Total assets ....................................................................       637,551,451
                                                                                          ------------

LIABILITIES
Payable for units redeemed .........................................................                 0
Accrued expenses ...................................................................           322,560
                                                                                          ------------
   Total Liabilities ...............................................................           322,560
                                                                                          ------------

NET ASSETS .........................................................................      $637,228,890
                                                                                          ============

Net asset value, redemption price and offering price per unit of beneficial interest
($637,228,890/637,228,890 units outstanding) .......................................      $       1.00
                                                                                          ============
</TABLE>


                                       25

<PAGE>



        AMERICAN BAR ASSOCIATION MEMBERS / STATE STREET COLLECTIVE TRUST

                            STABLE ASSET RETURN FUND


                             STATEMENT OF OPERATIONS
                                    UNAUDITED

<TABLE>
<CAPTION>
                                                          FOR THE PERIOD     FOR THE PERIOD
                                                           JULY 1, 1997      JANUARY 1, 1997
                                                         TO SEPT 30, 1997   TO SEPT 30, 1997
                                                            -----------        -----------
<S>                                                         <C>                <C>        
Interest income ....................................        $ 9,872,758        $28,865,636
                                                            -----------        -----------
Expenses:
   State Street Bank & Trust Company - program fee .            548,059          1,681,456
   American Bar Retirement Association - program fee             80,013            245,729
   Trustee, management and administration fees .....            324,447            955,716
   Other expenses and taxes ........................             98,900            270,090
   Amortization of organization expenses ...........             42,075            130,503
                                                            -----------        -----------
     Total Expenses ................................          1,093,494          3,283,494
                                                            -----------        -----------
Net investment income ..............................        $ 8,779,264        $25,582,142
                                                            -----------        -----------

</TABLE>

                                       26

<PAGE>




        AMERICAN BAR ASSOCIATION MEMBERS / STATE STREET COLLECTIVE TRUST

                            STABLE ASSET RETURN FUND


                       STATEMENT OF CHANGES IN NET ASSETS
                                    UNAUDITED

<TABLE>
<CAPTION>
                                                                                         FOR THE PERIOD         FOR THE PERIOD
                                                                                          JULY 1, 1997          JANUARY 1 1997
INCREASE IN NET ASSETS FROM:                                                            TO SEPT 30, 1997       TO SEPT 30, 1997 
                                                                                          -------------         -------------
<S>                                                                                       <C>                   <C>          
Operations:
     Net investment income and net increase in net assets
     resulting from operations ...................................................        $   8,779,264         $  25,582,142
                                                                                          -------------         -------------
     Distributions from net investment income ....................................           (8,779,264)          (25,582,142)
                                                                                          -------------         -------------

Participant transactions:
     Proceeds from sale of units .................................................           39,192,597           129,241,221
     Units issued in connection with reinvestment of net
     investment income ...........................................................            8,779,264            25,582,142
     Cost of units redeemed ......................................................          (58,758,520)         (152,357,242)
                                                                                          -------------         -------------
     Net increase (decrease) in net assets resulting from participant transactions          (10,786,659)            2,466,121
                                                                                          -------------         -------------
          Total decrease in net assets ...........................................          (10,786,659)            2,466,121
                                                                                          -------------         -------------

NET ASSETS:
     Beginning of period .........................................................          648,015,549           634,762,769
                                                                                          -------------         -------------
     End of period ...............................................................        $ 637,228,890         $ 637,228,890
                                                                                          =============         =============
</TABLE>


                                       27

<PAGE>



        AMERICAN BAR ASSOCIATION MEMBERS / STATE STREET COLLECTIVE TRUST

                            STABLE ASSET RETURN FUND


                            PER-UNIT DATA AND RATIOS
                                    UNAUDITED

Selected data for a unit outstanding throughout the period:

<TABLE>
<CAPTION>
                                                                    FOR THE PERIOD      FOR THE PERIOD
                                                                     JULY 1, 1997       JANUARY 1, 1997
                                                                   TO SEPT 30, 1997     TO SEPT 30, 1997
                                                                       ---------           ---------
<S>                                                                    <C>                <C>       
Investment income .........................................            $   0.016          $    0.045
Expenses ..................................................               (0.002)             (0.005)
                                                                       ---------           ---------
Net investment income .....................................                0.014               0.040
Reinvestment of net investment income .....................               (0.014)             (0.040)
                                                                       ---------           ---------
Net increase in unit value ................................                0.000               0.000
Net asset value at beginning of period ....................                 1.00                1.00
                                                                       ---------           ---------
Net asset value at end of period ..........................            $    1.00           $    1.00
                                                                       =========           =========

Ratio of expenses to average net assets* ..................                0.67%               0.69%
Ratio of net investment income to average assets* .........                5.41%               5.35%
Number of units outstanding at end of period (in thousands)             637,229             637,229
</TABLE>

-------------------------------------------------
* Annualized


                                       28

<PAGE>



         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                                VALUE EQUITY FUND


                       STATEMENT OF ASSETS AND LIABILITIES
                                    UNAUDITED


<TABLE>
<CAPTION>
ASSETS                                                                                   SEPT 30, 1997
                                                                                          ------------
<S>                                                                                       <C>         
Investments, at value (cost $84,698,885) ...........................................      $109,078,650
Cash ...............................................................................               642
Receivable for investments sold ....................................................                 0
Receivable for fund units sold .....................................................            33,404
Dividends and interest receivable ..................................................           261,699
Other assets .......................................................................            21,063
                                                                                          ------------
   Total assets ....................................................................       109,395,458
                                                                                          ------------

LIABILITIES
Payable for investments purchased ..................................................                 0
Payable for fund units purchased ...................................................                 0
Accrued expenses ...................................................................            59,828
Other liabilities ..................................................................            48,014
                                                                                          ------------
   Total liabilities ...............................................................           107,842
                                                                                          ------------

NET ASSETS .........................................................................      $109,287,616
                                                                                          ============

Net asset value, redemption price and offering price per unit of beneficial interest
( $109,287,616/5,447,040 units outstanding) ........................................      $      20.06
                                                                                          ============
</TABLE>



                                       29

<PAGE>



         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                                VALUE EQUITY FUND


                             STATEMENT OF OPERATIONS
                                    UNAUDITED

<TABLE>
<CAPTION>
                                                              FOR THE PERIOD      FOR THE PERIOD
                                                               JULY 1, 1997      JANUARY 1, 1997
                                                             TO SEPT 30, 1997    TO SEPT 30, 1997
                                                                -----------        -----------
<S>                                                             <C>                <C>        
Investment income
   Dividend income .....................................        $   464,085        $ 1,129,213
   Interest income .....................................            138,850            378,267
                                                                -----------        -----------
     Total investment income ...........................            602,935          1,507,480

Expenses:
   Investment advisory fee .............................        $    86,995        $   212,098
   State Street Bank & Trust Company - program fee .....             85,445            208,113
   American Bar Retirement Association - program fee ...             12,474             30,408
   Trustee, management and administration fees .........             18,054             43,568
   Other expenses and taxes ............................             15,048             28,503
   Amortization of organization expenses ...............              5,457             16,601
                                                                -----------        -----------
     Total expenses ....................................            223,473            539,291
                                                                -----------        -----------
Net investment income ..................................            379,462            968,189
                                                                -----------        -----------

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments sold ..................            732,686          1,061,397
Unrealized appreciation of investments during the period          6,951,793         17,425,095
                                                                -----------        -----------
   Net gain on investments .............................          7,684,479         18,486,492
                                                                -----------        -----------
   Net increase in net assets resulting from operations         $ 8,063,941        $19,454,681
                                                                ===========        ===========
</TABLE>


                                       30

<PAGE>




         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                                VALUE EQUITY FUND


                       STATEMENT OF CHANGES IN NET ASSETS
                                    UNAUDITED

<TABLE>
<CAPTION>
                                                                              FOR THE PERIOD        FOR THE PERIOD
                                                                                JULY 1, 1997       JANUARY 1, 1997
                                                                             TO SEPT 30, 1997      TO SEPT 30, 1997
                                                                               -------------         -------------
<S>                                                                            <C>                   <C>          
INCREASE IN NET ASSETS FROM:
Operations:
     Net investment income ............................................        $     379,462         $     968,189
     Net realized gain on investments .................................              732,686             1,061,397
     Unrealized appreciation on investments during the period .........            6,951,793            17,425,095
                                                                               -------------         -------------
     Net increase in net assets resulting from operations .............            8,063,941            19,454,681
                                                                               -------------         -------------

Participant transactions:
     Proceeds from sales of units .....................................           11,886,343            46,763,636
     Cost of units redeemed ...........................................           (1,750,647)           (5,061,895)
                                                                               -------------         -------------
     Net increase in net assets resulting from participant transactions           10,135,696            41,701,741
                                                                               -------------         -------------
          Total increase in net assets ................................           18,199,637            61,156,422

NET ASSETS:
     Beginning of period ..............................................           91,087,979            48,131,194
     End of period ....................................................        $ 109,287,616         $ 109,287,616

Number of units:
     Outstanding-beginning of period ..................................            4,932,124             3,060,634
        Sold ..........................................................              605,294             2,672,739
        Redeemed ......................................................              (90,378)             (286,333)
                                                                               -------------         -------------
     Outstanding-end of period ........................................            5,447,040             5,447,040
                                                                               =============         =============
</TABLE>


                                       31

<PAGE>




         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                                VALUE EQUITY FUND


                            PER-UNIT DATA AND RATIOS
                                    UNAUDITED

<TABLE>
<CAPTION>
Selected data for a unit outstanding throughout the period:        FOR THE PERIOD          FOR THE PERIOD
                                                                    JULY 1, 1997          JANUARY 1, 1997
                                                                   TO SEPT 30, 1997      TO SEPT 30, 1997
                                                                        ------                 ------
<S>                                                                     <C>                    <C>   
Investment income .........................................             $ 0.12                 $ 0.34
Expenses ..................................................              (0.04)                 (0.12)
                                                                        ------                 ------
Net investment income .....................................               0.08                   0.22
Net realized and unrealized gain on investments ...........             $ 1.51                 $ 4.11
                                                                        ------                 ------
Net increase in unit value ................................               1.59                   4.33
Net asset value at beginning of period ....................              18.47                  15.73
                                                                        ------                 ------
Net assets value at end of period .........................             $20.06                 $20.06
                                                                        ======                 ======
                                                                                           
Ratio of expenses to average net assets* ..................               0.88%                  0.91%
Ratio of net investment income to average assets* .........               1.50%                  1.63%
Portfolio turnover ........................................                  4%                    10%
Number of units outstanding at end of period (in thousands)               5,447                  5,447
-----------------------------------------
*Annualized
</TABLE>


                                       32

<PAGE>




         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

              STRUCTURED PORTFOLIO SERVICE - CONSERVATIVE PORTFOLIO


                       STATEMENT OF ASSETS AND LIABILITIES
                                    UNAUDITED


<TABLE>
<CAPTION>

ASSETS                                                                                   SEPT 30, 1997
                                                                                          -----------
<S>                                                                                       <C>        
Investments, at value (cost $14,179,993) ...........................................      $15,881,518
Cash ...............................................................................                0
Receivable for investments sold ....................................................                0
Receivable for fund units sold .....................................................            1,460
Dividends and interest receivable ..................................................                0
Other assets .......................................................................                0
                                                                                          -----------
   Total assets ....................................................................       15,882,979
                                                                                          -----------

LIABILITIES
Payable for investments purchased ..................................................            1,460
Payable for fund units purchased ...................................................                0
Accrued expenses ...................................................................            1,150
Other liabilities ..................................................................                0
                                                                                          -----------
   Total liabilities ...............................................................            2,610
                                                                                          -----------

NET ASSETS .........................................................................      $15,880,369
                                                                                          ===========

Net asset value, redemption price and offering price per unit of beneficial interest
($15,880,369 / 1,239,662 units outstanding) ........................................      $     12.81
                                                                                          ===========
</TABLE>


                                       33

<PAGE>



         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

              STRUCTURED PORTFOLIO SERVICE - CONSERVATIVE PORTFOLIO


                             STATEMENT OF OPERATIONS
                                    UNAUDITED

<TABLE>
<CAPTION>
                                                             FOR THE PERIOD        FOR THE PERIOD
                                                               JULY 1, 1997       JANUARY 1, 1997
                                                             TO SEPT 30, 1997     TO SEPT 30, 1997
                                                             ----------------     ----------------
<S>                                                             <C>                 <C>        
Investment income
   Dividend income .....................................        $         0         $         0
   Interest income .....................................                  0                   0
                                                                -----------         -----------
     Total investment income ...........................                  0                   0

Expenses:
   Investment advisory fee .............................        $         0         $         0
   State Street Bank & Trust Company - program fee .....                  0                   0
   American Bar Retirement Association - program fee ...                  0                   0
   Trustee, management and administration fees .........              3,528              10,010
   Other expenses and taxes ............................                  0                   0
   Amortization of organization expenses ...............                  0                   0
                                                                -----------         -----------
     Total expenses ....................................              3,528              10,010
                                                                -----------         -----------
Net investment income (loss) ...........................             (3,528)            (10,010)
                                                                -----------         -----------

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments sold ..................            362,911             716,644
Unrealized appreciation of investments during the period          1,213,210             881,411
                                                                -----------         -----------
   Net gain on investments .............................          1,576,121           1,598,055
                                                                -----------         -----------
   Net increase in net assets resulting from operations         $ 1,572,593         $ 1,588,045
                                                                ===========         ===========
</TABLE>


                                       34

<PAGE>


         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

              STRUCTURED PORTFOLIO SERVICE - CONSERVATIVE PORTFOLIO


                       STATEMENT OF CHANGES IN NET ASSETS
                                    UNAUDITED

<TABLE>
<CAPTION>
                                                                               FOR THE PERIOD       FOR THE PERIOD
                                                                                JULY 1, 1997       JANUARY 1, 1997
                                                                              TO SEPT 30, 1997     TO SEPT 30, 1997
                                                                              ----------------     ----------------
<S>                                                                             <C>                  <C>          
INCREASE IN NET ASSETS FROM:
Operations:
     Net investment income (loss) ......................................        ($     3,528)        ($    10,010)
     Net realized gain on investments ..................................             362,911              716,644
     Unrealized appreciation on investments during the period ..........           1,213,210              881,411
                                                                                ------------         ------------
     Net increase in net assets resulting from operations ..............           1,572,593            1,588,045
                                                                                ------------         ------------

Participant transactions:
     Proceeds from sales of units ......................................           1,559,550            6,489,019
     Cost of units redeemed ............................................          (1,571,912)          (3,397,672)
                                                                                ------------         ------------
     Net increase (decrease) in net asssets resulting from 
        participant transactions .......................................             (12,361)           3,091,348
                                                                                ------------         ------------
          Total increase in net assets .................................           1,560,232            4,679,393

NET ASSETS:
     Beginning of period ...............................................          14,320,137           11,200,976
     End of period .....................................................        $ 15,880,369         $ 15,880,369

Number of units:
     Outstanding-beginning of period ...................................           1,240,876              977,202
        Sold ...........................................................             123,366              542,620
        Redeemed .......................................................            (124,579)            (280,160)
                                                                                ------------         ------------
     Outstanding-end of period .........................................           1,239,662            1,239,662
                                                                                ============         ============
</TABLE>
                                       35
<PAGE>



         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

              STRUCTURED PORTFOLIO SERVICE - CONSERVATIVE PORTFOLIO


                            PER-UNIT DATA AND RATIOS
                                    UNAUDITED
<TABLE>
<CAPTION>

Selected data for a unit outstanding throughout the period:       FOR THE PERIOD       FOR THE PERIOD
                                                                   JULY 1, 1997        JANUARY 1, 1997
                                                                 TO SEPT 30, 1997     TO SEPT 30, 1997
                                                                 ----------------     ----------------

<S>                                                                  <C>                  <C>         
Investment income .........................................          $       0.00         $       0.00
Expenses ..................................................                  0.00                (0.01)
                                                                     ------------         ------------
Net investment income (loss) ..............................                  0.00                (0.01)
Net realized gain on investments ..........................                  1.27                 1.36
                                                                     ------------         ------------
Net increase in unit value ................................                  1.27                 1.35
Net asset value at beginning of period ....................                 11.54                11.46
                                                                     ------------         ------------
Net assets value at end of period .........................          $      12.81         $      12.81
                                                                     ============         ============

Ratio of expenses to average net assets* ..................                  0.09%                0.10%
Ratio of net investment income to average assets* .........                 (0.09%)              (0.10%)
Portfolio turnover** ......................................                    14%                  32%
Number of units outstanding at end of period (in thousands)                 1,240                1,240
</TABLE>

-------------------------------------------------
*Annualized
**Reflects purchases and sales of units of the Funds in which the Portfolio
   invests, rather than the portfolio turnover of such underlying Funds 

                                       36

<PAGE>




         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                STRUCTURED PORTFOLIO SERVICE - MODERATE PORTFOLIO


                       STATEMENT OF ASSETS AND LIABILITIES
                                    UNAUDITED


<TABLE>
<CAPTION>

ASSETS                                                                               SEPT 30, 1997
                                                                                     -------------
<S>                                                                                    <C>        
Investments, at value (cost $54,531,023) ...........................................   $63,142,297
Cash ...............................................................................             0
Receivable for investments sold ....................................................             0
Receivable for fund units sold .....................................................       153,907
Dividends and interest receivable ..................................................             0
Other assets .......................................................................             0
                                                                                       -----------
   Total assets ....................................................................    63,296,204
                                                                                       -----------

LIABILITIES
Payable for investments purchased ..................................................       153,907
Payable for fund units purchased ...................................................             0
Accrued expenses ...................................................................         4,438
Other liabilities ..................................................................             0
                                                                                       -----------
   Total liabilities ...............................................................       158,345
                                                                                       -----------

NET ASSETS .........................................................................   $63,137,859
                                                                                       ===========

Net asset value, redemption price and offering price per unit of beneficial interest
( $63,137,859 /4,552,099 units outstanding) ........................................   $     13.87
                                                                                       ===========
</TABLE>
                                       37
<PAGE>





         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                STRUCTURED PORTFOLIO SERVICE - MODERATE PORTFOLIO


                             STATEMENT OF OPERATIONS
                                    UNAUDITED
<TABLE>
<CAPTION>

                                                             FOR THE PERIOD         FOR THE PERIOD
                                                              JULY 1, 1997          JANUARY 1, 1997
                                                             TO SEPT 30, 1997      TO SEPT 30, 1997
                                                             ----------------      ----------------
<S>                                                               <C>                   <C>    
Investment income
   Dividend income .....................................          $         0           $         0
   Interest income .....................................                    0                     0
                                                                  -----------           -----------
     Total investment income ...........................                    0                     0

Expenses:
   Investment advisory fee .............................          $         0           $         0
   State Street Bank & Trust Company - program fee .....                    0                     0
   American Bar Retirement Association - program fee ...                    0                     0
   Trustee, management and administration fees .........               13,395                35,838
   Other expenses and taxes ............................                    0                     0
   Amortization of organization expenses ...............                    0                     0
                                                                  -----------           -----------
     Total expenses ....................................               13,395                35,838
                                                                  -----------           -----------
Net investment income (loss) ...........................              (13,395)              (35,838)
                                                                  -----------           -----------

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments sold ..................              745,835             1,844,760
Unrealized appreciation of investments during the period            6,926,272             5,753,127
                                                                  -----------           -----------
   Net gain on investments .............................            7,672,107             7,597,887
                                                                  -----------           -----------
   Net increase in net assets resulting from operations           $ 7,658,712           $ 7,562,049
                                                                  ===========           ===========
</TABLE>
                                       38
<PAGE>




         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                STRUCTURED PORTFOLIO SERVICE - MODERATE PORTFOLIO


                       STATEMENT OF CHANGES IN NET ASSETS
                                    UNAUDITED
<TABLE>
<CAPTION>

                                                                             FOR THE PERIOD         FOR THE PERIOD
                                                                              JULY 1, 1997          JANUARY 1, 1997
                                                                            TO SEPT  30, 1997      TO SEPT  30, 1997
                                                                            -----------------      -----------------
<S>                                                                              <C>                    <C>    
INCREASE IN NET ASSETS FROM:
Operations:
     Net investment income (loss) .....................................          ($    13,395)          ($    35,838)
     Net realized gain on investments .................................               745,835              1,844,760
     Unrealized appreciation on investments during the period .........             6,926,272              5,753,127
                                                                                 ------------           ------------
     Net increase/decrease in net assets resulting from operations ....             7,658,712              7,562,049
                                                                                 ------------           ------------

Participant transactions:
     Proceeds from sales of units .....................................             7,649,081             27,678,182
     Cost of units redeemed ...........................................            (1,244,041)            (4,719,712)
                                                                                 ------------           ------------
     Net increase in net assets resulting from participant transactions             6,405,040             22,958,471
                                                                                 ------------           ------------
          Total increase in net assets ................................            14,063,752             30,520,519

NET ASSETS:
     Beginning of period ..............................................            49,074,107             32,617,340
     End of period ....................................................          $ 63,137,859           $ 63,137,859

Number of units:
     Outstanding-beginning of period ..................................             4,084,408              2,733,228
        Sold ..........................................................               559,254              2,192,319
        Redeemed ......................................................               (91,563)              (373,448)
                                                                                 ------------           ------------
    Outstanding-end of period .........................................             4,552,099              4,552,099
                                                                                 ============           ============
</TABLE>
                                       39
<PAGE>



         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

                STRUCTURED PORTFOLIO SERVICE - MODERATE PORTFOLIO


                            PER-UNIT DATA AND RATIOS
                                    UNAUDITED
<TABLE>
<CAPTION>

Selected data for a unit outstanding throughout the period:      FOR THE PERIOD        FOR THE PERIOD
                                                                  JULY 1, 1997        JANUARY 1, 1997
                                                                TO SEPT  30, 1997    TO SEPT  30, 1997
                                                                -----------------    -----------------

<S>                                                                  <C>                  <C>         
Investment income .........................................          $       0.00         $       0.00
Expenses ..................................................                  0.00                (0.01)
                                                                     ------------         ------------
Net investment income (loss) ..............................                  0.00                (0.01)
Net realized and unrealized gain on investments ...........                  1.86                 1.95
                                                                     ------------         ------------
Net increase in unit value ................................                  1.86                 1.94
Net asset value at beginning of period ....................                 12.01                11.93
                                                                     ------------         ------------
Net assets value at end of period .........................          $      13.87         $      13.87
                                                                     ============         ============
                                                                    
Ratio of expenses to average net assets* ..................                  0.09%                0.10%
Ratio of net investment income to average assets* .........                 (0.09%)              (0.10%)
Portfolio turnover** ......................................                     6%                  18%
Number of units outstanding at end of period (in thousands)                 4,552                4,552
</TABLE>

-------------------------------------------------
*Annualized
**Reflects purchases and sales of units of the Funds in which the Portfolio
   invests, rather than the portfolio turnover of such underlying Funds 

                                       40
<PAGE>




         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

               STRUCTURED PORTFOLIO SERVICE - AGGRESSIVE PORTFOLIO


                       STATEMENT OF ASSETS AND LIABILITIES
                                    UNAUDITED


<TABLE>
<CAPTION>

ASSETS                                                                              SEPT 30, 1997
                                                                                    -------------
<S>                                                                                   <C>        
Investments, at value (cost $42,378,157) ...........................................  $51,052,083
Cash ...............................................................................            0
Receivable for investments sold ....................................................       80,339
Receivable for fund units sold .....................................................            0
Dividends and interest receivable ..................................................            0
Other assets .......................................................................            0
                                                                                      -----------
   Total assets ....................................................................   51,132,422
                                                                                      -----------

LIABILITIES
Payable for investments purchased ..................................................            0
Payable for fund units purchased ...................................................       80,339
Accrued expenses ...................................................................        3,669
Other liabilities ..................................................................            0
                                                                                      -----------
   Total liabilities ...............................................................       84,008
                                                                                      -----------

NET ASSETS .........................................................................  $51,048,415
                                                                                      ===========

Net asset value, redemption price and offering price per unit of beneficial interest
( $51,048,415 /3,397,332 units outstanding) ........................................       $15.03
                                                                                      ===========
</TABLE>
                                       41
<PAGE>




         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

               STRUCTURED PORTFOLIO SERVICE - AGGRESSIVE PORTFOLIO


                             STATEMENT OF OPERATIONS
                                    UNAUDITED
<TABLE>
<CAPTION>

                                                              FOR THE PERIOD        FOR THE PERIOD
                                                               JULY 1, 1997        JANUARY 1, 1997
                                                             TO SEPT 30, 1997      TO SEPT 30, 1997
                                                             ----------------      ----------------
<S>                                                               <C>                   <C>    
Investment income
   Dividend income .....................................          $         0           $         0
   Interest income .....................................                    0                     0
                                                                  -----------           -----------
     Total investment income ...........................                    0                     0

Expenses:
   Investment advisory fee .............................          $         0           $         0
   State Street Bank & Trust Company - program fee .....                    0                     0
   American Bar Retirement Association - program fee ...                    0                     0
   Trustee, management and administration fees .........               11,015                28,818
   Other expenses and taxes ............................                    0                     0
   Amortization of organization expenses ...............                    0                     0
                                                                  -----------           -----------
     Total expenses ....................................               11,015                28,818
                                                                  -----------           -----------
Net investment income (loss) ...........................              (11,015)              (28,818)
                                                                  -----------           -----------

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments sold ..................              942,550             1,950,573
Unrealized appreciation of investments during the period            7,193,022             5,978,367
                                                                  -----------           -----------
   Net gain on investments .............................            8,135,572             7,928,940
                                                                  -----------           -----------
   Net increase in net assets resulting from operations           $ 8,124,557           $ 7,900,122
                                                                  ===========           ===========

</TABLE>
                                       42
<PAGE>



         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

               STRUCTURED PORTFOLIO SERVICE - AGGRESSIVE PORTFOLIO


                       STATEMENT OF CHANGES IN NET ASSETS
                                    UNAUDITED
<TABLE>
<CAPTION>

                                                                              FOR THE PERIOD         FOR THE PERIOD
                                                                               JULY 1, 1997          JANUARY 1, 1997
                                                                             TO SEPT 30, 1997       TO SEPT 30, 1997
                                                                             ----------------       ----------------
<S>                                                                              <C>                    <C>    
INCREASE IN NET ASSETS FROM:
Operations:
     Net investment income (loss) .....................................          ($    11,015)          ($    28,818)
     Net realized gain on investments .................................               942,550              1,950,573
     Unrealized appreciation on investments during the period .........             7,193,022              5,978,367
                                                                                 ------------           ------------
     Net increase in net assets resulting from operations .............             8,124,557              7,900,122
                                                                                 ------------           ------------

Participant transactions:
     Proceeds from sales of units .....................................             5,528,462             22,367,829
     Cost of units redeemed ...........................................            (1,819,138)            (4,777,397)
                                                                                 ------------           ------------
     Net increase in net assets resulting from participant transactions             3,709,324             17,590,432
                                                                                 ------------           ------------
          Total increase in net assets ................................            11,833,881             25,490,554

NET ASSETS:
     Beginning of period ..............................................            39,214,534             25,557,861
     End of period ....................................................          $ 51,048,415           $ 51,048,415

Number of units:
     Outstanding-beginning of period ..................................             3,145,751              2,060,096
        Sold ..........................................................               374,026              1,684,642
        Redeemed ......................................................              (122,445)              (347,406)
                                                                                 ------------           ------------
     Outstanding-end of period ........................................             3,397,332              3,397,332
                                                                                 ============           ============
</TABLE>
                                       43
<PAGE>



         AMERICAN BAR ASSOCIATION MEMBERS/ STATE STREET COLLECTIVE TRUST

               STRUCTURED PORTFOLIO SERVICE - AGGRESSIVE PORTFOLIO


                            PER-UNIT DATA AND RATIOS
                                    UNAUDITED
<TABLE>
<CAPTION>

Selected data for a unit outstanding throughout the period:       FOR THE PERIOD       FOR THE PERIOD
                                                                  JULY 1, 1997        JANUARY 1, 1997
                                                                 TO SEPT 30, 1997     TO SEPT 30, 1997
                                                                 ----------------     ----------------

<S>                                                                  <C>                  <C>         
Investment income .........................................          $       0.00         $       0.00
Expenses ..................................................                 (0.01)               (0.01)
                                                                     ------------         ------------
Net investment income (loss) ..............................                 (0.01)               (0.01)
Net realized and unrealized gain on investments ...........                  2.57                 2.63
                                                                     ------------         ------------
Net increase in unit value ................................                  2.56                 2.62
Net asset value at beginning of period ....................                 12.47                12.41
                                                                     ------------         ------------
Net assets value at end of period .........................          $      15.03         $      15.03
                                                                     ============         ============
                                                                     
Ratio of expenses to average net assets* ..................                  0.09%                0.10%
Ratio of net investment income to average assets* .........                 (0.09%)              (0.10%)
Portfolio turnover** ......................................                     7%                  19%
Number of units outstanding at end of period (in thousands)                 3,397                3,397
</TABLE>

-------------------------------------------------
*Annualized
**Reflects purchases and sales of units of the Funds in which the Portfolio
   invests, rather than the portfolio turnover of such underlying Funds 

                                       44
<PAGE>



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

AGGRESSIVE EQUITY FUND

      The Aggressive Equity Fund invests primarily in common stocks and
equity-type securities. It may also invest in preferred stocks and convertible
debt instruments and non-equity securities, including investment grade bonds,
debentures and high quality money market instruments of the same types as those
in which the Stable Asset Return Fund may invest, when deemed appropriate by
State Street in light of economic and market conditions. The Aggressive 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, 1997 the Aggressive Equity
Fund experienced a total return, net of expenses (including a trust management
fee, a program expense fee, investment advisory fees, organizational fees and
maintenance fees, collectively "Expenses"), of 15.47%. By comparison, the
Russell 2000 Index produced a total return of 14.88% for the same period. The
Russell 2000 Index does not include any allowance for the fees that an investor
would pay for investing in the stocks that comprise the index.

      The third quarter of 1997 marked the eleventh consecutive quarterly
increase in the Standard & Poor's 500 Composite Stock Price Index (the "S&P 500
Index") bringing the year-to-date gain in the S&P 500 Index to 29.6%. Since the
beginning of 1995 the US stock market (as measured by the S&P 500 Index) has
risen 119%. This spectacular rise in equities has been fueled by record company
earnings and continued low level of inflation.

      The most heavily weighted sectors in the Aggressive Equity Fund were
technology, business services and financial services. Weaker areas in terms of
return included publishing, drugs and health care and utilities.

BALANCED FUND

      The Balanced Fund invests in publicly traded common stocks, other
equity-type securities, long-term debt securities and money market instruments.
The Balanced Fund seeks to achieve, over an extended period of time, total
returns comparable to or superior to an appropriate combination of broad
measures of the domestic stock and bond markets. For the quarter ended September
30, 1997, the Balanced Fund experienced a total return, net of Expenses, of
8.21%. For the same period, a combination of the Russell 1000 Index and the
Lehman Brothers Aggregate Bond Index (the "LB Bond Index") weighted 60%/40%,
respectively, produced a total return of 8.97%. The Russell 1000 Index and the
LB Bond Index do not include an allowance for the fees that an investor would
pay for investing in the securities that comprise the indices.

      In connection with certain changes to the advisors from whom State Street
obtains investment advice with respect to the Fund, effective June 30, 1997,
State Street directs the allocation of the Fund's assets between debt and equity
securities consistent with the Fund's strategy. State Street obtains investment
advice from separate advisors for each of the debt and equity portions of the
Fund. This is different from State Street's prior




                                       45
<PAGE>

practice, which was to allocate a portion of the Fund's assets to each of the
Fund's investment advisors, who then advised State Street on both debt and
equity securities. Contributions to and withdrawals from the Fund are allocated
so that the percentage of debt and equity securities will be as close to
approximately 40% and 60%, respectively, as may be practical, taking into
account the level of contributions and withdrawals and the Fund's percentage of
debt and equity securities at the time of the contribution or withdrawal. State
Street may change the allocation within the Fund, as well as the allocation of
contributions to and withdrawals from the Fund from time to time. Income and
realized gains attributable to the assets allocated to each portion of the fund
and the related investment advisor will remain allocated to such portion until
reallocated by State Street.

      Both the U.S. equity and fixed income markets continued to show strong
positive returns throughout the third quarter of 1997. Equities, especially
small cap stocks, performed well while bonds were buoyed by continued subdued
inflation despite another quarter of solid economic growth.

      Some of the most heavily weighted industry sectors in the equity portion
of the portfolio were consumer goods, drugs and health care, finance and
insurance. The fixed income segment was heavily invested in U.S. Treasuries,
mortgage-related issues and long-term corporate bonds.

GROWTH EQUITY FUND

      The Growth Equity Fund invests primarily in common stocks and other
equity-type securities issued by large, well-established companies. The Growth
Equity Fund seeks to achieve long-term growth of capital through increases in
the value of the securities it holds and to realize income principally from
dividends on such securities. The 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. In keeping with
this objective and strategy and in connection with certain changes to the
advisors from whom State Street obtains investment advice with respect to the
Fund, effective June 16, 1997, 25% of contributions to (less 25% of withdrawals
from) the Growth Equity Fund are invested to replicate the Russell 1000 Index.
Income and realized gains attributable to this portion of the Fund will remain
allocated to this portion of the Fund, which may cause this portion of Fund's
assets to vary from 25%.

      For the quarter ended September 30, 1997, the Growth Equity Fund
experienced a total return, net of Expenses, of 8.20%. By comparison, the
Russell 1000 Index produced a return of 8.73% for the same period. The Russell
1000 Index does not include an allowance for the fees that an investor would pay
for investing in the securities that comprise the index.

      The U.S. equity market continued to register strong returns during the
third quarter of 1997. Low inflation, strong corporate earnings, and a lack of
Federal Reserve intervention were among the major causes of economic growth.

      Some of the most heavily weighted industry sectors in the Growth Equity
Fund were, technology, finance and consumer basics. Weaker areas in terms of
return were energy-related stocks and broadcasting and publishing.


                                       46

<PAGE>


INDEX EQUITY FUND

      The Index Equity Fund invests in common stocks of U.S. companies that 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 the market capitalization of the companies in
the Russell 3000 Index. The Index Equity Fund invests in common stocks included
in the Russell 3000 Index by fully replicating the S&P 500 Index and the Russell
Special Small Company Index, which is composed of approximately 2,500 stocks.
The securities in these two indices represent the universe of securities
included in the Russell 3000 Index.

      The Fund produced a total return, net of Expenses, for the third quarter
of 1997 of 9.09%. By comparison, the Russell 3000 Index produced a return of
9.33% for the third quarter of 1997. The Russell 3000 Index does not include any
allowance for the fees that an investor would pay for investing in the stocks
that comprise the index.

INTERMEDIATE BOND FUND

      The Intermediate Bond Fund's investment objective is to achieve a total
return from current income and capital appreciation by investing primarily in a
diversified portfolio of fixed-income securities. A portion of the Intermediate
Bond Fund (approximately two-thirds) is actively managed, investing in fixed
income securities with a portfolio duration generally from 3 to 6 years. The
other portion of the Bond Fund -- the index portion -- is invested to replicate
the LB Bond Index, which is composed of approximately 5,000 issues of
fixed-income securities, including U.S. government obligations and investment
grade corporate bonds, each with an outstanding market value of at least $25
million and remaining maturity of greater than one year.

      Until the Intermediate Bond Fund reaches its minimum level of
contributions to be invested in both the actively managed and index portion of
the fund ($75 million and $200 million, respectively), two-thirds of all
contributions to the Fund will be invested in the PIMCO Total Return Fund and
the remaining one-third will be invested in the Masterworks Funds Bond Index
Fund.

      For the quarter ended September 30, 1997, the Intermediate Bond Fund
experienced a total return, net of Expenses, of 3.37%. As a comparison, a
combination of Lehman Brothers Corporate/Government Bond Index and the LB Bond
Index weighted 33%/67%, respectively, produced a return for the third quarter of
1997 of 3.30%. The Lehman Brothers Corporate/Government Bond Index and the LB
Bond Index do not include an allowance for the fees that an investor would pay
for investing in the securities that comprise the indices.

      Fixed income securities performed well in the third quarter. Interest
rates declined during the quarter as prices remained steady at both the consumer
and producer levels and monetary policy remained unchanged.

INTERNATIONAL EQUITY FUND

      The International Equity Fund's investment objective is to seek long-term
growth of capital through investing 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

                                      47


<PAGE>

Africa, Australia, Canada and other areas. The International Equity Fund will
seek 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.

      Until the International Equity Fund reaches its minimum level of
contributions to meet its investment objective, which State Street currently
expects to be approximately $75 to $100 million, all contributions to the
International Equity Fund will be invested in the T. Rowe Price International
Stock Fund.

      For the quarter ended September 30, 1997, the International Equity Fund
experienced a total return, net of Expenses, of (0.88)%. For the third quarter
of 1997, the total return of the Morgan Stanley EAFE (Europe, Australia, Far
East) Index (the "EAFE Index") was (0.70)%. The EAFE Index does not include an
allowance for the fees that an investor would pay for investing in the
securities that comprise the index. The equity markets included in the EAFE
Index were divided between continued strong performance in Europe and negative
returns in Japan.

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 interest notes and
repurchase agreements.

      For the quarter ended September 30, 1997, the Stable Asset Return Fund
produced a return, net of Expenses, of 1.37%. By comparison, the Donoghue Money
Market Fund "Tier One" Average (the "Donoghue Average") for the third quarter of
1997 was 1.25%. The Fund's strong performance relative to the Donoghue Average
is partly attributable to the longer average maturity of the Fund's portfolio.
Interest rates moved slightly lower during the third quarter of 1997 with lack
of inflation pressure and no intervention by the Federal Reserve.

VALUE EQUITY FUND

      The Value Equity Fund seeks to outperform, over extended periods of time,
broad measures of the domestic stock market. The Value Equity Fund invests
primarily in common stocks of companies that State Street and its investment
advisor consider undervalued.

      For the quarter ended September 30, 1997, the Value Equity Fund
experienced a total return, net of Expenses, of 8.64%. The S&P 500 Index
produced a return of 7.52% for the third quarter. The S&P 500 Index does not
include an allowance for the fees that an investor would pay for investing in
the securities that comprise the index.

      U.S. financial markets continued to register strong returns in the third 
quarter as investors responded favorably to signs of moderate growth and benign
inflation.

                                       48

<PAGE>

      The most heavily weighted industry sectors in the Value Equity Fund were
energy, insurance, consumer cyclical and industrial commodities. Underweighted
sectors in the Value Equity Fund include capital goods and technology.

STRUCTURED PORTFOLIO SERVICE

      The Portfolios of the Structured Portfolio Service invest in the funds
described above according to conservative, moderate and aggressive portfolio
allocations. Funds in the Conservative Portfolio are allocated as follows:
Stable Asset Return Fund, 30%; Intermediate Bond Fund 35%; Value Equity Fund,
7%; 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%; Value Equity Fund, 11%; Growth
Equity Fund, 11%; Index Equity Fund, 23%; and International Equity Fund, 15%.
Funds in the Aggressive Portfolio are allocated as follows: Intermediate Bond
Fund, 15%; Value Equity Fund, 15%; Growth Equity Fund, 15%; Index Equity Fund,
30%; Aggressive Equity Fund, 5%; and International Equity Fund, 20%.

      For the quarter ended September 30, 1997, the structured portfolio service
experienced a total return net of Expenses, of 4.02% for the Conservative
Portfolio, 4.99% for the Moderate Portfolio, and 6.33% for the Aggressive
Portfolio.


Item 3    Quantitative Disclosures About Market Risk

          Not Applicable.


                                       49
<PAGE>


PART II.  OTHER INFORMATION

   Item 6. Exhibits and Reports on Form 8-K

             a. Exhibit No.     Description

                  27.1      Financial Data Schedule-Aggressive Equity Fund

                  27.2      Financial Data Schedule-Balanced Fund

                  27.3      Financial Data Schedule-Growth Equity Fund

                  27.4      Financial Data Schedule-Index Equity Fund

                  27.5      Financial Data Schedule-Intermediate Bond Fund

                  27.6      Financial Data Schedule-International Fund

                  27.7      Financial Data Schedule-Stable Asset Return Fund

                  27.8      Financial Data Schedule-Value Equity Fund

                  27.9      Financial Data Schedule-Structured Portfolio
                              Service Conservative Portfolio

                  27.10     Financial Data Schedule-Structured Portfolio
                              Service Moderate Portfolio

                  27.11     Financial Data Schedule-Structured Portfolio
                              Service Aggressive Portfolio


             b. Reports on Form 8-K

                           None.


                                      50
<PAGE>


                                   SIGNATURES



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




                              AMERICAN BAR ASSOCIATION MEMBERS/
                                 STATE STREET COLLECTIVE TRUST




November 13, 1997               By:  /S/ NANCY P. ANTIN
                                  ------------------------------
                                 Nancy P. Antin
                                  Vice President and Chief Financial Officer


November 13, 1997               By:   /S/ SUSAN C. DANIELS
                                  -----------------------------
                                  Susan C. Daniels
                                  Treasurer and Chief Accounting Officer







                                      51