##### Table of Contents





UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549





FORM 10-Q







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

For the quarterly period ended September 30, 2010



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

For the transition period from  to

Commission file number 33-50080





AMERICAN BAR ASSOCIATION MEMBERS/

NORTHERN TRUST COLLECTIVE TRUST

(Exact Name of Registrant as Specified
in Its Charter)







|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|Illinois                                                       |  | 04-6691601                          
|(State or Other Jurisdiction of
Incorporation or Organization) |  | (I.R.S. Employer Identification No.)
|                                                               | 
|50 South LaSalle Street Chicago, Illinois                      |  | 60603                               
|(Address of Principal Executive Offices)                       |  | (Zip Code)                          

(312)
630-6000

(Registrants Telephone Number, Including Area Code)





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





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

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

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



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

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









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##### Table of Contents



TABLE OF CONTENTS



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



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| |  |                                      |  |      |    | 
| |  | ------------------------------------ |  | ---- | -- | 
| |  |                                      |  | Page |   
| |  | Mid Cap Index Equity Fund            |  |      | 33 | 
| |  | Statement of Assets and Liabilities  |  |      | 33 | 
| |  | Statement of Operations              |  |      | 34 | 
| |  | Statement of Changes in Net Assets   |  |      | 35 | 
| |  | Financial Highlights                 |  |      | 36 | 
| |  |                                     
| |  | Small Cap Index Equity Fund          |  |      | 37 | 
| |  | Statement of Assets and Liabilities  |  |      | 37 | 
| |  | Statement of Operations              |  |      | 38 | 
| |  | Statement of Changes in Net Assets   |  |      | 39 | 
| |  | Financial Highlights                 |  |      | 40 | 
| |  |                                     
| |  | International Index Equity Fund      |  |      | 41 | 
| |  | Statement of Assets and Liabilities  |  |      | 41 | 
| |  | Statement of Operations              |  |      | 42 | 
| |  | Statement of Changes in Net Assets   |  |      | 43 | 
| |  | Financial Highlights                 |  |      | 44 | 
| |  |                                     
| |  | Real Asset Return Fund               |  |      | 45 | 
| |  | Statement of Assets and Liabilities  |  |      | 45 | 
| |  | Statement of Operations              |  |      | 46 | 
| |  | Statement of Changes in Net Assets   |  |      | 47 | 
| |  | Financial Highlights                 |  |      | 48 | 
| |  |                                     
| |  | Lifetime Income Retirement Date Fund |  |      | 49 | 
| |  | Statement of Assets and Liabilities  |  |      | 49 | 
| |  | Statement of Operations              |  |      | 50 | 
| |  | Statement of Changes in Net Assets   |  |      | 51 | 
| |  | Financial Highlights                 |  |      | 52 | 
| |  |                                     
| |  | 2010 Retirement Date Fund            |  |      | 53 | 
| |  | Statement of Assets and Liabilities  |  |      | 53 | 
| |  | Statement of Operations              |  |      | 54 | 
| |  | Statement of Changes in Net Assets   |  |      | 55 | 
| |  | Financial Highlights                 |  |      | 56 | 
| |  |                                     
| |  | 2020 Retirement Date Fund            |  |      | 57 | 
| |  | Statement of Assets and Liabilities  |  |      | 57 | 
| |  | Statement of Operations              |  |      | 58 | 
| |  | Statement of Changes in Net Assets   |  |      | 59 | 
| |  | Financial Highlights                 |  |      | 60 | 
| |  |                                     
| |  | 2030 Retirement Date Fund            |  |      | 61 | 
| |  | Statement of Assets and Liabilities  |  |      | 61 | 
| |  | Statement of Operations              |  |      | 62 | 
| |  | Statement of Changes in Net Assets   |  |      | 63 | 
| |  | Financial Highlights                 |  |      | 64 | 
| |  |                                     
| |  | 2040 Retirement Date Fund            |  |      | 65 | 
| |  | Statement of Assets and Liabilities  |  |      | 65 | 
| |  | Statement of Operations              |  |      | 66 | 
| |  | Statement of Changes in Net Assets   |  |      | 67 | 
| |  | Financial Highlights                 |  |      | 68 | 



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|           |  |                                                                                                |     |      |     | 
|---------- |  | ---------------------------------------------------------------------------------------------- | --- | ---- | --- | 
|           |  |                                                                                                |     | Page |    
|           |  |                                                                                               
|           |  | Conservative Risk Fund                                                                         |     |      | 69  | 
|           |  | Statement of Assets and Liabilities                                                            |     |      | 69  | 
|           |  | Statement of Operations                                                                        |     |      | 70  | 
|           |  | Statement of Changes in Net Assets                                                             |     |      | 71  | 
|           |  | Financial Highlights                                                                           |     |      | 72  | 
|           |  |                                                                                               
|           |  | Moderate Risk Fund                                                                             |     |      | 73  | 
|           |  | Statement of Assets and Liabilities                                                            |     |      | 73  | 
|           |  | Statement of Operations                                                                        |     |      | 74  | 
|           |  | Statement of Changes in Net Assets                                                             |     |      | 75  | 
|           |  | Financial Highlights                                                                           |     |      | 76  | 
|           |  |                                                                                               
|           |  | Aggressive Risk Fund                                                                           |     |      | 77  | 
|           |  | Statement of Assets and Liabilities                                                            |     |      | 77  | 
|           |  | Statement of Operations                                                                        |     |      | 78  | 
|           |  | Statement of Changes in Net Assets                                                             |     |      | 79  | 
|           |  | Financial Highlights                                                                           |     |      | 80  | 
|           |  |                                                                                               
|           |  | Balanced Fund                                                                                  |     |      | 81  | 
|           |  | Statement of Assets and Liabilities                                                            |     |      | 81  | 
|           |  | Statement of Operations                                                                        |     |      | 82  | 
|           |  | Statement of Changes in Net Assets                                                             |     |      | 83  | 
|           |  | Financial Highlights                                                                           |     |      | 84  | 
|           |  |                                                                                               
|           |  | Notes to Financial Statements (Unaudited)                                                      |     |      | 85  | 
|           |  |                                                                                               
|           |  | Item 
2. Managements Discussion and Analysis of Financial Condition and Results of Operations |     |      | 121 | 
|           |  |                                                                                               
|           |  | Item 4. Controls and Procedures                                                                |     |      | 143 | 
|           |  |                                                                                               
|PART II.   |  | OTHER INFORMATION                                                                              |     |      | 143 | 
|           |  |                                                                                               
|           |  | Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                            |     |      | 143 | 
|           |  |                                                                                               
|           |  | Item 6. Exhibits                                                                               |     |      | 143 | 
|           | 
|SIGNATURES |  |                                                                                                | 147 |     



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PART 1. FINANCIAL INFORMATION.



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

American Bar Association Members/ Northern Trust Collective Trust

Stable Asset Return Fund

Statement of Assets
and Liabilities

Unaudited



|                                                                                                                                                                     |  |                    |               |   |                   |   |               |  
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ------------- | - | ----------------- | - | ------------- | -
|                                                                                                                                                                     |  | September 30, 2010 |               |   | December 31, 2009 |  
|Assets                                                                                                                                                               |  |                    |               |   |                   |   |               |  
|Investments in collective investment funds, at value:                                                                                                                |  |                    |               |   |                   |   |               |  
|Stable Asset Fund Trust (cost $997,745,667 and $1,007,414,692 and units of 997,745,667 and 1,007,414,692 for September 30,
2010 and December 31, 2009, respectively) |  | $                  | 1,016,984,926 |   |                   | $ | 1,015,748,076 |  
|Receivable for fund units sold                                                                                                                                       |  |                    | 2,948,935     |   |                   |   | 2,768,010     |  
|Interest and dividends receivable                                                                                                                                    |  |                    | 1,506,844     |   |                   |   |              |  
|Other assets                                                                                                                                                         |  |                    | 462           |   |                   |   |              |  
|                                                                                                                                                                     |  |                    |               |   |                   |   |               |  
|Total assets                                                                                                                                                         |  |                    | 1,021,441,167 |   |                   |   | 1,018,516,086 |  
|                                                                                                                                                                     |  |                    |               |   |                   |   |               |  
|Liabilities                                                                                                                                                          |  |                    |               |   |                   |   |               |  
|Payable for investments purchased                                                                                                                                    |  |                    | 2,948,935     |   |                   |   |              |  
|Payable for fund units redeemed                                                                                                                                      |  |                    |              |   |                   |   | 2,271,991     |  
|Payable to investment advisor                                                                                                                                        |  |                    | 125,416       |   |                   |   |              |  
|INGprogram fee payable                                                                                                                                              |  |                    | 498,353       |   |                   |   | 429,866       |  
|Trustee, management and administration fees payable                                                                                                                  |  |                    | 79,739        |   |                   |   | 82,482        |  
|ABA Retirement Fundsprogram fee payable                                                                                                                             |  |                    | 64,348        |   |                   |   | 61,393        |  
|Payable for legal and audit services                                                                                                                                 |  |                    | 277,108       |   |                   |   | 165,575       |  
|Other accruals                                                                                                                                                       |  |                    | 287,753       |   |                   |   | 178,799       |  
|                                                                                                                                                                     |  |                    |               |   |                   |   |               |  
|Total liabilities                                                                                                                                                    |  |                    | 4,281,652     |   |                   |   | 3,190,106     |  
|                                                                                                                                                                     |  |                    |               |   |                   |   |               |  
|Net Assets at fair value                                                                                                                                             |  |                    | 1,017,159,515 |   |                   |   | 1,015,325,980 |  
|                                                                                                                                                                     |  |                    |               |   |                   |   |               |  
|Adjustment from fair value to contract value for fully benefit responsive contracts                                                                                  |  |                    | (19,239,259   | ) |                   |   | (8,333,384    | )
|                                                                                                                                                                     |  |                    |               |   |                   |   |               |  
|                                                                                                                                                                     |  |                   
|Net Assets(equivalent to $35.57 and $35.22 per unit based on 28,057,482 and 28,591,946 units outstanding for
September 30, 2010 and December 31, 2009, respectively) |  | $                  | 997,920,256   |   |                   | $ | 1,006,992,596 |  
|                                                                                                                                                                     |  |                    |               |   |                   |   |               |  

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



1



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Stable Asset Return Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |           |  |                                                 |   |           |                                                    |  |   |                                                    |  |  |   |            | 
|--------------------------------------------------------------- |  | ----------------------------------------------- | --------- |  | ----------------------------------------------- | - | --------- | -------------------------------------------------- |  | - | -------------------------------------------------- |  |  | - | ---------- | 
|                                                                |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |           |  | For the periodJuly 1, 2009
toSeptember 30, 2009 |   |           | For the periodJanuary 1, 2010
toSeptember 30, 2010 |  |   | For the periodJanuary 1, 2009
toSeptember 30, 2009 | 
|Investment income                                               |  |                                                 |           |  |                                                 |   |           |                                                    |  |   |                                                    |  |  |   |            | 
|Dividends                                                       |  | $                                               | 4,925,763 |  |                                                 | $ | 6,558,421 |                                                    |  | $ | 15,854,744                                         |  |  | $ | 21,657,187 | 
|                                                                |  |                                                 |           |  |                                                 |   |           |                                                    |  |   |                                                    |  |  |   |            | 
|Total investment income                                         |  |                                                 | 4,925,763 |  |                                                 |   | 6,558,421 |                                                    |  |   | 15,854,744                                         |  |  |   | 21,657,187 | 
|                                                                |  |                                                 |           |  |                                                 |   |           |                                                    |  |   |                                                    |  |  |   |            | 
|Expenses                                                        |  |                                                 |           |  |                                                 |   |           |                                                    |  |   |                                                    |  |  |   |            | 
|INGprogram fee                                                 |  |                                                 | 1,380,369 |  |                                                 |   | 1,321,240 |                                                    |  |   | 3,950,886                                          |  |  |   | 2,191,675  | 
|State Street Bank and Trust Companyprogram fee                 |  |                                                 |          |  |                                                 |   |          |                                                    |  |   |                                                   |  |  |   | 1,256,879  | 
|State Street Bank and Trust Companyinvestment advisory fee     |  |                                                 | 125,416   |  |                                                 |   |          |                                                    |  |   | 125,416                                            |  |  |   |           | 
|Trustee, management and administration fees                     |  |                                                 | 234,010   |  |                                                 |   | 265,056   |                                                    |  |   | 722,559                                            |  |  |   | 823,075    | 
|ABA Retirement Fundsprogram fee                                |  |                                                 | 188,913   |  |                                                 |   | 186,313   |                                                    |  |   | 553,033                                            |  |  |   | 441,051    | 
|Legal and audit fees                                            |  |                                                 | 75,328    |  |                                                 |   | 132,927   |                                                    |  |   | 288,359                                            |  |  |   | 372,463    | 
|Compliance consultant fees                                      |  |                                                 | 47,539    |  |                                                 |   | 77,227    |                                                    |  |   | 204,809                                            |  |  |   | 255,936    | 
|Reports to unitholders                                          |  |                                                 | 6,668     |  |                                                 |   | 44,730    |                                                    |  |   | 124,620                                            |  |  |   | 319,255    | 
|Registration fees                                               |  |                                                 | 40,344    |  |                                                 |   | 18,734    |                                                    |  |   | 63,935                                             |  |  |   | 44,017     | 
|Other fees                                                      |  |                                                 | 654       |  |                                                 |   | 166,200   |                                                    |  |   | 87,867                                             |  |  |   | 258,737    | 
|                                                                |  |                                                 |           |  |                                                 |   |           |                                                    |  |   |                                                    |  |  |   |            | 
|Total expenses                                                  |  |                                                 | 2,099,241 |  |                                                 |   | 2,212,427 |                                                    |  |   | 6,121,484                                          |  |  |   | 5,963,088  | 
|                                                                |  |                                                 |           |  |                                                 |   |           |                                                    |  |   |                                                    |  |  |   |            | 
|Net investment income (loss)                                    |  |                                                 | 2,826,522 |  |                                                 |   | 4,345,994 |                                                    |  |   | 9,733,260                                          |  |  |   | 15,694,099 | 
|                                                                |  |                                                 |           |  |                                                 |   |           |                                                    |  |   |                                                    |  |  |   |            | 
|                                                                |  |                                                 |           | 
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 2,826,522 |  |                                                 | $ | 4,345,994 |                                                    |  | $ | 9,733,260                                          |  |  | $ | 15,694,099 | 
|                                                                |  |                                                 |           |  |                                                 |   |           |                                                    |  |   |                                                    |  |  |   |            | 

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



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American Bar Association Members/ Northern Trust Collective Trust

Stable Asset Return Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                  |               |  
|------------------------------------------------------------------ |  | ------------------------------------------------ | ------------- | -
|                                                                   |  | For the nine-monthperiod
endedSeptember 30, 2010 |              
|From operations                                                    |  |                                                  |               |  
|Net investment income (loss)                                       |  | $                                                | 9,733,260     |  
|                                                                   |  |                                                  |               |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                  | 9,733,260     |  
|                                                                   |  |                                                  |               |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                  |               |  
|Proceeds from units issued                                         |  |                                                  | 216,794,726   |  
|Cost of units redeemed                                             |  |                                                  | (235,600,326  | )
|                                                                   |  |                                                  |               |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                  | (18,805,600   | )
|                                                                   |  |                                                  |               |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                  | (9,072,340    | )
|                                                                   | 
|Net Assets                                                         |  |                                                  |               |  
|Beginning of period                                                |  |                                                  | 1,006,992,596 |  
|                                                                   |  |                                                  |               |  
|End of period                                                      |  | $                                                | 997,920,256   |  
|                                                                   |  |                                                  |               |  
|                                                                   | 
|Number of units                                                    |  |                                                  |               |  
|Outstanding-beginning of period                                    |  |                                                  | 28,591,946    |  
|Issued                                                             |  |                                                  | 6,123,573     |  
|Redeemed                                                           |  |                                                  | (6,658,037    | )
|                                                                   |  |                                                  |               |  
|Outstanding-end of period                                          |  |                                                  | 28,057,482    |  
|                                                                   |  |                                                  |               |  

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



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American Bar Association Members/ Northern Trust Collective Trust

Stable Asset Return Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |         |   |                                                     |   |         |                                                 |  |   |                                                     |   |  |   |           |  
|------------------------------------------------------------ |  | ----------------------------------------------- | ------- | - | --------------------------------------------------- | - | ------- | ----------------------------------------------- |  | - | --------------------------------------------------- | - |  | - | --------- | -
|                                                             |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |         |   | For the periodJanuary 1, 2010 toSeptember 30, 
2010 |   |         | For the periodJuly 1, 2009 toSeptember 30, 2009 |  |   | For the periodJanuary 1, 2009 toSeptember 30, 
2009 |  
|Investment income                                           |  | $                                               | 0.18    |   |                                                     | $ | 0.57    |                                                 |  | $ | 0.23                                                |   |  | $ | 0.75      |  
|Expenses,                                                 |  |                                                 | (0.08   | ) |                                                     |   | (0.22   | )                                               |  |   | (0.08                                               | ) |  |   | (0.21     | )
|                                                             |  |                                                 |         |   |                                                     |   |         |                                                 |  |   |                                                     |   |  |   |           |  
|Net investment income (loss)                                 |  |                                                 | 0.10    |   |                                                     |   | 0.35    |                                                 |  |   | 0.15                                                |   |  |   | 0.54      |  
|                                                             |  |                                                 |         |   |                                                     |   |         |                                                 |  |   |                                                     |   |  |   |           |  
|Net increase (decrease) in unit value                        |  |                                                 | 0.10    |   |                                                     |   | 0.35    |                                                 |  |   | 0.15                                                |   |  |   | 0.54      |  
|Net asset value at beginning of period                       |  |                                                 | 35.47   |   |                                                     |   | 35.22   |                                                 |  |   | 34.93                                               |   |  |   | 34.54     |  
|                                                             |  |                                                 |         |   |                                                     |   |         |                                                 |  |   |                                                     |   |  |   |           |  
|Net asset value at end of period                             |  | $                                               | 35.57   |   |                                                     | $ | 35.57   |                                                 |  | $ | 35.08                                               |   |  | $ | 35.08     |  
|                                                             |  |                                                 |         |   |                                                     |   |         |                                                 |  |   |                                                     |   |  |   |           |  
|                                                             |  |                                                 |         |  
|Ratios/Supplemental Data:                                    |  |                                                 |         |   |                                                     |   |         |                                                 |  |   |                                                     |   |  |   |           |  
|Ratio of expenses to average net assets*,                  |  |                                                 | 0.84    | % |                                                     |   | 0.83    | %                                               |  |   | 0.87                                                | % |  |   | 0.80      | %
|Ratio of net investment income (loss) to average net assets* |  |                                                 | 1.13    | % |                                                     |   | 1.31    | %                                               |  |   | 1.71                                                | % |  |   | 2.09      | %
|Total return**                                               |  |                                                 | 0.28    | % |                                                     |   | 0.99    | %                                               |  |   | 0.43                                                | % |  |   | 1.56      | %
|Net assets at end of period (in thousands)                   |  | $                                               | 997,920 |   |                                                     | $ | 997,920 |                                                 |  | $ | 1,004,932                                           |   |  | $ | 1,004,932 |  



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

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

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

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

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



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American Bar Association Members/ Northern Trust Collective Trust

Bond Core Plus Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                                                                     |  |                   |             |     |                  |   |             |    
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ----------------- | ----------- | --- | ---------------- | - | ----------- | ---
|                                                                                                                                                                                     |  | September 30,2010 |             |     | December 31,2009 |  
|Assets                                                                                                                                                                               |  |                   |             |     |                  |   |             |    
|Investments, at value (cost $515,763,865 and $298,803,384 for September 30, 2010 and December 31, 2009,
respectively)                                                                |  | $                 | 522,601,527 | (a) |                  | $ | 298,112,622 | (b)
|Investments in affiliated issuer, at value (cost $0 and $23,955,522 for September 30, 2010 and December 31, 2009,
respectively)                                                      |  |                   |            |     |                  |   | 23,610,139  |    
|Investments in affiliated funds, at value:                                                                                                                                           |  |                   |             |     |                  |   |             |    
|Northern Trust Global InvestmentsCollective Short Term Investment Fund (cost $137,694 and $0 and units of 137,694 and 0 for
September 30, 2010 and December 31, 2009, respectively) |  |                   | 137,694     |     |                  |   |            |    
|Investments in collective investment funds, at value (cost $70,325,260 and $0 for September 30, 2010 and December 31,
2009, respectively)                                            |  |                   | 69,762,658  |     |                  |   |            |    
|Foreign currency, at value (cost $256,860 and $261,907 for September 30, 2010 and December 31, 2009,
respectively)                                                                   |  |                   | 267,434     |     |                  |   | 262,126     |    
|Cash                                                                                                                                                                                 |  |                   |            |     |                  |   | 24,084      |    
|Deposit with broker for open futures contracts                                                                                                                                       |  |                   | 330,000     |     |                  |   | 18,000      |    
|Deposit with broker for open swap contracts                                                                                                                                          |  |                   | 140,000     |     |                  |   | 140,000     |    
|Receivable for investments sold on delayed delivery basis                                                                                                                            |  |                   | 65,000,000  |     |                  |   | 116,407,500 |    
|Receivable for investments sold                                                                                                                                                      |  |                   | 33,634,004  |     |                  |   | 587,169     |    
|Receivable for fund units sold                                                                                                                                                       |  |                   |            |     |                  |   | 5,209,683   |    
|Interest receivable                                                                                                                                                                  |  |                   | 2,330,929   |     |                  |   | 2,645,949   |    
|Gross unrealized appreciation of forward currency exchange contracts                                                                                                                 |  |                   | 29,302      |     |                  |   | 111,827     |    
|Tax reclaims receivable                                                                                                                                                              |  |                   |            |     |                  |   | 12,766      |    
|Interest receivable for closed swap contracts                                                                                                                                        |  |                   |            |     |                  |   | 128         |    
|Swap contracts, at value (cost $48,593 and $5,066 for September 30, 2010 and December 31, 2009,
respectively)                                                                        |  |                   | 572,585     |     |                  |   | 74,447      |    
|Other assets                                                                                                                                                                         |  |                   | 449         |     |                  |   |            |    
|                                                                                                                                                                                     |  |                   |             |     |                  |   |             |    
|Total assets                                                                                                                                                                         |  |                   | 694,806,582 |     |                  |   | 447,216,440 |    
|                                                                                                                                                                                     |  |                   |             |     |                  |   |             |    
|Liabilities                                                                                                                                                                          |  |                   |             |     |                  |   |             |    
|Government securities sold, not yet purchased, at fair value (proceeds $1,077,870 and $0 for September 30, 2010 and
December 31, 2009, respectively)                                 |  |                   | 1,074,375   |     |                  |   |            |    
|Payable for cash collateral received on securities loaned                                                                                                                            |  |                   | 70,325,260  |     |                  |   | 21,790,756  |    
|Payable for investments purchased on a delayed delivery basis                                                                                                                        |  |                   | 195,000,000 |     |                  |   | 21,248,984  |    
|Payable for investments purchased                                                                                                                                                    |  |                   | 29,487,039  |     |                  |   | 13,842,948  |    
|Payable for fund units redeemed                                                                                                                                                      |  |                   | 26,886      |     |                  |   | 167,494     |    
|Swap contracts, at value (proceeds $31,846 and $97,228 for September 30, 2010 and December 31, 2009,
respectively)                                                                   |  |                   | 232,299     |     |                  |   | 233,933     |    
|Due to broker for open forward currency exchange contracts                                                                                                                           |  |                   | 260,000     |     |                  |   | 881,000     |    
|Due to broker for open swap contracts                                                                                                                                                |  |                   | 70,000      |     |                  |   | 310,000     |    
|Due to broker for investments purchased or sold on a delayed delivery basis                                                                                                          |  |                   | 866,250     |     |                  |   | 1,976,250   |    
|Payable for futures variation margin                                                                                                                                                 |  |                   | 7,252       |     |                  |   | 73,925      |    
|Gross unrealized depreciation of forward currency exchange contracts                                                                                                                 |  |                   | 981,865     |     |                  |   | 863         |    
|Investment advisory fee payable                                                                                                                                                      |  |                   | 89,134      |     |                  |   | 89,967      |    
|INGprogram fee payable                                                                                                                                                              |  |                   | 198,083     |     |                  |   | 165,454     |    
|Trustee, management and administration fees payable                                                                                                                                  |  |                   | 32,293      |     |                  |   | 31,786      |    
|ABA Retirement Fundsprogram fee payable                                                                                                                                             |  |                   | 26,058      |     |                  |   | 23,632      |    
|Other accruals                                                                                                                                                                       |  |                   | 174,824     |     |                  |   | 132,954     |    
|                                                                                                                                                                                     |  |                   |             |     |                  |   |             |    
|Total liabilities                                                                                                                                                                    |  |                   | 298,851,618 |     |                  |   | 60,969,946  |    
|                                                                                                                                                                                     |  |                   |             |     |                  |   |             |    
|Net Assets(equivalent to $26.09 and $24.09 per unit based on 15,173,683 and 16,032,577 units outstanding for
September 30, 2010 and December 31, 2009, respectively)                 |  | $                 | 395,954,964 |     |                  | $ | 386,246,494 |    
|                                                                                                                                                                                     |  |                   |             |     |                  |   |             |    



|(a) | Includes securities on loan with a value of $68,928,453 (See Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Includes securities on loan with a value of $21,352,312 (See Note 6).
|--- | ---------------------------------------------------------------------

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



5



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Bond Core Plus Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | ---------- | - | ----------------------------------------------- | - | ---------- | -------------------------------------------------- |  | - | -------------------------------------------------- | - |  | - | ---------- | -
|                                                                |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |            |   | For the periodJuly 1, 2009 toSeptember 30, 2009 |   |            | For the periodJanuary 1, 2010 toSeptember 30, 2010 |  |   | For the periodJanuary 1, 2009 toSeptember 30, 2009 |  
|Investment income                                               |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|Dividends (net of foreign tax expense of $0, $87, $26 and $605) |  | $                                               | 28,141     |   |                                                 | $ | 32,284     |                                                    |  | $ | 91,329                                             |   |  | $ | 138,988    |  
|Dividendsaffiliated issuers                                    |  |                                                 |           |   |                                                 |   | 10,040     |                                                    |  |   | 10,941                                             |   |  |   | 37,267     |  
|Interestunaffiliated issuers                                   |  |                                                 | 2,558,583  |   |                                                 |   | 4,605,654  |                                                    |  |   | 10,019,657                                         |   |  |   | 14,758,115 |  
|Securities lending income, net                                  |  |                                                 | 20,775     |   |                                                 |   | 13,255     |                                                    |  |   | 60,009                                             |   |  |   | 64,215     |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|Total investment income                                         |  |                                                 | 2,607,499  |   |                                                 |   | 4,661,233  |                                                    |  |   | 10,181,936                                         |   |  |   | 14,998,585 |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |            |  
|Expenses                                                        |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|INGprogram fee                                                 |  |                                                 | 537,563    |   |                                                 |   | 501,193    |                                                    |  |   | 1,537,563                                          |   |  |   | 838,901    |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                   |   |  |   | 494,388    |  
|Trustee, management and administration fees                     |  |                                                 | 91,659     |   |                                                 |   | 100,573    |                                                    |  |   | 281,690                                            |   |  |   | 318,833    |  
|Investment advisory fee                                         |  |                                                 | 269,129    |   |                                                 |   | 264,786    |                                                    |  |   | 792,892                                            |   |  |   | 795,257    |  
|ABA Retirement Fundsprogram fee                                |  |                                                 | 74,002     |   |                                                 |   | 70,696     |                                                    |  |   | 215,649                                            |   |  |   | 170,279    |  
|Legal and audit fees                                            |  |                                                 | 48,107     |   |                                                 |   | 50,551     |                                                    |  |   | 130,959                                            |   |  |   | 144,992    |  
|Compliance consultant fees                                      |  |                                                 | 29,347     |   |                                                 |   | 29,369     |                                                    |  |   | 90,514                                             |   |  |   | 100,130    |  
|Reports to unitholders                                          |  |                                                 | 4,120      |   |                                                 |   | 17,010     |                                                    |  |   | 49,995                                             |   |  |   | 124,508    |  
|Registration fees                                               |  |                                                 | 24,913     |   |                                                 |   | 7,124      |                                                    |  |   | 34,087                                             |   |  |   | 17,135     |  
|Other fees                                                      |  |                                                 | 5,126      |   |                                                 |   | 63,205     |                                                    |  |   | 39,045                                             |   |  |   | 99,682     |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|Total expenses                                                  |  |                                                 | 1,083,966  |   |                                                 |   | 1,104,507  |                                                    |  |   | 3,172,394                                          |   |  |   | 3,104,105  |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |            |  
|Net investment income (loss)                                    |  |                                                 | 1,523,533  |   |                                                 |   | 3,556,726  |                                                    |  |   | 7,009,542                                          |   |  |   | 11,894,480 |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |            |  
|Net realized and unrealized gain (loss)                         |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |            |  
|Net realized gain (loss) on:                                    |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|Investments                                                     |  |                                                 | 6,597,780  |   |                                                 |   | (640,491   | )                                                  |  |   | 12,521,001                                         |   |  |   | (6,250,240 | )
|Foreign currency transactions                                   |  |                                                 | 739,021    |   |                                                 |   | (60,309    | )                                                  |  |   | 638,153                                            |   |  |   | (770,209   | )
|Futures contracts                                               |  |                                                 | 1,342,060  |   |                                                 |   | 4,707,565  |                                                    |  |   | 3,583,828                                          |   |  |   | 9,674,233  |  
|Swap contracts                                                  |  |                                                 | 502,967    |   |                                                 |   | 115,290    |                                                    |  |   | 698,074                                            |   |  |   | (8,440,614 | )
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|Net realized gain (loss)                                        |  |                                                 | 9,181,828  |   |                                                 |   | 4,122,055  |                                                    |  |   | 17,441,056                                         |   |  |   | (5,786,830 | )
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |            |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|Investments                                                     |  |                                                 | 4,241,812  |   |                                                 |   | 13,288,131 |                                                    |  |   | 7,332,326                                          |   |  |   | 14,918,008 |  
|Foreign currency transactions                                   |  |                                                 | (1,786,856 | ) |                                                 |   | (137,699   | )                                                  |  |   | (1,028,393                                         | ) |  |   | 401,693    |  
|Futures contracts                                               |  |                                                 | (943,366   | ) |                                                 |   | (2,090,900 | )                                                  |  |   | (344,908                                           | ) |  |   | (7,519,645 | )
|Swap contracts                                                  |  |                                                 | 75,330     |   |                                                 |   | 165,533    |                                                    |  |   | 434,822                                            |   |  |   | 21,172,554 |  
|Written options                                                 |  |                                                 |           |   |                                                 |   | 9,750      |                                                    |  |   |                                                   |   |  |   | 12,821     |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                                 | 1,586,920  |   |                                                 |   | 11,234,815 |                                                    |  |   | 6,393,847                                          |   |  |   | 28,985,431 |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |            |  
|Net realized and unrealized gain (loss)                         |  |                                                 | 10,768,748 |   |                                                 |   | 15,356,870 |                                                    |  |   | 23,834,903                                         |   |  |   | 23,198,601 |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |            |  
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 12,292,281 |   |                                                 | $ | 18,913,596 |                                                    |  | $ | 30,844,445                                         |   |  | $ | 35,093,081 |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  

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



6



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Bond Core Plus Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                  |             |  
|------------------------------------------------------------------ |  | ------------------------------------------------ | ----------- | -
|                                                                   |  | For the nine-monthperiod endedSeptember 30, 2010 |            
|From operations                                                    |  |                                                  |             |  
|Net investment income (loss)                                       |  | $                                                | 7,009,542   |  
|Net realized gain (loss)                                           |  |                                                  | 17,441,056  |  
|Change in net unrealized appreciation (depreciation)               |  |                                                  | 6,393,847   |  
|                                                                   |  |                                                  |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                  | 30,844,445  |  
|                                                                   |  |                                                  |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                  |             |  
|Proceeds from units issued                                         |  |                                                  | 46,190,131  |  
|Cost of units redeemed                                             |  |                                                  | (67,326,106 | )
|                                                                   |  |                                                  |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                  | (21,135,975 | )
|                                                                   |  |                                                  |             |  
|Net increase (decrease) in net assets                              |  |                                                  | 9,708,470   |  
|                                                                   | 
|Net Assets                                                         |  |                                                  |             |  
|Beginning of period                                                |  |                                                  | 386,246,494 |  
|                                                                   |  |                                                  |             |  
|End of period                                                      |  | $                                                | 395,954,964 |  
|                                                                   |  |                                                  |             |  
|                                                                   | 
|Number of units                                                    |  |                                                  |             |  
|Outstanding-beginning of period                                    |  |                                                  | 16,032,577  |  
|Issued                                                             |  |                                                  | 1,844,994   |  
|Redeemed                                                           |  |                                                  | (2,703,888  | )
|                                                                   |  |                                                  |             |  
|Outstanding-end of period                                          |  |                                                  | 15,173,683  |  
|                                                                   |  |                                                  |             |  

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



7



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Bond Core Plus Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |         |   |                                                     |   |         |                                                 |  |   |                                                     |   |  |   |         |  
|------------------------------------------------------------ |  | ----------------------------------------------- | ------- | - | --------------------------------------------------- | - | ------- | ----------------------------------------------- |  | - | --------------------------------------------------- | - |  | - | ------- | -
|                                                             |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |         |   | For the periodJanuary 1, 2010 toSeptember 30, 
2010 |   |         | For the periodJuly 1, 2009 toSeptember 30, 2009 |  |   | For the periodJanuary 1, 2009 toSeptember 30, 
2009 |  
|Investment income                                           |  | $                                               | 0.17    |   |                                                     | $ | 0.66    |                                                 |  | $ | 0.28                                                |   |  | $ | 0.87    |  
|Expenses,                                                 |  |                                                 | (0.07   | ) |                                                     |   | (0.21   | )                                               |  |   | (0.07                                               | ) |  |   | (0.18   | )
|                                                             |  |                                                 |         |   |                                                     |   |         |                                                 |  |   |                                                     |   |  |   |         |  
|Net investment income (loss)                                 |  |                                                 | 0.10    |   |                                                     |   | 0.45    |                                                 |  |   | 0.21                                                |   |  |   | 0.69    |  
|Net realized and unrealized gain (loss)                      |  |                                                 | 0.71    |   |                                                     |   | 1.55    |                                                 |  |   | 0.95                                                |   |  |   | 1.40    |  
|                                                             |  |                                                 |         |   |                                                     |   |         |                                                 |  |   |                                                     |   |  |   |         |  
|Net increase (decrease) in unit value                        |  |                                                 | 0.81    |   |                                                     |   | 2.00    |                                                 |  |   | 1.16                                                |   |  |   | 2.09    |  
|Net asset value at beginning of year                         |  |                                                 | 25.28   |   |                                                     |   | 24.09   |                                                 |  |   | 22.92                                               |   |  |   | 21.99   |  
|                                                             |  |                                                 |         |   |                                                     |   |         |                                                 |  |   |                                                     |   |  |   |         |  
|Net asset value at end of year                               |  | $                                               | 26.09   |   |                                                     | $ | 26.09   |                                                 |  | $ | 24.08                                               |   |  | $ | 24.08   |  
|                                                             |  |                                                 |         |   |                                                     |   |         |                                                 |  |   |                                                     |   |  |   |         |  
|                                                             |  |                                                 |         |  
|Ratios/Supplemental Data:                                    |  |                                                 |         |   |                                                     |   |         |                                                 |  |   |                                                     |   |  |   |         |  
|Ratio of expenses to average net assets*,                  |  |                                                 | 1.10    | % |                                                     |   | 1.10    | %                                               |  |   | 1.15                                                | % |  |   | 1.07    | %
|Ratio of net investment income (loss) to average net assets* |  |                                                 | 1.55    | % |                                                     |   | 2.43    | %                                               |  |   | 3.69                                                | % |  |   | 4.10    | %
|Portfolio turnover**                                         |  |                                                 | 146     | % |                                                     |   | 568     | %                                               |  |   | 418                                                 | % |  |   | 1,193   | %
|Total return**                                               |  |                                                 | 3.20    | % |                                                     |   | 8.30    | %                                               |  |   | 5.06                                                | % |  |   | 9.50    | %
|Net assets at end of year (in thousands)                     |  | $                                               | 395,955 |   |                                                     | $ | 395,955 |                                                 |  | $ | 383,132                                             |   |  | $ | 383,132 |  



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

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

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

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

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



8



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Large Cap Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                                                                         |  |                    |             |     |                   |   |             |    
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ----------- | --- | ----------------- | - | ----------- | ---
|                                                                                                                                                                                         |  | September 30, 2010 |             |     | December 31, 2009 |  
|Assets                                                                                                                                                                                   |  |                    |             |     |                   |   |             |    
|Investments, at value (cost $620,565,243 and $560,810,404 for September 30, 2010 and December 31, 2009,
respectively)                                                                    |  | $                  | 709,185,021 | (a) |                   | $ | 685,748,034 | (b)
|Investments in affiliated funds, at value:                                                                                                                                               |  |                    |             |     |                   |   |             |    
|Northern Trust Global InvestmentsCollective Short Term Investment Fund (cost $9,789,602 and $0 and units of 9,789,602 and 0
for September 30, 2010 and December 31, 2009, respectively) |  |                    | 9,789,602   |     |                   |   |            |    
|Investments in collective investment funds, at value (cost $130,168,565 and $235,246,370 for September 30, 2010 and
December 31, 2009, respectively)                                     |  |                    | 130,404,010 |     |                   |   | 240,281,755 |    
|Cash                                                                                                                                                                                     |  |                    |            |     |                   |   | 34,484      |    
|Receivable for investments sold                                                                                                                                                          |  |                    | 4,553,685   |     |                   |   | 5,424,512   |    
|Receivable for fund units sold                                                                                                                                                           |  |                    |            |     |                   |   | 328,659     |    
|Interest and dividends receivable                                                                                                                                                        |  |                    | 916,120     |     |                   |   | 847,306     |    
|Tax reclaims receivable                                                                                                                                                                  |  |                    | 28,081      |     |                   |   | 24,859      |    
|Other assets                                                                                                                                                                             |  |                    | 643         |     |                   |   |            |    
|                                                                                                                                                                                         |  |                    |             |     |                   |   |             |    
|Total assets                                                                                                                                                                             |  |                    | 854,877,162 |     |                   |   | 932,689,609 |    
|                                                                                                                                                                                         |  |                    |             |     |                   |   |             |    
|Liabilities                                                                                                                                                                              |  |                    |             |     |                   |   |             |    
|Payable for cash collateral received on securities loaned                                                                                                                                |  |                    | 93,913,376  |     |                   |   | 113,688,207 |    
|Payable for investments purchased                                                                                                                                                        |  |                    | 3,009,123   |     |                   |   | 833,102     |    
|Payable for fund units redeemed                                                                                                                                                          |  |                    | 514,412     |     |                   |   | 5,462,587   |    
|Investment advisory fee payable                                                                                                                                                          |  |                    | 170,174     |     |                   |   | 325,053     |    
|INGprogram fee payable                                                                                                                                                                  |  |                    | 349,235     |     |                   |   | 349,473     |    
|Trustee, management and administration fees payable                                                                                                                                      |  |                    | 59,009      |     |                   |   | 69,935      |    
|ABA Retirement Fundsprogram fee payable                                                                                                                                                 |  |                    | 47,601      |     |                   |   | 49,871      |    
|Other accruals                                                                                                                                                                           |  |                    | 331,006     |     |                   |   | 275,431     |    
|                                                                                                                                                                                         |  |                    |             |     |                   |   |             |    
|Total liabilities                                                                                                                                                                        |  |                    | 98,393,936  |     |                   |   | 121,053,659 |    
|                                                                                                                                                                                         |  |                    |             |     |                   |   |             |    
|Net Assets(equivalent to $12.64 and $12.15 per unit based on 59,838,572 and 66,821,577 units outstanding for
September 30, 2010 and December 31, 2009, respectively)                     |  | $                  | 756,483,226 |     |                   | $ | 811,635,950 |    
|                                                                                                                                                                                         |  |                    |             |     |                   |   |             |    



|(a) | Includes securities on loan with a value of $91,799,003 (See Note 6).
|--- | ---------------------------------------------------------------------

|(b) | Includes securities on loan with a value of $111,134,684 (See Note 6).
|--- | ----------------------------------------------------------------------

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



9



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American Bar Association Members/ Northern Trust Collective Trust

Large Cap Equity Fund

Statement of Operations

Unaudited



|                                                                   |  |                                                 |            |  |                                                    |   |             |                                                    |  |   |             |  
|------------------------------------------------------------------ |  | ----------------------------------------------- | ---------- |  | -------------------------------------------------- | - | ----------- | -------------------------------------------------- |  | - | ----------- | -
|                                                                   |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |            |  | For the periodJuly 2, 2009(a) toSeptember 30, 2009 |   |             | For the periodJanuary 1, 2010 toSeptember 30, 2010 | 
|Investment income                                                  |  |                                                 |            |  |                                                    |   |             |                                                    |  |   |             |  
|Dividends (net of foreign tax expense of $902, $5,261 and $18,133) |  | $                                               | 3,143,900  |  |                                                    | $ | 2,388,734   |                                                    |  | $ | 9,000,357   |  
|Dividendsaffiliated issuers                                       |  |                                                 | 4,722      |  |                                                    |   | 21,219      |                                                    |  |   | 22,800      |  
|Securities lending income, net                                     |  |                                                 | 32,878     |  |                                                    |   | 105,740     |                                                    |  |   | 111,891     |  
|                                                                   |  |                                                 |            |  |                                                    |   |             |                                                    |  |   |             |  
|Total investment income                                            |  |                                                 | 3,181,500  |  |                                                    |   | 2,515,693   |                                                    |  |   | 9,135,048   |  
|                                                                   |  |                                                 |            |  |                                                    |   |             |                                                    |  |   |             |  
|Expenses                                                           |  |                                                 |            |  |                                                    |   |             |                                                    |  |   |             |  
|INGprogram fee                                                    |  |                                                 | 990,245    |  |                                                    |   | 1,013,525   |                                                    |  |   | 3,034,925   |  
|State Street Bank and Trust Companyprogram fee                    |  |                                                 | 6,752      |  |                                                    |   |            |                                                    |  |   | 6,752       |  
|Trustee, management and administration fees                        |  |                                                 | 171,123    |  |                                                    |   | 203,082     |                                                    |  |   | 557,140     |  
|Investment advisory fee                                            |  |                                                 | 507,925    |  |                                                    |   | 405,122     |                                                    |  |   | 1,547,672   |  
|ABA Retirement Fundsprogram fee                                   |  |                                                 | 138,130    |  |                                                    |   | 142,866     |                                                    |  |   | 430,129     |  
|State Street Global Marketstransition management                  |  |                                                 |           |  |                                                    |   | 318,563     |                                                    |  |   |            |  
|Legal and audit fees                                               |  |                                                 | 81,273     |  |                                                    |   | 101,962     |                                                    |  |   | 251,063     |  
|Compliance consultant fees                                         |  |                                                 | 49,685     |  |                                                    |   | 59,237      |                                                    |  |   | 175,033     |  
|Reports to unitholders                                             |  |                                                 | 7,382      |  |                                                    |   | 34,310      |                                                    |  |   | 101,393     |  
|Registration fees                                                  |  |                                                 | 42,311     |  |                                                    |   | 14,370      |                                                    |  |   | 61,113      |  
|Other fees                                                         |  |                                                 | 8,050      |  |                                                    |   | 127,485     |                                                    |  |   | 77,563      |  
|                                                                   |  |                                                 |            |  |                                                    |   |             |                                                    |  |   |             |  
|Total expenses                                                     |  |                                                 | 2,002,876  |  |                                                    |   | 2,420,522   |                                                    |  |   | 6,242,783   |  
|                                                                   |  |                                                 |            |  |                                                    |   |             |                                                    |  |   |             |  
|                                                                   |  |                                                 |           
|Net investment income (loss)                                       |  |                                                 | 1,178,624  |  |                                                    |   | 95,171      |                                                    |  |   | 2,892,265   |  
|                                                                   |  |                                                 |            |  |                                                    |   |             |                                                    |  |   |             |  
|                                                                   |  |                                                 |           
|Net realized and unrealized gain (loss)                            |  |                                                 |            |  |                                                    |   |             |                                                    |  |   |             |  
|Net realized gain (loss) on:                                       |  |                                                 |            |  |                                                    |   |             |                                                    |  |   |             |  
|Investments                                                        |  |                                                 | 1,704,310  |  |                                                    |   | (10,515,112 | )                                                  |  |   | 59,937,632  |  
|Investmentsaffiliated issuers                                     |  |                                                 | 4,612,408  |  |                                                    |   | 23,227,671  |                                                    |  |   | 10,116,154  |  
|Foreign currency transactions                                      |  |                                                 |           |  |                                                    |   | (46         | )                                                  |  |   |            |  
|                                                                   |  |                                                 |            |  |                                                    |   |             |                                                    |  |   |             |  
|Net realized gain (loss)                                           |  |                                                 | 6,316,718  |  |                                                    |   | 12,712,513  |                                                    |  |   | 70,053,786  |  
|                                                                   |  |                                                 |            |  |                                                    |   |             |                                                    |  |   |             |  
|                                                                   |  |                                                 |           
|Change in net unrealized appreciation (depreciation) on:           |  |                                                 |            |  |                                                    |   |             |                                                    |  |   |             |  
|Investments                                                        |  |                                                 | 76,520,824 |  |                                                    |   | 83,995,500  |                                                    |  |   | (41,117,787 | )
|Foreign currency transactions                                      |  |                                                 | 22         |  |                                                    |   | 27          |                                                    |  |   | (5          | )
|                                                                   |  |                                                 |            |  |                                                    |   |             |                                                    |  |   |             |  
|Change in net unrealized appreciation (depreciation)               |  |                                                 | 76,520,846 |  |                                                    |   | 83,995,527  |                                                    |  |   | (41,117,792 | )
|                                                                   |  |                                                 |            |  |                                                    |   |             |                                                    |  |   |             |  
|                                                                   |  |                                                 |           
|Net realized and unrealized gain (loss)                            |  |                                                 | 82,837,564 |  |                                                    |   | 96,708,040  |                                                    |  |   | 28,935,994  |  
|                                                                   |  |                                                 |            |  |                                                    |   |             |                                                    |  |   |             |  
|Net increase (decrease) in net assets resulting from operations    |  | $                                               | 84,016,188 |  |                                                    | $ | 96,803,211  |                                                    |  | $ | 31,828,259  |  
|                                                                   |  |                                                 |            |  |                                                    |   |             |                                                    |  |   |             |  



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

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



10



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Large Cap Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                  |              |  
|------------------------------------------------------------------ |  | ------------------------------------------------ | ------------ | -
|                                                                   |  | For the nine-monthperiod endedSeptember 30, 2010 |             
|From operations                                                    |  |                                                  |              |  
|Net investment income (loss)                                       |  | $                                                | 2,892,265    |  
|Net realized gain (loss)                                           |  |                                                  | 70,053,786   |  
|Change in net unrealized appreciation (depreciation)               |  |                                                  | (41,117,792  | )
|                                                                   |  |                                                  |              |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                  | 31,828,259   |  
|                                                                   |  |                                                  |              |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                  |              |  
|Proceeds from units issued                                         |  |                                                  | 33,328,715   |  
|Cost of units redeemed                                             |  |                                                  | (120,309,698 | )
|                                                                   |  |                                                  |              |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                  | (86,980,983  | )
|                                                                   |  |                                                  |              |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                  | (55,152,724  | )
|                                                                   | 
|Net Assets                                                         |  |                                                  |              |  
|Beginning of period                                                |  |                                                  | 811,635,950  |  
|                                                                   |  |                                                  |              |  
|End of period                                                      |  | $                                                | 756,483,226  |  
|                                                                   |  |                                                  |              |  
|Outstanding-beginning of period                                    |  |                                                  | 66,821,577   |  
|Issued                                                             |  |                                                  | 2,759,261    |  
|Redeemed                                                           |  |                                                  | (9,742,266   | )
|                                                                   |  |                                                  |              |  
|Outstanding-end of period                                          |  |                                                  | 59,838,572   |  
|                                                                   |  |                                                  |              |  

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



11



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American Bar Association Members/ Northern Trust Collective Trust

Large Cap Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|------------------------------------------------------------ |  | ----------------------------------------------- | ------- | - | --------------------------------------------------- | - | ------- | --------------------------------------------------- |  | - | ------- | -
|                                                             |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |         |   | For the periodJanuary 1, 2010 toSeptember 30, 
2010 |   |         | For the periodJuly 2, 2009(a) toSeptember 30, 
2009 | 
|Investment income                                           |  | $                                               | 0.05    |   |                                                     | $ | 0.15    |                                                     |  | $ | 0.03    |  
|Expenses,                                                 |  |                                                 | (0.03   | ) |                                                     |   | (0.10   | )                                                   |  |   | (0.03   | )
|                                                             |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|Net investment income (loss)                                 |  |                                                 | 0.02    |   |                                                     |   | 0.05    |                                                     |  |   |        |  
|Net realized and unrealized gain (loss)                      |  |                                                 | 1.36    |   |                                                     |   | 0.45    |                                                     |  |   | 1.33    |  
|                                                             |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|Net increase (decrease) in unit value                        |  |                                                 | 1.38    |   |                                                     |   | 0.50    |                                                     |  |   | 1.33    |  
|Net asset value at beginning of period                       |  |                                                 | 11.27   |   |                                                     |   | 12.15   |                                                     |  |   | 10.00   |  
|                                                             |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|Net asset value at end of period                             |  | $                                               | 12.65   |   |                                                     | $ | 12.65   |                                                     |  | $ | 11.33   |  
|                                                             |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|                                                             |  |                                                 |        
|Ratios/Supplemental Data:                                    |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|Ratio of expenses to average net assets*,                  |  |                                                 | 1.08    | % |                                                     |   | 1.08    | %                                                   |  |   | 1.24    | %
|Ratio of net investment income (loss) to average net assets* |  |                                                 | 0.64    | % |                                                     |   | 0.50    | %                                                   |  |   | 0.05    | %
|Portfolio turnover**,                                     |  |                                                 | 18      | % |                                                     |   | 106     | %                                                   |  |   | 54      | %
|Total return**                                               |  |                                                 | 12.24   | % |                                                     |   | 4.12    | %                                                   |  |   | 13.30   | %
|Net assets at end of period (in thousands)                   |  | $                                               | 756,483 |   |                                                     | $ | 756,483 |                                                     |  | $ | 799,373 |  



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

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

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

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

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

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

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



12



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American Bar Association Members/ Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                                                                           |  |                    |             |     |                   |   |             |    
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ------------------ | ----------- | --- | ----------------- | - | ----------- | ---
|                                                                                                                                                                                           |  | September 30, 2010 |             |     | December 31, 2009 |  
|Assets                                                                                                                                                                                     |  |                    |             |     |                   |   |             |    
|Investments, at value (cost $227,993,561 and $231,148,892 for September 30, 2010 and December 31, 2009,
respectively)                                                                      |  | $                  | 267,971,598 | (a) |                   | $ | 277,342,396 | (b)
|Investments in affiliated issuer, at value (cost $0 and $168,948,504 for September 30, 2010 and December 31, 2009,
respectively)                                                           |  |                    |            |     |                   |   | 166,729,954 |    
|Investments in affiliated funds, at value:                                                                                                                                                 |  |                    |             |     |                   |   |             |    
|Northern Trust Global Investments - Collective Short Term Investment Fund (cost $6,579,275 and $0 and units of 6,579,275 and 0
for September 30, 2010 and December 31, 2009, respectively) |  |                    | 6,579,275   |     |                   |   |            |    
|Investments in collective investment funds, at value (cost $132,549,577 and $0 for September 30, 2010 and December 31,
2009, respectively)                                                 |  |                    | 131,827,371 |     |                   |   |            |    
|Cash                                                                                                                                                                                       |  |                    |            |     |                   |   | 31,339      |    
|Receivable for investments sold                                                                                                                                                            |  |                    | 1,788,265   |     |                   |   | 1,476,462   |    
|Receivable for fund units sold                                                                                                                                                             |  |                    | 24,139      |     |                   |   | 144,872     |    
|Interest and dividends receivable                                                                                                                                                          |  |                    | 249,843     |     |                   |   | 300,916     |    
|Tax reclaims receivable                                                                                                                                                                    |  |                    | 4,448       |     |                   |   | 1,101       |    
|Other assets                                                                                                                                                                               |  |                    | 210         |     |                   |   |            |    
|                                                                                                                                                                                           |  |                    |             |     |                   |   |             |    
|Total assets                                                                                                                                                                               |  |                    | 408,445,149 |     |                   |   | 446,027,040 |    
|                                                                                                                                                                                           |  |                    |             |     |                   |   |             |    
|Liabilities                                                                                                                                                                                |  |                    |             |     |                   |   |             |    
|Due to custodian                                                                                                                                                                           |  |                    |            |     |                   |   | 1,106       |    
|Payable for cash collateral received on securities loaned                                                                                                                                  |  |                    | 125,378,595 |     |                   |   | 160,659,953 |    
|Payable for investments purchased                                                                                                                                                          |  |                    | 1,710,033   |     |                   |   | 1,490,432   |    
|Payable for fund units redeemed                                                                                                                                                            |  |                    |            |     |                   |   | 297,061     |    
|Investment advisory fee payable                                                                                                                                                            |  |                    | 107,624     |     |                   |   | 123,407     |    
|INGprogram fee payable                                                                                                                                                                    |  |                    | 128,606     |     |                   |   | 120,516     |    
|Trustee, management and administration fees payable                                                                                                                                        |  |                    | 21,564      |     |                   |   | 23,843      |    
|ABA Retirement Fundsprogram fee payable                                                                                                                                                   |  |                    | 17,398      |     |                   |   | 17,148      |    
|Other accruals                                                                                                                                                                             |  |                    | 120,538     |     |                   |   | 94,953      |    
|                                                                                                                                                                                           |  |                    |             |     |                   |   |             |    
|Total liabilities                                                                                                                                                                          |  |                    | 127,484,358 |     |                   |   | 162,828,419 |    
|                                                                                                                                                                                           |  |                    |             |     |                   |   |             |    
|                                                                                                                                                                                           |  |                   
|Net Assets(equivalent to $14.73 and $13.32 per unit based on 19,072,395 and 21,254,601 units outstanding for
September 30, 2010 and December 31, 2009, respectively)                       |  | $                  | 280,960,791 |     |                   | $ | 283,198,621 |    
|                                                                                                                                                                                           |  |                    |             |     |                   |   |             |    



|(a) | Includes securities on loan with a value of $122,253,098 (See Note 6).
|--- | ----------------------------------------------------------------------

|(b) | Includes securities on loan with a value of $156,458,735 (See Note 6).
|--- | ----------------------------------------------------------------------

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



13



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American Bar Association Members/ Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Statement of Operations

Unaudited



|                                                                    |  |                                                 |            |  |                                                     |   |            |                                                     |  |   |            |  
|------------------------------------------------------------------- |  | ----------------------------------------------- | ---------- |  | --------------------------------------------------- | - | ---------- | --------------------------------------------------- |  | - | ---------- | -
|                                                                    |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |            |  | For the periodJuly 2, 2009(a) toSeptember 30, 
2009 |   |            | For the periodJanuary 1, 2010 toSeptember 30, 
2010 | 
|Investment income                                                   |  |                                                 |            |  |                                                     |   |            |                                                     |  |   |            |  
|Dividends (net of foreign tax expense of $1,140, $1,119 and $1,219) |  | $                                               | 1,033,381  |  |                                                     | $ | 990,010    |                                                     |  | $ | 2,859,866  |  
|Dividendsaffiliated issuers                                        |  |                                                 | 1,851      |  |                                                     |   | 7,838      |                                                     |  |   | 7,964      |  
|Securities lending income, net                                      |  |                                                 | 48,865     |  |                                                     |   | 118,426    |                                                     |  |   | 205,859    |  
|                                                                    |  |                                                 |            |  |                                                     |   |            |                                                     |  |   |            |  
|Total investment income                                             |  |                                                 | 1,084,097  |  |                                                     |   | 1,116,274  |                                                     |  |   | 3,073,689  |  
|                                                                    |  |                                                 |            |  |                                                     |   |            |                                                     |  |   |            |  
|                                                                    |  |                                                 |           
|Expenses                                                            |  |                                                 |            |  |                                                     |   |            |                                                     |  |   |            |  
|INGprogram fee                                                     |  |                                                 | 367,378    |  |                                                     |   | 355,963    |                                                     |  |   | 1,117,949  |  
|State Street Bank and Trust Companyprogram fee                     |  |                                                 | 951        |  |                                                     |   |           |                                                     |  |   | 951        |  
|Trustee, management and administration fees                         |  |                                                 | 63,323     |  |                                                     |   | 70,855     |                                                     |  |   | 205,345    |  
|Investment advisory fee                                             |  |                                                 | 325,829    |  |                                                     |   | 326,288    |                                                     |  |   | 1,042,655  |  
|ABA Retirement Fundsprogram fee                                    |  |                                                 | 51,119     |  |                                                     |   | 50,155     |                                                     |  |   | 158,295    |  
|State Street Global Marketstransition management                   |  |                                                 |           |  |                                                     |   | 111,334    |                                                     |  |   |           |  
|Legal and audit fees                                                |  |                                                 | 30,629     |  |                                                     |   | 35,925     |                                                     |  |   | 92,977     |  
|Compliance consultant fees                                          |  |                                                 | 18,697     |  |                                                     |   | 20,872     |                                                     |  |   | 64,726     |  
|Reports to unitholders                                              |  |                                                 | 2,703      |  |                                                     |   | 12,089     |                                                     |  |   | 37,224     |  
|Registration fees                                                   |  |                                                 | 15,918     |  |                                                     |   | 5,063      |                                                     |  |   | 22,822     |  
|Other fees                                                          |  |                                                 | 3,113      |  |                                                     |   | 44,918     |                                                     |  |   | 28,638     |  
|                                                                    |  |                                                 |            |  |                                                     |   |            |                                                     |  |   |            |  
|Total expenses                                                      |  |                                                 | 879,660    |  |                                                     |   | 1,033,462  |                                                     |  |   | 2,771,582  |  
|                                                                    |  |                                                 |            |  |                                                     |   |            |                                                     |  |   |            |  
|                                                                    |  |                                                 |           
|Net investment income (loss)                                        |  |                                                 | 204,437    |  |                                                     |   | 82,812     |                                                     |  |   | 302,107    |  
|                                                                    |  |                                                 |            |  |                                                     |   |            |                                                     |  |   |            |  
|                                                                    |  |                                                 |           
|Net realized and unrealized gain (loss)                             |  |                                                 |            |  |                                                     |   |            |                                                     |  |   |            |  
|Net realized gain (loss) on:                                        |  |                                                 |            |  |                                                     |   |            |                                                     |  |   |            |  
|Investments                                                         |  |                                                 | 7,065,060  |  |                                                     |   | (1,496,184 | )                                                   |  |   | 31,810,841 |  
|Investmentsaffiliated issuers                                      |  |                                                 |           |  |                                                     |   | 852,653    |                                                     |  |   | 895,633    |  
|Foreign currency transactions                                       |  |                                                 |           |  |                                                     |   | (10,482    | )                                                   |  |   | (405       | )
|                                                                    |  |                                                 |            |  |                                                     |   |            |                                                     |  |   |            |  
|Net realized gain (loss)                                            |  |                                                 | 7,065,060  |  |                                                     |   | (654,013   | )                                                   |  |   | 32,706,069 |  
|                                                                    |  |                                                 |            |  |                                                     |   |            |                                                     |  |   |            |  
|                                                                    |  |                                                 |           
|Change in net unrealized appreciation (depreciation) on:            |  |                                                 |            |  |                                                     |   |            |                                                     |  |   |            |  
|Investments                                                         |  |                                                 | 22,432,579 |  |                                                     |   | 38,789,576 |                                                     |  |   | (4,719,123 | )
|Foreign currency transactions                                       |  |                                                 |           |  |                                                     |   |           |                                                     |  |   | (240       | )
|                                                                    |  |                                                 |            |  |                                                     |   |            |                                                     |  |   |            |  
|Change in net unrealized appreciation (depreciation)                |  |                                                 | 22,432,579 |  |                                                     |   | 38,789,576 |                                                     |  |   | (4,719,363 | )
|                                                                    |  |                                                 |            |  |                                                     |   |            |                                                     |  |   |            |  
|                                                                    |  |                                                 |           
|Net realized and unrealized gain (loss)                             |  |                                                 | 29,497,639 |  |                                                     |   | 38,135,563 |                                                     |  |   | 27,986,706 |  
|                                                                    |  |                                                 |            |  |                                                     |   |            |                                                     |  |   |            |  
|                                                                    |  |                                                 |           
|Net increase (decrease) in net assets resulting from operations     |  | $                                               | 29,702,076 |  |                                                     | $ | 38,218,375 |                                                     |  | $ | 28,288,813 |  
|                                                                    |  |                                                 |            |  |                                                     |   |            |                                                     |  |   |            |  



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

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



14



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                  |             |  
|------------------------------------------------------------------ |  | ------------------------------------------------ | ----------- | -
|                                                                   |  | For the nine-monthperiod endedSeptember 30, 2010 |            
|From operations                                                    |  |                                                  |             |  
|Net investment income (loss)                                       |  | $                                                | 302,107     |  
|Net realized gain (loss)                                           |  |                                                  | 32,706,069  |  
|Change in net unrealized appreciation (depreciation)               |  |                                                  | (4,719,363  | )
|                                                                   |  |                                                  |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                  | 28,288,813  |  
|                                                                   |  |                                                  |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                  |             |  
|Proceeds from units issued                                         |  |                                                  | 14,799,910  |  
|Cost of units redeemed                                             |  |                                                  | (45,326,553 | )
|                                                                   |  |                                                  |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                  | (30,526,643 | )
|                                                                   |  |                                                  |             |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                  | (2,237,830  | )
|                                                                   | 
|Net Assets                                                         |  |                                                  |             |  
|Beginning of period                                                |  |                                                  | 283,198,621 |  
|                                                                   |  |                                                  |             |  
|End of period                                                      |  | $                                                | 280,960,791 |  
|                                                                   |  |                                                  |             |  
|Outstanding-beginning of period                                    |  |                                                  | 21,254,601  |  
|Issued                                                             |  |                                                  | 1,027,118   |  
|Redeemed                                                           |  |                                                  | (3,209,324  | )
|                                                                   |  |                                                  |             |  
|Outstanding-end of period                                          |  |                                                  | 19,072,395  |  
|                                                                   |  |                                                  |             |  

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



15



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American Bar Association Members/ Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|------------------------------------------------------------ |  | ----------------------------------------------- | ------- | - | --------------------------------------------------- | - | ------- | --------------------------------------------------- |  | - | ------- | -
|                                                             |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |         |   | For the periodJanuary 1, 2010 toSeptember 30, 
2010 |   |         | For the periodJuly 2, 2009(a) toSeptember 30, 
2009 | 
|Investment income                                           |  | $                                               | 0.06    |   |                                                     | $ | 0.15    |                                                     |  | $ | 0.05    |  
|Expenses,                                                 |  |                                                 | (0.05   | ) |                                                     |   | (0.14   | )                                                   |  |   | (0.04   | )
|                                                             |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|Net investment income (loss)                                 |  |                                                 | 0.01    |   |                                                     |   | 0.01    |                                                     |  |   | 0.01    |  
|Net realized and unrealized gain (loss)                      |  |                                                 | 1.57    |   |                                                     |   | 1.45    |                                                     |  |   | 1.65    |  
|                                                             |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|Net increase (decrease) in unit value                        |  |                                                 | 1.58    |   |                                                     |   | 1.46    |                                                     |  |   | 1.66    |  
|Net asset value at beginning of year                         |  |                                                 | 13.20   |   |                                                     |   | 13.32   |                                                     |  |   | 11.00   |  
|                                                             |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|Net asset value at end of year                               |  | $                                               | 14.78   |   |                                                     | $ | 14.78   |                                                     |  | $ | 12.66   |  
|                                                             |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|                                                             |  |                                                 |        
|Ratios/Supplemental Data:                                    |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|Ratio of expenses to average net assets*,                  |  |                                                 | 1.29    | % |                                                     |   | 1.31    | %                                                   |  |   | 1.51    | %
|Ratio of net investment income (loss) to average net assets* |  |                                                 | 0.30    | % |                                                     |   | 0.14    | %                                                   |  |   | 0.12    | %
|Portfolio turnover**,                                     |  |                                                 | 21      | % |                                                     |   | 85      | %                                                   |  |   | 31      | %
|Total return**                                               |  |                                                 | 11.97   | % |                                                     |   | 10.96   | %                                                   |  |   | 15.09   | %
|Net assets at end of year (in thousands)                     |  | $                                               | 280,961 |   |                                                     | $ | 280,961 |                                                     |  | $ | 282,628 |  



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

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

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

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

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

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

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



16



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American Bar Association Members/ Northern Trust Collective Trust

International All Cap Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                                                                         |  |                    |             |     |                   |   |             |    
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ----------- | --- | ----------------- | - | ----------- | ---
|                                                                                                                                                                                         |  | September 30, 2010 |             |     | December 31, 2009 |  
|Assets                                                                                                                                                                                   |  |                    |             |     |                   |   |             |    
|Investments, at value (cost $138,016,982 and $134,076,316 for September 30, 2010 and December 31, 2009,
respectively)                                                                    |  | $                  | 150,137,631 | (a) |                   | $ | 154,469,830 | (b)
|Investments in affiliated issuer, at value (cost $0 and $27,780,802 for September 30, 2010 and December 31, 2009,
respectively)                                                          |  |                    |            |     |                   |   | 27,581,673  |    
|Investments in affiliated funds, at value:                                                                                                                                               |  |                    |             |     |                   |   |             |    
|Northern Trust Global InvestmentsCollective Short Term Investment Fund (cost $3,997,473 and $0 and units of 3,997,473 and 0
for September 30, 2010 and December 31, 2009, respectively) |  |                    | 3,997,473   |     |                   |   |            |    
|Investments in collective investment funds, at value (cost $8,222,561 and $0 for September 30, 2010 and December 31,
2009, respectively)                                                 |  |                    | 8,553,232   |     |                   |   |            |    
|Foreign currency, at value (cost $1,200,571 and $1,500,976 for September 30, 2010 and December 31, 2009,
respectively)                                                                   |  |                    | 1,227,253   |     |                   |   | 1,496,910   |    
|Cash                                                                                                                                                                                     |  |                    | 4,091       |     |                   |   |            |    
|Receivable for investments sold                                                                                                                                                          |  |                    | 1,780,786   |     |                   |   | 826,515     |    
|Receivable for fund units sold                                                                                                                                                           |  |                    |            |     |                   |   | 308,033     |    
|Interest and dividends receivable                                                                                                                                                        |  |                    | 389,826     |     |                   |   | 186,306     |    
|Gross unrealized appreciation of forward currency exchange contracts                                                                                                                     |  |                    | 283,898     |     |                   |   |            |    
|Tax reclaims receivable                                                                                                                                                                  |  |                    | 383,905     |     |                   |   | 191,215     |    
|Other assets                                                                                                                                                                             |  |                    | 209         |     |                   |   |            |    
|                                                                                                                                                                                         |  |                    |             |     |                   |   |             |    
|Total assets                                                                                                                                                                             |  |                    | 166,758,304 |     |                   |   | 185,060,482 |    
|                                                                                                                                                                                         |  |                    |             |     |                   |   |             |    
|Liabilities                                                                                                                                                                              |  |                    |             |     |                   |   |             |    
|Due to custodian                                                                                                                                                                         |  |                    |            |     |                   |   | 785,276     |    
|Payable for cash collateral received on securities loaned                                                                                                                                |  |                    | 2,883,152   |     |                   |   | 18,122,836  |    
|Payable for investments purchased                                                                                                                                                        |  |                    | 1,314,935   |     |                   |   | 116,825     |    
|Payable for fund units redeemed                                                                                                                                                          |  |                    | 33,154      |     |                   |   | 251,681     |    
|Gross unrealized depreciation of forward currency exchange contracts                                                                                                                     |  |                    | 281,909     |     |                   |   |            |    
|Investment advisory fee payable                                                                                                                                                          |  |                    | 62,489      |     |                   |   | 83,038      |    
|INGprogram fee payable                                                                                                                                                                  |  |                    | 74,041      |     |                   |   | 71,010      |    
|Trustee, management and administration fees payable                                                                                                                                      |  |                    | 12,788      |     |                   |   | 13,723      |    
|ABA Retirement Fundsprogram fee payable                                                                                                                                                 |  |                    | 10,319      |     |                   |   | 10,127      |    
|Other liabilities                                                                                                                                                                        |  |                    | 62,622      |     |                   |   | 27,960      |    
|Other accruals                                                                                                                                                                           |  |                    | 68,656      |     |                   |   | 50,069      |    
|                                                                                                                                                                                         |  |                    |             |     |                   |   |             |    
|Total liabilities                                                                                                                                                                        |  |                    | 4,804,065   |     |                   |   | 19,532,545  |    
|                                                                                                                                                                                         |  |                    |             |     |                   |   |             |    
|Net Assets(equivalent to $25.46 and $24.91 per unit based on 6,360,217 and 6,644,427 units outstanding for
September 30, 2010 and December 31, 2009, respectively)                       |  | $                  | 161,954,239 |     |                   | $ | 165,527,937 |    
|                                                                                                                                                                                         |  |                    |             |     |                   |   |             |    



|(a) | Includes securities on loan with a value of $2,817,958 (See Note 6).
|--- | --------------------------------------------------------------------

|(b) | Includes securities on loan with a value of $17,507,960 (See Note 6).
|--- | ---------------------------------------------------------------------

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



17



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American Bar Association Members/ Northern Trust Collective Trust

International All Cap Equity Fund

Statement of Operations

Unaudited



|                                                                                    |  |                                                 |            |  |                                                 |   |             |                                                     |  |   |                                                     |   |  |   |             |  
|----------------------------------------------------------------------------------- |  | ----------------------------------------------- | ---------- |  | ----------------------------------------------- | - | ----------- | --------------------------------------------------- |  | - | --------------------------------------------------- | - |  | - | ----------- | -
|                                                                                    |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |            |  | For the periodJuly 1, 2009 toSeptember 30, 2009 |   |             | For the periodJanuary 1, 2010 toSeptember 30, 
2010 |  |   | For the periodJanuary 1, 2009 toSeptember 30, 
2009 |  
|Investment income                                                                   |  |                                                 |            |  |                                                 |   |             |                                                     |  |   |                                                     |   |  |   |             |  
|Dividends (net of foreign tax expense of $89,486, $112,243, $150,929, and $262,792) |  | $                                               | 920,254    |  |                                                 | $ | 937,062     |                                                     |  | $ | 3,776,072                                           |   |  | $ | 3,913,345   |  
|Dividendsaffiliated issuers                                                        |  |                                                 |           |  |                                                 |   | 5,744       |                                                     |  |   | 5,680                                               |   |  |   | 12,457      |  
|Securities lending income, net                                                      |  |                                                 | 7,118      |  |                                                 |   | 24,337      |                                                     |  |   | 46,210                                              |   |  |   | 113,353     |  
|                                                                                    |  |                                                 |            |  |                                                 |   |             |                                                     |  |   |                                                     |   |  |   |             |  
|Total investment income                                                             |  |                                                 | 927,372    |  |                                                 |   | 967,143     |                                                     |  |   | 3,827,962                                           |   |  |   | 4,039,155   |  
|                                                                                    |  |                                                 |            |  |                                                 |   |             |                                                     |  |   |                                                     |   |  |   |             |  
|                                                                                    |  |                                                 |            | 
|Expenses                                                                            |  |                                                 |            |  |                                                 |   |             |                                                     |  |   |                                                     |   |  |   |             |  
|INGprogram fee                                                                     |  |                                                 | 206,563    |  |                                                 |   | 202,408     |                                                     |  |   | 619,566                                             |   |  |   | 327,840     |  
|State Street Bank and Trust Companyprogram fee                                     |  |                                                 | 1,823      |  |                                                 |   |            |                                                     |  |   | 1,823                                               |   |  |   | 153,681     |  
|Trustee, management and administration fees                                         |  |                                                 | 35,980     |  |                                                 |   | 40,931      |                                                     |  |   | 114,449                                             |   |  |   | 113,018     |  
|Investment advisory fee                                                             |  |                                                 | 185,506    |  |                                                 |   | 181,029     |                                                     |  |   | 565,283                                             |   |  |   | 536,064     |  
|ABA Retirement Fundsprogram fee                                                    |  |                                                 | 29,034     |  |                                                 |   | 28,571      |                                                     |  |   | 88,005                                              |   |  |   | 61,627      |  
|State Street Global Marketstransition management                                   |  |                                                 |           |  |                                                 |   | 62,103      |                                                     |  |   |                                                    |   |  |   | 62,103      |  
|Legal and audit fees                                                                |  |                                                 | 17,541     |  |                                                 |   | 20,383      |                                                     |  |   | 51,835                                              |   |  |   | 50,845      |  
|Compliance consultant fees                                                          |  |                                                 | 10,715     |  |                                                 |   | 11,842      |                                                     |  |   | 36,032                                              |   |  |   | 34,175      |  
|Reports to unitholders                                                              |  |                                                 | 1,496      |  |                                                 |   | 6,859       |                                                     |  |   | 20,484                                              |   |  |   | 42,728      |  
|Registration fees                                                                   |  |                                                 | 9,103      |  |                                                 |   | 2,873       |                                                     |  |   | 12,901                                              |   |  |   | 6,032       |  
|Other fees                                                                          |  |                                                 | 2,255      |  |                                                 |   | 25,483      |                                                     |  |   | 16,294                                              |   |  |   | 37,258      |  
|                                                                                    |  |                                                 |            |  |                                                 |   |             |                                                     |  |   |                                                     |   |  |   |             |  
|Total expenses                                                                      |  |                                                 | 500,016    |  |                                                 |   | 582,482     |                                                     |  |   | 1,526,672                                           |   |  |   | 1,425,371   |  
|                                                                                    |  |                                                 |            |  |                                                 |   |             |                                                     |  |   |                                                     |   |  |   |             |  
|                                                                                    |  |                                                 |            | 
|Net investment income (loss)                                                        |  |                                                 | 427,356    |  |                                                 |   | 384,661     |                                                     |  |   | 2,301,290                                           |   |  |   | 2,613,784   |  
|                                                                                    |  |                                                 |            |  |                                                 |   |             |                                                     |  |   |                                                     |   |  |   |             |  
|                                                                                    |  |                                                 |            | 
|Net realized and unrealized gain (loss)                                             |  |                                                 |            |  |                                                 |   |             |                                                     |  |   |                                                     |   |  |   |             |  
|Net realized gain (loss) on:                                                        |  |                                                 |            |  |                                                 |   |             |                                                     |  |   |                                                     |   |  |   |             |  
|Investments                                                                         |  |                                                 | 1,349,709  |  |                                                 |   | (14,276,724 | )                                                   |  |   | 9,120,182                                           |   |  |   | (41,568,540 | )
|Investmentsaffiliated issuers                                                      |  |                                                 |           |  |                                                 |   |            |                                                     |  |   | (291,963                                            | ) |  |   |            |  
|Foreign currency transactions                                                       |  |                                                 | 53,096     |  |                                                 |   | 478,985     |                                                     |  |   | (273,798                                            | ) |  |   | 459,767     |  
|                                                                                    |  |                                                 |            |  |                                                 |   |             |                                                     |  |   |                                                     |   |  |   |             |  
|Net realized gain (loss)                                                            |  |                                                 | 1,402,805  |  |                                                 |   | (13,797,739 | )                                                   |  |   | 8,554,421                                           |   |  |   | (41,108,773 | )
|                                                                                    |  |                                                 |            |  |                                                 |   |             |                                                     |  |   |                                                     |   |  |   |             |  
|                                                                                    |  |                                                 |            | 
|Change in net unrealized appreciation (depreciation) on:                            |  |                                                 |            |  |                                                 |   |             |                                                     |  |   |                                                     |   |  |   |             |  
|Investments                                                                         |  |                                                 | 20,625,703 |  |                                                 |   | 36,213,902  |                                                     |  |   | (7,757,085                                          | ) |  |   | 77,872,146  |  
|Foreign currency transactions                                                       |  |                                                 | 25,263     |  |                                                 |   | 11,074      |                                                     |  |   | 35,550                                              |   |  |   | 49,367      |  
|                                                                                    |  |                                                 |            |  |                                                 |   |             |                                                     |  |   |                                                     |   |  |   |             |  
|Change in net unrealized appreciation (depreciation)                                |  |                                                 | 20,650,966 |  |                                                 |   | 36,224,976  |                                                     |  |   | (7,721,535                                          | ) |  |   | 77,921,513  |  
|                                                                                    |  |                                                 |            |  |                                                 |   |             |                                                     |  |   |                                                     |   |  |   |             |  
|                                                                                    |  |                                                 |            | 
|Net realized and unrealized gain (loss)                                             |  |                                                 | 22,053,771 |  |                                                 |   | 22,427,237  |                                                     |  |   | 832,886                                             |   |  |   | 36,812,740  |  
|                                                                                    |  |                                                 |            |  |                                                 |   |             |                                                     |  |   |                                                     |   |  |   |             |  
|                                                                                    |  |                                                 |            | 
|Net increase (decrease) in net assets resulting from operations                     |  | $                                               | 22,481,127 |  |                                                 | $ | 22,811,898  |                                                     |  | $ | 3,134,176                                           |   |  | $ | 39,426,524  |  
|                                                                                    |  |                                                 |            |  |                                                 |   |             |                                                     |  |   |                                                     |   |  |   |             |  

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



18



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American Bar Association Members/ Northern Trust Collective Trust

International All Cap Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                  |             |  
|------------------------------------------------------------------ |  | ------------------------------------------------ | ----------- | -
|                                                                   |  | For the nine-monthperiod endedSeptember 30, 2010 |            
|From operations                                                    |  |                                                  |             |  
|Net investment income (loss)                                       |  | $                                                | 2,301,290   |  
|Net realized gain (loss)                                           |  |                                                  | 8,554,421   |  
|Change in net unrealized appreciation (depreciation)               |  |                                                  | (7,721,535  | )
|                                                                   |  |                                                  |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                  | 3,134,176   |  
|                                                                   |  |                                                  |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                  |             |  
|Proceeds from units issued                                         |  |                                                  | 21,188,957  |  
|Cost of units redeemed                                             |  |                                                  | (27,896,831 | )
|                                                                   |  |                                                  |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                  | (6,707,874  | )
|                                                                   |  |                                                  |             |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                  | (3,573,698  | )
|                                                                   | 
|Net Assets                                                         |  |                                                  |             |  
|Beginning of period                                                |  |                                                  | 165,527,937 |  
|                                                                   |  |                                                  |             |  
|End of period                                                      |  | $                                                | 161,954,239 |  
|                                                                   |  |                                                  |             |  
|                                                                   | 
|Number of units                                                    |  |                                                  |             |  
|Outstanding-beginning of period                                    |  |                                                  | 6,644,427   |  
|Issued                                                             |  |                                                  | 868,339     |  
|Redeemed                                                           |  |                                                  | (1,152,549  | )
|                                                                   |  |                                                  |             |  
|Outstanding-end of period                                          |  |                                                  | 6,360,217   |  
|                                                                   |  |                                                  |             |  

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



19



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

International All Cap Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |         |   |                                                    |   |         |                                                 |  |   |                                                    |   |  |   |         |  
|------------------------------------------------------------ |  | ----------------------------------------------- | ------- | - | -------------------------------------------------- | - | ------- | ----------------------------------------------- |  | - | -------------------------------------------------- | - |  | - | ------- | -
|                                                             |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |         |   | For the periodJanuary 1, 2010 toSeptember 30, 2010 |   |         | For the periodJuly 1, 2009 toSeptember 30, 2009 |  |   | For the periodJanuary 1, 2009 toSeptember 30, 2009 |  
|Investment income                                           |  | $                                               | 0.14    |   |                                                    | $ | 0.58    |                                                 |  | $ | 0.15                                               |   |  | $ | 0.58    |  
|Expenses,                                                 |  |                                                 | (0.08   | ) |                                                    |   | (0.23   | )                                               |  |   | (0.08                                              | ) |  |   | (0.20   | )
|                                                             |  |                                                 |         |   |                                                    |   |         |                                                 |  |   |                                                    |   |  |   |         |  
|Net investment income (loss)                                 |  |                                                 | 0.06    |   |                                                    |   | 0.35    |                                                 |  |   | 0.07                                               |   |  |   | 0.38    |  
|Net realized and unrealized gain (loss)                      |  |                                                 | 3.42    |   |                                                    |   | 0.20    |                                                 |  |   | 3.28                                               |   |  |   | 5.46    |  
|                                                             |  |                                                 |         |   |                                                    |   |         |                                                 |  |   |                                                    |   |  |   |         |  
|Net increase (decrease) in unit value                        |  |                                                 | 3.48    |   |                                                    |   | 0.55    |                                                 |  |   | 3.35                                               |   |  |   | 5.84    |  
|Net asset value at beginning of period                       |  |                                                 | 21.98   |   |                                                    |   | 24.91   |                                                 |  |   | 20.93                                              |   |  |   | 18.44   |  
|                                                             |  |                                                 |         |   |                                                    |   |         |                                                 |  |   |                                                    |   |  |   |         |  
|Net asset value at end of period                             |  | $                                               | 25.46   |   |                                                    | $ | 25.46   |                                                 |  | $ | 24.28                                              |   |  | $ | 24.28   |  
|                                                             |  |                                                 |         |   |                                                    |   |         |                                                 |  |   |                                                    |   |  |   |         |  
|                                                             |  |                                                 |         |  
|Ratios/Supplemental Data:                                    |  |                                                 |         |   |                                                    |   |         |                                                 |  |   |                                                    |   |  |   |         |  
|Ratio of expenses to average net assets*,                  |  |                                                 | 1.29    | % |                                                    |   | 1.30    | %                                               |  |   | 1.50                                               | % |  |   | 1.38    | %
|Ratio of net investment income (loss) to average net assets* |  |                                                 | 1.10    | % |                                                    |   | 1.95    | %                                               |  |   | 0.99                                               | % |  |   | 2.54    | %
|Portfolio turnover**,                                     |  |                                                 | 17      | % |                                                    |   | 89      | %                                               |  |   | 23                                                 | % |  |   | 54      | %
|Total return**                                               |  |                                                 | 15.83   | % |                                                    |   | 2.21    | %                                               |  |   | 16.01                                              | % |  |   | 31.67   | %
|Net assets at end of period (in thousands)                   |  | $                                               | 161,954 |   |                                                    | $ | 161,954 |                                                 |  | $ | 163,631                                            |   |  | $ | 163,631 |  



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

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

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

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

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

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



20



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Bond Index Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                                                                        |  |                   |            |  |                  |   |            | 
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------- | ---------- |  | ---------------- | - | ---------- | 
|                                                                                                                                                                                        |  | September 30,2010 |            |  | December 31,2009 |  
|Assets                                                                                                                                                                                  |  |                   |            |  |                  |   |            | 
|Investments in collective investment funds, at value:                                                                                                                                   |  |                   |            |  |                  |   |            | 
|SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $51,778,849 and $35,651,592 and units of 4,868,816 and 3,414,768
for September 30, 2010 and December 31, 2009, respectively) |  | $                 | 55,105,261 |  |                  | $ | 35,800,431 | 
|Receivable for fund units sold                                                                                                                                                          |  |                   | 2,541,723  |  |                  |   | 263,265    | 
|Other assets                                                                                                                                                                            |  |                   | 46         |  |                  |   |           | 
|                                                                                                                                                                                        |  |                   |            |  |                  |   |            | 
|Total assets                                                                                                                                                                            |  |                   | 57,647,030 |  |                  |   | 36,063,696 | 
|                                                                                                                                                                                        |  |                   |            |  |                  |   |            | 
|Liabilities                                                                                                                                                                             |  |                   |            |  |                  |   |            | 
|Payable for investments purchased                                                                                                                                                       |  |                   | 2,541,723  |  |                  |   | 259,336    | 
|Payable for fund units redeemed                                                                                                                                                         |  |                   |           |  |                  |   | 3,929      | 
|Investment advisory fee payable                                                                                                                                                         |  |                   |           |  |                  |   | 1,230      | 
|INGprogram fee payable                                                                                                                                                                 |  |                   | 25,319     |  |                  |   | 14,902     | 
|Trustee, management and administration fees payable                                                                                                                                     |  |                   | 4,212      |  |                  |   | 2,851      | 
|ABA Retirement Fundsprogram fee payable                                                                                                                                                |  |                   | 3,414      |  |                  |   | 2,127      | 
|Other accruals                                                                                                                                                                          |  |                   | 25,501     |  |                  |   | 10,200     | 
|                                                                                                                                                                                        |  |                   |            |  |                  |   |            | 
|Total liabilities                                                                                                                                                                       |  |                   | 2,600,169  |  |                  |   | 294,575    | 
|                                                                                                                                                                                        |  |                   |            |  |                  |   |            | 
|                                                                                                                                                                                        |  |                  
|Net Assets(equivalent to $12.50 and $11.65 per unit based on 4,403,403 and 3,069,305 units outstanding for
September 30, 2010 and December 31, 2009, respectively)                      |  | $                 | 55,046,861 |  |                  | $ | 35,769,121 | 
|                                                                                                                                                                                        |  |                   |            |  |                  |   |            | 

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



21



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Bond Index Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                         |   |  |   |           |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | --------- | - | ----------------------------------------------- | - | --------- | --------------------------------------------------- |  | - | ------------------------------------------------------- | - |  | - | --------- | -
|                                                                |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |           |   | For the periodJuly 1, 2009 toSeptember 30, 2009 |   |           | For the periodJanuary 1, 2010 toSeptember 30, 
2010 |  |   | For the periodFebruary 3, 2009(a) toSeptember 30, 
2009 |  
|Investment income                                               |  | $                                               |          |   |                                                 | $ |          |                                                     |  | $ |                                                        |   |  | $ |          |  
|                                                                |  |                                                 |           |  
|Expenses                                                        |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                         |   |  |   |           |  
|INGprogram fee                                                 |  |                                                 | 67,356    |   |                                                 |   | 33,426    |                                                     |  |   | 175,122                                                 |   |  |   | 42,967    |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 | 4,542     |   |                                                 |   |          |                                                     |  |   | 4,542                                                   |   |  |   | 4,991     |  
|Trustee, management and administration fees                     |  |                                                 | 11,538    |   |                                                 |   | 6,662     |                                                     |  |   | 32,017                                                  |   |  |   | 10,238    |  
|Investment advisory fee                                         |  |                                                 |          |   |                                                 |   | 2,613     |                                                     |  |   | 8,174                                                   |   |  |   | 3,908     |  
|ABA Retirement Fundsprogram fee                                |  |                                                 | 9,351     |   |                                                 |   | 4,703     |                                                     |  |   | 24,609                                                  |   |  |   | 6,410     |  
|Legal and audit fees                                            |  |                                                 | 6,458     |   |                                                 |   | 3,217     |                                                     |  |   | 15,378                                                  |   |  |   | 4,321     |  
|Compliance consultant fees                                      |  |                                                 | 3,930     |   |                                                 |   | 1,869     |                                                     |  |   | 10,515                                                  |   |  |   | 2,487     |  
|Reports to unitholders                                          |  |                                                 | 541       |   |                                                 |   | 1,083     |                                                     |  |   | 5,479                                                   |   |  |   | 2,847     |  
|Registration fees                                               |  |                                                 | 3,333     |   |                                                 |   | 453       |                                                     |  |   | 4,321                                                   |   |  |   | 540       |  
|Other fees                                                      |  |                                                 | 711       |   |                                                 |   | 4,023     |                                                     |  |   | 4,363                                                   |   |  |   | 4,453     |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                         |   |  |   |           |  
|Total expenses                                                  |  |                                                 | 107,760   |   |                                                 |   | 58,049    |                                                     |  |   | 284,520                                                 |   |  |   | 83,162    |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                         |   |  |   |           |  
|                                                                |  |                                                 |           |  
|Net investment income (loss)                                    |  |                                                 | (107,760  | ) |                                                 |   | (58,049   | )                                                   |  |   | (284,520                                                | ) |  |   | (83,162   | )
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                         |   |  |   |           |  
|                                                                |  |                                                 |           |  
|Net realized and unrealized gain (loss)                         |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                         |   |  |   |           |  
|Net realized gain (loss) on:                                    |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                         |   |  |   |           |  
|Investments                                                     |  |                                                 | 116,124   |   |                                                 |   | 1,088,137 |                                                     |  |   | 211,841                                                 |   |  |   | 1,102,369 |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                         |   |  |   |           |  
|Net realized gain (loss)                                        |  |                                                 | 116,124   |   |                                                 |   | 1,088,137 |                                                     |  |   | 211,841                                                 |   |  |   | 1,102,369 |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                         |   |  |   |           |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                         |   |  |   |           |  
|Investments                                                     |  |                                                 | 1,068,004 |   |                                                 |   | (170,758  | )                                                   |  |   | 3,177,573                                               |   |  |   | 103,595   |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                         |   |  |   |           |  
|Change in net unrealized appreciation (depreciation)            |  |                                                 | 1,068,004 |   |                                                 |   | (170,758  | )                                                   |  |   | 3,177,573                                               |   |  |   | 103,595   |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                         |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                                 | 1,184,128 |   |                                                 |   | 917,379   |                                                     |  |   | 3,389,414                                               |   |  |   | 1,205,964 |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                         |   |  |   |           |  
|                                                                |  |                                                 |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 1,076,368 |   |                                                 | $ | 859,330   |                                                     |  | $ | 3,104,894                                               |   |  | $ | 1,122,802 |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                         |   |  |   |           |  



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

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



22



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Bond Index Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                  |             |  
|------------------------------------------------------------------ |  | ------------------------------------------------ | ----------- | -
|                                                                   |  | For the nine-monthperiod endedSeptember 30, 2010 |            
|From operations                                                    |  |                                                  |             |  
|Net investment income (loss)                                       |  | $                                                | (284,520    | )
|Net realized gain (loss)                                           |  |                                                  | 211,841     |  
|Change in net unrealized appreciation (depreciation)               |  |                                                  | 3,177,573   |  
|                                                                   |  |                                                  |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                  | 3,104,894   |  
|                                                                   |  |                                                  |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                  |             |  
|Proceeds from units issued                                         |  |                                                  | 28,441,761  |  
|Cost of units redeemed                                             |  |                                                  | (12,268,915 | )
|                                                                   |  |                                                  |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                  | 16,172,846  |  
|                                                                   |  |                                                  |             |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                  | 19,277,740  |  
|Net Assets                                                         |  |                                                  |             |  
|Beginning of period                                                |  |                                                  | 35,769,121  |  
|                                                                   |  |                                                  |             |  
|End of period                                                      |  | $                                                | 55,046,861  |  
|                                                                   |  |                                                  |             |  
|Outstanding-beginning of period                                    |  |                                                  | 3,069,305   |  
|Issued                                                             |  |                                                  | 2,355,174   |  
|Redeemed                                                           |  |                                                  | (1,021,076  | )
|                                                                   |  |                                                  |             |  
|Outstanding-end of period                                          |  |                                                  | 4,403,403   |  
|                                                                   |  |                                                  |             |  

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



23



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American Bar Association Members/ Northern Trust Collective Trust

Bond Index Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                         |    |  |   |        |   
|------------------------------------------------------------ |  | ----------------------------------------------- | ------ | -- | --------------------------------------------------- | - | ------ | ----------------------------------------------- |  | - | ------------------------------------------------------- | -- |  | - | ------ | --
|                                                             |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |        |    | For the periodJanuary 1, 2010 toSeptember 30, 
2010 |   |        | For the periodJuly 1, 2009 toSeptember 30, 2009 |  |   | For the periodFebruary 3, 2009(a) toSeptember 30, 
2009 |   
|Investment income                                           |  | $                                               |       |    |                                                     | $ |       |                                                 |  | $ |                                                        |    |  | $ |       |   
|Expenses,                                                 |  |                                                 | (0.03  | )  |                                                     |   | (0.08  | )                                               |  |   | (0.03                                                   | )  |  |   | (0.06  | ) 
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                         |    |  |   |        |   
|Net investment income (loss)                                 |  |                                                 | (0.03  | )  |                                                     |   | (0.08  | )                                               |  |   | (0.03                                                   | )  |  |   | (0.06  | ) 
|Net realized and unrealized gain (loss)                      |  |                                                 | 0.30   |    |                                                     |   | 0.93   |                                                 |  |   | 0.41                                                    |    |  |   | 0.71   |   
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                         |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                                 | 0.27   |    |                                                     |   | 0.85   |                                                 |  |   | 0.38                                                    |    |  |   | 0.65   |   
|Net asset value at beginning of year                         |  |                                                 | 12.23  |    |                                                     |   | 11.65  |                                                 |  |   | 11.27                                                   |    |  |   | 11.00  |   
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                         |    |  |   |        |   
|Net asset value at end of year                               |  | $                                               | 12.50  |    |                                                     | $ | 12.50  |                                                 |  | $ | 11.65                                                   |    |  | $ | 11.65  |   
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                         |    |  |   |        |   
|                                                             |  |                                                 |        |   
|Ratios/Supplemental Data:                                    |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                         |    |  |   |        |   
|Ratio of expenses to average net assets*,                  |  |                                                 | 0.87   | %  |                                                     |   | 0.86   | %                                               |  |   | 0.91                                                    | %  |  |   | 0.86   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                 | (0.87  | )% |                                                     |   | (0.86  | )%                                              |  |   | (0.91                                                   | )% |  |   | (0.86  | )%
|Portfolio turnover**,                                     |  |                                                 | 4      | %  |                                                     |   | 12     | %                                               |  |   | 124                                                     | %  |  |   | 203    | % 
|Total return**                                               |  |                                                 | 2.22   | %  |                                                     |   | 7.30   | %                                               |  |   | 3.37                                                    | %  |  |   | 5.91   | % 
|Net assets at end of year (in thousands)                     |  | $                                               | 55,047 |    |                                                     | $ | 55,047 |                                                 |  | $ | 30,087                                                  |    |  | $ | 30,087 |   



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

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

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

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

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

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

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



24



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American Bar Association Members/ Northern Trust Collective Trust

Large-Cap Index Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                                                                       |  |                    |            |  |                   |   |            | 
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ---------- |  | ----------------- | - | ---------- | 
|                                                                                                                                                                                       |  | September 30, 2010 |            |  | December 31, 2009 |  
|Assets                                                                                                                                                                                 |  |                    |            |  |                   |   |            | 
|Investments in collective investment funds, at value:                                                                                                                                  |  |                    |            |  |                   |   |            | 
|SSgA S&P 500® Index Non-Lending Series Fund Class A (cost $41,295,150 and $32,550,586 and units of 2,298,748 and 1,862,836 for September 30, 2010 and December 31,
2009, respectively) |  | $                  | 43,956,662 |  |                   | $ | 34,270,600 | 
|Receivable for investments sold                                                                                                                                                        |  |                    | 831,793    |  |                   |   |           | 
|Receivable for fund units sold                                                                                                                                                         |  |                    |           |  |                   |   | 234,008    | 
|Other assets                                                                                                                                                                           |  |                    | 46         |  |                   |   |           | 
|                                                                                                                                                                                       |  |                    |            |  |                   |   |            | 
|Total assets                                                                                                                                                                           |  |                    | 44,788,501 |  |                   |   | 34,504,608 | 
|                                                                                                                                                                                       |  |                    |            |  |                   |   |            | 
|Liabilities                                                                                                                                                                            |  |                    |            |  |                   |   |            | 
|Payable for investments purchased                                                                                                                                                      |  |                    |           |  |                   |   | 229,690    | 
|Payable for fund units redeemed                                                                                                                                                        |  |                    | 831,793    |  |                   |   | 4,318      | 
|Investment advisory fee payable                                                                                                                                                        |  |                    |           |  |                   |   | 588        | 
|INGprogram fee payable                                                                                                                                                                |  |                    | 20,167     |  |                   |   | 13,994     | 
|Trustee, management and administration fees payable                                                                                                                                    |  |                    | 3,652      |  |                   |   | 2,669      | 
|ABA Retirement Fundsprogram fee payable                                                                                                                                               |  |                    | 2,950      |  |                   |   | 1,993      | 
|Other accruals                                                                                                                                                                         |  |                    | 18,906     |  |                   |   | 9,052      | 
|                                                                                                                                                                                       |  |                    |            |  |                   |   |            | 
|Total liabilities                                                                                                                                                                      |  |                    | 877,468    |  |                   |   | 262,304    | 
|                                                                                                                                                                                       |  |                    |            |  |                   |   |            | 
|Net Assets(equivalent to $16.19 and $15.68 per unit based on 2,711,523 and 2,184,145 units outstanding for
September 30, 2010 and December 31, 2009, respectively)                     |  | $                  | 43,911,033 |  |                   | $ | 34,242,304 | 
|                                                                                                                                                                                       |  |                    |            |  |                   |   |            | 

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



25



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Large-Cap Index Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | --------- | - | ----------------------------------------------- | - | --------- | -------------------------------------------------- |  | - | ------------------------------------------------------ | - |  | - | --------- | -
|                                                                |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |           |   | For the periodJuly 1, 2009 toSeptember 30, 2009 |   |           | For the periodJanuary 1, 2010 toSeptember 30, 2010 |  |   | For the
periodFebruary 9, 2009(a) toSeptember 30, 2009 |  
|Investment income                                               |  | $                                               |          |   |                                                 | $ |          |                                                    |  | $ |                                                       |   |  | $ |          |  
|                                                                |  |                                                 |           |  
|Expenses                                                        |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|INGprogram fee                                                 |  |                                                 | 56,461    |   |                                                 |   | 24,621    |                                                    |  |   | 156,112                                                |   |  |   | 30,245    |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 | 2,139     |   |                                                 |   |          |                                                    |  |   | 2,139                                                  |   |  |   | 1,950     |  
|Trustee, management and administration fees                     |  |                                                 | 9,986     |   |                                                 |   | 4,885     |                                                    |  |   | 28,942                                                 |   |  |   | 6,672     |  
|Investment advisory fee                                         |  |                                                 |          |   |                                                 |   | 976       |                                                    |  |   | 3,774                                                  |   |  |   | 1,302     |  
|ABA Retirement Fundsprogram fee                                |  |                                                 | 8,075     |   |                                                 |   | 3,453     |                                                    |  |   | 22,192                                                 |   |  |   | 4,317     |  
|Legal and audit fees                                            |  |                                                 | 4,968     |   |                                                 |   | 2,328     |                                                    |  |   | 13,237                                                 |   |  |   | 2,867     |  
|Compliance consultant fees                                      |  |                                                 | 3,028     |   |                                                 |   | 1,353     |                                                    |  |   | 9,133                                                  |   |  |   | 1,629     |  
|Reports to unitholders                                          |  |                                                 | 500       |   |                                                 |   | 784       |                                                    |  |   | 5,079                                                  |   |  |   | 1,709     |  
|Registration fees                                               |  |                                                 | 2,586     |   |                                                 |   | 328       |                                                    |  |   | 3,502                                                  |   |  |   | 367       |  
|Other fees                                                      |  |                                                 | 658       |   |                                                 |   | 2,911     |                                                    |  |   | 4,043                                                  |   |  |   | 3,122     |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|Total expenses                                                  |  |                                                 | 88,401    |   |                                                 |   | 41,639    |                                                    |  |   | 248,153                                                |   |  |   | 54,180    |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|                                                                |  |                                                 |           |  
|Net investment income (loss)                                    |  |                                                 | (88,401   | ) |                                                 |   | (41,639   | )                                                  |  |   | (248,153                                               | ) |  |   | (54,180   | )
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|                                                                |  |                                                 |           |  
|Net realized and unrealized gain (loss)                         |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|Net realized gain (loss) on:                                    |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|Investments                                                     |  |                                                 | 188,329   |   |                                                 |   | 3,275,071 |                                                    |  |   | 420,999                                                |   |  |   | 3,281,980 |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|Net realized gain (loss)                                        |  |                                                 | 188,329   |   |                                                 |   | 3,275,071 |                                                    |  |   | 420,999                                                |   |  |   | 3,281,980 |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|                                                                |  |                                                 |           |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|Investments                                                     |  |                                                 | 4,203,444 |   |                                                 |   | (643,546  | )                                                  |  |   | 941,498                                                |   |  |   | 76,537    |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|                                                                |  |                                                 |           |  
|Change in net unrealized appreciation (depreciation)            |  |                                                 | 4,203,444 |   |                                                 |   | (643,546  | )                                                  |  |   | 941,498                                                |   |  |   | 76,537    |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|                                                                |  |                                                 |           |  
|Net realized and unrealized gain (loss)                         |  |                                                 | 4,391,773 |   |                                                 |   | 2,631,525 |                                                    |  |   | 1,362,497                                              |   |  |   | 3,358,517 |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|                                                                |  |                                                 |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 4,303,372 |   |                                                 | $ | 2,589,886 |                                                    |  | $ | 1,114,344                                              |   |  | $ | 3,304,337 |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  



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

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



26



---

##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Large-Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                  |             |  
|------------------------------------------------------------------ |  | ------------------------------------------------ | ----------- | -
|                                                                   |  | For the nine-monthperiod endedSeptember 30, 2010 |            
|From operations                                                    |  |                                                  |             |  
|Net investment income (loss)                                       |  | $                                                | (248,153    | )
|Net realized gain (loss)                                           |  |                                                  | 420,999     |  
|Change in net unrealized appreciation (depreciation)               |  |                                                  | 941,498     |  
|                                                                   |  |                                                  |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                  | 1,114,344   |  
|                                                                   |  |                                                  |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                  |             |  
|Proceeds from units issued                                         |  |                                                  | 24,806,022  |  
|Cost of units redeemed                                             |  |                                                  | (16,251,637 | )
|                                                                   |  |                                                  |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                  | 8,554,385   |  
|                                                                   |  |                                                  |             |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                  | 9,668,729   |  
|                                                                   | 
|Net Assets                                                         |  |                                                  |             |  
|Beginning of period                                                |  |                                                  | 34,242,304  |  
|                                                                   |  |                                                  |             |  
|End of period                                                      |  | $                                                | 43,911,033  |  
|                                                                   |  |                                                  |             |  
|Outstanding-beginning of period                                    |  |                                                  | 2,184,145   |  
|Issued                                                             |  |                                                  | 1,561,010   |  
|Redeemed                                                           |  |                                                  | (1,033,632  | )
|                                                                   |  |                                                  |             |  
|Outstanding-end of period                                          |  |                                                  | 2,711,523   |  
|                                                                   |  |                                                  |             |  

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



27



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American Bar Association Members/ Northern Trust Collective Trust

Large-Cap Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |        |    |                                                    |   |        |                                                 |  |   |                                                        |    |  |   |        |   
|------------------------------------------------------------ |  | ----------------------------------------------- | ------ | -- | -------------------------------------------------- | - | ------ | ----------------------------------------------- |  | - | ------------------------------------------------------ | -- |  | - | ------ | --
|                                                             |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |        |    | For the periodJanuary 1, 2010 toSeptember 30, 2010 |   |        | For the periodJuly 1, 2009 toSeptember 30, 2009 |  |   | For the
periodFebruary 9, 2009(a) toSeptember 30, 2009 |   
|Investment income                                           |  | $                                               |       |    |                                                    | $ |       |                                                 |  | $ |                                                       |    |  | $ |       |   
|Expenses,                                                 |  |                                                 | (0.04  | )  |                                                    |   | (0.10  | )                                               |  |   | (0.03                                                  | )  |  |   | (0.07  | ) 
|                                                             |  |                                                 |        |    |                                                    |   |        |                                                 |  |   |                                                        |    |  |   |        |   
|Net investment income (loss)                                 |  |                                                 | (0.04  | )  |                                                    |   | (0.10  | )                                               |  |   | (0.03                                                  | )  |  |   | (0.07  | ) 
|Net realized and unrealized gain (loss)                      |  |                                                 | 1.65   |    |                                                    |   | 0.61   |                                                 |  |   | 1.97                                                   |    |  |   | 2.89   |   
|                                                             |  |                                                 |        |    |                                                    |   |        |                                                 |  |   |                                                        |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                                 | 1.61   |    |                                                    |   | 0.51   |                                                 |  |   | 1.94                                                   |    |  |   | 2.82   |   
|Net asset value at beginning of period                       |  |                                                 | 14.58  |    |                                                    |   | 15.68  |                                                 |  |   | 12.88                                                  |    |  |   | 12.00  |   
|                                                             |  |                                                 |        |    |                                                    |   |        |                                                 |  |   |                                                        |    |  |   |        |   
|Net asset value at end of period                             |  | $                                               | 16.19  |    |                                                    | $ | 16.19  |                                                 |  | $ | 14.82                                                  |    |  | $ | 14.82  |   
|                                                             |  |                                                 |        |    |                                                    |   |        |                                                 |  |   |                                                        |    |  |   |        |   
|                                                             |  |                                                 |        |   
|Ratios/Supplemental Data:                                    |  |                                                 |        |    |                                                    |   |        |                                                 |  |   |                                                        |    |  |   |        |   
|Ratio of expenses to average net assets*,                  |  |                                                 | 0.83   | %  |                                                    |   | 0.83   | %                                               |  |   | 0.88                                                   | %  |  |   | 0.85   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                 | (0.83  | )% |                                                    |   | (0.83  | )%                                              |  |   | (0.88                                                  | )% |  |   | (0.85  | )%
|Portfolio turnover**,                                     |  |                                                 | 9      | %  |                                                    |   | 21     | %                                               |  |   | 137                                                    | %  |  |   | 236    | % 
|Total return**                                               |  |                                                 | 11.07  | %  |                                                    |   | 3.28   | %                                               |  |   | 15.06                                                  | %  |  |   | 23.50  | % 
|Net assets at end of period (in thousands)                   |  | $                                               | 43,911 |    |                                                    | $ | 43,911 |                                                 |  | $ | 24,903                                                 |    |  | $ | 24,903 |   



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

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

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

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

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

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

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



28



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

All Cap Index Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                                                                                |  |                    |             |  |                   |   |             | 
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ----------- |  | ----------------- | - | ----------- | 
|                                                                                                                                                                                                |  | September 30, 2010 |             |  | December 31, 2009 |  
|Assets                                                                                                                                                                                          |  |                    |             |  |                   |   |             | 
|Investments in collective investment funds, at value:                                                                                                                                           |  |                    |             |  |                   |   |             | 
|SSgA Russell All Cap® Index Securities Lending Series Fund Class I (cost $0 and $162,340,743 and units of 0 and 9,694,348 for September 30, 2010 and December 31, 2009,
respectively)           |  | $                  |            |  |                   | $ | 172,006,814 | 
|SSgA Russell All Cap Index Non-Lending Series Fund Class A (cost $257,388,057 and $89,904,862 and units of 18,308,194 and
6,765,677 for September 30, 2010 and December 31, 2009, respectively) |  |                    | 268,691,058 |  |                   |   | 94,726,249  | 
|Receivable for investments sold                                                                                                                                                                 |  |                    | 629,345     |  |                   |   |            | 
|Receivable for fund units sold                                                                                                                                                                  |  |                    |            |  |                   |   | 495,209     | 
|Other assets                                                                                                                                                                                    |  |                    | 237         |  |                   |   |            | 
|                                                                                                                                                                                                |  |                    |             |  |                   |   |             | 
|Total assets                                                                                                                                                                                    |  |                    | 269,320,640 |  |                   |   | 267,228,272 | 
|                                                                                                                                                                                                |  |                    |             |  |                   |   |             | 
|Liabilities                                                                                                                                                                                     |  |                    |             |  |                   |   |             | 
|Payable for investments purchased                                                                                                                                                               |  |                    |            |  |                   |   | 340,503     | 
|Payable for fund units redeemed                                                                                                                                                                 |  |                    | 629,345     |  |                   |   | 154,706     | 
|Investment advisory fee payable                                                                                                                                                                 |  |                    |            |  |                   |   | 11,193      | 
|INGprogram fee payable                                                                                                                                                                         |  |                    | 123,758     |  |                   |   | 112,960     | 
|Trustee, management and administration fees payable                                                                                                                                             |  |                    | 21,122      |  |                   |   | 21,665      | 
|ABA Retirement Fundsprogram fee payable                                                                                                                                                        |  |                    | 17,049      |  |                   |   | 15,566      | 
|Payable for legal and audit services                                                                                                                                                            |  |                    | 57,914      |  |                   |   | 42,113      | 
|Other accruals                                                                                                                                                                                  |  |                    | 80,504      |  |                   |   | 45,476      | 
|                                                                                                                                                                                                |  |                    |             |  |                   |   |             | 
|Total liabilities                                                                                                                                                                               |  |                    | 929,692     |  |                   |   | 744,182     | 
|                                                                                                                                                                                                |  |                    |             |  |                   |   |             | 
|                                                                                                                                                                                                |  |                   
|Net Assets(equivalent to $31.93 and $30.60 per unit based on 8,404,835 and 8,708,063 units outstanding for
September 30, 2010 and December 31, 2009, respectively)                              |  | $                  | 268,390,948 |  |                   | $ | 266,484,090 | 
|                                                                                                                                                                                                |  |                    |             |  |                   |   |             | 

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



29



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

All Cap Index Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | ---------- | - | ----------------------------------------------- | - | ---------- | -------------------------------------------------- |  | - | -------------------------------------------------- | - |  | - | ---------- | -
|                                                                |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |            |   | For the periodJuly 1, 2009 toSeptember 30, 2009 |   |            | For the periodJanuary 1, 2010 toSeptember 30, 2010 |  |   | For the periodJanuary 1, 2009 toSeptember 30, 2009 |  
|Investment income                                               |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|Securities lending income, net                                  |  | $                                               |           |   |                                                 | $ | 80,750     |                                                    |  | $ |                                                   |   |  | $ | 218,183    |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|Total investment income                                         |  |                                                 |           |   |                                                 |   | 80,750     |                                                    |  |   |                                                   |   |  |   | 218,183    |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|Expenses                                                        |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|INGprogram fee                                                 |  |                                                 | 349,095    |   |                                                 |   | 320,139    |                                                    |  |   | 1,047,051                                          |   |  |   | 515,870    |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 | 25,530     |   |                                                 |   |           |                                                    |  |   | 25,530                                             |   |  |   | 255,894    |  
|Trustee, management and administration fees                     |  |                                                 | 60,522     |   |                                                 |   | 64,129     |                                                    |  |   | 193,257                                            |   |  |   | 181,381    |  
|Investment advisory fee                                         |  |                                                 |           |   |                                                 |   | 30,785     |                                                    |  |   | 66,712                                             |   |  |   | 73,758     |  
|ABA Retirement Fundsprogram fee                                |  |                                                 | 48,873     |   |                                                 |   | 45,116     |                                                    |  |   | 148,321                                            |   |  |   | 98,782     |  
|Legal and audit fees                                            |  |                                                 | 29,416     |   |                                                 |   | 31,986     |                                                    |  |   | 87,365                                             |   |  |   | 82,087     |  
|Compliance consultant fees                                      |  |                                                 | 17,963     |   |                                                 |   | 18,583     |                                                    |  |   | 60,744                                             |   |  |   | 55,624     |  
|Reports to unitholders                                          |  |                                                 | 2,579      |   |                                                 |   | 10,763     |                                                    |  |   | 34,665                                             |   |  |   | 69,001     |  
|Registration fees                                               |  |                                                 | 15,275     |   |                                                 |   | 4,508      |                                                    |  |   | 21,692                                             |   |  |   | 9,749      |  
|Other fees                                                      |  |                                                 | 2,958      |   |                                                 |   | 39,994     |                                                    |  |   | 26,683                                             |   |  |   | 59,355     |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|Total expenses                                                  |  |                                                 | 552,211    |   |                                                 |   | 566,003    |                                                    |  |   | 1,712,020                                          |   |  |   | 1,401,501  |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |            |  
|Net investment income (loss)                                    |  |                                                 | (552,211   | ) |                                                 |   | (485,253   | )                                                  |  |   | (1,712,020                                         | ) |  |   | (1,183,318 | )
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |            |  
|Net realized and unrealized gain (loss)                         |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|Net realized gain (loss) on:                                    |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|Investments                                                     |  |                                                 | 11,939,612 |   |                                                 |   | 16,720,636 |                                                    |  |   | 15,987,415                                         |   |  |   | 17,526,422 |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |            |  
|Net realized gain (loss)                                        |  |                                                 | 11,939,612 |   |                                                 |   | 16,720,636 |                                                    |  |   | 15,987,415                                         |   |  |   | 17,526,422 |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |            |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|Investments                                                     |  |                                                 | 16,206,463 |   |                                                 |   | 23,440,098 |                                                    |  |   | (3,184,457                                         | ) |  |   | 29,043,261 |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                                 | 16,206,463 |   |                                                 |   | 23,440,098 |                                                    |  |   | (3,184,457                                         | ) |  |   | 29,043,261 |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |            |  
|Net realized and unrealized gain (loss)                         |  |                                                 | 28,146,075 |   |                                                 |   | 40,160,734 |                                                    |  |   | 12,802,958                                         |   |  |   | 46,569,683 |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |            |  
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 27,593,864 |   |                                                 | $ | 39,675,481 |                                                    |  | $ | 11,090,938                                         |   |  | $ | 45,386,365 |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  

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



30



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

All Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                  |             |  
|------------------------------------------------------------------ |  | ------------------------------------------------ | ----------- | -
|                                                                   |  | For the nine-monthperiod endedSeptember 30, 2010 |            
|From operations                                                    |  |                                                  |             |  
|Net investment income (loss)                                       |  | $                                                | (1,712,020  | )
|Net realized gain (loss)                                           |  |                                                  | 15,987,415  |  
|Change in net unrealized appreciation (depreciation)               |  |                                                  | (3,184,457  | )
|                                                                   |  |                                                  |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                  | 11,090,938  |  
|                                                                   |  |                                                  |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                  |             |  
|Proceeds from units issued                                         |  |                                                  | 33,179,092  |  
|Cost of units redeemed                                             |  |                                                  | (42,363,172 | )
|                                                                   |  |                                                  |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                  | (9,184,080  | )
|                                                                   |  |                                                  |             |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                  | 1,906,858   |  
|                                                                   | 
|Net Assets                                                         |  |                                                  |             |  
|Beginning of period                                                |  |                                                  | 266,484,090 |  
|                                                                   |  |                                                  |             |  
|End of period                                                      |  | $                                                | 268,390,948 |  
|                                                                   |  |                                                  |             |  
|                                                                   | 
|Number of units                                                    |  |                                                  |             |  
|Outstanding-beginning of period                                    |  |                                                  | 8,708,063   |  
|Issued                                                             |  |                                                  | 1,060,828   |  
|Redeemed                                                           |  |                                                  | (1,364,056  | )
|                                                                   |  |                                                  |             |  
|Outstanding-end of period                                          |  |                                                  | 8,404,835   |  
|                                                                   |  |                                                  |             |  

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



31



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

All Cap Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |         |    |                                                     |   |         |                                                 |  |   |                                                    |    |  |   |         |   
|------------------------------------------------------------ |  | ----------------------------------------------- | ------- | -- | --------------------------------------------------- | - | ------- | ----------------------------------------------- |  | - | -------------------------------------------------- | -- |  | - | ------- | --
|                                                             |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |         |    | For the periodJanuary 1, 2010 toSeptember 30, 
2010 |   |         | For the periodJuly 1, 2009 toSeptember 30, 2009 |  |   | For the periodJanuary 1, 2009 toSeptember 30, 2009 |   
|Investment income                                           |  | $                                               |        |    |                                                     | $ |        |                                                 |  | $ | 0.01                                               |    |  | $ | 0.03    |   
|Expenses,                                                 |  |                                                 | (0.06   | )  |                                                     |   | (0.20   | )                                               |  |   | (0.06                                              | )  |  |   | (0.15   | ) 
|                                                             |  |                                                 |         |    |                                                     |   |         |                                                 |  |   |                                                    |    |  |   |         |   
|Net investment income (loss)                                 |  |                                                 | (0.06   | )  |                                                     |   | (0.20   | )                                               |  |   | (0.05                                              | )  |  |   | (0.12   | ) 
|Net realized and unrealized gain (loss)                      |  |                                                 | 3.30    |    |                                                     |   | 1.53    |                                                 |  |   | 4.44                                               |    |  |   | 5.20    |   
|                                                             |  |                                                 |         |    |                                                     |   |         |                                                 |  |   |                                                    |    |  |   |         |   
|Net increase (decrease) in unit value                        |  |                                                 | 3.24    |    |                                                     |   | 1.33    |                                                 |  |   | 4.39                                               |    |  |   | 5.08    |   
|Net asset value at beginning of period                       |  |                                                 | 28.69   |    |                                                     |   | 30.60   |                                                 |  |   | 24.55                                              |    |  |   | 23.86   |   
|                                                             |  |                                                 |         |    |                                                     |   |         |                                                 |  |   |                                                    |    |  |   |         |   
|Net asset value at end of period                             |  | $                                               | 31.93   |    |                                                     | $ | 31.93   |                                                 |  | $ | 28.94                                              |    |  | $ | 28.94   |   
|                                                             |  |                                                 |         |    |                                                     |   |         |                                                 |  |   |                                                    |    |  |   |         |   
|                                                             |  |                                                 |         |   
|Ratios/Supplemental Data:                                    |  |                                                 |         |    |                                                     |   |         |                                                 |  |   |                                                    |    |  |   |         |   
|Ratio of expenses to average net assets*,                  |  |                                                 | 0.85    | %  |                                                     |   | 0.86    | %                                               |  |   | 0.92                                               | %  |  |   | 0.85    | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                 | (0.85   | %) |                                                     |   | (0.86   | %)                                              |  |   | (0.79                                              | )% |  |   | (0.71   | )%
|Portfolio turnover**,                                     |  |                                                 | 54      | %  |                                                     |   | 70      | %                                               |  |   | 115                                                | %  |  |   | 148     | % 
|Total return**                                               |  |                                                 | 11.30   | %  |                                                     |   | 4.36    | %                                               |  |   | 17.88                                              | %  |  |   | 21.29   | % 
|Net assets at end of period (in thousands)                   |  | $                                               | 268,391 |    |                                                     | $ | 268,391 |                                                 |  | $ | 255,720                                            |    |  | $ | 255,720 |   



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

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

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

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

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

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



32



---

##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Mid-Cap Index Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                                                                        |  |                    |            |  |                   |   |            | 
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ---------- |  | ----------------- | - | ---------- | 
|                                                                                                                                                                                        |  | September 30, 2010 |            |  | December 31, 2009 |  
|Assets                                                                                                                                                                                  |  |                    |            |  |                   |   |            | 
|Investments in collective investment funds, at value:                                                                                                                                   |  |                    |            |  |                   |   |            | 
|SSgA S&P MidCap® Index Non-Lending Series Fund Class A (cost $30,518,653 and $24,070,803 and units of 1,148,563 and 949,116 for September 30, 2010 and December 31,
2009, respectively) |  | $                  | 34,234,054 |  |                   | $ | 25,331,899 | 
|Receivable for investments sold                                                                                                                                                         |  |                    | 51,788     |  |                   |   |           | 
|Receivable for fund units sold                                                                                                                                                          |  |                    |           |  |                   |   | 201,721    | 
|Other assets                                                                                                                                                                            |  |                    | 31         |  |                   |   |           | 
|                                                                                                                                                                                        |  |                    |            |  |                   |   |            | 
|Total assets                                                                                                                                                                            |  |                    | 34,285,873 |  |                   |   | 25,533,620 | 
|                                                                                                                                                                                        |  |                    |            |  |                   |   |            | 
|Liabilities                                                                                                                                                                             |  |                    |            |  |                   |   |            | 
|Payable for investments purchased                                                                                                                                                       |  |                    |           |  |                   |   | 139,344    | 
|Payable for fund units redeemed                                                                                                                                                         |  |                    | 51,788     |  |                   |   | 62,377     | 
|Investment advisory fee payable                                                                                                                                                         |  |                    |           |  |                   |   | 993        | 
|INGprogram fee payable                                                                                                                                                                 |  |                    | 14,999     |  |                   |   | 10,053     | 
|Trustee, management and administration fees payable                                                                                                                                     |  |                    | 2,600      |  |                   |   | 1,912      | 
|ABA Retirement Fundsprogram fee payable                                                                                                                                                |  |                    | 2,101      |  |                   |   | 1,430      | 
|Payable for legal and audit services                                                                                                                                                    |  |                    | 6,780      |  |                   |   |           | 
|Payable for compliance consultant fees                                                                                                                                                  |  |                    | 2,217      |  |                   |   |           | 
|Other accruals                                                                                                                                                                          |  |                    | 7,074      |  |                   |   | 6,336      | 
|                                                                                                                                                                                        |  |                    |            |  |                   |   |            | 
|Total liabilities                                                                                                                                                                       |  |                    | 87,559     |  |                   |   | 222,445    | 
|                                                                                                                                                                                        |  |                    |            |  |                   |   |            | 
|                                                                                                                                                                                        |  |                   
|Net Assets(equivalent to $21.82 and $19.66 per unit based on 1,567,532 and 1,287,394 units outstanding for
September 30, 2010 and December 31, 2009, respectively)                      |  | $                  | 34,198,314 |  |                   | $ | 25,311,175 | 
|                                                                                                                                                                                        |  |                    |            |  |                   |   |            | 

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



33



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Mid-Cap Index Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | --------- | - | ----------------------------------------------- | - | --------- | -------------------------------------------------- |  | - | ------------------------------------------------------ | - |  | - | --------- | -
|                                                                |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |           |   | For the periodJuly 1, 2009 toSeptember 30, 2009 |   |           | For the periodJanuary 1, 2010 toSeptember 30, 2010 |  |   | For the
periodFebruary 3, 2009(a) toSeptember 30, 2009 |  
|Investment income                                               |  | $                                               |          |   |                                                 | $ |          |                                                    |  | $ |                                                       |   |  | $ |          |  
|                                                                |  |                                                 |           |  
|Expenses                                                        |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|INGprogram fee                                                 |  |                                                 | 42,245    |   |                                                 |   | 15,596    |                                                    |  |   | 118,531                                                |   |  |   | 18,030    |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 | 2,969     |   |                                                 |   |          |                                                    |  |   | 2,969                                                  |   |  |   | 690       |  
|Trustee, management and administration fees                     |  |                                                 | 7,378     |   |                                                 |   | 3,083     |                                                    |  |   | 21,893                                                 |   |  |   | 3,805     |  
|Investment advisory fee                                         |  |                                                 |          |   |                                                 |   | 1,487     |                                                    |  |   | 7,290                                                  |   |  |   | 1,818     |  
|ABA Retirement Fundsprogram fee                                |  |                                                 | 5,949     |   |                                                 |   | 2,183     |                                                    |  |   | 16,756                                                 |   |  |   | 2,539     |  
|Legal and audit fees                                            |  |                                                 | 3,765     |   |                                                 |   | 1,461     |                                                    |  |   | 10,100                                                 |   |  |   | 1,678     |  
|Compliance consultant fees                                      |  |                                                 | 2,292     |   |                                                 |   | 849       |                                                    |  |   | 6,969                                                  |   |  |   | 957       |  
|Reports to unitholders                                          |  |                                                 | 330       |   |                                                 |   | 492       |                                                    |  |   | 3,838                                                  |   |  |   | 872       |  
|Registration fees                                               |  |                                                 | 1,949     |   |                                                 |   | 206       |                                                    |  |   | 2,651                                                  |   |  |   | 221       |  
|Other fees                                                      |  |                                                 | 421       |   |                                                 |   | 1,827     |                                                    |  |   | 3,016                                                  |   |  |   | 1,911     |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|Total expenses                                                  |  |                                                 | 67,298    |   |                                                 |   | 27,184    |                                                    |  |   | 194,013                                                |   |  |   | 32,521    |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|                                                                |  |                                                 |           |  
|Net investment income (loss)                                    |  |                                                 | (67,298   | ) |                                                 |   | (27,184   | )                                                  |  |   | (194,013                                               | ) |  |   | (32,521   | )
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|                                                                |  |                                                 |           |  
|Net realized and unrealized gain (loss)                         |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|Net realized gain (loss) on:                                    |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|Investments                                                     |  |                                                 | 154,290   |   |                                                 |   | 2,271,972 |                                                    |  |   | 542,982                                                |   |  |   | 2,291,263 |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|                                                                |  |                                                 |           |  
|Net realized gain (loss)                                        |  |                                                 | 154,290   |   |                                                 |   | 2,271,972 |                                                    |  |   | 542,982                                                |   |  |   | 2,291,263 |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|                                                                |  |                                                 |           |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|Investments                                                     |  |                                                 | 3,757,212 |   |                                                 |   | (200,175  | )                                                  |  |   | 2,454,305                                              |   |  |   | 75,760    |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|                                                                |  |                                                 |           |  
|Change in net unrealized appreciation (depreciation)            |  |                                                 | 3,757,212 |   |                                                 |   | (200,175  | )                                                  |  |   | 2,454,305                                              |   |  |   | 75,760    |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|                                                                |  |                                                 |           |  
|Net realized and unrealized gain (loss)                         |  |                                                 | 3,911,502 |   |                                                 |   | 2,071,797 |                                                    |  |   | 2,997,287                                              |   |  |   | 2,367,023 |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|                                                                |  |                                                 |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 3,844,204 |   |                                                 | $ | 2,044,613 |                                                    |  | $ | 2,803,274                                              |   |  | $ | 2,334,502 |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  



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

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



34



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Mid-Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                  |             |  
|------------------------------------------------------------------ |  | ------------------------------------------------ | ----------- | -
|                                                                   |  | For the nine-monthperiod endedSeptember 30, 2010 |            
|From operations                                                    |  |                                                  |             |  
|Net investment income (loss)                                       |  | $                                                | (194,013    | )
|Net realized gain (loss)                                           |  |                                                  | 542,982     |  
|Change in net unrealized appreciation (depreciation)               |  |                                                  | 2,454,305   |  
|                                                                   |  |                                                  |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                  | 2,803,274   |  
|                                                                   |  |                                                  |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                  |             |  
|Proceeds from units issued                                         |  |                                                  | 20,640,438  |  
|Cost of units redeemed                                             |  |                                                  | (14,556,573 | )
|                                                                   |  |                                                  |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                  | 6,083,865   |  
|                                                                   |  |                                                  |             |  
|Net increase (decrease) in net assets                              |  |                                                  | 8,887,139   |  
|                                                                   | 
|Net Assets                                                         |  |                                                  |             |  
|Beginning of period                                                |  |                                                  | 25,311,175  |  
|                                                                   |  |                                                  |             |  
|End of period                                                      |  | $                                                | 34,198,314  |  
|                                                                   |  |                                                  |             |  
|Outstanding-beginning of period                                    |  |                                                  | 1,287,394   |  
|Issued                                                             |  |                                                  | 985,048     |  
|Redeemed                                                           |  |                                                  | (704,910    | )
|                                                                   |  |                                                  |             |  
|Outstanding-end of period                                          |  |                                                  | 1,567,532   |  
|                                                                   |  |                                                  |             |  

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



35



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Mid-Cap Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |        |    |                                                    |   |        |                                                 |  |   |                                                        |    |  |   |        |   
|------------------------------------------------------------ |  | ----------------------------------------------- | ------ | -- | -------------------------------------------------- | - | ------ | ----------------------------------------------- |  | - | ------------------------------------------------------ | -- |  | - | ------ | --
|                                                             |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |        |    | For the periodJanuary 1, 2010 toSeptember 30, 2010 |   |        | For the periodJuly 1, 2009 toSeptember 30, 2009 |  |   | For the periodFebruary 3, 2009(a) toSeptember 30, 2009 |   
|Investment income                                           |  | $                                               |       |    |                                                    | $ |       |                                                 |  | $ |                                                       |    |  | $ |       |   
|Expenses,                                                 |  |                                                 | (0.04  | )  |                                                    |   | (0.13  | )                                               |  |   | (0.05                                                  | )  |  |   | (0.10  | ) 
|                                                             |  |                                                 |        |    |                                                    |   |        |                                                 |  |   |                                                        |    |  |   |        |   
|Net investment income (loss)                                 |  |                                                 | (0.04  | )  |                                                    |   | (0.13  | )                                               |  |   | (0.05                                                  | )  |  |   | (0.10  | ) 
|Net realized and unrealized gain (loss)                      |  |                                                 | 2.55   |    |                                                    |   | 2.29   |                                                 |  |   | 3.06                                                   |    |  |   | 5.77   |   
|                                                             |  |                                                 |        |    |                                                    |   |        |                                                 |  |   |                                                        |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                                 | 2.51   |    |                                                    |   | 2.16   |                                                 |  |   | 3.01                                                   |    |  |   | 5.67   |   
|Net asset value at beginning of period                       |  |                                                 | 19.31  |    |                                                    |   | 19.66  |                                                 |  |   | 15.66                                                  |    |  |   | 13.00  |   
|                                                             |  |                                                 |        |    |                                                    |   |        |                                                 |  |   |                                                        |    |  |   |        |   
|Net asset value at end of period                             |  | $                                               | 21.82  |    |                                                    | $ | 21.82  |                                                 |  | $ | 18.67                                                  |    |  | $ | 18.67  |   
|                                                             |  |                                                 |        |    |                                                    |   |        |                                                 |  |   |                                                        |    |  |   |        |   
|                                                             |  |                                                 |        |   
|Ratios/Supplemental Data:                                    |  |                                                 |        |    |                                                    |   |        |                                                 |  |   |                                                        |    |  |   |        |   
|Ratio of expenses to average net assets*,                  |  |                                                 | 0.84   | %  |                                                    |   | 0.86   | %                                               |  |   | 0.91                                                   | %  |  |   | 0.89   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                 | (0.84  | )% |                                                    |   | (0.86  | )%                                              |  |   | (0.91                                                  | )% |  |   | (0.89  | )%
|Portfolio turnover**,                                     |  |                                                 | 6      | %  |                                                    |   | 22     | %                                               |  |   | 145                                                    | %  |  |   | 268    | % 
|Total return**                                               |  |                                                 | 12.98  | %  |                                                    |   | 10.97  | %                                               |  |   | 19.22                                                  | %  |  |   | 43.62  | % 
|Net assets at end of period (in thousands)                   |  | $                                               | 34,198 |    |                                                    | $ | 34,198 |                                                 |  | $ | 17,343                                                 |    |  | $ | 17,343 |   



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

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

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

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

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

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

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



36



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Small-Cap Index Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                                                                            |  |                   |            |  |                  |   |            | 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------- | ---------- |  | ---------------- | - | ---------- | 
|                                                                                                                                                                                            |  | September 30,2010 |            |  | December 31,2009 |  
|Assets                                                                                                                                                                                      |  |                   |            |  |                  |   |            | 
|Investments in collective investment funds, at value:                                                                                                                                       |  |                   |            |  |                  |   |            | 
|SSgA Russell Small Cap Index Non-Lending Series Fund Class A (cost $18,331,107 and $14,957,294 and units of 978,502 and
834,557 for September 30, 2010 and December 31, 2009, respectively) |  | $                 | 19,844,996 |  |                  | $ | 15,521,092 | 
|Receivable for investments sold                                                                                                                                                             |  |                   | 70,824     |  |                  |   |           | 
|Receivable for fund units sold                                                                                                                                                              |  |                   |           |  |                  |   | 117,203    | 
|Other assets                                                                                                                                                                                |  |                   | 18         |  |                  |   |           | 
|                                                                                                                                                                                            |  |                   |            |  |                  |   |            | 
|Total assets                                                                                                                                                                                |  |                   | 19,915,838 |  |                  |   | 15,638,295 | 
|                                                                                                                                                                                            |  |                   |            |  |                  |   |            | 
|Liabilities                                                                                                                                                                                 |  |                   |            |  |                  |   |            | 
|Payable for investments purchased                                                                                                                                                           |  |                   |           |  |                  |   | 115,303    | 
|Payable for fund units redeemed                                                                                                                                                             |  |                   | 70,824     |  |                  |   | 1,900      | 
|Investment advisory fee payable                                                                                                                                                             |  |                   |           |  |                  |   | 584        | 
|INGprogram fee payable                                                                                                                                                                     |  |                   | 8,723      |  |                  |   | 6,242      | 
|Trustee, management and administration fees payable                                                                                                                                         |  |                   | 1,511      |  |                  |   | 1,190      | 
|ABA Retirement Fundsprogram fee payable                                                                                                                                                    |  |                   | 1,212      |  |                  |   | 890        | 
|Payable for legal and audit services                                                                                                                                                        |  |                   | 4,049      |  |                  |   |           | 
|Other accruals                                                                                                                                                                              |  |                   | 5,648      |  |                  |   | 4,120      | 
|                                                                                                                                                                                            |  |                   |            |  |                  |   |            | 
|Total liabilities                                                                                                                                                                           |  |                   | 91,967     |  |                  |   | 130,229    | 
|                                                                                                                                                                                            |  |                   |            |  |                  |   |            | 
|Net Assets(equivalent to $22.40 and $20.67 per unit based on 885,068and 750,212 units outstanding for September 30,
2010 and December 31, 2009, respectively)                               |  | $                 | 19,823,871 |  |                  | $ | 15,508,066 | 
|                                                                                                                                                                                            |  |                   |            |  |                  |   |            | 

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



37



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Small-Cap Index Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | --------- | - | ----------------------------------------------- | - | --------- | -------------------------------------------------- |  | - | ------------------------------------------------------ | - |  | - | --------- | -
|                                                                |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |           |   | For the periodJuly 1, 2009 toSeptember 30, 2009 |   |           | For the periodJanuary 1, 2010 toSeptember 30, 2010 |  |   | For the
periodFebruary 3, 2009(a) toSeptember 30, 2009 |  
|Investment income                                               |  | $                                               |          |   |                                                 | $ |          |                                                    |  | $ |                                                       |   |  | $ |          |  
|                                                                |  |                                                 |           |  
|Expenses                                                        |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|INGprogram fee                                                 |  |                                                 | 25,010    |   |                                                 |   | 11,775    |                                                    |  |   | 71,246                                                 |   |  |   | 14,198    |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 | 1,871     |   |                                                 |   |          |                                                    |  |   | 1,871                                                  |   |  |   | 668       |  
|Trustee, management and administration fees                     |  |                                                 | 4,386     |   |                                                 |   | 2,336     |                                                    |  |   | 13,182                                                 |   |  |   | 3,049     |  
|Investment advisory fee                                         |  |                                                 |          |   |                                                 |   | 1,092     |                                                    |  |   | 4,452                                                  |   |  |   | 1,418     |  
|ABA Retirement Fundsprogram fee                                |  |                                                 | 3,512     |   |                                                 |   | 1,652     |                                                    |  |   | 10,059                                                 |   |  |   | 2,000     |  
|Legal and audit fees                                            |  |                                                 | 2,208     |   |                                                 |   | 1,125     |                                                    |  |   | 6,048                                                  |   |  |   | 1,338     |  
|Compliance consultant fees                                      |  |                                                 | 1,344     |   |                                                 |   | 653       |                                                    |  |   | 4,179                                                  |   |  |   | 758       |  
|Reports to unitholders                                          |  |                                                 | 194       |   |                                                 |   | 378       |                                                    |  |   | 2,320                                                  |   |  |   | 753       |  
|Registration fees                                               |  |                                                 | 1,143     |   |                                                 |   | 159       |                                                    |  |   | 1,569                                                  |   |  |   | 174       |  
|Other fees                                                      |  |                                                 | 247       |   |                                                 |   | 1,406     |                                                    |  |   | 1,820                                                  |   |  |   | 1,491     |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|Total expenses                                                  |  |                                                 | 39,915    |   |                                                 |   | 20,576    |                                                    |  |   | 116,746                                                |   |  |   | 25,847    |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|Net investment income (loss)                                    |  |                                                 | (39,915   | ) |                                                 |   | (20,576   | )                                                  |  |   | (116,746                                               | ) |  |   | (25,847   | )
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|                                                                |  |                                                 |           |  
|Net realized and unrealized gain (loss)                         |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|Net realized gain (loss) on:                                    |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|Investments                                                     |  |                                                 | 76,340    |   |                                                 |   | 1,810,768 |                                                    |  |   | 326,984                                                |   |  |   | 1,839,333 |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|Net realized gain (loss)                                        |  |                                                 | 76,340    |   |                                                 |   | 1,810,768 |                                                    |  |   | 326,984                                                |   |  |   | 1,839,333 |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|Investments                                                     |  |                                                 | 1,893,778 |   |                                                 |   | (328,606  | )                                                  |  |   | 950,091                                                |   |  |   | (55,174   | )
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|Change in net unrealized appreciation (depreciation)            |  |                                                 | 1,893,778 |   |                                                 |   | (328,606  | )                                                  |  |   | 950,091                                                |   |  |   | (55,174   | )
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                                 | 1,970,118 |   |                                                 |   | 1,482,162 |                                                    |  |   | 1,277,075                                              |   |  |   | 1,784,159 |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 1,930,203 |   |                                                 | $ | 1,461,586 |                                                    |  | $ | 1,160,329                                              |   |  | $ | 1,758,312 |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                        |   |  |   |           |  



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

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



38



---

##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Small-Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                  |            |  
|------------------------------------------------------------------ |  | ------------------------------------------------ | ---------- | -
|                                                                   |  | For the nine-monthperiod endedSeptember 30, 2010 |           
|From operations                                                    |  |                                                  |            |  
|Net investment income (loss)                                       |  | $                                                | (116,746   | )
|Net realized gain (loss)                                           |  |                                                  | 326,984    |  
|Change in net unrealized appreciation (depreciation)               |  |                                                  | 950,091    |  
|                                                                   |  |                                                  |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                  | 1,160,329  |  
|                                                                   |  |                                                  |            |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                  |            |  
|Proceeds from units issued                                         |  |                                                  | 12,709,480 |  
|Cost of units redeemed                                             |  |                                                  | (9,554,004 | )
|                                                                   |  |                                                  |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                  | 3,155,476  |  
|                                                                   |  |                                                  |            |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                  | 4,315,805  |  
|                                                                   | 
|Net Assets                                                         |  |                                                  |            |  
|Beginning of period                                                |  |                                                  | 15,508,066 |  
|                                                                   |  |                                                  |            |  
|End of period                                                      |  | $                                                | 19,823,871 |  
|                                                                   |  |                                                  |            |  
|Outstanding-beginning of period                                    |  |                                                  | 750,212    |  
|Issued                                                             |  |                                                  | 581,612    |  
|Redeemed                                                           |  |                                                  | (446,756   | )
|                                                                   |  |                                                  |            |  
|Outstanding-end of period                                          |  |                                                  | 885,068    |  
|                                                                   |  |                                                  |            |  

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



39



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Small-Cap Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                        |    |  |   |        |   
|------------------------------------------------------------ |  | ----------------------------------------------- | ------ | -- | --------------------------------------------------- | - | ------ | ----------------------------------------------- |  | - | ------------------------------------------------------ | -- |  | - | ------ | --
|                                                             |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |        |    | For the periodJanuary 1, 2010 toSeptember 30, 
2010 |   |        | For the periodJuly 1, 2009 toSeptember 30, 2009 |  |   | For the periodFebruary 3, 2009(a) toSeptember 30,
2009 |   
|Investment income                                           |  | $                                               |       |    |                                                     | $ |       |                                                 |  | $ |                                                       |    |  | $ |       |   
|Expenses,                                                 |  |                                                 | (0.04  | )  |                                                     |   | (0.14  | )                                               |  |   | (0.05                                                  | )  |  |   | (0.10  | ) 
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                        |    |  |   |        |   
|Net investment income (loss)                                 |  |                                                 | (0.04  | )  |                                                     |   | (0.14  | )                                               |  |   | (0.05                                                  | )  |  |   | (0.10  | ) 
|Net realized and unrealized gain (loss)                      |  |                                                 | 2.27   |    |                                                     |   | 1.87   |                                                 |  |   | 3.26                                                   |    |  |   | 6.07   |   
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                        |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                                 | 2.23   |    |                                                     |   | 1.73   |                                                 |  |   | 3.21                                                   |    |  |   | 5.97   |   
|Net asset value at beginning of period                       |  |                                                 | 20.17  |    |                                                     |   | 20.67  |                                                 |  |   | 16.76                                                  |    |  |   | 14.00  |   
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                        |    |  |   |        |   
|Net asset value at end of period                             |  | $                                               | 22.40  |    |                                                     | $ | 22.40  |                                                 |  | $ | 19.97                                                  |    |  | $ | 19.97  |   
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                        |    |  |   |        |   
|                                                             |  |                                                 |        |   
|Ratios/Supplemental Data:                                    |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                        |    |  |   |        |   
|Ratio of expenses to average net assets*,                  |  |                                                 | 0.85   | %  |                                                     |   | 0.86   | %                                               |  |   | 0.91                                                   | %  |  |   | 0.89   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                 | (0.85  | )% |                                                     |   | (0.86  | )%                                              |  |   | (0.91                                                  | )% |  |   | (0.89  | )%
|Portfolio turnover**,                                     |  |                                                 | 12     | %  |                                                     |   | 33     | %                                               |  |   | 148                                                    | %  |  |   | 276    | % 
|Total return**                                               |  |                                                 | 11.05  | %  |                                                     |   | 8.36   | %                                               |  |   | 19.15                                                  | %  |  |   | 42.64  | % 
|Net assets at end of period (in thousands)                   |  | $                                               | 19,824 |    |                                                     | $ | 19,824 |                                                 |  | $ | 11,882                                                 |    |  | $ | 11,882 |   



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

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

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

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

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

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

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



40



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

International Index Equity Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                                                                                    |  |                    |            |  |                   |   |            | 
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ---------- |  | ----------------- | - | ---------- | 
|                                                                                                                                                                                                    |  | September 30, 2010 |            |  | December 31, 2009 |  
|Assets                                                                                                                                                                                              |  |                    |            |  |                   |   |            | 
|Investments in collective investment funds, at value:                                                                                                                                               |  |                    |            |  |                   |   |            | 
|SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A (cost $33,978,849 and $23,540,980 and units of 2,887,883
and 2,011,204 for September 30, 2010 and December 31, 2009, respectively) |  | $                  | 36,257,369 |  |                   | $ | 24,367,752 | 
|Receivable for fund units sold                                                                                                                                                                      |  |                    | 700,565    |  |                   |   | 178,421    | 
|Other assets                                                                                                                                                                                        |  |                    | 48         |  |                   |   |           | 
|                                                                                                                                                                                                    |  |                    |            |  |                   |   |            | 
|Total assets                                                                                                                                                                                        |  |                    | 36,957,982 |  |                   |   | 24,546,173 | 
|                                                                                                                                                                                                    |  |                    |            |  |                   |   |            | 
|Liabilities                                                                                                                                                                                         |  |                    |            |  |                   |   |            | 
|Payable for investments purchased                                                                                                                                                                   |  |                    | 700,565    |  |                   |   | 103,107    | 
|Payable for fund units redeemed                                                                                                                                                                     |  |                    |           |  |                   |   | 75,314     | 
|Investment advisory fee payable                                                                                                                                                                     |  |                    |           |  |                   |   | 1,891      | 
|INGprogram fee payable                                                                                                                                                                             |  |                    | 15,612     |  |                   |   | 9,797      | 
|Trustee, management and administration fees payable                                                                                                                                                 |  |                    | 2,946      |  |                   |   | 1,869      | 
|ABA Retirement Fundsprogram fee payable                                                                                                                                                            |  |                    | 2,365      |  |                   |   | 1,397      | 
|Other accruals                                                                                                                                                                                      |  |                    | 22,264     |  |                   |   | 6,323      | 
|                                                                                                                                                                                                    |  |                    |            |  |                   |   |            | 
|Total liabilities                                                                                                                                                                                   |  |                    | 743,752    |  |                   |   | 199,698    | 
|                                                                                                                                                                                                    |  |                    |            |  |                   |   |            | 
|                                                                                                                                                                                                    |  |                   
|Net Assets(equivalent to $27.05 and $26.28 per unit based on 1,338,931 and 926,417 units outstanding for
September 30, 2010 and December 31, 2009, respectively)                                    |  | $                  | 36,214,230 |  |                   | $ | 24,346,475 | 
|                                                                                                                                                                                                    |  |                    |            |  |                   |   |            | 

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



41



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

International Index Equity Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                     |   |  |   |           |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | --------- | - | ----------------------------------------------- | - | --------- | --------------------------------------------------- |  | - | --------------------------------------------------- | - |  | - | --------- | -
|                                                                |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |           |   | For the periodJuly 1, 2009 toSeptember 30, 2009 |   |           | For the periodJanuary 1, 2010 toSeptember 30, 
2010 |  |   | For the periodMarch 3, 2009(a) toSeptember 30,
2009 |  
|Investment income                                               |  | $                                               |          |   |                                                 | $ |          |                                                     |  | $ |                                                    |   |  | $ |          |  
|Expenses                                                        |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                     |   |  |   |           |  
|INGprogram fee                                                 |  |                                                 | 42,287    |   |                                                 |   | 16,932    |                                                     |  |   | 112,750                                             |   |  |   | 20,057    |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 | 9,479     |   |                                                 |   |          |                                                     |  |   | 9,479                                               |   |  |   | 390       |  
|Trustee, management and administration fees                     |  |                                                 | 7,611     |   |                                                 |   | 3,356     |                                                     |  |   | 21,019                                              |   |  |   | 4,125     |  
|Investment advisory fee                                         |  |                                                 |          |   |                                                 |   | 3,188     |                                                     |  |   | 13,519                                              |   |  |   | 3,897     |  
|ABA Retirement Fundsprogram fee                                |  |                                                 | 6,132     |   |                                                 |   | 2,375     |                                                     |  |   | 16,114                                              |   |  |   | 2,770     |  
|Legal and audit fees                                            |  |                                                 | 3,810     |   |                                                 |   | 1,608     |                                                     |  |   | 9,661                                               |   |  |   | 1,834     |  
|Compliance consultant fees                                      |  |                                                 | 2,325     |   |                                                 |   | 934       |                                                     |  |   | 6,645                                               |   |  |   | 1,036     |  
|Reports to unitholders                                          |  |                                                 | 317       |   |                                                 |   | 541       |                                                     |  |   | 3,556                                               |   |  |   | 961       |  
|Registration fees                                               |  |                                                 | 1,973     |   |                                                 |   | 227       |                                                     |  |   | 2,621                                               |   |  |   | 241       |  
|Other fees                                                      |  |                                                 | 406       |   |                                                 |   | 2,010     |                                                     |  |   | 2,802                                               |   |  |   | 2,099     |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                     |   |  |   |           |  
|Total expenses                                                  |  |                                                 | 74,340    |   |                                                 |   | 31,171    |                                                     |  |   | 198,166                                             |   |  |   | 37,410    |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                     |   |  |   |           |  
|Net investment income (loss)                                    |  |                                                 | (74,340   | ) |                                                 |   | (31,171   | )                                                   |  |   | (198,166                                            | ) |  |   | (37,410   | )
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                     |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                     |   |  |   |           |  
|Net realized gain (loss) on:                                    |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                     |   |  |   |           |  
|Investments                                                     |  |                                                 | (1,097    | ) |                                                 |   | 2,484,223 |                                                     |  |   | 1,343                                               |   |  |   | 2,484,353 |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                     |   |  |   |           |  
|Net realized gain (loss)                                        |  |                                                 | (1,097    | ) |                                                 |   | 2,484,223 |                                                     |  |   | 1,343                                               |   |  |   | 2,484,353 |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                     |   |  |   |           |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                     |   |  |   |           |  
|Investments                                                     |  |                                                 | 4,792,152 |   |                                                 |   | (284,671  | )                                                   |  |   | 1,451,748                                           |   |  |   | 87,128    |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                     |   |  |   |           |  
|Change in net unrealized appreciation (depreciation)            |  |                                                 | 4,792,152 |   |                                                 |   | (284,671  | )                                                   |  |   | 1,451,748                                           |   |  |   | 87,128    |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                     |   |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                                 | 4,791,055 |   |                                                 |   | 2,199,552 |                                                     |  |   | 1,453,091                                           |   |  |   | 2,571,481 |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                     |   |  |   |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 4,716,715 |   |                                                 | $ | 2,168,381 |                                                     |  | $ | 1,254,925                                           |   |  | $ | 2,534,071 |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                     |  |   |                                                     |   |  |   |           |  



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

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



42



---

##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

International Index Equity Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                  |            |  
|------------------------------------------------------------------ |  | ------------------------------------------------ | ---------- | -
|                                                                   |  | For the nine-monthperiod endedSeptember 30, 2010 |           
|From operations                                                    |  |                                                  |            |  
|Net investment income (loss)                                       |  | $                                                | (198,166   | )
|Net realized gain (loss)                                           |  |                                                  | 1,343      |  
|Change in net unrealized appreciation (depreciation)               |  |                                                  | 1,451,748  |  
|                                                                   |  |                                                  |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                  | 1,254,925  |  
|                                                                   |  |                                                  |            |  
|From unitholder transactions                                       |  |                                                  |            |  
|Proceeds from units issued                                         |  |                                                  | 18,880,374 |  
|Cost of units redeemed                                             |  |                                                  | (8,267,544 | )
|                                                                   |  |                                                  |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                  | 10,612,830 |  
|                                                                   |  |                                                  |            |  
|Net increase (decrease) in net assets                              |  |                                                  | 11,867,755 |  
|Net Assets                                                         |  |                                                  |            |  
|Beginning of period                                                |  |                                                  | 24,346,475 |  
|                                                                   |  |                                                  |            |  
|End of period                                                      |  | $                                                | 36,214,230 |  
|                                                                   |  |                                                  |            |  
|Outstanding-beginning of period                                    |  |                                                  | 926,417    |  
|Issued                                                             |  |                                                  | 737,218    |  
|Redeemed                                                           |  |                                                  | (324,704   | )
|                                                                   |  |                                                  |            |  
|Outstanding-end of period                                          |  |                                                  | 1,338,931  |  
|                                                                   |  |                                                  |            |  

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



43



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

International Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                     |    |  |   |        |   
|------------------------------------------------------------ |  | ----------------------------------------------- | ------ | -- | --------------------------------------------------- | - | ------ | ----------------------------------------------- |  | - | --------------------------------------------------- | -- |  | - | ------ | --
|                                                             |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |        |    | For the periodJanuary 1, 2010 toSeptember 30, 
2010 |   |        | For the periodJuly 1, 2009 toSeptember 30, 2009 |  |   | For the periodMarch 3, 2009(a) toSeptember 30,
2009 |   
|Investment income                                           |  | $                                               |       |    |                                                     | $ |       |                                                 |  | $ |                                                    |    |  | $ |       |   
|Expenses,                                                 |  |                                                 | (0.06  | )  |                                                     |   | (0.17  | )                                               |  |   | (0.07                                               | )  |  |   | (0.13  | ) 
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                     |    |  |   |        |   
|Net investment income (loss)                                 |  |                                                 | (0.06  | )  |                                                     |   | (0.17  | )                                               |  |   | (0.07                                               | )  |  |   | (0.13  | ) 
|Net realized and unrealized gain (loss)                      |  |                                                 | 3.85   |    |                                                     |   | 0.94   |                                                 |  |   | 4.05                                                |    |  |   | 10.50  |   
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                     |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                                 | 3.79   |    |                                                     |   | 0.77   |                                                 |  |   | 3.98                                                |    |  |   | 10.37  |   
|Net asset value at beginning of period                       |  |                                                 | 23.26  |    |                                                     |   | 26.28  |                                                 |  |   | 21.39                                               |    |  |   | 15.00  |   
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                     |    |  |   |        |   
|Net asset value at end of period                             |  | $                                               | 27.05  |    |                                                     | $ | 27.05  |                                                 |  | $ | 25.37                                               |    |  | $ | 25.37  |   
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                     |    |  |   |        |   
|                                                             |  |                                                 |        |   
|Ratios/Supplemental Data:                                    |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                     |    |  |   |        |   
|Ratio of expenses to average net assets*,                  |  |                                                 | 0.92   | %  |                                                     |   | 0.92   | %                                               |  |   | 0.96                                                | %  |  |   | 0.94   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                 | (0.92  | )% |                                                     |   | (0.92  | )%                                              |  |   | (0.96                                               | )% |  |   | (0.94  | )%
|Portfolio turnover**,                                     |  |                                                 | 3      | %  |                                                     |   | 11     | %                                               |  |   | 137                                                 | %  |  |   | 223    | % 
|Total return**                                               |  |                                                 | 16.29  | %  |                                                     |   | 2.93   | %                                               |  |   | 18.61                                               | %  |  |   | 69.13  | % 
|Net assets at end of period (in thousands)                   |  | $                                               | 36,214 |    |                                                     | $ | 36,214 |                                                 |  | $ | 17,664                                              |    |  | $ | 17,664 |   



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

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

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

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

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

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

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



44



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Real Asset Return Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                                                                                      |  |                    |            |  |                   |   |           | 
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ---------- |  | ----------------- | - | --------- | 
|                                                                                                                                                                                                      |  | September 30, 2010 |            |  | December 31, 2009 |  
|Assets                                                                                                                                                                                                |  |                    |            |  |                   |   |           | 
|Investments in affiliated funds, at value:                                                                                                                                                            |  |                    |            |  |                   |   |           | 
|Northern Trust Global Investments - Collective Short Term Investment Fund (cost $4 and $0 and units of 4 and 0 for
September 30, 2010 and December 31, 2009, respectively)                            |  | $                  | 4          |  |                   | $ |          | 
|Investments in collective investment funds, at value:                                                                                                                                                 |  |                    |            |  |                   |   |           | 
|SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A (cost $4,715,941 and $2,258,845 and units of 238,738 and
119,350 for September 30, 2010 and December 31, 2009, respectively) |  |                    | 4,979,600  |  |                   |   | 2,327,329 | 
|SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $2,715,360 and $1,450,567 and units of 126,225 and 84,890
for September 30, 2010 and December 31, 2009, respectively)                 |  |                    | 3,161,040  |  |                   |   | 1,785,570 | 
|SSgA Dow Jones UBS-Commodity IndexSM Non-Lending Series Fund Class A (cost $2,392,733 and $1,155,811 and units of 298,310
and 149,113 for September 30, 2010 and December 31, 2009, respectively)     |  |                    | 2,544,585  |  |                   |   | 1,262,836 | 
|Receivable for investments sold                                                                                                                                                                       |  |                    | 208,627    |  |                   |   |          | 
|Receivable for fund units sold                                                                                                                                                                        |  |                    | 5,770      |  |                   |   | 58,971    | 
|Other assets                                                                                                                                                                                          |  |                    | 10         |  |                   |   |          | 
|                                                                                                                                                                                                      |  |                    |            |  |                   |   |           | 
|Total assets                                                                                                                                                                                          |  |                    | 10,899,636 |  |                   |   | 5,434,706 | 
|                                                                                                                                                                                                      |  |                    |            |  |                   |   |           | 
|Liabilities                                                                                                                                                                                           |  |                    |            |  |                   |   |           | 
|Payable for investments purchased                                                                                                                                                                     |  |                    | 214,396    |  |                   |   | 58,971    | 
|Investment advisory fee payable                                                                                                                                                                       |  |                    |           |  |                   |   | 386       | 
|INGprogram fee payable                                                                                                                                                                               |  |                    | 4,939      |  |                   |   | 2,167     | 
|Trustee, management and administration fees payable                                                                                                                                                   |  |                    | 846        |  |                   |   | 414       | 
|ABA Retirement Fundsprogram fee payable                                                                                                                                                              |  |                    | 688        |  |                   |   | 308       | 
|Other accruals                                                                                                                                                                                        |  |                    | 5,839      |  |                   |   | 1,334     | 
|                                                                                                                                                                                                      |  |                    |            |  |                   |   |           | 
|Total liabilities                                                                                                                                                                                     |  |                    | 226,708    |  |                   |   | 63,580    | 
|                                                                                                                                                                                                      |  |                    |            |  |                   |   |           | 
|Net Assets(equivalent to $15.78 and $14.51 per unit based on 676,214 and 370,249 units outstanding for September 30,
2010 and December 31, 2009, respectively)                                        |  | $                  | 10,672,928 |  |                   | $ | 5,371,126 | 
|                                                                                                                                                                                                      |  |                    |            |  |                   |   |           | 

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



45



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Real Asset Return Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |         |   |                                                    |   |         |                                                    |  |   |         |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | ------- | - | -------------------------------------------------- | - | ------- | -------------------------------------------------- |  | - | ------- | -
|                                                                |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |         |   | For the periodJuly 7, 2009(a) toSeptember 30, 2009 |   |         | For the periodJanuary 1, 2010 toSeptember 30, 2010 | 
|Investment income                                               |  | $                                               |        |   |                                                    | $ |        |                                                    |  | $ |        |  
|                                                                |  |                                                 |        
|Expenses                                                        |  |                                                 |         |   |                                                    |   |         |                                                    |  |   |         |  
|INGprogram fee                                                 |  |                                                 | 13,083  |   |                                                    |   | 2,731   |                                                    |  |   | 32,469  |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 | 1,900   |   |                                                    |   |        |                                                    |  |   | 1,900   |  
|Trustee, management and administration fees                     |  |                                                 | 2,260   |   |                                                    |   | 536     |                                                    |  |   | 5,943   |  
|Investment advisory fee                                         |  |                                                 |        |   |                                                    |   | 466     |                                                    |  |   | 3,329   |  
|ABA Retirement Fundsprogram fee                                |  |                                                 | 1,839   |   |                                                    |   | 381     |                                                    |  |   | 4,581   |  
|Legal and audit fees                                            |  |                                                 | 1,263   |   |                                                    |   | 240     |                                                    |  |   | 2,871   |  
|Compliance consultant fees                                      |  |                                                 | 768     |   |                                                    |   | 139     |                                                    |  |   | 1,955   |  
|Reports to unitholders                                          |  |                                                 | 105     |   |                                                    |   | 81      |                                                    |  |   | 995     |  
|Registration fees                                               |  |                                                 | 652     |   |                                                    |   | 34      |                                                    |  |   | 830     |  
|Other fees                                                      |  |                                                 | 140     |   |                                                    |   | 300     |                                                    |  |   | 798     |  
|                                                                |  |                                                 |         |   |                                                    |   |         |                                                    |  |   |         |  
|Total expenses                                                  |  |                                                 | 22,010  |   |                                                    |   | 4,908   |                                                    |  |   | 55,671  |  
|                                                                |  |                                                 |         |   |                                                    |   |         |                                                    |  |   |         |  
|                                                                |  |                                                 |        
|Net investment income (loss)                                    |  |                                                 | (22,010 | ) |                                                    |   | (4,908  | )                                                  |  |   | (55,671 | )
|                                                                |  |                                                 |         |   |                                                    |   |         |                                                    |  |   |         |  
|                                                                |  |                                                 |        
|Net realized and unrealized gain (loss)                         |  |                                                 |         |   |                                                    |   |         |                                                    |  |   |         |  
|Net realized gain (loss) on:                                    |  |                                                 |         |   |                                                    |   |         |                                                    |  |   |         |  
|Investments                                                     |  |                                                 | 131,312 |   |                                                    |   | 28,015  |                                                    |  |   | 465,833 |  
|                                                                |  |                                                 |         |   |                                                    |   |         |                                                    |  |   |         |  
|Net realized gain (loss)                                        |  |                                                 | 131,312 |   |                                                    |   | 28,015  |                                                    |  |   | 465,833 |  
|                                                                |  |                                                 |         |   |                                                    |   |         |                                                    |  |   |         |  
|                                                                |  |                                                 |        
|Change in net unrealized appreciation (depreciation) on:        |  |                                                 |         |   |                                                    |   |         |                                                    |  |   |         |  
|Investments                                                     |  |                                                 | 598,226 |   |                                                    |   | 257,618 |                                                    |  |   | 350,679 |  
|                                                                |  |                                                 |         |   |                                                    |   |         |                                                    |  |   |         |  
|Change in net unrealized appreciation (depreciation)            |  |                                                 | 598,226 |   |                                                    |   | 257,618 |                                                    |  |   | 350,679 |  
|                                                                |  |                                                 |         |   |                                                    |   |         |                                                    |  |   |         |  
|                                                                |  |                                                 |        
|Net realized and unrealized gain (loss)                         |  |                                                 | 729,538 |   |                                                    |   | 285,633 |                                                    |  |   | 816,512 |  
|                                                                |  |                                                 |         |   |                                                    |   |         |                                                    |  |   |         |  
|                                                                |  |                                                 |        
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 707,528 |   |                                                    | $ | 280,725 |                                                    |  | $ | 760,841 |  
|                                                                |  |                                                 |         |   |                                                    |   |         |                                                    |  |   |         |  



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

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



46



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Real Asset Return Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                  |            |  
|------------------------------------------------------------------ |  | ------------------------------------------------ | ---------- | -
|                                                                   |  | For the nine-monthperiod endedSeptember 30, 2010 |           
|From operations                                                    |  |                                                  |            |  
|Net investment income (loss)                                       |  | $                                                | (55,671    | )
|Net realized gain (loss)                                           |  |                                                  | 465,833    |  
|Change in net unrealized appreciation (depreciation)               |  |                                                  | 350,679    |  
|                                                                   |  |                                                  |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                  | 760,841    |  
|                                                                   |  |                                                  |            |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                  |            |  
|Proceeds from units issued                                         |  |                                                  | 6,891,155  |  
|Cost of units redeemed                                             |  |                                                  | (2,350,194 | )
|                                                                   |  |                                                  |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                  | 4,540,961  |  
|                                                                   |  |                                                  |            |  
|Net increase (decrease) in net assets                              |  |                                                  | 5,301,802  |  
|                                                                   | 
|Net Assets                                                         |  |                                                  |            |  
|Beginning of period                                                |  |                                                  | 5,371,126  |  
|                                                                   |  |                                                  |            |  
|End of period                                                      |  | $                                                | 10,672,928 |  
|                                                                   |  |                                                  |            |  
|Outstanding-beginning of period                                    |  |                                                  | 370,249    |  
|Issued                                                             |  |                                                  | 463,509    |  
|Redeemed                                                           |  |                                                  | (157,544   | )
|                                                                   |  |                                                  |            |  
|Outstanding-end of period                                          |  |                                                  | 676,214    |  
|                                                                   |  |                                                  |            |  

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



47



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American Bar Association Members/ Northern Trust Collective Trust

Real Asset Return Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |        |    |                                                    |   |        |                                                    |  |   |       |   
|------------------------------------------------------------ |  | ----------------------------------------------- | ------ | -- | -------------------------------------------------- | - | ------ | -------------------------------------------------- |  | - | ----- | --
|                                                             |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |        |    | For the periodJanuary 1, 2010 toSeptember 30, 2010 |   |        | For the periodJuly 7, 2009(a) toSeptember 30, 2009 | 
|Investment income                                           |  | $                                               |       |    |                                                    | $ |       |                                                    |  | $ |      |   
|Expenses,                                                 |  |                                                 | (0.03  | )  |                                                    |   | (0.10  | )                                                  |  |   | (0.03 | ) 
|                                                             |  |                                                 |        |    |                                                    |   |        |                                                    |  |   |       |   
|Net investment income (loss)                                 |  |                                                 | (0.03  | )  |                                                    |   | (0.10  | )                                                  |  |   | (0.03 | ) 
|Net realized and unrealized gain (loss)                      |  |                                                 | 1.14   |    |                                                    |   | 1.37   |                                                    |  |   | 1.78  |   
|                                                             |  |                                                 |        |    |                                                    |   |        |                                                    |  |   |       |   
|Net increase (decrease) in unit value                        |  |                                                 | 1.11   |    |                                                    |   | 1.27   |                                                    |  |   | 1.75  |   
|Net asset value at beginning of year                         |  |                                                 | 14.67  |    |                                                    |   | 14.51  |                                                    |  |   | 12.00 |   
|                                                             |  |                                                 |        |    |                                                    |   |        |                                                    |  |   |       |   
|Net asset value at end of year                               |  | $                                               | 15.78  |    |                                                    | $ | 15.78  |                                                    |  | $ | 13.75 |   
|                                                             |  |                                                 |        |    |                                                    |   |        |                                                    |  |   |       |   
|                                                             |  |                                                 |       
|Ratios/Supplemental Data:                                    |  |                                                 |        |    |                                                    |   |        |                                                    |  |   |       |   
|Ratio of expenses to average net assets*,                  |  |                                                 | 0.90   | %  |                                                    |   | 0.91   | %                                                  |  |   | 0.94  | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                 | (0.90  | )% |                                                    |   | (0.91  | )%                                                 |  |   | (0.94 | )%
|Portfolio turnover**,                                     |  |                                                 | 9      | %  |                                                    |   | 30     | %                                                  |  |   | 20    | % 
|Total return**                                               |  |                                                 | 7.57   | %  |                                                    |   | 8.75   | %                                                  |  |   | 14.58 | % 
|Net assets at end of year (in thousands)                     |  | $                                               | 10,673 |    |                                                    | $ | 10,673 |                                                    |  | $ | 3,465 |   



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

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

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

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

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

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

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



48



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American Bar Association Members/ Northern Trust Collective Trust

Lifetime Income Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                                                                              |  |                    |            |  |                   |   |            | 
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ---------- |  | ----------------- | - | ---------- | 
|                                                                                                                                                                                              |  | September 30, 2010 |            |  | December 31, 2009 |  
|Assets                                                                                                                                                                                        |  |                    |            |  |                   |   |            | 
|Investments in collective investment funds, at value:                                                                                                                                         |  |                    |            |  |                   |   |            | 
|SSgA Target Retirement Income Securities Lending Series Fund Class I (cost $0 and $18,361,497 and units of 0 and 1,604,231 for
September 30, 2010 and December 31, 2009, respectively)        |  | $                  |           |  |                   | $ | 19,140,084 | 
|SSgA Target Retirement Income Non-Lending Series Fund Class A (cost $33,586,502 and $9,202,591 and units of 2,932,692 and
885,586 for September 30, 2010 and December 31, 2009, respectively) |  |                    | 34,561,775 |  |                   |   | 9,822,032  | 
|Receivable for investments sold                                                                                                                                                               |  |                    | 209,847    |  |                   |   |           | 
|Receivable for fund units sold                                                                                                                                                                |  |                    |           |  |                   |   | 200,281    | 
|Other assets                                                                                                                                                                                  |  |                    | 31         |  |                   |   |           | 
|                                                                                                                                                                                              |  |                    |            |  |                   |   |            | 
|Total assets                                                                                                                                                                                  |  |                    | 34,771,653 |  |                   |   | 29,162,397 | 
|                                                                                                                                                                                              |  |                    |            |  |                   |   |            | 
|Liabilities                                                                                                                                                                                   |  |                    |            |  |                   |   |            | 
|Payable for investments purchased                                                                                                                                                             |  |                    |           |  |                   |   | 181,343    | 
|Payable for fund units redeemed                                                                                                                                                               |  |                    | 209,847    |  |                   |   | 18,938     | 
|Retirement Date Fund management fee payable                                                                                                                                                   |  |                    | 8,424      |  |                   |   | 2,400      | 
|INGprogram fee payable                                                                                                                                                                       |  |                    | 16,585     |  |                   |   | 12,111     | 
|Trustee, management and administration fees payable                                                                                                                                           |  |                    | 4,114      |  |                   |   | 2,319      | 
|ABA Retirement Fundsprogram fee payable                                                                                                                                                      |  |                    | 2,252      |  |                   |   | 1,725      | 
|Other accruals                                                                                                                                                                                |  |                    | 14,552     |  |                   |   | 9,621      | 
|                                                                                                                                                                                              |  |                    |            |  |                   |   |            | 
|Total liabilities                                                                                                                                                                             |  |                    | 255,774    |  |                   |   | 228,457    | 
|                                                                                                                                                                                              |  |                    |            |  |                   |   |            | 
|                                                                                                                                                                                              |  |                   
|Net Assets(equivalent to $11.55 and $10.94 per unit based on 2,987,635 and 2,645,849 units outstanding for
September 30, 2010 and December 31, 2009, respectively)                            |  | $                  | 34,515,879 |  |                   | $ | 28,933,940 | 
|                                                                                                                                                                                              |  |                    |            |  |                   |   |            | 

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



49



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American Bar Association Members/ Northern Trust Collective Trust

Lifetime Income Retirement Date Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                    |   |  |   |            |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | --------- | - | ----------------------------------------------- | - | --------- | -------------------------------------------------- |  | - | -------------------------------------------------- | - |  | - | ---------- | -
|                                                                |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |           |   | For the periodJuly 1, 2009 toSeptember 30, 2009 |   |           | For the periodJanuary 1, 2010 toSeptember 30, 2010 |  |   | For the periodJanuary 1, 2009 toSeptember 30, 2009 |  
|Investment income                                               |  | $                                               |          |   |                                                 | $ |          |                                                    |  | $ |                                                   |   |  | $ |           |  
|                                                                |  |                                                 |           |  
|Expenses                                                        |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                    |   |  |   |            |  
|INGprogram fee                                                 |  |                                                 | 45,748    |   |                                                 |   | 35,130    |                                                    |  |   | 128,589                                            |   |  |   | 57,538     |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 |          |   |                                                 |   |          |                                                    |  |   |                                                   |   |  |   | 32,902     |  
|Trustee, management and administration fees                     |  |                                                 | 10,511    |   |                                                 |   | 7,040     |                                                    |  |   | 26,259                                             |   |  |   | 21,537     |  
|Retirement Date Fund management fee                             |  |                                                 | 8,424     |   |                                                 |   | 6,757     |                                                    |  |   | 24,245                                             |   |  |   | 19,614     |  
|ABA Retirement Fundsprogram fee                                |  |                                                 | 6,370     |   |                                                 |   | 4,952     |                                                    |  |   | 18,105                                             |   |  |   | 11,565     |  
|Legal and audit fees                                            |  |                                                 | 4,099     |   |                                                 |   | 3,528     |                                                    |  |   | 10,963                                             |   |  |   | 9,817      |  
|Compliance consultant fees                                      |  |                                                 | 2,498     |   |                                                 |   | 2,049     |                                                    |  |   | 7,565                                              |   |  |   | 6,766      |  
|Reports to unitholders                                          |  |                                                 | 351       |   |                                                 |   | 1,187     |                                                    |  |   | 4,151                                              |   |  |   | 8,333      |  
|Registration fees                                               |  |                                                 | 2,122     |   |                                                 |   | 497       |                                                    |  |   | 2,882                                              |   |  |   | 1,164      |  
|Other fees                                                      |  |                                                 | 433       |   |                                                 |   | 4,411     |                                                    |  |   | 3,243                                              |   |  |   | 6,841      |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                    |   |  |   |            |  
|Total expenses                                                  |  |                                                 | 80,556    |   |                                                 |   | 65,551    |                                                    |  |   | 226,002                                            |   |  |   | 176,077    |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |           |  
|Net investment income (loss)                                    |  |                                                 | (80,556   | ) |                                                 |   | (65,551   | )                                                  |  |   | (226,002                                           | ) |  |   | (176,077   | )
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |           |  
|Net realized and unrealized gain (loss)                         |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                    |   |  |   |            |  
|Net realized gain (loss) on:                                    |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                    |   |  |   |            |  
|Investments                                                     |  |                                                 | 1,603,382 |   |                                                 |   | (150,589  | )                                                  |  |   | 2,424,547                                          |   |  |   | (1,117,394 | )
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                    |   |  |   |            |  
|Net realized gain (loss)                                        |  |                                                 | 1,603,382 |   |                                                 |   | (150,589  | )                                                  |  |   | 2,424,547                                          |   |  |   | (1,117,394 | )
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |           |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                    |   |  |   |            |  
|Investments                                                     |  |                                                 | 356,689   |   |                                                 |   | 2,146,617 |                                                    |  |   | (422,755                                           | ) |  |   | 4,270,744  |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                    |   |  |   |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                                 | 356,689   |   |                                                 |   | 2,146,617 |                                                    |  |   | (422,755                                           | ) |  |   | 4,270,744  |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |           |  
|Net realized and unrealized gain (loss)                         |  |                                                 | 1,960,071 |   |                                                 |   | 1,996,028 |                                                    |  |   | 2,001,792                                          |   |  |   | 3,153,350  |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 1,879,515 |   |                                                 | $ | 1,930,477 |                                                    |  | $ | 1,775,790                                          |   |  | $ | 2,977,273  |  
|                                                                |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                    |   |  |   |            |  

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



50



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American Bar Association Members/ Northern Trust Collective Trust

Lifetime Income Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                  |            |  
|------------------------------------------------------------------ |  | ------------------------------------------------ | ---------- | -
|                                                                   |  | For the nine-monthperiod
endedSeptember 30, 2010 |           
|From operations                                                    |  |                                                  |            |  
|Net investment income (loss)                                       |  | $                                                | (226,002   | )
|Net realized gain (loss)                                           |  |                                                  | 2,424,547  |  
|Change in net unrealized appreciation (depreciation)               |  |                                                  | (422,755   | )
|                                                                   |  |                                                  |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                  | 1,775,790  |  
|                                                                   |  |                                                  |            |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                  |            |  
|Proceeds from units issued                                         |  |                                                  | 10,686,901 |  
|Cost of units redeemed                                             |  |                                                  | (6,880,752 | )
|                                                                   |  |                                                  |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                  | 3,806,149  |  
|                                                                   |  |                                                  |            |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                  | 5,581,939  |  
|                                                                   | 
|Net Assets                                                         |  |                                                  |            |  
|Beginning of period                                                |  |                                                  | 28,933,940 |  
|                                                                   |  |                                                  |            |  
|End of period                                                      |  | $                                                | 34,515,879 |  
|                                                                   |  |                                                  |            |  
|                                                                   | 
|Number of units                                                    |  |                                                  |            |  
|Outstanding-beginning of period                                    |  |                                                  | 2,645,849  |  
|Issued                                                             |  |                                                  | 953,997    |  
|Redeemed                                                           |  |                                                  | (612,211   | )
|                                                                   |  |                                                  |            |  
|Outstanding-end of period                                          |  |                                                  | 2,987,635  |  
|                                                                   |  |                                                  |            |  

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



51



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Lifetime Income Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |        |    |                                                    |   |        |                                                 |  |   |                                                    |    |  |   |        |   
|------------------------------------------------------------ |  | ----------------------------------------------- | ------ | -- | -------------------------------------------------- | - | ------ | ----------------------------------------------- |  | - | -------------------------------------------------- | -- |  | - | ------ | --
|                                                             |  | For the periodJuly 1, 2010
toSeptember 30, 2010 |        |    | For the periodJanuary 1, 2010
toSeptember 30, 2010 |   |        | For the periodJuly 1, 2009
toSeptember 30, 2009 |  |   | For the periodJanuary 1, 2009
toSeptember 30, 2009 |   
|Investment income                                           |  | $                                               |       |    |                                                    | $ |       |                                                 |  | $ |                                                   |    |  | $ |       |   
|Expenses,                                                 |  |                                                 | (0.03  | )  |                                                    |   | (0.08  | )                                               |  |   | (0.03                                              | )  |  |   | (0.07  | ) 
|                                                             |  |                                                 |        |    |                                                    |   |        |                                                 |  |   |                                                    |    |  |   |        |   
|Net investment income (loss)                                 |  |                                                 | (0.03  | )  |                                                    |   | (0.08  | )                                               |  |   | (0.03                                              | )  |  |   | (0.07  | ) 
|Net realized and unrealized gain (loss)                      |  |                                                 | 0.66   |    |                                                    |   | 0.69   |                                                 |  |   | 0.78                                               |    |  |   | 1.24   |   
|                                                             |  |                                                 |        |    |                                                    |   |        |                                                 |  |   |                                                    |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                                 | 0.63   |    |                                                    |   | 0.61   |                                                 |  |   | 0.75                                               |    |  |   | 1.17   |   
|Net asset value at beginning of year                         |  |                                                 | 10.92  |    |                                                    |   | 10.94  |                                                 |  |   | 9.94                                               |    |  |   | 9.52   |   
|                                                             |  |                                                 |        |    |                                                    |   |        |                                                 |  |   |                                                    |    |  |   |        |   
|Net asset value at end of year                               |  | $                                               | 11.55  |    |                                                    | $ | 11.55  |                                                 |  | $ | 10.69                                              |    |  | $ | 10.69  |   
|                                                             |  |                                                 |        |    |                                                    |   |        |                                                 |  |   |                                                    |    |  |   |        |   
|                                                             |  |                                                 |        |   
|Ratios/Supplemental Data:                                    |  |                                                 |        |    |                                                    |   |        |                                                 |  |   |                                                    |    |  |   |        |   
|Ratio of expenses to average net assets*,                  |  |                                                 | 0.96   | %  |                                                    |   | 0.93   | %                                               |  |   | 0.97                                               | %  |  |   | 0.90   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                 | (0.96  | )% |                                                    |   | (0.93  | )%                                              |  |   | (0.97                                              | )% |  |   | (0.90  | )%
|Portfolio turnover**,                                     |  |                                                 | 55     | %  |                                                    |   | 87     | %                                               |  |   | 13                                                 | %  |  |   | 38     | % 
|Total return**                                               |  |                                                 | 5.77   | %  |                                                    |   | 5.58   | %                                               |  |   | 7.55                                               | %  |  |   | 12.29  | % 
|Net assets at end of year (in thousands)                     |  | $                                               | 34,516 |    |                                                    | $ | 34,516 |                                                 |  | $ | 28,199                                             |    |  | $ | 28,199 |   



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

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

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

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

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

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



52



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

2010 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                                                                               |  |                    |            |  |                   |   |            | 
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ---------- |  | ----------------- | - | ---------- | 
|                                                                                                                                                                                               |  | September 30, 2010 |            |  | December 31, 2009 |  
|Assets                                                                                                                                                                                         |  |                    |            |  |                   |   |            | 
|Investments in collective investment funds, at value:                                                                                                                                          |  |                    |            |  |                   |   |            | 
|SSgA Target Retirement 2010 Securities Lending Series Fund Class I (cost $0 and $40,364,833 and units of 0 and 3,571,764 for
September 30, 2010 and December 31, 2009, respectively)           |  | $                  |           |  |                   | $ | 42,053,949 | 
|SSgA Target Retirement 2010 Non-Lending Series Fund Class A (cost $62,357,070 and $18,513,806 and units of 5,272,994 and
1,755,367 for September 30, 2010 and December 31, 2009, respectively) |  |                    | 65,153,115 |  |                   |   | 19,977,832 | 
|Receivable for investments sold                                                                                                                                                                |  |                    | 96,488     |  |                   |   |           | 
|Receivable for fund units sold                                                                                                                                                                 |  |                    |           |  |                   |   | 89,899     | 
|Other assets                                                                                                                                                                                   |  |                    | 60         |  |                   |   |           | 
|                                                                                                                                                                                               |  |                    |            |  |                   |   |            | 
|Total assets                                                                                                                                                                                   |  |                    | 65,249,663 |  |                   |   | 62,121,680 | 
|                                                                                                                                                                                               |  |                    |            |  |                   |   |            | 
|Liabilities                                                                                                                                                                                    |  |                    |            |  |                   |   |            | 
|Payable for investments purchased                                                                                                                                                              |  |                    |           |  |                   |   | 88,037     | 
|Payable for fund units redeemed                                                                                                                                                                |  |                    | 96,488     |  |                   |   | 1,862      | 
|Retirement Date Fund management fee payable                                                                                                                                                    |  |                    | 14,412     |  |                   |   | 5,256      | 
|INGprogram fee payable                                                                                                                                                                        |  |                    | 31,737     |  |                   |   | 26,575     | 
|Trustee, management and administration fees payable                                                                                                                                            |  |                    | 6,731      |  |                   |   | 5,080      | 
|ABA Retirement Fundsprogram fee payable                                                                                                                                                       |  |                    | 4,310      |  |                   |   | 3,785      | 
|Payable for legal and audit services                                                                                                                                                           |  |                    | 14,443     |  |                   |   | 9,717      | 
|Other accruals                                                                                                                                                                                 |  |                    | 13,714     |  |                   |   | 10,493     | 
|                                                                                                                                                                                               |  |                    |            |  |                   |   |            | 
|Total liabilities                                                                                                                                                                              |  |                    | 181,835    |  |                   |   | 150,805    | 
|                                                                                                                                                                                               |  |                    |            |  |                   |   |            | 
|Net Assets(equivalent to $13.79 and $12.75 per unit based on 4,718,411 and 4,859,187 units outstanding for
September 30, 2010 and December 31, 2009, respectively)                             |  | $                  | 65,067,828 |  |                   | $ | 61,970,875 | 
|                                                                                                                                                                                               |  |                    |            |  |                   |   |            | 

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



53



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American Bar Association Members/ Northern Trust Collective Trust

2010 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                |  |                                                  |           |   |                                                  |   |           |                                                     |  |   |                                                     |   |  |   |            |  
|--------------------------------------------------------------- |  | ------------------------------------------------ | --------- | - | ------------------------------------------------ | - | --------- | --------------------------------------------------- |  | - | --------------------------------------------------- | - |  | - | ---------- | -
|                                                                |  | For the periodJuly 
1, 2010 toSeptember 30, 2010 |           |   | For the periodJuly 
1, 2009 toSeptember 30, 2009 |   |           | For the periodJanuary 
1, 2010 toSeptember 30, 2010 |  |   | For the periodJanuary 
1, 2009 toSeptember 30, 2009 |  
|Investment income                                               |  | $                                                |          |   |                                                  | $ |          |                                                     |  | $ |                                                    |   |  | $ |           |  
|                                                                |  |                                                  |           |  
|Expenses                                                        |  |                                                  |           |   |                                                  |   |           |                                                     |  |   |                                                     |   |  |   |            |  
|INGprogram fee                                                 |  |                                                  | 87,990    |   |                                                  |   | 69,118    |                                                     |  |   | 252,221                                             |   |  |   | 112,295    |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                  |          |   |                                                  |   |          |                                                     |  |   |                                                    |   |  |   | 57,705     |  
|Trustee, management and administration fees                     |  |                                                  | 19,078    |   |                                                  |   | 13,841    |                                                     |  |   | 50,320                                              |   |  |   | 40,090     |  
|Retirement Date Fund management fee                             |  |                                                  | 14,411    |   |                                                  |   | 13,284    |                                                     |  |   | 45,796                                              |   |  |   | 36,607     |  
|ABA Retirement Fundsprogram fee                                |  |                                                  | 12,254    |   |                                                  |   | 9,738     |                                                     |  |   | 35,532                                              |   |  |   | 21,741     |  
|Legal and audit fees                                            |  |                                                  | 7,749     |   |                                                  |   | 6,932     |                                                     |  |   | 21,374                                              |   |  |   | 18,131     |  
|Compliance consultant fees                                      |  |                                                  | 4,725     |   |                                                  |   | 4,028     |                                                     |  |   | 14,784                                              |   |  |   | 12,324     |  
|Reports to unitholders                                          |  |                                                  | 666       |   |                                                  |   | 2,333     |                                                     |  |   | 8,210                                               |   |  |   | 15,314     |  
|Registration fees                                               |  |                                                  | 4,013     |   |                                                  |   | 977       |                                                     |  |   | 5,522                                               |   |  |   | 2,151      |  
|Other fees                                                      |  |                                                  | 802       |   |                                                  |   | 8,667     |                                                     |  |   | 6,381                                               |   |  |   | 12,995     |  
|                                                                |  |                                                  |           |   |                                                  |   |           |                                                     |  |   |                                                     |   |  |   |            |  
|Total expenses                                                  |  |                                                  | 151,688   |   |                                                  |   | 128,918   |                                                     |  |   | 440,140                                             |   |  |   | 329,353    |  
|                                                                |  |                                                  |           |   |                                                  |   |           |                                                     |  |   |                                                     |   |  |   |            |  
|                                                                |  |                                                  |           |  
|Net investment income (loss)                                    |  |                                                  | (151,688  | ) |                                                  |   | (128,918  | )                                                   |  |   | (440,140                                            | ) |  |   | (329,353   | )
|                                                                |  |                                                  |           |   |                                                  |   |           |                                                     |  |   |                                                     |   |  |   |            |  
|                                                                |  |                                                  |           |  
|Net realized and unrealized gain (loss)                         |  |                                                  |           |   |                                                  |   |           |                                                     |  |   |                                                     |   |  |   |            |  
|Net realized gain (loss) on:                                    |  |                                                  |           |   |                                                  |   |           |                                                     |  |   |                                                     |   |  |   |            |  
|Investments                                                     |  |                                                  | 4,924,562 |   |                                                  |   | (754,479  | )                                                   |  |   | 5,800,084                                           |   |  |   | (3,442,944 | )
|                                                                |  |                                                  |           |   |                                                  |   |           |                                                     |  |   |                                                     |   |  |   |            |  
|Net realized gain (loss)                                        |  |                                                  | 4,924,562 |   |                                                  |   | (754,479  | )                                                   |  |   | 5,800,084                                           |   |  |   | (3,442,944 | )
|                                                                |  |                                                  |           |   |                                                  |   |           |                                                     |  |   |                                                     |   |  |   |            |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                                  |           |   |                                                  |   |           |                                                     |  |   |                                                     |   |  |   |            |  
|Investments                                                     |  |                                                  | 56,382    |   |                                                  |   | 6,225,186 |                                                     |  |   | (357,097                                            | ) |  |   | 10,522,950 |  
|                                                                |  |                                                  |           |   |                                                  |   |           |                                                     |  |   |                                                     |   |  |   |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                                  | 56,382    |   |                                                  |   | 6,225,186 |                                                     |  |   | (357,097                                            | ) |  |   | 10,522,950 |  
|                                                                |  |                                                  |           |   |                                                  |   |           |                                                     |  |   |                                                     |   |  |   |            |  
|Net realized and unrealized gain (loss)                         |  |                                                  | 4,980,944 |   |                                                  |   | 5,470,707 |                                                     |  |   | 5,442,987                                           |   |  |   | 7,080,006  |  
|                                                                |  |                                                  |           |   |                                                  |   |           |                                                     |  |   |                                                     |   |  |   |            |  
|                                                                |  |                                                  |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                                | 4,829,256 |   |                                                  | $ | 5,341,789 |                                                     |  | $ | 5,002,847                                           |   |  | $ | 6,750,653  |  
|                                                                |  |                                                  |           |   |                                                  |   |           |                                                     |  |   |                                                     |   |  |   |            |  

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



54



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American Bar Association Members/ Northern Trust Collective Trust

2010 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                  |             |  
|------------------------------------------------------------------ |  | ------------------------------------------------ | ----------- | -
|                                                                   |  | For the nine-monthperiod endedSeptember 30, 2010 |            
|From operations                                                    |  |                                                  |             |  
|Net investment income (loss)                                       |  | $                                                | (440,140    | )
|Net realized gain (loss)                                           |  |                                                  | 5,800,084   |  
|Change in net unrealized appreciation (depreciation)               |  |                                                  | (357,097    | )
|                                                                   |  |                                                  |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                  | 5,002,847   |  
|                                                                   |  |                                                  |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                  |             |  
|Proceeds from units issued                                         |  |                                                  | 15,337,652  |  
|Cost of units redeemed                                             |  |                                                  | (17,243,546 | )
|                                                                   |  |                                                  |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                  | (1,905,894  | )
|                                                                   |  |                                                  |             |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                  | 3,096,953   |  
|                                                                   | 
|Net Assets                                                         |  |                                                  |             |  
|Beginning of period                                                |  |                                                  | 61,970,875  |  
|                                                                   |  |                                                  |             |  
|End of period                                                      |  | $                                                | 65,067,828  |  
|                                                                   |  |                                                  |             |  
|                                                                   | 
|Number of units                                                    |  |                                                  |             |  
|Outstanding-beginning of period                                    |  |                                                  | 4,859,187   |  
|Issued                                                             |  |                                                  | 1,173,738   |  
|Redeemed                                                           |  |                                                  | (1,314,514  | )
|                                                                   |  |                                                  |             |  
|Outstanding-end of period                                          |  |                                                  | 4,718,411   |  
|                                                                   |  |                                                  |             |  

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



55



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American Bar Association Members/ Northern Trust Collective Trust

2010 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                     |    |  |   |        |   
|------------------------------------------------------------ |  | ----------------------------------------------- | ------ | -- | --------------------------------------------------- | - | ------ | ----------------------------------------------- |  | - | --------------------------------------------------- | -- |  | - | ------ | --
|                                                             |  | For the periodJuly 1,
2010 toSeptember 30, 2010 |        |    | For the periodJanuary 
1, 2010 toSeptember 30, 2010 |   |        | For the periodJuly 1,
2009 toSeptember 30, 2009 |  |   | For the periodJanuary 
1, 2009 toSeptember 30, 2009 |   
|Investment income                                           |  | $                                               |       |    |                                                     | $ |       |                                                 |  | $ |                                                    |    |  | $ |       |   
|Expenses,                                                 |  |                                                 | (0.03  | )  |                                                     |   | (0.09  | )                                               |  |   | (0.03                                               | )  |  |   | (0.08  | ) 
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                     |    |  |   |        |   
|Net investment income (loss)                                 |  |                                                 | (0.03  | )  |                                                     |   | (0.09  | )                                               |  |   | (0.03                                               | )  |  |   | (0.08  | ) 
|Net realized and unrealized gain (loss)                      |  |                                                 | 1.04   |    |                                                     |   | 1.13   |                                                 |  |   | 1.25                                                |    |  |   | 1.63   |   
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                     |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                                 | 1.01   |    |                                                     |   | 1.04   |                                                 |  |   | 1.22                                                |    |  |   | 1.55   |   
|Net asset value at beginning of period                       |  |                                                 | 12.78  |    |                                                     |   | 12.75  |                                                 |  |   | 11.31                                               |    |  |   | 10.98  |   
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                     |    |  |   |        |   
|Net asset value at end of period                             |  | $                                               | 13.79  |    |                                                     | $ | 13.79  |                                                 |  | $ | 12.53                                               |    |  | $ | 12.53  |   
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                     |    |  |   |        |   
|                                                             |  |                                                 |        |   
|Ratios/Supplemental Data:                                    |  |                                                 |        |    |                                                     |   |        |                                                 |  |   |                                                     |    |  |   |        |   
|Ratio of expenses to average net assets*,                  |  |                                                 | 0.94   | %  |                                                     |   | 0.93   | %                                               |  |   | 0.97                                                | %  |  |   | 0.90   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                 | (0.94  | )% |                                                     |   | (0.93  | )%                                              |  |   | (0.97                                               | )% |  |   | (0.90  | )%
|Portfolio turnover**,                                     |  |                                                 | 62     | %  |                                                     |   | 88     | %                                               |  |   | 13                                                  | %  |  |   | 44     | % 
|Total return**                                               |  |                                                 | 7.90   | %  |                                                     |   | 8.16   | %                                               |  |   | 10.79                                               | %  |  |   | 14.12  | % 
|Net assets at end of period (in thousands)                   |  | $                                               | 65,068 |    |                                                     | $ | 65,068 |                                                 |  | $ | 56,510                                              |    |  | $ | 56,510 |   



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

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

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

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

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

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



56



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

2020 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                                                                                |  |                    |             |  |                   |   |             | 
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ----------- |  | ----------------- | - | ----------- | 
|                                                                                                                                                                                                |  | September 30, 2010 |             |  | December 31, 2009 |  
|Assets                                                                                                                                                                                          |  |                    |             |  |                   |   |             | 
|Investments in collective investment funds, at value:                                                                                                                                           |  |                    |             |  |                   |   |             | 
|SSgA Target Retirement 2020 Securities Lending Series Fund Class I (cost $0 and $70,568,711 and units of 0 and 6,265,442 for
September 30, 2010 and December 31, 2009, respectively)            |  | $                  |            |  |                   | $ | 72,898,412  | 
|SSgA Target Retirement 2020 Non-Lending Series Fund Class A (cost $114,141,036 and $30,659,606 and units of 9,390,503 and
2,864,045 for September 30, 2010 and December 31, 2009, respectively) |  |                    | 120,048,193 |  |                   |   | 33,772,813  | 
|Receivable for investments sold                                                                                                                                                                 |  |                    | 170,248     |  |                   |   |            | 
|Receivable for fund units sold                                                                                                                                                                  |  |                    |            |  |                   |   | 299,844     | 
|Other assets                                                                                                                                                                                    |  |                    | 109         |  |                   |   |            | 
|                                                                                                                                                                                                |  |                    |             |  |                   |   |             | 
|Total assets                                                                                                                                                                                    |  |                    | 120,218,550 |  |                   |   | 106,971,069 | 
|                                                                                                                                                                                                |  |                    |             |  |                   |   |             | 
|Liabilities                                                                                                                                                                                     |  |                    |             |  |                   |   |             | 
|Payable for investments purchased                                                                                                                                                               |  |                    |            |  |                   |   | 267,837     | 
|Payable for fund units redeemed                                                                                                                                                                 |  |                    | 170,248     |  |                   |   | 32,007      | 
|Retirement Date Fund management fee payable                                                                                                                                                     |  |                    | 27,086      |  |                   |   | 8,922       | 
|INGprogram fee payable                                                                                                                                                                         |  |                    | 55,702      |  |                   |   | 45,003      | 
|Trustee, management and administration fees payable                                                                                                                                             |  |                    | 12,027      |  |                   |   | 8,613       | 
|ABA Retirement Fundsprogram fee payable                                                                                                                                                        |  |                    | 7,703       |  |                   |   | 6,423       | 
|Payable for legal and audit services                                                                                                                                                            |  |                    | 25,323      |  |                   |   |            | 
|Other accruals                                                                                                                                                                                  |  |                    | 23,970      |  |                   |   | 34,032      | 
|                                                                                                                                                                                                |  |                    |             |  |                   |   |             | 
|Total liabilities                                                                                                                                                                               |  |                    | 322,059     |  |                   |   | 402,837     | 
|                                                                                                                                                                                                |  |                    |             |  |                   |   |             | 
|                                                                                                                                                                                                |  |                   
|Net Assets(equivalent to $15.60 and $14.45 per unit based on 7,683,804 and 7,372,493 units outstanding for
September 30, 2010 and December 31, 2009, respectively)                              |  | $                  | 119,896,491 |  |                   | $ | 106,568,232 | 
|                                                                                                                                                                                                |  |                    |             |  |                   |   |             | 

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



57



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American Bar Association Members/ Northern Trust Collective Trust

2020 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | ---------- | - | ----------------------------------------------- | - | ---------- | -------------------------------------------------- |  | - | -------------------------------------------------- | - |  | - | ---------- | -
|                                                                |  | For the periodJuly 1, 2010
toSeptember 30, 2010 |            |   | For the periodJuly 1, 2009
toSeptember 30, 2009 |   |            | For the periodJanuary 1, 2010
toSeptember 30, 2010 |  |   | For the periodJanuary 1, 2009
toSeptember 30, 2009 |  
|Investment income                                               |  | $                                               |           |   |                                                 | $ |           |                                                    |  | $ |                                                   |   |  | $ |           |  
|                                                                |  |                                                 |            |  
|Expenses                                                        |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|INGprogram fee                                                 |  |                                                 | 155,197    |   |                                                 |   | 118,555    |                                                    |  |   | 444,420                                            |   |  |   | 185,530    |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 |           |   |                                                 |   |           |                                                    |  |   |                                                   |   |  |   | 90,050     |  
|Trustee, management and administration fees                     |  |                                                 | 33,862     |   |                                                 |   | 23,725     |                                                    |  |   | 88,874                                             |   |  |   | 64,577     |  
|Retirement Date Fund management fee                             |  |                                                 | 27,086     |   |                                                 |   | 22,785     |                                                    |  |   | 82,350                                             |   |  |   | 59,083     |  
|ABA Retirement Fundsprogram fee                                |  |                                                 | 21,755     |   |                                                 |   | 16,701     |                                                    |  |   | 62,729                                             |   |  |   | 35,395     |  
|Legal and audit fees                                            |  |                                                 | 13,581     |   |                                                 |   | 11,804     |                                                    |  |   | 37,581                                             |   |  |   | 29,280     |  
|Compliance consultant fees                                      |  |                                                 | 8,282      |   |                                                 |   | 6,858      |                                                    |  |   | 26,000                                             |   |  |   | 19,813     |  
|Reports to unitholders                                          |  |                                                 | 1,169      |   |                                                 |   | 3,972      |                                                    |  |   | 14,458                                             |   |  |   | 24,203     |  
|Registration fees                                               |  |                                                 | 7,035      |   |                                                 |   | 1,664      |                                                    |  |   | 9,692                                              |   |  |   | 3,497      |  
|Other fees                                                      |  |                                                 | 1,413      |   |                                                 |   | 14,759     |                                                    |  |   | 11,239                                             |   |  |   | 21,513     |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|Total expenses                                                  |  |                                                 | 269,380    |   |                                                 |   | 220,823    |                                                    |  |   | 777,343                                            |   |  |   | 532,941    |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |            |  
|Net investment income (loss)                                    |  |                                                 | (269,380   | ) |                                                 |   | (220,823   | )                                                  |  |   | (777,343                                           | ) |  |   | (532,941   | )
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |            |  
|Net realized and unrealized gain (loss)                         |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|Net realized gain (loss) on:                                    |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|Investments                                                     |  |                                                 | 7,839,106  |   |                                                 |   | (2,146,560 | )                                                  |  |   | 9,051,917                                          |   |  |   | (8,746,037 | )
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|Net realized gain (loss)                                        |  |                                                 | 7,839,106  |   |                                                 |   | (2,146,560 | )                                                  |  |   | 9,051,917                                          |   |  |   | (8,746,037 | )
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |            |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|Investments                                                     |  |                                                 | 3,324,481  |   |                                                 |   | 13,992,082 |                                                    |  |   | 464,249                                            |   |  |   | 23,455,119 |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                                 | 3,324,481  |   |                                                 |   | 13,992,082 |                                                    |  |   | 464,249                                            |   |  |   | 23,455,119 |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|Net realized and unrealized gain (loss)                         |  |                                                 | 11,163,587 |   |                                                 |   | 11,845,522 |                                                    |  |   | 9,516,166                                          |   |  |   | 14,709,082 |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |            |  
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 10,894,207 |   |                                                 | $ | 11,624,699 |                                                    |  | $ | 8,738,823                                          |   |  | $ | 14,176,141 |  
|                                                                |  |                                                 |            |   |                                                 |   |            |                                                    |  |   |                                                    |   |  |   |            |  

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



58



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American Bar Association Members/ Northern Trust Collective Trust

2020 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                   |             |  
|------------------------------------------------------------------ |  | ------------------------------------------------- | ----------- | -
|                                                                   |  | For the 
nine-monthperiod endedSeptember 30, 2010 |            
|From operations                                                    |  |                                                   |             |  
|Net investment income (loss)                                       |  | $                                                 | (777,343    | )
|Net realized gain (loss)                                           |  |                                                   | 9,051,917   |  
|Change in net unrealized appreciation (depreciation)               |  |                                                   | 464,249     |  
|                                                                   |  |                                                   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                   | 8,738,823   |  
|                                                                   |  |                                                   |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                   |             |  
|Proceeds from units issued                                         |  |                                                   | 29,364,926  |  
|Cost of units redeemed                                             |  |                                                   | (24,775,490 | )
|                                                                   |  |                                                   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                   | 4,589,436   |  
|                                                                   |  |                                                   |             |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                   | 13,328,259  |  
|                                                                   | 
|Net Assets                                                         |  |                                                   |             |  
|Beginning of period                                                |  |                                                   | 106,568,232 |  
|                                                                   |  |                                                   |             |  
|End of period                                                      |  | $                                                 | 119,896,491 |  
|                                                                   |  |                                                   |             |  
|Number of units                                                    |  |                                                   |             |  
|Outstanding-beginning of period                                    |  |                                                   | 7,372,493   |  
|Issued                                                             |  |                                                   | 1,977,080   |  
|Redeemed                                                           |  |                                                   | (1,665,769  | )
|                                                                   |  |                                                   |             |  
|Outstanding-end of period                                          |  |                                                   | 7,683,804   |  
|                                                                   |  |                                                   |             |  

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



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American Bar Association Members/ Northern Trust Collective Trust

2020 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |         |    |                                                     |   |         |                                                 |  |   |                                                     |    |  |   |        |   
|------------------------------------------------------------ |  | ----------------------------------------------- | ------- | -- | --------------------------------------------------- | - | ------- | ----------------------------------------------- |  | - | --------------------------------------------------- | -- |  | - | ------ | --
|                                                             |  | For the periodJuly 1,
2010 toSeptember 30, 2010 |         |    | For the periodJanuary 1, 2010 toSeptember 30, 
2010 |   |         | For the periodJuly 1,
2009 toSeptember 30, 2009 |  |   | For the periodJanuary 1, 2009 toSeptember 30, 
2009 |   
|Investment income                                           |  | $                                               |        |    |                                                     | $ |        |                                                 |  | $ |                                                    |    |  | $ |       |   
|Expenses,                                                 |  |                                                 | (0.04   | )  |                                                     |   | (0.10   | )                                               |  |   | (0.03                                               | )  |  |   | (0.08  | ) 
|                                                             |  |                                                 |         |    |                                                     |   |         |                                                 |  |   |                                                     |    |  |   |        |   
|Net investment income (loss)                                 |  |                                                 | (0.04   | )  |                                                     |   | (0.10   | )                                               |  |   | (0.03                                               | )  |  |   | (0.08  | ) 
|Net realized and unrealized gain (loss)                      |  |                                                 | 1.47    |    |                                                     |   | 1.25    |                                                 |  |   | 1.75                                                |    |  |   | 2.25   |   
|                                                             |  |                                                 |         |    |                                                     |   |         |                                                 |  |   |                                                     |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                                                 | 1.43    |    |                                                     |   | 1.15    |                                                 |  |   | 1.72                                                |    |  |   | 2.17   |   
|Net asset value at beginning of period                       |  |                                                 | 14.17   |    |                                                     |   | 14.45   |                                                 |  |   | 12.36                                               |    |  |   | 11.91  |   
|                                                             |  |                                                 |         |    |                                                     |   |         |                                                 |  |   |                                                     |    |  |   |        |   
|Net asset value at end of period                             |  | $                                               | 15.60   |    |                                                     | $ | 15.60   |                                                 |  | $ | 14.08                                               |    |  | $ | 14.08  |   
|                                                             |  |                                                 |         |    |                                                     |   |         |                                                 |  |   |                                                     |    |  |   |        |   
|                                                             |  |                                                 |         |   
|Ratios/Supplemental Data:                                    |  |                                                 |         |    |                                                     |   |         |                                                 |  |   |                                                     |    |  |   |        |   
|Ratio of expenses to average net assets*,                  |  |                                                 | 0.93    | %  |                                                     |   | 0.92    | %                                               |  |   | 0.97                                                | %  |  |   | 0.90   | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                 | (0.93   | )% |                                                     |   | (0.92   | )%                                              |  |   | (0.97                                               | )% |  |   | (0.90  | )%
|Portfolio turnover**,                                     |  |                                                 | 61      | %  |                                                     |   | 87      | %                                               |  |   | 14                                                  | %  |  |   | 40     | % 
|Total return**                                               |  |                                                 | 10.12   | %  |                                                     |   | 7.99    | %                                               |  |   | 13.92                                               | %  |  |   | 18.22  | % 
|Net assets at end of period (in thousands)                   |  | $                                               | 119,896 |    |                                                     | $ | 119,896 |                                                 |  | $ | 97,360                                              |    |  | $ | 97,360 |   



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

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

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

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

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

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



60



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American Bar Association Members/ Northern Trust Collective Trust

2030 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                                                                               |  |                    |            |  |                   |   |            | 
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ---------- |  | ----------------- | - | ---------- | 
|                                                                                                                                                                                               |  | September 30, 2010 |            |  | December 31, 2009 |  
|Assets                                                                                                                                                                                         |  |                    |            |  |                   |   |            | 
|Investments in collective investment funds, at value:                                                                                                                                          |  |                    |            |  |                   |   |            | 
|SSgA Target Retirement 2030 Securities Lending Series Fund Class I (cost $0 and $51,752,852 and units of 0 and 4,600,846 for
September 30, 2010 and December 31, 2009, respectively)           |  | $                  |           |  |                   | $ | 52,757,899 | 
|SSgA Target Retirement 2030 Non-Lending Series Fund Class A (cost $90,845,619 and $21,750,970 and units of 7,395,734 and
2,016,817 for September 30, 2010 and December 31, 2009, respectively) |  |                    | 96,218,499 |  |                   |   | 24,340,964 | 
|Receivable for investments sold                                                                                                                                                                |  |                    | 306,098    |  |                   |   |           | 
|Receivable for fund units sold                                                                                                                                                                 |  |                    |           |  |                   |   | 373,665    | 
|Other assets                                                                                                                                                                                   |  |                    | 87         |  |                   |   |           | 
|                                                                                                                                                                                               |  |                    |            |  |                   |   |            | 
|Total assets                                                                                                                                                                                   |  |                    | 96,524,684 |  |                   |   | 77,472,528 | 
|                                                                                                                                                                                               |  |                    |            |  |                   |   |            | 
|Liabilities                                                                                                                                                                                    |  |                    |            |  |                   |   |            | 
|Payable for investments purchased                                                                                                                                                              |  |                    |           |  |                   |   | 224,238    | 
|Payable for fund units redeemed                                                                                                                                                                |  |                    | 306,098    |  |                   |   | 149,427    | 
|Retirement Date Fund management fee payable                                                                                                                                                    |  |                    | 22,691     |  |                   |   | 6,420      | 
|INGprogram fee payable                                                                                                                                                                        |  |                    | 43,879     |  |                   |   | 32,407     | 
|Trustee, management and administration fees payable                                                                                                                                            |  |                    | 9,568      |  |                   |   | 6,198      | 
|ABA Retirement Fundsprogram fee payable                                                                                                                                                       |  |                    | 6,141      |  |                   |   | 4,622      | 
|Other accruals                                                                                                                                                                                 |  |                    | 38,134     |  |                   |   | 24,201     | 
|                                                                                                                                                                                               |  |                    |            |  |                   |   |            | 
|Total liabilities                                                                                                                                                                              |  |                    | 426,511    |  |                   |   | 447,513    | 
|                                                                                                                                                                                               |  |                    |            |  |                   |   |            | 
|                                                                                                                                                                                               |  |                   
|Net Assets(equivalent to $17.21 and $16.03 per unit based on 5,585,615 and 4,804,674 units outstanding for
September 30, 2010 and December 31, 2009, respectively)                             |  | $                  | 96,098,173 |  |                   | $ | 77,025,015 | 
|                                                                                                                                                                                               |  |                    |            |  |                   |   |            | 

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



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American Bar Association Members/ Northern Trust Collective Trust

2030 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |           |   |                                                 |   |            |                                                     |  |   |                                                    |   |  |   |            |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | --------- | - | ----------------------------------------------- | - | ---------- | --------------------------------------------------- |  | - | -------------------------------------------------- | - |  | - | ---------- | -
|                                                                |  | For the periodJuly 1,
2010 toSeptember 30, 2010 |           |   | For the periodJuly 1, 2009 toSeptember 30, 2009 |   |            | For the periodJanuary 1, 2010 toSeptember 30, 
2010 |  |   | For the periodJanuary 1, 2009 toSeptember 30, 2009 |  
|Investment income                                               |  | $                                               |          |   |                                                 | $ |           |                                                     |  | $ |                                                   |   |  | $ |           |  
|                                                                |  |                                                 |           |  
|Expenses                                                        |  |                                                 |           |   |                                                 |   |            |                                                     |  |   |                                                    |   |  |   |            |  
|INGprogram fee                                                 |  |                                                 | 121,025   |   |                                                 |   | 83,232     |                                                     |  |   | 340,186                                            |   |  |   | 131,086    |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 |          |   |                                                 |   |           |                                                     |  |   |                                                   |   |  |   | 61,701     |  
|Trustee, management and administration fees                     |  |                                                 | 26,486    |   |                                                 |   | 16,654     |                                                     |  |   | 68,167                                             |   |  |   | 45,071     |  
|Retirement Date Fund management fee                             |  |                                                 | 22,691    |   |                                                 |   | 15,993     |                                                     |  |   | 64,563                                             |   |  |   | 41,263     |  
|ABA Retirement Fundsprogram fee                                |  |                                                 | 17,036    |   |                                                 |   | 11,723     |                                                     |  |   | 48,083                                             |   |  |   | 24,742     |  
|Legal and audit fees                                            |  |                                                 | 10,731    |   |                                                 |   | 8,313      |                                                     |  |   | 28,916                                             |   |  |   | 20,367     |  
|Compliance consultant fees                                      |  |                                                 | 6,544     |   |                                                 |   | 4,830      |                                                     |  |   | 19,969                                             |   |  |   | 13,706     |  
|Reports to unitholders                                          |  |                                                 | 921       |   |                                                 |   | 2,797      |                                                     |  |   | 10,989                                             |   |  |   | 16,898     |  
|Registration fees                                               |  |                                                 | 5,560     |   |                                                 |   | 1,172      |                                                     |  |   | 7,573                                              |   |  |   | 2,428      |  
|Other fees                                                      |  |                                                 | 1,127     |   |                                                 |   | 10,393     |                                                     |  |   | 8,572                                              |   |  |   | 15,053     |  
|                                                                |  |                                                 |           |   |                                                 |   |            |                                                     |  |   |                                                    |   |  |   |            |  
|Total expenses                                                  |  |                                                 | 212,121   |   |                                                 |   | 155,107    |                                                     |  |   | 597,018                                            |   |  |   | 372,315    |  
|                                                                |  |                                                 |           |   |                                                 |   |            |                                                     |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |           |  
|Net investment income (loss)                                    |  |                                                 | (212,121  | ) |                                                 |   | (155,107   | )                                                   |  |   | (597,018                                           | ) |  |   | (372,315   | )
|                                                                |  |                                                 |           |   |                                                 |   |            |                                                     |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |           |  
|Net realized and unrealized gain (loss)                         |  |                                                 |           |   |                                                 |   |            |                                                     |  |   |                                                    |   |  |   |            |  
|Net realized gain (loss) on:                                    |  |                                                 |           |   |                                                 |   |            |                                                     |  |   |                                                    |   |  |   |            |  
|Investments                                                     |  |                                                 | 5,019,930 |   |                                                 |   | (2,517,718 | )                                                   |  |   | 4,982,174                                          |   |  |   | (7,421,433 | )
|                                                                |  |                                                 |           |   |                                                 |   |            |                                                     |  |   |                                                    |   |  |   |            |  
|Net realized gain (loss)                                        |  |                                                 | 5,019,930 |   |                                                 |   | (2,517,718 | )                                                   |  |   | 4,982,174                                          |   |  |   | (7,421,433 | )
|                                                                |  |                                                 |           |   |                                                 |   |            |                                                     |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |           |  
|Change in net unrealized appreciation (depreciation) on:        |  |                                                 |           |   |                                                 |   |            |                                                     |  |   |                                                    |   |  |   |            |  
|Investments                                                     |  |                                                 | 4,761,320 |   |                                                 |   | 11,855,556 |                                                     |  |   | 1,777,839                                          |   |  |   | 19,501,090 |  
|                                                                |  |                                                 |           |   |                                                 |   |            |                                                     |  |   |                                                    |   |  |   |            |  
|Change in net unrealized appreciation (depreciation)            |  |                                                 | 4,761,320 |   |                                                 |   | 11,855,556 |                                                     |  |   | 1,777,839                                          |   |  |   | 19,501,090 |  
|                                                                |  |                                                 |           |   |                                                 |   |            |                                                     |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |           |  
|Net realized and unrealized gain (loss)                         |  |                                                 | 9,781,250 |   |                                                 |   | 9,337,838  |                                                     |  |   | 6,760,013                                          |   |  |   | 12,079,657 |  
|                                                                |  |                                                 |           |   |                                                 |   |            |                                                     |  |   |                                                    |   |  |   |            |  
|                                                                |  |                                                 |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 9,569,129 |   |                                                 | $ | 9,182,731  |                                                     |  | $ | 6,162,995                                          |   |  | $ | 11,707,342 |  
|                                                                |  |                                                 |           |   |                                                 |   |            |                                                     |  |   |                                                    |   |  |   |            |  

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



62



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American Bar Association Members/ Northern Trust Collective Trust

2030 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                   |             |  
|------------------------------------------------------------------ |  | ------------------------------------------------- | ----------- | -
|                                                                   |  | For the 
nine-monthperiod endedSeptember 30, 2010 |            
|From operations                                                    |  |                                                   |             |  
|Net investment income (loss)                                       |  | $                                                 | (597,018    | )
|Net realized gain (loss)                                           |  |                                                   | 4,982,174   |  
|Change in net unrealized appreciation (depreciation)               |  |                                                   | 1,777,839   |  
|                                                                   |  |                                                   |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                   | 6,162,995   |  
|                                                                   |  |                                                   |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                   |             |  
|Proceeds from units issued                                         |  |                                                   | 26,737,417  |  
|Cost of units redeemed                                             |  |                                                   | (13,827,254 | )
|                                                                   |  |                                                   |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                   | 12,910,163  |  
|                                                                   |  |                                                   |             |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                   | 19,073,158  |  
|                                                                   | 
|Net Assets                                                         |  |                                                   |             |  
|Beginning of period                                                |  |                                                   | 77,025,015  |  
|                                                                   |  |                                                   |             |  
|End of period                                                      |  | $                                                 | 96,098,173  |  
|                                                                   |  |                                                   |             |  
|                                                                   | 
|Number of units                                                    |  |                                                   |             |  
|Outstanding-beginning of period                                    |  |                                                   | 4,804,674   |  
|Issued                                                             |  |                                                   | 1,629,263   |  
|Redeemed                                                           |  |                                                   | (848,322    | )
|                                                                   |  |                                                   |             |  
|Outstanding-end of period                                          |  |                                                   | 5,585,615   |  
|                                                                   |  |                                                   |             |  

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



63



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American Bar Association Members/ Northern Trust Collective Trust

2030 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                    |        |    |                    |   |        |                    |  |   |                    |    |  |   |        |   
|------------------------------------------------------------ |  | ------------------ | ------ | -- | ------------------ | - | ------ | ------------------ |  | - | ------------------ | -- |  | - | ------ | --
|                                                             |  | For the period     |        |    | For the period     |   |        | For the period     |  |   | For the period     |   
|                                                             |  | July 1, 2010 to    |        |    | January 1, 2010 to |   |        | July 1, 2009 to    |  |   | January 1, 2009 to |   
|                                                             |  | September 30, 2010 |        |    | September 30, 2010 |   |        | September 30, 2009 |  |   | September 30, 2009 |   
|Investment income                                           |  | $                  |       |    |                    | $ |       |                    |  | $ |                   |    |  | $ |       |   
|Expenses,                                                 |  |                    | 0.03   |    |                    |   | 0.11   |                    |  |   | (0.04              | )  |  |   | (0.09  | ) 
|                                                             |  |                    |        |    |                    |   |        |                    |  |   |                    |    |  |   |        |   
|Net investment income (loss)                                 |  |                    | (0.03  | )  |                    |   | (0.11  | )                  |  |   | (0.04              | )  |  |   | (0.09  | ) 
|Net realized and unrealized gain (loss)                      |  |                    | 1.79   |    |                    |   | 1.29   |                    |  |   | 2.15               |    |  |   | 2.80   |   
|                                                             |  |                    |        |    |                    |   |        |                    |  |   |                    |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                    | 1.76   |    |                    |   | 1.18   |                    |  |   | 2.11               |    |  |   | 2.71   |   
|Net asset value at beginning of period                       |  |                    | 15.45  |    |                    |   | 16.03  |                    |  |   | 13.39              |    |  |   | 12.79  |   
|                                                             |  |                    |        |    |                    |   |        |                    |  |   |                    |    |  |   |        |   
|Net asset value at end of period                             |  | $                  | 17.21  |    |                    | $ | 17.21  |                    |  | $ | 15.50              |    |  | $ | 15.50  |   
|                                                             |  |                    |        |    |                    |   |        |                    |  |   |                    |    |  |   |        |   
|                                                             |  |                    |        |   
|Ratios/Supplemental Data:                                    |  |                    |        |    |                    |   |        |                    |  |   |                    |    |  |   |        |   
|Ratio of expenses to average net assets*,                  |  |                    | 0.93   | %  |                    |   | 0.92   | %                  |  |   | 0.97               | %  |  |   | 0.90   | % 
|Ratio of net investment income (loss) to average net assets* |  |                    | (0.93  | )% |                    |   | (0.92  | )%                 |  |   | (0.97              | )% |  |   | (0.90  | )%
|Portfolio turnover**,                                     |  |                    | 58     | %  |                    |   | 81     | %                  |  |   | 13                 | %  |  |   | 38     | % 
|Total return**                                               |  |                    | 11.36  | %  |                    |   | 7.33   | %                  |  |   | 15.76              | %  |  |   | 21.19  | % 
|Net assets at end of period (in thousands)                   |  | $                  | 96,098 |    |                    | $ | 96,098 |                    |  | $ | 68,655             |    |  | $ | 68,655 |   



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

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

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

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

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

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



64



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American Bar Association Members/ Northern Trust Collective Trust

2040 Retirement Date Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                                                                               |  |                    |            |  |                   |   |            | 
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ---------- |  | ----------------- | - | ---------- | 
|                                                                                                                                                                                               |  | September 30, 2010 |            |  | December 31, 2009 |  
|Assets                                                                                                                                                                                         |  |                    |            |  |                   |   |            | 
|Investments in collective investment funds, at value:                                                                                                                                          |  |                    |            |  |                   |   |            | 
|SSgA Target Retirement 2040 Securities Lending Series Fund Class I (cost $0 and $31,735,746 and units of 0 and 2,903,818 for
September 30, 2010 and December 31, 2009, respectively)           |  | $                  |           |  |                   | $ | 33,605,889 | 
|SSgA Target Retirement 2040 Non-Lending Series Fund Class A (cost $53,946,212 and $14,209,070 and units of 4,369,913 and
1,313,834 for September 30, 2010 and December 31, 2009, respectively) |  |                    | 57,079,804 |  |                   |   | 16,055,054 | 
|Receivable for investments sold                                                                                                                                                                |  |                    | 122,145    |  |                   |   |           | 
|Receivable for fund units sold                                                                                                                                                                 |  |                    |           |  |                   |   | 336,249    | 
|Other assets                                                                                                                                                                                   |  |                    | 50         |  |                   |   |           | 
|                                                                                                                                                                                               |  |                    |            |  |                   |   |            | 
|Total assets                                                                                                                                                                                   |  |                    | 57,201,999 |  |                   |   | 49,997,192 | 
|                                                                                                                                                                                               |  |                    |            |  |                   |   |            | 
|Liabilities                                                                                                                                                                                    |  |                    |            |  |                   |   |            | 
|Payable for investments purchased                                                                                                                                                              |  |                    |           |  |                   |   | 334,639    | 
|Payable for fund units redeemed                                                                                                                                                                |  |                    | 122,145    |  |                   |   | 1,610      | 
|Retirement Date Fund management fee payable                                                                                                                                                    |  |                    | 13,202     |  |                   |   | 4,114      | 
|INGprogram fee payable                                                                                                                                                                        |  |                    | 26,173     |  |                   |   | 20,767     | 
|Trustee, management and administration fees payable                                                                                                                                            |  |                    | 5,609      |  |                   |   | 3,971      | 
|ABA Retirement Fundsprogram fee payable                                                                                                                                                       |  |                    | 3,603      |  |                   |   | 2,960      | 
|Payable for legal and audit services                                                                                                                                                           |  |                    | 11,962     |  |                   |   |           | 
|Other accruals                                                                                                                                                                                 |  |                    | 11,311     |  |                   |   | 15,635     | 
|                                                                                                                                                                                               |  |                    |            |  |                   |   |            | 
|Total liabilities                                                                                                                                                                              |  |                    | 194,005    |  |                   |   | 383,696    | 
|                                                                                                                                                                                               |  |                    |            |  |                   |   |            | 
|                                                                                                                                                                                               |  |                   
|Net Assets(equivalent to $18.96 and $17.83 per unit based on 3,006,792 and 2,782,633 units outstanding for
September 30, 2010 and December 31, 2009, respectively)                             |  | $                  | 57,007,994 |  |                   | $ | 49,613,496 | 
|                                                                                                                                                                                               |  |                    |            |  |                   |   |            | 

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



65



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American Bar Association Members/ Northern Trust Collective Trust

2040 Retirement Date Fund

Statement of Operations

Unaudited



|                                                                |  |                    |           |   |                    |   |            |                    |  |   |                    |   |  |   |            |  
|--------------------------------------------------------------- |  | ------------------ | --------- | - | ------------------ | - | ---------- | ------------------ |  | - | ------------------ | - |  | - | ---------- | -
|                                                                |  | For the period     |           |   | For the period     |   |            | For the period     |  |   | For the period     |  
|                                                                |  | July 1, 2010 to    |           |   | July 1, 2009 to    |   |            | January 1, 2010 to |  |   | January 1, 2009 to |  
|                                                                |  | September 30, 2010 |           |   | September 30, 2009 |   |            | September 30, 2010 |  |   | September 30, 2009 |  
|Investment income                                               |  | $                  |          |   |                    | $ |           |                    |  | $ |                   |   |  | $ |           |  
|                                                                |  |                    |           |  
|Expenses                                                        |  |                    |           |   |                    |   |            |                    |  |   |                    |   |  |   |            |  
|INGprogram fee                                                 |  |                    | 73,253    |   |                    |   | 55,018     |                    |  |   | 210,020            |   |  |   | 86,497     |  
|State Street Bank and Trust Companyprogram fee                 |  |                    |          |   |                    |   |           |                    |  |   |                   |   |  |   | 37,789     |  
|Trustee, management and administration fees                     |  |                    | 15,930    |   |                    |   | 11,006     |                    |  |   | 41,946             |   |  |   | 28,872     |  
|Retirement Date Fund management fee                             |  |                    | 13,202    |   |                    |   | 10,569     |                    |  |   | 39,339             |   |  |   | 26,478     |  
|ABA Retirement Fundsprogram fee                                |  |                    | 10,252    |   |                    |   | 7,748      |                    |  |   | 29,629             |   |  |   | 15,951     |  
|Legal and audit fees                                            |  |                    | 6,416     |   |                    |   | 5,492      |                    |  |   | 17,763             |   |  |   | 12,974     |  
|Compliance consultant fees                                      |  |                    | 3,911     |   |                    |   | 3,191      |                    |  |   | 12,288             |   |  |   | 8,643      |  
|Reports to unitholders                                          |  |                    | 554       |   |                    |   | 1,848      |                    |  |   | 6,837              |   |  |   | 10,738     |  
|Registration fees                                               |  |                    | 3,324     |   |                    |   | 774        |                    |  |   | 4,581              |   |  |   | 1,546      |  
|Other fees                                                      |  |                    | 674       |   |                    |   | 6,868      |                    |  |   | 5,320              |   |  |   | 9,760      |  
|                                                                |  |                    |           |   |                    |   |            |                    |  |   |                    |   |  |   |            |  
|Total expenses                                                  |  |                    | 127,516   |   |                    |   | 102,514    |                    |  |   | 367,723            |   |  |   | 239,248    |  
|                                                                |  |                    |           |   |                    |   |            |                    |  |   |                    |   |  |   |            |  
|                                                                |  |                    |           |  
|Net investment income (loss)                                    |  |                    | (127,516  | ) |                    |   | (102,514   | )                  |  |   | (367,723           | ) |  |   | (239,248   | )
|                                                                |  |                    |           |   |                    |   |            |                    |  |   |                    |   |  |   |            |  
|                                                                |  |                    |           |  
|Net realized and unrealized gain (loss)                         |  |                    |           |   |                    |   |            |                    |  |   |                    |   |  |   |            |  
|Net realized gain (loss) on:                                    |  |                    |           |   |                    |   |            |                    |  |   |                    |   |  |   |            |  
|Investments                                                     |  |                    | 4,517,729 |   |                    |   | (1,848,274 | )                  |  |   | 4,222,761          |   |  |   | (4,879,346 | )
|                                                                |  |                    |           |   |                    |   |            |                    |  |   |                    |   |  |   |            |  
|Net realized gain (loss)                                        |  |                    | 4,517,729 |   |                    |   | (1,848,274 | )                  |  |   | 4,222,761          |   |  |   | (4,879,346 | )
|                                                                |  |                    |           |   |                    |   |            |                    |  |   |                    |   |  |   |            |  
|Change in net unrealized appreciation (depreciation) on:        |  |                    |           |   |                    |   |            |                    |  |   |                    |   |  |   |            |  
|Investments                                                     |  |                    | 1,724,596 |   |                    |   | 8,314,114  |                    |  |   | (582,535           | ) |  |   | 13,673,381 |  
|                                                                |  |                    |           |   |                    |   |            |                    |  |   |                    |   |  |   |            |  
|Change in net unrealized appreciation (depreciation)            |  |                    | 1,724,596 |   |                    |   | 8,314,114  |                    |  |   | (582,535           | ) |  |   | 13,673,381 |  
|                                                                |  |                    |           |   |                    |   |            |                    |  |   |                    |   |  |   |            |  
|                                                                |  |                    |           |  
|Net realized and unrealized gain (loss)                         |  |                    | 6,242,325 |   |                    |   | 6,465,840  |                    |  |   | 3,640,226          |   |  |   | 8,794,035  |  
|                                                                |  |                    |           |   |                    |   |            |                    |  |   |                    |   |  |   |            |  
|                                                                |  |                    |           |  
|Net increase (decrease) in net assets resulting from operations |  | $                  | 6,114,809 |   |                    | $ | 6,363,326  |                    |  | $ | 3,272,503          |   |  | $ | 8,554,787  |  
|                                                                |  |                    |           |   |                    |   |            |                    |  |   |                    |   |  |   |            |  

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



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American Bar Association Members/ Northern Trust Collective Trust

2040 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                    |             |  
|------------------------------------------------------------------ |  | ------------------ | ----------- | -
|                                                                   |  | For the nine-month |            
|                                                                   |  | period ended       |            
|                                                                   |  | September 30, 2010 |            
|From operations                                                    |  |                    |             |  
|Net investment income (loss)                                       |  | $                  | (367,723    | )
|Net realized gain (loss)                                           |  |                    | 4,222,761   |  
|Change in net unrealized appreciation (depreciation)               |  |                    | (582,535    | )
|                                                                   |  |                    |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                    | 3,272,503   |  
|                                                                   |  |                    |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                    |             |  
|Proceeds from units issued                                         |  |                    | 15,403,723  |  
|Cost of units redeemed                                             |  |                    | (11,281,728 | )
|                                                                   |  |                    |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                    | 4,121,995   |  
|                                                                   |  |                    |             |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                    | 7,394,498   |  
|                                                                   | 
|Net Assets                                                         |  |                    |             |  
|Beginning of period                                                |  |                    | 49,613,496  |  
|                                                                   |  |                    |             |  
|End of period                                                      |  | $                  | 57,007,994  |  
|                                                                   |  |                    |             |  
|                                                                   | 
|Number of units                                                    |  |                    |             |  
|Outstanding-beginning of period                                    |  |                    | 2,782,633   |  
|Issued                                                             |  |                    | 849,148     |  
|Redeemed                                                           |  |                    | (624,989    | )
|                                                                   |  |                    |             |  
|Outstanding-end of period                                          |  |                    | 3,006,792   |  
|                                                                   |  |                    |             |  

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



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American Bar Association Members/ Northern Trust Collective Trust

2040 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                    |        |    |                    |   |        |                    |  |   |                    |    |  |   |        |   
|------------------------------------------------------------ |  | ------------------ | ------ | -- | ------------------ | - | ------ | ------------------ |  | - | ------------------ | -- |  | - | ------ | --
|                                                             |  | For the period     |        |    | For the period     |   |        | For the period     |  |   | For the period     |   
|                                                             |  | July 1, 2010 to    |        |    | January 1, 2010 to |   |        | July 1, 2009 to    |  |   | January 1, 2009 to |   
|                                                             |  | September 30, 2010 |        |    | September 30, 2010 |   |        | September 30, 2009 |  |   | September 30, 2009 |   
|Investment income                                           |  | $                  |       |    |                    | $ |       |                    |  | $ |                   |    |  | $ |       |   
|Expenses,                                                 |  |                    | (0.04  | )  |                    |   | (0.12  | )                  |  |   | (0.04              | )  |  |   | (0.10  | ) 
|                                                             |  |                    |        |    |                    |   |        |                    |  |   |                    |    |  |   |        |   
|Net investment income (loss)                                 |  |                    | (0.04  | )  |                    |   | (0.12  | )                  |  |   | (0.04              | )  |  |   | (0.10  | ) 
|Net realized and unrealized gain (loss)                      |  |                    | 2.07   |    |                    |   | 1.25   |                    |  |   | 2.48               |    |  |   | 3.34   |   
|                                                             |  |                    |        |    |                    |   |        |                    |  |   |                    |    |  |   |        |   
|Net increase (decrease) in unit value                        |  |                    | 2.03   |    |                    |   | 1.13   |                    |  |   | 2.44               |    |  |   | 3.24   |   
|Net asset value at beginning of period                       |  |                    | 16.93  |    |                    |   | 17.83  |                    |  |   | 14.71              |    |  |   | 13.91  |   
|                                                             |  |                    |        |    |                    |   |        |                    |  |   |                    |    |  |   |        |   
|Net asset value at end of period                             |  | $                  | 18.96  |    |                    | $ | 18.96  |                    |  | $ | 17.15              |    |  | $ | 17.15  |   
|                                                             |  |                    |        |    |                    |   |        |                    |  |   |                    |    |  |   |        |   
|                                                             |  |                    |        |   
|Ratios/Supplemental Data:                                    |  |                    |        |    |                    |   |        |                    |  |   |                    |    |  |   |        |   
|Ratio of expenses to average net assets*,                  |  |                    | 0.93   | %  |                    |   | 0.92   | %                  |  |   | 0.97               | %  |  |   | 0.90   | % 
|Ratio of net investment income (loss) to average net assets* |  |                    | (0.93  | )% |                    |   | (0.92  | )%                 |  |   | (0.97              | )% |  |   | (0.90  | )%
|Portfolio turnover**,                                     |  |                    | 59     | %  |                    |   | 82     | %                  |  |   | 14                 | %  |  |   | 38     | % 
|Total return**                                               |  |                    | 11.99  | %  |                    |   | 6.34   | %                  |  |   | 16.59              | %  |  |   | 23.29  | % 
|Net assets at end of period (in thousands)                   |  | $                  | 57,008 |    |                    | $ | 57,008 |                    |  | $ | 45,937             |    |  | $ | 45,937 |   



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

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

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

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

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

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



68



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American Bar Association Members/ Northern Trust Collective Trust

Conservative Risk Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                                                                                  |  |                    |            |  |                   |   |           | 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ---------- |  | ----------------- | - | --------- | 
|                                                                                                                                                                                                  |  | September 30, 2010 |            |  | December 31, 2009 |  
|Assets                                                                                                                                                                                            |  |                    |            |  |                   |   |           | 
|Investments in affiliated funds, at value:                                                                                                                                                        |  |                    |            |  |                   |   |           | 
|Northern Trust Global Investments - Collective Short Term Investment Fund (cost $843,780 and $0 and units of 843,780 and 0 for
September 30, 2010 and December 31, 2009, respectively)            |  | $                  | 843,780    |  |                   | $ |          | 
|Investments in collective investment funds, at value:                                                                                                                                             |  |                    |            |  |                   |   |           | 
|SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $7,715,850 and $3,065,157 and units of 709,465 and 296,295 for
September 30, 2010 and December 31, 2009, respectively)                 |  |                    | 8,029,720  |  |                   |   | 3,106,356 | 
|SSgA Russell All Cap Index Non-Lending Series Fund Class A (cost $2,404,621 and $889,822 and units of 173,645 and 70,594 for
September 30, 2010 and December 31, 2009, respectively)              |  |                    | 2,548,409  |  |                   |   | 988,386   | 
|SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A (cost $1,393,347 and $548,745 and units of 69,753 and
28,964 for September 30, 2010 and December 31, 2009, respectively) |  |                    | 1,454,902  |  |                   |   | 564,792   | 
|SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $783,689 and $281,083 and units of 35,110 and 16,111 for
September 30, 2010 and December 31, 2009, respectively)                  |  |                    | 879,253    |  |                   |   | 338,875   | 
|SSgA International Index Non-Lending Series Fund Class A (cost $743,897 and $286,314 and units of 62,270 and 24,523 for
September 30, 2010 and December 31, 2009, respectively)                   |  |                    | 797,985    |  |                   |   | 310,636   | 
|State Street Bank and Trust Company Short Term Investment Fund (cost $0 and $325,615 and units of 0 and 325,615 for
September 30, 2010 and December 31, 2009, respectively)                       |  |                    |           |  |                   |   | 325,615   | 
|Receivable for investments sold                                                                                                                                                                   |  |                    | 52,124     |  |                   |   | 16,484    | 
|Receivable for fund units sold                                                                                                                                                                    |  |                    | 177,721    |  |                   |   | 230,659   | 
|Interest receivable                                                                                                                                                                               |  |                    | 102        |  |                   |   | 79        | 
|Other assets                                                                                                                                                                                      |  |                    | 14         |  |                   |   |          | 
|                                                                                                                                                                                                  |  |                    |            |  |                   |   |           | 
|Total assets                                                                                                                                                                                      |  |                    | 14,784,010 |  |                   |   | 5,881,882 | 
|                                                                                                                                                                                                  |  |                    |            |  |                   |   |           | 
|Liabilities                                                                                                                                                                                       |  |                    |            |  |                   |   |           | 
|Payable for investments purchased                                                                                                                                                                 |  |                    | 199,282    |  |                   |   | 163,532   | 
|Payable for fund units redeemed                                                                                                                                                                   |  |                    |           |  |                   |   | 70,352    | 
|Investment advisory fee payable                                                                                                                                                                   |  |                    |           |  |                   |   | 267       | 
|INGprogram fee payable                                                                                                                                                                           |  |                    | 6,461      |  |                   |   | 2,245     | 
|Trustee, management and administration fees payable                                                                                                                                               |  |                    | 1,253      |  |                   |   | 429       | 
|ABA Retirement Fundsprogram fee payable                                                                                                                                                          |  |                    | 1,009      |  |                   |   | 319       | 
|Other accruals                                                                                                                                                                                    |  |                    | 5,799      |  |                   |   | 1,364     | 
|                                                                                                                                                                                                  |  |                    |            |  |                   |   |           | 
|Total liabilities                                                                                                                                                                                 |  |                    | 213,804    |  |                   |   | 238,508   | 
|                                                                                                                                                                                                  |  |                    |            |  |                   |   |           | 
|                                                                                                                                                                                                  |  |                   
|Net Assets(equivalent to $15.36 and $14.39 per unit based on 948,711 and 392,122 units outstanding for September 30,
2010 and December 31, 2009, respectively)                                    |  | $                  | 14,570,206 |  |                   | $ | 5,643,374 | 
|                                                                                                                                                                                                  |  |                    |            |  |                   |   |           | 

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



69



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American Bar Association Members/ Northern Trust Collective Trust

Conservative Risk Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | ------- | - | --------------------------------------------------- | - | ------- | --------------------------------------------------- |  | - | ------- | -
|                                                                |  | For the periodJuly 1,
2010 toSeptember 30, 2010 |         |   | For the periodJuly 
7, 2009(a) toSeptember 30, 2009 |   |         | For the periodJanuary 
1, 2010 toSeptember 30, 2010 | 
|Investment income                                               |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|Dividendsaffiliated issuers                                    |  | $                                               | 207     |   |                                                     | $ | 161     |                                                     |  | $ | 763     |  
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|                                                                |  |                                                 |        
|Total investment income                                         |  |                                                 | 207     |   |                                                     |   | 161     |                                                     |  |   | 763     |  
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|                                                                |  |                                                 |        
|Expenses                                                        |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|INGprogram fee                                                 |  |                                                 | 15,358  |   |                                                     |   | 2,772   |                                                     |  |   | 34,770  |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 | 1,223   |   |                                                     |   |        |                                                     |  |   | 1,223   |  
|Trustee, management and administration fees                     |  |                                                 | 2,809   |   |                                                     |   | 544     |                                                     |  |   | 6,497   |  
|Investment advisory fee                                         |  |                                                 |        |   |                                                     |   | 316     |                                                     |  |   | 2,221   |  
|ABA Retirement Fundsprogram fee                                |  |                                                 | 2,266   |   |                                                     |   | 387     |                                                     |  |   | 5,012   |  
|Legal and audit fees                                            |  |                                                 | 1,575   |   |                                                     |   | 246     |                                                     |  |   | 3,183   |  
|Compliance consultant fees                                      |  |                                                 | 962     |   |                                                     |   | 143     |                                                     |  |   | 2,149   |  
|Reports to unitholders                                          |  |                                                 | 123     |   |                                                     |   | 83      |                                                     |  |   | 1,014   |  
|Registration fees                                               |  |                                                 | 815     |   |                                                     |   | 35      |                                                     |  |   | 993     |  
|Other fees                                                      |  |                                                 | 160     |   |                                                     |   | 306     |                                                     |  |   | 819     |  
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|Total expenses                                                  |  |                                                 | 25,291  |   |                                                     |   | 4,832   |                                                     |  |   | 57,881  |  
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|                                                                |  |                                                 |        
|Net investment income (loss)                                    |  |                                                 | (25,084 | ) |                                                     |   | (4,671  | )                                                   |  |   | (57,118 | )
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|                                                                |  |                                                 |        
|Net realized and unrealized gain (loss)                         |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|Net realized gain (loss) on:                                    |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|Investments                                                     |  |                                                 | 133,744 |   |                                                     |   | 17,062  |                                                     |  |   | 307,445 |  
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|Net realized gain (loss)                                        |  |                                                 | 133,744 |   |                                                     |   | 17,062  |                                                     |  |   | 307,445 |  
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|                                                                |  |                                                 |        
|Change in net unrealized appreciation (depreciation) on:        |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|Investments                                                     |  |                                                 | 482,244 |   |                                                     |   | 163,063 |                                                     |  |   | 430,941 |  
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|Change in net unrealized appreciation (depreciation)            |  |                                                 | 482,244 |   |                                                     |   | 163,063 |                                                     |  |   | 430,941 |  
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|                                                                |  |                                                 |        
|Net realized and unrealized gain (loss)                         |  |                                                 | 615,988 |   |                                                     |   | 180,125 |                                                     |  |   | 738,386 |  
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|                                                                |  |                                                 |        
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 590,904 |   |                                                     | $ | 175,454 |                                                     |  | $ | 681,268 |  
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  



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

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



70



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American Bar Association Members/ Northern Trust Collective Trust

Conservative Risk Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                  |            |  
|------------------------------------------------------------------ |  | ------------------------------------------------ | ---------- | -
|                                                                   |  | For the nine-monthperiod
endedSeptember 30, 2010 |           
|From operations                                                    |  |                                                  |            |  
|Net investment income (loss)                                       |  | $                                                | (57,118    | )
|Net realized gain (loss)                                           |  |                                                  | 307,445    |  
|Change in net unrealized appreciation (depreciation)               |  |                                                  | 430,941    |  
|                                                                   |  |                                                  |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                  | 681,268    |  
|                                                                   |  |                                                  |            |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                  |            |  
|Proceeds from units issued                                         |  |                                                  | 11,768,630 |  
|Cost of units redeemed                                             |  |                                                  | (3,523,066 | )
|                                                                   |  |                                                  |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                  | 8,245,564  |  
|                                                                   |  |                                                  |            |  
|Net increase (decrease) in net assets                              |  |                                                  | 8,926,832  |  
|                                                                   | 
|Net Assets                                                         |  |                                                  |            |  
|Beginning of period                                                |  |                                                  | 5,643,374  |  
|                                                                   |  |                                                  |            |  
|End of period                                                      |  | $                                                | 14,570,206 |  
|                                                                   |  |                                                  |            |  
|Outstanding-beginning of period                                    |  |                                                  | 392,122    |  
|Issued                                                             |  |                                                  | 793,593    |  
|Redeemed                                                           |  |                                                  | (237,004   | )
|                                                                   |  |                                                  |            |  
|Outstanding-end of period                                          |  |                                                  | 948,711    |  
|                                                                   |  |                                                  |            |  

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



71



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American Bar Association Members/ Northern Trust Collective Trust

Conservative Risk Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |        |    |                                                     |   |        |                                                     |  |   |       |   
|------------------------------------------------------------ |  | ----------------------------------------------- | ------ | -- | --------------------------------------------------- | - | ------ | --------------------------------------------------- |  | - | ----- | --
|                                                             |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |        |    | For the periodJanuary 1, 2010 toSeptember 30, 
2010 |   |        | For the periodJuly 7, 2009(a) toSeptember 30, 
2009 | 
|Investment income                                           |  | $                                               |       |    |                                                     | $ |       |                                                     |  | $ |      |   
|Expenses,                                                 |  |                                                 | (0.03  | )  |                                                     |   | (0.10  | )                                                   |  |   | (0.03 | ) 
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                     |  |   |       |   
|Net investment income (loss)                                 |  |                                                 | (0.03  | )  |                                                     |   | (0.10  | )                                                   |  |   | (0.03 | ) 
|Net realized and unrealized gain (loss)                      |  |                                                 | 0.77   |    |                                                     |   | 1.07   |                                                     |  |   | 1.17  |   
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                     |  |   |       |   
|Net increase (decrease) in unit value                        |  |                                                 | 0.74   |    |                                                     |   | 0.97   |                                                     |  |   | 1.14  |   
|Net asset value at beginning of period                       |  |                                                 | 14.62  |    |                                                     |   | 14.39  |                                                     |  |   | 13.00 |   
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                     |  |   |       |   
|Net asset value at end of period                             |  | $                                               | 15.36  |    |                                                     | $ | 15.36  |                                                     |  | $ | 14.14 |   
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                     |  |   |       |   
|                                                             |  |                                                 |       
|Ratios/Supplemental Data:                                    |  |                                                 |        |    |                                                     |   |        |                                                     |  |   |       |   
|Ratio of expenses to average net assets*,                  |  |                                                 | 0.85   | %  |                                                     |   | 0.87   | %                                                   |  |   | 0.91  | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                 | (0.84  | )% |                                                     |   | (0.85  | )%                                                  |  |   | (0.88 | )%
|Portfolio turnover**,                                     |  |                                                 | 11     | %  |                                                     |   | 32     | %                                                   |  |   | 4     | % 
|Total return**                                               |  |                                                 | 5.06   | %  |                                                     |   | 6.74   | %                                                   |  |   | 8.77  | % 
|Net assets at end of period (in thousands)                   |  | $                                               | 14,570 |    |                                                     | $ | 14,570 |                                                     |  | $ | 3,538 |   



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

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

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

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

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

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

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



72



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American Bar Association Members/ Northern Trust Collective Trust

Moderate Risk Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                                                                                  |  |                    |            |  |                   |   |            | 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ---------- |  | ----------------- | - | ---------- | 
|                                                                                                                                                                                                  |  | September 30, 2010 |            |  | December 31, 2009 |  
|Assets                                                                                                                                                                                            |  |                    |            |  |                   |   |            | 
|Investments in affiliated funds, at value:                                                                                                                                                        |  |                    |            |  |                   |   |            | 
|Northern Trust Global InvestmentsCollective Short Term Investment Fund (cost $751,797 and $0 and units of 751,797 and 0 for
September 30, 2010 and December 31, 2009, respectively)              |  | $                  | 751,797    |  |                   | $ |           | 
|Investments in collective investment funds, at value:                                                                                                                                             |  |                    |            |  |                   |   |            | 
|SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $8,610,317 and $4,555,406 and units of 805,365 and 440,807 for
September 30, 2010 and December 31, 2009, respectively)                 |  |                    | 9,115,116  |  |                   |   | 4,621,416  | 
|SSgA Russell All Cap Index Non-Lending Series Fund Class A (cost $9,211,758 and $4,536,127 and units of 672,181 and 359,196
for September 30, 2010 and December 31, 2009, respectively)           |  |                    | 9,864,934  |  |                   |   | 5,029,103  | 
|SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A (cost $3,472,505 and $1,721,342 and units of 298,797 and
157,061 for September 30, 2010 and December 31, 2009, respectively)     |  |                    | 3,751,401  |  |                   |   | 1,902,956  | 
|SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A (cost $1,226,595 and $659,484 and units of 62,453 and
34,847 for September 30, 2010 and December 31, 2009, respectively) |  |                    | 1,302,650  |  |                   |   | 679,525    | 
|SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $1,359,214 and $669,758 and units of 64,589 and 38,773 for
September 30, 2010 and December 31, 2009, respectively)                |  |                    | 1,617,500  |  |                   |   | 815,556    | 
|SSgA Dow Jones UBS-Commodity IndexSM Non-Lending Series Fund Class A (cost $390,279 and $248,940 and units of 48,609 and
32,059 for September 30, 2010 and December 31, 2009, respectively)       |  |                    | 414,639    |  |                   |   | 271,506    | 
|State Street Bank and Trust Company Short Term Investment Fund (cost $0 and $308,661 and units of 0 and 308,661 for
September 30, 2010 and December 31, 2009, respectively)                       |  |                    |           |  |                   |   | 308,661    | 
|Receivable for investments sold                                                                                                                                                                   |  |                    | 190,120    |  |                   |   | 92,748     | 
|Receivable for fund units sold                                                                                                                                                                    |  |                    | 59,021     |  |                   |   | 98,086     | 
|Interest receivable                                                                                                                                                                               |  |                    | 91         |  |                   |   | 73         | 
|Other assets                                                                                                                                                                                      |  |                    | 25         |  |                   |   |           | 
|                                                                                                                                                                                                  |  |                    |            |  |                   |   |            | 
|Total assets                                                                                                                                                                                      |  |                    | 27,067,294 |  |                   |   | 13,819,630 | 
|                                                                                                                                                                                                  |  |                    |            |  |                   |   |            | 
|Liabilities                                                                                                                                                                                       |  |                    |            |  |                   |   |            | 
|Payable for investments purchased                                                                                                                                                                 |  |                    | 217,424    |  |                   |   | 204,076    | 
|Payable for fund units redeemed                                                                                                                                                                   |  |                    |           |  |                   |   | 22,874     | 
|Investment advisory fee payable                                                                                                                                                                   |  |                    |           |  |                   |   | 643        | 
|INGprogram fee payable                                                                                                                                                                           |  |                    | 11,990     |  |                   |   | 5,413      | 
|Trustee, management and administration fees payable                                                                                                                                               |  |                    | 2,132      |  |                   |   | 1,032      | 
|ABA Retirement Fundsprogram fee payable                                                                                                                                                          |  |                    | 1,725      |  |                   |   | 773        | 
|Other accruals                                                                                                                                                                                    |  |                    | 12,960     |  |                   |   | 3,327      | 
|                                                                                                                                                                                                  |  |                    |            |  |                   |   |            | 
|Total liabilities                                                                                                                                                                                 |  |                    | 246,231    |  |                   |   | 238,138    | 
|                                                                                                                                                                                                  |  |                    |            |  |                   |   |            | 
|Net Assets(equivalent to $17.43 and $16.43 per unit based on 1,538,429 and 826,808 units outstanding for
September 30, 2010 and December 31, 2009, respectively)                                  |  | $                  | 26,821,063 |  |                   | $ | 13,581,492 | 
|                                                                                                                                                                                                  |  |                    |            |  |                   |   |            | 

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



73



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American Bar Association Members/ Northern Trust Collective Trust

Moderate Risk Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |           |   |                                                     |   |         |                                                     |  |   |           |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | --------- | - | --------------------------------------------------- | - | ------- | --------------------------------------------------- |  | - | --------- | -
|                                                                |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |           |   | For the periodJuly 7, 2009(a) toSeptember 30, 
2009 |   |         | For the periodJanuary 1, 2010 toSeptember 30, 
2010 | 
|Investment income                                               |  |                                                 |           |   |                                                     |   |         |                                                     |  |   |           |  
|Dividendsaffiliated issuers                                    |  | $                                               | 186       |   |                                                     | $ | 193     |                                                     |  | $ | 681       |  
|                                                                |  |                                                 |           |   |                                                     |   |         |                                                     |  |   |           |  
|Total investment income                                         |  |                                                 | 186       |   |                                                     |   | 193     |                                                     |  |   | 681       |  
|                                                                |  |                                                 |           |   |                                                     |   |         |                                                     |  |   |           |  
|                                                                |  |                                                 |          
|Expenses                                                        |  |                                                 |           |   |                                                     |   |         |                                                     |  |   |           |  
|INGprogram fee                                                 |  |                                                 | 31,986    |   |                                                     |   | 6,847   |                                                     |  |   | 79,665    |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 | 3,356     |   |                                                     |   |        |                                                     |  |   | 3,356     |  
|Trustee, management and administration fees                     |  |                                                 | 5,634     |   |                                                     |   | 1,346   |                                                     |  |   | 14,693    |  
|Investment advisory fee                                         |  |                                                 |          |   |                                                     |   | 783     |                                                     |  |   | 5,457     |  
|ABA Retirement Fundsprogram fee                                |  |                                                 | 4,549     |   |                                                     |   | 958     |                                                     |  |   | 11,297    |  
|Legal and audit fees                                            |  |                                                 | 3,079     |   |                                                     |   | 602     |                                                     |  |   | 7,029     |  
|Compliance consultant fees                                      |  |                                                 | 1,874     |   |                                                     |   | 350     |                                                     |  |   | 4,791     |  
|Reports to unitholders                                          |  |                                                 | 257       |   |                                                     |   | 202     |                                                     |  |   | 2,444     |  
|Registration fees                                               |  |                                                 | 1,589     |   |                                                     |   | 85      |                                                     |  |   | 2,026     |  
|Other fees                                                      |  |                                                 | 348       |   |                                                     |   | 752     |                                                     |  |   | 1,965     |  
|                                                                |  |                                                 |           |   |                                                     |   |         |                                                     |  |   |           |  
|Total expenses                                                  |  |                                                 | 52,672    |   |                                                     |   | 11,925  |                                                     |  |   | 132,723   |  
|                                                                |  |                                                 |           |   |                                                     |   |         |                                                     |  |   |           |  
|                                                                |  |                                                 |          
|Net investment income (loss)                                    |  |                                                 | (52,486   | ) |                                                     |   | (11,732 | )                                                   |  |   | (132,042  | )
|                                                                |  |                                                 |           |   |                                                     |   |         |                                                     |  |   |           |  
|                                                                |  |                                                 |          
|Net realized and unrealized gain (loss)                         |  |                                                 |           |   |                                                     |   |         |                                                     |  |   |           |  
|Net realized gain (loss) on:                                    |  |                                                 |           |   |                                                     |   |         |                                                     |  |   |           |  
|Investments                                                     |  |                                                 | 256,546   |   |                                                     |   | 26,166  |                                                     |  |   | 551,746   |  
|                                                                |  |                                                 |           |   |                                                     |   |         |                                                     |  |   |           |  
|Net realized gain (loss)                                        |  |                                                 | 256,546   |   |                                                     |   | 26,166  |                                                     |  |   | 551,746   |  
|                                                                |  |                                                 |           |   |                                                     |   |         |                                                     |  |   |           |  
|                                                                |  |                                                 |          
|Change in net unrealized appreciation (depreciation) on:        |  |                                                 |           |   |                                                     |   |         |                                                     |  |   |           |  
|Investments                                                     |  |                                                 | 1,681,082 |   |                                                     |   | 590,381 |                                                     |  |   | 866,567   |  
|                                                                |  |                                                 |           |   |                                                     |   |         |                                                     |  |   |           |  
|Change in net unrealized appreciation (depreciation)            |  |                                                 | 1,681,082 |   |                                                     |   | 590,381 |                                                     |  |   | 866,567   |  
|                                                                |  |                                                 |           |   |                                                     |   |         |                                                     |  |   |           |  
|Net realized and unrealized gain (loss)                         |  |                                                 | 1,937,628 |   |                                                     |   | 616,547 |                                                     |  |   | 1,418,313 |  
|                                                                |  |                                                 |           |   |                                                     |   |         |                                                     |  |   |           |  
|                                                                |  |                                                 |          
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 1,885,142 |   |                                                     | $ | 604,815 |                                                     |  | $ | 1,286,271 |  
|                                                                |  |                                                 |           |   |                                                     |   |         |                                                     |  |   |           |  



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

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



74



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American Bar Association Members/ Northern Trust Collective Trust

Moderate Risk Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                  |            |  
|------------------------------------------------------------------ |  | ------------------------------------------------ | ---------- | -
|                                                                   |  | For the nine-monthperiod endedSeptember 30, 2010 |           
|From operations                                                    |  |                                                  |            |  
|Net investment income (loss)                                       |  | $                                                | (132,042   | )
|Net realized gain (loss)                                           |  |                                                  | 551,746    |  
|Change in net unrealized appreciation (depreciation)               |  |                                                  | 866,567    |  
|                                                                   |  |                                                  |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                  | 1,286,271  |  
|                                                                   |  |                                                  |            |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                  |            |  
|Proceeds from units issued                                         |  |                                                  | 16,020,829 |  
|Cost of units redeemed                                             |  |                                                  | (4,067,529 | )
|                                                                   |  |                                                  |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                  | 11,953,300 |  
|                                                                   |  |                                                  |            |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                  | 13,239,571 |  
|                                                                   | 
|Net Assets                                                         |  |                                                  |            |  
|Beginning of period                                                |  |                                                  | 13,581,492 |  
|                                                                   |  |                                                  |            |  
|End of period                                                      |  | $                                                | 26,821,063 |  
|                                                                   |  |                                                  |            |  
|                                                                   | 
|Outstanding-beginning of period                                    |  |                                                  | 826,808    |  
|Issued                                                             |  |                                                  | 956,154    |  
|Redeemed                                                           |  |                                                  | (244,533   | )
|                                                                   |  |                                                  |            |  
|Outstanding-end of period                                          |  |                                                  | 1,538,429  |  
|                                                                   |  |                                                  |            |  

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



75



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American Bar Association Members/ Northern Trust Collective Trust

Moderate Risk Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |        |    |                                                     |   |        |                                                     |  |   |       |   
|------------------------------------------------------------ |  | ----------------------------------------------- | ------ | -- | --------------------------------------------------- | - | ------ | --------------------------------------------------- |  | - | ----- | --
|                                                             |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |        |    | For the periodJanuary 1, 2010 toSeptember 30, 
2010 |   |        | For the periodJuly 7, 2009(a) toSeptember 30, 
2009 | 
|Investment income                                           |  | $                                               |       |    |                                                     | $ |       |                                                     |  | $ |      |   
|Expenses,                                                 |  |                                                 | (0.04  | )  |                                                     |   | (0.11  | )                                                   |  |   | (0.03 | ) 
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                     |  |   |       |   
|Net investment income (loss)                                 |  |                                                 | (0.04  | )  |                                                     |   | (0.11  | )                                                   |  |   | (0.03 | ) 
|Net realized and unrealized gain (loss)                      |  |                                                 | 1.36   |    |                                                     |   | 1.11   |                                                     |  |   | 1.92  |   
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                     |  |   |       |   
|Net increase (decrease) in unit value                        |  |                                                 | 1.32   |    |                                                     |   | 1.00   |                                                     |  |   | 1.89  |   
|Net asset value at beginning of period                       |  |                                                 | 16.11  |    |                                                     |   | 16.43  |                                                     |  |   | 14.00 |   
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                     |  |   |       |   
|Net asset value at end of period                             |  | $                                               | 17.43  |    |                                                     | $ | 17.43  |                                                     |  | $ | 15.89 |   
|                                                             |  |                                                 |        |    |                                                     |   |        |                                                     |  |   |       |   
|                                                             |  |                                                 |       
|Ratios/Supplemental Data:                                    |  |                                                 |        |    |                                                     |   |        |                                                     |  |   |       |   
|Ratio of expenses to average net assets*,                  |  |                                                 | 0.86   | %  |                                                     |   | 0.87   | %                                                   |  |   | 0.90  | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                 | (0.86  | )% |                                                     |   | (0.87  | )%                                                  |  |   | (0.89 | )%
|Portfolio turnover**,                                     |  |                                                 | 7      | %  |                                                     |   | 19     | %                                                   |  |   | 6     | % 
|Total return**                                               |  |                                                 | 8.19   | %  |                                                     |   | 6.09   | %                                                   |  |   | 13.50 | % 
|Net assets at end of period (in thousands)                   |  | $                                               | 26,821 |    |                                                     | $ | 26,821 |                                                     |  | $ | 8,859 |   



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

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

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

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

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

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

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



76



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##### Table of Contents



American Bar Association Members/ Northern Trust Collective Trust

Aggressive Risk Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                                                                            |  |                    |           |  |                   |   |           | 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | --------- |  | ----------------- | - | --------- | 
|                                                                                                                                                                                            |  | September 30, 2010 |           |  | December 31, 2009 |  
|Assets                                                                                                                                                                                      |  |                    |           |  |                   |   |           | 
|Investments in affiliated funds, at value:                                                                                                                                                  |  |                    |           |  |                   |   |           | 
|Northern Trust Global Investments - Collective Short Term Investment Fund (cost $8,000 and $0 and units of 8,000 and 0 for
September 30, 2010 and December 31, 2009, respectively)          |  | $                  | 8,000     |  |                   | $ |          | 
|Investments in collective investment funds, at value:                                                                                                                                       |  |                    |           |  |                   |   |           | 
|SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $1,267,530 and $584,171 and units of 117,087 and 56,284 for
September 30, 2010 and December 31, 2009, respectively)              |  |                    | 1,325,186 |  |                   |   | 590,085   | 
|SSgA Russell All Cap Index Non-Lending Series Fund Class A (cost $4,999,001 and $2,131,667 and units of 353,873 and 165,573
for September 30, 2010 and December 31, 2009, respectively)     |  |                    | 5,193,446 |  |                   |   | 2,318,191 | 
|SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A (cost $1,965,686 and $860,429 and units of 165,518 and
76,533 for September 30, 2010 and December 31, 2009, respectively)  |  |                    | 2,078,073 |  |                   |   | 927,276   | 
|SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $510,188 and $216,113 and units of 22,726 and 12,023 for
September 30, 2010 and December 31, 2009, respectively)            |  |                    | 569,139   |  |                   |   | 252,894   | 
|SSgA Dow Jones UBS-Commodity IndexSM Non-Lending Series Fund Class A (cost $270,323 and $117,317 and units of 33,333 and
14,931 for September 30, 2010 and December 31, 2009, respectively) |  |                    | 284,327   |  |                   |   | 126,447   | 
|Cash                                                                                                                                                                                        |  |                    |          |  |                   |   | 1         | 
|Receivable for investments sold                                                                                                                                                             |  |                    | 40,216    |  |                   |   | 9,646     | 
|Receivable for fund units sold                                                                                                                                                              |  |                    | 63,136    |  |                   |   | 47,730    | 
|Other assets                                                                                                                                                                                |  |                    | 9         |  |                   |   |          | 
|                                                                                                                                                                                            |  |                    |           |  |                   |   |           | 
|Total assets                                                                                                                                                                                |  |                    | 9,561,532 |  |                   |   | 4,272,270 | 
|                                                                                                                                                                                            |  |                    |           |  |                   |   |           | 
|Liabilities                                                                                                                                                                                 |  |                    |           |  |                   |   |           | 
|Payable for investments purchased                                                                                                                                                           |  |                    | 103,352   |  |                   |   | 50,407    | 
|Payable for fund units redeemed                                                                                                                                                             |  |                    |          |  |                   |   | 6,969     | 
|Investment advisory fee payable                                                                                                                                                             |  |                    |          |  |                   |   | 186       | 
|INGprogram fee payable                                                                                                                                                                     |  |                    | 3,971     |  |                   |   | 1,564     | 
|Trustee, management and administration fees payable                                                                                                                                         |  |                    | 700       |  |                   |   | 298       | 
|ABA Retirement Fundsprogram fee payable                                                                                                                                                    |  |                    | 579       |  |                   |   | 223       | 
|Other accruals                                                                                                                                                                              |  |                    | 4,420     |  |                   |   | 940       | 
|                                                                                                                                                                                            |  |                    |           |  |                   |   |           | 
|Total liabilities                                                                                                                                                                           |  |                    | 113,022   |  |                   |   | 60,587    | 
|                                                                                                                                                                                            |  |                    |           |  |                   |   |           | 
|                                                                                                                                                                                            |  |                   
|Net Assets(equivalent to $19.60 and $18.62 per unit based on 482,058 and 226,145 units outstanding for September 30,
2010 and December 31, 2009, respectively)                              |  | $                  | 9,448,510 |  |                   | $ | 4,211,683 | 
|                                                                                                                                                                                            |  |                    |           |  |                   |   |           | 

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



77



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American Bar Association Members/ Northern Trust Collective Trust

Aggressive Risk Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | ------- | - | --------------------------------------------------- | - | ------- | --------------------------------------------------- |  | - | ------- | -
|                                                                |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |         |   | For the periodJuly 7, 2009(a) toSeptember 30, 
2009 |   |         | For the periodJanuary 1, 2010 toSeptember 30, 
2010 | 
|Investment income                                               |  | $                                               |        |   |                                                     | $ |        |                                                     |  | $ |        |  
|                                                                |  |                                                 |        
|Expenses                                                        |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|INGprogram fee                                                 |  |                                                 | 10,489  |   |                                                     |   | 1,783   |                                                     |  |   | 25,782  |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 | 1,236   |   |                                                     |   |        |                                                     |  |   | 1,236   |  
|Trustee, management and administration fees                     |  |                                                 | 1,836   |   |                                                     |   | 349     |                                                     |  |   | 4,743   |  
|Investment advisory fee                                         |  |                                                 |        |   |                                                     |   | 203     |                                                     |  |   | 1,751   |  
|ABA Retirement Fundsprogram fee                                |  |                                                 | 1,499   |   |                                                     |   | 248     |                                                     |  |   | 3,664   |  
|Legal and audit fees                                            |  |                                                 | 1,039   |   |                                                     |   | 158     |                                                     |  |   | 2,308   |  
|Compliance consultant fees                                      |  |                                                 | 632     |   |                                                     |   | 92      |                                                     |  |   | 1,569   |  
|Reports to unitholders                                          |  |                                                 | 87      |   |                                                     |   | 53      |                                                     |  |   | 790     |  
|Registration fees                                               |  |                                                 | 536     |   |                                                     |   | 22      |                                                     |  |   | 676     |  
|Other fees                                                      |  |                                                 | 120     |   |                                                     |   | 197     |                                                     |  |   | 640     |  
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|Total expenses                                                  |  |                                                 | 17,474  |   |                                                     |   | 3,105   |                                                     |  |   | 43,159  |  
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|                                                                |  |                                                 |        
|Net investment income (loss)                                    |  |                                                 | (17,474 | ) |                                                     |   | (3,105  | )                                                   |  |   | (43,159 | )
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|                                                                |  |                                                 |        
|Net realized and unrealized gain (loss)                         |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|Net realized gain (loss) on:                                    |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|Investments                                                     |  |                                                 | 84,394  |   |                                                     |   | 7,043   |                                                     |  |   | 268,032 |  
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|Net realized gain (loss)                                        |  |                                                 | 84,394  |   |                                                     |   | 7,043   |                                                     |  |   | 268,032 |  
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|                                                                |  |                                                 |        
|Change in net unrealized appreciation (depreciation) on:        |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|Investments                                                     |  |                                                 | 778,947 |   |                                                     |   | 191,414 |                                                     |  |   | 132,247 |  
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|                                                                |  |                                                 |        
|Change in net unrealized appreciation (depreciation)            |  |                                                 | 778,947 |   |                                                     |   | 191,414 |                                                     |  |   | 132,247 |  
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|Net realized and unrealized gain (loss)                         |  |                                                 | 863,341 |   |                                                     |   | 198,457 |                                                     |  |   | 400,279 |  
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  
|                                                                |  |                                                 |        
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 845,867 |   |                                                     | $ | 195,352 |                                                     |  | $ | 357,120 |  
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                     |  |   |         |  



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

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



78



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American Bar Association Members/ Northern Trust Collective Trust

Aggressive Risk Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                  |            |  
|------------------------------------------------------------------ |  | ------------------------------------------------ | ---------- | -
|                                                                   |  | For the nine-monthperiod
endedSeptember 30, 2010 |           
|From operations                                                    |  |                                                  |            |  
|Net investment income (loss)                                       |  | $                                                | (43,159    | )
|Net realized gain (loss)                                           |  |                                                  | 268,032    |  
|Change in net unrealized appreciation (depreciation)               |  |                                                  | 132,247    |  
|                                                                   |  |                                                  |            |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                  | 357,120    |  
|                                                                   |  |                                                  |            |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                  |            |  
|Proceeds from units issued                                         |  |                                                  | 7,735,114  |  
|Cost of units redeemed                                             |  |                                                  | (2,855,407 | )
|                                                                   |  |                                                  |            |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                  | 4,879,707  |  
|                                                                   |  |                                                  |            |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                  | 5,236,827  |  
|                                                                   | 
|Net Assets                                                         |  |                                                  |            |  
|Beginning of period                                                |  |                                                  | 4,211,683  |  
|                                                                   |  |                                                  |            |  
|End of period                                                      |  | $                                                | 9,448,510  |  
|                                                                   |  |                                                  |            |  
|Outstanding-beginning of period                                    |  |                                                  | 226,145    |  
|Issued                                                             |  |                                                  | 407,607    |  
|Redeemed                                                           |  |                                                  | (151,694   | )
|                                                                   |  |                                                  |            |  
|Outstanding-end of period                                          |  |                                                  | 482,058    |  
|                                                                   |  |                                                  |            |  

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



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American Bar Association Members/ Northern Trust Collective Trust

Aggressive Risk Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                             |  |                                                 |       |    |                                                     |   |       |                                                     |  |   |       |   
|------------------------------------------------------------ |  | ----------------------------------------------- | ----- | -- | --------------------------------------------------- | - | ----- | --------------------------------------------------- |  | - | ----- | --
|                                                             |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |       |    | For the periodJanuary 1, 2010 toSeptember 30, 
2010 |   |       | For the periodJuly 7, 2009(a) toSeptember 30, 
2009 | 
|Investment income                                           |  | $                                               |      |    |                                                     | $ |      |                                                     |  | $ |      |   
|Expenses,                                                 |  |                                                 | (0.04 | )  |                                                     |   | (0.12 | )                                                   |  |   | (0.04 | ) 
|                                                             |  |                                                 |       |    |                                                     |   |       |                                                     |  |   |       |   
|Net investment income (loss)                                 |  |                                                 | (0.04 | )  |                                                     |   | (0.12 | )                                                   |  |   | (0.04 | ) 
|Net realized and unrealized gain (loss)                      |  |                                                 | 2.01  |    |                                                     |   | 1.10  |                                                     |  |   | 2.82  |   
|                                                             |  |                                                 |       |    |                                                     |   |       |                                                     |  |   |       |   
|Net increase (decrease) in unit value                        |  |                                                 | 1.97  |    |                                                     |   | 0.98  |                                                     |  |   | 2.78  |   
|Net asset value at beginning of period                       |  |                                                 | 17.63 |    |                                                     |   | 18.62 |                                                     |  |   | 15.00 |   
|                                                             |  |                                                 |       |    |                                                     |   |       |                                                     |  |   |       |   
|Net asset value at end of period                             |  | $                                               | 19.60 |    |                                                     | $ | 19.60 |                                                     |  | $ | 17.78 |   
|                                                             |  |                                                 |       |    |                                                     |   |       |                                                     |  |   |       |   
|                                                             |  |                                                 |      
|Ratios/Supplemental Data:                                    |  |                                                 |       |    |                                                     |   |       |                                                     |  |   |       |   
|Ratio of expenses to average net assets*,                  |  |                                                 | 0.85  | %  |                                                     |   | 0.87  | %                                                   |  |   | 0.91  | % 
|Ratio of net investment income (loss) to average net assets* |  |                                                 | (0.85 | )% |                                                     |   | (0.87 | )%                                                  |  |   | (0.91 | )%
|Portfolio turnover**,                                     |  |                                                 | 9     | %  |                                                     |   | 30    | %                                                   |  |   | 2     | % 
|Total return**                                               |  |                                                 | 11.17 | %  |                                                     |   | 5.26  | %                                                   |  |   | 18.53 | % 
|Net assets at end of period (in thousands)                   |  | $                                               | 9,449 |    |                                                     | $ | 9,449 |                                                     |  | $ | 2,349 |   



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

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

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

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

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

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

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



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American Bar Association Members/ Northern Trust Collective Trust

Balanced Fund

Statement of Assets and Liabilities

Unaudited



|                                                                                                                                                                   |  |                   |             |  |                  |   |             | 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ----------------- | ----------- |  | ---------------- | - | ----------- | 
|                                                                                                                                                                   |  | September 30,2010 |             |  | December 31,2009 |  
|Assets                                                                                                                                                             |  |                   |             |  |                  |   |             | 
|American Bar Association Members/Northern Trust Collective Trust investment funds, at value:                                                                       |  |                   |             |  |                  |   |             | 
|Bond Core Plus Fund (cost $80,939,686 and $91,011,911 and units of 4,112,205 and 4,732,937 for September 30, 2010 and
December 31, 2009, respectively)             |  | $                 | 107,328,539 |  |                  | $ | 114,022,873 | 
|Large Cap Equity Fund (cost $127,078,717 and $140,605,097 and units of 12,595,686 and 14,060,231 for September 30, 2010 and
December 31, 2009, respectively)       |  |                   | 159,209,470 |  |                  |   | 170,780,000 | 
|Receivable for investments sold                                                                                                                                    |  |                   | 135,175     |  |                  |   | 62,599      | 
|                                                                                                                                                                   |  |                   |             |  |                  |   |             | 
|Total assets                                                                                                                                                       |  |                   | 266,673,184 |  |                  |   | 284,865,472 | 
|                                                                                                                                                                   |  |                   |             |  |                  |   |             | 
|                                                                                                                                                                   |  |                  
|Liabilities                                                                                                                                                        |  |                   |             |  |                  |   |             | 
|Payable for fund units redeemed                                                                                                                                    |  |                   | 135,175     |  |                  |   | 62,599      | 
|                                                                                                                                                                   |  |                   |             |  |                  |   |             | 
|Total liabilities                                                                                                                                                  |  |                   | 135,175     |  |                  |   | 62,599      | 
|                                                                                                                                                                   |  |                   |             |  |                  |   |             | 
|Net Assets(equivalent to $87.70 and $82.71 per unit based on 3,039,065 and 3,443,359 units outstanding for
September 30, 2010 and December 31, 2009, respectively) |  | $                 | 266,538,009 |  |                  | $ | 284,802,873 | 
|                                                                                                                                                                   |  |                   |             |  |                  |   |             | 

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



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American Bar Association Members/ Northern Trust Collective Trust

Balanced Fund

Statement of Operations

Unaudited



|                                                                |  |                                                 |            |  |                                                 |   |             |                                                    |  |   |                                                    |  |  |   |             |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | ---------- |  | ----------------------------------------------- | - | ----------- | -------------------------------------------------- |  | - | -------------------------------------------------- |  |  | - | ----------- | -
|                                                                |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |            |  | For the periodJuly 1, 2009 toSeptember 30, 2009 |   |             | For the periodJanuary 1, 2010 toSeptember 30, 2010 |  |   | For the periodJanuary 1, 2009 toSeptember 30, 2009 | 
|Investment income                                               |  |                                                 |            |  |                                                 |   |             |                                                    |  |   |                                                    |  |  |   |             |  
|Dividends (net of foreign tax expense of $0, $0, $0 and $1,173) |  | $                                               |           |  |                                                 | $ | 3,018       |                                                    |  | $ |                                                   |  |  | $ | 1,993,271   |  
|Dividendsaffiliated issuers                                    |  |                                                 |           |  |                                                 |   | 57          |                                                    |  |   |                                                   |  |  |   | 29,604      |  
|Securities lending income, net                                  |  |                                                 |           |  |                                                 |   |            |                                                    |  |   |                                                   |  |  |   | 62,738      |  
|                                                                |  |                                                 |            |  |                                                 |   |             |                                                    |  |   |                                                    |  |  |   |             |  
|Total investment income                                         |  |                                                 |           |  |                                                 |   | 3,075       |                                                    |  |   |                                                   |  |  |   | 2,085,613   |  
|                                                                |  |                                                 |            |  |                                                 |   |             |                                                    |  |   |                                                    |  |  |   |             |  
|                                                                |  |                                                 |            | 
|Expenses                                                        |  |                                                 |            |  |                                                 |   |             |                                                    |  |   |                                                    |  |  |   |             |  
|INGprogram fee                                                 |  |                                                 |           |  |                                                 |   | 2,287       |                                                    |  |   |                                                   |  |  |   | 141,069     |  
|State Street Bank and Trust Companyprogram fee                 |  |                                                 |           |  |                                                 |   |            |                                                    |  |   |                                                   |  |  |   | 175,291     |  
|Trustee, management and administration fees                     |  |                                                 |           |  |                                                 |   | 478         |                                                    |  |   |                                                   |  |  |   | 81,835      |  
|Investment advisory fee                                         |  |                                                 |           |  |                                                 |   | 1,146       |                                                    |  |   |                                                   |  |  |   | 189,258     |  
|ABA Retirement Fundsprogram fee                                |  |                                                 |           |  |                                                 |   | 327         |                                                    |  |   |                                                   |  |  |   | 37,608      |  
|Legal and audit fees                                            |  |                                                 |           |  |                                                 |   | 159         |                                                    |  |   |                                                   |  |  |   | 34,647      |  
|Compliance consultant fees                                      |  |                                                 |           |  |                                                 |   | 93          |                                                    |  |   |                                                   |  |  |   | 25,454      |  
|Reports to unitholders                                          |  |                                                 |           |  |                                                 |   | 54          |                                                    |  |   |                                                   |  |  |   | 40,482      |  
|Registration fees                                               |  |                                                 |           |  |                                                 |   | 22          |                                                    |  |   |                                                   |  |  |   | 3,610       |  
|Other fees                                                      |  |                                                 |           |  |                                                 |   | 199         |                                                    |  |   |                                                   |  |  |   | 13,529      |  
|                                                                |  |                                                 |            |  |                                                 |   |             |                                                    |  |   |                                                    |  |  |   |             |  
|Total expenses                                                  |  |                                                 |           |  |                                                 |   | 4,765       |                                                    |  |   |                                                   |  |  |   | 742,783     |  
|                                                                |  |                                                 |            |  |                                                 |   |             |                                                    |  |   |                                                    |  |  |   |             |  
|                                                                |  |                                                 |            | 
|Net investment income (loss)                                    |  |                                                 |           |  |                                                 |   | (1,690      | )                                                  |  |   |                                                   |  |  |   | 1,342,830   |  
|                                                                |  |                                                 |            |  |                                                 |   |             |                                                    |  |   |                                                    |  |  |   |             |  
|                                                                |  |                                                 |            | 
|Net realized and unrealized gain (loss)                         |  |                                                 |            |  |                                                 |   |             |                                                    |  |   |                                                    |  |  |   |             |  
|Net realized gain (loss) on:                                    |  |                                                 |            |  |                                                 |   |             |                                                    |  |   |                                                    |  |  |   |             |  
|Investments                                                     |  |                                                 |           |  |                                                 |   | (10,261,098 | )                                                  |  |   |                                                   |  |  |   | (32,434,682 | )
|Bond Core Plus Fund                                             |  |                                                 |           |  |                                                 |   | 3,379,869   |                                                    |  |   | 5,362,926                                          |  |  |   | 6,677,548   |  
|Large Cap Equity Fund                                           |  |                                                 | 1,721,454  |  |                                                 |   | 716,949     |                                                    |  |   | 5,323,849                                          |  |  |   | 716,949     |  
|                                                                |  |                                                 |            |  |                                                 |   |             |                                                    |  |   |                                                    |  |  |   |             |  
|Net realized gain (loss)                                        |  |                                                 | 1,721,454  |  |                                                 |   | (6,164,280  | )                                                  |  |   | 10,686,775                                         |  |  |   | (25,040,185 | )
|                                                                |  |                                                 |            |  |                                                 |   |             |                                                    |  |   |                                                    |  |  |   |             |  
|                                                                |  |                                                 |            | 
|Change in net unrealized appreciation (depreciation) on:        |  |                                                 |            |  |                                                 |   |             |                                                    |  |   |                                                    |  |  |   |             |  
|Investments                                                     |  |                                                 | 19,585,797 |  |                                                 |   | 34,905,709  |                                                    |  |   | 5,333,741                                          |  |  |   | 65,452,194  |  
|                                                                |  |                                                 |            |  |                                                 |   |             |                                                    |  |   |                                                    |  |  |   |             |  
|Change in net unrealized appreciation (depreciation)            |  |                                                 | 19,585,797 |  |                                                 |   | 34,905,709  |                                                    |  |   | 5,333,741                                          |  |  |   | 65,452,194  |  
|                                                                |  |                                                 |            |  |                                                 |   |             |                                                    |  |   |                                                    |  |  |   |             |  
|                                                                |  |                                                 |            | 
|Net realized and unrealized gain (loss)                         |  |                                                 | 21,307,251 |  |                                                 |   | 28,741,429  |                                                    |  |   | 16,020,516                                         |  |  |   | 40,412,009  |  
|                                                                |  |                                                 |            |  |                                                 |   |             |                                                    |  |   |                                                    |  |  |   |             |  
|                                                                |  |                                                 |            | 
|Net increase (decrease) in net assets resulting from operations |  | $                                               | 21,307,251 |  |                                                 | $ | 28,739,739  |                                                    |  | $ | 16,020,516                                         |  |  | $ | 41,754,839  |  
|                                                                |  |                                                 |            |  |                                                 |   |             |                                                    |  |   |                                                    |  |  |   |             |  

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



82



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American Bar Association Members/ Northern Trust Collective Trust

Balanced Fund

Statement of Changes in Net Assets

Unaudited



|                                                                   |  |                                                  |             |  
|------------------------------------------------------------------ |  | ------------------------------------------------ | ----------- | -
|                                                                   |  | For the nine-monthperiod
endedSeptember 30, 2010 |            
|From operations                                                    |  |                                                  |             |  
|Net realized gain (loss)                                           |  | $                                                | 10,686,775  |  
|Change in net unrealized appreciation (depreciation)               |  |                                                  | 5,333,741   |  
|                                                                   |  |                                                  |             |  
|Net increase (decrease) in net assets resulting from operations    |  |                                                  | 16,020,516  |  
|                                                                   |  |                                                  |             |  
|                                                                   | 
|From unitholder transactions                                       |  |                                                  |             |  
|Proceeds from units issued                                         |  |                                                  | 280,474     |  
|Cost of units redeemed                                             |  |                                                  | (34,565,854 | )
|                                                                   |  |                                                  |             |  
|Net increase (decrease) in net assets from unitholder transactions |  |                                                  | (34,285,380 | )
|                                                                   |  |                                                  |             |  
|                                                                   | 
|Net increase (decrease) in net assets                              |  |                                                  | (18,264,864 | )
|                                                                   | 
|Net Assets                                                         |  |                                                  |             |  
|Beginning of period                                                |  |                                                  | 284,802,873 |  
|                                                                   |  |                                                  |             |  
|End of period                                                      |  | $                                                | 266,538,009 |  
|                                                                   |  |                                                  |             |  
|                                                                   | 
|Number of units                                                    |  |                                                  |             |  
|Outstanding-beginning of period                                    |  |                                                  | 3,443,359   |  
|Issued                                                             |  |                                                  | 3,328       |  
|Redeemed                                                           |  |                                                  | (407,622    | )
|                                                                   |  |                                                  |             |  
|Outstanding-end of period                                          |  |                                                  | 3,039,065   |  
|                                                                   |  |                                                  |             |  

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



83



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American Bar Association Members/ Northern Trust Collective Trust

Balanced Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)



|                                                                |  |                                                 |         |   |                                                     |   |         |                                                  |  |   |                                                     |     |  |   |         |  
|--------------------------------------------------------------- |  | ----------------------------------------------- | ------- | - | --------------------------------------------------- | - | ------- | ------------------------------------------------ |  | - | --------------------------------------------------- | --- |  | - | ------- | -
|                                                                |  | For the periodJuly 1, 2010 toSeptember 30, 2010 |         |   | For the periodJanuary 1, 2010 toSeptember 30, 
2010 |   |         | For the periodJuly 
1, 2009 toSeptember 30, 2009 |  |   | For the periodJanuary 1, 2009 toSeptember 30, 
2009 |    
|Investment income                                              |  | $                                               |        |   |                                                     | $ |        |                                                  |  | $ | 0.01                                                |     |  | $ | 0.53    |  
|Expenses,                                                    |  |                                                 |        |   |                                                     |   |        |                                                  |  |   | (0.01                                               | )   |  |   | (0.19   | )
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                  |  |   |                                                     |     |  |   |         |  
|Net investment income (loss)                                    |  |                                                 |        |   |                                                     |   |        |                                                  |  |   |                                                    |     |  |   | 0.34    |  
|Net realized and unrealized gain (loss)                         |  |                                                 | 6.88    |   |                                                     |   | 4.99    |                                                  |  |   | 7.70                                                |     |  |   | 10.76   |  
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                  |  |   |                                                     |     |  |   |         |  
|Net increase (decrease) in unit value                           |  |                                                 | 6.88    |   |                                                     |   | 4.99    |                                                  |  |   | 7.70                                                |     |  |   | 11.10   |  
|Net asset value at beginning of year                            |  |                                                 | 80.82   |   |                                                     |   | 82.71   |                                                  |  |   | 71.49                                               |     |  |   | 68.09   |  
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                  |  |   |                                                     |     |  |   |         |  
|Net asset value at end of year                                  |  | $                                               | 87.70   |   |                                                     | $ | 87.70   |                                                  |  | $ | 79.19                                               |     |  | $ | 79.19   |  
|                                                                |  |                                                 |         |   |                                                     |   |         |                                                  |  |   |                                                     |     |  |   |         |  
|                                                                |  |                                                 |         |  
|Ratios/Supplemental Data:                                       |  |                                                 |         |   |                                                     |   |         |                                                  |  |   |                                                     |     |  |   |         |  
|Ratio of expenses to average net assets*,                     |  |                                                 | 0.00    | % |                                                     |   | 0.00    | %                                                |  |   | 0.01                                                | %   |  |   | 0.36    | %
|Ratio of net investment income (loss) to average net assets(a)* |  |                                                 | 0.00    | % |                                                     |   | 0.00    | %                                                |  |   | 0.00                                                | %** |  |   | 0.65    | %
|Portfolio turnover***,                                       |  |                                                 | 1       | % |                                                     |   | 5       | %                                                |  |   | 9                                                   | %   |  |   | 31      | %
|Total return***                                                 |  |                                                 | 8.51    | % |                                                     |   | 6.03    | %                                                |  |   | 10.77                                               | %   |  |   | 16.30   | %
|Net assets at end of year (in thousands)                        |  | $                                               | 266,538 |   |                                                     | $ | 266,538 |                                                  |  | $ | 284,757                                             |     |  | $ | 284,757 |  



|(a) | Does not reflect net investment income from the portion of the Fund invested in the Bond Core Plus Fund and Large Cap Equity Fund which retain all net investment income
and make no distributions.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

|** | Amounts less than 0.005% are rounded to zero.
|-- | ---------------------------------------------

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

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

| | Expenses includes only those expenses charged directly to the Fund and does not include expenses charged to the collective investment funds, including the Large Cap
Equity Fund, and the Bond Core Plus Fund in which the Fund invests a portion of its assets.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | With respect to the portion of the Funds assets invested in the Bond Core Plus Fund and Large Cap Equity Fund, portfolio turnover reflects purchases and sales of
the Bond Core Plus Fund and Large Cap Equity Fund, rather than portfolio turnover of the underlying portfolio of the Bond Core Plus Fund and Large Cap Equity Fund.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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



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American Bar Association Members/Northern Trust Collective Trust

Notes to Financial Statements

(Unaudited)

1. Description of the Trust

The American Bar Association Members/Northern Trust Collective Trust (formerly known as the American Bar Association Members/State Street
Collective Trust, referred to herein as the Trust or the Collective Trust) was organized on August 8, 1991 under the American Bar Association Members/State Street Collective Trust Declaration of Trust, as amended and
restated on December 5, 1991 and as amended thereafter. From December 1, 2004 and through June 30, 2010, State Street Bank and Trust Company of New Hampshire (State Street) acted as trustee of the Collective Trust.
Effective July 1, 2010, Northern Trust Investments, N.A. (Northern Trust Investments or the Trustee) was substituted for State Street as trustee of the Collective Trust. In connection therewith, the name of the
Collective Trust was changed from American Bar Association Members/State Street Collective Trust to American Bar Association Members/Northern Trust Collective Trust. From and after July 1, 2010, Northern Trust
Investments, as trustee of the Collective Trust, has exclusive discretion and control over the assets of the Collective Trust. Further, effective July 1, 2010, The Northern Trust Company (Northern Trust) was substituted for State
Street Bank and Trust Company (State Street Bank) as trustee of the American Bar Association Members Retirement Trust and the American Bar Association Members Pooled Trust for Retirement Plans. Effective July 1, 2010, State Street
and State Street Bank are no longer responsible for administering the investment options offered by the Collective Trust.

The
Trust is maintained exclusively for the collective investment of monies administered on behalf of participants in the ABA Retirement Funds Program (the Program). The Trust offers twenty separate collective investment funds, comprised of
five Managed Funds, six Index Funds, the Real Asset Return Fund, five Retirement Date Funds and three Target Risk Funds (collectively, the Funds).The Funds are investment options under the Program, which is sponsored by ABA
Retirement Funds. Effective July 2, 2009, units of the Balanced Fund ceased to be offered and thus the Balanced Fund is no longer an investment option under the Program, although certain assets held under the Program continue to be invested in
the Balanced Fund. The objectives and principal strategies of the Funds and the Balanced Fund are as follows:

Managed
Funds

Stable Asset Return Fund(SARF)current income consistent with preserving
principal and maintaining liquidity. As of September 30, 2010, SARF invested all of its assets in the State Street Global Advisors (SSgA) Stable Asset Fund Trust (SAFT), a separate State Street Bank collective investment
fund which invests in investment contracts (Traditional Investment Contracts), Synthetic Investment Contracts, which represent individual high quality fixed income and asset backed securities subject to benefit responsive
wrap contracts issued by financial institutions (Benefit Responsive Providers), and collective investment funds maintained by State Street Bank that invest in high quality fixed income and asset backed securities. SAFT also invests a
portion of its assets in the State Street Bank Short Term Investment Fund (STIF), a short-term income collective investment fund maintained by State Street Bank in order to maintain liquidity for SAFT (a so-called cash buffer, the
Cash Buffer). The Stable Asset Return Fund is the only investor in SAFT, while retirement plans other than those adopted under the Program also invest in STIF. The annual financial statements of STIF and SAFT are available upon request.
Please see Note 9 for additional information regarding certain anticipated changes with respect to the Stable Asset Return Fund and SAFT.

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

Large Cap Equity Fundlong term
growth of capital and some dividend income through investment in common stocks and equity-type securities of large-capitalization U.S. companies with market capitalizations, at the time of purchase, of greater than $1 billion. Invests in common
stocks and SSgA Russell Large Cap® Index Non-Lending Series Fund Class A which is a separate collective
investment fund maintained by State Street Bank that invests in securities contained in the Russell 1000® Index.
As of September 30, 2010, 4.9% of the Funds net assets were invested in the SSgA Russell Large Cap®
Index Non-Lending Series Fund Class A. This underlying funds annual financial statements are available upon request.



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Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



Small-Mid Cap Equity Fundlong term growth of capital through investment in common stocks and equity-type
securities of U.S. companies with market capitalizations, at the time of purchase, of between $100 million and $20 billion.

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

Index Funds

Bond Index Fundreplication of the total return, after taking into account Fund expenses, of the U.S. investment-grade bond market represented by the Barclays Capital U.S. Aggregate Bond
Index. As of September 30, 2010, 100% of the Funds net assets were invested indirectly through the SSgA U.S. Bond Index Non-Lending Series Fund Class A, which is a collective investment fund maintained by State Street Bank that
invests in securities in the Barclays Capital U.S. Aggregate Bond Index. This underlying funds annual financial statements are available upon request.

Large Cap Index Equity Fundreplication of the total return, after taking into account
Fund expenses, of the S&P 500®. As of September 30, 2010, 100% of the Funds assets were invested
indirectly through the SSgA S&P 500® Index Non-Lending Series Fund Class A, which is a collective
investment fund maintained by State Street Bank that invests in securities in the S&P 500®. This underlying
funds annual financial statements are available upon request.

All Cap Index
Equity Fundreplication of the total return, after taking into account Fund expenses, of the Russell
3000® Index. As of September 30, 2010, 100% of the Funds net assets were invested in the SSgA Russell
All Cap® Index Non-Lending Series Fund Class A, which is a separate collective investment fund maintained
by State Street Bank that invests in securities contained in the Russell 3000® Index. This underlying
funds annual financial statements are available upon request.

Mid Cap Index
Equity Fundreplication of the total return, after taking into account Fund expenses, of the S&P MidCap
400®. As of September 30, 2010, 100% of the Funds net assets were invested indirectly through the
SSgA S&P MidCap® Index Non-Lending Series Fund Class A, which is a collective investment fund
maintained by State Street Bank that invests in securities contained in the S&P MidCap 400®. This underlying
funds annual financial statements are available upon request.

Small Cap Index
Equity Fundreplication of the total return, after taking into account Fund expenses, of the Russell
2000® Index. As of September 30, 2010, 100% of the Funds net assets were invested indirectly through
the SSgA Russell Small Cap® Index Non-Lending Series Fund Class A, which is a collective investment fund
maintained by State Street Bank that invests in securities in the Russell 2000® Index. This underlying
funds annual financial statements are available upon request.

International Index Equity
Fundreplication of the total return, after taking into account Fund expenses, of the Morgan Stanley Capital International All-Country World Ex-U.S. (MSCI ACWI ex-US) Index. As of September 30, 2010, 100% of the Funds
net assets were invested indirectly through the SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A, which is a collective investment fund maintained by State Street Bank that invests in securities in the MSCI ACWI ex-US Index.
This underlying funds annual financial statements are available upon request.

Real Asset Return Fund

Real Asset Return Fundcapital appreciation in excess of inflation as measured by the All Items Less Food and
Energy Consumer Price Index for All Urban Consumers for the U.S. City Average, 1982-84 = 100, which we refer to as the Core Consumer Price Index or Core CPI (which excludes food and energy). The Fund invests in the SSgA Dow Jones UBS-Commodity
IndexSM Non-Lending Series Fund Class A, SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A and SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A, which comprise a diversified portfolio of primarily
Treasury Inflation Protected Securities, which we refer to as U.S. TIPS, commodity futures and real estate investment trusts, which we refer to as REITs.



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American Bar
Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



Retirement Date Funds

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

The Retirement Date Funds utilize a broad range of asset classes and an annual
rebalancing process to provide diversification of returns and risks consistent with the stated time horizon to most conservative asset mix. Investment in each such asset class is obtained by investing in index strategies or other pooled strategies
designed for low tracking error. As of September 30, 2010, each of the Funds invested 100% of its assets in separate State Street Bank collective investment funds listed below.

Lifetime Income Retirement Date Fundinvests 100% of its net assets in the SSgA Target Retirement Income Non-Lending Series
Fund Class A.

2010 Retirement Date Fundinvests 100% of its net assets in the SSgA Target Retirement 2010
Non-Lending Series Fund Class A.

2020 Retirement Date Fundinvests 100% of its net assets in the SSgA Target
Retirement 2020 Non-Lending Series Fund Class A.

2030 Retirement Date Fundinvests 100% of its net assets in the
SSgA Target Retirement 2030 Non-Lending Series Fund Class A.

2040 Retirement Date Fundinvests 100% of its net
assets in the SSgA Target Retirement 2040 Non-Lending Series Fund Class A.

Each of these underlying funds annual financial statements
is available upon request.

Target Risk Funds

Target Risk Fundsa series of balanced investment funds each of which is designed to correspond to a
particular investment risk level. The three Target Risk Funds, designated as the Conservative Risk Fund, the Moderate Risk Fund and the Aggressive Risk Fund, offer three separate strategies, each with a distinct asset mix.

The Conservative Risk Fundinvests in a combination of U.S. stocks, non-U.S. stocks, bonds and cash-equivalent
investments, and allocates its assets among these investments according to a fixed strategic asset allocation strategy. The Fund invests in SSgA International Index Non-Lending Series Fund Class A, SSgA U.S. Bond Index Non-Lending Series Fund
Class A, SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A, SSgA Russell All Cap Index Non-Lending Series Fund Class A, SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A, and SSgA Short Term
Investment Fund. The Conservative Risk Fund is the most conservative strategy among the Target Risk Funds. The Conservative Risk Fund is designed for investors who prefer lower volatility of returns and higher expected income.

The Moderate Risk Fundinvests in a combination of U.S. stocks, non-U.S. stocks, bonds, commodities and
cash-equivalent investments, and allocates its assets among these investments according to a fixed strategic asset allocation strategy. The Fund invests in SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A, SSgA Dow Jones
UBS-Commodity IndexSM Non-Lending Series Fund Class A, SSgA U.S. Bond Index Non-Lending Series Fund Class A, SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A, SSgA Russell All Cap Index Non-Lending Series Fund Class A,
SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A, and SSgA Short Term Investment Fund. The Moderate Risk Fund is designed for investors who seek a combination of capital appreciation and income. This Fund is expected to
have higher volatility of returns than the Conservative Risk Fund but lower volatility than the Aggressive Risk Fund.



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American Bar
Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



The Aggressive Risk Fundinvests in a combination of U.S. stocks, non-U.S. stocks, bonds, commodities and
cash-equivalent investments, and allocates its assets among these investments according to a fixed strategic asset allocation strategy. The Fund invests in SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A, SSgA Dow Jones
UBS-Commodity IndexSM Non-Lending Series Fund Class A, SSgA U.S. Bond Index Non-Lending Series Fund Class A, SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A, and SSgA Russell All Cap Index Non-Lending Series Fund Class A.
The Aggressive Risk Fund is designed for investors who want to maximize growth and capital appreciation. This Fund is expected to have the highest volatility of returns among the Target Risk Funds.

Balanced Fund

Balanced Fundcurrent income and long-term capital appreciation through investment in common stocks, other equity-type securities and debt securities. As of September 30, 2010, 40.3% and
59.7% of the Funds net assets were invested in the Bond Core Plus Fund and Large Cap Equity Fund, respectively. The Fund ceased offering its units on July 2, 2009.

All the Funds and the Balanced Fund may invest in STIF. The annual financial statements of STIF are available upon request.

Effective July 1, 2010 and thereafter, the Funds that directly engage in securities lending no longer invest in the State Street Quality D Short-Term Investment Fund (Quality D). Instead,
the cash collateral received by the Funds that directly engage in securities lending was reinvested in a newly formed cash collateral pooled fund (the ABA Members Collateral Fund) managed by State Street Bank as securities lending agent
(Lending Agent) and dedicated solely to the Funds that directly engage in securities lending. At the time of its formation, the ABA Members Collateral Fund had a comparable investment portfolio and net asset value per unit as did Quality
D immediately prior to the formation of the ABA Members Collateral Fund. Thereafter, the overall level of securities loans made by the Funds will have a direct impact on the overall level of cash collateral held in the ABA Members Collateral Fund.
For purposes of daily admissions and redemptions, the short-term portfolio instruments in the ABA Members Collateral Fund are currently valued on the basis of amortized cost, as provided for in the Investment Guidelines of the ABA Members Collateral
Fund. Participant units in the ABA Members Collateral Fund are issued and redeemed on each business day (valuation date). Participant units in the ABA Members Collateral Fund , were, through September 30, 2010, purchased and
redeemed at a constant net asset value of $1.00 per unit for normal course transactions, such as new loans and returns of borrowed securities and adjustments upon the mark to market of securities on loan. In the event that a significant disparity
develops between the constant net asset value and the market-based net asset value of the ABA Members Collateral Fund, the Lending Agent will notify the Trustee that special circumstances exist and continued redemption at a constant
$1.00 net asset value would create inequitable results for the unitholders. In these circumstances, the Lending Agent, in its sole discretion and acting in a manner it deems appropriate and fair on behalf of all of the unitholders, may direct that
units be redeemed for all transactions or certain transactions at the market-based net asset value, engage in in-kind redemptions, or take other action to avoid inequitable results to unitholders until such time as the disparity between the
market-based and the constant net asset value per unit is deemed to be immaterial.

The Lending Agent has informed the Trust
that a disparity between the constant or amortized cost net asset value and the net asset value based on fair market value of the ABA Members Collateral Fund (and, prior to July 1, 2010, Quality D) existed during the nine-month period ended
September 30, 2010 and is primarily attributable to unrealized losses on longer duration instruments stemming from a lack of liquidity in the secondary market rather than from any impairment to the underlying assets of the ABA Members
Collateral Fund. The Lending Agent of the ABA Members Collateral Fund continues to believe that these longer duration instruments will mature at par and that selling these assets in the short term would result in realized losses that would not be in
the best interest of all unitholders of the ABA Members Collateral Fund.

The ABA Members Collateral Funds per unit net
asset values, and the net asset value of the Funds and the Balanced Fund investing directly or indirectly in the ABA Members Collateral Fund, reflected in their financial statements are based on United States generally accepted accounting principles
(GAAP) at fair value and differ from the per unit net asset values calculated for purpose of transactions experienced by participants in their accounts. The difference is driven by the GAAP valuation of the ABA Members Collateral Fund
(See Note 6). Such difference in valuation as of September 30, 2010 has narrowed from the difference in valuation as of December 31, 2008 and December 31, 2009, reflecting higher GAAP valuations of the ABA Members Collateral Fund on
September 30, 2010.



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American Bar
Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



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

As of September 30, 2010, Northern Trust Investments
offered and administered the investment options for the Program available under the Collective Trust.

Northern Trust
Investments is a national banking association and a wholly-owned subsidiary of Northern Trust, which is an Illinois banking corporation and a wholly-owned subsidiary of Northern Trust Corporation, a publicly-traded financial holding company
registered with the Board of Governors of the Federal Reserve System pursuant to the Federal Bank Holding Company Act of 1956, as amended.

Northern Trust Investments delegated to Northern Trust the responsibility to provide certain services to the Collective Trust on behalf of Northern Trust Investments. In addition, through
September 30, 2010, Northern Trust was the primary custodian and, based on instructions from ING Institutional Plan Services, LLC, a Delaware limited liability company (ING Services), as discussed below, effected investment and
transfer transactions and distributed all benefits provided by the plans to the participants or, in the case of some individually designed plans, to the respective trustees of such plans. ING Services or an affiliate thereof provides recordkeeping,
communication, marketing and administration services to the Program. ING Services is responsible for the maintenance of individual account records or accrued benefit information for participants whose employers choose to have the Programs
administrator maintain those account records. ING Services also provides certain account and investment information to employers and participants, manages the receipt of all plan contributions, forwards investment and transaction instructions to the
appropriate parties and forwards instructions relating to distribution of benefits provided by the plans.

2. Summary of Significant
Accounting Policies

The accompanying statements of assets and liabilities and the related statements of operations and of
changes in net assets and certain financial data have been prepared in conformity with GAAP.

The accompanying unaudited
financial statements were prepared in accordance with GAAP for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the SEC). In the opinion
of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of
results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Funds financial statements included in the Trusts Annual Report on Form 10-K for the period ended December 31,
2009, as filed with the SEC on March 23, 2010.

A. Security Valuation

The Collective Trust follows authoritative accounting guidance that governs the application of GAAP that requires fair value measurements
of the Funds and the Balanced Funds assets and liabilities. Fair value is an estimate of the price a Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market
for the security.

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



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Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



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

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

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

Other fixed income securities may be priced using a pricing matrix to determine the value of fixed income
securities that do not trade daily. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities and historical trading patterns in the market for fixed income securities. To the extent that
a Fund or the Balanced Fund invests in the shares of bank collective trust funds or of other registered open-end investment companies that are not traded on an exchange (mutual funds), such shares are valued at their net asset values per share as
reported by the funds.

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

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

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

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

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

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



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



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American Bar
Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



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



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

A Fund or the Balanced Fund may record changes to valuations based on the amount that might reasonably be
expected to be received for a security upon its current sale consistent with the fair value measurement objective. Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.
Examples of such factors may include, but are not limited to, the type of the security, the existence of any contractual restrictions on the securitys disposition, the price of comparable securities, quotations or evaluated prices from
broker-dealers and/ or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that
influence the issuer and the market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and movement of the market in which the security is normally
traded. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value realized upon sale.

For Level 2 investments, all applicable Funds value their direct and indirect investments in the ABA Members Collateral Fund at their fair values, and have recognized unrealized losses. However, the Funds
have continued to value their investments in the ABA Members Collateral Fund for purposes of participant transactions at the amortized cost based values used by the ABA Members Collateral Fund for daily transactions.

There have been no significant transfers in and out of Level 1 and Level 2 fair value measurements for any of the funds at the period
ended September 30, 2010 from the previous period.

The following is a summary of the inputs used in valuing the
Funds and the Balanced Funds assets and liabilities, as well as a reconciliation of Level 3 assets for which significant unobservable inputs were used in determining value:



|                                       |  |         |           |   |         |   |             |         |  |   |           |  |  |   |             |  
|-------------------------------------- |  | ------- | --------- | - | ------- | - | ----------- | ------- |  | - | --------- |  |  | - | ----------- | -
|Bond Core Plus Fund                    |  | Level 1 |           |   | Level 2 |   |             | Level 3 |  |   | Total     | 
|Assets                                 |  |         |           |   |         |   |             |         |  |   |           | 
|Fixed Income                           |  |         |           |   |         |   |             |         |  |   |           | 
|U.S. Corporate Asset-Backed Securities |  | $       |          |   |         | $ | 2,408,324   |         |  | $ |          |  |  | $ | 2,408,324   |  
|U.S. Government & Agency Obligations   |  |         |          |   |         |   | 396,470,015 |         |  |   |          |  |  |   | 396,470,015 |  
|Foreign Government Obligations         |  |         |          |   |         |   | 28,491,443  |         |  |   |          |  |  |   | 28,491,443  |  
|Municipals                             |  |         |          |   |         |   | 10,922,855  |         |  |   |          |  |  |   | 10,922,855  |  
|Corporate Bonds                        |  |         |          |   |         |   | 71,204,334  |         |  |   | 4,218,000 |  |  |   | 75,422,334  |  
|Bank Loans                             |  |         |          |   |         |   | 6,306,306   |         |  |   |          |  |  |   | 6,306,306   |  
|Convertible Preferred Stock            |  |         | 1,509,000 |   |         |   |            |         |  |   |          |  |  |   | 1,509,000   |  
|Affiliated Funds                       |  |         |          |   |         |   | 137,694     |         |  |   |          |  |  |   | 137,694     |  
|Collective Investment Funds            |  |         |          |   |         |   | 69,762,658  |         |  |   |          |  |  |   | 69,762,658  |  
|Derivatives*                           |  |         | 29,302    |   |         |   | 526,226     |         |  |   |          |  |  |   | 555,528     |  
|                                       |  |         |           |   |         |   |             |         |  |   |           |  |  |   |             |  
|Total                                  |  | $       | 1,538,302 |   |         | $ | 586,229,855 |         |  | $ | 4,218,000 |  |  | $ | 591,986,157 |  
|                                       |  |         |           |   |         |   |             |         |  |   |           |  |  |   |             |  
|                                       |  |         |           |  
|Liabilities                            |  |         |           |   |         |   |             |         |  |   |           |  |  |   |             |  
|Derivatives*                           |  | $       | (986,745  | ) |         | $ | (200,544    | )       |  |   |          |  |  | $ | (1,187,289  | )
|                                       |  |         |           |   |         |   |             |         |  |   |           |  |  |   |             |  
|Total                                  |  | $       | (986,745  | ) |         | $ | (200,544    | )       |  | $ |          |  |  | $ | (1,187,289  | )
|                                       |  |         |           |   |         |   |             |         |  |   |           |  |  |   |             |  



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



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Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



|                                         |  |                 |           | 
|---------------------------------------- |  | --------------- | --------- | 
|Bond Core Plus Fund Level 3 Roll Forward |  | Corporate Bonds |          
|Balance as of January 1, 2010            |  | $               |          | 
|Accrued discounts/premiums               |  |                 |          | 
|Realized gain (loss)                     |  |                 |          | 
|Unrealized gain (loss)                   |  |                 | 486,823   | 
|Net purchases (sales)                    |  |                 |          | 
|Transfers into Level 3                   |  |                 | 3,731,177 | 
|Transfers (out) of Level 3               |  |                 |          | 
|                                         |  |                 |           | 
|Balance as of September 30, 2010         |  | $               | 4,218,000 | 
|                                         |  |                 |           | 

Financial instruments that trade in markets that are not considered to be active but are valued with
standard inputs, such as (listed in approximate order of priority for use when available,) benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including
market research publications. Evaluators may prioritize inputs differently on any given day for any security, and not all inputs listed are available for use in the evaluation process on any given day for each security evaluation. The financial
instruments classified within Level 2 include U.S. Corporate Asset-Backed Securities, U.S. Government & Agency Obligations, Foreign Government Obligations, Municipals, Corporate Bonds, and Bank Loans.

Level 2 interest rate swaps are marked-to-market daily based upon quotations from brokers or market makers and the change in value, if
any, is recorded as unrealized appreciation or depreciation. An industry-recognized model is used to calculate the value of interest rate swaps. The model discounts the cash flows at each coupon adjustment date utilizing interest rate yield curve
data that is based on current market sentiment and is validated against recent trading activity. Interest rates are compared with the market in order to validate results.



|                                             |  |         |             |  |         |   |             |         |  |   |       |  |  |   |             | 
|-------------------------------------------- |  | ------- | ----------- |  | ------- | - | ----------- | ------- |  | - | ----- |  |  | - | ----------- | 
|Large Cap Equity Fund                        |  | Level 1 |             |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                                       |  |         |             |  |         |   |             |         |  |   |       | 
|Common Stock and/or Other Equity Investments |  |         |             |  |         |   |             |         |  |   |       | 
|Consumer Discretionary                       |  | $       | 101,349,272 |  |         | $ |            |         |  | $ |      |  |  | $ | 101,349,272 | 
|Consumer Staples                             |  |         | 79,023,083  |  |         |   |            |         |  |   |      |  |  |   | 79,023,083  | 
|Energy                                       |  |         | 73,450,362  |  |         |   |            |         |  |   |      |  |  |   | 73,450,362  | 
|Financial                                    |  |         | 71,512,599  |  |         |   |            |         |  |   |      |  |  |   | 71,512,599  | 
|Health Care                                  |  |         | 105,350,284 |  |         |   |            |         |  |   |      |  |  |   | 105,350,284 | 
|Industrial                                   |  |         | 72,127,710  |  |         |   |            |         |  |   |      |  |  |   | 72,127,710  | 
|Information Technology                       |  |         | 142,690,397 |  |         |   |            |         |  |   |      |  |  |   | 142,690,397 | 
|Material                                     |  |         | 19,982,788  |  |         |   |            |         |  |   |      |  |  |   | 19,982,788  | 
|Telecommunication Services                   |  |         | 20,412,265  |  |         |   |            |         |  |   |      |  |  |   | 20,412,265  | 
|Utilities                                    |  |         | 23,286,261  |  |         |   |            |         |  |   |      |  |  |   | 23,286,261  | 
|Collective Investment Funds                  |  |         |            |  |         |   | 37,241,941  |         |  |   |      |  |  |   | 37,241,941  | 
|Short-Term Investments                       |  |         |            |  |         |   | 102,951,671 |         |  |   |      |  |  |   | 102,951,671 | 
|                                             |  |         |             |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                                        |  | $       | 709,185,021 |  |         | $ | 140,193,612 |         |  | $ |      |  |  | $ | 849,378,633 | 
|                                             |  |         |             |  |         |   |             |         |  |   |       |  |  |   |             | 



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American Bar
Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



|                                             |  |         |            |  |         |   |             |         |  |   |       |  |  |   |             | 
|-------------------------------------------- |  | ------- | ---------- |  | ------- | - | ----------- | ------- |  | - | ----- |  |  | - | ----------- | 
|International All Cap Equity Fund            |  | Level 1 |            |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                                       |  |         |            |  |         |   |             |         |  |   |       |  |  |   |             | 
|Common Stock and/or Other Equity Investments |  |         |            |  |         |   |             |         |  |   |       | 
|Australia                                    |  | $       |           |  |         | $ | 4,986,925   |         |  | $ |      |  |  | $ | 4,986,925   | 
|Austria                                      |  |         |           |  |         |   | 753,317     |         |  |   |      |  |  |   | 753,317     | 
|Belgium                                      |  |         |           |  |         |   | 2,419,286   |         |  |   |      |  |  |   | 2,419,286   | 
|Brazil                                       |  |         | 2,117,182  |  |         |   |            |         |  |   |      |  |  |   |            | 
|Canada                                       |  |         | 4,887,712  |  |         |   |            |         |  |   |      |  |  |   |            | 
|China                                        |  |         | 251,345    |  |         |   | 1,323,269   |         |  |   |      |  |  |   | 1,574,614   | 
|Czech Republic                               |  |         |           |  |         |   | 760,268     |         |  |   |      |  |  |   | 760,268     | 
|Denmark                                      |  |         |           |  |         |   | 158,365     |         |  |   |      |  |  |   | 158,365     | 
|Finland                                      |  |         |           |  |         |   | 1,195,762   |         |  |   |      |  |  |   | 1,195,762   | 
|France                                       |  |         |           |  |         |   | 10,390,666  |         |  |   |      |  |  |   | 10,390,666  | 
|Germany                                      |  |         | 316,200    |  |         |   | 9,855,959   |         |  |   |      |  |  |   | 10,172,159  | 
|Greece                                       |  |         |           |  |         |   | 1,340,947   |         |  |   |      |  |  |   | 1,340,947   | 
|Hong Kong                                    |  |         | 466,320    |  |         |   | 3,356,589   |         |  |   |      |  |  |   | 3,822,909   | 
|Ireland                                      |  |         | 893,826    |  |         |   | 854,410     |         |  |   |      |  |  |   | 1,748,236   | 
|India                                        |  |         | 333,521    |  |         |   |            |         |  |   |      |  |  |   | 333,521     | 
|Israel                                       |  |         | 1,660,208  |  |         |   | 381,263     |         |  |   |      |  |  |   | 2,041,471   | 
|Italy                                        |  |         |           |  |         |   | 2,298,152   |         |  |   |      |  |  |   | 2,298,152   | 
|Japan                                        |  |         |           |  |         |   | 24,856,346  |         |  |   |      |  |  |   | 24,856,346  | 
|Korea, Republic of                           |  |         |           |  |         |   | 4,081,975   |         |  |   |      |  |  |   | 4,081,975   | 
|Luxembourg                                   |  |         |            |  |         |   | 503,550     |         |  |   |      |  |  |   | 503,550     | 
|Malaysia                                     |  |         |           |  |         |   | 446,888     |         |  |   |      |  |  |   | 446,888     | 
|Mexico                                       |  |         | 1,499,966  |  |         |   |            |         |  |   |      |  |  |   |            | 
|Netherlands                                  |  |         |           |  |         |   | 6,183,393   |         |  |   |      |  |  |   | 6,183,393   | 
|Norway                                       |  |         |           |  |         |   | 1,557,490   |         |  |   |      |  |  |   | 1,557,490   | 
|Papua New Guinea                             |  |         |           |  |         |   | 1,532,708   |         |  |   |      |  |  |   | 1,532,708   | 
|Philippines                                  |  |         | 988,827    |  |         |   |            |         |  |   |      |  |  |   |            | 
|Poland                                       |  |         |           |  |         |   | 1,559,139   |         |  |   |      |  |  |   | 1,559,139   | 
|Portugal                                     |  |         |           |  |         |   | 292,486     |         |  |   |      |  |  |   | 292,486     | 
|Singapore                                    |  |         |           |  |         |   | 3,025,023   |         |  |   |      |  |  |   | 3,025,023   | 
|South Africa                                 |  |         |           |  |         |   | 5,604, 067  |         |  |   |      |  |  |   | 5,604, 067  | 
|Spain                                        |  |         |           |  |         |   | 2,386,240   |         |  |   |      |  |  |   | 2,386,240   | 
|Sweden                                       |  |         |           |  |         |   | 1,595,604   |         |  |   |      |  |  |   | 1,595,604   | 
|Switzerland                                  |  |         | 1,586,014  |  |         |   | 11,285,767  |         |  |   |      |  |  |   | 12,871,781  | 
|Taiwan                                       |  |         | 1,553,848  |  |         |   | 3,482,200   |         |  |   |      |  |  |   | 3,482,200   | 
|Thailand                                     |  |         |           |  |         |   | 1,701,673   |         |  |   |      |  |  |   | 1,701,673   | 
|United Kingdom                               |  |         | 3,282,527  |  |         |   | 18,242,322  |         |  |   |      |  |  |   | 21,524,849  | 
|United States                                |  |         | 1,888,086  |  |         |   |            |         |  |   |      |  |  |   |            | 
|Collective Investment Funds                  |  |         |           |  |         |   | 5,694,953   |         |  |   |      |  |  |   | 5,694,953   | 
|Short-Term Investments                       |  |         |           |  |         |   | 6,855,752   |         |  |   |      |  |  |   | 6,855,752   | 
|                                             |  |         |            |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                                        |  | $       | 21,725,582 |  |         | $ | 140,962,754 |         |  | $ |      |  |  | $ | 162,688,336 | 
|                                             |  |         |            |  |         |   |             |         |  |   |       |  |  |   |             | 

Level 2 investments, consisting of non-U.S. equities, are based on prices received from all primary and
secondary exchanges; however, if a significant event has occurred after the closing of the foreign exchange or market on which such securities trade, a valuation adjustment may be appropriate. Specifically, under appropriate circumstances, the
Trustee will utilize a fair value model for the International All Cap Equity Fund to make fair value adjustments to the prices of non-U.S. securities based on movements in the U.S. markets after the close of foreign markets.



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Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



|                                             |  |         |             |  |         |   |             |         |  |   |        |  |  |   |             | 
|-------------------------------------------- |  | ------- | ----------- |  | ------- | - | ----------- | ------- |  | - | ------ |  |  | - | ----------- | 
|Small-Mid Cap Equity Fund                    |  | Level 1 |             |  | Level 2 |   |             | Level 3 |  |   | Total  | 
|Assets                                       |  |         |             |  |         |   |             |         |  |   |        | 
|Common Stock and/or Other Equity Investments |  |         |             |  |         |   |             |         |  |   |        | 
|Consumer Discretionary                       |  | $       | 35,027,193  |  |         | $ |            |         |  | $ |       |  |  | $ | 35,027,193  | 
|Consumer Staples                             |  |         | 10,109,857  |  |         |   |            |         |  |   |       |  |  |   | 10,109,857  | 
|Energy                                       |  |         | 20,807,843  |  |         |   |            |         |  |   |       |  |  |   | 20,807,843  | 
|Financial                                    |  |         | 54,822,106  |  |         |   |            |         |  |   |       |  |  |   | 54,822,106  | 
|Health Care                                  |  |         | 33,592,543  |  |         |   |            |         |  |   | 14,828 |  |  |   | 33,607,371  | 
|Industrial                                   |  |         | 41,732,624  |  |         |   |            |         |  |   |       |  |  |   | 41,732,624  | 
|Information Technology                       |  |         | 40,988,235  |  |         |   |            |         |  |   |       |  |  |   | 40,988,235  | 
|Material                                     |  |         | 14,650,453  |  |         |   |            |         |  |   |       |  |  |   | 14,650,453  | 
|Utilities                                    |  |         | 12,594,149  |  |         |   |            |         |  |   |       |  |  |   | 12,594,149  | 
|Telecommunication Service                    |  |         | 3,630,377   |  |         |   |             |         |  |   |        |  |  |   | 3,630,377   | 
|Collective Investment Funds                  |  |         |            |  |         |   | 7,451,805   |         |  |   |       |  |  |   | 7,451,805   | 
|Short-Term Investments                       |  |         |            |  |         |   | 131,522,560 |         |  |   |       |  |  |   | 131,522,560 | 
|                                             |  |         |             |  |         |   |             |         |  |   |        |  |  |   |             | 
|Total                                        |  | $       | 267,955,380 |  |         | $ | 138,974,365 |         |  | $ | 14,828 |  |  | $ | 406,944,573 | 
|                                             |  |         |             |  |         |   |             |         |  |   |        |  |  |   |             | 



|                                                 |  |                                             |          |  
|------------------------------------------------ |  | ------------------------------------------- | -------- | -
|Small-Mid Cap Equity Fund
Level 3 Roll Forward   |  | Common Stock and/orOther Equity Investments |         
|Balance as of January 1, 2010                    |  | $                                           | 308,692  |  
|Accrued discounts/premiums                       |  |                                             |         |  
|Realized gain (loss)                             |  |                                             |         |  
|Change in unrealized appreciation (depreciation) |  |                                             | (293,864 | )
|Net purchases (sales)                            |  |                                             |         |  
|Transfers into Level 3                           |  |                                             |         |  
|Transfers (out) of Level 3                       |  |                                             |         |  
|                                                 |  |                                             |          |  
|Balance as of September 30, 2010                 |  | $                                           | 14,828   |  
|                                                 |  |                                             |          |  

The Level 3 equity amount consists of a single private equity position; it is not traded in an active market
and is subject to transfer restrictions. The main input to determine fair market value is based solely on cash assets less accrued liabilities for estimated tax and administrative expenses.



|                            |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|--------------------------- |  | ------- | - |  | ------- | - | ----------- | ------- |  | - | ----- |  |  | - | ----------- | 
|Stable Asset Return Fund    |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                      |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds |  | $       |  |  |         | $ | 997,745,667 |         |  | $ |      |  |  | $ | 997,745,667 | 
|                            |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                       |  | $       |  |  |         | $ | 997,745,667 |         |  | $ |      |  |  | $ | 997,745,667 | 
|                            |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                            |  |         |   | 
|Bond Index Fund             |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                      |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds |  | $       |  |  |         | $ | 55,105,261  |         |  | $ |      |  |  | $ | 55,105,261  | 
|                            |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                       |  | $       |  |  |         | $ | 55,105,261  |         |  | $ |      |  |  | $ | 55,105,261  | 
|                            |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                            |  |         |   | 
|Large Cap Index Equity Fund |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                      |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds |  | $       |  |  |         | $ | 43,956,662  |         |  | $ |      |  |  | $ | 43,956,662  | 
|                            |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                       |  | $       |  |  |         | $ | 43,956,662  |         |  | $ |      |  |  | $ | 43,956,662  | 
|                            |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                            |  |         |   | 
|All Cap Index Equity Fund   |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                      |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds |  | $       |  |  |         | $ | 268,691,058 |         |  | $ |      |  |  | $ | 268,691,058 | 
|                            |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                       |  | $       |  |  |         | $ | 268,691,058 |         |  | $ |      |  |  | $ | 268,691,058 | 
|                            |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 



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American Bar
Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|------------------------------------ |  | ------- | - |  | ------- | - | ----------- | ------- |  | - | ----- |  |  | - | ----------- | 
|,Mid Cap Index Equity Fund           |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |  |  |         | $ | 34,234,054  |         |  | $ |      |  |  | $ | 34,234,054  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                                |  | $       |  |  |         | $ | 34,234,054  |         |  | $ |      |  |  | $ | 34,234,054  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                                     |  |         |   | 
|Small Cap Index Equity Fund          |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |  |  |         | $ | 19,844,996  |         |  | $ |      |  |  | $ | 19,844,996  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                                |  | $       |  |  |         | $ | 19,844,996  |         |  | $ |      |  |  | $ | 19,844,996  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                                     |  |         |   | 
|International Index Equity Fund      |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |  |  |         | $ | 36,257,369  |         |  | $ |      |  |  | $ | 36,257,369  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                                |  | $       |  |  |         | $ | 36,257,369  |         |  | $ |      |  |  | $ | 36,257,369  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                                     |  |         |   | 
|Real Asset Return Fund               |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |  |  |         | $ | 10,685,229  |         |  | $ |      |  |  | $ | 10,685,229  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                                |  | $       |  |  |         | $ | 10,685,229  |         |  | $ |      |  |  | $ | 10,685,229  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                                     |  |         |   | 
|Lifetime Income Retirement
Date Fund |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |  |  |         | $ | 34,561,775  |         |  | $ |      |  |  | $ | 34,561,775  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                                |  | $       |  |  |         | $ | 34,561,775  |         |  | $ |      |  |  | $ | 34,561,775  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                                     |  |         |   | 
|2010 Retirement Date Fund            |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |  |  |         | $ | 65,153,115  |         |  | $ |      |  |  | $ | 65,153,115  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                                |  | $       |  |  |         | $ | 65,153,115  |         |  | $ |      |  |  | $ | 65,153,115  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                                     |  |         |   | 
|2020 Retirement Date Fund            |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |  |  |         | $ | 120,048,193 |         |  | $ |      |  |  | $ | 120,048,193 | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                                |  | $       |  |  |         | $ | 120,048,193 |         |  | $ |      |  |  | $ | 120,048,193 | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                                     |  |         |   | 
|2030 Retirement Date Fund            |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |  |  |         | $ | 96,218,499  |         |  | $ |      |  |  | $ | 96,218,499  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                                |  | $       |  |  |         | $ | 96,218,499  |         |  | $ |      |  |  | $ | 96,218,499  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                                     |  |         |   | 
|2040 Retirement Date Fund            |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |  |  |         | $ | 57,079,804  |         |  | $ |      |  |  | $ | 57,079,804  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                                |  | $       |  |  |         | $ | 57,079,804  |         |  | $ |      |  |  | $ | 57,079,804  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                                     |  |         |   | 
|Conservative Risk Fund               |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                               |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds          |  | $       |  |  |         | $ | 13,710,269  |         |  | $ |      |  |  | $ | 13,710,269  | 
|Short-Term Investments               |  |         |  |  |         |   | 843,780     |         |  |   |      |  |  |   | 843,780     | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                                |  | $       |  |  |         | $ | 14,554,049  |         |  | $ |      |  |  | $ | 14,554,049  | 
|                                     |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 



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|                            |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|--------------------------- |  | ------- | - |  | ------- | - | ----------- | ------- |  | - | ----- |  |  | - | ----------- | 
|Moderate Risk Fund          |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                      |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds |  | $       |  |  |         | $ | 26,066,240  |         |  | $ |      |  |  | $ | 26,066,240  | 
|Short-Term Investments      |  |         |  |  |         |   | 751,797     |         |  |   |      |  |  |   | 751,797     | 
|                            |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                       |  | $       |  |  |         | $ | 26,818,037  |         |  | $ |      |  |  | $ | 26,818,037  | 
|                            |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                            |  |         |   | 
|Aggressive Risk Fund        |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                      |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds |  | $       |  |  |         | $ | 9,450,171   |         |  | $ |      |  |  | $ | 9,450,171   | 
|Short-Term Investments      |  |         |  |  |         |   | 8,000       |         |  |   |      |  |  |   | 8,000       | 
|                            |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                       |  | $       |  |  |         | $ | 9,458,171   |         |  | $ |      |  |  | $ | 9,458,171   | 
|                            |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|                            |  |         |   | 
|Balanced Fund               |  | Level 1 |   |  | Level 2 |   |             | Level 3 |  |   | Total | 
|Assets                      |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Collective Investment Funds |  | $       |  |  |         | $ | 266,538,009 |         |  | $ |      |  |  | $ | 266,538,009 | 
|                            |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 
|Total                       |  | $       |  |  |         | $ | 266,538,009 |         |  | $ |      |  |  | $ | 266,538,009 | 
|                            |  |         |   |  |         |   |             |         |  |   |       |  |  |   |             | 

For all funds other than the Bond Core Plus Fund, Level 2 investments are Collective Investment Funds with
market values determined by a custodian using observable inputs to calculate the transaction price. In addition to their specified investments, the funds may also engage in transactions in derivatives, including, but not limited to, futures, swaps,
options and other derivative instruments (including but not limited to equity index futures, foreign currency forwards and similar derivatives) or other investments as Northern Trust deems appropriate under the circumstances.

B. Stable Asset Return Fund

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

i. Basis of Accounting

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

ii. Value
of Investments

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

Investments in bank, insurance company and other financial institution investment contracts (GICs) are stated at contract
value. An investment contract is generally permitted to be valued at contract value, rather than fair



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

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

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

Events disqualifying an underlying investment include but are not limited to bankruptcy of the security issuer or default or restricted
liquidity of the security. The portfolio is owned by SAFT. SAFT purchases a wrap contract from an insurance company, bank or other financial services institution (Benefit Responsive Providers), if available. The portfolio, coupled with the wrap
contract, attempts to replicate the characteristics of a traditional GIC. Synthetic Investment Contracts represent individual high quality fixed income and asset backed securities subject to benefit responsive wrap contracts issued by financial
institutions. Individual assets of the Synthetic Investment Contract are generally valued at representative quoted market prices. Short-term securities, if any, are valued at amortized cost, which approximates market value. Debt securities are
valued on the basis of valuations furnished by a pricing service approved by the trustee of SAFT, which determines valuations using methods based on market transactions for comparable securities and various relationships between securities which are
generally recognized by institutional traders. Investments in registered investment companies or collective investment funds are valued at the net asset value per share/unit on the valuation date. Securities for which market quotations are not
readily available, or that have quotations which management believes are not appropriate, are valued at fair value as determined in good faith by the trustee of SAFT or its agent. The fair value of the wrap contracts is determined using the market
approach discounting methodology which incorporates the difference between current market level rates for contract level wrap fees and the wrap fee being charged. The difference is calculated as a dollar value and discounted by the prevailing
interpolated swap rate as of period-end.

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

Synthetic Investment Contracts generally require a Cash Buffer of a
certain level to be maintained in order to provide liquidity for the stable value fund. The wrap contracts in place as of September 30, 2010 held by SAFT require a Cash Buffer of a minimum of 20% of the net asset value of SAFT. At
September 30, 2010, the Cash Buffer was 26.8% of such net assets.

A Synthetic Investment Contract attempts to protect
principal and accumulated interest and credits at a stated interest rate for a specified period of time (e.g. monthly or quarterly). Under the terms of the wrap contracts, assets subject to Synthetic Investment Contracts are credited at a rate (the
Crediting Rate) agreed to with the issuer of the benefit-responsive Investment Contract (which rate is adjusted periodically, but not below zero, to reflect the performance of the underlying securities of the Synthetic Investment
Contract) for purposes of permitting the contract to be benefit-responsive. Investment gains and losses are amortized over the expected duration through the calculation of the applicable Crediting Rate to SAFT on a prospective basis. The Crediting
Rate is primarily based on the current yield-to-maturity of the covered investments, plus or minus amortization of the difference between the market value and contract value of the covered investments over the duration of the covered investments at
the time of computation. The Crediting Rate is most impacted by the change in the annual effective yield to maturity of the underlying securities, but is also affected by the differential between the contract value and the market value of the



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covered investments. This difference is amortized over the duration of the covered investments. Depending on the change in duration from each reset period, the magnitude of the impact to the
Crediting Rate of the contract to market difference is heightened or lessened. The Crediting Rate can be adjusted periodically and is usually adjusted either monthly or quarterly, but in no event is the Crediting Rate less than zero. The Crediting
Rate may be impacted by, among other things, volatility and illiquidity in the fixed income securities market. If the market value of the underlying investments held by SAFT as a whole is lower than their contract value, the Crediting Rate may be
lower than the return on the underlying investments. Significant additional contributions from participants may in certain cases increase market value attributed to the underlying investments and increase the Crediting Rate and SAFTs return.
Redemptions may have an opposite effect, where if SAFT experiences significant redemptions when the market value is below the contract value, SAFTs return and the Crediting Rate may be reduced to zero.

iii. Events Limiting Contract Value Treatment

Investment contracts are valued at contract value principally because participants are able to transact at contract value when initiating
benefit-responsive withdrawals, taking loans or making investment option transfers permitted by the participating plan. A benefit-responsive withdrawal includes a payment to a participant arising from retirement, termination of employment,
disability or death. In the normal course, participant events are predictive (for participants as a group) such that the economic integrity of investment contracts is largely unaffected by participant withdrawals.

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

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

As of September 30, 2010, the occurrence of an event that would limit the ability of SAFT to transact at contract value with the
participants is not probable. Please refer to Note 9 for information on subsequent events relating to State Street Banks plans to cease acting as trustee and investment manager of SAFT on or prior to December 31, 2010 and events relating
to the Synthetic Investment Contracts in connection therewith.

iv. Termination Events by the Issuer

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

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

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



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

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

Effective February 9, 2009, Bank of America, N.A. (Bank of America) excluded from the coverage of its Synthetic Investment Contracts, including its Synthetic Investment Contract with
SAFT, any net increases in the amount subject to such Synthetic Investment Contract (other than increases in the value of underlying securities and any interest earned thereon). This action by Bank of America has resulted in the other current
Benefit Responsive Providers not covering their respective shares (25% each) of any such net increases. Any such net increases have been allocated to SAFTs Cash Buffer which is invested in Short-Term Investment Products, and will likely be so
allocated in the foreseeable future. At the discretion of State Street, net new participant cash flows will be invested in traditional GICs or in the Cash Buffer through portfolio cash vehicles, although it is anticipated that any net new
participant cash flows will be invested in the Cash Buffer in the foreseeable future.

On April 21, 2010, UBS AG
(UBS) issued a sixty day termination notice with respect to its Synthetic Investment Contract with SAFT. On the next day, JPMorgan Chase Bank, N.A. (JP Morgan) issued a sixty day termination notice of its Synthetic Investment
Contract with SAFT. State Street Bank exercised its rights under the respective existing Synthetic Investment Contracts with UBS and JP Morgan on June 18, 2010 by electing so-called Immunization (as sometimes referred to in industry
parlance) under each of these two Synthetic Investment Contracts which extends the term of each such Synthetic Investment Contract. This Immunization election permits a controlled reduction in the durations and maturities of the investments subject
to such Synthetic Investment Contracts during each of the periods specified below (the Immunization Periods). The foregoing controlled reduction is referred to collectively as the Immunization Process.

The Immunization Process permits an orderly sale of the investments related to each such Synthetic Investment Contract over a two-year
period for UBS and an estimated 2.3 year period for JP Morgan, and the related reinvestment of the net cash proceeds of such sales in shorter-term, high quality investments in compliance with investment guidelines for the Immunization Process.
During the Immunization Period under the existing Synthetic Investment Contract with each of UBS and JP Morgan, State Street Bank expects that the investments subject to these two existing Synthetic Investment Contracts will continue to be accounted
for and valued at book value (equal to contract value). The Immunization Process requires the continued shortening of the duration and eventual maturity of the investments applicable to these two Synthetic Investment Contracts prior to the end of
the applicable Immunization Period. This will likely result in lower current investment returns on those investments and a lower crediting rate for SAFT and the Stable Asset Return Fund if short-term interest rates remain at current levels and
replacement Benefit Responsive Providers cannot be identified on acceptable terms during the Immunization Periods.



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The terminations by UBS and JP Morgan did not adversely affect the book value protections afforded under these Synthetic Investment
Contracts during the sixty day notice period, nor does State Street Bank expect that the terminations by UBS and JP Morgan will adversely affect the book value protections afforded under these Synthetic Investment Contracts during the respective
Immunization Periods. The UBS and JP Morgan Synthetic Investment Contracts cover 50% of the investments that are subject to the four Synthetic Investment Contracts in place as of September 30, 2010. As of September 30, 2010, the
investments subject to the Immunization Process represented approximately $322.3 million and approximately 32.4% of the Stable Asset Return Funds total portfolio. There is an excess of $10.3 million of fair market value above book value
on the investments attributable to these affected contracts as of September 30, 2010.

No assurances can be given that
one or more replacement Benefit Responsive Providers can be identified to replace UBS and JP Morgan during the Immunization Periods or to replace any other Benefit Responsive Provider of SAFT, including the two existing Benefit Responsive Providers,
Bank of America and Royal Bank of Canada, which could elect to terminate their respective Synthetic Investment Contracts in the future. In addition, no assurances can be given that the terms offered by any such potential replacement Benefit
Responsive Provider will be acceptable to SAFT and the Stable Asset Return Fund. It is likely that the fees payable to any replacement Benefit Responsive Providers will increase significantly from the low rates currently in effect, thereby resulting
in lower investment returns and a lower crediting rate for SAFT and the Stable Asset Return Fund. It is also likely that any replacement Benefit Responsive Providers will impose additional restrictions and requirements under their Synthetic
Investment Contracts in order to reduce the risk that they will be required to make payments under any such Synthetic Investment Contracts in the future.

If there are insufficient Benefit Responsive Providers or the cost of obtaining Synthetic Investment Contracts increases sufficiently or the terms proposed by replacement Benefit Responsive Providers are
unacceptable, then the Stable Asset Return Fund may, among other actions, limit additional contributions to the Fund, reduce the size of the Fund or liquidate the Fund, change the mix of investments undertaken by the Fund, such as by increasing the
percentage of Traditional Investment Contracts, convert the Fund to a fixed income fund that fluctuates in value without any benefit responsive protection on withdrawals, or restructure the Fund as a short-term investment fund similar to a Rule 2a-7
money market fund registered under the Investment Company Act of 1940 that utilizes amortized cost pricing (although any such restructured money market fund would not be subject to the provisions of the Investment Company Act of 1940 and the
expected returns realized by any such short-term investment fund would be very low if the current interest rate environment continues).

State Street Bank has, on behalf of the Stable Asset Return Fund and SAFT through the nine-month period ended September 30, 2010, evaluated various options to address the impact of the loss of one or
more Benefit Responsive Providers and has sought to preserve SAFTs ability to continue to utilize book value accounting for its assets, including the possibility of utilizing a higher percentage of Traditional Investment Contracts to provide
the requisite level of benefit responsive protection on withdrawals, increasing the level of the Short-Term Investment Products in relation to the total amount of the Synthetic Investment Contracts, obtaining one or more additional Benefit
Responsive Providers to provide additional and/or substitute Synthetic Investment Contracts, and other similar measures to mitigate the impact of the loss of any Synthetic Investment Contracts. Since December 31, 2008, State Street Bank has
caused SAFT to increase its allocations to Short-Term Investment Products because of the uncertainty in the market for Synthetic Investment Contracts, and such allocations to Short-Term Investment Products will increase by reason of the termination
of the UBS and JP Morgan Synthetic Investment Contracts during their respective Immunization Periods. No assurances can be given that the Stable Asset Return Fund and SAFT will be successful in implementing any of the potential options described
above, including the generally preferred option of obtaining additional or substitute Synthetic Investment Contracts, because of the current uncertainty with respect to Benefit Responsive Providers and the absence of any demonstrated significant
willingness by new and existing Benefit Responsive Providers to issue Synthetic Investment Contracts.

State Street and State
Street Bank have shared the information relating to their discussions with potential replacement Benefit Responsive Providers for SAFT with Northern Trust Investments. Please see Note 9 for information regarding certain subsequent events relating to
Northern Trust Investments coordination and direction of the search for replacement Benefit Responsive Providers in connection with Northern Trust Investments substitution of State Street as trustee of the Collective Trust and State Street
Banks plans to cease providing services to both the Stable Asset Return Fund and SAFT by no later than December 31, 2010.



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Notes to Financial StatementsContinued

(Unaudited)



v. Investment Transactions and Income

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

vi. Issuances and Redemptions of SAFT Units

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

vii. Industry Concentration of Investments

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

viii. Adjustments to Contract Value

At September 30, 2010, all investment contracts held by SAFT were deemed fully benefit-responsive. The change in the difference between the fair value and contract value of SAFTs fully
benefit-responsive investment contracts during 2010 is reflected below:



|                               |  |                   |               |   |                  |   |               |        |  |   |             |  
|------------------------------ |  | ----------------- | ------------- | - | ---------------- | - | ------------- | ------ |  | - | ----------- | -
|                               |  | September 30,2010 |               |   | December 31,2009 |   |               | Change | 
|Net assets (at fair value)     |  | $                 | 1,015,216,392 |   |                  | $ | 1,015,748,390 |        |  | $ | (531,998    | )
|Net assets (at contract value) |  |                   | 995,977,134   |   |                  |   | 1,007,415,006 |        |  |   | (11,437,872 | )
|Adjustment to fair value       |  |                   | (19,239,259   | ) |                  |   | (8,333,384    | )      |  |   | (10,905,875 | )

Sensitivity Analysis

The following tables are intended to provide certain sensitivity analyses disclosures. These are estimates calculated based on the current
Crediting Rate, are not intended to serve as a projection or guarantee of future rates of return to be earned by SAFT and make an assumption that there is no change in the duration of the underlying investment portfolio, which will likely not be the
case in light of the mandated reductions in duration for the Synthetic Investment Contracts relating to JP Morgan and UBS, unless replacement Benefit Responsive Providers can be secured on acceptable terms in the near term.



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(Unaudited)



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



|                   |  |                                      |      |   |             |  |      |             |  |  |             |   |  |             |      |   |  |  |      |  
|------------------ |  | ------------------------------------ | ---- | - | ----------- |  | ---- | ----------- |  |  | ----------- | - |  | ----------- | ---- | - |  |  | ---- | -
|                   |  | WeightedAverage 
CreditInterest Rate |      |   | 50%Decrease |  |      | 25%Decrease |  |  | 25%Increase |   |  | 50%Increase |     
|September 30, 2010 |  |                                      | 1.86 | % |             |  |      |             |  |  |             |   |  |             |      |   |  |  |      |  
|December 31, 2010  |  |                                      |      |   |             |  | 2.08 | %           |  |  | 2.12        | % |  |             | 2.20 | % |  |  | 2.24 | %
|March 31, 2011     |  |                                      |      |   |             |  | 1.79 | %           |  |  | 1.87        | % |  |             | 2.02 | % |  |  | 2.09 | %
|June 30, 2011      |  |                                      |      |   |             |  | 1.55 | %           |  |  | 1.66        | % |  |             | 1.87 | % |  |  | 1.97 | %
|September 30, 2011 |  |                                      |      |   |             |  | 1.36 | %           |  |  | 1.49        | % |  |             | 1.74 | % |  |  | 1.87 | %

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



|                   |  |                                      |      |   |             |  |      |             |  |  |             |   |  |             |      |   |  |  |      |  
|------------------ |  | ------------------------------------ | ---- | - | ----------- |  | ---- | ----------- |  |  | ----------- | - |  | ----------- | ---- | - |  |  | ---- | -
|                   |  | WeightedAverage 
CreditInterest Rate |      |   | 50%Decrease |  |      | 25%Decrease |  |  | 25%Increase |   |  | 50%Increase |     
|September 30, 2010 |  |                                      | 1.86 | % |             |  |      |             |  |  |             |   |  |             |      |   |  |  |      |  
|December 31, 2010  |  |                                      |      |   |             |  | 2.29 | %           |  |  | 2.30        | % |  |             | 2.33 | % |  |  | 2.34 | %
|March 31, 2011     |  |                                      |      |   |             |  | 1.96 | %           |  |  | 2.03        | % |  |             | 2.12 | % |  |  | 2.18 | %
|June 30, 2011      |  |                                      |      |   |             |  | 1.69 | %           |  |  | 1.78        | % |  |             | 1.95 | % |  |  | 2.04 | %
|September 30, 2011 |  |                                      |      |   |             |  | 1.47 | %           |  |  | 1.59        | % |  |             | 1.81 | % |  |  | 1.92 | %



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

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

Average yields



|                                                    |  |  |      |  
|--------------------------------------------------- |  |  | ---- | -
|Based on actual income (1)                          |  |  | 1.40 | %
|Based on interest rate credited to participants (2) |  |  | 1.80 | %



|(1) | Computed by dividing the annualized one-day actual earnings of the Fund on September 30, 2010 by the fair value of investments on September 30, 2010.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Computed by dividing the annualized one-day earnings credited to participants on September 30, 2010 by the fair value of investments on September 30, 2010.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------

C. Security Transactions and Related Investment Income

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

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

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



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

D. Foreign Currency Transactions

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

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

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

E. Income Taxes

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

Management is required to determine whether a tax position of
the Collective Trust is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to
be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement which could result in the Collective Trust recording a tax liability that would reduce net assets.
Management determined that no uncertainties would have a material impact on the Collective Trusts financial statements. Authoritative accounting guidance establishes financial accounting and disclosure requirements for recognition and
measurement of tax positions taken or expected to be taken in any tax jurisdiction. However, managements conclusions regarding tax liabilities may be subject to review and adjustment at a later date based on factors including, but not limited
to, further guidance and on-going analyses of tax laws, regulations and interpretations thereof.

F. Sales and Redemptions
of Units of Participation and Distributions

The units offered represent interests in the Funds established under the
Collective Trust. The Collective Trust may offer and sell an unlimited number of units. Each unit will be offered and sold daily at the offering Funds net asset value. The Collective Trust ceased offering units of the Balanced Fund on
July 2, 2009 although assets held under the Program and invested therein through July 1, 2009 may continue to remain invested therein.

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

G. TBA Commitments and Roll Transactions

The Bond Core Plus Fund may enter into TBA (to be announced) commitments to purchase securities for a fixed unit price at a future date beyond customary settlement time. Although the unit price for a TBA
has been established, the principal value has not been finalized. However, the amount of the TBA commitment will not fluctuate more than 1.0% from the principal amount. The Bond Core Plus Fund holds, and maintains until the settlement date, cash or
liquid securities in an amount sufficient to meet the purchase price. TBA commitments may be considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines prior to the settlement date, and such
risk is in addition to the risk of decline in the value of other assets of the Bond



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Core Plus Fund. These contracts also present a risk from the potential inability of counterparties to meet their contractual obligations. During the period prior to settlement, the Bond Core Plus
Fund will not be entitled to accrue interest and/or receive principal payments on the securities to be purchased. Unsettled TBA commitments are valued at the current market value of the underlying securities, generally according to the procedures
described under Security Valuation above. The Bond Core Plus Fund may dispose of a commitment prior to settlement if the Investment Advisor to the Bond Core Plus Fund deems it appropriate to do so. Upon settlement date, the Bond Core
Plus Fund may take delivery of the securities or defer (roll) the delivery to the next month.

H. Futures Contracts

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

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

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

At September 30, 2010, the Bond Core Plus Fund held the following futures contracts:



|                               |  |                    |    |  |                |   |           |                  |  |  |                                       |  |  |   |        |  
|------------------------------ |  | ------------------ | -- |  | -------------- | - | --------- | ---------------- |  |  | ------------------------------------- |  |  | - | ------ | -
|Futures Contracts              |  | Number ofContracts |    |  | Notional Value |   |           | Settlement Month |  |  | UnrealizedAppreciation/(Depreciation) | 
|Long                           |  |                    |    |  |                |   |           |                  |  |  |                                       |  |  |   |        |  
|Germany Federal Republic Bonds |  |                    | 14 |  |                | $ | 1,353,247 |                  |  |  | December 2010                         |  |  | $ | (4,879 | )

For the quarter ended
September 30, 2010, the Bond Core Plus Fund had an average notional exposure of $18,837,640 related to futures contracts.

I. Forward Foreign Currency Contracts

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



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(Unaudited)



As of September 30, 2010, the Bond Core Plus Fund held the following forward foreign currency contracts:



|         |  |          |                   |  |                                      |   |           |               |  |   |                |  |  |                                       |          |  |  |   |          |  
|-------- |  | -------- | ----------------- |  | ------------------------------------ | - | --------- | ------------- |  | - | -------------- |  |  | ------------------------------------- | -------- |  |  | - | -------- | -
|Type     |  | Currency |                   |  | Principal AmountCovered 
by Contract |   |           | US DollarCost |  |   | SettlementDate |  |  | UnrealizedAppreciation/(Depreciation) |         
|Purchase |  |          | Brazilian Real    |  |                                      | $ | 393,075   |               |  | $ | 218,800        |  |  |                                       | 10/04/10 |  |  | $ | 13,314   |  
|Purchase |  |          | Brazilian Real    |  |                                      |   | 393,075   |               |  |   | 218,134        |  |  |                                       | 12/02/10 |  |  |   | 11,072   |  
|Purchase |  |          | Mexican Peso      |  |                                      |   | 1,924,572 |               |  |   | 145,685        |  |  |                                       | 02/22/11 |  |  |   | 4,916    |  
|Sale     |  |          | Australian Dollar |  |                                      |   | 625,000   |               |  |   | 551,841        |  |  |                                       | 10/29/10 |  |  |   | (50,067  | )
|Sale     |  |          | Euro              |  |                                      |   | 2,301,000 |               |  |   | 2,923,694      |  |  |                                       | 11/23/10 |  |  |   | (211,793 | )
|Sale     |  |          | Brazilian Real    |  |                                      |   | 393,075   |               |  |   | 220,829        |  |  |                                       | 10/04/10 |  |  |   | (11,286  | )
|Sale     |  |          | Australian Dollar |  |                                      |   | 7,862,778 |               |  |   | 6,986,078      |  |  |                                       | 10/29/10 |  |  |   | (586,185 | )
|Sale     |  |          | Euro              |  |                                      |   | 314,000   |               |  |   | 399,857        |  |  |                                       | 11/23/10 |  |  |   | (28,019  | )
|Sale     |  |          | Australian Dollar |  |                                      |   | 2,554,000 |               |  |   | 2,365,119      |  |  |                                       | 10/29/10 |  |  |   | (94,516  | )
|         |  |          |                   |  |                                      |   |           |               |  |   |                |  |  |                                       |          |  |  |   |          |  
|         |  |          |                   |  |                                      |   |           |               |  |   |                |  |  |                                       |          |  |  | $ | (952,564 | )
|         |  |          |                   |  |                                      |   |           |               |  |   |                |  |  |                                       |          |  |  |   |          |  

As of September 30, 2010, the International All Cap Equity Fund held the following forward foreign
currency contracts:



|         |  |          |                    |  |                                      |   |            |               |  |   |                |  |  |                                       |          |  |  |   |       |  
|-------- |  | -------- | ------------------ |  | ------------------------------------ | - | ---------- | ------------- |  | - | -------------- |  |  | ------------------------------------- | -------- |  |  | - | ----- | -
|Type     |  | Currency |                    |  | Principal AmountCovered 
by Contract |   |            | US DollarCost |  |   | SettlementDate |  |  | UnrealizedAppreciation/(Depreciation) |         
|Purchase |  |          | Swiss Franc        |  |                                      | $ | 39,031     |               |  | $ | 40,021         |  |  |                                       | 10/01/10 |  |  | $ | (300  | )
|Purchase |  |          | Swiss Franc        |  |                                      |   | 22,446     |               |  |   | 23,005         |  |  |                                       | 10/04/10 |  |  |   | (33   | )
|Purchase |  |          | Swiss Franc        |  |                                      |   | 7,174      |               |  |   | 7,301          |  |  |                                       | 10/05/10 |  |  |   | (9    | )
|Purchase |  |          | Japanese Yen       |  |                                      |   | 11,535,283 |               |  |   | 137,623        |  |  |                                       | 10/01/10 |  |  |   | 560   |  
|Purchase |  |          | Japanese Yen       |  |                                      |   | 11,114,621 |               |  |   | 132,937        |  |  |                                       | 10/04/10 |  |  |   | 211   |  
|Purchase |  |          | Japanese Yen       |  |                                      |   | 4,795,084  |               |  |   | 57,427         |  |  |                                       | 10/05/10 |  |  |   | 16    |  
|Sale     |  |          | Singapore Dollar   |  |                                      |   | 16,660     |               |  |   | 34,344         |  |  |                                       | 10/05/10 |  |  |   | (57   | )
|Sale     |  |          | Japanese Yen       |  |                                      |   | 7,945,535  |               |  |   | 94,684         |  |  |                                       | 10/01/10 |  |  |   | (496  | )
|Sale     |  |          | British Pound      |  |                                      |   | 272,569    |               |  |   | 430,657        |  |  |                                       | 10/01/10 |  |  |   | 2,484 |  
|Sale     |  |          | South African Rand |  |                                      |   | 39,341     |               |  |   | 5,653          |  |  |                                       | 10/04/10 |  |  |   | 14    |  
|Sale     |  |          | South African Rand |  |                                      |   | 166,722    |               |  |   | 23,922         |  |  |                                       | 10/05/10 |  |  |   | 25    |  
|Sale     |  |          | Korean Won         |  |                                      |   | 9,106,981  |               |  |   | 8,001          |  |  |                                       | 10/04/10 |  |  |   | 14    |  
|Sale     |  |          | Japanese Yen       |  |                                      |   | 7,867,639  |               |  |   | 93,930         |  |  |                                       | 10/04/10 |  |  |   | (320  | )
|         |  |          |                    |  |                                      |   |            |               |  |   |                |  |  |                                       |          |  |  |   |       |  
|         |  |          |                    |  |                                      |   |            |               |  |   |                |  |  |                                       |          |  |  | $ | 2,109 |  
|         |  |          |                    |  |                                      |   |            |               |  |   |                |  |  |                                       |          |  |  |   |       |  

For the quarter ended September 30, 2010, the International All Cap Equity Index Fund and Bond Core
Plus Fund had an average notional exposure of $21,036,224 and $4,858,264, respectively, related to forward foreign currency contracts.

J. Interest Rate Swap Contracts

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



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

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

At September 30, 2010, the Bond Core Plus Fund held the following interest rate swap contracts:



|                |  |                     |         |   |                   |  |                    |                 |  |  |               |  |  |           |                |  |                                       |  |        |   |  |   |          |  
|--------------- |  | ------------------- | ------- | - | ----------------- |  | ------------------ | --------------- |  |  | ------------- |  |  | --------- | -------------- |  | ------------------------------------- |  | ------ | - |  | - | -------- | -
|                |  |                     |         |   |                   |  |                    |                 |  |  | Rate Type     |  |  |           |               
|Notional Amount |  | Net Cost/(Proceeds) |         |   | Swap Counterparty |  |                    | TerminationDate |  |  | Floating Rate |  |  | FixedRate |                |  | UnrealizedAppreciation/(Depreciation) | 
|6,100,000 BRL   |  | $                   | (61,765 | ) |                   |  | Morgan Stanley (a) |                 |  |  | 01/02/2012    |  |  |           | CDI-Brazil (b) |  |                                       |  | 10.115 | % |  | $ | (161,633 | )
|4,000,000 BRL   |  |                     | (35,462 | ) |                   |  | UBS (a)            |                 |  |  | 01/02/2012    |  |  |           | CDI-Brazil (b) |  |                                       |  | 10.575 | % |  |   | (38,911  | )
|800,000 BRL     |  |                     |        |   |                   |  | UBS (a)            |                 |  |  | 01/02/2012    |  |  |           | CDI-Brazil (b) |  |                                       |  | 11.020 | % |  |   | 7,787    |  
|19,500,000 BRL  |  |                     | 31,510  |   |                   |  | Merrill Lynch (a)  |                 |  |  | 01/02/2014    |  |  |           | CDI-Brazil (b) |  |                                       |  | 11.860 | % |  |   | 20,286   |  
|9,600,000 BRL   |  |                     | 3,116   |   |                   |  | Barclays (a)       |                 |  |  | 01/02/2014    |  |  |           | CDI-Brazil (b) |  |                                       |  | 11.990 | % |  |   | 102,081  |  
|6,300,000 BRL   |  |                     | 8,919   |   |                   |  | Morgan Stanley (a) |                 |  |  | 01/02/2013    |  |  |           | CDI-Brazil (b) |  |                                       |  | 12.590 | % |  |   | 87,860   |  
|21,700,000 BRL  |  |                     | (4,896  | ) |                   |  | Credit Suisse (a)  |                 |  |  | 01/02/2013    |  |  |           | CDI-Brazil (b) |  |                                       |  | 12.480 | % |  |   | 297,731  |  
|2,000,000 BRL   |  |                     | 8,996   |   |                   |  | Barclays (a)       |                 |  |  | 01/02/2013    |  |  |           | CDI-Brazil (b) |  |                                       |  | 11.910 | % |  |   | 8,339    |  
|                |  |                     |         |   |                   |  |                    |                 |  |  |               |  |  |           |                |  |                                       |  |        |   |  |   |          |  
|                |  | $                   | (49,582 | ) |                   |  |                    |                 |  |  |               |  |  |           |                |  |                                       |  |        |   |  | $ | 323,540  |  
|                |  |                     |         |   |                   |  |                    |                 |  |  |               |  |  |           |                |  |                                       |  |        |   |  |   |          |  



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

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

For the quarter ended September 30, 2010, the Bond Core Plus Fund had an average notional exposure of $48,229 related to interest
rate swap contracts.

K. Option and Swaption Contracts

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

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



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Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



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

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

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

For the nine-month period ended September 30, 2010, the Fund had not written any call or put options or entered into any swaption contracts.

L. Additional Derivative Disclosure

The Bond Core Plus Fund has entered into futures contracts to adjust interest rate exposures and to replicate bond positions. A futures contract frequently offers the opportunity to outperform securities
due to cheapness of futures contracts and active management of the liquid, short duration securities backing the futures. The Bond Core Plus Fund uses futures contracts to manage its exposure to the securities markets or to movements in interest
rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts, the possibility of an
illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to deposit with its
futures broker an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked-to-market daily and an appropriate payable or receivable for the
change in value (variation margin) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the
variation margin disclosed on the Statements of Assets and Liabilities.

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



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Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



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

Derivative
Market and Credit Risk

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

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

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

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

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



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Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



The considerations and factors surrounding the settlement of certain purchases and sales made on a delayed-delivery basis are governed by
Master Securities Forward Transaction Agreements (Master Forward Agreements) between the Bond Core Plus Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and
confirmation, payment and transfer, events of default, termination, and maintenance of collateral. Cash collateral provided, and received, by the Bond Core Plus Fund for each type of derivative contract at September 30, 2010 is presented as
Deposit with broker or Due to broker, respectively, on the accompanying Statement of Assets and Liabilities.

The Bond Core
Plus Fund had the following derivatives (not designated as hedges) grouped into appropriate risk categories that illustrate how and why the Fund uses derivative instruments:

Asset Derivatives



|                    |  |                       |  |                                                    |         |  |                          |   |        |       |  |   |         | 
|------------------- |  | --------------------- |  | -------------------------------------------------- | ------- |  | ------------------------ | - | ------ | ----- |  | - | ------- | 
|                    |  |                       |  | For the nine-month period ended September 30, 2010 |        
|                    |  |                       |  | Interest Rate Contracts                            |         |  | ForeignExchangeContracts |   |        | Total | 
|Bond Core Plus Fund |  | Futures Contracts (a) |  | $                                                  |        |  |                          | $ |       |       |  | $ |        | 
|                    |  | Forward Contracts (b) |  |                                                    |        |  |                          |   | 29,302 |       |  |   | 29,302  | 
|                    |  | Swap Contracts (c)    |  |                                                    | 572,585 |  |                          |   |       |       |  |   | 572,585 | 
|                    |  |                       |  |                                                    |         |  |                          |   |        |       |  |   |         | 
|                    |  | Total Value           |  | $                                                  | 572,585 |  |                          | $ | 29,302 |       |  | $ | 601,887 | 
|                    |  |                       |  |                                                    |         |  |                          |   |        |       |  |   |         | 



|                    |  |                       |  |                                      |         |  |                          |   |         |       |  |   |           | 
|------------------- |  | --------------------- |  | ------------------------------------ | ------- |  | ------------------------ | - | ------- | ----- |  | - | --------- | 
|                    |  |                       |  | For the year ended December 31, 2009 |        
|                    |  |                       |  | Interest Rate Contracts              |         |  | ForeignExchangeContracts |   |         | Total | 
|Bond Core Plus Fund |  | Futures Contracts (a) |  | $                                    | 917,972 |  |                          | $ |        |       |  | $ | 917,972   | 
|                    |  | Forward Contracts (b) |  |                                      |        |  |                          |   | 111,827 |       |  |   | 111,827   | 
|                    |  | Swap Contracts (c)    |  |                                      | 74,447  |  |                          |   |        |       |  |   | 74,447    | 
|                    |  |                       |  |                                      |         |  |                          |   |         |       |  |   |           | 
|                    |  | Total Value           |  | $                                    | 992,419 |  |                          | $ | 111,827 |       |  | $ | 1,104,246 | 
|                    |  |                       |  |                                      |         |  |                          |   |         |       |  |   |           | 

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



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

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

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

Liability Derivatives



|                    |  |                       |  |                                                    |         |  |                          |   |         |       |  |   |           | 
|------------------- |  | --------------------- |  | -------------------------------------------------- | ------- |  | ------------------------ | - | ------- | ----- |  | - | --------- | 
|                    |  |                       |  | For the nine-month period ended September 30, 2010 |        
|                    |  |                       |  | Interest Rate Contracts                            |         |  | ForeignExchangeContracts |   |         | Total | 
|Bond Core Plus Fund |  | Futures Contracts (a) |  | $                                                  | 4,879   |  |                          | $ |        |       |  | $ | 4,879     | 
|                    |  | Forward Contracts (b) |  |                                                    |        |  |                          |   | 981,865 |       |  |   | 981,865   | 
|                    |  | Swap Contracts (c)    |  |                                                    | 232,299 |  |                          |   |        |       |  |   | 232,299   | 
|                    |  |                       |  |                                                    |         |  |                          |   |         |       |  |   |           | 
|                    |  | Total Value           |  | $                                                  | 237,178 |  |                          | $ | 981,865 |       |  | $ | 1,219,043 | 
|                    |  |                       |  |                                                    |         |  |                          |   |         |       |  |   |           | 



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Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



|                    |  |                       |  |                                      |         |  |                          |   |     |       |  |   |         | 
|------------------- |  | --------------------- |  | ------------------------------------ | ------- |  | ------------------------ | - | --- | ----- |  | - | ------- | 
|                    |  |                       |  | For the year ended December 31, 2009 |        
|                    |  |                       |  | Interest Rate Contracts              |         |  | ForeignExchangeContracts |   |     | Total | 
|Bond Core Plus Fund |  | Futures Contracts (a) |  | $                                    | 519,637 |  |                          | $ |    |       |  | $ | 519,637 | 
|                    |  | Forward Contracts (b) |  |                                      |        |  |                          |   | 863 |       |  |   | 863     | 
|                    |  | Swap Contracts (c)    |  |                                      | 233,933 |  |                          |   |    |       |  |   | 233,933 | 
|                    |  |                       |  |                                      |         |  |                          |   |     |       |  |   |         | 
|                    |  | Total Value           |  | $                                    | 753,570 |  |                          | $ | 863 |       |  | $ | 754,433 | 
|                    |  |                       |  |                                      |         |  |                          |   |     |       |  |   |         | 

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



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

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

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



|                    |  |                       |  |                                                    |           |  |                          |   |         |       |  |   |           | 
|------------------- |  | --------------------- |  | -------------------------------------------------- | --------- |  | ------------------------ | - | ------- | ----- |  | - | --------- | 
|                    |  |                       |  | For the nine-month period ended September 30, 2010 |          
|                    |  |                       |  | Interest Rate Contracts                            |           |  | ForeignExchangeContracts |   |         | Total | 
|Bond Core Plus Fund |  | Realized gain (loss)  |  |                                                    |           |  |                          |   |         |       |  |   |           | 
|                    |  | Futures Contracts (a) |  | $                                                  | 3,583,828 |  |                          | $ |        |       |  | $ | 3,583,828 | 
|                    |  | Forward Contracts (b) |  |                                                    |          |  |                          |   | 933,657 |       |  |   | 933,657   | 
|                    |  | Swap Contracts (c)    |  |                                                    | 698,074   |  |                          |   |        |       |  |   | 698,074   | 
|                    |  |                       |  |                                                    |           |  |                          |   |         |       |  |   |           | 
|                    |  | Total Value           |  | $                                                  | 4,281,902 |  |                          | $ | 933,657 |       |  | $ | 5,215,559 | 
|                    |  |                       |  |                                                    |           |  |                          |   |         |       |  |   |           | 



|                    |  |                       |  |                                                    |            |   |                          |   |          |       |  |   |            |  
|------------------- |  | --------------------- |  | -------------------------------------------------- | ---------- | - | ------------------------ | - | -------- | ----- |  | - | ---------- | -
|                    |  |                       |  | For the nine-month period ended September 30, 2009 |           
|                    |  |                       |  | Interest Rate Contracts                            |            |   | ForeignExchangeContracts |   |          | Total | 
|Bond Core Plus Fund |  | Realized gain (loss)  |  |                                                    |            |   |                          |   |          |       |  |   |            |  
|                    |  | Futures Contracts (a) |  | $                                                  | 9,674,233  |   |                          | $ |         |       |  | $ | 9,674,233  |  
|                    |  | Forward Contracts (b) |  |                                                    |           |   |                          |   | (585,072 | )     |  |   | (585,072   | )
|                    |  | Swap Contracts (c)    |  |                                                    | (8,440,614 | ) |                          |   |         |       |  |   | (8,440,614 | )
|                    |  |                       |  |                                                    |            |   |                          |   |          |       |  |   |            |  
|                    |  | Total Value           |  | $                                                  | 1,233,619  |   |                          | $ | (585,072 | )     |  | $ | 648,547    |  
|                    |  |                       |  |                                                    |            |   |                          |   |          |       |  |   |            |  

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



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

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

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



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Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



|                    |  |                                                  |  |                                                    |          |   |                          |   |            |       |  |   |            |  
|------------------- |  | ------------------------------------------------ |  | -------------------------------------------------- | -------- | - | ------------------------ | - | ---------- | ----- |  | - | ---------- | -
|                    |  |                                                  |  | For the nine-month period ended September 30, 2010 |         
|                    |  |                                                  |  | Interest Rate Contracts                            |          |   | ForeignExchangeContracts |   |            | Total | 
|Bond Core Plus Fund |  | Change in Unrealized
Appreciation (Depreciation) |  |                                                    |          |   |                          |   |            |       |  |   |            |  
|                    |  | Futures Contracts (a)                            |  | $                                                  | (403,214 | ) |                          | $ |           |       |  | $ | (403,214   | )
|                    |  | Forward Contracts (b)                            |  |                                                    |         |   |                          |   | (1,063,528 | )     |  |   | (1,063,528 | )
|                    |  | Swap Contracts (c)                               |  |                                                    | 390,864  |   |                          |   |           |       |  |   | 390,864    |  
|                    |  |                                                  |  |                                                    |          |   |                          |   |            |       |  |   |            |  
|                    |  | Total Value                                      |  | $                                                  | (12,350  | ) |                          | $ | (1,063,528 | )     |  | $ | (1,075,878 | )
|                    |  |                                                  |  |                                                    |          |   |                          |   |            |       |  |   |            |  



|                    |  |                                                  |  |                                                    |            |   |                          |   |         |       |  |   |            |  
|------------------- |  | ------------------------------------------------ |  | -------------------------------------------------- | ---------- | - | ------------------------ | - | ------- | ----- |  | - | ---------- | -
|                    |  |                                                  |  | For the nine-month period ended September 30, 2009 |           
|                    |  |                                                  |  | Interest Rate Contracts                            |            |   | ForeignExchangeContracts |   |         | Total | 
|Bond Core Plus Fund |  | Change in Unrealized
Appreciation (Depreciation) |  |                                                    |            |   |                          |   |         |       |  |   |            |  
|                    |  | Futures Contracts (a)                            |  | $                                                  | (7,519,645 | ) |                          | $ |        |       |  | $ | (7,519,645 | )
|                    |  | Forward Contracts (b)                            |  |                                                    |           |   |                          |   | 418,319 |       |  |   | 418,319    |  
|                    |  | Swap Contracts (c)                               |  |                                                    | 21,172,554 |   |                          |   |        |       |  |   | 21,172,554 |  
|                    |  | Written Options (d)                              |  |                                                    | 12,821     |   |                          |   |        |       |  |   | 12,821     |  
|                    |  |                                                  |  |                                                    |            |   |                          |   |         |       |  |   |            |  
|                    |  | Total Value                                      |  | $                                                  | 13,665,730 |   |                          | $ | 418,319 |       |  | $ | 14,084,049 |  
|                    |  |                                                  |  |                                                    |            |   |                          |   |         |       |  |   |            |  

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



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

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

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

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

M. Use of Estimates

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

N. Indemnifications

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



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Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



3. Investment Advisory, Investment Management and Related Party Transactions

In connection with the substitution of Northern Trust Investments for State Street as trustee of the Collective Trust effective
July 1, 2010, State Street terminated the Investment Advisor Agreements between it and the Investment Advisors, and State Street and State Street Bank are no longer responsible for administering the investment options offered by the Collective
Trust. Northern Trust Investments entered into successor Investment Advisor Agreements with the following Investment Advisors pursuant to which the Investment Advisors will continue to provide investment advice to one or more of the Funds offered as
investment options under the Program. From and after July 1, 2010, the line-up of Investment Advisors to the Funds is as follows:



|                                              |  |                                                                
|--------------------------------------------- |  | ---------------------------------------------------------------
|Investment Advisor                            |  | Fund to which the Investment Advisor Provides Investment Advice
|Pacific Investment Management Company, LLC    |  | Bond Core Plus Fund                                            
|Columbus Circle Investors                     |  | Large Cap Equity Fund                                          
|C.S. McKee, L.P.                              |  | Large Cap Equity Fund                                          
|Delaware Investment Advisers                  |  | Large Cap Equity Fund                                          
|Jennison Associates LLC                       |  | Large Cap Equity Fund                                          
|Allianz Global Investors Capital LLC          |  | Small-Mid Cap Equity Fund                                      
|Denver Investment Advisors LLC                |  | Small-Mid Cap Equity Fund                                      
|Frontier Capital Management Co. LLC           |  | Small-Mid Cap Equity Fund                                      
|LSV Asset Management                          |  | Small-Mid Cap Equity Fund                                      
|Riverbridge Partners LLC                      |  | Small-Mid Cap Equity Fund                                      
|Systematic Financial Management, L.P.         |  | Small-Mid Cap Equity Fund                                      
|TCW Investment Management Company             |  | Small-Mid Cap Equity Fund                                      
|Altrinsic Global Advisors LLC                 |  | International All Cap Equity Fund                              
|Eagle Global Advisors LLC                     |  | International All Cap Equity Fund                              
|First State Investments International Limited |  | International All Cap Equity Fund                              
|LSV Asset Management                          |  | International All Cap Equity Fund                              
|Martin Currie Inc.                            |  | International All Cap Equity Fund                              

Northern Trust Investments has entered into agreements for the services of the Investment Advisors listed above to advise it with respect
to its investment responsibility and has allocated the assets of certain of the Funds among the Investment Advisors. Each Investment Advisor recommends to Northern Trust Investments reinvestments and investments of the assets allocated to it in
accordance with the investment policies of the applicable Fund as described above. Northern Trust Investments exercises discretion with respect to the selection and retention of the Investment Advisors, consistent with the investment policy for the
Program developed by Northern Trust Investments and accepted by ABA Retirement Funds. Northern Trust Investments may remove an Investment Advisor at any time and Northern Trust Investments may also change at any time the allocation of assets among
Investment Advisors where a fund has more than one Investment Advisor.

In addition, effective July 1, 2010, Northern
Trust Investments entered into Investment Management Agreements with State Street Bank pursuant to which the assets of certain of the Funds will continue, as of and after July 1, 2010, to be invested in collective investment funds maintained by
State Street Global Advisors, a division of State Street Bank.

A fee is paid to each Investment Advisor based on the value of
the assets allocated to that Investment Advisor and the respective breakpoints agreed to in the Investment Advisors contract. These fees are accrued on a daily basis and paid monthly or quarterly from the allocated assets. Actual fees paid to
each Investment Advisor during the nine-month period ended September 30, 2010 are listed below; the annual asset-based fees range from the highest rate of .75% to the lowest rate of .18% among the various Investment Advisors.



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Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



|                                                                                  |  |                                                      |           |  |                                                         |   |           | 
|--------------------------------------------------------------------------------- |  | ---------------------------------------------------- | --------- |  | ------------------------------------------------------- | - | --------- | 
|Investment Advisor                                                                |  | Fees for thePeriod July 1, 2010 toSeptember 30, 2010 |           |  | Fees for the Nine- monthPeriod EndedSeptember 30, 
2010 |  
|Altrinsic Global Advisors, LLC (International All Cap Equity Fund)                |  | $                                                    | 40,146    |  |                                                         | $ | 132,523   | 
|C.S. McKee, L.P. (Large Cap Equity Fund)                                          |  |                                                      | 152,858   |  |                                                         |   | 483,700   | 
|Columbus Circle Investors (Large Cap Equity Fund)                                 |  |                                                      | 150,458   |  |                                                         |   | 427,782   | 
|Delaware Investment Advisers (Large Cap Equity Fund)                              |  |                                                      | 111,882   |  |                                                         |   | 314,901   | 
|Denver Investment Advisors LLC (Small-Mid Cap Equity Fund)                        |  |                                                      | 83,260    |  |                                                         |   | 209,823   | 
|Eagle Global Advisors LLC (International All Cap Equity Fund)                     |  |                                                      | 23,257    |  |                                                         |   | 74,458    | 
|First State Investments International Limited (International All Cap Equity Fund) |  |                                                      | 50,301    |  |                                                         |   | 137,281   | 
|Frontier Capital Management Co. LLC (Small-Mid Cap Equity Fund)                   |  |                                                      | 29,638    |  |                                                         |   | 92,526    | 
|Jennison Associates LLC (Large Cap Equity Fund)                                   |  |                                                      | 92,727    |  |                                                         |   | 301,362   | 
|LSV Asset Management (International All Cap Equity Fund)                          |  |                                                      | 39,940    |  |                                                         |   | 115,529   | 
|LSV Asset Management (Small-Mid Cap Equity Fund)                                  |  |                                                      | 60,687    |  |                                                         |   | 152,589   | 
|Martin Currie Inc. (International All Cap Equity Fund)                            |  |                                                      | 31,862    |  |                                                         |   | 102,377   | 
|OFI Institutional Asset Management, Inc. (Small-Mid Cap Equity Fund) *            |  |                                                      |          |  |                                                         |   | 97,862    | 
|Oppenheimer Capital LLC (Small-Mid Cap Equity Fund)                               |  |                                                      | 32,604    |  |                                                         |   | 102,791   | 
|Pacific Investment Management Company LLC (Bond Core Plus Fund)                   |  |                                                      | 269,129   |  |                                                         |   | 792,892   | 
|Riverbridge Partners (Small-Mid Cap Equity Fund)                                  |  |                                                      | 36,049    |  |                                                         |   | 113,056   | 
|Systematic Financial Management, L.P. (Small-Mid Cap Equity Fund)                 |  |                                                      | 49,804    |  |                                                         |   | 172,565   | 
|TCW Investment Management Company (Small-Mid Cap Equity Fund)                     |  |                                                      | 33,426    |  |                                                         |   | 103,485   | 
|                                                                                  |  |                                                      |           |  |                                                         |   |           | 
|                                                                                  |  | $                                                    | 1,288,028 |  |                                                         | $ | 3,927,502 | 
|                                                                                  |  |                                                      |           |  |                                                         |   |           | 



|* | See Note 8 for further information regarding the termination of OFI Institutional Asset Management, Inc.
|- | --------------------------------------------------------------------------------------------------------



|                                                                                               |  |                                                      |         |  |                                                       |   |         | 
|---------------------------------------------------------------------------------------------- |  | ---------------------------------------------------- | ------- |  | ----------------------------------------------------- | - | ------- | 
|Investment Advisor                                                                             |  | Fees for thePeriod July 1, 2009 toSeptember 30, 2009 |         |  | Fees for the Nine-monthPeriod EndedSeptember
30, 2009 |  
|Altrinsic Global Advisors, LLC (International All Cap Equity Fund)                             |  | $                                                    | 65,235  |  |                                                       | $ | 65,235  | 
|Capital Guardian Trust Company (Balanced Fund) terminated July 1, 2009                         |  |                                                      | 1,146   |  |                                                       |   | 189,258 | 
|C.S. McKee, L.P. (Large Cap Equity Fund)                                                       |  |                                                      | 216,058 |  |                                                       |   | 216,058 | 
|Denver Investment Advisors LLC (Small-Mid Cap Equity Fund)                                     |  |                                                      | 55,109  |  |                                                       |   | 55,109  | 
|Eagle Global Advisors LLC (International All Cap Equity Fund)                                  |  |                                                      | 30,551  |  |                                                       |   | 30,551  | 
|First State Investments International Limited (International All Cap Equity Fund)              |  |                                                      | 39,348  |  |                                                       |   | 39,348  | 
|Frontier Capital Management Co. LLC (Small-Mid Cap Equity Fund)                                |  |                                                      | 28,268  |  |                                                       |   | 28,268  | 
|Jennison Associates LLC (Large Cap Equity Fund)                                                |  |                                                      | 168,632 |  |                                                       |   | 168,632 | 
|JP Morgan Fleming Asset Management Limited (International Equity Fund) terminated July 1, 2009 |  |                                                      | 1,346   |  |                                                       |   | 204,891 | 
|LSV Asset Management (Small-Mid Cap Equity Fund)                                               |  |                                                      | 40,335  |  |                                                       |   | 40,335  | 
|Martin Currie Investment Management, Ltd. (International All Cap Equity Fund)                  |  |                                                      | 41,880  |  |                                                       |   | 41,880  | 



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Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



|                                                                                           |  |                                                      |           |  |                                                       |   |           | 
|------------------------------------------------------------------------------------------ |  | ---------------------------------------------------- | --------- |  | ----------------------------------------------------- | - | --------- | 
|Investment Advisor                                                                         |  | Fees for thePeriod July 1, 2009 toSeptember 30, 2009 |           |  | Fees for the Nine-monthPeriod EndedSeptember
30, 2009 |  
|OFI Institutional Asset Management, Inc. (Small-Mid Cap Equity Fund)                       |  |                                                      | 48,217    |  |                                                       |   | 48,217    | 
|Oppenheimer Capital LLC (Small-Mid Cap Equity Fund)                                        |  |                                                      | 31,742    |  |                                                       |   | 31,742    | 
|Pacific Investment Management Company LLC (Bond Core Plus Fund)                            |  |                                                      | 264,786   |  |                                                       |   | 795,257   | 
|Philadelphia International Advisors LP (International Equity Fund) terminated July 1, 2009 |  |                                                      | 941       |  |                                                       |   | 152,431   | 
|Riverbridge Partners (Small-Mid Cap Equity Fund)                                           |  |                                                      | 34,003    |  |                                                       |   | 34,003    | 
|Systematic Financial Management, L.P. (Small-Mid Cap Equity Fund)                          |  |                                                      | 55,835    |  |                                                       |   | 55,835    | 
|TCW Investment Management Company (Small-Mid Cap Equity Fund)                              |  |                                                      | 31,749    |  |                                                       |   | 31,749    | 
|                                                                                           |  |                                                      |           |  |                                                       |   |           | 
|                                                                                           |  | $                                                    | 1,155,181 |  |                                                       | $ | 2,228,799 | 
|                                                                                           |  |                                                      |           |  |                                                       |   |           | 

A separate program fee (Program fee) is paid to each of the Program recordkeeper and ABA
Retirement Funds. These fees are allocated to each Fund based on net asset value and are accrued daily and paid monthly from the assets of the Funds.

The ABA Retirement Funds Program fee is based on the value of Program assets and the following annual fee rate in effect during the nine-month period ended September 30, 2010:



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

ABA Retirement Funds
received Program fees of $640,910 and $1,901,794 for the three-month and nine-month periods ended September 30, 2010, respectively. These fees are allocated to each Fund based on net asset value.

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



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

For the three-month and
nine-month periods ended September 30, 2010, the Program fee paid to ING Services was $4,618,701 and $13,489,823, respectively.



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Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



This Program fee is accrued daily and paid monthly based on the aggregate assets of the Funds as of the last business day of the preceding
month. The Funds bear their respective portions of this Program fee pro rata based on their respective net asset values as of the time of calculation thereof. The Program Services Agreement contains certain service standards applicable to the
performance of recordkeeping services by ING Services and imposes penalties that reduce the Program fee if these service standards are not met. No service penalties were imposed for the nine-month period ended September 30, 2010.

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

A fee is paid to Northern Trust for its
trust management, administration and custody of the assets in the investment options (other than Self-Managed Brokerage Accounts). This fee is accrued on a daily basis and paid monthly from the net assets of the Funds and the Balanced Fund,
excluding the Retirement Date Funds, at the following rates:



|                 |  |      |      |  
|---------------- |  | ---- | ---- | -
|Value of Assets  |  | Rate |     
|First $1 billion |  |      | .115 | %
|Next $2 billion  |  |      | .080 | %
|Over $3 billion  |  |      | .065 | %

Northern Trust is paid a trust,
management and administration fee of .115% of the value of assets held by the respective Retirement Date Funds.

For the
three-month period ended September 30, 2010, Northern Trust received trust, management and administration fees of $815,922.

Management FeesIndex Funds and Indexed Portions of Managed Funds

A fee is paid to State Street Bank for the investment management services it performs relating to the assets in the Index Funds listed below and the indexed portions of the Large Cap Equity Fund, the
Small-Mid Cap Equity Fund and the International All Cap Equity Fund. These fees are accrued on a daily basis and paid monthly from the relevant assets of the respective Funds and are based on respective net asset values as of the time of
calculation. Effective July 1, 2010, the fees for the indexed portions of the Managed Funds and the fees for the respective Index Funds are at the following annual rates:



|                                  |  |      |     |  
|--------------------------------- |  | ---- | --- | -
|Fund                              |  | Rate |    
|Bond Index Fund                   |  |      | .04 | %
|Large Cap Index Equity Fund       |  |      | .02 | %
|All Cap Index Equity Fund         |  |      | .04 | %
|Mid Cap Index Equity Fund         |  |      | .04 | %
|Small Cap Index Equity Fund       |  |      | .04 | %
|International Index Equity Fund   |  |      | .12 | %
|Large Cap Equity Fund             |  |      | .03 | %
|Small-Mid Cap Equity Fund         |  |      | .05 | %
|International All Cap Equity Fund |  |      | .12 | %



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Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



State Street Bank received the following fees paid from the Funds listed below during the three-month and nine-month periods ended
September 30, 2010:



|                                  |  |                                                      |        |  |                                                       |   |         |                                                      |  |   |                                                        |  |  |   |         | 
|--------------------------------- |  | ---------------------------------------------------- | ------ |  | ----------------------------------------------------- | - | ------- | ---------------------------------------------------- |  | - | ------------------------------------------------------ |  |  | - | ------- | 
|                                  |  | Fees for thePeriod July 1, 2010 toSeptember
30, 2010 |        |  | Fees for the Nine-monthPeriod EndedSeptember
30, 2010 |   |         | Fees for thePeriod July 1, 2009 toSeptember 30, 2009 |  |   | Fees for the Nine-monthPeriod EndedSeptember 30, 
2009 | 
|Bond Index Fund                   |  | $                                                    | 4,542  |  |                                                       | $ | 12,716  |                                                      |  | $ | 2,613                                                  |  |  | $ | 3,908   | 
|Large Cap Index Equity Fund       |  |                                                      | 2,139  |  |                                                       |   | 5,913   |                                                      |  |   | 976                                                    |  |  |   | 1,302   | 
|All Cap Index Equity Fund         |  |                                                      | 25,530 |  |                                                       |   | 92,242  |                                                      |  |   | 30,785                                                 |  |  |   | 73,758  | 
|Mid Cap Index Equity Fund         |  |                                                      | 2,969  |  |                                                       |   | 10,259  |                                                      |  |   | 1,487                                                  |  |  |   | 1,818   | 
|Small Cap Index Equity Fund       |  |                                                      | 1,871  |  |                                                       |   | 6,323   |                                                      |  |   | 1,092                                                  |  |  |   | 1,418   | 
|International Index Equity Fund   |  |                                                      | 9,479  |  |                                                       |   | 22,998  |                                                      |  |   | 3,188                                                  |  |  |   | 3,897   | 
|Large Cap Equity Fund             |  |                                                      | 6,752  |  |                                                       |   | 27,659  |                                                      |  |   | 20,432                                                 |  |  |   | 20,432  | 
|Small-Mid Cap Equity Fund         |  |                                                      | 951    |  |                                                       |   | 2,583   |                                                      |  |   | 1,030                                                  |  |  |   | 1,030   | 
|International All Cap Equity Fund |  |                                                      | 1,823  |  |                                                       |   | 4,937   |                                                      |  |   | 1,728                                                  |  |  |   | 1,728   | 
|                                  |  |                                                      |        |  |                                                       |   |         |                                                      |  |   |                                                        |  |  |   |         | 
|                                  |  | $                                                    | 56,056 |  |                                                       | $ | 185,630 |                                                      |  | $ | 53,919                                                 |  |  | $ | 109,291 | 
|                                  |  |                                                      |        |  |                                                       |   |         |                                                      |  |   |                                                        |  |  |   |         | 

The Real Asset Return Fund is subject to a management fee of .078% of the total annual assets invested in
the Real Asset Return Fund, payable to State Street Bank. The fee is accrued daily and paid monthly. For the nine-month period ended September 30, 2010, State Street Bank received Real Asset Return Fund management fees of $5,229.

The Retirement Date Funds are subject to a management fee of .10% of the total annual assets invested in the Retirement Date Funds,
payable to State Street Bank. The fee is accrued daily and paid monthly. For the nine-month period ended September 30, 2010, State Street Bank received Retirement Date Funds management fees of $256,293.

The Target Risk Funds are subject to management fees of .042%, .055% and .063% of the total annual assets invested in the Conservative
Risk Fund, Moderate Risk Funs and Aggressive Risk Fund, respectively, payable to State Street Bank. The fee is accrued daily and paid monthly. For the nine-month period ended September 30, 2010, State Street Bank received Target Risk Fund
management fees of $15,244.

Investment Advisor Fees Managed Funds

Effective July 1, 2010, the Stable Asset Return Fund pays State Street Bank a fee at the annual rate of .05% of the assets of the
Fund, which is accrued on a daily basis and paid monthly from the assets of the Fund.

The Bond Core Plus Fund pays its
Investment Advisor a fee at the following annual rate:



|                  |  |      |      |  
|----------------- |  | ---- | ---- | -
|Value of Assets   |  | Rate |     
|First $25 million |  |      | .50  | %
|Next $25 million  |  |      | .375 |  
|Over $50 million  |  |      | .25  |  

The table below
provides the respective blended annual rates of aggregate fees payable by each of the Large Cap Equity Fund, the Small-Mid Cap Equity Fund and the International All Cap Equity Fund to its respective Investment Advisors. These aggregate advisory fee
rates are stated as a percentage of the assets of each Fund and are calculated utilizing assets as of March 31, 2010 and fee rates and asset allocations as of July 1, 2010:



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Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



|                                  |  |      |      |  
|--------------------------------- |  | ---- | ---- | -
|Fund                              |  | Rate |     
|Large Cap Equity Fund             |  |      | .271 | %
|Small-Mid Cap Equity Fund         |  |      | .491 |  
|International All Cap Equity Fund |  |      | .492 |  

Northern Trust
Investments is paid .15% based on the excess cash in the Managed Funds (other than the Stable Asset Return Fund) that is swept to the NTGI Collective Short-Term Investment Fund. For the period from July 1, 2010 through September 30, 2010,
Northern Trust Investments was paid $880, $4,119, $1,573 and $1,429 from the Bond Core Plus Fund, Large Cap Equity Fund, Small-Mid Cap Equity Fund and International All Cap Equity Fund, respectively.

4. Purchases and Sales of Securities

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



|                                     |  |                                                   |             |  |       |   |             | 
|------------------------------------ |  | ------------------------------------------------- | ----------- |  | ----- | - | ----------- | 
|                                     |  | For the Nine-month Period EndedSeptember 30, 2010 |            
|                                     |  | Purchases                                         |             |  | Sales |  
|Aggressive Risk Fund                 |  | $                                                 | 6,752,267   |  |       | $ | 1,956,644   | 
|All Cap Index Equity Fund            |  |                                                   | 185,784,454 |  |       |   | 197,203,537 | 
|Balanced Fund                        |  |                                                   | 13,244,161  |  |       |   | 47,625,446  | 
|Bond Core Plus Fund                  |  |                                                   | 59,571,067  |  |       |   | 34,452,043  | 
|Bond Index Fund                      |  |                                                   | 21,243,693  |  |       |   | 5,328,278   | 
|Conservative Risk Fund               |  |                                                   | 10,408,243  |  |       |   | 2,738,115   | 
|International All Cap Equity Fund    |  |                                                   | 135,056,765 |  |       |   | 138,713,545 | 
|International Index Equity Fund      |  |                                                   | 13,720,040  |  |       |   | 3,283,350   | 
|Large Cap Equity Fund                |  |                                                   | 799,683,815 |  |       |   | 885,164,459 | 
|Large Cap Index Equity Fund          |  |                                                   | 16,359,029  |  |       |   | 8,045,896   | 
|Mid Cap Index Equity Fund            |  |                                                   | 12,409,363  |  |       |   | 6,512,966   | 
|Moderate Risk Fund                   |  |                                                   | 15,141,561  |  |       |   | 3,777,255   | 
|Real Asset Return Fund               |  |                                                   | 6,955,411   |  |       |   | 2,462,845   | 
|Small Cap Index Equity Fund          |  |                                                   | 8,993,095   |  |       |   | 5,947,966   | 
|Small-Mid Cap Equity Fund            |  |                                                   | 233,848,570 |  |       |   | 267,262,407 | 
|Lifetime Income Retirement Date Fund |  |                                                   | 31,633,126  |  |       |   | 28,038,023  | 
|2010 Retirement Date Fund            |  |                                                   | 55,851,490  |  |       |   | 58,208,071  | 
|2020 Retirement Date Fund            |  |                                                   | 100,848,774 |  |       |   | 96,995,095  | 
|2030 Retirement Date Fund            |  |                                                   | 81,588,346  |  |       |   | 69,217,175  | 
|2040 Retirement Date Fund            |  |                                                   | 46,889,434  |  |       |   | 43,088,662  | 

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



|                    |  |                                                   |               |  |       |   |               | 
|------------------- |  | ------------------------------------------------- | ------------- |  | ----- | - | ------------- | 
|                    |  | For the Nine-month Period EndedSeptember 30, 2010 |              
|                    |  | Purchases                                         |               |  | Sales |  
|Bond Core Plus Fund |  | $                                                 | 1,564,216,726 |  |       | $ | 1,506,519,218 | 

5. Risks Associated with
Investments of the Trust

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



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Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



into and out of favor depending on market and economic conditions. The value of the Funds and the Balanced Fund to the extent so invested in the equity markets will fluctuate, and the holders of
units in the Funds and the Balanced Fund should be able to tolerate changes, sometimes sudden or substantial, in the value of their investment.

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

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

Recent events in both the equity and fixed income markets and in particular the financial sector have resulted in an unusually high degree of volatility in the market, the Funds and the Balanced Fund.
Certain sectors of the fixed income markets also experienced an unusually high degree of illiquidity during 2009 which adversely affected the Funds and the Balanced Fund to the extent invested in those sectors during 2009.

6. Securities Lending Income

Certain Funds and the Balanced Fund are authorized to participate in the direct securities lending program administered by State Street Bank, under which securities held by the Funds and the Balanced Fund
are loaned by State Street Bank, as the Funds and the Balanced Funds lending agent, to certain brokers and other financial institutions (the Borrowers). The Borrowers provide cash, securities or letters of credit as
collateral against loans in an amount at least equal to 100% of the fair value of the loaned securities. The Borrowers are required to maintain the collateral at not less than 100% of the fair value of the loaned securities. Cash collateral is
invested in the ABA Members Collateral Fund.

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

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



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Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



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

At
September 30, 2010, the Funds fair value of securities on loan and investments of collateral value received at amortized cost and fair value for securities loaned was as follows:



|                                  |  |                                |             |  |                                    |   |             |           |  |   |             | 
|--------------------------------- |  | ------------------------------ | ----------- |  | ---------------------------------- | - | ----------- | --------- |  | - | ----------- | 
|                                  |  |                                |             |  | Investments of Collateral Received |  
|Fund                              |  | Fair Value ofLoaned Securities |             |  | AmortizedCost                      |   |             | FairValue | 
|Bond Core Plus Fund               |  | $                              | 68,928,453  |  |                                    | $ | 70,325,260  |           |  | $ | 69,762,658  | 
|International All Cap Equity Fund |  |                                | 2,817,958   |  |                                    |   | 2,883,152   |           |  |   | 2,860,087   | 
|Large Cap Equity Fund             |  |                                | 91,799,003  |  |                                    |   | 93,913,376  |           |  |   | 93,162,069  | 
|Small-Mid Cap Equity Fund         |  |                                | 122,253,098 |  |                                    |   | 125,378,595 |           |  |   | 124,375,566 | 

As discussed in Note
1, units of the ABA Members Collateral Fund continue to be issued and redeemed at a constant $1.00 net asset value per unit; however, certain limitations on withdrawals would apply to redemptions in connection with discontinuing participation in the
securities lending program. At September 30, 2010, the market value of the investments in the ABA Members Collateral Fund, as reported by its trustee, was approximately 99.20% of amortized cost. Furthermore, as reported by the trustee as of
September 30, 2010, all investments in the ABA Members Collateral Fund were performing in accordance with their respective terms. The accompanying financial statements of the Funds and the Balanced Fund have valued their direct investments in
the ABA Members Collateral Fund at their fair values, and have recognized unrealized losses. However, the Funds and the Balanced Fund have continued to value their investments in the ABA Members Collateral Fund for purposes of participant
transactions at the amortized cost-based values used by the ABA Members Collateral Fund for daily transactions.

7. Participant Ownership

As of September 30, 2010, the following Funds had participants owning greater than 5% of the outstanding units of a
Fund. One participant owned 7.97% of the outstanding units of the Real Asset Return Fund. In addition, one participant owned 4.96% of the outstanding units of the Lifetime Income Retirement Date Fund and one participant owned 5.81% of the
outstanding units of the 2010 Retirement Date Fund. One participant also owned 10.93% of the outstanding units of the Conservative Risk Fund and one participant owned 5.01% of the outstanding units of the Aggressive Risk Fund.

8. Small-Mid Cap Equity Fund Investment Advisor Termination

Effective June 17, 2010, the Investment Advisor Agreement between OFI Institutional Asset Management, Inc. (OFII) and State Street, pursuant to which OFII provided investment advice with
respect to a portion of the Small-Mid Cap Equity Fund, a collective investment fund offered by the Collective Trust, was terminated. The assets managed by OFII, which were approximately 15% of the Small-Mid Cap Equity Fund as of June 17, 2010,
were equally divided between Denver Investment Advisors LLC and LSV Asset Management, existing Investment Advisors to the Small-Mid Cap Equity Fund.

9. Subsequent Events

As soon as practicable, Northern Trust Investments
intends to employ one or more investment advisors to replace State Street Bank as investment advisor with respect to the Stable Asset Return Fund or portions thereof, and Northern Trust Investments may also directly invest the Stable Asset Return
Funds assets or portions thereof in stable value investment products of financial institutions. In this respect, State Street Bank has notified Northern Trust Investments that State Street Bank plans to cease acting as trustee and investment
manager of SAFT on or prior to December 31, 2010. State Street Banks termination as trustee and investment manager of SAFT will constitute an event of default under the terms of each of the four Synthetic Investment Contracts in place as
of the date hereof (and as a result the corresponding loss of book value protection) unless a successor trustee and investment manager is duly appointed concurrently with such termination and the Benefit Responsive Provider agrees in writing to
continue its Synthetic Investment Contract. Such Benefit Responsive Provider may not



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American Bar
Association Members/Northern Trust Collective Trust

Notes to Financial StatementsContinued

(Unaudited)



unreasonably withhold its agreement to any such appointment under the terms of each such Synthetic Investment Contract. In addition, it would constitute an event of default under each Synthetic
Investment Contract if State Street Bank were to assign, or attempt to assign, any right, interest or obligation of it or SAFT under such Synthetic Investment Contract without obtaining the prior written consent of such Benefit Responsive Provider.
Please see the discussion below regarding the replacement of the trustee and investment manager for SAFT.

Prior to State
Streets cessation of services as trustee of the Collective Trust effective July 1, 2010, State Street Bank was in discussions with potential replacement financial institutions to provide trustee, insurance company separate account, and/or
investment management services to SAFT, and has shared the results of such discussions with Northern Trust Investments. Northern Trust Investments, with State Street Banks assistance (so long as State Street Bank continues to act as trustee
and investment manager of SAFT), is currently coordinating and directing the search for a replacement trustee, insurance company separate account provider and/or investment manager in light of State Street Banks plans to resign as trustee and
investment manager of SAFT on or prior to December 31, 2010. State Street Bank has offered to assist Northern Trust Investments in seeking to obtain the consent of the existing Benefit Responsive Providers in appointing the successor trustee
and investment manager for SAFT that are designated by Northern Trust Investments. Northern Trust Investments is considering this possible option but has not made a decision as of the date hereof. Throughout the Immunization Periods with respect to
the terminated UBS and JP Morgan Synthetic Investment Contracts, Northern Trust Investments intends to continue to seek replacement Benefit Responsive Providers for the Stable Asset Return Fund and/or SAFT as well as new investment advisors for the
Stable Asset Return Fund. Northern Trust Investments believes that there is a reasonable possibility that it can identify on acceptable terms a successor trustee, insurance company separate account provider, investment manager and/or other stable
value funds or other stable value products of other financial institutions, including replacement Benefit Responsive Providers for the Stable Asset Return Fund or SAFT (to the extent necessary), by not later than December 31, 2010. However, no
assurances can be given that such efforts will be successful.



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

Quarter and Nine Month Period Ended September 30, 2010

Stable Asset Return Fund

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

For the quarter ended September 30, 2010, the Stable Asset Return Fund experienced a total return, net of expenses, of 0.30%. By
comparison, a combination of the Ryan Labs Three Year GIC Index and the iMoneyNet MFR Prime Institutional Money Market Fund Average, weighted 70%/30%, respectively, produced an investment record of 0.59% for the same period. Further, to account for
reductions in the Funds yield due to increases in money market-type investments resulting from uncertainties in the Synthetic GIC market and an increased emphasis on credit quality, the combination benchmark less 0.5% per year, on an
annualized basis, produced an investment record of 0.47% for the same period. For the nine month period ended September 30, 2010, the Fund experienced a total return, net of expenses, of 1.01%, compared to an investment record of 1.93% for the
combination benchmark for the same period and an investment record of 1.18% for the combination benchmark less 0.5% per year for the same period. The Ryan Labs Three Year GIC Index portion of the combination benchmark does not include an
allowance for the fees that an investor would pay for investing in the instruments that comprise that Index or for fund expenses.

The Stable Asset Return Fund underperformed the combination benchmark less 0.5% per year for the quarter ended September 30, 2010. The Funds portfolio had a shorter average duration and a
higher credit quality than the combination benchmark during the quarter, which allowed the Fund to benefit from improvements in the fixed income market while effectively adapting to changes imposed by Benefit Responsive Providers providing wrap
coverage to the Fund.

The Stable Asset Return Fund underperformed the combination benchmark less 0.5% per year for the
nine month period ended September 30, 2010. The Funds portfolio has been positioned conservatively to allow for greater flexibility as capacity issues in the stable value industry unfolded. This positioning has allowed the Fund to benefit
from improvements in the fixed income market while effectively adapting to changes imposed by Benefit Responsive Providers providing wrap coverage to the Fund without causing a disruption to the portfolio construction process. Given its short
duration and high quality bias, the portfolio will likely experience relative advantage when interest rates move higher or wrap provider constraints abate.

Bond Core Plus Fund

The Bond Core Plus Fund seeks to achieve a total
return from current income and capital appreciation by investing primarily in a diversified portfolio of fixed income securities.

For the quarter ended September 30, 2010, the Bond Core Plus Fund, which is advised with the assistance of Pacific Investment Management Company LLC, experienced a total return, net of expenses, of
3.21%. By comparison, the Barclays Capital U.S. Aggregate Bond Index produced an investment record of 2.48% for the same period. For the nine month period ended September 30, 2010, the Fund experienced a total return, net of expenses, of 8.36%,
compared to an investment record of 7.94% for the benchmark for the same period. The Barclays Capital U.S. Aggregate Bond Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise the
Index or for fund expenses. Please see Effect on Performance of Certain Funds that Participate in Securities Lending for a discussion of the effect of participation in the State Street Bank securities lending program on the
financial statement-reported performance of the Fund.



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The Bond Core Plus
Fund outperformed the Barclays Capital U.S. Aggregate Bond Index for the quarter ended September 30, 2010. Sectors within the index that trade at a spread to U.S. Treasuries mostly outperformed. An underweight to agency mortgages and a small
allocation to high yield corporate bonds added to relative returns.

The Bond Core Plus Fund outperformed the Barclays Capital
U.S. Aggregate Bond Index for the nine month period ended September 30, 2010. On a duration-adjusted basis, sectors within the index that trade at a spread to U.S. Treasuries mostly outperformed. A modest overweight to the Treasury sector and
an emphasis on well-capitalized financials further contributed to relative returns.

Large Cap Equity Fund

The Large Cap Equity Fund seeks to outperform, over extended periods of time, broad measures of the U.S. stock market.
The Fund invests primarily in common stocks and other equity-type securities of larger-capitalization U.S. companies with market capitalizations, at the time of purchase, of greater than $1 billion. A portion of the Fund (approximately 5% as of
September 30, 2010) is invested to replicate the performance of the Russell 1000® Index, which is comprised
of the approximately 1,000 largest companies in the Russell 3000® Index. The remainder of the Fund is actively
managed.

The Large Cap Equity Fund uses a multi-manager approach whereby the Funds assets are allocated to
one or more Investment Advisors, in percentages determined at the discretion of Northern Trust Investments, N.A., which we refer to as Northern Trust Investments. Each Investment Advisor acts independently from the others and uses its own distinct
investment style in selecting securities. Each Investment Advisor must operate within the constraints of the Funds investment objective, strategies and restrictions and subject to the general supervision of Northern Trust Investments. The
performance of each Investment Advisor may be measured in the context of its own investment style.

For the quarter ended
September 30, 2010, the Large Cap Equity Fund experienced a total return, net of expenses, of 12.15%. By comparison, the Russell 1000 Index produced an investment record of 11.55% for the same period. For the nine month period ended
September 30, 2010, the Fund experienced a total return, net of expenses, of 3.93%, compared to an investment record of 4.41% for the benchmark 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 that Index or for fund expenses.

For the quarter ended
September 30, 2010, the portion of the Large Cap Equity Fund advised with the assistance of Columbus Circle Investors (approximately 22% as of September 30, 2010) positively contributed to the performance of the Fund, as well as
outperformed the Russell 1000 Growth Index, against which the performance of this portion of the Fund is compared. The portfolios stock selection was strongest within the consumer discretionary sector, which contributed to relative
performance. However, weakness in financials stock selection partially offset relative returns, as investors grappled with the overall impact of regulatory reform on future growth and returns.

For the quarter ended September 30, 2010, the portion of the Large Cap Equity Fund advised with the assistance of C.S. McKee, L.P.
(approximately 28% as of September 30, 2010) positively contributed to the performance of the Fund, as well as outperformed the Russell 1000 Value Index, against which the performance of this portion of the Fund is compared. The most
significant contributors to positive performance for the quarter came from the energy, materials and consumer discretionary sectors. The portfolios continued overweight to the energy sector also positively affected relative returns.

For the quarter ended September 30, 2010, the portion of the Large Cap Equity Fund advised with the assistance of
Delaware Investment Advisers (approximately 26% as of September 30, 2010) positively contributed to the performance of the Fund, as well as outperformed the Russell 1000 Value Index, against which the performance of this portion of the Fund is
compared. The main contributors to outperformance were stock selection and a below-benchmark weighting in the financials sector. Stock selection and an overweight allocation in information technology also contributed to relative returns.

For the quarter ended September 30, 2010, the portion of the Large Cap Equity Fund advised with the assistance of Jennison
Associates LLC (approximately 19% as of September 30, 2010) negatively contributed to the performance of the Fund, as well as underperformed the Russell 1000 Growth Index, against which the performance of this portion of the Fund is compared.
Holdings in the technology and consumer discretionary sectors contributed to portfolio returns. However, security selection, particular in health care holdings Medco and Roche, detracted from relative returns.

For the quarter ended September 30, 2010, the performance of the indexed portion of the Large Cap Equity Fund was consistent with
the Russell 1000 Index after taking into account expenses and the effect of participation in securities lending. Please see  Effect on Performance of Certain Funds that Participate in Securities Lending for a
discussion of the effect of participation in the State Street Bank securities lending program on the financial statement-reported performance of the Fund.



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For the period from on
or about January 19, 2010 (the date on which Columbus Circle Investors commenced providing investment assistance with respect to the Large Cap Equity Fund) to September 30, 2010, the portion of the Large Cap Equity Fund advised with the
assistance of Columbus Circle Investors (approximately 22% as of September 30, 2010) positively contributed to the performance of the Fund, as well as outperformed the Russell 1000 Growth Index, against which the performance of this portion of
the Fund is compared. Performance of the portfolio during the period was enhanced by strong stock selection in the consumer discretionary and technology sectors, which offset weakness in the materials and financials sectors.

For the nine month period ended September 30, 2010, the portion of the Large Cap Equity Fund advised with the assistance of C.S.
McKee, L.P. (approximately 28% as of September 30, 2010) positively contributed to the performance of the Fund, as well as outperformed the Russell 1000 Value Index, against which the performance of this portion of the Fund is compared. Major
contributors to performance were holdings in the consumer discretionary and industrial sectors, including holdings in Autozone, which offset weaknesses in the information technology sector.

For the period from on or about January 19, 2010 (the date on which Delaware Investment Advisers commenced providing investment
assistance with respect to the Large Cap Equity Fund) to September 30, 2010, the portion of the Large Cap Equity Fund advised with the assistance of Delaware Investment Advisers (approximately 26% as of September 30, 2010) positively
contributed to the performance of the Fund, as well as outperformed the Russell 1000 Value Index, against which the performance of this portion of the Fund is compared. The main drivers of the portfolios outperformance for this period were
stock selection, an overweight allocation in the information technology sector and a modest underweight in the energy sector.

For the nine month period ended September 30, 2010, the portion of the Large Cap Equity Fund advised with the assistance of Jennison
Associates LLC (approximately 19% as of September 30, 2010) negatively contributed to the performance of the Fund, as well as underperformed the Russell 1000 Growth Index, against which the performance of this portion of the Fund is compared.
Holdings in the industrials and consumer discretionary sectors were the portfolios strongest performers, but holdings in the financials, energy, and health care sectors lost ground. Security selection detracted most from relative performance
in the financials and health care sectors. Overweight stances in the information technology and health care sectors, and underweight positions in the industrials and consumer staples sectors, also detracted from relative performance.

For the nine month period ended September 30, 2010, the performance of the indexed portion of the Large Cap Equity Fund was
consistent with the Russell 1000 Index after taking into account expenses and the effect of participation in securities lending. Please see Effect on Performance of Certain Funds that Participate in Securities Lending for a
discussion of the effect of participation in the State Street Bank securities lending program on the financial statement-reported performance of the Fund.

Small-Mid Cap Equity Fund

The Small-Mid Cap Equity Fund seeks to
outperform, over extended periods of time, broad measures of the U.S. stock market. The Fund invests primarily in common stocks and other equity-type securities of U.S. companies with market capitalizations, at the time of purchase, of between $100
million and $20 billion.

The Small-Mid Cap Equity Fund uses a multi-manager approach whereby the Funds
assets are allocated to one or more Investment Advisors, in percentages determined at the discretion of Northern Trust Investments. Each Investment Advisor acts independently from the others and uses its own distinct investment style in selecting
securities. Each Investment Advisor must operate within the constraints of the Funds investment objective, strategies and restrictions and subject to the general supervision of Northern Trust Investments. The performance of each Investment
Advisor may be measured in the context of its own investment style.

For the quarter ended
September 30, 2010, the Small-Mid Cap Equity Fund experienced a total return, net of expenses, of 11.38%. By comparison, the Russell 2500TMIndex produced an investment record of 12.21% for the same period. For the nine month period ended September 30,
2010, the Fund experienced a total return, net of expenses, of 9.96%, compared to an investment record of 10.32% for the benchmark for the same period. The Russell 2500 Index does not include an allowance for the fees that an investor would pay for
investing in the securities that comprise that Index or for fund expenses. Please see Effect on Performance of Certain Funds that Participate in Securities Lending for a discussion of the effect of participation in the State
Street Bank securities lending program on the financial statement-reported performance of the Fund.



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For the quarter ended
September 30, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Denver Investment Advisors LLC (d/b/a Denver Investments) (approximately 22% as of September 30, 2010) negatively contributed to the
performance of the Fund, but outperformed the Russell 2000 Value Index, against which the performance of this portion of the Fund is compared. The strongest contributions to the portfolios relative return came from stock selection in the
medical/health care, technology and communications sectors. Holdings in the basic materials, consumer staples and commercial services sectors detracted from returns, but did not negate overall relative performance.

For the quarter ended September 30, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Frontier
Capital Management Co. LLC (approximately 10% as of September 30, 2010) positively contributed to the performance of the Fund, but underperformed the Russell Midcap Growth Index, against which the performance of this portion of the Fund is
compared. The portfolios underperformance for the quarter was primarily due to stock selection in the health care, materials, and producer durables sectors. However, relative underperformance was partially offset by positive stock selection
within the technology, energy, and telecommunications sectors.

For the quarter ended September 30, 2010, the portion of
the Small-Mid Cap Equity Fund advised with the assistance of LSV Asset Management (approximately 22% as of September 30, 2010) positively contributed to the performance of the Fund, but underperformed the Russell Midcap Value Index, against
which the performance of this portion of the Fund is compared. Sector selection, in particular an overweight to the consumer discretionary and materials sectors, positively contributed to relative returns. However, stock selection, in particular an
overweight to smaller stocks relative to the index, detracted from returns.

For the quarter ended September 30, 2010,
the portion of the Small-Mid Cap Equity Fund advised with the assistance of Allianz Global Investors Capital LLC (approximately 10% as of September 30, 2010) negatively contributed to the performance of the Fund, as well as underperformed the
Russell 2000 Growth Index, against which the performance of this portion of the Fund is compared. Underperformance was primarily attributable to stock selection. The portfolios relative returns were curtailed by stock selection in the energy,
health care, and industrials sectors, in particular, holdings in drug manufacturer AMAG Pharmaceuticals.

For the quarter
ended September 30, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Riverbridge Partners (approximately 10% as of September 30, 2010) negatively contributed to the performance of the Fund, as well as
underperformed the Russell 2000 Growth Index, against which the performance of this portion of the Fund is compared. Underperformance for the quarter was primarily due to stock selection in the information technology and consumer discretionary
sectors. Underperformance was partially mitigated by holdings in the consumer sector, which was one of the areas of the market that performed best in the quarter.

For the quarter ended September 30, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Systematic Financial Management, L.P. (approximately 15% as of September 30,
2010) positively contributed to the performance of the Fund, as well as outperformed the Russell Midcap Value Index, against which the performance of this portion of the Fund is compared. Stock selection led the bulk of the outperformance, while
sector allocation was relatively neutral to the performance versus the benchmark. Stock selection in the materials and financials sectors led the outperformance, while stock selection in the health care and consumer staples sectors was not as
strong. An overweight to the consumer discretionary sector also helped contribute to overall performance of the portfolio.

For the quarter ended September 30, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of TCW Investment
Management Company (approximately 10% as of September 30, 2010) positively contributed to the performance of the Fund, as well as outperformed the Russell Midcap Growth Index, against which the performance of this portion of the Fund is
compared. Major contributors to performance were technology stocks, which outperformed by a wide margin and contributed strongly to relative performance. The portfolios holdings in the internet sector were also additive to performance.

For the nine month period ended September 30, 2010, the portion of the Small-Mid Cap Equity Fund advised with the
assistance of Denver Investment Advisors LLC (d/b/a Denver Investments) (approximately 22% as of September 30, 2010) positively contributed to the performance of the Fund, as well as outperformed the Russell 2000 Value Index, against which the
performance of this portion of the Fund is compared. Outperformance was almost exclusively driven by superior stock selection. The three sectors that were the key contributors were interest rate sensitive, medical/health care and capital goods. The
sectors that detracted the most over the first nine months were REITs, transportation and consumer staples.

For the nine
month period ended September 30, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Frontier Capital Management Co. LLC (approximately 10% as of September 30, 2010) negatively contributed to the performance
of the Fund, as well as underperformed the Russell Midcap Growth Index, against which the performance of this portion of the Fund is compared. Stock selection detracted from overall performance during the year to date period. The largest detractor
in relative performance was stock selection in the health care and industrials sectors.



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For the nine month
period ended September 30, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of LSV Asset Management (approximately 22% as of September 30, 2010) positively contributed to the performance of the Fund, as well
as outperformed the Russell Midcap Value Index, against which the performance of this portion of the Fund is compared. Sector selection detracted from the performance of the portfolio, while stock selection added value. The portfolios
overweight to the health care and technology sectors, the two weakest sectors, had a negative impact for the period. The portfolios underweight to REITs also detracted from performance as REITs performed better than most sectors. Stock
selection contributed the most in the materials and health care sectors, helping to offset underperformance within the technology and energy sectors.

For the nine month period ended September 30, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Allianz Global Investors Capital LLC (approximately 10% as of
September 30, 2010) negatively contributed to the performance of the Fund, as well as underperformed the Russell 2000 Growth Index, against which the performance of this portion of the Fund is compared. Stock selection within the energy sector
detracted from the portfolios performance. One of the biggest detractors in the energy sector was Comstock Resources, a natural gas exploration and production company, which suffered from a continued decline in natural gas prices.

For the nine month period ended September 30, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of
Riverbridge Partners (approximately 10% as of September 30, 2010) positively contributed to the performance of the Fund, as well as outperformed the Russell 2000 Growth Index, against which the performance of this portion of the Fund is
compared. The primary drivers contributing to the portfolios performance were stock selection in the health care sector. Stock selection within the financials sector also served as a catalyst aiding performance for this period. Detracting from
the portfolios performance was stock selection in the consumer discretionary and materials sectors.

For the nine month
period ended September 30, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Systematic Financial Management, L.P. (approximately 15% as of September 30, 2010) positively contributed to the performance of
the Fund, as well as outperformed the Russell Midcap Value Index, against which the performance of this portion of the Fund is compared. In the nine month period, strong stock selection was offset by unfavorable sector allocation results. From a
stock selection standpoint, the consumer discretionary, information technology and utilities sectors saw good performance year-to-date, while selection was a headwind in the financials sector.

For the nine month period ended September 30, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of TCW
Investment Management Company (approximately 10% as of September 30, 2010) positively contributed to the performance of the Fund, as well as outperformed the Russell Midcap Growth Index, against which the performance of this portion of the Fund
is compared. Stock selection has added value throughout this period, contributing to strong relative and absolute returns. The portfolios software holdings, including Salesforce.com and VMware, continued their outperformance, supported by
continued revenue and cash flow growth. Internet investments along with holdings in the technology sector contributed to outperformance.

International All Cap Equity Fund

The International All Cap Equity Fund seeks to provide long-term capital appreciation through a diversified portfolio of primarily non-U.S. equity securities. The Fund seeks to diversify investments
broadly among developed and emerging countries and generally to have at least three different countries represented in the portfolio. The Fund seeks to achieve, over an extended period of time, total returns comparable to or superior to broad
measures of the international (non-U.S.) stock market.

For the quarter ended September 30, 2010, the International All
Cap Equity Fund experienced a total return, net of expenses, of 15.78%. By comparison, the Morgan Stanley Capital International (MSCI) All-Country World (ACWI) ex-US Index produced an investment record of 16.58% for the same
period and the MSCI Europe, Australasia, Far East Index, which we refer to as the MSCI Europe, Australasia, Far East (EAFE) Index, produced an investment record of 16.48% for the same period. For the nine month period ended
September 30, 2010, the Fund experienced a total return, net of expenses, of 2.05%, compared to an investment record of 3.69% for the MSCI ACWI ex-US Index and 1.07% for the MSCI EAFE Index for the same period. Neither the MSCI ACWI ex-US Index
nor the MSCI EAFE Index includes an allowance for the fees that an investor would pay for investing in the securities that comprise those Indices or for fund expenses. Please see Effect on Performance of Certain Funds that Participate
in Securities Lending for a discussion of the effect of participation in the State Street Bank securities lending program on the financial statement-reported performance of the Fund.



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The International All
Cap Equity Fund uses a multi-manager approach whereby the Funds assets are allocated to one or more Investment Advisors, in percentages determined at the discretion of Northern Trust Investments. Each Investment Advisor acts
independently from the others and uses its own distinct investment style in selecting securities. Each Investment Advisor must operate within the constraints of the Funds investment objective, strategies and restrictions and subject to the
general supervision of Northern Trust Investments. The performance of each Investment Advisor may be measured in the context of its own investment style.

For the quarter ended September 30, 2010, the portion of the International All Cap Equity Fund advised with the assistance of Altrinsic Global Advisors, LLC (approximately 23% as of
September 30, 2010) negatively contributed to the performance of the Fund, as well as underperformed the MSCI EAFE Value ND Index, against which the performance of this portion of the Fund is compared. Stock selection detracted from performance
for the quarter, with positions in financial, energy, and health care companies and those domiciled in Japan being the biggest detractors from relative performance. Conversely, holdings in materials and North American and European consumer staples
outperformed.

For the quarter ended September 30, 2010, the portion of the International All Cap Equity Fund advised
with the assistance of Eagle Global Advisors LLC (approximately 15% as of September 30, 2010) positively contributed to the performance of the Fund, as well as outperformed the MSCI EAFE Growth ND Index, against which the performance of this
portion of the Fund is compared. Exposure to the industrials, materials, information technology and emerging markets sectors contributed to relative performance of the portfolio, while exposure to the energy, consumer staples and financials sectors
detracted from relative performance. Being underweight in the utilities sector and Japan positively contributed to performance for the quarter.

For the quarter ended September 30, 2010, the portion of the International All Cap Equity Fund advised with the assistance of First State Investments International Limited (approximately 22% as of
September 30, 2010) positively contributed to the performance of the Fund, as well as outperformed the MSCI Emerging Markets ND Index, against which the performance of this portion of the Fund is compared. Outperformance of the portfolio was
primarily driven by stock selection. The main drivers of outperformance were overweight positions in the consumer staples and telecom services sector. An overweight stance in Thailand helped performance, particularly an overweight position in
Kasikornbank (financials), which rose with the Thai market.

For the quarter ended September 30, 2010, the portion of the
International All Cap Equity Fund advised with the assistance of LSV Asset Management (approximately 22% as of September 30, 2010) negatively contributed to the performance of the Fund, as well as underperformed the MSCI EAFE Value ND Index,
against which the performance of this portion of the Fund is compared. Sector selection was mixed while stock selection detracted from relative performance of the portfolio in the quarter. An overweight to the telecom and energy sectors, the two top
performing sectors, helped performance, but was offset by an overweight to the health care sector, which trailed the market. Stock selection was positive in the health care and consumer discretionary sectors.

For the quarter ended September 30, 2010, the portion of the International All Cap Equity Fund advised with the assistance of Martin
Currie Inc. (approximately 15% as of September 30, 2010) positively contributed to the performance of the Fund, but underperformed the MSCI EAFE Growth ND Index, against which the performance of this portion of the Fund is compared. The main
contributor to performance this quarter was positive relative returns from Asia and Japan. Europe was a negative, as holdings in the health care and industrials sectors detracted from relative returns.

For the nine month period ended September 30, 2010, the portion of the International All Cap Equity Fund advised with the assistance
of Altrinsic Global Advisors, LLC (approximately 23% as of September 30, 2010) negatively contributed to the performance of the Fund, but outperformed the MSCI EAFE Value ND Index, against which the performance of this portion of the Fund is
compared. Year to date, the portfolios positioning in the financials sector, holdings in materials, and underweight exposure to utilities had a positive impact on relative performance. Conversely, holdings in the energy, European and U.K.
health care, and European information technology sectors had a negative impact on relative performance.

For the nine month
period ended September 30, 2010, the portion of the International All Cap Equity Fund advised with the assistance of Eagle Global Advisors LLC (approximately 15% as of September 30, 2010) negatively contributed to the performance of the
Fund, as well as underperformed the MSCI EAFE Growth ND Index, against which the performance of this portion of the Fund is compared. Stock selection was the biggest detractor from performance of the portfolio for the period. The portfolios
exposure to the health care and information technology sectors contributed to performance, while the portfolios exposure to the materials, consumer discretionary and financials sector detracted from relative performance.

For the nine month period ended September 30, 2010, the portion of the International All Cap Equity Fund advised with the assistance
of First State Investments International Limited (approximately 22% as of September 30, 2010) positively contributed to the performance of the Fund, as well as outperformed the MSCI Emerging Markets ND Index, against which the performance of
this portion of the Fund is compared. An overweight position in the consumer staples sector added to performance, especially holdings in



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Shoprite (South Africa: consumer staples), which rose strongly during the period. Stock selection in China boosted returns, especially China Telecom, which outperformed over the period. An
overweight position in Kasikornbank (financials) was also positive as it rose with the Thai market.

For the period from on or
about January 19, 2010 (the date on which LSV Asset Management commenced providing investment assistance with respect to the International All Cap Equity Fund) to September 30, 2010, the portion of the International All Cap Equity Fund
advised with the assistance of LSV Asset Management (approximately 22% as of September 30, 2010) negatively contributed to the performance of the Fund, but outperformed the MSCI EAFE Value ND Index, against which the performance of this portion
of the Fund is compared. Sector selection detracted from the portfolios performance, while stock selection added value in the period. An underweight to the consumer staples sector, which performed well year-to-date, and an overweight to the
energy sector, the weakest sector in the benchmark, had a negative impact on results. The portfolios stock selection was particularly strong in the health care sector.

For the nine month period ended September 30, 2010, the portion of the International All Cap Equity Fund advised with the assistance of Martin Currie Inc. (approximately 15% as of September 30,
2010) negatively contributed to the performance of the Fund, as well as underperformed the MSCI EAFE Growth ND Index, against which the performance of this portion of the Fund is compared. Health care constituted the portfolios biggest laggard
sector in the year to date, but the information technology and financials sectors were also weak. On the stock level, the key detractors from performance were the financials sector and Swiss health care firm Roche.

Bond Index Fund

The
Bond Index Fund seeks to replicate, after taking into account Fund expenses, the total rate of return of the Barclays Capital U.S. Aggregate Bond Index by investing generally in securities which are representative of the domestic investment grade
bond market as included in such Index.

For the quarter ended September 30, 2010, the Bond Index Fund experienced a total
return, net of expenses, of 2.24%. By comparison, the Barclays Capital U.S. Aggregate Bond Index produced an investment record of 2.48% for the same period. For the nine month period ended September 30, 2010, the Fund experienced a total
return, net of expenses, of 7.28%, compared to an investment record of 7.94% for the benchmark for the same period. The Barclays Capital U.S. Aggregate Bond Index does not include an allowance for the fees that an investor would pay for investing in
the securities that comprise that Index or for fund expenses.

The performance of the Bond Index Fund for the quarter and nine
month period ended September 30, 2010 was consistent with the Barclays Capital U.S. Aggregate Bond Index after taking expenses into account.

Large Cap Index Equity Fund

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

For the quarter ended September 30, 2010, the Large Cap Index Equity Fund experienced a total return, net of expenses, of 11.09%. By
comparison, the S&P 500 produced an investment record of 11.29% for the same period. For the nine month period ended September 30, 2010, the Fund experienced a total return, net of expenses, of 3.30%, compared to an investment record of
3.89% for the benchmark for the same period. The S&P 500 does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the Large Cap Index Equity Fund for the quarter and nine month period ended September 30, 2010 was consistent
with the S&P 500 after taking expenses into account.

All Cap Index Equity Fund

The All Cap Index Equity Fund seeks to replicate, after taking into account Fund expenses, the total return of the Russell 3000 Index by
investing in stocks included in the Russell 3000 Index, with the overall objective of achieving long-term growth of capital. The Russell 3000 Index represents approximately 98% of the U.S. equity market based on the market capitalization of the
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For the quarter ended
September 30, 2010, the All Cap Index Equity Fund experienced a total return, net of expenses, of 11.32%. By comparison, the Russell 3000 Index produced an investment record of 11.53% for the same period. For the nine month period ended
September 30, 2010, the Fund experienced a total return, net of expenses, of 4.15%, compared to an investment record of 4.78% for the benchmark for the same period. The Russell 3000 Index does not include an allowance for the fees that an
investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the All
Cap Index Equity Fund for the quarter and nine month period ended September 30, 2010 was consistent with the Russell 3000 Index after taking into account expenses.

Mid Cap Index Equity Fund

The Mid Cap Index Equity
Fund seeks to replicate, after taking into account Fund expenses, the total rate of return of the S&P MidCap
400® by investing generally in securities included in such Index. The S&P MidCap 400 includes 400 companies
and, as of June 30, 2010, represented approximately 7% of the U.S. equity market based on the market capitalization of the companies in the S&P MidCap 400.

For the quarter ended September 30, 2010, the Mid Cap Index Equity Fund experienced a total return, net of expenses, of 13.00%. By comparison, the S&P MidCap 400 produced an investment record of
13.12% for the same period. For the nine month period ended September 30, 2010, the Fund experienced a total return, net of expenses, of 10.96%, compared to an investment record of 11.57% for the benchmark for the same period. The S&P
MidCap 400 does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the Mid-Cap Index Equity Fund for the quarter and nine month period ended September 30, 2010 was consistent with the S&P MidCap 400 after taking expenses into account.

Small Cap Index Equity Fund

The Small Cap Index Equity Fund seeks to replicate, after taking into account Fund expenses, the total rate of return of the Russell 2000® Index by investing generally in securities included in such Index. The Russell 2000 Index is comprised of the approximately 2,000 companies in the Russell 3000 Index
with the smallest market capitalization and represents approximately 8% of the Russell 3000 Index total market capitalization.

For the quarter ended September 30, 2010, the Small Cap Index Equity Fund experienced a total return, net of expenses, of 11.03%. By
comparison, the Russell 2000 Index produced an investment record of 11.29% for the same period. For the nine month period ended September 30, 2010, the Fund experienced a total return, net of expenses, of 8.35%, compared to an investment record
of 9.12% for the benchmark for the same period. The Russell 2000 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the Small Cap Index Equity Fund for the quarter and nine month period ended September 30, 2010 was consistent
with the Russell 2000 Index after taking expenses into account.

International Index Equity Fund

The investment objective of the International Index Equity Fund is to replicate, after taking into account Fund expenses, the total rate
of return of the MSCI ACWI ex-US Index by investing generally in securities included in such Index. The MSCI ACWI ex-US Index consists of approximately 1,800 securities in 44 markets, with securities of emerging markets representing approximately
22% of the Index.

For the quarter ended September 30, 2010, the International Index Equity Fund experienced a total
return, net of expenses, of 16.30%. By comparison, the MSCI ACWI ex-US Index produced an investment record of 16.58% for the same period. For the nine month period ended September 30, 2010, the Fund experienced a total return, net of expenses,
of 2.92%, compared to an investment record of 3.69% for the benchmark for the same period. The MSCI ACWI ex-US Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or
for fund expenses.



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The performance of the
International Index Equity Fund for the quarter and nine month period ended September 30, 2010 was consistent with the MSCI ACWI ex-US Index after taking expenses into account.

Real Asset Return Fund

The investment objective of the Real Asset Return
Fund is to provide capital appreciation in excess of inflation as measured by the All Items Less Food and Energy Consumer Price Index for All Urban Consumers for the U.S. City Average, 1982-84 = 100 through investment in a diversified portfolio of
primarily Treasury Inflation Protected Securities, commodity futures and real estate investment trusts.

The Fund seeks to achieve its objective by investing indirectly in various index or other collective investment funds
maintained by State Street Bank. During the quarter ended September 30, 2010, these funds included the SSgA/Tuckerman REIT Index Non-Lending Series Fund, the SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund and the SSgA Dow
Jones UBS-Commodity IndexSMNon-Lending Series Fund.

The composite benchmark for the Real Asset Return Fund is the composite performance of the benchmarks for the three
underlying asset classes to which the Real Asset Return Fund allocates assets. During the quarter ended September 30, 2010, the composite benchmark for the Real Asset Return Fund included the Dow Jones U.S. Select REIT Index, the Dow Jones-UBS
Commodity Index and the Barclays Capital U.S. Treasury Inflation Protected Securities Index and were weighted based on the Funds target allocations to the asset classes to which such benchmarks relate.

For the quarter ended September 30, 2010, the Fund experienced a total return, net of expenses, of 7.58%. By comparison, the
composite benchmark produced an investment record of 7.85% for the same period. For the nine month period ended September 30, 2010, the Fund experienced a total return, net of expenses, of 8.80%, compared to an investment record of 9.40% for
the benchmark for the same period. None of the indices comprising the composite benchmark include an allowance for the fees that an investor would pay for investing in the securities that comprise such indices or for fund expenses.

The performance of the Real Asset Return Fund for the quarter and nine month period ended September 30, 2010 was consistent with its
composite benchmark after taking expenses into account.

Retirement Date Funds

The Retirement Date Funds provide a series of balanced investment funds each of which is designed by State Street Bank to correspond to a
particular time horizon to retirement. Each Retirement Date Fund has a different initial investment strategy representing different risk and reward characteristics that reflect the remaining time horizon to the most conservative investment mix. The
longer the time horizon to the year in which a Retirement Date Fund will reach its most conservative investment mix, the greater is the Retirement Date Funds initial risk and potential reward profile. The Lifetime Income Retirement Date Fund
seeks to avoid significant loss of principal for investors who have reached or are beyond their retirement date and is comprised primarily of bonds and shorter-term high-quality debt instruments to provide stability and income (although such Fund
also has a target equity exposure of 30%). The 2010 Retirement Date Fund currently seeks to provide a blend of capital appreciation and stability of principal for participants planning to retire in or around the year 2010. The 2020 Retirement Date
Fund currently seeks to provide long-term capital appreciation and more limited stability of principal for participants planning to retire in or around the year 2020. The 2030 Retirement Date Fund currently seeks to provide long-term capital
appreciation for participants planning to retire in or around the year 2030 and is comprised mainly of stocks for higher growth potential. The 2040 Retirement Date Fund currently seeks to provide long-term capital appreciation for participants
planning to retire in or around the year 2040 and is comprised mainly of stocks for significant growth potential.

The Retirement Date Funds seek to achieve their objectives by investing in various index or other collective investment funds maintained by State Street Bank. During the quarter ended September 30,
2010, these funds included, in the case of some or all of the Retirement Date Funds and in varying allocations, the SSgA U.S. Long Government Bond Index Non-Lending Series Fund, the SSgA U.S. Bond Index Non-Lending Series Fund, the SSgA U.S. High
Yield Bond Index Non-Lending Series Fund, the SSgA U.S. Short-Term Government/Credit Bond Index Non-Lending Series Fund, the SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund, the SSgA S&P 500® Index Non-Lending Series Fund, the SSgA Global Equity ex U.S. Index Non-Lending Series Fund, the SSgA S&P MidCap® Index Non-Lending Series Fund, the SSgA Russell Small Cap Index Non-Lending Series Fund and the SSgA/Tuckerman
Global Real Estate Securities Index Non-Lending Series Fund.



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The composite
benchmark for each of the Retirement Date Funds is the composite performance of respective benchmarks for the underlying asset classes to which each of the Retirement Date Funds allocates assets from time to time. During the quarter ended
September 30, 2010, the respective benchmarks comprising the composite benchmarks included some or all of the Barclays Capital U.S. Long Government Bond Index, the Barclays Capital U.S. Aggregate Bond Index, the Barclays Capital US High Yield
Very Liquid Index, the Barclays Capital 1-3 Year Government/Credit Index, the Barclays Capital U.S. Treasury Inflation Protected Securities Index, the S&P 500, the MSCI ACWI ex-US Index, the S&P MidCap 400, the Russell 2000 Index and the
FTSE EPRA/NAREIT Global Developed Liquid Index and were weighted based on each Funds respective target allocations to the asset classes to which such benchmarks relate.

For the quarter ended September 30, 2010, the Retirement Date Funds experienced a total return, net of expenses, of 5.81% for the Lifetime Income Retirement Date Fund, 7.88% for the 2010 Retirement
Date Fund, 10.08% for the 2020 Retirement Date Fund, 11.32% for the 2030 Retirement Date Fund and 11.96% for the 2040 Retirement Date Fund. By comparison, the composite benchmark for each Retirement Date Fund produced an investment record of 6.11%,
8.13%, 10.32%, 11.56% and 12.19%, respectively, for the same period. None of the indices comprising the composite benchmarks include an allowance for the fees that an investor would pay for investing in the securities that comprise such indices or
for fund expenses.

The performance of each Retirement Date Fund for the quarter ended September 30, 2010 was consistent
with its respective composite benchmark after taking into account expenses and differences in rebalancing frequency inasmuch as the target asset allocations of each Retirement Date Fund is rebalanced quarterly and its composite benchmarks
component weights remain static.

For the nine month period ended September 30, 2010, the Retirement Date Funds
experienced a total return, net of expenses, of 5.53% for the Lifetime Income Retirement Date Fund, 7.88% for the 2010 Retirement Date Fund, 7.72% for the 2020 Retirement Date Fund, 7.11% for the 2030 Retirement Date Fund and 6.15% for the 2040
Retirement Date Fund. By comparison, the composite benchmark for each Retirement Date Fund produced an investment record of 6.55%, 8.75%, 8.43%, 7.71% and 6.82%, respectively, for the same period. None of the indices comprising the composite
benchmarks include an allowance for the fees that an investor would pay for investing in the securities that comprise such indices or for fund expenses.

The performance of each Retirement Date Fund for the nine month period ended September 30, 2010 was consistent with its respective composite benchmark after taking into account expenses and
differences in rebalancing frequency inasmuch as the target asset allocations of each Retirement Date Fund is rebalanced quarterly and its composite benchmarks component weights remain static.

Target Risk Funds

The
Target Risk Funds provide a series of balanced investment funds each of which is designed to correspond to a particular investment risk level. Each Target Risk Fund has a different investment strategy representing different risk and reward
characteristics. The Conservative Risk Fund seeks to avoid significant loss of principal and is comprised primarily of bonds and shorter-term high-quality debt instruments to provide stability and income (although such Fund also has a target equity
exposure of 29%). The Moderate Risk Fund seeks to provide long-term capital appreciation and more limited stability of principal for participants. The Aggressive Risk Fund seeks to provide long-term capital appreciation for participants and is
comprised mainly of stocks for maximum growth potential.

The Target Risk Funds seek to achieve their objectives by investing
in various index or other collective investment funds maintained by State Street Bank. During the quarter ended September 30, 2010, these funds included, in the case of some or all of the Target Risk Funds and in varying allocations, the SSgA
Russell All Cap Index Non-Lending Series Fund, the SSgA International Index Non-Lending Series Fund, the SSgA Global Equity ex U.S. Index Non-Lending Series Fund, the SSgA/Tuckerman REIT Index Non-Lending Series Fund, the SSgA U.S. Bond Index
Non-Lending Series Fund, the SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund, the SSgA Short Term Investment Fund and the SSgA Dow Jones UBS-Commodity Index Non-Lending Series Fund.

The composite benchmark for each of the Target Risk Funds is the composite performance of respective benchmarks for
the underlying asset classes to which each of the Target Risk Funds allocates assets. During the quarter ended September 30, 2010, the respective benchmarks comprising the composite benchmarks included some or all of the Barclays Capital U.S.
Aggregate Bond Index, the Barclays Capital U.S. Treasury Inflation Protected Securities Index, the Dow Jones U.S. Select REIT Index, the Dow Jones-UBS Commodity Index, the Russell 3000® Index, the Citigroup 3-Month T-Bill, the MSCI EAFE Index and the MSCI ACWI ex-US Index and were weighted based on each Funds respective target allocations to
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For the quarter ended
September 30, 2010, the Target Risk Funds experienced a total return, net of expenses, of 5.04% for the Conservative Risk Fund, 8.24% for the Moderate Risk Fund and 11.21% for the Aggressive Risk Fund. By comparison, the composite benchmark for
each Target Risk Fund produced an investment record of 5.39%, 8.65% and 11.52%, respectively, for the same period. For the nine month period ended September 30, 2010, the Target Risk Funds experienced a total return, net of expenses, of 6.71%
for the Conservative Risk Fund, 6.14% for the Moderate Risk Fund and 5.25% for the Aggressive Risk Fund, compared to an investment record of 7.49%, 6.97% and 5.99%, respectively, of the respective composite benchmark for the same period. None of the
indices comprising the composite benchmarks include an allowance for the fees that an investor would pay for investing in the securities that comprise such indices or for fund expenses.

The performance of each Target Risk Fund for the quarter and nine month period ended September 30, 2010 was consistent with its
respective composite benchmark after taking expenses into account.

Balanced Fund

Certain assets contributed to the Program are held in the Balanced Fund. However, the Collective Trust no longer offers Units in the
Balanced Fund.

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. The Fund invests in publicly traded common stocks, other equity-type securities, medium- to long-term debt securities with varying maturities and money market
instruments.

For the quarter ended September 30, 2010, the Balanced Fund experienced a total return, net of expenses, of
8.48%. By comparison, a combination of the Russell 1000 Index and the Barclays Capital U.S. Aggregate Bond Index, weighted 60%/40%, respectively, produced an investment record of 8.01% for the same period. For the nine month period ended
September 30, 2010, the Balanced Fund experienced a total return, net of expenses, of 5.97%, as compared to an investment record of 6.26% for the benchmark for the period. The Russell 1000 Index and the Barclays Capital U.S. Aggregate Bond
Index do not include an allowance for the fees that an investor would pay for investing in the securities that comprise the Indices or for fund expenses. Please see Effect on Performance of Certain Funds that Participate in Securities
Lending for a discussion of the effect of participation in the State Street Bank securities lending program on the financial statement-reported performance of the Fund.

For the quarter ended September 30, 2010, the equity segment of the Balanced Fund, which is invested through the Large Cap Equity
Fund, outperformed the Russell 1000 Index. For the nine month period ended September 30, 2010, the equity segment of the Balanced Fund, which is invested through the Large Cap Equity Fund, underperformed the Russell 1000 Index. Refer to a
discussion of the investment performance of the Large Cap Equity Fund, above, for a description of the performance of the equity segment of the Balanced Fund for such periods.

For the quarter ended September 30, 2010, the debt segment of the Balanced Fund, which is invested through the Bond Core Plus Fund, outperformed the Barclays Capital U.S. Aggregate Bond Index. For
the nine month period ended September 30, 2010, the debt segment of the Balanced Fund, which is invested through the Bond Core Plus Fund, outperformed the Barclays Capital U.S. Aggregate Bond Index. Refer to a discussion of the investment
performance of the Bond Core Plus Fund, above, for a description of the performance of the debt segment of the Balanced Fund for such periods.

Effect on Performance of Certain Funds that Participate in Securities Lending

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

The Funds listed in the table below, directly through their investment in other funds and accounts managed by State Street Bank or its affiliates, participate in the State Street Bank securities lending
program as described in Note 6 of the Notes to Financial Statements under Part 1, Item 1 of this Form 10-Q. The Funds participating in this program typically receive cash collateral at the time of lending with a value in
excess of that of the loaned securities, and collateral is increased or decreased, respectively, as the value of the loaned securities increases or decreases. The cash collateral is invested for the account and risk of the participating funds in the
cash collateral funds, which are managed by State Street Bank or its affiliates. For purposes of normal daily transaction activity, these cash collateral funds, as permitted under their governing agreements, value their investments on the basis of
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rather than current market values, to the extent that an investment is not in default. State Street Bank has informed the Collective Trust that none of the securities in the cash collateral funds
was in default at September 30, 2010 and therefore purchases and redemptions of units in the cash collateral funds continue to be transacted at a value equivalent to $1.00 per unit (100% of principal invested).

As of September 30, 2010, no Funds indirectly participated in the State Street Bank securities lending program. Further, effective
July 1, 2010 and thereafter, the Funds that directly engage in securities lending no longer invest in the State Street Quality D Short-Term Investment Fund (Quality D). Instead, the cash collateral received by such Funds was
reinvested in a newly formed cash collateral pooled fund (the ABA Members Collateral Fund) managed by State Street Bank as securities lending agent. On a market basis at September 30, 2010, the ABA Members Collateral Fund had a net
asset value of $.992 per unit. This net asset value compares to values of Quality D (now the ABA Members Collateral Fund) of $.989 per unit at June 30, 2010 and $.984 per unit at December 31, 2009.

For financial reporting purposes under GAAP, each of the Funds that directly participate in the State Street Bank securities lending
program has valued its investments in the ABA Members Collateral Fund at their market values, and has recognized either unrealized gains or unrealized losses in the financial statements for the quarter and nine month period ended September 30,
2010. The effect on reported performance of each relevant Fund for the quarter and nine month period ended September 30, 2010 as a result of participation in the State Street Bank securities lending program is presented in the table below.



|                                  |  |         |      |   |                   |  |       |  
|--------------------------------- |  | ------- | ---- | - | ----------------- |  | ----- | -
|                                  |  | Quarter |      |   | Nine Month Period | 
|Bond Core Plus Fund               |  |         | 0.01 | % |                   |  | -0.06 | %
|Large Cap Equity Fund             |  |         | 0.04 |   |                   |  | 0.16  |  
|Small-Mid Cap Equity Fund         |  |         | 0.16 |   |                   |  | 0.61  |  
|International All Cap Equity Fund |  |         | 0.07 |   |                   |  | 0.17  |  
|Balanced Fund                     |  |         | 0.06 |   |                   |  | 0.12  |  

The unrealized gains
reflected in the financial statements were the result of reversals of unrealized losses recognized in previous periods. The unrealized losses reflected in the financial statements were the result of changes in the relative size of the investments of
the affected Funds in the ABA Members Collateral Fund (formerly Quality D). Any unrealized losses (net of any previously unrealized gains partially reversing these losses) could reverse, in whole or in part, over time to the extent that principal is
eventually recovered on maturities or higher prices are realized upon sale of the underlying securities, although, as with any investment, such events are not assured of occurring. Further, future losses could be experienced for financial reporting
purposes if the net asset value per unit of the ABA Members Collateral Fund on a market basis decreases from its September 30, 2010 level. However, all of the Funds that participate in the State Street Bank securities lending program have
continued to value their investments in the ABA Members Collateral Fund for purposes of Participant transactions at amortized cost-based value used by the ABA Members Collateral Fund for daily transactions. Accordingly, actual returns experienced by
Participants in the Funds based on net asset values for transaction purposes do not reflect the impact of any unrealized gains or losses.

Quarter and Nine Month Period Ended September 30, 2009

Stable Asset Return Fund

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

For the quarter ended September 30, 2009, the Stable Asset Return Fund experienced a total return, net of expenses, of 0.43%. By
comparison, a combination of the Ryan Labs Three Year GIC Index and the iMoneyNet MFR Prime Institutional Money Market Fund Average, weighted 70%/30%, respectively, produced an investment record of 0.77% for the same period. Further, to account for
reductions in the Funds yield due to uncertainties in the Synthetic GIC market and an emphasis on increased credit quality, the combination benchmark less 0.5% per year, on an annualized basis, produced an investment record of 0.64% for
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the nine month period ended September 30, 2009, the Fund experienced a total return, net of expenses, of 1.56%, compared to an investment record of 2.49% for the combination benchmark and
2.11% for the combination benchmark less 0.5% per year, on an annualized basis, for the same period. The Ryan Labs Three Year GIC Index portion of the combination benchmark does not include an allowance for the fees that an investor would pay
for investing in the instruments that comprise that Index or for fund expenses.

The Stable Asset Return Fund underperformed
the combination benchmark for the quarter ended September 30, 2009. During the quarter ended September 30, 2009, the Funds investments were primarily focused on segments of the market such as U.S. Treasuries, agency debentures and
agency mortgage-backed securities that have a high degree of support from the U.S. Government. These types of investments have a higher credit quality but lower yield than Traditional Investment Contracts and other fixed income securities. As a
result, the relative return of the Fund was lower than that of the Index. These lower yielding U.S. Government supported investments were employed to provide a higher degree of stability for the market value of the underlying investments supporting
the wrap contracts valued at book value. The market to book value ratio of these investments continues to improve and was over 101% as of September 30, 2009.

The Stable Asset Return Fund underperformed the combination benchmark for the nine month period ended September 30, 2009. The underperformance can be attributed to the more conservative positioning
of the portfolio that began in the fourth quarter of 2008 and was maintained throughout the period ended September 30, 2009. The lower yielding investments were employed to provide a relatively higher degree of stability for the market to book
value ratio that indicates the value of the underlying investments.

Bond Core Plus Fund

The Bond Core Plus Fund, formerly named the Intermediate Bond Fund, seeks to achieve a total return from current income and capital
appreciation by investing primarily in a diversified portfolio of fixed income securities.

For the quarter ended
September 30, 2009, the Bond Core Plus Fund, which is advised with the assistance of Pacific Investment Management Company LLC, experienced a total return, net of expenses, of 5.06%. By comparison, the Barclays Capital U.S. Aggregate Bond Index
(f/k/a the Lehman Brothers Aggregate Bond Index) produced an investment record of 3.74% for the same period. For the nine month period ended September 30, 2009, the Fund experienced a total return, net of expenses, of 9.50%, compared to an
investment record of 5.72% for the Barclays Capital U.S. Aggregate Bond Index for the same period. The Barclays Capital U.S. Aggregate Bond Index does not include an allowance for the fees that an investor would pay for investing in the securities
that comprise the Index or for fund expenses.

The Bond Core Plus Fund outperformed the Barclays Capital U.S. Aggregate Bond
Index for the quarter ended September 30, 2009. The portfolios emphasis on attractively priced high quality assets, especially those with government support, was beneficial for relative performance. An overweight position to duration
during much of the period added to relative performance, as U.S. Treasury yields fell. An investment strategy based on an expectation for the interest rate curve to steepen detracted from relative performance. Money market futures in the U.S.,
continental Europe and the U.K., which were used to implement the strategy, gained as central banks indicated that short maturity rates would remain low longer than markets had expected. An overweight position to agency mortgage pass-through
securities for part of the quarter helped relative returns as valuations of these bonds benefitted from continued purchases by the Federal Reserve. A modest exposure to Brazilian interest rates detracted from relative performance as those rates
rose, although exposure to Brazils currency mitigated the impact.

The Bond Core Plus Fund outperformed the Barclays
Capital U.S. Aggregate Bond Index for the nine month period ended September 30, 2009. An overweight position to agency mortgage pass-through securities helped relative returns as valuations of the securities benefited from continued purchases
by the Federal Reserve. An overweight position to bonds of financial companies also contributed to the portfolios relative performance as the bonds continued to outperform the broader corporate market on a year-to-date basis. Holdings of high
quality consumer asset-backed bonds and non-agency mortgage pass-through securities also helped relative performance.

For the
quarter and nine month period ended September 30, 2009, the Bond Core Plus Fund participated in the State Street Bank securities lending program as described in Note 6 of the Notes to Financial Statements. For the reasons
described under Effect on Performance of Certain Funds that Participate in Securities Lending, the financial statement-reported performance of the Bond Core Plus Fund was positively impacted by 0.28 percentage point in the
quarter ended September 30, 2009 as a result of such participation. For the nine month period ended September 30, 2009, the financial statement-reported performance of the Bond Core Plus Fund was positively impacted by 0.13 percentage
point as a result of such participation. As discussed below under Effect on Performance of Certain Funds that Participate in Securities Lending, actual returns experienced by Participants in the Fund based on
net asset values for transaction purposes do not reflect the impact of any unrealized gains or losses in the cash collateral funds associated with the State Street Bank securities lending program.



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Large Cap Equity Fund

The Large Cap Equity Fund seeks to outperform, over extended periods of time, broad measures of the U.S. stock market. The
Fund invests primarily in common stocks and other equity-type securities of larger-capitalization companies with market capitalizations, at the time of purchase, of greater than $1 billion. A portion of the Fund (currently approximately 20%) is
invested to replicate the Russell 1000 Index, which is comprised of the approximately 1,000 largest companies in the Russell 3000 Index. The remainder of the Fund is actively managed.

The Large Cap Equity Fund uses a multi-manager approach whereby the Funds assets are allocated to one or more
Investment Advisors, in percentages determined at the discretion of State Street Bank and Trust Company of New Hampshire, which we refer to as State Street, subject to consultation with The Northern Trust Company, which we refer to as Northern
Trust. Each Investment Advisor acts independently from the others and uses its own distinct investment style in selecting securities. Each Investment Advisor must operate within the constraints of the Funds investment objective, strategies and
restrictions and subject to the general supervision of State Street. The performance of each Investment Advisor may be measured in the context of its own investment style.

For the period from commencement of operations on July 2, 2009 to September 30, 2009, the Large Cap Equity Fund experienced a total return, net of expenses, of 13.30%. By comparison, the Russell
1000 Index produced an investment record of 15.52% 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 that Index or for fund expenses. As
discussed below under Effect of Transition on Performance of Certain Funds, the Fund return in this period was negatively affected by transition-related costs as well as the adverse market impact on the day of
the transition.

For the period from commencement of operations on July 2, 2009 to September 30, 2009, the portion
of the Large Cap Equity Fund advised with the assistance of Jennison Associates LLC (approximately 38% as of September 30, 2009) positively contributed to the performance of the Fund, as well as outperformed the Russell 1000 Growth Index,
against which this portion of the Fund is compared. The portfolios strong stock selection in the financials and consumer discretionary sectors were among the largest contributors to relative performance. An overweight position in the
information technology sector also contributed to positive absolute and relative returns. Positions in the energy, materials, and industrials sectors of the Russell 1000 Growth Index lagged the strong returns of the market.

For the period from commencement of operations on July 2, 2009 to September 30, 2009, the portion of the Large Cap Equity Fund
advised with the assistance of C.S. McKee, L.P. (approximately 43% as of September 30, 2009) positively contributed to the performance of the Fund, but underperformed the Russell 1000 Value Index, against which this portion of the Fund is
compared. The portfolio lagged the Index in a low-quality rally. The most significant detractor from performance was a relative underweight to the financial sector, which was approximately 25% that of the Index. The portfolio benefited from an
underweight position in the telecommunications sector and an overweight position in the industrials sector of the Index.

For
the period from commencement of operations on July 2, 2009 to September 30, 2009, the performance of the indexed portion of the Large Cap Equity Fund was consistent with the Russell 1000 Index after taking into account expenses and the
effect of participation in securities lending.

For the period from commencement of operations on July 2, 2009 to
September 30, 2009, the Large Cap Equity Fund participated in the State Street Bank securities lending program as described in Note 6 of the Notes to Financial Statements. For the reasons described under Effect
on Performance of Certain Funds that Participate in Securities Lending, the financial statement-reported performance of the Large Cap Equity Fund was negatively impacted by 0.57 percentage point for the period from commencement of
operations on July 2, 2009 to September 30, 2009 as a result of such participation. As discussed below under Effect on Performance of Certain Funds that Participate in Securities Lending, actual
returns experienced by Participants in the Fund based on net asset values for transaction purposes do not reflect the impact of any unrealized gains or losses in the cash collateral funds associated with the State Street Bank securities lending
program.

Small-Mid Cap Equity Fund

The Small-Mid Cap Equity Fund seeks to outperform, over extended periods of time, broad measures of the U.S. stock market. The Fund invests primarily in common stocks and other equity-type securities of
companies with market capitalizations, at the time of purchase, of between $100 million and $20 billion. A portion of the Fund (currently approximately 5%) is invested to replicate the Russell 2000 Index, which is comprised of the approximately
2,000 smallest companies in the Russell 3000 Index. The remainder of the Fund is actively managed.

The Small-Mid Cap Equity
Fund uses a multi-manager approach whereby the Funds assets are allocated to one or more Investment Advisors, in percentages determined at the discretion of State Street, subject to consultation with Northern Trust. Each Investment
Advisor acts independently from the others and uses its own distinct investment style in selecting securities. Each



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Investment Advisor must operate within the constraints of the Funds investment objective, strategies and restrictions and subject to the general supervision of State Street. The performance
of each Investment Advisor may be measured in the context of its own investment style.

For the period from commencement of
operations on July 2, 2009 to September 30, 2009, the Small-Mid Cap Equity Fund experienced a total return, net of expenses, of 15.09%. By comparison, the Russell 2500 Index produced an investment record of 18.50% for the same period. The
Russell 2500 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses. As discussed below under Effect of Transition on Performance of
Certain Funds, the Fund return in this period was negatively affected by transition-related costs as well as the adverse market impact on the day of the transition.

For the period from commencement of operations on July 2, 2009 to September 30, 2009, the portion of the Small-Mid Cap Equity
Fund advised with the assistance of LSV Asset Management (approximately 15% as of September 30, 2009) positively contributed to the performance of the Fund, but underperformed the Russell Midcap Value Index, against which this portion of the
Fund is compared. An underweight to REITs and overweight to the healthcare sector detracted from performance as against the Index. Stock selection detracted, particularly in the consumer discretionary and financial sectors of the Index. The
portfolio had an underweight position in lower quality stocks, which continued to do well in the period given the rise in share prices generally in the market since March of this year.

For the period from commencement of operations on July 2, 2009 to September 30, 2009, the portion of the Small-Mid Cap Equity
Fund advised with the assistance of Systematic Financial Management, L.P. (approximately 15% as of September 30, 2009) positively contributed to the performance of the Fund, but underperformed the Russell Midcap Value Index, against which this
portion of the Fund is compared. The portfolios focus on companies believed to have a combination of attractive valuations and a positive earnings catalyst detracted from relative performance in August and September, as deep value and
contrarian stocks returned to favor. The underperformance was due to a lack of exposure to the best performing stocks in the Index which as a group did not have characteristics commensurate with the portfolios investment approach.

For the period from commencement of operations on July 2, 2009 to September 30, 2009, the portion of the Small-Mid Cap Equity
Fund advised with the assistance of Frontier Capital Management Co. LLC (approximately 10% as of September 30, 2009) positively contributed to the performance of the Fund, as well as outperformed the Russell Midcap Growth Index, against which
this portion of the Fund is compared. Relative performance was notably hindered by performance in the producer durables and healthcare sectors. The performance of the portfolio, which is positioned for secular growth, was negatively impacted by
fluctuations in the most cyclical of areas of the market, specifically the industrial and materials sectors. In addition, the portfolio was underexposed to capital intensive equipment stocks as against the Index, which stocks fell initially due to
concerns in the funding ability of hospitals but subsequently rebounded with an easing in credit concerns.

For the period
from commencement of operations on July 2, 2009 to September 30, 2009, the portion of the Small-Mid Cap Equity Fund advised with the assistance of TCW Investment Management Company (approximately 10% as of September 30, 2009)
positively contributed to the performance of the Fund, as well as outperformed the Index, against which this portion of the Fund is compared. The portfolio outperformed the Russell Midcap Growth Index during the period primarily due to strong
stock selection in the healthcare, information technology and telecommunication services sectors and positive allocation in the energy sector. Partially offsetting positive relative performance was negative stock selection in the financials,
consumer discretionary, energy and industrials sectors.

For the period from commencement of operations on July 2, 2009
to September 30, 2009, the portion of the Small-Mid Cap Equity Fund advised with the assistance of OFI Institutional Asset Management, Inc. (approximately 14% as of September 30, 2009) positively contributed to the performance of the Fund,
as well as outperformed the Russell 2000 Value Index, against which this portion of the Fund is compared. The industrials and materials sectors were the best performing sectors for the portfolio during the period, where stock selection added to the
return relative to the Russell 2000 Value Index. Further, an overweight in the materials sector contributed to relative performance. Stock selection within consumer discretionary sector detracted from relative performance during the period.

For the period from commencement of operations on July 2, 2009 to September 30, 2009, the portion of the Small-Mid
Cap Equity Fund advised with the assistance of Denver Investment Advisors LLC (d/b/a Denver Investments) (approximately 15% as of September 30, 2009) positively contributed to the performance of the Fund, as well as outperformed the Russell
2000 Value Index, against which this portion of the Fund is compared. The interest-rate sensitive, technology and capital goods sectors provided the greatest contribution to relative performance during the period. The cyclical, basic
materials and healthcare sectors proved most challenging during the period. Furthermore, a focus on dividend-paying stocks was a detractor, as non-dividend paying stocks outperformed.



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For the period from
commencement of operations on July 2, 2009 to September 30, 2009, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Riverbridge Partners (approximately 10% as of September 30, 2009) negatively contributed to
the performance of the Fund, but outperformed the Russell 2000 Growth Index, against which this portion of the Fund is compared. The portfolio benefitted from stock selection in the healthcare sector during the period. Additionally, an overweight in
the information technology sector helped to boost the portfolios relative performance. Detracting from relative performance were stock selection in the industrials sector and an underweight in the consumer discretionary sector which
experienced relatively strong performance.

For the period from commencement of operations on July 2, 2009 to
September 30, 2009, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Oppenheimer Capital LLC (approximately 10% as of September 30, 2009) positively contributed to the performance of the Fund, as well as
outperformed the Russell 2000 Growth Index, against which this portion of the Fund is compared. The portfolio outperformed the Index as stock selection continued to drive relative returns. Holdings in the energy sector were the portfolios
strongest performers. Holdings in semiconductor capital equipment companies also contributed to relative performance. Stock selection in the healthcare sector detracted from relative returns, as the portfolios larger positions lagged the
Index.

For the period from commencement of operations on July 2, 2009 to September 30, 2009, the performance of the
indexed portion of the Small-Mid Cap Equity Fund was consistent with the Russell 2000 Index after taking into account expenses and the effect of participation in securities lending.

For the period from commencement of operations on July 2, 2009 to September 30, 2009, the Small-Mid Cap Equity Fund
participated in the State Street Bank securities lending program as described in Note 6 of the Notes to Financial Statements. For the reasons described under Effect on Performance of Certain Funds that Participate
in Securities Lending, the financial statement-reported performance of the Small-Mid Cap Equity Fund was negatively impacted by 1.31 percentage points for the period from commencement of operations on July 2, 2009 to
September 30, 2009 as a result of such participation. As discussed below under Effect on Performance of Certain Funds that Participate in Securities Lending, actual returns experienced by Participants in
the Fund based on net asset values for transaction purposes do not reflect the impact of any unrealized gains or losses in the cash collateral funds associated with the State Street Bank securities lending program.

International All Cap Equity Fund

The International All Cap Equity Fund, formerly named the International Equity Fund, seeks to provide long-term capital appreciation through a diversified portfolio of primarily non-U.S. equity
securities. The Fund seeks to diversify investments broadly among developed and emerging countries and generally to have at least three different countries represented in the Fund. The Fund seeks to achieve, over an extended period of time, total
returns comparable to or superior to broad measures of the international (non-U.S.) stock market.

For the quarter ended
September 30, 2009, the International All Cap Equity Fund experienced a total return, net of expenses, of 16.01%. By comparison, the Morgan Stanley Capital International All-Country World Ex-U.S. Index, which we refer to as the MSCI ACWI ex-US
Index, produced an investment record of 19.69% for the same period. For the nine month period ended September 30, 2009, the Fund experienced a total return, net of expenses, of 31.67%, compared to an investment record of 36.35% for the MSCI
ACWI ex-US Index for the same period. The MSCI ACWI ex-US Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses. As discussed below under
Effect of Transition on Performance of Certain Funds, the Fund return in this period was negatively affected by transition-related costs as well as the adverse market impact on the day of the transition.

Prior to July 6, 2009, State Street retained JPMorgan Asset Management (UK) Limited, which we refer to as JPMAM, to be
an Investment Advisor for approximately half of the assets in the Fund, and Philadelphia International Advisors, L.P., which we refer to as PIA, to serve as Investment Advisor for the other half of the assets in the Fund. State Street determined the
portion of the International All Cap Equity Funds assets for which advice was obtained from each Investment Advisor. Effective July 6, 2009, the Fund began to utilize a multi-manager approach whereby the Funds assets are
allocated to one or more Investment Advisors, in percentages determined at the discretion of State Street, subject to consultation with Northern Trust. Each Investment Advisor acts independently from the others and uses its own distinct investment
style in selecting securities. Each Investment Advisor must operate within the constraints of the Funds investment objective, strategies and restrictions and subject to the general supervision of State Street. The performance of each
Investment Advisor may be measured in the context of its own investment style. The performance of the portions of the Fund previously managed by JPMAM and PIA are included in the performance of each of the portions of the Fund advised by the new
Investment Advisors and in the portion invested by State Street in the State Street Bank securities lending program for the quarter ended September 30, 2009.



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For the period from
July 2, 2009 to September 30, 2009, the portion of the International All Cap Equity Fund advised with the assistance of Altrinsic Global Advisors, LLC (approximately 39% as of September 30, 2009) negatively contributed to the
performance of the Fund, as well as underperformed the Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Value ND Index, against which this portion of the Fund is compared. The primary detractors from
relative performance were underweight exposure to the European financials sector and lack of highly leveraged businesses in the portfolio which experienced positive relative performance during the period. Positively contributing to relative
performance were holdings in the consumer staples, materials, and telecommunications services sectors of the Index.

For the
period from July 2, 2009 to September 30, 2009, the portion of the International All Cap Equity Fund advised with the assistance of Eagle Global Advisors LLC (approximately 21% as of September 30, 2009) positively contributed to the
performance of the Fund, as well as outperformed the MSCI EAFE Growth ND Index, against which this portion of the Fund is compared. The portfolios overweight position to financials and telecommunication services contributed to relative
performance, while the portfolios underweight position to the materials and information technology sector negatively impacted relative performance. Being underweight to the consumer staples and consumer discretionary sectors helped relative
performance. Relative performance was also aided by good stock selection in the industrial and telecommunication services sectors. Additionally, the portfolio benefited from being underweight to Japan relative to the Index, the lowest performing
developed market during the period. However, the portfolio was negatively impacted by being underweight Australia, the best performing developed market during the period. The portfolio was also negatively impacted by style headwinds because the
value outperformed growth style during the period and small capitalization stocks outperformed large capitalization stocks.

For the period from July 2, 2009 to September 30, 2009, the portion of the International All Cap Equity Fund advised with the
assistance of Martin Currie Inc. (approximately 20% as of September 30, 2009) positively contributed to the performance of the Fund, as well as outperformed the MSCI EAFE Growth ND Index, against which this portion of the Fund is compared. One
of the top performing holdings was Kazakhmys, a leading copper miner. Holdings in the financials sector, including Banco Santander, HSBC, Société Générale and Zurich Financial Group, were also key positive contributors.
Although the portfolio was underweight in Japan relative to the Index, four of the five biggest detractors from the portfolios relative returns were Japanese holdings.

For the period from July 2, 2009 to September 30, 2009, the portion of the International All Cap Equity Fund advised with the assistance of First State Investments International Limited
(approximately 17% as of September 30, 2009) positively contributed to the performance of the Fund, but underperformed the MSCI Emerging Markets ND Index, against which this portion of the Fund is compared. Not holding Brazilian stocks Vale
(Materials) and Petrobras (Energy) was particularly negative as both rallied strongly on rising commodity prices and expectations of a global recovery. Positions in Chunghwa Telecom (Taiwan: Telecom Services) and Grupo Modelo (Mexico: Consumer
Staples) lagged as investors switched out of companies with more predictable earnings growth for those geared into cyclical recovery. The portfolio also suffered from zero weightings in financial stocks Itau Unibanco (Brazil) and Sberbank (Russia)
as they rallied strongly on easing global credit conditions.

For the period from January 1, 2009 to July 1, 2009,
the portion of the International All Cap Equity Fund advised with the assistance of JPMAM outperformed the MSCI ACWI ex-US Index. The financials and telecoms sectors were the largest contributors to relative performance while the technology and
industrials sectors detracted. Regionally, stock selection in the U.K. and Japan was strong but stock selection in continental Europe, the Pacific region (excluding Japan) and emerging markets lagged the Index. Holdings in the Brazilian oil/gas
company Petrobras was a major contributor to relative performance. In contrast, holdings in the global banking group HSBC detracted from relative performance.

For the period from January 1, 2009 to July 1, 2009, the portion of the International All Cap Equity Fund advised with the assistance of PIA outperformed the MSCI ACWI ex-US Index. The
outperformance was due to solid stock picking in the consumer and utility sectors and within the U.K. and Germany. Regionally, stock selection in continental Europe and the U.K. was particularly strong while the portfolios underweight position
in the emerging markets sector detracted from relative returns.

For the quarter and nine month period ended
September 30, 2009, the International All Cap Equity Fund participated in the State Street Bank securities lending program as described in Note 6 of the Notes to Financial Statements. For the reasons described under
Effect on Performance of Certain Funds that Participate in Securities Lending,the financial statement-reported performance of the International All Cap Equity Fund in the quarter ended September 30, 2009 was positively
impacted by 0.19 percentage point as a result of such participation. For the nine month period ended September 30, 2009, the financial statement-reported performance of the International All Cap Equity Fund was positively impacted by 0.95
percentage point as a result of such participation. As discussed below under Effect on Performance of Certain Funds that Participate in Securities Lending, actual returns experienced by Participants in the Fund based
on net asset values for transaction purposes do not reflect the impact of any unrealized gains or losses in the cash collateral funds associated with the State Street Bank securities lending program.



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Bond Index Fund

The Bond Index Fund seeks to replicate, after taking into account Fund expenses, the total rate of return of the Barclays Capital U.S.
Aggregate Bond Index by investing generally in securities which are representative of the domestic investment grade bond market as included in such Index.

For the quarter ended September 30, 2009, the Bond Index Fund experienced a total return, net of expenses, of 3.37%. By comparison, the Barclays Capital U.S. Aggregate Bond Index produced an
investment record of 3.74% for the same period. For the period from commencement of operations on February 3, 2009 to September 30, 2009, the Fund experienced a total return, net of expenses, of 5.91%, compared to an investment record of
6.66% for the Barclays Capital U.S. Aggregate Bond Index for the period from February 2, 2009 to September 30, 2009. The Barclays Capital U.S. Aggregate Bond Index does not include an allowance for the fees that an investor would pay for
investing in the securities that comprise that Index or for fund expenses.

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

The performance of the Bond Index Fund for the period from commencement of operations on February 3, 2009 to September 30, 2009 was consistent with the Barclays Capital U.S. Aggregate Bond Index
after taking into account expenses.

Large Cap Index Equity Fund

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

For the quarter ended September 30, 2009, the Large Cap Index Equity Fund experienced a total return, net of expenses, of 15.06%. By
comparison, the S&P 500 Index produced an investment record of 15.61% for the same period. For the period from commencement of operations on February 9, 2009 to September 30, 2009, the Fund experienced a total return, net of expenses,
of 23.50%, compared to an investment record of 23.68% for the S&P 500 Index for the same period. The S&P 500 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index
or for fund expenses.

The Large-Cap Index Equity Fund underperformed the S&P 500 Index for the quarter ended
September 30, 2009 due primarily to several significant purchases of Fund Units made on days on which the S&P 500 Index experienced significant increases, with the result that the Funds performance on such days lagged that of the
Index due to the time delay involved in the investment of the proceeds of such Units in the Index. Otherwise, the performance of the Fund was consistent with the S&P 500 Index after taking into account expenses.

The performance of the Large-Cap Index Equity Fund for the period from commencement of operations on February 9, 2009 to
September 30, 2009 was consistent with the S&P 500 Index after taking into account expenses.

All Cap Index Equity Fund

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

For the quarter ended
September 30, 2009, the All Cap Index Equity Fund experienced a total return, net of expenses, of 17.88%. By comparison, the Russell 3000 Index produced an investment record of 16.31% for the same period. For the nine month period ended
September 30, 2009, the Fund experienced a total return, net of expenses, of 21.29%, compared to an investment record of 21.19% for the Russell 3000 Index for the same period. The Russell 3000 Index does not include an allowance for the fees
that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

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

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

For the quarter and nine
month period ended September 30, 2009, the All Cap Index Equity Fund participated in the State Street Bank securities lending program as described in Note 6 of the Notes to Financial Statements. For the reasons described
under Effect on Performance of Certain Funds that Participate in Securities Lending, the financial statement-reported performance of the All Cap Index Equity Fund in the quarter ended September 30, 2009 was positively
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such participation. For the nine month period ended September 30, 2009, the financial statement-reported performance of the Index Equity Fund was positively impacted by 0.61 percentage point
as a result of such participation. As discussed below under Effect on Performance of Certain Funds that Participate in Securities Lending, actual returns experienced by Participants in the Fund based on net asset
values for transaction purposes do not reflect the impact of any unrealized gains or losses in the cash collateral funds associated with the State Street Bank securities lending program.

Mid Cap Index Equity Fund

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

For the quarter ended September 30, 2009, the Mid Cap Index Equity Fund experienced a total return, net of expenses, of 19.22%. By comparison, the S&P MidCap 400 Index produced an investment
record of 19.98% for the same period. For the period from commencement of operations on February 3, 2009 to September 30, 2009, the Fund experienced a total return, net of expenses, of 43.62%, compared to an investment record of 39.87% for
the S&P MidCap 400 Index for the same period. The S&P MidCap 400 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The Mid-Cap Index Equity Fund underperformed the S&P MidCap 400 Index for the quarter ended September 30, 2009 due primarily to
several significant purchases of Fund Units made on days on which the S&P MidCap 400 Index experienced significant increases, with the result that the Funds performance on such days lagged that of the Index due to the time delay involved
in the investment of the proceeds of such Units in the Index. Otherwise, the performance of the Fund was consistent with the S&P MidCap 400 Index after taking into account expenses.

The performance of the Mid-Cap Index Equity Fund for the period from commencement of operations on February 3, 2009 to
September 30, 2009 exceeded that of the S&P MidCap 400 Index due primarily to several significant purchases of Fund Units made on days on which the S&P MidCap 400 Index experienced significant declines, with the result that the
Funds performance on such days exceeded that of the Index due to the time delay involved in the investment of the proceeds of such Units in the Index. Otherwise, the performance of the Fund was consistent with the S&P MidCap 400 Index
after taking into account expenses.

Small Cap Index Equity Fund

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

For the quarter ended September 30, 2009, the Small Cap Index Equity
Fund experienced a total return, net of expenses, of 19.15%. By comparison, the Russell 2000 Index produced an investment record of 19.28% for the same period. For the period from commencement of operations on February 3, 2009 to
September 30, 2009, the Fund experienced a total return, net of expenses, of 42.64%, compared to an investment record of 35.88% for the Russell 2000 Index for the same period. The Russell 2000 Index does not include an allowance for the fees
that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of
the Small Cap Index Equity Fund for the quarter ended September 30, 2009 was consistent with the Russell 2000 Index after taking into account expenses.

The performance of the Small Cap Index Equity Fund for the period from commencement of operations on February 3, 2009 to September 30, 2009 exceeded that of the Russell 2000 Index due primarily
to several significant purchases of Fund Units made on days on which the Russell 2000 Index experienced significant declines, with the result that the Funds performance on such days exceeded that of the Index due to the time delay involved in
the investment of the proceeds of such Units in the Index. Otherwise, the performance of the Fund was consistent with the Russell 2000 Index after taking into account expenses.

International Index Equity Fund

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



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For the quarter ended
September 30, 2009, the International Index Equity Fund experienced a total return, net of expenses, of 18.61%. By comparison, the MSCI ACWI ex-US Index produced an investment record of 19.69% for the same period. For the period from
commencement of operations on March 3, 2009 to September 30, 2009, the Fund experienced a total return, net of expenses, of 69.13%, compared to an investment record of 73.79% for the MSCI ACWI ex-US Index for the same period. The MSCI ACWI
ex-US Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The International Index Equity Fund underperformed the MSCI ACWI ex-US Index for the quarter ended September 30, 2009 due primarily to several significant purchases of Fund Units made on days on
which the Index experienced significant increases, with the result that the Funds performance on such days lagged that of the Index due to the time delay involved in the investment of the proceeds of such Units in the Index. Otherwise, the
performance of the Fund was consistent with the MSCI ACWI ex-US Index after taking into account expenses.

The performance of
the International Index Equity Fund for the period from commencement of operations on March 3, 2009 to September 30, 2009 underperformed the MSCI ACWI ex-US Index due primarily to several significant purchases of Fund Units made on days on
which the Index experienced significant increases, with the result that the Funds performance on such days lagged that of the Index due to the time delay involved in the investment of the proceeds of such Units in the Index. Otherwise, the
performance of the Fund was consistent with the MSCI ACWI ex-US Index after taking into account expenses.

Real Asset Return Fund

The investment objective of the Real Asset Return Fund is to provide capital appreciation in excess of inflation as
measured by the All Items Less Food and Energy Consumer Price Index for All Urban Consumers for the U.S. City Average, 1982-84 = 100 through investment in a diversified portfolio of primarily Treasury Inflation Protected Securities, commodity
futures and real estate investment trusts.

The Fund seeks to achieve its objective by investing indirectly in various index
or other collective investment funds maintained by State Street Bank. During the period from commencement of operations on July 7, 2009 to September 30, 2009, these funds included the REIT Index Non-Lending Series Fund, Treasury Inflation
Protected Securities Index Non-Lending Series Fund and Dow Jones UBS Commodities Index Non-Lending Series Fund.

For the
period from commencement of operations on July 7, 2009 to September 30, 2009, the Fund experienced a total return, net of expenses, of 14.58%. The performance of the Real Asset Return Fund for period from commencement of operations on
July 7, 2009 to September 30, 2009 was consistent with the custom benchmark after taking into account expenses.

Retirement Date
Funds

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

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

For the quarter ended September 30, 2009, the Retirement Date Funds experienced a total return, net of expenses, of 7.55% for the Lifetime Income Retirement Date Fund, 10.79% for the 2010 Retirement
Date Fund, 13.92% for the 2020 Retirement Date Fund, 15.76% for the 2030 Retirement Date Fund and 16.59% for the 2040 Retirement Date Fund. The performance of each Retirement Date Fund for the quarter ended September 30, 2009 was consistent
with its respective composite benchmark after taking into account expenses and the effect of participation in securities lending.



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For the quarter ended
September 30, 2009, the Retirement Date Funds participated in the State Street Bank securities lending program as described in Note 6 of the Notes to Financial Statements. For the reasons described under Effect
on Performance of Certain Funds that Participate in Securities Lending,the financial statement-reported performance of the Retirement Date Funds was positively impacted by 0.21 percentage point for the Lifetime Income Retirement Date
Fund, 0.47 percentage point for the 2010 Retirement Date Fund, 0.45 percentage point for the 2020 Retirement Date Fund, 0.49 percentage point for the 2030 Retirement Date Fund and 0.71 percentage point for the 2040 Retirement Date Fund as a result
of such participation. As discussed below under Effect on Performance of Certain Funds that Participate in Securities Lending, actual returns experienced by Participants in the Funds based on net asset values for transaction
purposes do not reflect the impact of any unrealized gains or losses associated with the State Street Bank securities lending program.

For the nine month period ended September 30, 2009, the Retirement Date Funds experienced a total return, net of expenses, of 12.29% for the Lifetime Income Retirement Date Fund, 14.12% for the 2010
Retirement Date Fund, 18.22% for the 2020 Retirement Date Fund, 21.19% for the 2030 Retirement Date Fund and 23.29% for the 2040 Retirement Date Fund. The performance of each Retirement Date Fund for the nine month period ended September 30,
2009 was consistent with its respective composite benchmark after taking into account expenses and the effect of participation in securities lending.

For the nine month period ended September 30, 2009, the Retirement Date Funds participated in the State Street Bank securities lending program as described in Note 6 of the Notes to
Financial Statements. For the reasons described under Effect on Performance of Certain Funds that Participate in Securities Lending,the financial statement-reported performance of the Retirement Date Funds was
positively impacted by 0.74 percentage point for the Lifetime Income Retirement Date Fund, 1.74 percentage points for the 2010 Retirement Date Fund, 1.55 percentage points for the 2020 Retirement Date Fund, 1.41 percentage points for the 2030
Retirement Date Fund and 1.39 percentage points for the 2040 Retirement Date Fund as a result of such participation. As discussed below under Effect on Performance of Certain Funds that Participate in Securities Lending,
actual returns experienced by Participants in the Funds based on net asset values for transaction purposes do not reflect the impact of any unrealized gains or losses associated with the State Street Bank securities lending program.

Target Risk Funds

The
Target Risk Funds provide a series of balanced investment funds each of which is designed to correspond to a particular investment risk level. Each Target Risk Fund has a different investment strategy representing different risk and reward
characteristics. The Conservative Risk Fund seeks to avoid significant loss of principal and is comprised primarily of bonds and shorter-term high-quality debt instruments to provide stability and income (although such Fund also has a target equity
exposure of 29%). The Moderate Risk Fund seeks to provide long-term capital appreciation and more limited stability of principal for participants. The Aggressive Risk Fund seeks to provide long-term capital appreciation for participants and is
comprised mainly of stocks for maximum growth potential.

The Target Risk Funds seek to achieve their objectives by investing
in various index or other collective investment funds maintained by State Street Bank. During the period from commencement of operations on July 7, 2009 to September 30, 2009, these funds included, in the case of some or all of the Target
Risk Funds and in varying allocations, the Russell 3000 Index Non-Lending Series Fund, the Daily EAFE Non-Lending Series Fund, the Daily MSCI ACWI Ex-US Index Non-Lending Series Fund, the Passive Bond Market Index Non-Lending Series Fund, the
Treasury Inflation Protected Securities Index Non-Lending Series Fund, the Dow Jones UBS Commodities Index Non-Lending Series Fund, the REIT Index Non-Lending Series Fund and STIF.

For the period from commencement of operations on July 7, 2009 to September 30, 2009, the Target Risk Funds experienced a total
return, net of expenses, of 8.77% for the Conservative Risk Fund, 13.50% for the Moderate Risk Fund and 18.53% for the Aggressive Risk Fund. The performance of each Target Risk Fund for the period from commencement of operations on July 7, 2009
to September 30, 2009 was consistent with the its respective composite benchmark after taking into account expenses.

Balanced Fund

Certain assets contributed to the Program are held in the Balanced Fund. However, the Collective Trust no longer offers
Units in the Balanced Fund, and performance information relating to the Balanced Fund is presented for information purposes only.

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. The
Fund invests in publicly traded common stocks, other equity-type securities, medium- to long-term debt securities with varying maturities and money market instruments.



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For the quarter ended
September 30, 2009, the Balanced Fund experienced a total return, net of expenses, of 10.77%. By comparison, a combination of the Russell 1000 Index and the Barclays Capital U.S. Aggregate Bond Index, weighted 60%/40%, respectively, produced an
investment record of 11.04% for the same period. For the nine month period ended September 30, 2009, the Fund experienced a total return, net of expenses, of 16.30%, compared to an investment record of 15.20% for the composite benchmark for the
same period. The Russell 1000 Index and the Barclays Capital U.S. Aggregate Bond Index do not include an allowance for the fees that an investor would pay for investing in the securities that comprise the indices or for fund expenses.

The equity segment of the Balanced Fund was advised with the assistance of Capital Guardian Trust Company prior to July 2, 2009 and
on and after July 2, 2009 is invested through the Large Cap Equity Fund. On July 1, 2009, the equity segment of the Balanced Fund outperformed the Russell 1000 Index. Refer to the Large Cap Equity discussion, above, for a description of
the performance of the equity segment of the Balanced Fund for the period from July 2, 2009 to September 30, 2009.

For the quarter ended September 30, 2009, the debt segment of the Balanced Fund, which is invested through the Bond Core Plus Fund,
outperformed the Barclays Capital U.S. Aggregate Bond Index. Refer to the Bond Core Fund Plus Fund discussion, above, for a description of the performance of the debt segment of the Balanced Fund for the quarter.

For the nine month period ended September 30, 2009, the equity segment of the Balanced Fund, which prior to July 2, 2009 was
advised with the assistance of Capital Guardian Trust Company and on and after July 2, 2009 is invested through the Large Cap Equity Fund, outperformed the Russell 1000 Index. Stock selection in the financial and energy sectors contributed to
relative performance of the portfolio during the six month period ended June 30, 2009. By contrast, stock selection in the materials sector and the portfolios cash position were top detractors from relative performance for the six month
period ended June 30, 2009. On July 1, 2009, the equity segment of the Balanced Fund outperformed the Russell 1000 Index. Refer to the Large Cap Equity Fund discussion, above, for a description of the performance of the equity segment of
the Balanced Fund for the period from July 2, 2009 to September 30, 2009.

For the nine month period ended
September 30, 2009, the debt segment of the Balanced Fund, which is invested through the Bond Core Plus Fund, outperformed the Barclays Capital U.S. Aggregate Bond Index. Refer to the Bond Core Fund Plus Fund discussion, above, for a
description of the performance of the debt segment of the Balanced Fund for the nine month period ended September 30, 2009.

For the quarter and nine month period ended September 30, 2009, the Balanced Fund participated in the State Street Bank securities lending program as described in Note 6 of the Notes to
Financial Statements. For the reasons described under Effect on Performance of Certain Funds that Participate in Securities Lending,the financial statement-reported performance of the Balanced Fund was negatively
impacted by 0.20 percentage point in the quarter ended September 30, 2009 as a result of such participation. For the nine month period ended September 30, 2009, the financial statement-reported performance of the Balanced Fund was
positively impacted by 0.15 percentage point as a result of such participation.

Effect on Performance of Certain Funds that Participate in
Securities Lending

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

The Funds referred to above, either directly or indirectly through their investment in other funds and accounts managed by State Street
Bank or its affiliates, participate in the State Street Bank securities lending program as described in Note 6 of the Notes to Financial Statements. The Funds participating in this program typically receive cash collateral at the
time of lending with a value in excess of that of the loaned securities, and collateral is increased or decreased, respectively, as the value of the loaned securities increases or decreases. The cash collateral is invested for the account and risk
of the participating funds in the cash collateral funds, which are managed by State Street Bank or its affiliates. For purposes of normal daily transaction activity, these cash collateral funds, as permitted under their governing agreements, value
their investments on the basis of amortized cost, rather than current market values, to the extent that an investment is not in default or considered to be impaired. State Street Bank has informed the Collective Trust that none of the securities in
the cash collateral funds was in default or considered to be impaired at September 30, 2009 and therefore purchases and redemptions of units in the cash collateral funds continue to be transacted at a value equivalent to $1.00 per unit (100% of
principal invested), even though, on a market basis at September 30, 2009, the cash collateral funds had net asset values ranging from $.975 to $.977 per unit. These net asset values compare to values ranging from $.940 to $.957 per unit at
June 30, 2009 and $.908 to $.935 per unit at December 31, 2008.



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

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

Effect of Transition on Performance of Certain Funds

The returns of the
Large Cap Equity Fund and Small-Mid Cap Equity Fund in the period from commencement of operations on July 2, 2009 to September 30, 2009 and the returns of the International All Cap Equity Fund for the quarter ended September 30, 2009
were negatively affected by (1) $492,000 in costs incurred during the quarter ended September 30, 2009 related to (i) terminating the Large-Cap Value Equity Fund, Large-Cap Growth Equity Fund, Mid-Cap Value Equity Fund and Small-Cap
Equity Fund, (ii) establishing the Large Cap Equity Fund and Small-Mid Cap Equity Fund and (iii) restructuring the International All Cap Equity Fund, which costs were allocated among the Large Cap Equity Fund, Small-Mid Cap Equity Fund and
International All Cap Equity Fund in proportion to the assets of those Funds and (2) the adverse impact on the prices of securities caused by the large number of securities sold by the terminated Funds and bought by the newly-established Funds
on the day of the transition.



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

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures: Under the supervision and with the participation of
the Principal Executive Officer and Principal Financial Officer, the Collective Trust conducted an evaluation of its disclosure controls and procedures (as such term is defined in Rule 13a-15(e) or 15d-15(e) under the Exchange Act). Based on such
evaluation, the Collective Trusts Principal Executive Officer and Principal Financial Officer have concluded that its disclosure controls and procedures are effective as of September 30, 2010.

Internal Control Over Financial Reporting: Under the supervision and with the participation of the Principal Executive Officer and
Principal Financial Officer, the Collective Trust evaluated any change in its internal control over financial reporting that occurred during the fiscal quarter ended September 30, 2010 and determined that there was no change in the Collective
Trusts internal control over financial reporting occurred during the fiscal quarter ended September 30, 2010 that has materially affected, or is reasonably likely to materially affect, the Collective Trusts internal control over
financial reporting.

PART II. OTHER INFORMATION.



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

During the quarter ended September 30, 2010, the Collective Trust issued an aggregate of approximately $121 million in unregistered Units. Such Units were offered and sold in reliance upon the
exemption from registration under Rule 180 promulgated under the Securities Act of 1933 relating to exemption from registration of interests and participations issued in connection with certain H.R. 10 plans. Proceeds received by the Collective
Trust from the sale or transfer of the Units are applied to the applicable Fund.



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



|    |  |                                                                                                                                                                                                                                                                                                                   
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|3.1 |  | American Bar Association Members/Northern Trust Collective Trust, Amended and Restated Declaration of Trust, effective as of July 1, 2010, included as Exhibit 3.1 to
Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                   
|    | 
|3.2 |  | American Bar Association Members/Northern Trust Collective Trust, Ninth Amended and Restated Fund Declaration for the Stable Asset Return Fund, effective as of July 1, 2010,
included as Exhibit 3.2 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.



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|       |  |                                                                                                                                                                                                                                                                                                                                  
|------ |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       | 
|3.3    |  | American Bar Association Members/Northern Trust Collective Trust, Sixth Amended and Restated Fund Declaration for the Bond Core Plus Fund, effective as of July 1, 2010,
included as Exhibit 3.3 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                    
|       | 
|3.4    |  | American Bar Association Members/Northern Trust Collective Trust, Second Amended and Restated Fund Declaration for the Large Cap Equity Fund, effective as of July 1, 2010, included
as Exhibit 3.4 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                 
|       | 
|3.5    |  | American Bar Association Members/Northern Trust Collective Trust, First Amended and Restated Fund Declaration for the Small-Mid Cap Equity Fund, effective as of July 1, 2010,
included as Exhibit 3.5 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.              
|       | 
|3.6    |  | American Bar Association Members/Northern Trust Collective Trust, Tenth Amended and Restated Fund Declaration for the International All Cap Equity Fund, effective as of July 1,
2010, included as Exhibit 3.6 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.      
|       | 
|3.7    |  | American Bar Association Members/Northern Trust Collective Trust, First Amended and Restated Fund Declaration for the Index Funds, effective as of July 1, 2010, included as Exhibit
3.7 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                            
|       | 
|3.8    |  | American Bar Association Members/Northern Trust Collective Trust, First Amended and Restated Fund Declaration for the Real Asset Return Fund, effective as of July 1, 2010, included
as Exhibit 3.8 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                 
|       | 
|3.9    |  | American Bar Association Members/Northern Trust Collective Trust, Third Amended and Restated Fund Declaration for the Retirement Date Funds, effective as of July 1, 2010, included
as Exhibit 3.9 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                  
|       | 
|3.10   |  | American Bar Association Members/Northern Trust Collective Trust, First Amended and Restated Fund Declaration for the Target Risk Funds, effective as of July 1, 2010, included as
Exhibit 3.10 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                     
|       | 
|3.11   |  | American Bar Association Members/Northern Trust Collective Trust, Tenth Amended and Restated Fund Declaration for the Balanced Fund, effective as of July 1, 2010, included as
Exhibit 3.11 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                         
|       | 
|10.1   |  | Amended and Restated American Bar Association Members Pooled Trust for Retirement Plans effective as of July 1, 2010 between the ABA Retirement Funds and The Northern Trust
Company, included as Exhibit 10.1 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.      
|       | 
|10.2   |  | Amended and Restated American Bar Association Members Retirement Trust effective as of July 1, 2010 between the ABA Retirement Funds and The Northern Trust Company, included as
Exhibit 10.2 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                       
|       | 
|10.3.3 |  | Amendment No. 3 to the 2008 Restatement of the American Bar Association Members Retirement PlanBasic Plan Document No. 1, included as Exhibit 10.3.3 to Registrants Form
S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                               
|       | 
|10.4.8 |  | Amendment 2010-1 to the American Bar Association Members Defined Benefit Pension PlanBasic Plan Document No. 2, included as Exhibit 10.4.8 to Registrants Form S-1
Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                                         
|       | 
|10.8   |  | Investment Management Agreement effective as of July 1, 2010 between State Street Global Advisors (a division of State Street Bank and Trust Company) and Northern Trust Investments,
N.A., included as Exhibit 10.8 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.
|       | 
|10.9   |  | Investment Advisor Agreement effective as of June 30, 2010 between Northern Trust Investments, N.A. and Pacific Investment Management Company LLC, included as Exhibit 10.9 to
Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                         
|       | 
|10.10  |  | Investment Advisor Agreement effective as of July 1, 2010 between Northern Trust Investments, N.A. and Jennison Associates LLC, included as Exhibit 10.10 to Registrants Form
S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                           



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|      |  |                                                                                                                                                                                                                                                                                                                                                                                                 
|----- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      | 
|10.11 |  | Investment Advisor Agreement effective as of June 23, 2010 between Northern Trust Investments, N.A. and C.S. McKee, L.P., included as Exhibit 10.11 to Registrants Form
S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                                                                                                
|      | 
|10.12 |  | Investment Advisor Agreement (Small-Mid Cap Equity Fund) effective as of June 22, 2010 between Northern Trust Investments, N.A. and LSV Asset Management, included as Exhibit 10.12
to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                                                                
|      | 
|10.13 |  | Investment Advisor Agreement effective as of June 23, 2010 between Northern Trust Investments, N.A. and Frontier Capital Management Co. LLC, included as Exhibit 10.13 to
Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                                                                             
|      | 
|10.14 |  | Investment Advisor Agreement effective as of July 1, 2010 between Northern Trust Investments, N.A. and TCW Investment Management Company, included as Exhibit 10.14 to
Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                                                                                
|      | 
|10.15 |  | Investment Advisor Agreement effective as of July 1, 2010 between Northern Trust Investments, N.A. and Denver Investment Advisors LLC, included as Exhibit 10.15 to Registrants
Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                                                                                   
|      | 
|10.16 |  | Investment Advisor Agreement effective as of June 21, 2010 between Northern Trust Investments, N.A. and Riverbridge Partners LLC, included as Exhibit 10.16 to Registrants Form
S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                                                                                        
|      | 
|10.17 |  | Investment Advisor Agreement effective as of July 1, 2010 between Northern Trust Investments, N.A. and Allianz Global Investors Capital LLC, included as Exhibit 10.17 to
Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                                                                             
|      | 
|10.18 |  | Investment Advisor Agreement effective as of June 21, 2010 between Northern Trust Investments, N.A. and Altrinsic Global Advisors, LLC, included as Exhibit 10.18 to
Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                                                                                  
|      | 
|10.19 |  | Investment Advisor Agreement effective as of June 21, 2010 between Northern Trust Investments, N.A. and Eagle Global Advisors LLC, included as Exhibit 10.19 to Registrants
Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                                                                                       
|      | 
|10.20 |  | Investment Advisor Agreement effective as of July 1, 2010 between Northern Trust Investments, N.A. and Systematic Financial Management, L.P., included as Exhibit 10.20 to
Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                                                                            
|      | 
|10.21 |  | Investment Advisor Agreement effective as of July 1, 2010 between Northern Trust Investments, N.A. and Martin Currie Inc., included as Exhibit 10.21 to Registrants Form S-1
Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                                                                                               
|      | 
|10.22 |  | Investment Advisor Agreement effective as of July 1, 2010 between Northern Trust Investments, N.A. and First State Investments International Limited, included as Exhibit 10.22 to
Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                                                                    
|      | 
|10.23 |  | Investment Advisor Agreement effective as of July 1, 2010 between Northern Trust Investments, N.A. and Delaware Investment Advisers, included as Exhibit 10.23 to Registrants
Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                                                                                     
|      | 
|10.24 |  | Investment Advisor Agreement effective as of July 1, 2010 between Northern Trust Investments, N.A. and Columbus Circle Investors, included as Exhibit 10.24 to Registrants Form
S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                                                                                        
|      | 
|10.25 |  | Investment Advisor Agreement (International All Cap Equity Fund) effective as of June 22, 2010 between Northern Trust Investments, N.A. and LSV Asset Management, included as Exhibit
10.25 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                                                        
|      | 
|10.26 |  | Investment Management Agreement (SAFT) effective as of July 1, 2010 between State Street Global Advisors (a division of State Street Bank and Trust Company) and Northern Trust
Investments, N.A., included as Exhibit 10.26 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                       
|      | 
|10.27 |  | Amended and Restated Securities Lending Authorization Agreement dated July 1, 2010 between Northern Trust Investments, N.A., as Trustee of the American Bar Association
Members/Northern Trust Collective Trust, and State Street Bank and Trust Company, included as Exhibit 10.27 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.



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|        |  |                                                                                                                                                                                                                                                                                                                                                                                                                      
|------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        | 
|10.27.1 |  | First Amendment dated July 1, 2010 to Amended and Restated Securities Lending Authorization Agreement between Northern Trust Investments, N.A., as Trustee of the American Bar
Association Members/Northern Trust Collective Trust, and State Street Bank and Trust Company, included as Exhibit 10.27.1 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference
thereto.
|        | 
|31.1*   |  | Certification of Thomas R. Benzmiller pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                    
|        | 
|31.2*   |  | Certification of Randal Rein pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                             
|        | 
|32.1*   |  | Certification of Thomas R. Benzmiller pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                      
|        | 
|32.2*   |  | Certification of Randal Rein pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                               



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



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SIGNATURES

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



|                  |  |  |  |                                                                  |  |                                                             
|----------------- |  |  |  | ---------------------------------------------------------------- |  | ------------------------------------------------------------
|                  |  |  |  | AMERICAN BAR ASSOCIATION MEMBERS/NORTHERN TRUST COLLECTIVE TRUST
|                  |  |  | 
|November 15, 2010 |  |  |  | By:                                                              |  | /s/ Thomas R. Benzmiller                                    
|                  |  |  |  | Name:                                                            |  | Thomas R. Benzmiller                                        
|                  |  |  |  | Title:                                                           |  | Principal Executive Officer                                 
|                  |  |  | 
|November 15, 2010 |  |  |  | By:                                                              |  | /s/ Randal Rein                                             
|                  |  |  |  | Name:                                                            |  | Randal Rein                                                 
|                  |  |  |  | Title:                                                           |  | Principal Financial Officer and Principal Accounting Officer



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EXHIBIT INDEX



|       |  |                                                                                                                                                                                                                                                                                                                                  
|------ |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|3.1    |  | American Bar Association Members/Northern Trust Collective Trust, Amended and Restated Declaration of Trust, effective as of July 1, 2010, included as Exhibit 3.1 to
Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                  
|       | 
|3.2    |  | American Bar Association Members/Northern Trust Collective Trust, Ninth Amended and Restated Fund Declaration for the Stable Asset Return Fund, effective as of July 1, 2010,
included as Exhibit 3.2 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.               
|       | 
|3.3    |  | American Bar Association Members/Northern Trust Collective Trust, Sixth Amended and Restated Fund Declaration for the Bond Core Plus Fund, effective as of July 1, 2010, included
as Exhibit 3.3 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                    
|       | 
|3.4    |  | American Bar Association Members/Northern Trust Collective Trust, Second Amended and Restated Fund Declaration for the Large Cap Equity Fund, effective as of July 1, 2010,
included as Exhibit 3.4 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                 
|       | 
|3.5    |  | American Bar Association Members/Northern Trust Collective Trust, First Amended and Restated Fund Declaration for the Small-Mid Cap Equity Fund, effective as of July 1, 2010,
included as Exhibit 3.5 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.              
|       | 
|3.6    |  | American Bar Association Members/Northern Trust Collective Trust, Tenth Amended and Restated Fund Declaration for the International All Cap Equity Fund, effective as of July 1,
2010, included as Exhibit 3.6 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.      
|       | 
|3.7    |  | American Bar Association Members/Northern Trust Collective Trust, First Amended and Restated Fund Declaration for the Index Funds, effective as of July 1, 2010, included as
Exhibit 3.7 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                            
|       | 
|3.8    |  | American Bar Association Members/Northern Trust Collective Trust, First Amended and Restated Fund Declaration for the Real Asset Return Fund, effective as of July 1, 2010,
included as Exhibit 3.8 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                 
|       | 
|3.9    |  | American Bar Association Members/Northern Trust Collective Trust, Third Amended and Restated Fund Declaration for the Retirement Date Funds, effective as of July 1, 2010,
included as Exhibit 3.9 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                  
|       | 
|3.10   |  | American Bar Association Members/Northern Trust Collective Trust, First Amended and Restated Fund Declaration for the Target Risk Funds, effective as of July 1, 2010, included as
Exhibit 3.10 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                     
|       | 
|3.11   |  | American Bar Association Members/Northern Trust Collective Trust, Tenth Amended and Restated Fund Declaration for the Balanced Fund, effective as of July 1, 2010, included as
Exhibit 3.11 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                         
|       | 
|10.1   |  | Amended and Restated American Bar Association Members Pooled Trust for Retirement Plans effective as of July 1, 2010 between the ABA Retirement Funds and The Northern Trust
Company, included as Exhibit 10.1 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.      
|       | 
|10.2   |  | Amended and Restated American Bar Association Members Retirement Trust effective as of July 1, 2010 between the ABA Retirement Funds and The Northern Trust Company, included as
Exhibit 10.2 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                       
|       | 
|10.3.3 |  | Amendment No. 3 to the 2008 Restatement of the American Bar Association Members Retirement PlanBasic Plan Document No. 1, included as Exhibit 10.3.3 to Registrants
Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                               
|       | 
|10.4.8 |  | Amendment 2010-1 to the American Bar Association Members Defined Benefit Pension PlanBasic Plan Document No. 2, included as Exhibit 10.4.8 to Registrants Form S-1
Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                                         
|       | 
|10.8   |  | Investment Management Agreement effective as of July 1, 2010 between State Street Global Advisors (a division of State Street Bank and Trust Company) and Northern Trust
Investments, N.A., included as Exhibit 10.8 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.



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|      |  |                                                                                                                                                                                                                                                                                                 
|----- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.9  |  | Investment Advisor Agreement effective as of June 30, 2010 between Northern Trust Investments, N.A. and Pacific Investment Management Company LLC, included as Exhibit 10.9
to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.        
|      | 
|10.10 |  | Investment Advisor Agreement effective as of July 1, 2010 between Northern Trust Investments, N.A. and Jennison Associates LLC, included as Exhibit 10.10 to Registrants
Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                          
|      | 
|10.11 |  | Investment Advisor Agreement effective as of June 23, 2010 between Northern Trust Investments, N.A. and C.S. McKee, L.P., included as Exhibit 10.11 to Registrants Form S-1
Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                
|      | 
|10.12 |  | Investment Advisor Agreement (Small-Mid Cap Equity Fund) effective as of June 22, 2010 between Northern Trust Investments, N.A. and LSV Asset Management, included as Exhibit
10.12 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.
|      | 
|10.13 |  | Investment Advisor Agreement effective as of June 23, 2010 between Northern Trust Investments, N.A. and Frontier Capital Management Co. LLC, included as Exhibit 10.13 to
Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.             
|      | 
|10.14 |  | Investment Advisor Agreement effective as of July 1, 2010 between Northern Trust Investments, N.A. and TCW Investment Management Company, included as Exhibit 10.14 to
Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                
|      | 
|10.15 |  | Investment Advisor Agreement effective as of July 1, 2010 between Northern Trust Investments, N.A. and Denver Investment Advisors LLC, included as Exhibit 10.15 to
Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                   
|      | 
|10.16 |  | Investment Advisor Agreement effective as of June 21, 2010 between Northern Trust Investments, N.A. and Riverbridge Partners LLC, included as Exhibit 10.16 to Registrants
Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                        
|      | 
|10.17 |  | Investment Advisor Agreement effective as of July 1, 2010 between Northern Trust Investments, N.A. and Allianz Global Investors Capital LLC, included as Exhibit 10.17 to
Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.             
|      | 
|10.18 |  | Investment Advisor Agreement effective as of June 21, 2010 between Northern Trust Investments, N.A. and Altrinsic Global Advisors, LLC, included as Exhibit 10.18 to
Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                  
|      | 
|10.19 |  | Investment Advisor Agreement effective as of June 21, 2010 between Northern Trust Investments, N.A. and Eagle Global Advisors LLC, included as Exhibit 10.19 to Registrants
Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                       
|      | 
|10.20 |  | Investment Advisor Agreement effective as of July 1, 2010 between Northern Trust Investments, N.A. and Systematic Financial Management, L.P., included as Exhibit 10.20 to
Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.            
|      | 
|10.21 |  | Investment Advisor Agreement effective as of July 1, 2010 between Northern Trust Investments, N.A. and Martin Currie Inc., included as Exhibit 10.21 to Registrants Form S-1
Registration Statement No. 333-166938 and incorporated herein by reference thereto.                               
|      | 
|10.22 |  | Investment Advisor Agreement effective as of July 1, 2010 between Northern Trust Investments, N.A. and First State Investments International Limited, included as Exhibit 10.22 to
Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.    
|      | 
|10.23 |  | Investment Advisor Agreement effective as of July 1, 2010 between Northern Trust Investments, N.A. and Delaware Investment Advisers, included as Exhibit 10.23 to
Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                     
|      | 
|10.24 |  | Investment Advisor Agreement effective as of July 1, 2010 between Northern Trust Investments, N.A. and Columbus Circle Investors, included as Exhibit 10.24 to Registrants
Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                        



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|        |  |                                                                                                                                                                                                                                                                                                                                                                                                                      
|------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.25   |  | Investment Advisor Agreement (International All Cap Equity Fund) effective as of June 22, 2010 between Northern Trust Investments, N.A. and LSV Asset Management, included as
Exhibit 10.25 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                                                                             
|        | 
|10.26   |  | Investment Management Agreement (SAFT) effective as of July 1, 2010 between State Street Global Advisors (a division of State Street Bank and Trust Company) and Northern Trust
Investments, N.A., included as Exhibit 10.26 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                                                                            
|        | 
|10.27   |  | Amended and Restated Securities Lending Authorization Agreement dated July 1, 2010 between Northern Trust Investments, N.A., as Trustee of the American Bar Association
Members/Northern Trust Collective Trust, and State Street Bank and Trust Company, included as Exhibit 10.27 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference thereto.                     
|        | 
|10.27.1 |  | First Amendment dated July 1, 2010 to Amended and Restated Securities Lending Authorization Agreement between Northern Trust Investments, N.A., as Trustee of the American Bar
Association Members/Northern Trust Collective Trust, and State Street Bank and Trust Company, included as Exhibit 10.27.1 to Registrants Form S-1 Registration Statement No. 333-166938 and incorporated herein by reference
thereto.
|        | 
|31.1*   |  | Certification of Thomas R. Benzmiller pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                    
|        | 
|31.2*   |  | Certification of Randal Rein pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                             
|        | 
|32.1*   |  | Certification of Thomas R. Benzmiller pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                      
|        | 
|32.2*   |  | Certification of Randal Rein pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                               



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



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