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, 2004.
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the transition period from __________ to __________
Commission file number 333-113653
---------------------
AMERICAN BAR ASSOCIATION MEMBERS/
STATE STREET COLLECTIVE TRUST
(Exact name of registrant as specified in its charter)
Massachusetts 04-6691601
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
225 Franklin Street 02110
Boston, Massachusetts (ZIP Code)
(Address of principal executive offices)
(617) 786-3000
(Registrant's Telephone Number, including Area Code)
------------------------------------------------------------------------------
Former Name, Former Address and Former Fiscal Year,
if Changed Since Last Report
Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No __
Indicate by check mark whether the registrant is an accelerated filer
(as defined in Rule 12b-2 of the Act)
Yes X No __
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION ................................................4
Item 1. Financial Statements (Unaudited) ............................4
Balanced Fund .......................................................4
Statement of Assets and Liabilities ........................4
Statement of Operations ....................................5
Statement of Changes in Net Assets .........................6
Financial Highlights .......................................7
Index Equity Fund ...................................................8
Statement of Assets and Liabilities ........................8
Statement of Operations ....................................9
Statement of Changes in Net Assets ........................10
Financial Highlights ......................................11
Intermediate Bond Fund ............................................ 12
Statement of Assets and Liabilities .......................12
Statement of Operations ...................................13
Statement of Changes in Net Assets ........................14
Financial Highlights ......................................15
International Equity Fund ..........................................16
Statement of Assets and Liabilities .......................16
Statement of Operations ...................................17
Statement of Changes in Net Assets ........................18
Financial Highlights ......................................19
Large-Cap Growth Equity Fund .......................................20
Statement of Assets and Liabilities .......................20
Statement of Operations ...................................21
Statement of Changes in Net Assets ........................22
Financial Highlights ......................................23
Large-Cap Value Equity Fund ........................................24
Statement of Assets and Liabilities .......................24
Statement of Operations ...................................25
Statement of Changes in Net Assets ........................26
Financial Highlights ......................................27
Mid-Cap Growth Equity Fund .........................................28
Statement of Assets and Liabilities .......................28
Statement of Operations ...................................29
Statement of Changes in Net Assets ........................30
Financial Highlights ......................................31
Mid-Cap Value Equity Fund ..........................................32
Statement of Assets and Liabilities .......................32
Statement of Operations ...................................33
Statement of Changes in Net Assets ........................34
Financial Highlights ......................................35
Small-Cap Equity Fund ..............................................36
Statement of Assets and Liabilities .......................36
2
Statement of Operations ...................................37
Statement of Changes in Net Assets ........................38
Financial Highlights ......................................39
Stable Asset Return Fund ...........................................40
Statement of Assets and Liabilities .......................40
Statement of Operations ...................................41
Statement of Changes in Net Assets ........................42
Financial Highlights ......................................43
Structured Portfolio Service - Conservative Portfolio ..............44
Statement of Assets and Liabilities .......................44
Statement of Operations ...................................45
Statement of Changes in Net Assets ........................46
Financial Highlights ......................................47
Structured Portfolio Service - Moderate Portfolio ..................48
Statement of Assets and Liabilities .......................48
Statement of Operations ...................................49
Statement of Changes in Net Assets ........................50
Financial Highlights ......................................51
Structured Portfolio Service - Aggressive Portfolio ................52
Statement of Assets and Liabilities .......................52
Statement of Operations ...................................53
Statement of Changes in Net Assets ........................54
Financial Highlights ......................................55
Notes to Unaudited Financial Statements ............................56
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations ..........................................73
Item 4. Controls and Procedures ....................................84
PART II. OTHER INFORMATION ..................................................85
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.85
Item 6. Exhibits ...................................................85
SIGNATURES
3
PART I. FINANCIAL INFORMATION.
Item 1. FINANCIAL STATEMENTS (UNAUDITED).
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Statement of Assets and Liabilities
Unaudited
September 30, 2004
------------------
Assets
Investments, at value (cost $244,065,956)............................... $ 289,993,341 (a)
Intermediate Bond Fund (cost $176,082,504 and units of 9,727,919)....... 180,973,513
Cash.................................................................... 35,322
Receivable for investments sold......................................... 102,952
Dividends and interest receivable....................................... 197,577
Receivable for fund units sold.......................................... 59,373
---------------
Total assets...................................................... 471,362,078
---------------
Liabilities
Payable for investments purchased....................................... 1,046,678
Payable for collateral received on securities loaned.................... 13,624,094
Investment advisory fee payable......................................... 102,819
State Street Bank and Trust Company--program fee payable................ 61,647
Trustee, management and administration fees payable..................... 17,570
American Bar Retirement Association--program fee payable................ 9,998
State Street Bank and Trust Company--administration fee payable......... 3,606
Other accruals.......................................................... 31,683
---------------
Total liabilities................................................. 14,898,095
---------------
Net assets (equivalent to $72.71 per unit based on 6,278,039 units
outstanding)............................................................ $ 456,463,983
===============
(a) Includes securities on loan with a value of $13,315,553.
The accompanying notes are an integral part of these financial statements.
4
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Statement of Operations
Unaudited
For the period For the period
July 1, 2004 to January 1, 2004
September 30, to September 30,
2004 2004
--------------- -----------------
Investment income
Dividends (net of foreign tax expense of $12,543 and $42,993, respectively)...... $ 1,026,563 $ 3,063,398
Interest......................................................................... 13,730 3,460,101
Securities lending income........................................................ 3,477 29,324
------------- ----------
Total investment income............................................. 1,043,770 6,552,823
------------- ----------
Expenses
Investment advisory fee.......................................................... 156,666 690,546
State Street Bank and Trust Company--program fee................................. 198,628 867,632
American Bar Retirement Association--program fee................................. 31,151 134,694
Trustee, management and administration fees...................................... 54,310 235,417
Reports to unitholders........................................................... 1,242 47,087
Legal and audit fees............................................................. 11,848 68,273
Compliance consultant fees....................................................... 31,047 31,047
Registration fees................................................................ 1,419 4,946
State Street Bank and Trust Company--administration fees......................... 3,606 3,606
Other fees....................................................................... 26,464 38,219
------------- ----------
Total expenses...................................................... 516,381 2,121,467
------------- ----------
Net investment income (loss)......................................................... 527,389 4,431,356
------------- ----------
Realized and unrealized gain (loss) on investments
Net realized gain (loss).................................................. 1,121,057 8,930,897
Change in net unrealized appreciation (depreciation)...................... (6,223,731) (8,846,003)
------------- ----------
Net realized and unrealized gain (loss)............................. (5,102,674) 84,894
------------- ----------
Net increase (decrease) in net assets resulting from operations...................... $ (4,575,285) $ 4,516,250
============= ==============
The accompanying notes are an integral part of these financial statements.
5
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Statement of Changes in Net Assets
Unaudited
For the period For the period
July 1, 2004 to January 1, 2004
September 30, to September 30,
2004 2004
--------------- -----------------
From operations
Net investment income (loss).................................................... $ 527,389 $ 4,431,356
Net realized gain (loss)........................................................ 1,121,057 8,930,897
Change in net unrealized appreciation (depreciation)............................ (6,223,731) (8,846,003)
------------- -------------
Net increase (decrease) in net assets resulting from operations........ (4,575,285) 4,516,250
------------- -------------
From unitholder transactions
Proceeds from units issued...................................................... 2,098,500 22,186,869
Cost of units redeemed.......................................................... (6,729,180) (28,100,114)
Net increase (decrease) in net assets resulting from unitholder
transactions................. (4,630,680) (5,913,245)
------------- -------------
Net increase (decrease) in net assets.................................. (9,205,965) (1,396,995)
Net Assets
Beginning of period............................................................. 465,669,948 457,860,978
------------- -------------
End of period................................................................... $ 456,463,983 $ 456,463,983
============= =============
Number of units
Outstanding-beginning of period................................................. 6,343,078 6,362,019
Issued....................................................................... 29,152 302,117
Redeemed..................................................................... (94,191) (386,097)
------------- -------------
Outstanding-end of period....................................................... 6,278,039 6,278,039
============= =============
The accompanying notes are an integral part of these financial statements.
6
American Bar Association Members/ State Street Collective Trust
Balanced Fund
Financial Highlights
Unaudited
(For a unit outstanding throughout the period)
For the period For the period
July 1, 2004 to January 1, 2004 to
September 30, 2004 September 30, 2004
------------------ ------------------
Investment income++.................................................................. $ 0.17 $ 1.03
Net expenses(+)++.................................................................... (0.08) (0.33)
------------------ ------------------
Net investment income (loss)......................................................... 0.09 0.70
Net realized and unrealized gain (loss).............................................. (0.79) 0.04
------------------ ------------------
Net increase (decrease) in unit value................................................ (0.70) 0.74
Net asset value at beginning of period............................................... 73.41 71.97
------------------ ------------------
Net asset value at end of period..................................................... $ 72.71 $ 72.71
================== ==================
Ratio of net expenses to average net assets*......................................... 0.45% 0.61%
Ratio of net investment income (loss) to average net assets*......................... 0.46% 1.28%
Portfolio turnover**................................................................. 3.49% 71.11%
Total return**....................................................................... (0.95)% 1.03%
Net assets at end of period (in thousands)........................................... $456,464 $456,464
- -----------------
* Annualized.
** Not annualized.
+ Net expenses includes only those expenses charged directly to the Fund
and does not include expenses charged to the collective investment
fund and the Intermediate Bond Fund in which the Fund invests.
++ Calculations prepared using the monthly average number of units
outstanding during the period.
The accompanying notes are an integral part of these financial statements.
7
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Statement of Assets and Liabilities
Unaudited
September 30, 2004
------------------
Assets
Investments, at value:
State Street Bank and Trust Company Russell 3000 Index Securities Lending Fund
(cost $369,016,204 and units of 40,088,152).......................................... $ 355,261,201
Receivable for fund units sold....................................................... 111,401
------------------
Total assets................................................................. 355,372,602
------------------
Liabilities
Payable for fund units redeemed...................................................... 57,954
State Street Bank and Trust Company--program fee payable............................. 75,916
Trustee, management and administration fees payable.................................. 21,665
American Bar Retirement Association--program fee payable............................. 12,344
State Street Bank and Trust Company--administration fee payable...................... 4,553
Other accruals....................................................................... 35,456
------------------
Total liabilities............................................................ 207,888
------------------
Net assets (equivalent to $27.45 per unit based on 12,939,975 units outstanding)..... $ 355,164,714
==================
The accompanying notes are an integral part of these financial statements.
8
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Statement of Operations
Unaudited
For the period For the period
July 1, 2004 to January 1, 2004
September 30, to September 30,
2004 2004
--------------- ----------------
Investment income
Securities lending income from underlying affiliated fund...................... $ 6,022 $ 21,924
---------------- -----------------
Total investment income........................................... 6,022 21,924
---------------- -----------------
Expenses
State Street Bank and Trust Company--program fee............................... 250,817 741,177
American Bar Retirement Association--program fee............................... 39,318 115,216
Trustee, management and administration fees.................................... 68,557 201,313
Reports to unitholders......................................................... 1,568 35,183
Legal and audit fees........................................................... 14,958 56,331
Compliance consultant fees..................................................... 39,200 39,200
Registration fees.............................................................. 1,792 4,378
State Street Bank and Trust Company--administration fees....................... 4,553 4,553
Other fees..................................................................... 33,415 42,034
---------------- -----------------
Total expenses.................................................... 454,178 1,239,385
---------------- -----------------
Net investment income (loss)....................................................... (448,156) (1,217,461)
---------------- -----------------
Net realized and unrealized gain (loss) on investments in affiliated fund
Net realized gain (loss)................................................ (780,681) (2,482,795)
Change in net unrealized appreciation (depreciation).................... (5,904,049) 7,481,021
---------------- -----------------
Net realized and unrealized gain (loss)........................... (6,684,730) 4,998,226
---------------- -----------------
Net increase (decrease) in net assets resulting from operations.................... $ (7,132,886) $ 3,780,765
================ =================
The accompanying notes are an integral part of these financial statements.
9
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Statement of Changes in Net Assets
Unaudited
For the period For the period
July 1, 2004 to January 1, 2004
September 30, to September 30,
2004 2004
------------------ -----------------
From operations
Net investment income (loss).................................................. $ (448,156) $ (1,217,461)
Net realized gain (loss)...................................................... (780,681) (2,482,795)
Change in net unrealized appreciation (depreciation).......................... (5,904,049) 7,481,021
---------------- ----------------
Net increase (decrease) in net assets resulting from operations...... (7,132,886) 3,780,765
---------------- ----------------
From unitholder transactions
Proceeds from units issued.................................................... 8,865,696 43,235,467
Cost of units redeemed........................................................ (2,730,251) (10,731,155)
---------------- -----------------
Net increase (decrease) in net assets resulting from unitholder
transactions...................................................... 6,135,445 32,504,312
---------------- -----------------
Net increase (decrease) in net assets................................ (997,441) 36,285,077
Net Assets
Beginning of period........................................................... 356,162,155 318,879,637
---------------- -----------------
End of period................................................................. $ 355,164,714 $ 355,164,714
================ =================
Number of units
Outstanding-beginning of period............................................... 12,713,376 11,764,241
Issued..................................................................... 327,235 1,566,617
Redeemed................................................................... (100,636) (390,883)
---------------- -----------------
Outstanding-end of period..................................................... 12,939,975 12,939,975
================ =================
The accompanying notes are an integral part of these financial statements.
10
American Bar Association Members/ State Street Collective Trust
Index Equity Fund
Financial Highlights
Unaudited
(For a unit outstanding throughout the period)
For the period For the period
July 1, 2004 to January 1, 2004 to
September 30, 2004 September 30, 2004
------------------ ------------------
Investment income++(a)............................................................. $ 0.00 $ 0.00
Net expenses+(a)................................................................... (0.04) (0.10)
---------------- -----------------
Net investment income (loss)....................................................... (0.04) (0.10)
Net realized and unrealized gain (loss)............................................ (0.52) 0.44
---------------- -----------------
Net increase (decrease) in unit value.............................................. (0.56) 0.34
Net asset value at beginning of period............................................. 28.01 27.11
---------------- -----------------
Net asset value at end of period................................................... $ 27.45 $ 27.45
================== =================
Ratio of net expenses to average net assets*....................................... 0.52% 0.48%
Ratio of net investment income (loss) to average net assets*....................... (0.51)% (0.47)%
Portfolio turnover**............................................................... 1.23% 2.44%
Total return**..................................................................... (2.00)% 1.25%
Net assets at end of period (in thousands)......................................... $355,165 $355,165
- -----------------
* Annualized.
** Not annualized. Portfolio turnover reflects purchases and sales of
units of the collective investment fund in which the fund invests,
rather than turnover of the underlying portfolio of such collective
investment fund.
++ Amounts less than $0.005 per unit are rounded to zero.
+ Net expenses includes only those expenses charged directly to the Fund
and does not include expenses charged to the collective investment
fund in which the Fund invests.
(a) Calculations prepared using the monthly average number of units
outstanding during the period.
The accompanying notes are an integral part of these financial statements.
11
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Statement of Assets and Liabilities
Unaudited
September 30, 2004
------------------
Assets
Investments, at value (cost $603,681,312).......................................... $ 606,022,503 (a)
Foreign currency, at value (cost $1,886,600)....................................... 1,901,076
Cash............................................................................... 4,825,757
Receivable for futures variation margin............................................ 21,374
Receivable for investments sold.................................................... 4,361,484
Receivable for fund units sold..................................................... 965,795
Interest receivable................................................................ 1,801,268
------------------
Total assets............................................................... 619,899,257
------------------
Liabilities
Payable for investments purchased.................................................. 183,437,716
Swap contracts, at value (cost $976,309)........................................... 785,887
Options written, at value (premiums received $249,753)............................. 118,723
Payable for collateral received on securities loaned............................... 3,335,600
Investment advisory fee payable.................................................... 95,542
State Street Bank and Trust Company--program fee payable........................... 96,813
Trustee, management and administration fees payable................................ 27,422
American Bar Retirement Association--program fee payable........................... 15,597
Gross unrealized depreciation of forward exchange currency contracts............... 362,001
State Street Bank and Trust Company--administration fee payable.................... 5,571
Other accruals..................................................................... 44,618
------------------
Total liabilities.......................................................... 188,325,490
------------------
Net assets (equivalent to $18.60 per unit based on 23,198,504 units
outstanding)............................................................ $ 431,573,767
==================
(a) Includes securities on loan with a value of $3,269,023.
The accompanying notes are an integral part of these financial statements.
12
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Statement of Operations
Unaudited
For the period For the period
July 1, 2004 to January 1, 2004
September 30, to September 30,
2004 2004
--------------- -----------------
Investment income
Dividends...................................................................... $ 41,659 $ 41,659
Interest....................................................................... 2,383,617 4,797,703
Securities lending income...................................................... 8,058 15,701
-------------- ----------------
Total investment income........................................... 2,433,334 4,855,063
-------------- ----------------
Expenses
Investment advisory fee........................................................ 290,817 637,191
State Street Bank and Trust Company--program fee............................... 306,860 650,875
American Bar Retirement Association--program fee............................... 48,108 101,367
Trustee, management and administration fees.................................... 83,878 177,033
Reports to unitholders......................................................... 1,918 25,504
Legal and audit fees........................................................... 18,302 47,331
Compliance consultant fees..................................................... 47,961 47,961
Registration fees.............................................................. 2,192 4,006
State Street Bank and Trust Company--administration fees....................... 5,571 5,571
Other fees..................................................................... 40,882 46,929
-------------- ----------------
Total expenses.................................................... 846,489 1,743,768
-------------- ----------------
Net investment income (loss)....................................................... 1,586,845 3,111,295
-------------- ----------------
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments............................................................. 5,376,428 5,705,679
Foreign currency transactions and forward currency exchange contracts... 276,793 333,990
Written options......................................................... 0 322,864
Futures contracts....................................................... 2,512,590 2,592,800
-------------- ----------------
Net realized gain (loss).......................................... 8,165,811 8,955,333
-------------- ----------------
Change in net unrealized appreciation (depreciation) on:
Investments............................................................. 2,044,999 78,032
Foreign currency transactions and forward currency exchange contracts... (589,910) (170,450)
Written options......................................................... 79,930 110,302
Futures contracts....................................................... 171,605 (326,072)
Swaps contracts......................................................... 246,236 254,810
-------------- ----------------
Change in net unrealized appreciation (depreciation).................... 1,952,860 (53,378)
-------------- ----------------
Net realized and unrealized gain (loss)........................... 10,118,671 8,901,955
-------------- ----------------
Net increase (decrease) in net assets resulting from operations.................... $ 11,705,516 $ 12,013,250
================ ================
The accompanying notes are an integral part of these financial statements.
13
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Statement of Changes in Net Assets
Unaudited
For the period For the period
July 1, 2004 to January 1, 2004
September 30, to September 30,
2004 2004
--------------- -----------------
From operations
Net investment income (loss).................................................. $ 1,586,845 $ 3,111,295
Net realized gain (loss)...................................................... 8,165,811 8,955,333
Change in net unrealized appreciation (depreciation).......................... 1,952,860 (53,378)
---------------- ----------------
Net increase (decrease) in net assets resulting from operations...... 11,705,516 12,013,250
---------------- ----------------
From unitholder transactions
Proceeds from units issued*................................................... 4,431,228 200,976,033
Cost of units redeemed........................................................ (3,242,585) (17,426,077)
---------------- ----------------
Net increase (decrease) in net assets resulting from unitholder
transactions...................................................... 1,188,643 183,549,956
---------------- ----------------
Net increase (decrease) in net assets................................ 12,894,159 195,563,206
Net Assets
Beginning of period........................................................... 418,679,608 236,010,561
---------------- ----------------
End of period................................................................. $ 431,573,767 $ 431,573,767
================ ================
Number of units
Outstanding-beginning of period............................................... 23,135,865 13,060,672
Issued*.................................................................... 239,161 11,093,596
Redeemed................................................................... (176,522) (955,764)
---------------- ----------------
Outstanding-end of period..................................................... 23,198,504 23,198,504
================ ================
- --------------
* Includes Balanced Fund transaction of $173,984,004 and 9,614,275 units
issued reflecting the transfer of the fixed income receivable portion of
the Balanced Fund, including interest receivable, into the Fund in
exchange for units of the Fund as of June 30, 2004.
The accompanying notes are an integral part of these financial statements.
14
American Bar Association Members/ State Street Collective Trust
Intermediate Bond Fund
Financial Highlights
Unaudited
(For a unit outstanding throughout the period)
For the period For the period
July 1, 2004 to January 1, 2004 to
September 30, 2004 September 30, 2004
------------------ ------------------
Investment income++................................................................ $ 0.11 $ 0.29
Net expenses(+)++.................................................................. (0.04) (0.11)
---------------- ----------------
Net investment income (loss)....................................................... 0.07 0.18
Net realized and unrealized gain (loss)............................................ 0.43 0.35
---------------- ----------------
Net increase (decrease) in unit value.............................................. 0.50 0.53
Net asset value at beginning of period............................................. 18.10 18.07
---------------- ----------------
Net asset value at end of period................................................... $ 18.60 $ 18.60
================ ================
Ratio of net expenses to average net assets*....................................... 0.80% 1.15%
Ratio of net investment income (loss) to average net assets*....................... 1.49% 2.05%
Portfolio turnover**............................................................... 81.80% 241.95%
Total return**..................................................................... 2.76% 2.93%
Net assets at end of period (in thousands)......................................... $431,574 $431,574
- -----------------
* Annualized.
** Not annualized.
+ Net expenses includes only those expenses charged directly to the Fund
and does not include expenses charged to the collective investment
fund in which the Fund invests.
++ Calculations prepared using the monthly average number of units
outstanding during the period.
The accompanying notes are an integral part of these financial statements.
15
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Statement of Assets and Liabilities
Unaudited
September 30, 2004
------------------
Assets
Investments, at value (cost $132,753,604)............................... $ 159,234,664 (a)
Foreign currency, at value (cost $377,647).............................. 382,601
Receivable for investments sold......................................... 513,056
Cash.................................................................... 7,041
Dividends receivable.................................................... 315,018
Tax reclaims receivable................................................. 101,140
Receivable for fund units sold.......................................... 38,723
------------------
Total assets........................................... 160,592,243
------------------
Liabilities
Payable for investments purchased....................................... 1,554,692
Payable for fund units redeemed......................................... 934,572
Payable for collateral received on securities loaned.................... 21,520,147
Tax withholding payable................................................. 17,572
Investment advisory fee payable......................................... 66,969
State Street Bank and Trust Company--program fee payable................ 30,638
Trustee, management and administration fees payable..................... 8,663
American Bar Retirement Association--program fee payable................ 4,917
State Street Bank and Trust Company--administration fee payable......... 1,734
Other accruals.......................................................... 12,838
------------------
Total liabilities...................................... 24,152,742
------------------
Net assets (equivalent to $19.11 per unit based on 7,140,341 units
outstanding)................................................. $ 136,439,501
==================
(a) Includes securities on loan with a value of $20,479,984.
The accompanying notes are an integral part of these financial statements.
16
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Statement of Operations
Unaudited
For the period For the period
July 1, 2004 to January 1, 2004
September 30, to September 30,
2004 2004
--------------- -----------------
Investment income
Dividends (net of foreign tax expense of $50,775 and $259,169, respectively)..... $ 689,555 $ 2,787,491
Interest......................................................................... 15,986 40,747
Securities lending income........................................................ 19,880 45,197
--------------- ------------
Total investment income............................................. 725,421 2,873,435
--------------- ------------
Expenses
Investment advisory fee.......................................................... 201,034 581,537
State Street Bank and Trust Company--program fee................................. 95,509 275,206
American Bar Retirement Association--program fee................................. 14,971 42,775
Trustee, management and administration fees...................................... 26,104 74,751
Reports to unitholders........................................................... 597 12,911
Legal and audit fees............................................................. 5,697 20,853
Compliance consultant fees....................................................... 14,928 14,928
Registration fees................................................................ 682 1,629
State Street Bank and Trust Company--administration fees......................... 1,734 1,734
Other fees....................................................................... 12,724 15,882
--------------- ------------
Total expenses...................................................... 373,980 1,042,206
--------------- ------------
Net investment income (loss)......................................................... 351,441 1,831,229
--------------- ------------
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Investment securities..................................................... 554,069 6,600,938
Foreign currency.......................................................... 10,332 (20,675)
--------------- ------------
Net realized gain (loss)............................................ 564,401 6,580,263
--------------- -------------
Change in net unrealized appreciation (depreciation) on:
Investment securities..................................................... 843,041 (2,298,249)
Foreign currency.......................................................... 3,769 (7,122)
--------------- ------------
Change in net unrealized appreciation (depreciation)...................... 846,810 (2,305,371)
--------------- ------------
Net realized and unrealized gain (loss)............................. 1,411,211 4,274,892
--------------- ------------
Net increase (decrease) in net assets resulting from operations...................... $ 1,762,652 $ 6,106,121
=============== ============
The accompanying notes are an integral part of these financial statements.
17
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Statement of Changes in Net Assets
Unaudited
For the period For the period
July 1, 2004 to January 1, 2004
September 30, to September 30,
2004 2004
--------------- -----------------
From operations
Net investment income (loss).................................................... $ 351,441 $ 1,831,229
Net realized gain (loss)........................................................ 564,401 6,580,263
Change in net unrealized appreciation (depreciation)............................ 846,810 (2,305,371)
-------------- -------------
Net increase (decrease) in net assets resulting from operations........ 1,762,652 6,106,121
-------------- -------------
From unitholder transactions
Proceeds from units issued...................................................... 3,524,177 31,729,254
Cost of units redeemed.......................................................... (1,084,639) (16,761,966)
-------------- -------------
Net increase (decrease) in net assets resulting from unitholder
transactions....................................................... 2,439,538 14,967,288
-------------- -------------
Net increase (decrease) in net assets.................................. 4,202,190 21,073,409
Net Assets
Beginning of period............................................................. 132,237,311 115,366,092
-------------- -------------
End of period................................................................... $ 136,439,501 $ 136,439,501
============== =============
Number of units
Outstanding-beginning of period................................................. 7,005,959 6,331,977
Issued....................................................................... 191,943 1,703,798
Redeemed..................................................................... (57,561) (895,434)
-------------- -------------
Outstanding-end of period....................................................... 7,140,341 7,140,341
============== =============
The accompanying notes are an integral part of these financial statements.
18
American Bar Association Members/ State Street Collective Trust
International Equity Fund
Financial Highlights
Unaudited
(For a unit outstanding throughout the period)
For the period For the period
July 1, 2004 to January 1, 2004 to
September 30, 2004 September 30, 2004
------------------ ------------------
Investment income++.................................................................. $ 0.10 $ 0.42
Net expenses(+)++.................................................................... 0.05 0.15
-------------- ---------------
Net investment income (loss)......................................................... 0.15 0.57
Net realized and unrealized gain (loss).............................................. 0.09 0.32
-------------- ---------------
Net increase (decrease) in unit value................................................ 0.24 0.89
Net asset value at beginning of period............................................... 18.87 18.22
-------------- ---------------
Net asset value at end of period..................................................... $ 19.11 $ 19.11
============== ===============
Ratio of net expenses to average net assets*......................................... 1.12% 1.09%
Ratio of net investment income (loss) to average net assets*......................... 1.06% 1.91%
Portfolio turnover**................................................................. 2.09% 20.37%
Total return**....................................................................... 1.27% 4.88%
Net assets at end of period (in thousands)........................................... $136,440 $136,440
- -----------------
* Annualized.
** Not annualized.
+ Net expenses includes only those expenses charged directly to the Fund
and does not include expenses charged to the collective investment
fund in which the Fund invests.
++ Calculations prepared using the monthly average number of units
outstanding during the period.
The accompanying notes are an integral part of these financial statements.
19
American Bar Association Members/ State Street Collective Trust
Large-Cap Growth Equity Fund
Statement of Assets and Liabilities
Unaudited
September 30, 2004
------------------
Assets
Investments, at value (cost $713,921,998)................................... $ 813,189,078 (a)
Cash........................................................................ 1,472
Receivable for investments sold............................................. 1,751,917
Dividends and interest receivable........................................... 355,602
Receivable for fund units sold.............................................. 44,641
----------------
Total assets........................................................ 815,342,710
----------------
Liabilities
Payable for investments purchased........................................... 4,733,915
Payable for collateral received on securities loaned........................ 13,151,285
Investment advisory fee payable............................................. 312,684
State Street Bank and Trust Company--program fee payable.................... 179,404
Trustee, management and administration fees payable......................... 51,070
American Bar Retirement Association--program fee payable.................... 29,028
State Street Bank and Trust Company--administration fee payable............. 10,438
Other accruals.............................................................. 93,353
----------------
Total liabilities................................................... 18,561,177
----------------
Net assets (equivalent to $42.37 per unit based on 18,804,991 units
outstanding).................................................... $ 796,781,533
================
(a) Includes securities on loan with a value of $12,852,390.
The accompanying notes are an integral part of these financial statements.
20
American Bar Association Members/ State Street Collective Trust
Large-Cap Growth Equity Fund
Statement of Operations
Unaudited
For the period For the period
July 1, 2004 to January 1, 2004
September 30, to September 30,
2004 2004
--------------- -----------------
Investment income
Dividends (net of foreign tax expense of $15,636 and $57,521, respectively)...... $ 1,638,109 $ 4,867,954
Interest......................................................................... 43,788 90,482
Securities lending income........................................................ 11,335 37,527
-------------- --------------
Total investment income............................................. 1,693,232 4,995,963
-------------- --------------
Expenses
Investment advisory fee.......................................................... 366,877 1,131,999
State Street Bank and Trust Company--program fee................................. 574,933 1,786,693
American Bar Retirement Association--program fee................................. 90,164 277,720
Trustee, management and administration fees...................................... 157,194 485,288
Reports to unitholders........................................................... 3,594 86,634
Legal and audit fees............................................................. 34,293 136,496
Compliance consultant fees....................................................... 89,862 89,862
Registration fees................................................................ 4,107 10,495
State Street Bank and Trust Company--administration fees......................... 10,438 10,438
Other fees....................................................................... 76,599 97,891
-------------- --------------
Total expenses...................................................... 1,408,061 4,113,516
-------------- --------------
Net investment income (loss)......................................................... 285,171 882,447
-------------- --------------
Net realized and unrealized gain (loss) on investments
Net realized gain (loss).................................................. (5,857,468) 9,067,621
Change in net unrealized appreciation (depreciation) on investments.............. (36,042,108) (31,774,496)
-------------- --------------
Net realized and unrealized gain (loss)............................. (41,899,576) (22,706,875)
-------------- --------------
Net increase (decrease) in net assets resulting from operations...................... $ (41,614,405) $ (21,824,428)
============== ==============
The accompanying notes are an integral part of these financial statements.
21
American Bar Association Members/ State Street Collective Trust
Large-Cap Growth Equity Fund
Statement of Changes in Net Assets
Unaudited
For the period For the period
July 1, 2004 to January 1, 2004
September 30, to September 30,
2004 2004
--------------- -----------------
From operations
Net investment income (loss).................................................... $ 285,171 $ 882,447
Net realized gain (loss)........................................................ (5,857,468) 9,067,621
Change in net unrealized appreciation (depreciation) on investments............. (36,042,108) (31,774,496)
-------------- ---------------
Net increase (decrease) in net assets resulting from operations........ (41,614,405) (21,824,428)
-------------- ---------------
From unitholder transactions
Proceeds from units issued...................................................... 4,040,415 26,216,693
Cost of units redeemed.......................................................... (10,420,274) (47,703,416)
-------------- ---------------
Net increase (decrease) in net assets resulting from unitholder
transactions....................................................... (6,379,859) (21,486,723)
-------------- ---------------
Net increase (decrease) in net assets.................................. (47,994,264) (43,311,151)
Net Assets
Beginning of period............................................................. 844,775,797 840,092,684
-------------- ---------------
End of period................................................................... $ 796,781,533 $ 796,781,533
============== ===============
Number of units
Outstanding-beginning of period................................................. 18,959,013 19,301,445
Issued....................................................................... 96,301 595,541
Redeemed...................................................................... (250,323) (1,091,995)
-------------- ---------------
Outstanding-end of period....................................................... 18,804,991 18,804,991
============== ==============
The accompanying notes are an integral part of these financial statements.
22
American Bar Association Members/ State Street Collective Trust
Large-Cap Growth Equity Fund
Financial Highlights
Unaudited
(For a unit outstanding throughout the period)
For the period For the period
July 1, 2004 to January 1, 2004 to
September 30, 2004 September 30, 2004
------------------ ------------------
Investment income++.................................................................. $ 0.09 $ 0.26
Net expenses(+)++.................................................................... (0.07) (0.22)
-------------- --------------
Net investment income (loss)......................................................... 0.02 0.04
Net realized and unrealized gain (loss).............................................. (2.21) (1.19)
-------------- --------------
Net increase (decrease) in unit value................................................ (2.19) (1.15)
Net asset value at beginning of period............................................... 44.56 43.52
-------------- --------------
Net asset value at end of period..................................................... $ 42.37 $ 42.37
============== ==============
Ratio of net expenses to average net assets*......................................... 0.70% 0.66%
Ratio of net investment income (loss) to average net assets*......................... 0.14% 0.14%
Portfolio turnover**................................................................. 10.79% 25.96%
Total return**....................................................................... (4.91)% (2.64)%
Net assets at end of period (in thousands)........................................... $796,782 $796,782
- -----------------
* Annualized.
** Not annualized. With respect to the portion of the Fund's assets
invested in a collective investment fund, portfolio turnover reflects
purchases and sales of the collective investment fund in which the
Fund invests, rather than turnover of the underlying portfolio of such
collective investment fund.
+ Net expenses includes only those expenses charged directly to the Fund
and does not include expenses charged to the collective investment
fund in which the Fund invests.
++ Calculations prepared using the monthly average number of units
outstanding during the period.
The accompanying notes are an integral part of these financial statements.
23
American Bar Association Members/ State Street Collective Trust
Large-Cap Value Equity Fund
Statement of Assets and Liabilities
Unaudited
September 30, 2004
------------------
Assets
Investments, at value (cost $293,062,495)............................... $ 331,458,820 (a)
Cash.................................................................... 156
Receivable for investments sold......................................... 1,634,402
Dividends and interest receivable....................................... 377,827
Receivable for fund units sold.......................................... 184,206
-------------
Total assets........................................... 333,655,411
-------------
Liabilities
Payable for investments purchased........................................ 380,674
Payable for collateral received on securities loaned..................... 11,331,018
Investment advisory fee payable.......................................... 55,382
State Street Bank and Trust Company--program fee payable................. 72,769
Trustee, management and administration fees payable...................... 20,591
American Bar Retirement Association--program fee payable................. 11,702
State Street Bank and Trust Company--administration fee payable.......... 4,110
Other accruals........................................................... 31,208
-------------
Total liabilities....................................... 11,907,454
-------------
Net assets (equivalent to $31.08 per unit based on 10,351,416 units
outstanding)................................................. $ 321,747,957
=============
(a) Includes securities on loan with a value of $11,069,865.
The accompanying notes are an integral part of these financial statements.
24
American Bar Association Members/ State Street Collective Trust
Large-Cap Value Equity Fund
Statement of Operations
Unaudited
For the period For the period
July 1, 2004 to January 1, 2004
September 30, to September 30,
2004 2004
--------------- -----------------
Investment income
Dividends (net of foreign tax expense of $1,987 and $5,884, respectively)........ $ 1,394,643 $ 3,943,196
Interest......................................................................... 20,678 64,177
Securities lending income........................................................ 4,747 12,988
------------- -----------
Total investment income............................................. 1,420,068 4,020,361
------------- -----------
Expenses
Investment advisory fee.......................................................... 166,822 489,689
State Street Bank and Trust Company--program fee................................. 226,408 659,877
American Bar Retirement Association--program fee................................. 35,486 102,559
Trustee, management and administration fees...................................... 61,879 179,231
Reports to unitholders........................................................... 1,415 31,127
Legal and audit fees............................................................. 13,503 50,072
Compliance consultant fees....................................................... 35,383 35,383
Registration fees................................................................ 1,617 3,903
State Street Bank and Trust Company--administration fees......................... 4,110 4,110
Other fees....................................................................... 30,162 37,779
------------- -----------
Total expenses...................................................... 576,785 1,593,730
------------- -----------
Net investment income (loss)......................................................... 843,283 2,426,631
------------- -----------
Net realized and unrealized gain (loss) on investments
Net realized gain (loss) 2,693,395 11,819,569
Change in net unrealized appreciation (depreciation) (2,438,306) (112,545)
------------- -----------
Net realized and unrealized gain (loss)............................. 255,089 11,707,024
------------- -----------
Net increase (decrease) in net assets resulting from operations...................... $ 1,098,372 $14,133,655
============= ===========
The accompanying notes are an integral part of these financial statements.
25
American Bar Association Members/ State Street Collective Trust
Large-Cap Value Equity Fund
Statement of Changes in Net Assets
Unaudited
For the period For the period
July 1, 2004 to January 1, 2004
September 30, to September 30,
2004 2004
--------------- -----------------
From operations
Net investment income (loss).................................................... $ 843,283 $ 2,426,631
Net realized gain (loss)........................................................ 2,693,395 11,819,569
Change in net unrealized appreciation (depreciation) on investments............. (2,438,306) (112,545)
-------------- --------------
Net increase (decrease) in net assets resulting from operations........ 1,098,372 14,133,655
-------------- --------------
From unitholder transactions
Proceeds from units issued...................................................... 10,424,133 63,290,247
Cost of units redeemed.......................................................... (3,524,212) (41,780,412)
-------------- -------------
Net increase (decrease) in net assets resulting from unitholder
transactions....................................................... 6,899,921 21,509,835
-------------- ------------
Net increase (decrease) in net assets.................................. 7,998,293 35,643,490
Net Assets
Beginning of period............................................................. 313,749,664 286,104,467
------------- -------------
End of period................................................................... $ 321,747,957 $ 321,747,957
============= =============
Number of units
Outstanding-beginning of period................................................. 10,124,475 9,647,368
Issued....................................................................... 341,582 2,069,221
Redeemed..................................................................... (114,641) (1,365,173)
------------- -------------
Outstanding-end of period....................................................... 10,351,416 10,351,416
============= =============
The accompanying notes are an integral part of these financial statements.
26
American Bar Association Members/ State Street Collective Trust
Large-Cap Value Equity Fund
Financial Highlights
Unaudited
(For a unit outstanding throughout the period)
For the period For the period
July 1, 2004 to January 1, 2004 to
September 30, 2004 September 30, 2004
------------------ ------------------
Investment income++.................................................................. $ 0.14 $ 0.40
Net expenses(+)++.................................................................... (0.06) (0.16)
------------ ------------
Net investment income (loss)......................................................... 0.08 0.24
Net realized and unrealized gain (loss).............................................. 0.01 1.18
------------ ------------
Net increase (decrease) in unit value................................................ 0.09 1.42
------------ ------------
Net asset value at beginning of period............................................... 30.99 29.66
Net asset value at end of period..................................................... $ 31.08 $ 31.08
============ ============
Ratio of net expenses to average net assets*......................................... 0.73% 0.69%
Ratio of net investment income (loss) to average net assets*......................... 1.07% 1.06%
Portfolio turnover**................................................................. 5.37% 19.71%
Total return**....................................................................... 0.29% 4.79%
Net assets at end of period (in thousands)........................................... $321,748 $321,748
- -----------------
* Annualized.
** Not annualized. With respect to the portion of the Fund's assets
invested in a collective investment fund, portfolio turnover reflects
purchases and sales of the collective investment fund in which the
Fund invests, rather than turnover of the underlying portfolio of such
collective investment fund.
+ Net expenses includes only those expenses charged directly to the Fund
and does not include expenses charged to the collective investment
fund in which the Fund invests.
++ Calculations prepared using the monthly average number of units
outstanding during the period.
The accompanying notes are an integral part of these financial statements.
27
American Bar Association Members/ State Street Collective Trust
Mid-Cap Growth Equity Fund
Statement of Assets and Liabilities
Unaudited
September 30, 2004
------------------
Assets
Investments, at value (cost $66,099,156)................ $ 69,991,261(a)
Cash.................................................... 486
Receivable for investments sold......................... 599,058
Dividends and interest receivable....................... 8,773
Receivable for fund units sold.......................... 47,636
------------------
Total assets............................................ 70,647,196
------------------
Liabilities
Payable for investments purchased....................... 589,069
Payable for fund units redeemed......................... 254.182
Payable for collateral received on securities loaned.... 10,083,707
Investment advisory fee payable......................... 93,529
State Street Bank and Trust Company--program fee payable 13,238
Trustee, management and administration fees payable..... 3,754
American Bar Retirement Association--program fee payable 2,135
State Street Bank and Trust Company--administration fee
payable............................................... 758
Other accruals.......................................... 5,102
------------------
Total liabilities..................................... 11,045,474
------------------
Net assets (equivalent to $16.21 per unit based on 3,676,285
units outstanding)...... ................................... $ 59,601,722
==================
(a) Includes securities on loan with a value of $9,850,379.
The accompanying notes are an integral part of these financial statements.
28
American Bar Association Members/ State Street Collective Trust
Mid-Cap Growth Equity Fund
Statement of Operations
Unaudited
For the period For the period
July 1, 2004 to January 1, 2004
September 30, to September 30,
2004 2004
---------------- --------------
Investment income
Dividends ................................................... $ 48,115 $ 121,546
Interest..................................................... 4,942 19,653
Securities lending income.................................... 2,916 8,062
---------------- --------------
Total investment income......................... 55,973 149,261
---------------- --------------
Expenses
Investment advisory fee...................................... 93,529 283,276
State Street Bank and Trust Company--program fee............. 41,720 126,553
American Bar Retirement Association--program fee............. 6,542 19,668
Trustee, management and administration fees.................. 11,406 34,362
Reports to unitholders....................................... 261 6,070
Legal and audit fees......................................... 2,488 9,637
Compliance consultant fees................................... 6,521 6,521
Registration fees............................................ 298 745
State Street Bank and Trust Company--administration fees..... 758 758
Other fees................................................... 5,559 7,048
---------------- ---------------
Total expenses.................................. 169,082 494,638
---------------- ---------------
Net investment income (loss)..................................... (113,109) (345,377)
---------------- ---------------
Net realized and unrealized gain (loss) on investments
Net realized gain (loss) (2,305,542) (444,099)
Change in net unrealized appreciation (depreciation) (2,133,732) (2,512,876)
---------------- ---------------
Net realized and unrealized gain (loss)......... (4,439,274) (2,956,975)
---------------- ---------------
Net increase (decrease) in net assets resulting from operations.. $ (4,552,383) $ (3,302,352)
================ ================
The accompanying notes are an integral part of these financial statements.
29
American Bar Association Members/ State Street Collective Trust
Mid-Cap Growth Equity Fund
Statement of Changes in Net Assets
Unaudited
For the period For the period
July 1, 2004 to January 1, 2004
September 30, to September 30,
2004 2004
---------------- ----------------
From operations
Net investment income (loss).......................................... $ (113,109) $ (345,377)
Net realized gain (loss).............................................. (2,305,542) (444,099)
Change in net unrealized appreciation (depreciation)
on investments...................................................... (2,133,732) (2,512,876)
----------------- -----------------
Net increase (decrease) in net assets resulting from operations... (4,552,383) (3,302,352)
----------------- -----------------
From unitholder transactions
Proceeds from units issued............................................ 4,687,690 26,102,447
Cost of units redeemed................................................ (3,821,412) (10,550,073)
------------------ -----------------
Net increase (decrease) in net assets resulting from unitholder
transactions.................................................. 866,278 15,552,374
------------------ -----------------
Net increase (decrease) in net assets........................ (3,686,105) 12,250,022
Net Assets
Beginning of period................................................... 63,287,827 47,351,700
------------------ -----------------
End of period......................................................... $ 59,601,722 $ 59,601,722
================== =================
Number of units
Outstanding-beginning of period....................................... 3,624,838 2,796,112
Issued............................................................. 297,682 1,525,709
Redeemed........................................................... (246,235) (645,536)
------------------ -----------------
Outstanding-end of period............................................. 3,676,285 3,676,285
================== =================
The accompanying notes are an integral part of these financial statements.
30
American Bar Association Members/ State Street Collective Trust
Mid-Cap Growth Equity Fund
Financial Highlights
Unaudited
(For a unit outstanding throughout the period)
For the period For the period
July 1, 2004 to January 1, 2004
September 30, to September 30,
2004 2004
---------------- ----------------
Investment income+...................................................... $ 0.02 $ 0.04
Net expenses(+)++....................................................... (0.05) (0.14)
---------------- ----------------
Net investment income (loss)............................................ (0.03) (0.10)
Net realized and unrealized gain (loss)................................. (1.22) (0.62
---------------- ----------------
Net increase (decrease) in unit value................................... (1.25) (0.72)
Net asset value at beginning of period.................................. 17.46 16.93
---------------- ----------------
Net asset value at end of period........................................ $ 16.21 $ 16.21
================ ================
Ratio of net expenses to average net assets*............................ 1.16% 1.12%
Ratio of net investment income (loss) to average net assets*............ (0.78)% (0.78)%
Portfolio turnover**.................................................... 45.22% 132.35%
Total return**.......................................................... (7.16)% (4.25)%
Net assets at end of period (in thousands).............................. $ 59,602 $ 59,602
- -----------------
* Annualized.
** Not annualized.
+ Calculations prepared using the monthly average number of units
outstanding during the period.
++ Net expenses includes only those expenses charged directly to the
Fund and does not include expenses charged to the collective
investment fund in which the Fund invests.
The accompanying notes are an integral part of these financial statements.
31
American Bar Association Members/ State Street Collective Trust
Mid-Cap Value Equity Fund
Statement of Assets and Liabilities
Unaudited
September 30, 2004
------------------
Assets
Investments, at value (cost $40,910,855)................ $ 45,839,542(a)
Cash.................................................... 468
Receivable for fund units sold.......................... 41,625
Dividends and interest receivable....................... 36,246
------------------
Total assets............................................ 45,918,097
------------------
Liabilities
Payable for fund units redeemed............. ........... 41,151
Payable for collateral received on securities loaned.... 36,050
Investment advisory fee payable......................... 22,666
State Street Bank and Trust Company--program fee payable 10,280
Trustee, management and administration fees payable..... 2,897
American Bar Retirement Association--program fee payable 1,640
State Street Bank and Trust Company--administration fee
payable................................................. 576
Other accruals.......................................... 3,976
------------------
Total liabilities..................................... 119,236
------------------
Net assets (equivalent to $13.12 per unit based on 3,489,592
units outstanding)...... ................................... $ 45,798,861
==================
(a) Includes securities on loan with a value of $35,014.
The accompanying notes are an integral part of these financial statements.
32
American Bar Association Members/ State Street Collective Trust
Mid-Cap Value Equity Fund
Statement of Operations
Unaudited
For the period For the period
July 1, 2004 to January 1, 2004
September 30, to September 30,
2004 2004
---------------- --------------
Investment income
Dividends ................................................... $ 120,639 $ 340,203
Interest..................................................... 7,306 24,630
Securities lending income.................................... 352 1,880
---------------- --------------
Total investment income......................... 128,297 366,713
---------------- --------------
Expenses
Investment advisory fee...................................... 67,872 189,627
State Street Bank and Trust Company--program fee............. 31,746 87,342
American Bar Retirement Association--program fee............. 4,976 13,575
Trustee, management and administration fees.................. 8,677 23,730
Reports to unitholders....................................... 198 4,010
Legal and audit fees......................................... 1,893 6,585
Compliance consultant fees................................... 4,962 4,962
Registration fees............................................ 227 520
State Street Bank and Trust Company--administration fees..... 576 576
Other fees................................................... 4,230 5,207
---------------- --------------
Total expenses.................................. 125,357 336,134