AMERICAN BAR ASSOCIATION MEMBERS / NORTHERN TRUST COLLECTIVE TR - FORM 10-Q

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EX-31.2 - CERTIFICATION - AMERICAN BAR ASSOCIATION MEMBERS / NORTHERN TRUST COLLECTIVE TR	dex312.htm
EX-32.1 - CERTIFICATION - AMERICAN BAR ASSOCIATION MEMBERS / NORTHERN TRUST COLLECTIVE TR	dex321.htm
EX-32.2 - CERTIFICATION - AMERICAN BAR ASSOCIATION MEMBERS / NORTHERN TRUST COLLECTIVE TR	dex322.htm
EX-31.1 - CERTIFICATION - AMERICAN BAR ASSOCIATION MEMBERS / NORTHERN TRUST COLLECTIVE TR	dex311.htm

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 March 31, 2011

¨	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

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

	Mid Cap Index Equity Fund		33


	Page
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

Conservative Risk Fund		69


		Page
	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

	Collective Trust		85
	Combined Statement of Assets and Liabilities		85
	Combined Statement of Operations		87
	Combined Statement of Changes in Net Assets		88

	Notes to Financial Statements (Unaudited)		89

	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		124

	Item 4. Controls and Procedures		140

PART II.	OTHER INFORMATION		140

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		140

	Item 6. Exhibits		140

SIGNATURES			141

PART I. FINANCIAL INFORMATION.

Item 1.

FINANCIAL STATEMENTS (UNAUDITED).

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Statement of Assets and Liabilities


	March 31, 2011 Unaudited			December 31, 2010
Assets
Investments, at value (including Wrapper Contracts, at Value of $255,770 and $0, respectively) (cost $852,882,041 and $858,340,833, respectively)	$	894,187,150		$	871,972,224
Northern Trust Global Investments—Government Short Term Investment
Fund (cost $121,415,007 and $117,393,773, respectively)		121,415,007			117,393,773
Interest and dividends receivable		22,575			23,255
Other assets		1,352			—

Total assets		1,015,626,084			989,389,252

Liabilities
Payable for fund units redeemed		1,516,986			2,478,152
Investment advisory fee payable		217,418			217,418
ING—program fee payable		411,312			432,908
Trustee, management and administration fees payable		73,052			75,108
ABA Retirement Funds—program fee payable		59,893			61,088
Other accruals		248,568			204,195

Total liabilities		2,527,229			3,468,869

Net Assets at fair value		1,013,098,855			985,920,383

Adjustment from fair value to contract value for fully benefit responsive contracts		(41,305,109	)		(13,631,391	)


Net Assets (equivalent to $35.75 and $35.65 per unit based on 27,182,016 and 27,272,253 units outstanding, respectively)	$	971,793,746		$	972,288,992

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Statement of Operations

Unaudited


	For the period January 1, 2011 to March 31, 2011		For the period January 1, 2010 to March 31, 2010
Investment income
Dividends	$	4,857,951	$	5,625,681
Interest—affiliated issuers		48,658		—

Total investment income		4,906,609		5,625,681

Expenses
ING—program fee		1,263,361		1,277,482
Trustee, management and administration fees		213,389		244,762
Investment advisory fee		357,641		—
ABA Retirement Funds—program fee		174,424		182,181
Legal and audit fees		76,571		107,767
Compliance consultant fees		40,217		79,559
Reports to unitholders		6,459		59,669
Registration fees		53,409		11,934
Other fees		9,630		44,119

Total expenses		2,195,101		2,007,473

Net investment income (loss)		2,711,508		3,618,208


Net increase (decrease) in net assets resulting from operations	$	2,711,508	$	3,618,208

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Statement of Changes in Net Assets

Unaudited


	For the period January 1, 2011 to March 31, 2011
From operations
Net investment income (loss)	$	2,711,508

Net increase (decrease) in net assets resulting from operations		2,711,508


From unitholder transactions
Proceeds from units issued		71,308,076
Cost of units redeemed		(74,514,830	)

Net increase (decrease) in net assets from unitholder transactions		(3,206,754	)


Net increase (decrease) in net assets		(495,246	)

Net Assets
Beginning of period		972,288,992

End of period	$	971,793,746


Number of units
Outstanding-beginning of period		27,272,253
Issued		1,997,021
Redeemed		(2,087,258	)

Outstanding-end of period		27,182,016

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income†	$	0.18		$	0.20
Expenses†,††		(0.08	)		(0.07	)

Net investment income (loss)		0.10			0.13

Net increase (decrease) in unit value		0.10			0.13
Net asset value at beginning of period		35.65			35.22

Net asset value at end of period	$	35.75		$	35.35


Ratios/Supplemental Data:
Ratio of expenses to average net assets*,††		0.91	%		0.82	%
Ratio of net investment income (loss) to average net assets*		1.14	%		1.47	%
Total return**		0.28	%		0.37	%
Net assets at end of period (in thousands)	$	971,794		$	979,978

*	Annualized for periods less than one year.

**	Not annualized for periods less than one year.

†	Calculations prepared using the daily average number of units outstanding during the period.

††	Expenses include 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.

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Statement of Assets and Liabilities


	March 31, 2011 Unaudited			December 31, 2010
Assets
Investments, at value (cost $397,190,700 and $379,530,896, respectively)	$	398,329,321	^(a)	$	377,219,613	^(b)
Investments in collective investment funds, at value (cost $38,632,720 and $29,724,352, respectively)		38,413,783			29,486,260
Investments in affiliated funds, at value:
Northern Trust Global Investments—Collective Short Term Investment
Fund (cost $2,959,365 and $811,652 and units of 2,959,365 and
811,652, respectively)		2,959,365			811,652
Foreign currency, at value (cost $294,470 and $377,392, respectively)		304,679			384,300
Deposit with broker for open swap contracts		300,000			1,010,000
Deposit with broker for investments sold on a delayed delivery basis		1,400,000			653,000
Receivable for investments sold on delayed delivery basis		4,215,508			88,944,496
Receivable for investments sold		4,300,448			64,515,525
Interest and dividends receivable		2,206,615			2,615,814
Receivable for futures variation margin		104,998			2,800
Unrealized appreciation of forward currency exchange contracts		46,368			80,308
Swap premiums paid		43,354			47,124
Unrealized appreciation on swap agreements		438,550			388,862
Other assets		499			—

Total assets		453,063,488			566,159,754

Liabilities
Securities sold, not yet purchased, at fair value (proceeds $3,149,687 and $20,061,562, respectively)		3,153,438			20,012,349
Options written, at value (premium received $23,460)		17,537			—
Due to custodian		—			6,657
Payable for cash collateral received on securities loaned		38,632,720			29,724,352
Payable for investments purchased on a delayed delivery basis		26,647,305			115,200,156
Payable for investments purchased		3,873,461			18,097,210
Payable for fund units redeemed		3,345,473			760,491
Swap premiums received		24,232			29,823
Unrealized depreciation on swap agreements		287,893			292,117
Due to broker for open swap contracts		260,000			813,000
Due to broker for investments purchased on a delayed delivery basis		1,376,250			936,250
Payable for futures variation margin		40			—
Unrealized depreciation of forward currency exchange contracts		777,424			738,989
Investment advisory fee payable		49,651			89,288
ING—program fee payable		161,334			173,257
Trustee, management and administration fees payable		28,689			30,100
ABA Retirement Funds—program fee payable		23,495			24,484
Other accruals		97,275			79,517

Total liabilities		78,756,217			187,008,040

Net Assets (equivalent to $25.74 and $25.61 per unit based on 14,541,607 and 14,807,254 units outstanding, respectively)	$	374,307,271		$	379,151,714

(a)	Includes securities on loan with a value of $37,861,033 (See Note 6).

(b)	Includes securities on loan with a value of $29,129,396 (See Note 6).

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

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Statement of Operations

Unaudited


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income
Dividends (net of foreign tax expense of $0 and $26, respectively)	$	28,125		$	32,036
Interest		3,011,873			3,981,237
Interest—affiliated issuers		19,699			—
Securities lending income, net		9,029			6,964

Total investment income		3,068,726			4,020,237


Expenses
ING—program fee		495,931			496,530
Trustee, management and administration fees		83,746			95,132
Investment advisory fee		219,128			261,920
ABA Retirement Funds—program fee		68,454			70,811
Legal and audit fees		30,025			41,860
Compliance consultant fees		15,770			30,904
Reports to unitholders		2,533			23,178
Registration fees		20,943			4,635
Other fees		4,726			17,137

Total expenses		941,256			1,042,107


Net investment income (loss)		2,127,470			2,978,130


Net realized and unrealized gain (loss)

Net realized gain (loss) on:
Investments		(3,444,720	)		1,357,219
Foreign currency transactions		(359,694	)		361,675
Futures contracts		10,152			980,127
Swap contracts		—			124,584

Net realized gain (loss)		(3,794,262	)		2,823,605


Change in net unrealized appreciation (depreciation) on:
Investments		3,414,580			463,799
Foreign currency transactions		(64,930	)		162,267
Futures contracts		225,917			705,116
Swap contracts		54,243			(118,859	)
Written options		5,922			—

Change in net unrealized appreciation (depreciation)		3,635,732			1,212,323


Net realized and unrealized gain (loss)		(158,530	)		4,035,928


Net increase (decrease) in net assets resulting from operations	$	1,968,940		$	7,014,058

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

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Statement of Changes in Net Assets

Unaudited


	For the period January 1, 2011 to March 31, 2011
From operations
Net investment income (loss)	$	2,127,470
Net realized gain (loss)		(3,794,262	)
Change in net unrealized appreciation (depreciation)		3,635,732

Net increase (decrease) in net assets resulting from operations		1,968,940


From unitholder transactions
Proceeds from units issued		13,852,979
Cost of units redeemed		(20,666,362	)

Net increase (decrease) in net assets from unitholder transactions		(6,813,383	)

Net increase (decrease) in net assets		(4,844,443	)

Net Assets
Beginning of period		379,151,714

End of period	$	374,307,271


Number of units
Outstanding-beginning of period		14,807,254
Issued		540,121
Redeemed		(805,768	)

Outstanding-end of period		14,541,607

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

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the year)


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income†	$	0.21		$	0.25
Expenses†,††		(0.06	)		(0.07	)

Net investment income (loss)		0.15			0.18
Net realized and unrealized gain (loss)		(0.02	)		0.26

Net increase (decrease) in unit value		0.13			0.44
Net asset value at beginning of period		25.61			24.09

Net asset value at end of period	$	25.74		$	24.53


Ratios/Supplemental Data:
Ratio of expenses to average net assets*,††		1.01	%		1.09	%
Ratio of net investment income (loss) to average net assets*		2.28	%		3.12	%
Portfolio turnover**,†††		98	%		151	%
Total return**		0.51	%		1.83	%
Net assets at end of period (in thousands)	$	374,307		$	381,520

*	Annualized for periods less than one year.

**	Not annualized for periods less than one year.

†	Calculations prepared using the daily average number of units outstanding during the year.

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

†††	With respect to a portion of the Fund’s assets invested in 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.

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Statement of Assets and Liabilities


	March 31, 2011 Unaudited			December 31, 2010
Assets
Investments, at value (cost $589,586,540 and $615,029,284, respectively)	$	764,265,773	^(a)	$	770,762,769	^(b)
Investments in collective investment funds, at value (cost $105,063,798 and $97,823,074, respectively)		105,228,398			98,849,450
Investments in affiliated funds, at value:
Northern Trust Global Investments—Collective Short Term Investment Fund (cost $11,220,564 and $11,753,747 and units of 11,220,564 and 11,753,747, respectively)		11,220,564			11,753,747
Receivable for investments sold		13,996,477			2,268,053
Receivable for fund units sold		2,650,000			—
Interest and dividends receivable		923,871			915,063
Tax reclaims receivable		28,087			28,085
Other assets		1,004			—

Total assets		898,314,174			884,577,167

Liabilities
Due to custodian		—			2,141
Payable for cash collateral received on securities loaned		61,854,373			74,079,560
Payable for investments purchased		3,355,295			692,830
Payable for fund units redeemed		524,618			2,047,339
Investment advisory fee payable		198,128			191,636
ING—program fee payable		354,669			343,228
Trustee, management and administration fees payable		63,038			59,617
ABA Retirement Funds—program fee payable		51,638			48,480
Other accruals		209,518			176,617

Total liabilities		66,611,277			77,641,448

Net Assets (equivalent to $14.83 and $14.03 per unit based on 56,097,012 and 57,526,392 units outstanding, respectively)	$	831,702,897		$	806,935,719

(a)	Includes securities on loan with a value of $60,487,854 (See Note 6).

(b)	Includes securities on loan with a value of $72,424,395 (See Note 6).

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

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Statement of Operations

Unaudited


	For the period January 1, 2011 to March 31, 2011		For the period January 1, 2010 to March 31, 2010
Investment income
Dividends (net of foreign tax expense of $703 and $1,374, respectively)	$	3,212,372	$	3,580,489
Interest—affiliated issuers		8,781		—
Securities lending income, net		22,106		50,107

Total investment income		3,243,259		3,630,596

Expenses
ING—program fee		1,068,900		1,027,279
Trustee, management and administration fees		180,578		197,028
Investment advisory fee		570,118		511,327
ABA Retirement Funds—program fee		147,608		146,497
Legal and audit fees		64,826		86,947
Compliance consultant fees		34,049		64,189
Reports to unitholders		5,469		48,142
Registration fees		45,217		9,628
Other fees		8,150		35,596

Total expenses		2,124,915		2,126,633


Net investment income (loss)		1,118,344		1,503,963


Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		26,100,236		52,708,759
Investments—affiliated issuers		—		4,300,083

Net realized gain (loss)		26,100,236		57,008,842


Change in net unrealized appreciation (depreciation) on:
Investments		18,083,972		(17,157,112	)
Foreign currency transactions		3		—

Change in net unrealized appreciation (depreciation)		18,083,975		(17,157,112	)


Net realized and unrealized gain (loss)		44,184,211		39,851,730

Net increase (decrease) in net assets resulting from operations	$	45,302,555	$	41,355,693

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

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Statement of Changes in Net Assets

Unaudited


	For the period January 1, 2011 to March 31, 2011
From operations
Net investment income (loss)	$	1,118,344
Net realized gain (loss) from investments and foreign currency transactions		26,100,236
Change in net unrealized appreciation (depreciation)		18,083,975

Net increase (decrease) in net assets resulting from operations		45,302,555


From unitholder transactions
Proceeds from units issued		17,445,111
Cost of units redeemed		(37,980,488	)

Net increase (decrease) in net assets from unitholder transactions		(20,535,377	)


Net increase (decrease) in net assets		24,767,178

Net Assets
Beginning of period		806,935,719

End of period	$	831,702,897

Number of units
Outstanding-beginning of period		57,526,392
Issued		1,202,991
Redeemed		(2,632,371	)

Outstanding-end of period		56,097,012

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

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income†	$	0.06		$	0.06
Expenses†,††		(0.04	)		(0.03	)

Net investment income (loss)		0.02			0.03
Net realized and unrealized gain (loss)		0.78			0.61

Net increase (decrease) in unit value		0.80			0.64
Net asset value at beginning of period		14.03			12.15

Net asset value at end of period	$	14.83		$	12.79


Ratios/Supplemental Data:
Ratio of expenses to average net assets*,††		1.05	%		1.07	%
Ratio of net investment income (loss) to average net assets*		0.55	%		0.76	%
Portfolio turnover**,†††		19	%		78	%
Total return**		5.70	%		5.27	%
Net assets at end of period (in thousands)	$	831,703		$	807,083

*	Annualized for periods less than one year.

**	Not annualized for periods less than one year.

†	Calculations prepared using the daily average number of units outstanding during the period.

††	Expenses include 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.

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Statement of Assets and Liabilities


	March 31, 2011 Unaudited			December 31, 2010
Assets
Investments, at value (cost $231,818,114 and $227,724,348, respectively)	$	306,936,747	^(a)	$	292,662,140	^(b)
Investments in collective investment funds, at value (cost $156,828,953 and $138,560,174, respectively)		156,747,584			138,034,316
Investments in affiliated funds, at value:
Northern Trust Global Investments—Collective Short Term Investment Fund (cost $4,817,499 and $6,510,912 and units of 4,817,499 and 6,510,912, respectively)		4,817,499			6,510,912
Cash		189,827			—
Receivable for investments sold		3,691,361			1,840,260
Receivable for fund units sold		168,278			—
Interest and dividends receivable		267,624			258,002
Tax reclaims receivable		3,592			4,109
Other assets		375			—

Total assets		472,822,887			439,309,739

Liabilities
Payable for cash collateral received on securities loaned		139,546,001			127,436,357
Payable for investments purchased		3,730,438			912,845
Payable for fund units redeemed		—			946,349
Investment advisory fee payable		128,657			124,067
ING—program fee payable		137,521			130,216
Trustee, management and administration fees payable		24,470			22,604
ABA Retirement Funds—program fee payable		20,033			18,381
Other accruals		81,046			67,702

Total liabilities		143,668,166			129,658,521


Net Assets (equivalent to $18.00 and $16.56 per unit based on 18,289,217 and 18,701,043 units outstanding, respectively)	$	329,154,721		$	309,651,218

(a)	Includes securities on loan with a value of $136,136,629 (See Note 6).

(b)	Includes securities on loan with a value of $124,279,421 (See Note 6).

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

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Statement of Operations

Unaudited


	For the period January 1, 2011 to March 31, 2011		For the period January 1, 2010 to March 31, 2010
Investment income
Dividends (net of foreign tax expense of $372 and $132, respectively)	$	1,012,573	$	939,327
Interest—affiliated issuers		4,203		—
Securities lending income, net		84,246		87,987

Total investment income		1,101,022		1,027,314


Expenses
ING—program fee		412,237		367,014
Trustee, management and administration fees		69,657		70,413
Investment advisory fee		370,362		356,045
ABA Retirement Funds—program fee		56,939		52,339
Legal and audit fees		25,102		31,104
Compliance consultant fees		13,184		22,963
Reports to unitholders		2,118		17,222
Registration fees		17,509		3,444
Other fees		3,561		12,701

Total expenses		970,669		933,245


Net investment income (loss)		130,353		94,069


Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		15,763,845		14,138,582
Investments—affiliated issuers		—		1,174,898

Net realized gain (loss)		15,763,845		15,313,480


Change in net unrealized appreciation (depreciation) on:
Investments		10,625,330		11,041,445
Foreign currency transactions		—		(196	)

Change in net unrealized appreciation (depreciation)		10,625,330		11,041,249


Net realized and unrealized gain (loss)		26,389,175		26,354,729


Net increase (decrease) in net assets resulting from operations	$	26,519,528	$	26,448,798

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

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Statement of Changes in Net Assets

Unaudited


	For the period January 1, 2011 to March 31, 2011
From operations
Net investment income (loss)	$	130,353
Net realized gain (loss) from investments and foreign currency transactions		15,763,845
Change in net unrealized appreciation (depreciation)		10,625,330

Net increase (decrease) in net assets resulting from operations		26,519,528


From unitholder transactions
Proceeds from units issued		8,371,839
Cost of units redeemed		(15,387,864	)

Net increase (decrease) in net assets from unitholder transactions		(7,016,025	)


Net increase (decrease) in net assets		19,503,503

Net Assets
Beginning of period		309,651,218

End of period	$	329,154,721

Number of units
Outstanding-beginning of period		18,701,043
Issued		487,136
Redeemed		(898,962	)

Outstanding-end of period		18,289,217

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

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 period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income†	$	0.06		$	0.05
Expenses†,††		(0.05	)		(0.04	)

Net investment income (loss)		0.01			0.01
Net realized and unrealized gain (loss)		1.43			1.28

Net increase (decrease) in unit value		1.44			1.29
Net asset value at beginning of period		16.56			13.32

Net asset value at end of period	$	18.00		$	14.61


Ratios/Supplemental Data:
Ratio of expenses to average net assets*,††		1.23	%		1.32	%
Ratio of net investment income (loss) to average net assets*		0.17	%		0.13	%
Portfolio turnover**,†††		21	%		25	%
Total return**		8.70	%		9.68	%
Net assets at end of period (in thousands)	$	329,155		$	293,714

*	Annualized for periods less than one year.

**	Not annualized for periods less than one year.

†	Calculations prepared using the daily average number of units outstanding during the period.

††	Expenses include 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.

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Statement of Assets and Liabilities


	March 31, 2011 Unaudited			December 31, 2010
Assets
Investments, at value (cost $139,419,260 and $140,011,607, respectively)	$	160,173,069	(a)	$	159,857,822	(b)
Investments in collective investment funds, at value (cost $17,602,473 and $16,297,602, respectively)		17,754,977			16,696,553
Investments in affiliated funds, at value:
Northern Trust Global Investments—Collective Short Term Investment Fund (cost $4,859,336 and $3,830,446 and units of 4,859,336 and 3,830,446, respectively)		4,859,336			3,830,446
Foreign currency, at value (cost $1,577,984 and $491,659, respectively)		1,597,512			515,235
Receivable for investments sold		340,103			384,883
Receivable for fund units sold		72,792			—
Interest and dividends receivable		547,299			151,178
Unrealized appreciation of forward currency exchange contracts		136			44
Tax reclaims receivable		294,145			397,033
Other assets		216			—

Total assets		185,639,585			181,833,194

Liabilities
Payable for cash collateral received on securities loaned		8,822,378			9,120,065
Payable for investments purchased		1,408,858			89,105
Payable for fund units redeemed		—			349,987
Unrealized depreciation of forward currency exchange contracts		539			130
Investment advisory fee payable		75,818			68,776
ING—program fee payable		75,326			70,586
Trustee, management and administration fees payable		13,369			12,265
ABA Retirement Funds—program fee payable		10,967			9,974
Other accruals		44,395			39,805

Total liabilities		10,451,650			9,760,693

Net Assets (equivalent to $28.18 and $27.30 per unit based on 6,216,716 and 6,302,196 units outstanding, respectively)	$	175,187,935		$	172,072,501

(a)	Includes securities on loan with a value of $8,564,263 (See Note 6).

(b)	Includes securities on loan with a value of $8,869,194 (See Note 6).

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

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Statement of Operations

Unaudited


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income
Dividends (net of foreign tax expense of $76,239 and $66,655, respectively)	$	907,817		$	975,672
Interest—affiliated issuers		1,984			—
Securities lending income, net		9,974			6,863

Total investment income		919,775			982,535


Expenses
ING—program fee		227,534			208,667
Trustee, management and administration fees		38,436			40,028
Investment advisory fee		208,932			194,588
ABA Retirement Funds—program fee		31,418			29,757
Legal and audit fees		13,731			17,653
Compliance consultant fees		7,212			13,032
Reports to unitholders		1,158			9,774
Registration fees		9,577			1,955
Other fees		1,970			7,227

Total expenses		539,968			522,681


Net investment income (loss)		379,807			459,854


Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		4,454,092			5,997,752
Foreign currency transactions		31,117			423,779

Net realized gain (loss)		4,485,209			6,421,531


Change in net unrealized appreciation (depreciation) on:
Investments		661,147			(4,273,533	)
Foreign currency transactions		(29,634	)		7,841

Change in net unrealized appreciation (depreciation)		631,513			(4,265,692	)


Net realized and unrealized gain (loss)		5,116,722			2,155,839


Net increase (decrease) in net assets resulting from operations	$	5,496,529		$	2,615,693

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

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Statement of Changes in Net Assets

Unaudited


	For the period January 1, 2011 to March 31, 2011
From operations
Net investment income (loss)	$	379,807
Net realized gain (loss) from investments and foreign currency transactions		4,485,209
Change in net unrealized appreciation (depreciation)		631,513

Net increase (decrease) in net assets resulting from operations		5,496,529


From unitholder transactions
Proceeds from units issued		7,846,170
Cost of units redeemed		(10,227,265	)

Net increase (decrease) in net assets from unitholder transactions		(2,381,095	)


Net increase (decrease) in net assets		3,115,434

Net Assets
Beginning of period		172,072,501

End of period	$	175,187,935


Number of units
Outstanding-beginning of period		6,302,196
Issued		283,051
Redeemed		(368,531	)

Outstanding-end of period		6,216,716

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

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the year)


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income†	$	0.15		$	0.15
Expenses†,††		(0.09	)		(0.08	)

Net investment income (loss)		0.06			0.07
Net realized and unrealized gain (loss)		0.82			0.34

Net increase (decrease) in unit value		0.88			0.41
Net asset value at beginning of period		27.30			24.91

Net asset value at end of period	$	28.18		$	25.32


Ratios/Supplemental Data:
Ratio of expenses to average net assets*,††		1.26	%		1.30	%
Ratio of net investment income (loss) to average net assets*		0.89	%		1.14	%
Portfolio turnover**,†††		12	%		58	%
Total return**		3.22	%		1.65	%
Net assets at end of period (in thousands)	$	175,188		$	165,921

*	Annualized for periods less than one year.

**	Not annualized for periods less than one year.

†	Calculations prepared using the daily average number of units outstanding during the year.

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

†††	With respect to a portion of the Fund’s assets invested in 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.

American Bar Association Members/Northern Trust Collective Trust

Bond Index Fund

Statement of Assets and Liabilities


	March 31, 2011 Unaudited		December 31, 2010
Assets
Investments in collective investment funds, at value:
SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $54,728,569 and $54,048,934 and units of 5,097,771 and 5,051,720, respectively)	$	57,222,477	$	56,452,974
Cash		—		739
Receivable for investments sold		142,482		—
Receivable for fund units sold		—		413,741
Other assets		204		—

Total assets		57,365,163		56,867,454

Liabilities
Payable for investments purchased		—		413,741
Payable for fund units redeemed		142,482		—
Investment advisory fee payable		16,115		—
ING—program fee payable		24,321		25,198
Trustee, management and administration fees payable		4,317		4,385
ABA Retirement Funds—program fee payable		3,538		3,566
Other accruals		14,000		21,814

Total liabilities		204,773		468,704


Net Assets (equivalent to $12.35 and $12.32 per unit based on 4,628,970 and 4,578,551 units outstanding, respectively)	$	57,160,390	$	56,398,750

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

American Bar Association Members/Northern Trust Collective Trust

Bond Index Fund

Statement of Operations

Unaudited


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income	$	—		$	—


Expenses
ING—program fee		73,874			50,563
Trustee, management and administration fees		12,477			9,686
Investment advisory fee		6,071			3,890
ABA Retirement Funds—program fee		10,199			7,211
Legal and audit fees		4,483			4,261
Compliance consultant fees		2,354			3,146
Reports to unitholders		378			2,359
Registration fees		3,127			472
Other fees		564			1,744

Total expenses		113,527			83,332


Net investment income (loss)		(113,527	)		(83,332	)


Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		170,364			54,298

Net realized gain (loss)		170,364			54,298

Change in net unrealized appreciation (depreciation) on:
Investments		89,868			623,989

Change in net unrealized appreciation (depreciation)		89,868			623,989

Net realized and unrealized gain (loss)		260,232			678,287


Net increase (decrease) in net assets resulting from operations	$	146,705		$	594,955

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

American Bar Association Members/Northern Trust Collective Trust

Bond Index Fund

Statement of Changes in Net Assets

Unaudited


	For the period January 1, 2011 to March 31, 2011
From operations
Net investment income (loss)	$	(113,527	)
Net realized gain (loss)		170,364
Change in net unrealized appreciation (depreciation)		89,868

Net increase (decrease) in net assets resulting from operations		146,705


From unitholder transactions
Proceeds from units issued		6,489,881
Cost of units redeemed		(5,874,946	)

Net increase (decrease) in net assets from unitholder transactions		614,935

Net increase (decrease) in net assets		761,640

Net Assets
Beginning of period		56,398,750

End of period	$	57,160,390


Number of units
Outstanding-beginning of period		4,578,551
Issued		526,896
Redeemed		(476,477	)

Outstanding-end of period		4,628,970

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

American Bar Association Members/Northern Trust Collective Trust

Bond Index Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income†	$	—		$	—
Expenses†,††		(0.02	)		(0.02	)

Net investment income (loss)		(0.02	)		(0.02	)
Net realized and unrealized gain (loss)		0.05			0.20

Net increase (decrease) in unit value		0.03			0.18
Net asset value at beginning of period		12.32			11.65

Net asset value at end of period	$	12.35		$	11.83


Ratios/Supplemental Data:
Ratio of expenses to average net assets*,††		0.81	%		0.86	%
Ratio of net investment income (loss) to average net assets*		(0.81	)%		(0.86	)%
Portfolio turnover**,†††		4	%		6	%
Total return**		0.24	%		1.55	%
Net assets at end of period (in thousands)	$	57,160		$	40,231

*	Annualized for periods less than one year.

**	Not annualized for periods less than one year.

†	Calculations prepared using the daily average number of units outstanding during the period.

††

Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The estimated acquired fund fees which are incurred directly by the underlying fund were 0.020% for the period ended March 31, 2011 and are deducted from the value of the funds in which this Fund invests and is included in this Fund’s total return.

†††	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.

American Bar Association Members/Northern Trust Collective Trust

Large Cap Index Equity Fund

Statement of Assets and Liabilities


	March 31, 2011 Unaudited		December 31, 2010
Assets
Investments in affiliated funds, at value:
Northern Trust Global Investments—Collective Short Term Investment Fund (cost $0 and $113 and units of 0 and 113, respectively)	$	—	$	113
Investments in collective investment funds, at value:
SSgA S&P 500^® Index Non-Lending Series Fund Class A (cost $51,923,093 and $47,692,232 and units of 2,776,420 and 2,603,083, respectively)		62,297,318		55,135,902
Receivable for fund units sold		116,695		433,088
Other assets		32		—

Total assets		62,414,045		55,569,103

Liabilities
Payable for investments purchased		116,595		433,088
Investment advisory fee payable		7,565		—
ING—program fee payable		25,917		22,068
Trustee, management and administration fees payable		4,613		3,839
ABA Retirement Funds—program fee payable		3,785		3,122
Other accruals		14,765		16,084

Total liabilities		173,240		478,201

Net Assets (equivalent to $18.93 and $17.90 per unit based on 3,287,576 and 3,076,880 units outstanding, respectively)	$	62,240,805	$	55,090,902

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

American Bar Association Members/Northern Trust Collective Trust

Large Cap Index Equity Fund

Statement of Operations

Unaudited


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income	$	—		$	—


Expenses
ING—program fee		75,635			46,619
Trustee, management and administration fees		12,778			8,940
Investment advisory fee		2,945			1,796
ABA Retirement Funds—program fee		10,445			6,648
Legal and audit fees		4,650			3,948
Compliance consultant fees		2,442			2,915
Reports to unitholders		392			2,186
Registration fees		3,243			437
Other fees		588			1,616

Total expenses		113,118			75,105


Net investment income (loss)		(113,118	)		(75,105	)


Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		427,939			145,392

Net realized gain (loss)		427,939			145,392

Change in net unrealized appreciation (depreciation) on:
Investments		2,930,555			1,791,476

Change in net unrealized appreciation (depreciation)		2,930,555			1,791,476

Net realized and unrealized gain (loss)		3,358,494			1,936,868


Net increase (decrease) in net assets resulting from operations	$	3,245,376		$	1,861,763

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

American Bar Association Members/Northern Trust Collective Trust

Large Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited


	For the period January 1, 2011 to March 31, 2011
From operations
Net investment income (loss)	$	(113,118	)
Net realized gain (loss)		427,939
Change in net unrealized appreciation (depreciation)		2,930,555

Net increase (decrease) in net assets resulting from operations		3,245,376


From unitholder transactions
Proceeds from units issued		10,173,571
Cost of units redeemed		(6,269,044	)

Net increase (decrease) in net assets from unitholder transactions		3,904,527


Net increase (decrease) in net assets		7,149,903

Net Assets
Beginning of period		55,090,902

End of period	$	62,240,805


Number of units
Outstanding-beginning of period		3,076,880
Issued		548,702
Redeemed		(338,006	)

Outstanding-end of period		3,287,576

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

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 period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income†	$	—		$	—
Expenses†,††		(0.04	)		(0.03	)

Net investment income (loss)		(0.04	)		(0.03	)
Net realized and unrealized gain (loss)		1.07			0.84

Net increase (decrease) in unit value		1.03			0.81
Net asset value at beginning of period		17.90			15.68

Net asset value at end of period	$	18.93		$	16.49


Ratios/Supplemental Data:
Ratio of expenses to average net assets*,††		0.77	%		0.84	%
Ratio of net investment income (loss) to average net assets*		(0.77	)%		(0.84	)%
Portfolio turnover**,†††		3	%		7	%
Total return**		5.75	%		5.17	%
Net assets at end of period (in thousands)	$	62,241		$	38,965

*	Annualized for periods less than one year.

**	Not annualized for periods less than one year.

†	Calculations prepared using the daily average number of units outstanding during the period.

††

Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The estimated acquired fund fees which are incurred directly by the underlying fund were 0.010% for the period ended March 31, 2011 and are deducted from the value of the funds in which this Fund invests and is included in this Fund’s total return.

†††	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.

American Bar Association Members/Northern Trust Collective Trust

All Cap Index Equity Fund

Statement of Assets and Liabilities


	March 31, 2011 Unaudited			December 31, 2010
Assets
Investments in affiliated funds, at value:
Northern Trust Global Investments—Collective Short Term Investment Fund (cost $0 and $611 and units of 0 and 611, respectively)	$	—		$	611
Investments in collective investment funds, at value:
SSgA Russell All Cap Index Non-Lending Series Fund Class A (cost $251,268,115 and $252,922,382 and units of 17,740,038 and 17,928,521, respectively)		308,925,028			293,418,183
Receivable for investments sold		—			511,260
Receivable for fund units sold		217,776			—
Other assets		326			—

Total assets		309,143,130			293,930,054

Liabilities
Payable for investments purchased		217,776			—
Payable for fund units redeemed		—			511,260
Investment advisory fee payable		84,299			—
ING—program fee payable		130,749			122,391
Trustee, management and administration fees payable		23,254			21,243
ABA Retirement Funds—program fee payable		19,048			17,274
Payable for legal and audit services		29,419			26,129
Payable for compliance consultant fees		—	(a)		14,606
Other accruals		47,282			74,957

Total liabilities		551,827			787,860


Net Assets (equivalent to $37.74 and $35.54 per unit based on 8,175,817 and 8,247,938 units outstanding, respectively)	$	308,591,303		$	293,142,194

(a)	Payable for compliance consultant fees is included in other accruals.

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

American Bar Association Members/Northern Trust Collective Trust

All Cap Index Equity Fund

Statement of Operations

Unaudited


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income	$	—		$	—

Expenses
ING—program fee		391,266			341,994
Trustee, management and administration fees		66,101			65,597
Investment advisory fee		30,359			32,945
ABA Retirement Funds—program fee		54,033			48,771
Legal and audit fees		23,819			28,959
Compliance consultant fees		12,510			21,379
Reports to unitholders		2,009			16,034
Registration fees		16,614			3,207
Other fees		2,997			11,856

Total expenses		599,708			570,742


Net investment income (loss)		(599,708	)		(570,742	)


Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		1,481,317			2,069,199


Net realized gain (loss)		1,481,317			2,069,199


Change in net unrealized appreciation (depreciation) on:
Investments		17,161,112			13,629,638


Change in net unrealized appreciation (depreciation)		17,161,112			13,629,638


Net realized and unrealized gain (loss)		18,642,429			15,698,837


Net increase (decrease) in net assets resulting from operations	$	18,042,721		$	15,128,095

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

American Bar Association Members/Northern Trust Collective Trust

All Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited


	For the period January 1, 2011 to March 31, 2011
From operations
Net investment income (loss)	$	(599,708	)
Net realized gain (loss)		1,481,317
Change in net unrealized appreciation (depreciation)		17,161,112

Net increase (decrease) in net assets resulting from operations		18,042,721


From unitholder transactions
Proceeds from units issued		12,503,747
Cost of units redeemed		(15,097,359	)

Net increase (decrease) in net assets from unitholder transactions		(2,593,612	)


Net increase (decrease) in net assets		15,449,109

Net Assets
Beginning of period		293,142,194

End of period	$	308,591,303


Number of units
Outstanding-beginning of period		8,247,938
Issued		339,299
Redeemed		(411,420	)

Outstanding-end of period		8,175,817

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

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 period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income†	$	—		$	—
Expenses†,††		(0.07	)		(0.07	)

Net investment income (loss)		(0.07	)		(0.07	)
Net realized and unrealized gain (loss)		2.27			1.85

Net increase (decrease) in unit value		2.20			1.78
Net asset value at beginning of period		35.54			30.60

Net asset value at end of period	$	37.74		$	32.38


Ratios/Supplemental Data:
Ratio of expenses to average net assets*,††		0.80	%		0.87	%
Ratio of net investment income (loss) to average net assets*		(0.80	)%		(0.87	)%
Portfolio turnover**,†††		1	%		9	%
Total return**		6.19	%		5.82	%
Net assets at end of period (in thousands)	$	308,591		$	275,978

*	Annualized for periods less than one year.

**	Not annualized for periods less than one year.

†	Calculations prepared using the daily average number of units outstanding during the period.

††

†††	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.

American Bar Association Members/Northern Trust Collective Trust

Mid Cap Index Equity Fund

Statement of Assets and Liabilities


	March 31, 2011 Unaudited		December 31, 2010
Assets
Investments in affiliated funds, at value:
Northern Trust Global Investments—Collective Short Term Investment Fund (cost $0 and $90 and units of 0 and 90, respectively)	$	—	$	90
Investments in collective investment funds, at value:
SSgA S&P MidCap^® Index Non-Lending Series Fund Class A (cost $44,501,435 and $35,944,250 and units of 1,544,620 and 1,313,540, respectively)		57,075,244		44,387,144
Receivable for fund units sold		1,158,287		657,452

Total assets		58,233,531		45,044,686

Liabilities
Payable for investments purchased		1,158,287		657,452
Investment advisory fee payable		12,068		—
ING—program fee payable		22,535		17,373
Trustee, management and administration fees payable		3,913		3,028
ABA Retirement Funds—program fee payable		3,293		2,462
Other accruals		12,443		15,963

Total liabilities		1,212,539		696,278


Net Assets (equivalent to $26.95 and $24.69 per unit based on 2,116,137 and 1,796,377 units outstanding, respectively)	$	57,020,992	$	44,348,408

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

American Bar Association Members/Northern Trust Collective Trust

Mid Cap Index Equity Fund

Statement of Operations

Unaudited


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income	$	—		$	—


Expenses
ING—program fee		63,216			34,777
Trustee, management and administration fees		10,685			6,672
Investment advisory fee		5,270			3,352
ABA Retirement Funds—program fee		8,735			4,959
Legal and audit fees		3,946			2,952
Compliance consultant fees		2,073			2,179
Reports to unitholders		333			1,635
Registration fees		2,752			327
Other fees		500			1,209

Total expenses		97,510			58,062


Net investment income (loss)		(97,510	)		(58,062	)


Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		380,970			175,796


Net realized gain (loss)		380,970			175,796


Change in net unrealized appreciation (depreciation) on:
Investments		4,130,915			2,231,460


Change in net unrealized appreciation (depreciation)		4,130,915			2,231,460


Net realized and unrealized gain (loss)		4,511,885			2,407,256


Net increase (decrease) in net assets resulting from operations	$	4,414,375		$	2,349,194

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

American Bar Association Members/Northern Trust Collective Trust

Mid Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited


	For the period January 1, 2011 to March 31, 2011
From operations
Net investment income (loss)	$	(97,510	)
Net realized gain (loss)		380,970
Change in net unrealized appreciation (depreciation)		4,130,915

Net increase (decrease) in net assets resulting from operations		4,414,375


From unitholder transactions
Proceeds from units issued		14,097,154
Cost of units redeemed		(5,838,945	)

Net increase (decrease) in net assets from unitholder transactions		8,258,209

Net increase (decrease) in net assets		12,672,584

Net Assets
Beginning of period		44,348,408

End of period	$	57,020,992


Number of units
Outstanding-beginning of period		1,796,377
Issued		546,966
Redeemed		(227,206	)

Outstanding-end of period		2,116,137

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

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 period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income†	$	—		$	—
Expenses†,††		(0.05	)		(0.04	)

Net investment income (loss)		(0.05	)		(0.04	)
Net realized and unrealized gain (loss)		2.31			1.78

Net increase (decrease) in unit value		2.26			1.74
Net asset value at beginning of period		24.69			19.66

Net asset value at end of period	$	26.95		$	21.40


Ratios/Supplemental Data:
Ratio of expenses to average net assets*,††		0.78	%		0.87	%
Ratio of net investment income (loss) to average net assets*		(0.78	)%		(0.87	)%
Portfolio turnover**,†††		3	%		9	%
Total return**		9.15	%		8.85	%
Net assets at end of period (in thousands)	$	57,021		$	29,524

*	Annualized for periods less than one year.

**	Not annualized for periods less than one year.

†	Calculations prepared using the daily average number of units outstanding during the period.

††

†††	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.

American Bar Association Members/Northern Trust Collective Trust

Small Cap Index Equity Fund

Statement of Assets and Liabilities


	March 31, 2011 Unaudited		December 31, 2010
Assets
Investments in affiliated funds, at value:
Northern Trust Global Investments—Collective Short Term Investment Fund (cost $0 and $54 and units of 0 and 54, respectively)	$	—	$	54
Investments in collective investment funds, at value:
SSgA Russell Small Cap Index Non-Lending Series Fund Class A (cost $28,910,522 and $21,991,797 and units of 1,407,188 and 1,138,075, respectively)		35,801,689		26,818,749
Receivable for fund units sold		671,541		269,225

Total assets		36,473,230		27,088,028

Liabilities
Payable for investments purchased		671,541		269,225
Investment advisory fee payable		7,252		—
ING—program fee payable		14,225		10,017
Trustee, management and administration fees payable		2,554		1,745
ABA Retirement Funds—program fee payable		2,082		1,419
Other accruals		7,629		9,553

Total liabilities		705,283		291,959

Net Assets (equivalent to $27.99 and $25.98 per unit based on 1,277,676 and 1,031,517 units outstanding, respectively)	$	35,767,947	$	26,796,069

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

American Bar Association Members/Northern Trust Collective Trust

Small Cap Index Equity Fund

Statement of Operations

Unaudited


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income	$	—		$	—


Expenses
ING—program fee		39,248			21,009
Trustee, management and administration fees		6,635			4,031
Investment advisory fee		3,288			2,025
ABA Retirement Funds—program fee		5,424			2,996
Legal and audit fees		2,450			1,785
Compliance consultant fees		1,287			1,318
Reports to unitholders		207			988
Registration fees		1,709			198
Other fees		309			731

Total expenses		60,557			35,081

Net investment income (loss)		(60,557	)		(35,081	)


Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		410,573			68,081

Net realized gain (loss)		410,573			68,081

Change in net unrealized appreciation (depreciation) on:
Investments		2,064,215			1,380,828

Change in net unrealized appreciation (depreciation)		2,064,215			1,380,828

Net realized and unrealized gain (loss)		2,474,788			1,448,909

Net increase (decrease) in net assets resulting from operations	$	2,414,231		$	1,413,828

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

American Bar Association Members/Northern Trust Collective Trust

Small Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited


	For the period January 1, 2011 to March 31, 2011
From operations
Net investment income (loss)	$	(60,557	)
Net realized gain (loss)		410,573
Change in net unrealized appreciation (depreciation)		2,064,215

Net increase (decrease) in net assets resulting from operations		2,414,231


From unitholder transactions
Proceeds from units issued		10,502,036
Cost of units redeemed		(3,944,389	)

Net increase (decrease) in net assets from unitholder transactions		6,557,647


Net increase (decrease) in net assets		8,971,878

Net Assets
Beginning of period		26,796,069

End of period	$	35,767,947


Number of units
Outstanding-beginning of period		1,031,517
Issued		394,722
Redeemed		(148,563	)

Outstanding-end of period		1,277,676

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

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 period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income†	$	—		$	—
Expenses†,††		(0.05	)		(0.05	)

Net investment income (loss)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss)		2.06			1.82

Net increase (decrease) in unit value		2.01			1.77
Net asset value at beginning of period		25.98			20.67

Net asset value at end of period	$	27.99		$	22.44


Ratios/Supplemental Data:
Ratio of expenses to average net assets*,††		0.78	%		0.87	%
Ratio of net investment income (loss) to average net assets*		(0.78	)%		(0.87	)%
Portfolio turnover**,†††		5	%		9	%
Total return**		7.74	%		8.56	%
Net assets at end of period (in thousands)	$	35,768		$	18,017

*	Annualized for periods less than one year.

**	Not annualized for periods less than one year.

†	Calculations prepared using the daily average number of units outstanding during the period.

††

†††	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.

American Bar Association Members/Northern Trust Collective Trust

International Index Equity Fund

Statement of Assets and Liabilities


	March 31, 2011 Unaudited		December 31, 2010
Assets
Investments in affiliated funds, at value:
Northern Trust Global Investments—Collective Short Term Investment Fund (cost $0 and $87 and units of 0 and 87, respectively)	$	—	$	87
Investments in collective investment funds, at value:
SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A (cost $44,056,820 and $39,231,983 and units of 3,626,782 and 3,283,291, respectively)		50,470,293		44,193,095
Receivable for fund units sold		1,318,299		1,216,106
Other assets		40		25

Total assets		51,788,632		45,409,313

Liabilities
Payable for investments purchased		1,318,299		1,216,106
Investment advisory fee payable		35,681		—
ING—program fee payable		20,750		17,216
Trustee, management and administration fees payable		3,648		3,003
ABA Retirement Funds—program fee payable		3,010		2,442
Other accruals		11,645		29,468

Total liabilities		1,393,033		1,268,235


Net Assets (equivalent to $29.85 and $28.94 per unit based on 1,688,091 and 1,525,410 units outstanding, respectively)	$	50,395,599	$	44,141,078

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

American Bar Association Members/Northern Trust Collective Trust

International Index Equity Fund

Statement of Operations

Unaudited


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income	$	—		$	—

Expenses
ING—program fee		59,977			33,447
Trustee, management and administration fees		10,129			6,417
Investment advisory fee		15,149			6,447
ABA Retirement Funds—program fee		8,281			4,770
Legal and audit fees		3,680			2,836
Compliance consultant fees		1,933			2,094
Reports to unitholders		310			1,570
Registration fees		2,566			314
Other fees		464			1,161

Total expenses		102,489			59,056

Net investment income (loss)		(102,489	)		(59,056	)

Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		107,539			27,416

Net realized gain (loss)		107,539			27,416

Change in net unrealized appreciation (depreciation) on:
Investments		1,452,361			433,184

Change in net unrealized appreciation (depreciation)		1,452,361			433,184

Net realized and unrealized gain (loss)		1,559,900			460,600

Net increase (decrease) in net assets resulting from operations	$	1,457,411		$	401,544

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

American Bar Association Members/Northern Trust Collective Trust

International Index Equity Fund

Statement of Changes in Net Assets

Unaudited


	For the period January 1, 2011 to March 31, 2011
From operations
Net investment income (loss)	$	(102,489	)
Net realized gain (loss)		107,539
Change in net unrealized appreciation (depreciation)		1,452,361

Net increase (decrease) in net assets resulting from operations		1,457,411

From unitholder transactions
Proceeds from units issued		7,847,284
Cost of units redeemed		(3,050,174	)

Net increase (decrease) in net assets from unitholder transactions		4,797,110

Net increase (decrease) in net assets		6,254,521
Net Assets
Beginning of period		44,141,078

End of period	$	50,395,599

Number of units
Outstanding-beginning of period		1,525,410
Issued		266,646
Redeemed		(103,965	)

Outstanding-end of period		1,688,091

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

American Bar Association Members/Northern Trust Collective Trust

International Index Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income†	$	—		$	—
Expenses†,††		(0.06	)		(0.06	)

Net investment income (loss)		(0.06	)		(0.06	)
Net realized and unrealized gain (loss)		0.97			0.39

Net increase (decrease) in unit value		0.91			0.33
Net asset value at beginning of period		28.94			26.28

Net asset value at end of period	$	29.85		$	26.61


Ratios/Supplemental Data:
Ratio of expenses to average net assets*,††		0.89	%		0.92	%
Ratio of net investment income (loss) to average net assets*		(0.89	)%		(0.92	)%
Portfolio turnover**,†††		2	%		5	%
Total return**		3.14	%		1.26	%
Net assets at end of period (in thousands)	$	50,396		$	28,332

*	Annualized for periods less than one year.

**	Not annualized for periods less than one year.

†	Calculations prepared using the daily average number of units outstanding during the period.

††

Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The estimated acquired fund fees which are incurred directly by the underlying fund were 0.052% for the period ended March 31, 2011 and are deducted from the value of the funds in which this Fund invests and is included in this Fund’s total return.

†††	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.

American Bar Association Members/Northern Trust Collective Trust

Real Asset Return Fund

Statement of Assets and Liabilities


	March 31, 2011 Unaudited			December 31, 2010
Assets
Investments in affiliated funds, at value:
Northern Trust Global Investments—Collective Short Term Investment Fund (cost $0 and $27 and units of 0 and 27, respectively)	$	—		$	27
Investments in collective investment funds, at value:
SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A (cost $7,630,341 and $5,540,816 and units of 374,096 and 275,552, respectively)		7,908,763			5,707,777
SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $4,314,856 and $3,227,671 and units of 177,230 and 141,916, respectively)		5,083,121			3,816,552
SSgA Dow Jones UBS-Commodity Index^SMNon-Lending Series Fund Class A (cost $3,462,465 and $2,745,087 and units of 395,885 and 332,103, respectively)		4,083,555			3,279,185
Receivable for fund units sold		320,545			38,418

Total assets		17,395,984			12,841,959

Liabilities
Payable for investments purchased		320,545			38,418
Investment advisory fee payable		7,100			—
ING—program fee payable		6,764			5,478
Trustee, management and administration fees payable		1,228			954
ABA Retirement Funds—program fee payable		987			776
Payable for legal and audit services		—	(a)		1,122
Payable for compliance consultant fees		—	(b)		627
Other accruals		3,632			5,139

Total liabilities		340,256			52,514


Net Assets (equivalent to $17.25 and $16.62 per unit based on 988,940 and 769,370 units outstanding, respectively)	$	17,055,728		$	12,789,445

(a)	Payable for legal and audit services fee is included in other accruals.

(b)	Payable for compliance consultant fees is included in other accruals.

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

American Bar Association Members/Northern Trust Collective Trust

Real Asset Return Fund

Statement of Operations

Unaudited


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income	$	—		$	—


Expenses
ING—program fee		18,872			8,076
Trustee, management and administration fees		3,188			1,548
Investment advisory fee		2,863			1,400
ABA Retirement Funds—program fee		2,606			1,153
Legal and audit fees		1,167			687
Compliance consultant fees		613			507
Reports to unitholders		99			380
Registration fees		814			76
Other fees		151			281

Total expenses		30,373			14,108


Net investment income (loss)		(30,373	)		(14,108	)


Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		223,986			57,662

Net realized gain (loss)		223,986			57,662

Change in net unrealized appreciation (depreciation) on:
Investments		377,837			98,218

Change in net unrealized appreciation (depreciation)		377,837			98,218


Net realized and unrealized gain (loss)		601,823			155,880


Net increase (decrease) in net assets resulting from operations	$	571,450		$	141,772

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

American Bar Association Members/Northern Trust Collective Trust

Real Asset Return Fund

Statement of Changes in Net Assets

Unaudited


	For the period January 1, 2011 to March 31, 2011
From operations
Net investment income (loss)	$	(30,373	)
Net realized gain (loss)		223,986
Change in net unrealized appreciation (depreciation)		377,837

Net increase (decrease) in net assets resulting from operations		571,450


From unitholder transactions
Proceeds from units issued		5,729,441
Cost of units redeemed		(2,034,608	)

Net increase (decrease) in net assets from unitholder transactions		3,694,833

Net increase (decrease) in net assets		4,266,283

Net Assets
Beginning of period		12,789,445

End of period	$	17,055,728


Number of units
Outstanding-beginning of period		769,370
Issued		340,023
Redeemed		(120,453	)

Outstanding-end of period		988,940

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

American Bar Association Members/Northern Trust Collective Trust

Real Asset Return Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income†	$	—		$	—
Expenses†,††		(0.03	)		(0.03	)

Net investment income (loss)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss)		0.66			0.31

Net increase (decrease) in unit value		0.63			0.28
Net asset value at beginning of period		16.62			14.51

Net asset value at end of period	$	17.25		$	14.79


Ratios/Supplemental Data:
Ratio of expenses to average net assets*,††		0.82	%		0.91	%
Ratio of net investment income (loss) to average net assets*		(0.82	)%		(0.91	)%
Portfolio turnover**,†††		8	%		5	%
Total return**		3.79	%		1.93	%
Net assets at end of period (in thousands)	$	17,056		$	7,885

*	Annualized for periods less than one year.

**	Not annualized for periods less than one year.

†	Calculations prepared using the daily average number of units outstanding during the period.

††

†††	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.

American Bar Association Members/Northern Trust Collective Trust

Lifetime Income Retirement Date Fund

Statement of Assets and Liabilities


	March 31, 2011 Unaudited		December 31, 2010
Assets
Investments in collective investment funds, at value:
SSgA Target Retirement Income Non-Lending Series Fund Class A (cost $33,265,591 and $33,661,787 and units of 2,869,876 and 2,920,687, respectively)	$	35,859,095	$	35,550,602
Cash		—		74
Receivable for investments sold		110,587		258,989
Other assets		47		—

Total assets		35,969,729		35,809,665

Liabilities
Payable for fund units redeemed		110,587		258,989
Retirement Date Fund management fee payable		26,112		17,113
ING—program fee payable		15,279		15,495
Trustee, management and administration fees payable		3,517		3,442
ABA Retirement Funds—program fee payable		2,228		2,199
Other accruals		9,144		7,464

Total liabilities		166,867		304,702


Net Assets (equivalent to $12.20 and $11.91 per unit based on 2,935,816 and 2,982,118 units outstanding, respectively)	$	35,802,862	$	35,504,963

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

American Bar Association Members/Northern Trust Collective Trust

Lifetime Income Retirement Date Fund

Statement of Operations

Unaudited


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income	$	—		$	—


Expenses
ING—program fee		46,753			39,231
Trustee, management and administration fees		10,153			7,518
Retirement Date Fund management fee		8,999			7,550
ABA Retirement Funds—program fee		6,455			5,594
Legal and audit fees		2,824			3,312
Compliance consultant fees		1,483			2,445
Reports to unitholders		238			1,834
Registration fees		1,969			367
Other fees		355			1,356

Total expenses		79,229			69,207


Net investment income (loss)		(79,229	)		(69,207	)


Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		235,438			111,461

Net realized gain (loss)		235,438			111,461

Change in net unrealized appreciation (depreciation) on:
Investments		704,689			656,258

Change in net unrealized appreciation (depreciation)		704,689			656,258


Net realized and unrealized gain (loss)		940,127			767,719


Net increase (decrease) in net assets resulting from operations	$	860,898		$	698,512

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

American Bar Association Members/Northern Trust Collective Trust

Lifetime Income Retirement Date Fund

Statement of Changes in Net Assets

Unaudited


	For the period January 1, 2011 to March 31, 2011
From operations
Net investment income (loss)	$	(79,229	)
Net realized gain (loss)		235,438
Change in net unrealized appreciation (depreciation)		704,689

Net increase (decrease) in net assets resulting from operations		860,898


From unitholder transactions
Proceeds from units issued		1,980,967
Cost of units redeemed		(2,543,966	)

Net increase (decrease) in net assets from unitholder transactions		(562,999	)


Net increase (decrease) in net assets		297,899

Net Assets
Beginning of period		35,504,963

End of period	$	35,802,862


Number of units
Outstanding-beginning of period		2,982,118
Issued		164,499
Redeemed		(210,801	)

Outstanding-end of period		2,935,816

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

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 period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income†	$	—		$	—
Expenses†,††		(0.03	)		(0.02	)

Net investment income (loss)		(0.03	)		(0.02	)
Net realized and unrealized gain (loss)		0.32			0.27

Net increase (decrease) in unit value		0.29			0.25
Net asset value at beginning of period		11.91			10.94

Net asset value at end of period	$	12.20		$	11.19


Ratios/Supplemental Data:
Ratio of expenses to average net assets*,††		0.90	%		0.92	%
Ratio of net investment income (loss) to average net assets*		(0.90	)%		(0.92	)%
Portfolio turnover**,†††		4	%		9	%
Total return**		2.43	%		2.29	%
Net assets at end of period (in thousands)	$	35,803		$	31,692

*	Annualized for periods less than one year.

**	Not annualized for periods less than one year.

†	Calculations prepared using the daily average number of units outstanding during the period.

††

Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The estimated acquired fund fees which are incurred directly by the underlying fund were 0.030% for the period ended March 31, 2011 and are deducted from the value of the funds in which this Fund invests and is included in this Fund’s total return.

†††	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.

American Bar Association Members/Northern Trust Collective Trust

2010 Retirement Date Fund

Statement of Assets and Liabilities


	March 31, 2011 Unaudited			December 31, 2010
Assets
Investments in collective investment funds, at value:
SSgA Target Retirement 2010 Non-Lending Series Fund Class A (cost $65,002,262 and $65,124,151 and units of 5,396,013 and 5,438,050, respectively)	$	71,016,933		$	69,514,596
Cash		—			146
Receivable for fund units sold		358,758			21,845
Other assets		99			—

Total assets		71,375,790			69,536,587

Liabilities
Payable for investments purchased		358,758			21,845
Retirement Date Fund management fee payable		50,325			31,464
ING—program fee payable		30,030			29,424
Trustee, management and administration fees payable		6,875			6,498
ABA Retirement Funds—program fee payable		4,373			4,151
Payable for legal and audit services		—	(a)		6,207
Other accruals		17,828			8,463

Total liabilities		468,189			108,052

Net Assets (equivalent to $14.62 and $14.24 per unit based on 4,848,725 and 4,877,243 units outstanding, respectively)	$	70,907,601		$	69,428,535

(a)	Payable for legal and audit services fee is included in other accruals.

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

American Bar Association Members/Northern Trust Collective Trust

2010 Retirement Date Fund

Statement of Operations

Unaudited


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income	$	—		$	—


Expenses
ING—program fee		90,717			81,209
Trustee, management and administration fees		19,708			15,568
Retirement Date Fund management fee		18,861			15,635
ABA Retirement Funds—program fee		12,529			11,581
Legal and audit fees		5,488			6,860
Compliance consultant fees		2,882			5,065
Reports to unitholders		463			3,798
Registration fees		3,828			760
Other fees		692			2,809

Total expenses		155,168			143,285

Net investment income (loss)		(155,168	)		(143,285	)


Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		403,742			348,076

Net realized gain (loss)		403,742			348,076

Change in net unrealized appreciation (depreciation) on:
Investments		1,624,226			1,600,239

Change in net unrealized appreciation (depreciation)		1,624,226			1,600,239

Net realized and unrealized gain (loss)		2,027,968			1,948,315

Net increase (decrease) in net assets resulting from operations	$	1,872,800		$	1,805,030

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

American Bar Association Members/Northern Trust Collective Trust

2010 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited


	For the period January 1, 2011 to March 31, 2011
From operations
Net investment income (loss)	$	(155,168	)
Net realized gain (loss)		403,742
Change in net unrealized appreciation (depreciation)		1,624,226

Net increase (decrease) in net assets resulting from operations		1,872,800


From unitholder transactions
Proceeds from units issued		4,587,569
Cost of units redeemed		(4,981,303	)

Net increase (decrease) in net assets from unitholder transactions		(393,734	)

Net increase (decrease) in net assets		1,479,066

Net Assets
Beginning of period		69,428,535

End of period	$	70,907,601


Number of units
Outstanding-beginning of period		4,877,243
Issued		317,788
Redeemed		(346,306	)

Outstanding-end of period		4,848,725

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

American Bar Association Members/Northern Trust Collective Trust

2010 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income†	$	—		$	—
Expenses†,††		(0.03	)		(0.03	)

Net investment income (loss)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss)		0.41			0.40

Net increase (decrease) in unit value		0.38			0.37
Net asset value at beginning of period		14.24			12.75

Net asset value at end of period	$	14.62		$	13.12


Ratios/Supplemental Data:
Ratio of expenses to average net assets*,††		0.91	%		0.92	%
Ratio of net investment income (loss) to average net assets*		(0.91	)%		(0.92	)%
Portfolio turnover**,†††		4	%		14	%
Total return**		2.67	%		2.90	%
Net assets at end of period (in thousands)	$	70,908		$	63,092

*	Annualized for periods less than one year.

**	Not annualized for periods less than one year.

†	Calculations prepared using the daily average number of units outstanding during the period.

††

Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The estimated acquired fund fees which are incurred directly by the underlying fund were 0.030% for the period ended March 31, 2011 and are deducted from the value of the funds in which this Fund invests and is included in this Fund’s total return.

†††	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.

American Bar Association Members/Northern Trust Collective Trust

2020 Retirement Date Fund

Statement of Assets and Liabilities


	March 31, 2011 Unaudited		December 31, 2010
Assets
Investments in affiliated funds, at value:
Northern Trust Global Investments—Collective Short Term Investment Fund (cost $0 and $275 and units of 0 and 275, respectively)	$	—	$	275
Investments in collective investment funds, at value:
SSgA Target Retirement 2020 Non-Lending Series Fund Class A (cost $129,487,399 and $123,528,089 and units of 10,387,851 and 10,044,096, respectively)		146,157,061		135,866,487
Receivable for fund units sold		250,908		461,938
Other assets		107		—

Total assets		146,408,076		136,328,700

Liabilities
Payable for investments purchased		250,908		461,938
Retirement Date Fund management fee payable		95,738		58,970
ING—program fee payable		61,671		55,248
Trustee, management and administration fees payable		14,158		12,208
ABA Retirement Funds—program fee payable		8,979		7,799
Other accruals		35,676		28,107

Total liabilities		467,130		624,270


Net Assets (equivalent to $17.10 and $16.48 per unit based on 8,534,882 and 8,237,096 units outstanding, respectively)	$	145,940,946	$	135,704,430

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

American Bar Association Members/Northern Trust Collective Trust

2020 Retirement Date Fund

Statement of Operations

Unaudited


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income	$	—		$	—


Expenses
ING—program fee		182,732			141,022
Trustee, management and administration fees		39,693			27,044
Retirement Date Fund management fee		36,769			27,163
ABA Retirement Funds—program fee		25,235			20,111
Legal and audit fees		11,172			11,932
Compliance consultant fees		5,868			8,809
Reports to unitholders		942			6,607
Registration fees		7,793			1,321
Other fees		1,410			4,885

Total expenses		311,614			248,894


Net investment income (loss)		(311,614	)		(248,894	)


Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		1,194,391			433,685

Net realized gain (loss)		1,194,391			433,685


Change in net unrealized appreciation (depreciation) on:
Investments		4,331,264			3,919,052

Change in net unrealized appreciation (depreciation)		4,331,264			3,919,052

Net realized and unrealized gain (loss)		5,525,655			4,352,737


Net increase (decrease) in net assets resulting from operations	$	5,214,041		$	4,103,843

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

American Bar Association Members/Northern Trust Collective Trust

2020 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited


	For the period January 1, 2011 to March 31, 2011
From operations
Net investment income (loss)	$	(311,614	)
Net realized gain (loss)		1,194,391
Change in net unrealized appreciation (depreciation)		4,331,264

Net increase (decrease) in net assets resulting from operations		5,214,041


From unitholder transactions
Proceeds from units issued		14,888,517
Cost of units redeemed		(9,866,042	)

Net increase (decrease) in net assets from unitholder transactions		5,022,475


Net increase (decrease) in net assets		10,236,516

Net Assets
Beginning of period		135,704,430

End of period	$	145,940,946


Number of units
Outstanding-beginning of period		8,237,096
Issued		887,615
Redeemed		(589,829	)

Outstanding-end of period		8,534,882

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

American Bar Association Members/Northern Trust Collective Trust

2020 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income†	$	—		$	—
Expenses†,††		(0.04	)		(0.03	)

Net investment income (loss)		(0.04	)		(0.03	)
Net realized and unrealized gain (loss)		0.66			0.58

Net increase (decrease) in unit value		0.62			0.55
Net asset value at beginning of period		16.48			14.45

Net asset value at end of period	$	17.10		$	15.00


Ratios/Supplemental Data:
Ratio of expenses to average net assets*,††		0.89	%		0.92	%
Ratio of net investment income (loss) to average net assets*		(0.89	)%		(0.92	)%
Portfolio turnover**,†††		3	%		13	%
Total return**		3.76	%		3.81	%
Net assets at end of period (in thousands)	$	145,941		$	112,028

*	Annualized for periods less than one year.

**	Not annualized for periods less than one year.

†	Calculations prepared using the daily average number of units outstanding during the period.

††

Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The estimated acquired fund fees which are incurred directly by the underlying fund were 0.030% for the period ended March 31, 2011 and are deducted from the value of the funds in which this Fund invests and is included in this Fund’s total return.

†††	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.

American Bar Association Members/Northern Trust Collective Trust

2030 Retirement Date Fund

Statement of Assets and Liabilities


	March 31, 2011 Unaudited			December 31, 2010
Assets
Investments in affiliated funds, at value:
Northern Trust Global Investments—Collective Short Term Investment Fund (cost $0 and $221 and units of 0 and 221, respectively)	$	—		$	221
Investments in collective investment funds, at value:
SSgA Target Retirement 2030 Non-Lending Series Fund Class A (cost $98,903,092 and $96,155,242 and units of 7,868,420 and 7,760,728, respectively)		115,122,849			108,526,023
Receivable for investments sold		372,129			22,508
Other assets		99			—

Total assets		115,495,077			108,548,752

Liabilities
Payable for fund units redeemed		372,129			22,508
Retirement Date Fund management fee payable		76,075			48,332
ING—program fee payable		49,111			44,292
Trustee, management and administration fees payable		11,261			9,803
ABA Retirement Funds—program fee payable		7,157			6,263
Payable for legal and audit services		—	(a)		9,567
Other accruals		28,459			13,044

Total liabilities		544,192			153,809


Net Assets (equivalent to $19.27 and $18.45 per unit based on 5,966,695 and 5,874,159 units outstanding, respectively)	$	114,950,885		$	108,394,943

(a)	Payable for legal and audit services fee is included in other accruals.

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

American Bar Association Members/Northern Trust Collective Trust

2030 Retirement Date Fund

Statement of Operations

Unaudited


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income	$	—		$	—


Expenses
ING—program fee		145,797			104,247
Trustee, management and administration fees		31,670			19,991
Retirement Date Fund management fee		27,743			20,080
ABA Retirement Funds—program fee		20,135			14,867
Legal and audit fees		8,884			8,825
Compliance consultant fees		4,666			6,515
Reports to unitholders		749			4,886
Registration fees		6,196			977
Other fees		1,121			3,613

Total expenses		246,961			184,001

Net investment income (loss)		(246,961	)		(184,001	)


Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		1,226,079			(193,085	)

Net realized gain (loss)		1,226,079			(193,085	)

Change in net unrealized appreciation (depreciation) on:
Investments		3,848,976			3,850,124

Change in net unrealized appreciation (depreciation)		3,848,976			3,850,124

Net realized and unrealized gain (loss)		5,075,055			3,657,039

Net increase (decrease) in net assets resulting from operations	$	4,828,094		$	3,473,038

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

American Bar Association Members/Northern Trust Collective Trust

2030 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited


	For the period January 1, 2011 to March 31, 2011
From operations
Net investment income (loss)	$	(246,961	)
Net realized gain (loss)		1,226,079
Change in net unrealized appreciation (depreciation)		3,848,976

Net increase (decrease) in net assets resulting from operations		4,828,094


From unitholder transactions
Proceeds from units issued		9,385,630
Cost of units redeemed		(7,657,782	)

Net increase (decrease) in net assets from unitholder transactions		1,727,848


Net increase (decrease) in net assets		6,555,942

Net Assets
Beginning of period		108,394,943

End of period	$	114,950,885


Number of units
Outstanding-beginning of period		5,874,159
Issued		499,276
Redeemed		(406,740	)

Outstanding-end of period		5,966,695

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

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 January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income†	$	—		$	—
Expenses†,††		(0.04	)		(0.04	)

Net investment income (loss)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss)		0.86			0.73

Net increase (decrease) in unit value		0.82			0.69
Net asset value at beginning of period		18.45			16.03

Net asset value at end of period	$	19.27		$	16.72


Ratios/Supplemental Data:
Ratio of expenses to average net assets*,††		0.89	%		0.92	%
Ratio of net investment income (loss) to average net assets*		(0.89	)%		(0.92	)%
Portfolio turnover**,†††		4	%		12	%
Total return**		4.44	%		4.30	%
Net assets at end of period (in thousands)	$	114,951		$	85,635

*	Annualized for periods less than one year.

**	Not annualized for periods less than one year.

†	Calculations prepared using the daily average number of units outstanding during the period.

††

Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The estimated acquired fund fees which are incurred directly by the underlying fund were 0.030% for the period ended March 31, 2011 and are deducted from the value of the funds in which this Fund invests and is included in this Fund’s total return.

†††	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.

American Bar Association Members/Northern Trust Collective Trust

2040 Retirement Date Fund

Statement of Assets and Liabilities


	March 31, 2011 Unaudited			December 31, 2010
Assets
Investments in affiliated funds, at value:
Northern Trust Global Investments—Collective Short Term Investment Fund (cost $0 and $131 and units of 0 and 131, respectively)	$	—		$	131
Investments in collective investment funds, at value:
SSgA Target Retirement 2040 Non-Lending Series Fund Class A (cost $61,198,580 and $58,128,417 and units of 4,820,799 and 4,645,229, respectively)		72,070,948			66,022,644
Receivable for fund units sold		162,314			46,485
Other assets		7			—

Total assets		72,233,269			66,069,260

Liabilities
Payable for investments purchased		162,314			46,485
Retirement Date Fund management fee payable		45,925			28,448
ING—program fee payable		30,139			26,294
Trustee, management and administration fees payable		6,909			5,795
ABA Retirement Funds—program fee payable		4,381			3,703
Payable for legal and audit services		—	(a)		5,805
Other accruals		17,851			7,914

Total liabilities		267,519			124,444


Net Assets (equivalent to $21.61 and $20.59 per unit based on 3,330,536 and 3,203,304 units outstanding, respectively)	$	71,965,750		$	65,944,816

(a)	Payable for legal and audit services fee is included in other accruals.

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

American Bar Association Members/Northern Trust Collective Trust

2040 Retirement Date Fund

Statement of Operations

Unaudited


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income	$	—		$	—


Expenses
ING—program fee		89,056			65,812
Trustee, management and administration fees		19,345			12,623
Retirement Date Fund management fee		17,477			12,679
ABA Retirement Funds—program fee		12,298			9,385
Legal and audit fees		5,449			5,568
Compliance consultant fees		2,862			4,111
Reports to unitholders		460			3,083
Registration fees		3,801			617
Other fees		1,182			2,280

Total expenses		151,930			116,158


Net investment income (loss)		(151,930	)		(116,158	)


Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		514,316			(236,446	)

Net realized gain (loss)		514,316			(236,446	)

Change in net unrealized appreciation (depreciation) on:
Investments		2,978,141			2,675,449

Change in net unrealized appreciation (depreciation)		2,978,141			2,675,449

Net realized and unrealized gain (loss)		3,492,457			2,439,003


Net increase (decrease) in net assets resulting from operations	$	3,340,527		$	2,322,845

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

American Bar Association Members/Northern Trust Collective Trust

2040 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited


	For the period January 1, 2011 to March 31, 2011
From operations
Net investment income (loss)	$	(151,930	)
Net realized gain (loss)		514,316
Change in net unrealized appreciation (depreciation)		2,978,141

Net increase (decrease) in net assets resulting from operations		3,340,527


From unitholder transactions
Proceeds from units issued		6,759,861
Cost of units redeemed		(4,079,454	)

Net increase (decrease) in net assets from unitholder transactions		2,680,407


Net increase (decrease) in net assets		6,020,934

Net Assets
Beginning of period		65,944,816

End of period	$	71,965,750


Number of units
Outstanding-beginning of period		3,203,304
Issued		320,336
Redeemed		(193,104	)

Outstanding-end of period		3,330,536

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

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 January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income†	$	—		$	—
Expenses†,††		(0.05	)		(0.04	)

Net investment income (loss)		(0.05	)		(0.04	)
Net realized and unrealized gain (loss)		1.07			0.85

Net increase (decrease) in unit value		1.02			0.81
Net asset value at beginning of period		20.59			17.83

Net asset value at end of period	$	21.61		$	18.64


Ratios/Supplemental Data:
Ratio of expenses to average net assets*,††		0.89	%		0.92	%
Ratio of net investment income (loss) to average net assets*		(0.89	)%		(0.92	)%
Portfolio turnover**,†††		2	%		13	%
Total return**		4.95	%		4.54	%
Net assets at end of period (in thousands)	$	71,966		$	53,309

*	Annualized for periods less than one year.

**	Not annualized for periods less than one year.

†	Calculations prepared using the daily average number of units outstanding during the period.

††

Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The estimated acquired fund fees which are incurred directly by the underlying fund were 0.030% for the period ended March 31, 2011 and are deducted from the value of the funds in which this Fund invests and is included in this Fund’s total return.

†††	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.

American Bar Association Members/Northern Trust Collective Trust

Conservative Risk Fund

Statement of Assets and Liabilities


	March 31, 2011 Unaudited			December 31, 2010
Assets
Investments in affiliated funds, at value:
Northern Trust Global Investments—Collective Short Term Investment Fund (cost $1,104,628 and $966,209 and units of 1,104,628 and 966,209, respectively)	$	1,104,628		$	966,209
Investments in collective investment funds, at value:
SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $10,263,665 and $8,604,186 and units of 926,824 and 785,284, respectively)		10,403,600			8,775,547
SSgA Russell All Cap Index Non-Lending Series Fund Class A (cost $2,829,478 and $2,573,201 and units of 191,016 and 182,600, respectively)		3,326,355			2,988,439
SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A (cost $1,835,441 and $1,542,057 and units of 89,660 and 76,418, respectively)		1,895,508			1,582,916
SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $992,577 and $861,116 and units of 40,361 and 37,381, respectively)		1,157,604			1,005,281
SSgA International Index Non-Lending Series Fund Class A (cost $927,052 and $841,624 and units of 74,266 and 69,588, respectively)		1,049,375			950,505
Receivable for investments sold		12,557			—
Receivable for fund units sold		54,991			8,869
Interest and dividends receivable		132			84

Total assets		19,004,750			16,277,850

Liabilities
Payable for investments purchased		39,245			8,337
Investment advisory fee payable		4,608			—
ING—program fee payable		6,985			6,886
Trustee, management and administration fees payable		1,242			1,206
ABA Retirement Funds—program fee payable		1,007			981
Payable for legal and audit services		—	(a)		1,438
Payable for compliance consultant fees		—	(b)		803
Payable for reports to unitholders		—	(c)		277
Other accruals		4,180			3,693

Total liabilities		57,267			23,621


Net Assets (equivalent to $15.94 and $15.64 per unit based on 1,188,492 and 1,039,603 units outstanding, respectively)	$	18,947,483		$	16,254,229

(a)	Payable for legal and audit services fee is included in other accruals.

(b)	Payable for compliance consultant fees is included in other accruals.

(c)	Payable for reports to unitholders fee is included in other accruals.

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

American Bar Association Members/Northern Trust Collective Trust

Conservative Risk Fund

Statement of Operations

Unaudited


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income
Interest	$	—		$	245
Interest—affiliated issuers		348			—


Total investment income		348			245


Expenses
ING—program fee		21,028			8,618
Trustee, management and administration fees		3,554			1,651
Investment advisory fee		1,794			995
ABA Retirement Funds—program fee		2,905			1,230
Legal and audit fees		1,293			729
Compliance consultant fees		679			538
Reports to unitholders		109			404
Registration fees		902			81
Other fees		163			298

Total expenses		32,427			14,544


Net investment income (loss)		(32,079	)		(14,299	)


Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		260,804			112,933

Net realized gain (loss)		260,804			112,933


Change in net unrealized appreciation (depreciation) on:
Investments		103,725			78,008

Change in net unrealized appreciation (depreciation)		103,725			78,008


Net realized and unrealized gain (loss)		364,529			190,941


Net increase (decrease) in net assets resulting from operations	$	332,450		$	176,642

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

American Bar Association Members/Northern Trust Collective Trust

Conservative Risk Fund

Statement of Changes in Net Assets

Unaudited


	For the period January 1, 2011 to March 31, 2011
From operations
Net investment income (loss)	$	(32,079	)
Net realized gain (loss)		260,804
Change in net unrealized appreciation (depreciation)		103,725

Net increase (decrease) in net assets resulting from operations		332,450


From unitholder transactions
Proceeds from units issued		5,301,712
Cost of units redeemed		(2,940,908	)

Net increase (decrease) in net assets from unitholder transactions		2,360,804

Net increase (decrease) in net assets		2,693,254

Net Assets
Beginning of period		16,254,229

End of period	$	18,947,483


Number of units
Outstanding-beginning of period		1,039,603
Issued		335,197
Redeemed		(186,308	)

Outstanding-end of period		1,188,492

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

American Bar Association Members/Northern Trust Collective Trust

Conservative Risk Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income†	$	—	(a)	$	—	(a)
Expenses†,††		(0.03	)		(0.03	)

Net investment income (loss)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss)		0.33			0.39

Net increase (decrease) in unit value		0.30			0.36
Net asset value at beginning of period		15.64			14.39

Net asset value at end of period	$	15.94		$	14.75


Ratios/Supplemental Data:
Ratio of expenses to average net assets*,††		0.80	%		0.88	%
Ratio of net investment income (loss) to average net assets*		(0.79	)%		(0.86	)%
Portfolio turnover**,†††		15	%		14	%
Total return**		1.92	%		2.50	%
Net assets at end of period (in thousands)	$	18,947		$	7,216

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

*	Annualized for periods less than one year.

**	Not annualized for periods less than one year.

†	Calculations prepared using the daily average number of units outstanding during the period.

††

Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The estimated acquired fund fees which are incurred directly by the underlying fund were 0.019% for the period ended March 31, 2011 and are deducted from the value of the funds in which this Fund invests and is included in this Fund’s total return.

†††	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.

American Bar Association Members/Northern Trust Collective Trust

Moderate Risk Fund

Statement of Assets and Liabilities


	March 31, 2011 Unaudited			December 31, 2010
Assets
Investments in affiliated funds, at value:
Northern Trust Global Investments—Collective Short Term Investment Fund (cost $1,122,749 and $973,216 and units of 1,122,749 and 973,216, respectively)	$	1,122,749		$	973,216
Investments in collective investment funds, at value:
SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $12,837,009 and $10,110,886 and units of 1,178,449 and 937,926, respectively)		13,228,090			10,481,329
SSgA Russell All Cap Index Non-Lending Series Fund Class A (cost $12,090,308 and $10,388,430 and units of 828,111 and 741,375, respectively)		14,420,726			12,133,340
SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A (cost $4,870,818 and $4,102,914 and units of 396,920 and 346,298, respectively)		5,523,541			4,661,174
SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A (cost $1,806,474 and $1,427,317 and units of 89,859 and 71,964, respectively)		1,899,699			1,490,671
SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $1,934,912 and $1,584,565 and units of 83,226 and 72,339, respectively)		2,386,996			1,945,415
SSgA Dow Jones UBS-Commodity IndexSM Non-Lending Series Fund Class A (cost $504,883 and $438,428 and units of 59,141 and 53,563, respectively)		610,042			528,886
Cash		4,852			—
Receivable for investments sold		2,113			22,679
Receivable for fund units sold		166,981			—
Interest and dividends receivable		127			183

Total assets		39,365,916			32,236,893

Liabilities
Payable for investments purchased		164,235			64,642
Payable for fund units redeemed		—			23,359
Investment advisory fee payable		12,171			—
ING—program fee payable		15,094			12,677
Trustee, management and administration fees payable		2,698			2,209
ABA Retirement Funds—program fee payable		2,200			1,796
Payable for legal and audit services		—	(a)		2,788
Other accruals		8,708			11,190

Total liabilities		205,106			118,661

Net Assets (equivalent to $18.95 and $18.34 per unit based on 2,066,136 and 1,751,335 units outstanding, respectively)	$	39,160,810		$	32,118,232

(a)	Payable for legal and audit services fee is included in other accruals.

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

American Bar Association Members/Northern Trust Collective Trust

Moderate Risk Fund

Statement of Operations

Unaudited


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income
Dividends	$	—		$	209
Interest—affiliated issuers		252			—

Total investment income		252			209


Expenses
ING—program fee		44,311			20,599
Trustee, management and administration fees		7,485			3,947
Investment advisory fee		4,784			2,378
ABA Retirement Funds—program fee		6,119			2,938
Legal and audit fees		2,768			1,744
Compliance consultant fees		1,454			1,288
Reports to unitholders		234			966
Registration fees		1,931			193
Other fees		348			714

Total expenses		69,434			34,767


Net investment income (loss)		(69,182	)		(34,558	)


Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		365,635			192,317

Net realized gain (loss)		365,635			192,317


Change in net unrealized appreciation (depreciation) on:
Investments		836,415			392,932

Change in net unrealized appreciation (depreciation)		836,415			392,932

Net realized and unrealized gain (loss)		1,202,050			585,249


Net increase (decrease) in net assets resulting from operations	$	1,132,868		$	550,691

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

American Bar Association Members/Northern Trust Collective Trust

Moderate Risk Fund

Statement of Changes in Net Assets

Unaudited


	For the period January 1, 2011 to March 31, 2011
From operations
Net investment income (loss)	$	(69,182	)
Net realized gain (loss)		365,635
Change in net unrealized appreciation (depreciation)		836,415

Net increase (decrease) in net assets resulting from operations		1,132,868


From unitholder transactions
Proceeds from units issued		8,642,827
Cost of units redeemed		(2,733,117	)

Net increase (decrease) in net assets from unitholder transactions		5,909,710

Net increase (decrease) in net assets		7,042,578

Net Assets
Beginning of period		32,118,232

End of period	$	39,160,810


Number of units
Outstanding-beginning of period		1,751,335
Issued		461,360
Redeemed		(146,559	)

Outstanding-end of period		2,066,136

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

American Bar Association Members/Northern Trust Collective Trust

Moderate Risk Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income†	$	—	(a)	$	—	(a)
Expenses†,††		(0.04	)		(0.04	)

Net investment income (loss)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss)		0.65			0.58

Net increase (decrease) in unit value		0.61			0.54
Net asset value at beginning of period		18.34			16.43

Net asset value at end of period	$	18.95		$	16.97


Ratios/Supplemental Data:
Ratio of expenses to average net assets*,††		0.80	%		0.88	%
Ratio of net investment income (loss) to average net assets*		(0.79	)%		(0.87	)%
Portfolio turnover**,†††		5	%		7	%
Total return**		3.33	%		3.29	%
Net assets at end of period (in thousands)	$	39,161		$	18,102

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

*	Annualized for periods less than one year.

**	Not annualized for periods less than one year.

†	Calculations prepared using the daily average number of units outstanding during the period.

††

Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The estimated acquired fund fees which are incurred directly by the underlying fund were 0.024% for the period ended March 31, 2011 and are deducted from the value of the funds in which this Fund invests and is included in this Fund’s total return.

†††	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.

American Bar Association Members/Northern Trust Collective Trust

Aggressive Risk Fund

Statement of Assets and Liabilities


	March 31, 2011 Unaudited		December 31, 2010
Assets
Investments in affiliated funds, at value:
Northern Trust Global Investments—Collective Short Term Investment Fund (cost $1 and $25 and units of 1 and 25, respectively)	$	1	$	25
Investments in collective investment funds, at value:
SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $2,027,002 and $1,641,065 and units of 184,155 and 150,070, respectively)		2,067,138		1,677,035
SSgA Russell All Cap Index Non-Lending Series Fund Class A (cost $7,000,718 and $6,224,255 and units of 468,594 and 429,499, respectively)		8,160,104		7,029,176
SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A (cost $2,935,284 and $2,560,647 and units of 236,253 and 210,738, respectively)		3,287,693		2,836,537
SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $766,172 and $653,650 and units of 31,506 and 28,027, respectively)		903,610		753,734
SSgA Dow Jones UBS-Commodity IndexSM Non-Lending Series Fund Class A (cost $375,662 and $337,145 and units of 43,604 and 40,396, respectively)		449,779		398,866
Cash		4,337		—
Receivable for investments sold		14,911		—
Receivable for fund units sold		7,740		286,854

Total assets		14,895,313		12,982,227

Liabilities
Payable for investments purchased		26,986		286,854
Investment advisory fee payable		5,165		—
ING—program fee payable		6,172		4,852
Trustee, management and administration fees payable		1,091		838
ABA Retirement Funds—program fee payable		900		681
Other accruals		3,412		5,384

Total liabilities		43,726		298,609


Net Assets (equivalent to $22.24 and $21.25 per unit based on 667,866 and 596,907 units outstanding, respectively)	$	14,851,587	$	12,683,618

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

American Bar Association Members/Northern Trust Collective Trust

Aggressive Risk Fund

Statement of Operations

Unaudited


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income	$	—		$	—


Expenses
ING—program fee		17,633			6,413
Trustee, management and administration fees		2,978			1,231
Investment advisory fee		2,359			742
ABA Retirement Funds—program fee		2,435			917
Legal and audit fees		1,085			546
Compliance consultant fees		570			403
Reports to unitholders		92			302
Registration fees		757			60
Other fees		141			224

Total expenses		28,050			10,838


Net investment income (loss)		(28,050	)		(10,838	)


Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		162,628			116,056

Net realized gain (loss)		162,628			116,056


Change in net unrealized appreciation (depreciation) on:
Investments		484,900			98,948


Change in net unrealized appreciation (depreciation)		484,900			98,948

Net realized and unrealized gain (loss)		647,528			215,004


Net increase (decrease) in net assets resulting from operations	$	619,478		$	204,166

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

American Bar Association Members/Northern Trust Collective Trust

Aggressive Risk Fund

Statement of Changes in Net Assets

Unaudited


	For the period January 1, 2011 to March 31, 2011
From operations
Net investment income (loss)	$	(28,050	)
Net realized gain (loss)		162,628
Change in net unrealized appreciation (depreciation)		484,900

Net increase (decrease) in net assets resulting from operations		619,478


From unitholder transactions
Proceeds from units issued		3,046,332
Cost of units redeemed		(1,497,841	)

Net increase (decrease) in net assets from unitholder transactions		1,548,491


Net increase (decrease) in net assets		2,167,969

Net Assets
Beginning of period		12,683,618

End of period	$	14,851,587


Number of units
Outstanding-beginning of period		596,907
Issued		139,910
Redeemed		(68,951	)

Outstanding-end of period		667,866

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

American Bar Association Members/Northern Trust Collective Trust

Aggressive Risk Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income†	$	—		$	—
Expenses†,††		(0.04	)		(0.04	)

Net investment income (loss)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss)		1.03			0.80

Net increase (decrease) in unit value		0.99			0.76
Net asset value at beginning of period		21.25			18.62

Net asset value at end of period	$	22.24		$	19.38


Ratios/Supplemental Data:
Ratio of expenses to average net assets*,††		0.82	%		0.88	%
Ratio of net investment income (loss) to average net assets*		(0.82	)%		(0.88	)%
Portfolio turnover**,†††		6	%		14	%
Total return**		4.66	%		4.08	%
Net assets at end of period (in thousands)	$	14,852		$	5,848

*	Annualized for periods less than one year.

**	Not annualized for periods less than one year.

†	Calculations prepared using the daily average number of units outstanding during the period.

††

Expenses include only those expenses charged directly to the Fund and do not include expenses charged to the collective investment fund in which the Fund invests. The estimated acquired fund fees which are incurred directly by the underlying fund were 0.027% for the period ended March 31, 2011 and are deducted from the value of the funds in which this Fund invests and is included in this Fund’s total return.

†††	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.

American Bar Association Members/Northern Trust Collective Trust

Balanced Fund

Statement of Assets and Liabilities


	March 31, 2011 Unaudited		December 31, 2010
Assets
American Bar Association Members/Northern Trust Collective Trust investment funds, at value:
Bond Core Plus Fund (cost $82,077,731 and $80,939,686 and units of 4,126,459 and 4,112,205, respectively)	$	106,215,051	$	105,297,110
Large Cap Equity Fund (cost $112,554,254 and $118,437,213 and units of 11,056,887 and 11,731,536, respectively)		163,929,403		164,558,249
Cash		—		567
Receivable for investments sold		2,708,518		747,497

Total assets		272,852,972		270,603,423


Liabilities
Payable for investments purchased		2,650,000		—
Payable for fund units redeemed		58,518		747,497

Total liabilities		2,708,518		747,497

Net Assets (equivalent to $96.05 and $92.71 per unit based on 2,812,593 and 2,910,655 units outstanding, respectively)	$	270,144,454	$	269,855,926

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

American Bar Association Members/Northern Trust Collective Trust

Balanced Fund

Statement of Operations

Unaudited


	For the period January 1, 2011 to March 31, 2011		For the period January 1, 2010 to March 31, 2010
Investment income (loss)	$	—	$	—


Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Bond Core Plus Fund		788,045		1,764,951
Large Cap Equity Fund		3,732,870		2,465,966

Net realized gain (loss)		4,520,915		4,230,917

Change in net unrealized appreciation (depreciation) on:
Investments		5,034,009		6,521,526

Change in net unrealized appreciation (depreciation)		5,034,009		6,521,526

Net realized and unrealized gain (loss)		9,554,924		10,752,443


Net increase (decrease) in net assets resulting from operations	$	9,554,924	$	10,752,443

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

American Bar Association Members/Northern Trust Collective Trust

Balanced Fund

Statement of Changes in Net Assets

Unaudited


	For the period January 1, 2011 to March 31, 2011
From operations
Net realized gain (loss)	$	4,520,915
Change in net unrealized appreciation (depreciation)		5,034,009

Net increase (decrease) in net assets resulting from operations		9,554,924


From unitholder transactions
Proceeds from units issued		97,703
Cost of units redeemed		(9,364,099	)

Net increase (decrease) in net assets from unitholder transactions		(9,266,396	)


Net increase (decrease) in net assets		288,528

Net Assets
Beginning of period		269,855,926

End of period	$	270,144,454


Number of units
Outstanding-beginning of period		2,910,655
Issued		1,022
Redeemed		(99,084	)

Outstanding-end of period		2,812,593

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

American Bar Association Members/Northern Trust Collective Trust

Balanced Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the year)


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Net investment income (loss)	$	—		$	—
Net realized and unrealized gain (loss)		3.34			3.22

Net increase (decrease) in unit value		3.34			3.22
Net asset value at beginning of period		92.71			82.71

Net asset value at end of period	$	96.05		$	85.93


Ratios/Supplemental Data:
Ratio of expenses to average net assets*,†		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(a)*		0.00	%		0.00	%
Portfolio turnover(b)**		2	%		1	%
Total return**		3.60	%		3.89	%
Net assets at end of period (in thousands)	$	270,144		$	278,561

(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.

(b)

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.

*	Annualized for periods less than one year.

**	Not annualized for periods less than one year.

†	Expenses include 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.

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

American Bar Association Members/ Northern Trust Collective Trust

Combined Statement of Assets and Liabilities


	March 31, 2011 Unaudited		December 31, 2010
Assets
Investments, at value (cost $2,210,896,655 and $2,220,636,968, respectively)	$	2,523,892,060	$	2,472,474,568
Northern Trust Global Investments—Government Short Term Investment Fund, at value (cost $121,415,007 and $117,393,773, respectively)		121,415,007		117,393,773
Investments in collective investment funds, at value (cost $512,759,929 and $465,484,499, respectively)		588,289,196		552,921,938
Northern Trust Global Investments—Collective Short Term Investment Fund (cost $26,084,142 and $24,847,816 and units of 26,084,142 and 24,847,816, respectively)		26,084,142		24,847,816
SSgA collective investment funds (cost $942,650,595 and $893,834,323 and units of 69,404,934 and 67,110,058, respectively)		1,099,864,234		1,007,928,764
Foreign currency, at value (cost $1,872,454 and $869,051, respectively)		1,902,191		899,535
Cash		199,016		1,526
Deposit with broker for open swap contracts		300,000		1,010,000
Deposit with broker for investments sold on a delayed delivery basis		1,400,000		653,000
Receivable for investments sold on delayed delivery basis		4,215,508		88,944,496
Receivable for investments sold		25,691,686		70,571,654
Receivable for fund units sold		7,695,905		3,854,021
Interest and dividends receivable		3,968,243		3,963,579
Receivable for futures variation margin		104,998		2,800
Unrealized appreciation of forward currency exchange contracts		46,504		80,352
Tax reclaims receivable		325,824		429,227
Swap premiums paid		43,354		47,124
Unrealized appreciation on swap agreements		438,550		388,862
Other assets		4,407		25

Total assets		4,405,880,825		4,346,413,060

Liabilities
Securities sold, not yet purchased, at fair value (proceeds $3,149,687 and $20,061,562, respectively)		3,153,438		20,012,349
Due to custodian		—		8,798
Written options, at value (premium received $23,460 and $0 respectively)		17,537		—
Payable for cash collateral received on securities loaned		248,855,472		240,360,334
Payable for investments purchased on a delayed delivery basis		26,647,305		115,200,156
Payable for investments purchased		19,823,541		23,710,121
Payable for fund units redeemed		6,070,793		8,145,931
Swap premiums received		24,232		29,823
Unrealized depreciation on swap agreements		287,893		292,117
Due to broker for open swap contracts		260,000		813,000
Due to broker for investments purchased on a delayed delivery basis		1,376,250		936,250
Payable for futures variation margin		40		—
Unrealized depreciation of forward currency exchange contracts		777,963		739,119
Investment advisory fee payable		861,696		473,767
Retirement Date Fund management fee payable		294,175		184,327
ING—program fee payable		1,599,904		1,565,104
Trustee, management and administration fees payable		293,896		279,890
ABA Retirement Funds—program fee payable		232,994		221,041
Payable for legal and audit services		124,508		324,203
Payable for compliance consultant fees		—		181,227
Payable for Registration fees		—		170,967
Payable for reports to unitholders		—		123,981
Other accruals		822,367		312,482

Total liabilities		311,524,004		414,084,987

Net Assets at fair value		4,094,356,821		3,932,328,073

American Bar Association Members/ Northern Trust Collective Trust

Combined Statement of Assets and Liabilities


	March 31, 2011 Unaudited			December 31, 2010
Adjustment from fair value to contract value for fully benefit responsive contracts		(41,305,109	)		(13,631,391	)

Net Assets	$	4,053,051,712		$	3,918,696,682

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

American Bar Association Members/ Northern Trust Collective Trust

Combined Statement of Operations

Unaudited


	For the period January 1, 2011 to March 31, 2011			For the period January 1, 2010 to March 31, 2010
Investment income
Dividends	$	10,018,838		$	11,153,205
Interest		3,011,873			3,981,691
Interest—affiliated issuers		83,925			—
Securities lending income, net		125,355			151,921

Total investment income		13,239,991			15,286,817


Expenses
ING—program fee		4,828,078			4,380,608
Trustee, management and administration fees		842,385			839,827
Retirement Date Fund management fee		109,849			75,557
Investment advisory fee		1,801,063			1,387,400
ABA Retirement Funds—program fee		666,677			624,716
Legal and audit fees		293,413			370,275
Compliance consultant fees		154,108			273,359
Reports to unitholders		24,752			205,017
Registration fees		204,657			41,003
Other fees		39,022			151,557

Total expenses		8,964,004			8,349,319

Net investment income (loss)		4,275,987			6,937,498


Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		54,960,089			79,450,104
Investments—affiliated issuers		—			7,940,947
Foreign currency transactions		(328,577	)		785,454
Futures contracts		10,152			980,127
Swap contracts		—			124,584

Net realized gain (loss)		54,641,664			89,281,216

Change in net unrealized appreciation (depreciation) on:
Investments		80,938,237			30,055,928
Foreign currency transactions		(94,561	)		169,912
Futures contracts		225,917			705,116
Written options		5,922			—
Swap contracts		54,243			(118,859	)

Change in net unrealized appreciation (depreciation)		81,129,758			30,812,097

Net realized and unrealized gain (loss)		135,771,422			120,093,313


Net increase (decrease) in net assets resulting from operations	$	140,047,409		$	127,030,811

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

American Bar Association Members/ Northern Trust Collective Trust

Combined Statement of Changes in Net Assets

Unaudited


	For the period January 1, 2011 to March 31, 2011
From operations
Net investment income (loss)	$	4,275,987
Net realized gain (loss)		54,641,664
Change in net unrealized appreciation (depreciation)		81,129,758

Net increase (decrease) in net assets resulting from operations		140,047,409


From unitholder transactions
Proceeds from units issued		240,858,407
Cost of units redeemed		(246,550,786	)

Net increase (decrease) in net assets from unitholder transactions		(5,692,379	)

Net increase (decrease) in net assets		134,355,030

Net Assets
Beginning of period		3,918,696,682

End of period	$	4,053,051,712


Number of units
Outstanding-beginning of period		177,107,601
Issued		10,600,577
Redeemed		(10,866,662	)

Outstanding-end of period		176,841,516

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

American Bar Association Members/Northern Trust Collective Trust

Notes to Financial Statements

Unaudited

1. Description of the Collective 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 “Collective Trust”) was organized on August 8, 1991. 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, Inc. (“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.

Northern Trust Investments is an Illinois banking corporation with trust powers 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, Northern Trust is the primary custodian and, based on instructions from ING Institutional Plan Services, LLC, a Delaware limited liability company (“ING Services”), effects investment and transfer transactions and distributes all benefits provided by the plans to the participants or, in the case of some individually designed plans, to the 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.

The Collective Trust is maintained exclusively for the collective investment of monies administered on behalf of participants in the ABA Retirement Funds Program (the “Program”). The Collective 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. SARF may invest in investment contracts, including Traditional Investment Contracts and synthetic guaranteed investment contracts (“SGICs”, “Security-Backed Contracts” or “Wrap Contracts”) with associated underlying assets, and high quality, fixed income instruments. Such investments may be made directly by the Fund or indirectly through its investment in other collective investment funds maintained by one or more banks, including Northern Trust Investments.

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.

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Notes to Financial Statements—Continued

Unaudited

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.

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 of the U.S. investment-grade bond market represented by the Barclays Capital U.S. Aggregate Bond Index, after taking into account Fund expenses. As of March 31, 2011, 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 of the S&P 500^®, after taking into account Fund expenses. As of March 31, 2011, 100% of the Fund’s net 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 of the Russell 3000^® Index, after taking into account Fund expenses. As of March 31, 2011, 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 of the S&P MidCap 400^®, after taking into account Fund expenses. As of March 31, 2011, 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 of the Russell 2000^® Index, after taking into account Fund expenses. As of March 31, 2011, 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 of the Morgan Stanley Capital International All-Country World Ex-U.S. (“MSCI ACWI ex-US”) Index, after taking into account Fund expenses. As of March 31, 2011, 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 Index^SM 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 commodity futures, real estate investment trusts, which we refer to as REITs and Treasury Inflation Protected Securities, which we refer to as U.S. TIPS.

American Bar Association Members/Northern Trust Collective Trust

Notes to Financial Statements—Continued

Unaudited

Retirement Date Funds

Retirement Date Funds—a series of diversified 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 a quarterly 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 March 31, 2011, 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 diversified 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 Fund invests 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 Northern Trust Global Investments Collective 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 Fund invests 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 Index^SM 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 Northern Trust Global Investments Collective 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.

American Bar Association Members/Northern Trust Collective Trust

Notes to Financial Statements—Continued

Unaudited

The Aggressive Risk Fund invests 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 Index^SM 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 March 31, 2011, 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 Managed funds (Large Cap Equity Fund, Small-Mid Cap Equity Fund, International All Cap Equity Fund and Bond Core Plus Fund) may invest in Northern Trust Global Investments (“NTGI”) – Collective Short Term Investment Fund (“STIF”) and SARF may invest in the NTGI Collective Government Short-Term Investment Fund (“GSTIF”). The annual financial statements of STIF and GSTIF are available upon request.

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

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 U.S. Generally Accepted Accounting Principles (“GAAP”). Certain prior-year amounts have been reclassified to conform to the current year presentation.

The accompanying unaudited financial statements were prepared in accordance with GAAP for interim financial information and with the instructions for Quarterly Reports on 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, 2010, as filed with the SEC on March 18, 2011.

Basis of Presentation

Pursuant to rules and regulations of the SEC, combined financial statements are presented for the Collective Trust as a whole, as the SEC registrant, and also for each Fund and the Balanced Fund individually. The Collective Trust’s Declaration of Trust provides that any creditor of, or other person having any claim of any type against, a Fund (including the Balanced Fund), may look only to the assets of such Fund for payment of obligations of such Fund, and that every contract, instrument, certificate or undertaking of or on behalf of any Fund shall be conclusively deemed to have been executed only by or for that Fund and no Fund shall be answerable for any obligation assumed or liability incurred by any other Fund. Accordingly, the assets of one Fund of the Collective Trust include only those funds and other assets that are paid to, held by or distributed to the Collective Trust on account of and for the benefit of that Fund, including, without limitation, funds delivered to the Collective Trust for the purchase of Units in that Fund.

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.

American Bar Association Members/Northern Trust Collective Trust

Notes to Financial Statements—Continued

Unaudited

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.

•

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).

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, such as equities, based on closing market prices or readily available market quotations and classifies these securities as Level 1. 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.

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, the Trustee 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. These securities are generally reflected as Level 2. 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.

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. United States

American Bar Association Members/Northern Trust Collective Trust

Notes to Financial Statements—Continued

Unaudited

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. These are typically categorized as Level 2.

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 and are categorized as 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. These are typically categorized as Level 2.

Futures and option 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 and are categorized as Level 1.

Spot and forward foreign currency exchange contracts are generally valued using an independent pricing service. These investments are categorized as Level 1.

The short-term portfolio instrument of STIF and GSTIF are 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.

Equity securities are typically based on closing market prices or readily available market quotations and are classified as Level 1. Non-U.S. equities are generally 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. In these instances, 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. These securities are generally reflected as Level 2.

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.

The Level 3 corporate bond amount in the Bond Core Plus Fund consists of a single private placement position; unobservable market data was used to price this position. The Level 3 equity amount in the Small-Mid Cap Equity Fund 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.

There have been no significant transfers in and out of Level 1 and Level 2 fair value measurements for any of the Funds for the three-month period ended March 31, 2011.

The following is a summary of the valuation of 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 as of March 31, 2011:

American Bar Association Members/Northern Trust Collective Trust

Notes to Financial Statements—Continued

Unaudited


Stable Asset Return Fund	Level 1			Level 2			Level 3		Total
Assets
Investments in securities	$	—		$	894,187,150		$	—	$	894,187,150
Short-Term Investments	$	—		$	121,415,007		$	—	$	121,415,007

Total	$	—		$	1,015,602,157		$	—	$	1,015,602,157


Bond Core Plus Fund **	Level 1			Level 2			Level 3		Total
Assets
Fixed Income
U.S. Corporate Asset-Backed Securities	$	—		$	1,651,927		$	—	$	1,651,927
U.S. Government & Agency Obligations		—			294,290,176			—		294,290,176
Foreign Government Obligations		—			10,983,668			—		10,983,668
Municipals		—			521,075			—		521,075
Corporate Bonds		—			79,243,374			4,066,000		83,309,374
Bank Loans		—			6,020,301			—		6,020,301
Convertible Preferred Stock		1,552,800			—			—		1,552,800
ABA Members Collateral Fund		—			38,413,783			—		38,413,783
Short-Term Investments		—			2,959,365			—		2,959,365
Derivatives*		46,368			438,550			—		484,918

Total	$	1,599,168		$	434,522,219		$	4,066,000	$	440,187,387


Liabilities
Fixed Income
U.S. Government & Agency Obligations	$	—		$	(3,153,438	)	$	—	$	(3,153,438	)
Written Options		(17,537	)		—			—		(17,537	)
Derivatives*		(777,424	)		(287,893	)		—		(1,065,317	)

Total	$	(794,961	)	$	(3,441,331	)	$	—	$	(4,236,292	)


Bond Core Plus Fund Level 3 Roll Forward	Corporate Bonds
Balance as of January 1, 2011	$	4,104,000
Accrued discounts/premiums		—
Realized gain (loss)		—
Unrealized gain (loss)		(38,000	)
Purchases		—
Sales		—
Transfers into Level 3		—
Transfers (out) of Level 3		—

Balance as of March 31, 2011	$	4,066,000

The amount of change in unrealized gain (loss) on investments held by the Bond Core Plus Fund in Level 3 securities still held at March 31, 2011 was $(342,000), which is included in the statement of operations as part of the net change in unrealized gain (loss) on investments.


Large Cap Equity Fund **	Level 1		Level 2		Level 3		Total
Assets
Common Stock and/or Other Equity Investments
Consumer Discretionary	$	97,317,128	$	—	$	—	$	97,317,128
Consumer Staples		74,813,872		—		—		74,813,872

American Bar Association Members/Northern Trust Collective Trust

Notes to Financial Statements—Continued

Unaudited


Large Cap Equity Fund **	Level 1		Level 2		Level 3		Total
Energy		96,220,599		—		—		96,220,599
Financial		75,471,619		—		—		75,471,619
Health Care		118,872,036		—		—		118,872,036
Industrial		79,614,772		—		—		79,614,772
Information Technology		151,749,267		—		—		151,749,267
Material		25,265,984		—		—		25,265,984
Telecommunication Services		22,708,537		—		—		22,708,537
Utilities		22,231,959		—		—		22,231,959
Investment Funds		—		43,724,563		—		43,724,563
ABA Members Collateral Fund		—		61,503,835		—		61,503,835
Short-Term Investments		—		11,220,564		—		11,220,564

Total	$	764,265,773	$	116,448,962	$	—	$	880,714,735


Small-Mid Cap Equity Fund **	Level 1		Level 2		Level 3		Total
Assets
Common Stock and/or Other Equity Investments
Consumer Discretionary	$	40,582,503	$	—	$	—	$	40,582,503
Consumer Staples		11,299,838		—		—		11,299,838
Energy		29,332,954		—		—		29,332,954
Financial		59,824,788		—		14,828		59,839,616
Health Care		36,750,528		—		—		36,750,528
Industrial		44,083,513		—		—		44,083,513
Information Technology		51,654,698		—		—		51,654,698
Material		18,853,920		—		—		18,853,920
Telecommunication Service		2,202,398		—		—		2,202,398
Utilities		12,336,779		—		—		12,336,779
Investment Funds		—		17,992,411		—		17,992,411
ABA Members Collateral Fund		—		138,755,173		—		138,755,173
Short-Term Investments		—		4,817,499		—		4,817,499

Total	$	306,921,919	$	161,565,083	$	14,828	$	468,501,830


Small-Mid Cap Equity Fund Level 3 Roll Forward	Common Stock and/or Other Equity Investments
Balance as of January 1, 2011	$	14,828
Accrued discounts/premiums		—
Realized gain (loss)		—
Unrealized appreciation (depreciation)		—
Purchases		—
Sales		—
Transfers into Level 3		—
Transfers (out) of Level 3		—

Balance as of March 31, 2011	$	14,828

American Bar Association Members/Northern Trust Collective Trust

Notes to Financial Statements—Continued

Unaudited

The amount of change in unrealized gain (loss) on investments held by the Small-Mid Cap Equity Fund in Level 3 securities at March 31, 2011 was $0, which is included in the statement of operations as part of the net change in unrealized gain (loss) on investments.


International All Cap Equity Fund **	Level 1			Level 2		Level 3		Total
Assets
Common Stock and/or Other Equity Investments
Australia	$	—		$	4,594,406	$	—	$	4,594,406
Austria		—			816,668		—		816,668
Belgium		314,435			1,887,944		—		2,202,379
Brazil		2,204,756			—		—		2,204,756
Canada		4,444,288			—		—		4,444,288
China		206,640			1,454,543		—		1,661,183
Czech Republic		—			1,030,563		—		1,030,563
Denmark		—			200,538		—		200,538
Finland		—			1,364,257		—		1,364,257
France		—			11,688,017		—		11,688,017
Germany		480,690			11,524,622		—		12,005,312
Greece		—			2,276,374		—		2,276,374
Hong Kong		—			4,399,465		—		4,399,465
Ireland		1,102,167			1,558,395		—		2,660,562
Israel		—			426,395		—		426,395
Italy		—			3,042,231		—		3,042,231
Japan		258,150			26,513,025		—		26,771,175
Korea, Republic of		—			4,117,233		—		4,117,233
Luxembourg		—			450,679		—		450,679
Malaysia		—			479,281		—		479,281
Mexico		1,270,368			—		—		1,270,368
Netherlands		233,152			7,694,170		—		7,927,322
Norway		—			1,671,120		—		1,671,120
Papua New Guinea		—			1,648,855		—		1,648,855
Philippines		798,862			—		—		798,862
Poland		—			1,624,329		—		1,624,329
Portugal		—			317,648		—		317,648
Singapore		—			3,684,083		—		3,684,083
South Africa		—			6,226,487		—		6,226,487
Spain		—			2,591,211		—		2,591,211
Sweden		—			2,347,381		—		2,347,381
Switzerland		1,563,225			10,205,374		—		11,768,599
Taiwan		962,937			4,413,365		—		5,376,302
Thailand		—			1,302,495		—		1,302,495
United Kingdom		3,808,623			20,364,271		—		24,172,894
United States		609,351			—		—		609,351
ABA Members Collateral Fund		—			8,772,381		—		8,772,381
Exchange-Traded Fund		8,982,596			—		—		8,982,596
Short-Term Investments		—			4,859,336		—		4,859,336
Derivatives*		136			—		—		136

Total	$	27,240,376		$	155,547,142	$	—	$	182,787,518


Liabilities
Derivatives*	$	(539	)	$	—	$	—	$	(539	)

Total	$	(539	)	$	—	$	—	$	(539	)

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

American Bar Association Members/Northern Trust Collective Trust

Notes to Financial Statements—Continued

Unaudited

For Level 2 investments, all applicable Funds (Bond Core Plus Fund, International All Cap Equity Fund, Large Cap Equity Fund and Small-Mid Cap Equity Fund) 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. See Note 6, Securities Lending for further information about the ABA Members Collateral Fund.


Bond Index Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	57,222,477	$	—	$	57,222,477

Total	$	—	$	57,222,477	$	—	$	57,222,477


Large Cap Index Equity Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	62,297,318	$	—	$	62,297,318

Total	$	—	$	62,297,318	$	—	$	62,297,318


All Cap Index Equity Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	308,925,028	$	—	$	308,925,028

Total	$	—	$	308,925,028	$	—	$	308,925,028


Mid Cap Index Equity Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	57,075,244	$	—	$	57,075,244

Total	$	—	$	57,075,244	$	—	$	57,075,244


Small Cap Index Equity Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	35,801,689	$	—	$	35,801,689

Total	$	—	$	35,801,689	$	—	$	35,801,689


International Index Equity Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	50,470,293	$	—	$	50,470,293

Total	$	—	$	50,470,293	$	—	$	50,470,293

American Bar Association Members/Northern Trust Collective Trust

Notes to Financial Statements—Continued

Unaudited



Real Asset Return Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	17,075,439	$	—	$	17,075,439

Total	$	—	$	17,075,439	$	—	$	17,075,439


Lifetime Income Retirement Date Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	35,859,095	$	—	$	35,859,095

Total	$	—	$	35,859,095	$	—	$	35,859,095


2010 Retirement Date Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	71,016,933	$	—	$	71,016,933

Total	$	—	$	71,016,933	$	—	$	71,016,933


2020 Retirement Date Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	146,157,061	$	—	$	146,157,061

Total	$	—	$	146,157,061	$	—	$	146,157,061


2030 Retirement Date Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	115,122,849	$	—	$	115,122,849

Total	$	—	$	115,122,849	$	—	$	115,122,849


2040 Retirement Date Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	72,070,948	$	—	$	72,070,948

Total	$	—	$	72,070,948	$	—	$	72,070,948


Conservative Risk Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	17,832,442	$	—	$	17,832,442
Short-Term Investments		—		1,104,628		—		1,104,628

Total	$	—	$	18,937,070	$	—	$	18,937,070


Moderate Risk Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	38,069,094	$	—	$	38,069,094
Short-Term Investments		—		1,122,749		—		1,122,749

Total	$	—	$	39,191,843	$	—	$	39,191,843

American Bar Association Members/Northern Trust Collective Trust

Notes to Financial Statements—Continued

Unaudited


Aggressive Risk Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	14,868,324	$	—	$	14,868,324
Short-Term Investments		—		1		—		1

Total	$	—	$	14,868,325	$	—	$	14,868,325


Balanced Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	270,144,454	$	—	$	270,144,454

Total	$	—	$	270,144,454	$	—	$	270,144,454

B. Stable Asset Return Fund (“SARF”)

The Trustee restructured the SARF on December 8, 2010. In connection therewith, effective December 8, 2010, the Trustee entered into Investment Advisor Agreements with Galliard Capital Management, Inc. (“Galliard”), Jennison Associates LLC (“Jennison”) and Pacific Investment Management Company, LLC (“PIMCO”), pursuant to which Galliard, Jennison and PIMCO, respectively, will provide investment advisory services with respect to portions of the Stable Asset Return Fund. In addition, Galliard is responsible for making recommendations regarding the appointment and retention of investment advisors for the portions of the Stable Asset Return Fund for which it does not serve as an investment advisor. As of March 31, 2011, approximately 55%, 18% and 15% of the assets of the Stable Asset Return Fund were allocated to Galliard, Jennison and PIMCO, respectively. In addition, as of March 31, 2011, approximately 12% of the assets of the Fund were allocated to the NTGI Collective Government Short-Term Investment Fund, which provides a “liquidity buffer” for the Stable Asset Return Fund.

In connection with the restructuring of the Stable Asset Return Fund described above, effective as of the close of business on December 7, 2010, the Trustee terminated the Investment Management Agreement dated as of July 1, 2010 between the Trustee and State Street Global Advisors, a division of State Street Bank and Trust Company (“State Street Bank”), pursuant to which State Street Bank provided investment advisory services with respect to the Stable Asset Return Fund.

Prior to December 8, 2010, SARF invested in Stable Asset Fund Trust (“SAFT”), a collective fund 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 had entered into a global fully benefit responsive investment contract with four different financial institutions which are so called “SGICs”, “Security-Backed Contracts” or “Wrap Contracts” as described below. On a daily basis, SARF accrued dividend income based on the income credited by SAFT. SARF did not distribute income and any increase to net assets was reflected by an increase in the unit value. Each month the dividend income earned by SARF was reinvested into SAFT. At the time of the sale of SAFT, investments and cash were delivered in-kind to the Stable Asset Return Fund. No gain/loss was realized on the transaction.

SARF invests in SGICs, which are fully benefit responsive book value contracts with underlying fixed income securities). SARF has entered into such investment contracts with four different financial institutions which allow participants to transact at contract value (principal plus accrued interest) without experiencing the price fluctuations of the underlying fixed income securities. SGICs are offered only to qualified employer-sponsored defined contribution plans that allow the net assets of SARF to be reported at contract value. The minimum quality for SGIC issuers is A3/A- and all fixed income securities must be rated investment grade (BBB-/Baa3 or better) at the time of purchase. The Statement of Assets and Liabilities presents the fair value of the investment contracts held with a separate adjustment to contract value. The Statements of Operations and Changes in Net Assets were prepared on a contract value basis.

The SGICs that the SARF has invested in “wrap” specific fixed income investments owned by SARF and amortizes the realized and unrealized gains or losses on those investments over the Fund’s duration via the Fund’s crediting rate (which is the rate earned by participants in SARF on the reference investments). As long as the requirements of the SGICs are satisfied, the issuer provides assurance that the adjustments to the interest crediting

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Notes to Financial Statements—Continued

Unaudited

rate do not result in a future interest crediting rate that is less than zero. An interest crediting rate less than zero would result in a loss of principal or accrued interest.

Risks arise when entering into any investment contract due to the potential inability of the issuer or contract holder to meet the terms of the contract. In addition, security-backed contracts have the risk of default or the lack of liquidity of the underlying portfolio assets.

The primary variables impacting the future crediting rates of security-backed contracts include:

•

the current yield of the assets underlying the contract,

•

the duration of the assets underlying the contract, and

•

the existing difference between the fair value and contract value of the assets within the contract.

SARF uses the following compound crediting rate formula for security-backed contracts:

CR = [(FV/CV)⁽^1/D)*(1+Y)]-1-F, where:

CR = crediting rate

FV = fair value of underlying portfolio

CV = contract value

D = weighted average duration of the underlying portfolio

Y = annualized weighted average yield to maturity of the underlying portfolio

F = wrap contract and investment advisory fees

The investment advisory fee for SARF, which is included as part of the crediting rate, is disclosed for financial reporting purposes and is shown as “Investment advisory fee” in the accompanying Statement of Operations in the amount of $316,742 for the three-month period ended March 31, 2011.

Because changes in market interest rates affect the yield to maturity and the market value of the underlying investments, they can have a material impact on the wrap contract’s interest crediting rate. In addition, participant withdrawals and transfers from SARF are paid at contract value but funded through the market value liquidation of the underlying investments, which may also impact the interest crediting rate. Gains and losses in the market value of the underlying investments relative to the wrap contract value are included in Adjustment from Fair Value to Contract Value on SARF’s Statement of Assets and Liabilities. If the Adjustment from Fair Value to Contract Value is positive for a given contract, this indicates that the wrap contract value is greater than the market value of the underlying investments. To the extent that the underlying portfolio of a security-backed contract has unrealized and/or realized losses, a positive adjustment is made to the adjustment from fair value to contract value under contract value accounting. As a result, the future crediting rate may be lower over time than the then-current market rates. Similarly, if the underlying portfolio generates unrealized and/or realized gains, a negative adjustment is made to the adjustment from fair value to contract value, and the future crediting rate may be higher than the then-current market rates.

All wrap contracts provide for a minimum interest crediting rate of zero percent, under certain conditions. In the event that the interest crediting rate should fall to zero and the requirements of the wrap contract are satisfied, the wrap issuers would pay the shortfall needed to maintain the interest crediting rate at zero. This helps to protect participants’ principal and accrued interest.

i. Events Limiting Contract Value Treatment

SGICs 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.

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Unaudited

Only an event initiated by the Trustee at the level of the Collective Trust, such as termination of the SARF, would have the potential to limit the ability of SARF to transact at contract value with plan participants. As of March 31, 2011, the occurrence of an event that would limit the ability of SARF to transact at contract value with the participants is not probable.

ii. Termination Events by the Issuer

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

If an event of default, within the meaning of a SGIC, occurs and is not cured, the non-defaulting party may terminate the contract. The following (among other events) may cause SARF 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 SARF’s Investment Guidelines.

The issuer may be in default if it breaches a material obligation under the SGIC; 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, SARF were unable to obtain a replacement SGIC, withdrawing plans may experience losses if the value of SARF’s assets no longer covered by the contract is below contract value. SARF may seek to add additional SGIC issuers over time to diversify SARF’s exposure to such risk, but there is no assurance that SARF will be able to do so. The combination of the default of a SGIC issuer and an inability to obtain a replacement agreement and/or an agreed upon plan with the issuer to converge fair value and contract value (in the event fair value is less than contract value) could render SARF unable to achieve its objective of maintaining a stable contract value.

The terms of a SGIC generally provide for settlement of payments only upon termination of the contract or total liquidation of the covered investments. 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 SARF the excess, if any, of contract value over market value on the date of termination. If a SGIC terminates due to a decline in the ratings of the issuer, the issuer may be required to pay to SARF 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 SARF the excess of contract value over market value to the extent necessary for SARF to satisfy outstanding contract value withdrawal requests. Contract termination also may occur by either party upon election and notice.

iii. Adjustments to Contract Value

At March 31, 2011, all SGICs held by SARF were deemed fully benefit-responsive. The change in the difference between the fair value and contract value of SARF’s fully benefit-responsive investment contracts during the three month period ended March 31, 2011 is reflected below:


	March 31, 2011			December 31, 2010			Change
Net assets (at fair value)	$	893,931,380		$	871,972,224		$	21,959,156
Net assets (at contract value)		852,882,041			858,340,833			(5,458,792	)
Adjustment to fair value		(41,049,339	)		(13,631,391	)		27,417,948

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 SARF and make an assumption that there is no change in the duration of the underlying investment portfolio.

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Unaudited

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


	Weighted Average Credit Interest Rate			50% Decrease			25% Decrease			25% Increase			50% Increase
March 31, 2011		1.87	%
June 30, 2011					1.80	%		1.89	%		2.06	%		2.14	%
September 30, 2011					1.69	%		1.81	%		2.05	%		2.16	%
December 31, 2011					1.59	%		1.75	%		2.04	%		2.18	%
March 31, 2012					1.51	%		1.68	%		2.03	%		2.20	%

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


	Weighted Average Credit Interest Rate			50% Decrease			25% Decrease			25% Increase			50% Increase
March 31, 2011		1.87	%
June 30, 2011					1.85	%		1.94	%		2.12	%		2.19	%
September 30, 2011					1.74	%		1.86	%		2.10	%		2.21	%
December 31, 2011					1.64	%		1.79	%		2.08	%		2.22	%
March 31, 2012					1.55	%		1.72	%		2.07	%		2.24	%

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

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 Collective 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)	1.48	%
Based on interest rate credited to participants (2)	1.88	%

(1)	Computed by dividing the annualized one-day actual earnings of the Fund on March 31, 2011 by the fair value of investments on March 31, 2011.

(2)	Computed by dividing the annualized one-day earnings credited to participants on March 31, 2011 by the fair value of investments on March 31, 2011.

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.

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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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 year-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 Collective Trust has received a favorable determination letter dated March 9, 1992 from the Internal Revenue Service, which concluded that the Collective 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 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

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at the current market value of the underlying securities, generally according to the procedures described under Note 2.A. “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.

The Funds and the Balanced Fund through the investments in other collective funds may have exposure indirectly to this type of derivative instrument.

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 March 31, 2011, the Bond Core Plus Fund held the following futures contracts:


Futures Contracts	Number of Contracts		Notional Value		Settlement Month		Unrealized Appreciation/ (Depreciation)
Long
90 Day Eurdollar		845	$	209,971,938		December 2011	$	209,088
90 Day Eurdollar		66		16,358,925		March 2012		18,300
90 Day Eurdollar		13		3,222,213		March 2012		(163	)
90 Day Sterling		3		371,100		June 2011		417

							$	227,642

For the three-month period ended March 31, 2011, the Bond Core Plus Fund had an average notional exposure of $67,880,070 related to futures contracts.

The Funds and the Balanced Fund through the investments in other collective funds may have exposure indirectly to this type of derivative instrument.

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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As of March 31, 2011, the Bond Core Plus Fund held the following forward foreign currency contracts:


Type	Counterparty	Currency		Contract Amount in Local Contract		Contract Value in US Dollar		Settlement Date		Unrealized Appreciation/ (Depreciation)
Purchase	JPMorgan Chase Bank, N.A.		Euro		420,000	$	573,184		04/19/2011		21,823
Purchase	Morgan Stanley & Co., Inc.		Brazilian Real		393,075		233,085		04/04/2011		7,491
Purchase	Morgan Stanley & Co., Inc.		Brazilian Real		393,075		231,003		07/05/2011		4,766
Purchase	Morgan Stanley & Co., Inc.		Mexican Peso		45,147		3,692		07/07/2011		70
Purchase	UBS AG		Euro		246,000		336,324		04/19/2011		12,180
Sale	Bank of America, N.A.		British Pound		13,000		20,870		06/13/2011		38
Sale	JPMorgan Chase Bank, N.A.		Australian Dollar		11,025,000		10,774,733		04/29/2011		(588,243	)
Sale	JPMorgan Chase Bank, N.A.		Canadian Dollar		100,000		102,348		06/20/2011		(604	)
Sale	Morgan Stanley & Co., Inc.		Brazilian Real		393,075		235,656		04/04/2011		(4,920	)
Sale	UBS AG		Euro		2,615,000		3,525,219		04/19/2011		(179,408	)
Sale	UBS AG		Brazilian Real		255,315		150,000		06/02/2011		(4,249	)

										$	(731,056	)

As of March 31, 2011, the International All Cap Equity Fund held the following forward foreign currency contracts:


Type	Counterparty	Currency		Contract Amount in Local Contract		Contract Value in US Dollar		Settlement Date		Unrealized Appreciation/ (Depreciation)
Purchase	Brown Brothers Harriman		Singapore Dollar		7,647	$	6,065		04/01/2011	$	2
Purchase	Brown Brothers Harriman		Singapore Dollar		12,283		9,728		04/04/2011		16
Purchase	Bank of Taiwan		Taiwan New Dollar		6,600,000		224,872		04/05/2011		(412	)
Purchase	Westpac Banking Corp.		Australian Dollar		7,648		7,902		04/05/2011		(4	)
Purchase	UBS AG		Swiss Franc		13,442		14,567		04/04/2011		68
Purchase	Westpac Banking Corp.		Swiss Franc		6,073		6,598		04/01/2011		14
Sale	UBS AG		Australian Dollar		14,176		14,567		04/04/2011		(88	)
Sale	Westpac Banking Corp.		Australian Dollar		6,413		6,598		04/01/2011		(35	)
Sale	Citibank N.A.		Japanese Yen		226,920		2,741		04/04/2011		13
Sale	Citibank N.A.		Japanese Yen		395,250		4,775		04/04/2011		23

										$	(403	)

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For the three-month period ended March 31, 2011, the Bond Core Plus Fund and International All Cap Equity Fund had an average notional exposure of $7,497,808 and $29,646,648, respectively, related to forward foreign currency contracts.

The Funds and the Balanced Fund through the investments in other collective funds may have exposure indirectly to this type of derivative instrument.

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 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 or receipts 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.

As of March 31, 2011, the Bond Core Plus Fund held the following interest rate swap contracts:


				Rate Type
Notional Amount	Swap Counterparty (a)	Termination Date		Floating Rate (b)		Fixed Rate			Market Value			Premiums Paid/ (received)			Unrealized Appreciation/ (Depreciation)
3,908,759 BRL	Morgan Stanley Capital Services Inc.		01/02/2012		CDI-BRL		10.115	%	$	(207,772	)	$	(12,831	)	$	(194,941	)
2,547,544 BRL	UBS Ag		01/02/2012		CDI-BRL		10.575	%		(60,991	)		(7,000	)		(53,991	)
621,657 BRL	UBS Ag		01/02/2012		CDI-BRL		11.020	%		7,394			—			7,394
13,254,914 BRL	Merrill Lynch Capital Services, Inc.		01/02/2014		CDI-BRL		11.860	%		227,488			27,409			200,079

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				Rate Type
Notional Amount	Swap Counterparty (a)	Termination Date		Floating Rate (b)		Fixed Rate			Market Value			Premiums Paid/ (received)			Unrealized Appreciation/ (Depreciation)
6,233,423 BRL	Barclays Bank PLC		01/02/2014		CDI-BRL		11.990	%		(33,255	)		2,452			(35,707	)
4,605,045 BRL	Morgan Stanley Capital Services Inc.		01/02/2013		CDI-BRL		12.590	%		61,535			6,469			55,066
15,910,274 BRL	Credit Suisse First Boston International		01/02/2013		CDI-BRL		12.480	%		172,482			(3,529	)		176,011
1,455,962 BRL	Barclays Bank PLC		01/02/2013		CDI-BRL		11.910	%		5,018			7,024			(2,006	)
22,800,000 MXN	Morgan Stanley Capital Services Inc.		03/05/2013		CDI-MXN		6.500	%		(2,120	)		(872	)		(1,248	)

									$	169,779		$	19,122		$	150,657

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

(b)	CDI – BRL is the interbank lending rate of Brazil as published by the Central Bank of Brazil.

(c)	CDI – MXN is the interbank lending rate of Mexico as published by the Central Bank of Mexico.

For the three-month period ended March 31, 2011, the Bond Core Plus Fund had an average notional exposure of $7,600,000 related to interest rate swap contracts.

The Funds and the Balanced Fund through the investments in other collective funds may have exposure indirectly to this type of derivative instrument.

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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As of March 31, 2011, the Bond Core Plus Fund held the following written option contracts:


Written Put Option Contracts	Number of Contracts		Premium
Outstanding, beginning of Year		—	$	—
Options Written		23		23,460
Options Exercised		—		—
Options Expired		—		—
Options Closed		—		—

Outstanding, period end		23		23,460

For the three-month period ended March 31, 2011, the Bond Core Plus Fund had an average notional exposure of $7,820 related to written option contracts.

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.

The Funds and the Balanced Fund through the investments in other collective funds may have exposure indirectly to this type of derivative instrument.

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.

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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.

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

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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.

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 March 31, 2011 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


		March 31, 2011
		Interest Rate Risk		Foreign Exchange Risk		Total
Bond Core Plus Fund	Futures Contracts (a)	$	227,805	$	—	$	227,805
	Forward Contracts (b)		—		46,368		46,368
	Swap Contracts (c)		438,550		—		438,550

	Total Value	$	666,355	$	46,368	$	712,723


		December 31, 2010
		Interest Rate Risk		Foreign Exchange Risk		Total
Bond Core Plus Fund	Futures Contracts (a)	$	2,538	$	—	$	2,538
	Forward Contracts (b)		—		80,308		80,308
	Swap Contracts (c)		388,862		—		388,862

	Total Value	$	391,400	$	80,308	$	471,708

Liability Derivatives


		March 31, 2011
		Interest Rate Risk		Foreign Exchange Risk		Total
Bond Core Plus Fund	Futures Contracts (a)	$	163	$	—	$	163
	Forward Contracts (b)		—		777,424		777,424

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Swap Contracts (c)		287,893		—		287,893

Total Value	$	288,056	$	777,424	$	1,065,480


		December 31, 2010
		Interest Rate Risk		Foreign Exchange Risk		Total
Bond Core Plus Fund	Futures Contracts (a)	$	813	$	—	$	813
	Forward Contracts (b)		—		738,989		738,989
	Swap Contracts (c)		292,117		—		292,117

	Total Value	$	292,930	$	738,989	$	1,031,919

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

(a)	Net Assets Unrealized-Appreciation/Depreciation (Includes cumulative appreciation/depreciation of futures contracts as reported in Note 2.H: Futures Contracts. Only current day’s variation margin is reported within the Statement of Assets and Liabilities)

(b)	Gross unrealized appreciation/depreciation of forward currency exchange contracts

(c)	Swap contracts, at value


		For the three-month period ended March 31, 2011
		Interest Rate Risk		Foreign Exchange Risk			Total
Bond Core Plus Fund	Realized gain (loss)
	Futures Contracts (a)	$	10,152	$	—		$	10,152
	Forward Contracts (b)		—		(359,694	)		(359,694	)
	Swap Contracts (c)		—		—			—

	Total Value	$	10,152	$	(359,694	)	$	(349,542	)


		For the three-month period ended March 31, 2010
		Interest Rate Risk		Foreign Exchange Risk		Total
Bond Core Plus Fund	Realized gain (loss)
	Futures Contracts (a)	$	980,127	$	—	$	980,127
	Forward Contracts (b)		—		418,496		418,496
	Swap Contracts (c)		124,584		—		124,584

	Total Value	$	1,104,711	$	418,496	$	1,523,207

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

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foreign currency transactions)

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


		For the three-month period ended March 31, 2011
		Interest Rate Risk			Foreign Exchange Risk			Total
Bond Core Plus Fund	Change in Unrealized Appreciation (Depreciation)
	Futures Contracts (a)	$	225,917		$	—		$	225,917
	Forward Contracts (b)		—			(64,930	)		(64,930	)
	Swap Contracts (c)		54,243			—			54,243
	Written Options (d)		5,922						5,922

	Total Value	$	286,082		$	(64,930	)	$	221,152


		For the three-month period ended March 31, 2010
		Interest Rate Risk			Foreign Exchange Risk			Total
Bond Core Plus Fund	Change in Unrealized Appreciation (Depreciation)
	Futures Contracts (a)	$	705,116		$	—		$	705,116
	Forward Contracts (b)		—			171,219			171,219
	Swap Contracts (c)		(118,859	)		—			(118,859	)

	Total Value	$	586,257		$	171,219		$	757,476

Each of the above derivatives is 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)	Net unrealized appreciation/(depreciation) 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

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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.

3. Investment Advisory, Investment Management and Related Party Transactions

Prior to July 1, 2010, State Street had retained the services of the Investment Advisors listed below to advise it with respect to its investment responsibility and had allocated the assets of certain of the Funds among the Investment Advisors. 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. Northern Trust Investments entered into successor Investment Advisor Agreements with such Investment Advisors with the same or better terms as the previous contracts with State Street pursuant to which the Investment Advisors continue to provide investment advice to one or more of the Funds offered as investment options under the Program. As of March 31, 2011, the line-up of Investment Advisors to the Funds is as follows:


Investment Advisor		Fund to which the Investment Advisor Provides Investment Advice
Galliard Capital Management, Inc.		Stable Asset Return Fund
Pacific Investment Management Company, LLC		Stable Asset Return Fund and 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		Stable Asset Return Fund and 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 and International All 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
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. Subject to review by Northern Trust Investments, each Investment Advisor invests and reinvests 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 approved 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 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. The Investment Management Agreement with State Street Bank with respect to SARF was terminated on December 8, 2010, while the agreement with respect to the Index Funds remains in place.

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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 incurred for each Investment Advisor during the three-month periods ended March 31, 2011 and March 31, 2010 are listed below; the annual asset-based fees range from the highest rate of .65% to the lowest rate of .15% among the various Investment Advisors.


Investment Advisor	Fees for the three-month period ended March 31, 2011		Fees for the three-month period ended March 31, 2010
Altrinsic Global Advisors, LLC (International All Cap Equity Fund)	$	42,998	$	50,612
C.S. McKee, L.P. (Large Cap Equity Fund)		169,625		174,220
Columbus Circle Investors (Large Cap Equity Fund)		167,576		121,007
Delaware Investment Advisers (Large Cap Equity Fund)		122,946		89,569
Denver Investment Advisors LLC (Small-Mid Cap Equity Fund)		93,180		60,116
Eagle Global Advisors LLC (International All Cap Equity Fund)		25,195		27,318
First State Investments International Limited (International All Cap Equity Fund)		59,227		44,274
Frontier Capital Management Co. LLC (Small-Mid Cap Equity Fund)		33,609		31,046
Galliard Capital Management, Inc. (Stable Asset Return Fund) *		180,179		—
Jennison Associates, LLC (Stable Asset Return Fund) *		42,603		—
Jennison Associates LLC (Large Cap Equity Fund)		102,417		113,967
LSV Asset Management (International All Cap Equity Fund)		42,900		34,216
LSV Asset Management (Small-Mid Cap Equity Fund)		67,295		44,351
Martin Currie Inc. (International All Cap Equity Fund)		34,721		37,106
OFI Institutional Asset Management, Inc. (Small-Mid Cap Equity Fund) **		—		51,603
Allianz Global Investors Capital LLC (Small-Mid Cap Equity Fund)		38,273		34,318
Pacific Investment Management Company LLC (Bond Core Plus Fund)		218,010		261,920
Pacific Investment Management Company, LLC (Stable Asset Return Fund) *		93,960		—
Riverbridge Partners (Small-Mid Cap Equity Fund)		41,252		38,331
Systematic Financial Management, L.P. (Small-Mid Cap Equity Fund)		56,058		60,742
TCW Investment Management Company (Small-Mid Cap Equity Fund)		37,523		34,846

	$	1,669,547		1,309,562

*	Fee listed is from the date on which such Investment Advisor commenced providing investment advice with respect to the Stable Asset Return Fund, January 1, 2011, through March 31, 2011.

**	Effective June 17, 2010, the Investment Advisory Agreement between OFI Institutional Asset Management, Inc. and State Street was terminated.

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Program Fee

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 three-month period ended March 31, 2011 and during the year ended December 31, 2010:


Value of Assets	Rate of ABA Retirement Funds 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 $666,677 and $624,716 for the three-month periods ended March 31, 2011 and March 31, 2010, respectively. 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 rate based on their respective net assets as of the time of calculation thereof.

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 Program Expense Fee
First $4 billion		.470	%
Next $1 billion		.360	%
Next $1 billion		.215	%
Over $6 billion		.220	%

For the three-month periods ended March 31, 2011 and March 31, 2010, respectively, the Program fee paid to ING Services was $4,828,078 and $4,380,608, respectively.

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. A service penalty of $50,000 was imposed for the three-month period ended March 31, 2011, and is reflected net of the fees stated above.

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

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Trust Management, Administration and Custody Fee

A fee was paid to State Street Bank for the six month period ended June 30, 2010 for its trust management, administration and custody of the assets in the investment options (other than Self-Managed Brokerage Accounts). This trust, management, administration and custody fee was accrued daily and paid monthly at the following annual rates based on the aggregate assets of the Funds and the Balanced Fund as of the last business day of the preceding month:


Value of Assets	Rate
First $1.0 billion		.202	%
Next $1.8 billion		.067	%
Over $2.8 billion		.029	%

For the three month period ended March 31, 2010, State Street Bank received trust, management and administration fees of $839,827.

From on or about July 1, 2009 through June 30, 2010, the Collective Trust paid Northern Trust an annual fee of $500,000 for its services as investment fiduciary. Northern Trust’s annual fee accrued on a daily basis and was paid monthly from the assets of the respective Funds, which bore their respective portions of this fee based on their respective net asset values as of the time of calculation of the fee. For the three month period ended March 31, 2010, the investment fiduciary fee paid to Northern Trust totaled $125,000.

Effective July 1, 2010, 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 annual 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 at an annual rate of .115% of the value of assets held by the respective Retirement Date Funds.

For the three-month period ended March 31, 2011, Northern Trust received trust, management and administration fees of $842,385.

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.

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Until June 30, 2010, the fees for the indexed portions of the Managed Funds and the fees for the respective Index Funds were at the following annual rates:


Fund	Rate
Bond Index Fund		.04	%
Large Cap Index Equity Fund		.02	%
All Cap Index Equity Fund		.05	%
Mid Cap Index Equity Fund		.05	%
Small Cap Index Equity Fund		.05	%
International Index Equity Fund		.10	%
Large Cap Equity Fund		.05	%
Small-Mid Cap Equity Fund		.04	%
International All Cap Equity Fund		.12	%

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		.04	%
International All Cap Equity Fund		.12	%

State Street Bank received the following fees paid from the Funds listed below during the three-month periods ended March 31, 2011 and March 31, 2010:


	Fees for the three-month period ended March 31, 2011		Fees for the three-month period ended March 31, 2010
Bond Index Fund	$	6,071	$	3,890
Large Cap Index Equity Fund		2,945		1,796
All Cap Index Equity Fund		30,359		32,945
Mid Cap Index Equity Fund		5,270		3,352
Small Cap Index Equity Fund		3,288		2,025
International Index Equity Fund		15,149		6,447
Large Cap Equity Fund		2,836		12,564
Small-Mid Cap Equity Fund		984		692
International All Cap Equity Fund		2,447		1,062

	$	69,349	$	64,773

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The Real Asset Return Fund is subject to an annual management fee of .078% of the assets invested in the Real Asset Return Fund, payable to State Street Bank. The fee is accrued daily and paid monthly. Prior to July 1, 2010, the Real Asset Return Fund was subject to a management fee of .09% of the total assets invested in the Real Asset Return Fund, payable to State Street Bank. For the three-month periods ended March 31, 2011 and March 31, 2010, State Street Bank received Real Asset Return Fund management fees of $2,863 and $1,400, respectively.

The Retirement Date Funds are subject to an annual management fee of .10% of the assets invested in the Retirement Date Funds, payable to State Street Bank. The fee is accrued daily and paid monthly. For the three-month periods ended March 31, 2011 and March 31, 2010, State Street Bank received Retirement Date Funds management fees of $109,849 and $83,107, respectively.

Effective July 1, 2010, the Target Risk Funds are subject to an annual management fees of .042%, .055% and .063% of the assets invested in the Conservative Risk Fund, Moderate Risk Funds and Aggressive Risk Fund, respectively, payable to State Street Bank. The fee is accrued daily and paid monthly. Prior to July 1, 2010, the Target Risk Funds were subject to an annual management fee of .06% of the assets invested in the Target Risk Funds, payable to State Street Bank. For the three-month periods ended March 31, 2011 and March 31, 2010, State Street Bank received Target Risk Fund management fees of $8,937 and $4,115, respectively.

Investment Advisor Fees—Managed Funds

From July 1, 2010 through December 8, 2010, the Stable Asset Return Fund paid State Street Bank a fee at the annual rate of .05% of the assets of the Fund, which was accrued on a daily basis and paid monthly from the assets of the Fund. The amount paid to State Street Bank for the period from July 1, 2010 through December 8, 2010 was $217,418. No fee structure was in place prior to July 1, 2010.

Effective December 8, 2010, the new investment advisors for the Stable Asset Return Fund are paid a weighted average fee at an annual rate of approximately .15%.

If the aggregate market value of the Bond Core Plus Fund’s assets and the assets of certain other unaffiliated accounts totals $600 million or above (as of March 31, 2011, the aggregate value of such assets was $2.2 billion), the Fund pays its Investment Advisor a fee at the following annual rate:


Value of Assets	Rate
First $600 million		.25	%
Next $700 million		.20
Over $1300 million		.15

If the aggregate market value of the Fund’s assets and the assets of certain other unaffiliated accounts falls below $600 million, the following fee schedule applies:


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, fee rates and asset allocations as of March 31, 2011:

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Fund	Rate
Large Cap Equity Fund		.277	%
Small-Mid Cap Equity Fund		.468
International All Cap Equity Fund		.486

Northern Trust Investments is paid a fee of .15% of the excess cash in the Managed Funds (Large Cap Equity Fund, Small-Mid Cap Equity Fund, International All Cap Equity Fund, Bond Core Plus Fund and SARF) that is swept to the NTGI Collective Short-Term Investment Fund for the Managed Funds and to the GSTIF for SARF. For the three-month period ended March 31, 2011, Northern Trust Investments was paid $1,118, $4,718, $2,188, $1,444 and $40,899 from the Bond Core Plus Fund, Large Cap Equity Fund, Small-Mid Cap Equity Fund, International All Cap Equity Fund and SARF, respectively.

The Balanced Fund ceased offering its units on July 2, 2009 and investment of the equity portion of the Balanced Fund was invested through the Large Cap Equity Fund and investment of the debt portion of the Balanced Fund was invested through the Bond Core Plus Fund. Effective with this change, fees are no longer charged directly to the Balanced Fund as the fees are charged to the Large Cap Equity Fund and the Bond Core Plus Fund in which the Balanced Fund invests.

Operational and Offering Costs

Recurring expenses incurred in connection with operating the Collective Trust, such as printing, legal, registration, consulting and auditing expenses, are considered operational expenses and are accrued throughout the year. For the quarter ended March 31, 2011, these expenses totaled $715,952. Fees in the amount of approximately $54,567 for the registration of $470 million of Units with the SEC were paid during 2011 and are an operational cost. These operational costs are allocated to all of the Funds and the Balanced Fund based on net assets.

For purposes of these fee allocations, assets of the Balanced Fund invested through the Large Cap Equity Fund or the Bond Core Plus Fund are included under the Large Cap Equity Fund or the Bond Core Plus Fund, as applicable, and not under the Balanced Fund.

4. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities and the Funds’ assets invested in collective investment funds, excluding U.S. Government securities and short-term investments were as follows:


	For the three-month period ended March 31, 2011
	Purchases		Sales
Bond Core Plus Fund	$	38,946,383	$	34,483,283
Large Cap Equity Fund		377,304,512		409,674,562
Small-Mid Cap Equity Fund		150,805,487		157,974,021
International All Cap Equity Fund		204,420,651		206,994,072
Bond Index Fund		2,856,903		2,347,632
Large Cap Index Equity Fund		5,853,773		2,050,964
All Cap Index Equity Fund		3,906,346		7,042,541
Mid Cap Index Equity Fund		9,563,023		1,386,898
Small Cap Index Equity Fund		8,062,855		1,554,757
International Index Equity Fund		5,449,109		731,897
Real Asset Return Fund		4,953,151		1,283,076
Lifetime Income Retirement Date Fund		1,508,806		2,140,440
2010 Retirement Date Fund		2,546,428		3,072,059
2020 Retirement Date Fund		9,776,749		5,012,106
2030 Retirement Date Fund		5,605,398		4,083,849
2040 Retirement Date Fund		4,192,294		1,636,578
Conservative Risk Fund		57,667,139		55,363,495
Moderate Risk Fund		10,678,199		4,837,794
Aggressive Risk Fund		2,410,166		884,742

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	For the three-month period ended March 31, 2011
	Purchases		Sales
Balanced Fund		5,650,566		14,916,395

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


	For three-month period ended March 31, 2011
	Purchases		Sales
Bond Core Plus Fund	$	326,294,345	$	303,351,538

5. Risks Associated with Investments of the Collective Trust

The Funds and the Balanced Fund are subject to a variety of market and financial risks applicable to those markets. 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 stocks, as different types of stocks tend to shift into and out of favor depending on market and economic conditions. The value of the Funds 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, Funds that invest in fixed income securities may rely 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,

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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

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 (as defined below).

Effective July 1, 2010 and thereafter, the Funds that directly engage in securities lending (Bond Core Plus Fund, International All Cap Equity Fund, Large Cap Equity Fund and Small-Mid Cap Equity Fund) and the Balanced Fund which indirectly engages 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. 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 March 31, 2011, 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 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, are reflected 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 GAAP valuation of the ABA Members Collateral Fund. Such difference in valuation as of March 31, 2011 has narrowed from the difference in valuation as of December 31, 2010, reflecting higher GAAP valuations of the ABA Members Collateral Fund on March 31, 2011.

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.

During the year ended December 31, 2010, certain Funds (All Cap Index Equity Fund and the Retirement Date Funds) also invested in collective investment funds which lend a portion of their securities to qualified Borrowers under identical collateral requirements described above. In July 2010, State Street Bank notified clients that, effective August 2010, they were terminating the withdrawal limitations that were put in place in March 2009

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relating to the State Street Bank common and collective trust funds that engage in securities lending. The Trustee determined it was in the best interests of the Collective Trust to redeem the remaining balance from the State Street Bank collective lending funds which redemption was completed on September 16, 2010. From and after September 16, 2010, the All Cap Index Equity Fund and the Retirement Date Funds are non-lending funds.

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 March 31, 2011, 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 of Loaned Securities		Amortized Cost		Fair Value
Bond Core Plus Fund	$	37,861,033	$	38,632,720	$	38,413,783
Large Cap Equity Fund		60,487,854		61,854,373		61,503,835
Small-Mid Cap Equity Fund		136,136,629		139,546,001		138,755,173
International All Cap Equity Fund		8,564,263		8,822,378		8,772,381

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 dollar amount withdrawal limitations would apply to redemptions in connection with discontinuing participation in the securities lending program. At March 31, 2011, the market value of the investments in the ABA Members Collateral Fund, as reported by its trustee, was approximately 99.433% of amortized cost. 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 March 31, 2011, the following Funds had participants owning greater than 5% of the outstanding units of a Fund: One participant owned 5.52% of the outstanding units of the 2010 Retirement Date Fund and two participants owned 8.56% and 8.30%, respectively, of the outstanding units of the Conservative Risk Fund.

8. Subsequent Events

Effective May 1, 2011, Northern Trust Investments entered into an investment advisory agreement with Lombardia Capital Partners, LLC (“Lombardia”), pursuant to which Lombardia will provide investment advice with respect to a portion of the Small-Mid Cap Equity Fund. Approximately 15% of the assets of the Small-Mid Cap Equity Fund were allocated to Lombardia as of May 1, 2011.

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Item 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Quarter Ended March 31, 2011

Stable Asset Return Fund

The Stable Asset Return Fund seeks to provide current income consistent with the preservation of principal and liquidity. The Stable Asset Return Fund invests in investment contracts, which we refer to as Traditional Investment Contracts, so-called “Synthetic GICs” with associated underlying assets, and high-quality, fixed-income instruments. Such investments may be made directly by the Fund or indirectly through its investment in other collective investment funds maintained by one or more banks, including Northern Trust Investments, Inc., which we refer to as Northern Trust Investments.

For the quarter ended March 31, 2011, the Stable Asset Return Fund experienced a total return, net of expenses, of 0.28%. By comparison, the 3 Year Constant Maturity Treasury Yield produced an investment record of 0.29% for the same period. The 3 Year Constant Maturity Treasury Yield does not include an allowance for the fees that an investor would pay for investing in the instruments that comprise that benchmark or for fund expenses. Further, the 70% Ryan Labs Three Year GIC Index / 30% iMoneyNet MFR Prime Institutional Money Market Fund Average produced an investment record of 0.50% for the 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 benchmark or for fund expenses.

Effective with the reorganization of the Stable Asset Return Fund on December 8, 2010, the benchmark for the Fund is the 3 Year Constant Maturity Treasury Yield. The Stable Asset Return Fund performed in line with the 3 Year Constant Maturity Treasury Yield but underperformed the 70% Ryan Labs Three Year GIC Index / 30% iMoneyNet MFR Prime Institutional Money Market Fund Average for the quarter ended March 31, 2011. Investments in corporate bonds, commercial mortgage-backed securities (CMBS) and treasury inflation protected securities (TIPS) were the top contributors to performance. An underweight to treasuries and agencies also added value to the portfolio.

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 March 31, 2011, 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 0.51%. By comparison, the Barclays Capital U.S. Aggregate Bond Index produced an investment record of 0.42% 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 March 31, 2011. An underweight to duration and an overweight to bonds of financial issuers, such as banks, contributed positively to performance as the sector outpaced the broader market.

Large Cap Equity Fund

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. 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.

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For the quarter ended March 31, 2011, the Large Cap Equity Fund experienced a total return, net of expenses, of 5.70%. By comparison, the Russell 1000^® Index produced an investment record of 6.24% 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 March 31, 2011, the portion of the Large Cap Equity Fund advised with the assistance of Columbus Circle Investors (approximately 22% as of March 31, 2011) 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. Poor stock selection within the technology and healthcare sectors, as well as underweight in energy, were most detrimental to performance. In addition, results were adversely affected by investor preference for lower-quality companies with smaller market capitalizations, and those that are inexpensively priced.

For the quarter ended March 31, 2011, the portion of the Large Cap Equity Fund advised with the assistance of C.S. McKee, L.P. (approximately 28% as of March 31, 2011) 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. An overweight to the energy sector as well as an underweight to the financials sector positively contributed to outperformance. Conversely, certain investments in the consumer discretionary sector detracted from portfolio performance.

For the quarter ended March 31, 2011, the portion of the Large Cap Equity Fund advised with the assistance of Delaware Investment Advisers (approximately 25% as of March 31, 2011) 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. An overweight to the energy sector was the largest contributor to relative returns. The portfolio also benefited from an underweight to the poorly-performing financials sector. However, the portfolio benefited from strong stock selection, with the portfolio’s financial stocks modestly ahead of those in the benchmark. Certain stock selections in the industrial sector detracted from portfolio performance.

For the quarter ended March 31, 2011, the portion of the Large Cap Equity Fund advised with the assistance of Jennison Associates LLC (approximately 19% as of March 31, 2011) 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. An underweight position in energy as well as stock selection detracted from relative returns, as the advance of portfolio holdings failed to keep pace with benchmark positions. Stock selection and an overweight to the consumer discretionary sector contributed to the underperformance because certain stocks within the sector largely offset strong gains of other stocks within the sector.

Small-Mid Cap Equity Fund

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 March 31, 2011, the Small-Mid Cap Equity Fund experienced a total return, net of expenses, of 8.70%. By comparison, the Russell 2500™ Index produced an investment record of 8.70% 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.

For the quarter ended March 31, 2011, 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 March 31, 2011) 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 most significant sector contributions came from consumer cyclical and consumer staples. Results from the technology, medical/healthcare and REITs (real estate investment trusts) sectors detracted from relative returns.

For the quarter ended March 31, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Frontier Capital Management Co. LLC (approximately 9% as of March 31, 2011) negatively contributed to the performance of the Fund, but

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outperformed the Russell Midcap Growth Index, against which the performance of this portion of the Fund is compared. Relative performance for the period was helped by positive stock selection in the financials, technology, and healthcare sectors. Within financial services, the broad-based improvement in capital markets helped several of the portfolio’s holdings realize strong earnings.

For the quarter ended March 31, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of LSV Asset Management (approximately 21% as of March 31, 2011) negatively contributed to the performance of the Fund, but outperformed the Russell Midcap Value Index, against which the performance of this portion of the Fund is compared. Stock selection in the materials sector, particularly in chemical companies, was the key driver over the quarter. Sector positioning also improved portfolio performance, with an overweight in the healthcare sector and an underweight in the telecommunications sector having the largest positive impact on the portfolio.

For the quarter ended March 31, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Allianz Global Investors Capital LLC (approximately 10% as of March 31, 2011) 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. Strong stock selection across several sectors accounted for the vast majority of the outperformance. Several companies with disappointing performances at the end of last year delivered strong quarterly results and more positive outlooks in the first quarter. From a sector viewpoint, the portfolio’s relative returns were boosted in large part by its security selection in the technology, materials and consumer discretionary sectors. Additionally, an overweight to the energy sector contributed positively for the quarter.

For the quarter ended March 31, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Riverbridge Partners (approximately 10% as of March 31, 2011) 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. Detracting from fund performance was the portfolio’s underweight to the energy sector. However, stock selection in the healthcare sector and the portfolio’s overweight to the information technology sector contributed to the overall performance of the portfolio.

For the quarter ended March 31, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Systematic Financial Management, L.P. (approximately 14% as of March 31, 2011) negatively contributed to the performance of the Fund, but outperformed the Russell Midcap Value Index, against which the performance of this portion of the Fund is compared. Outperformance was driven almost entirely by sector allocation, as security selection, in aggregate, did not contribute meaningfully to overall results. An underweight posture to the telecommunication services and financials sectors provided a boost to relative results, while all other sector allocations either contributed slightly to performance or performed roughly in-line with the index.

For the quarter ended March 31, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of TCW Investment Management Company (approximately 10% as of March 31, 2011) 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. Outperformance relative to the benchmark was led by strong stock selection in the technology sector. Although technology was the second-worst performing sector in the benchmark, it was a strong contributor to both relative and absolute performance. Stock selection was also strong in some internet, information technology services and semiconductor holdings.

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 international (non-U.S.) stock markets.

For the quarter ended March 31, 2011, the International All Cap Equity Fund experienced a total return, net of expenses, of 3.22%. By comparison, the Morgan Stanley Capital International (“MSCI”) All-Country World (“ACWI”) ex-US Index produced an investment record of 3.41% 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 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.

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For the quarter ended March 31, 2011, the portion of the International All Cap Equity Fund advised with the assistance of Altrinsic Global Advisors, LLC (approximately 22% as of March 31, 2011) positively contributed to the performance of the Fund, but underperformed the MSCI Europe, Australasia, Far East (“EAFE”) Value ND Index, against which the performance of this portion of the Fund is compared. A substantial exposure to Japanese companies had the most notable negative impact on performance, given the sharp selloff following the major earthquake and tsunami that hit Japan during the quarter. From a sector perspective, energy-related companies provided the portfolio’s most positive attribution. Favorable results also stemmed from holdings in the consumer staples and telecommunications sectors.

For the quarter ended March 31, 2011, the portion of the International All Cap Equity Fund advised with the assistance of Eagle Global Advisors LLC (approximately 15% as of March 31, 2011) 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 financials, energy and industrials sectors contributed positively to performance, while allocations to the information technology, healthcare and materials sectors detracted from relative performance. Being overweight in energy and telecommunication services, while underweight in Japan, also contributed to performance. Additionally, stock selection was positive in six of the ten sectors in which the portfolio invests.

For the quarter ended March 31, 2011, the portion of the International All Cap Equity Fund advised with the assistance of First State Investments International Limited (approximately 21% as of March 31, 2011) negatively contributed to the performance of the Fund, as well as underperformed the MSCI Emerging Markets ND Index, against which the performance of this portion of the Fund is compared. An underweight position in the energy sector was a significant negative over the quarter as oil prices rose due to political upheaval in North Africa and the Middle East. Stock selection in South Korea detracted from performance, especially positions in consumer staples, which declined on weaker-than-expected results. An overweight position in the South African consumer staples sector was also negative over the period because of concerns over rising food prices.

For the quarter ended March 31, 2011, the portion of the International All Cap Equity Fund advised with the assistance of LSV Asset Management (approximately 22% as of March 31, 2011) positively contributed to the performance of the Fund, but underperformed the MSCI EAFE Value ND Index, against which the performance of this portion of the Fund is compared. Stock selection was particularly strong in the financial and utilities sectors but was partially offset by certain selections in the telecommunications, information technology and industrials sectors. Additionally, being overweight to smaller capitalization companies was a negative as larger companies outperformed.

For the quarter ended March 31, 2011, the portion of the International All Cap Equity Fund advised with the assistance of Martin Currie Inc. (approximately 15% as of March 31, 2011) 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. Outperformance stemmed primarily from stock selection, although asset allocation also made a positive contribution to returns. Regionally, stock selection was particularly strong in Europe. By sector, there were positive contributions from most areas of the market, although the bulk of outperformance came from the energy and information technology sectors.

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 March 31, 2011, the Bond Index Fund experienced a total return, net of expenses, of 0.24%. By comparison, the Barclays Capital U.S. Aggregate Bond Index produced an investment record of 0.42% for the same period. The Barclays Capital U.S. Aggregate Bond Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the Bond Index Fund for the quarter ended March 31, 2011 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.

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For the quarter ended March 31, 2011, the Large Cap Index Equity Fund experienced a total return, net of expenses, of 5.75%. By comparison, the S&P 500 produced an investment record of 5.92% 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 ended March 31, 2011 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 rate of 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 March 31, 2011, the All Cap Index Equity Fund experienced a total return, net of expenses, of 6.19%. By comparison, the Russell 3000 Index produced an investment record of 6.38% 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 March 31, 2011 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 March 31, 2011, 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 March 31, 2011, the Mid Cap Index Equity Fund experienced a total return, net of expenses, of 9.15%. By comparison, the S&P MidCap 400 produced an investment record of 9.36% 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 ended March 31, 2011 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 10% of the Russell 3000 Index total market capitalization.

For the quarter ended March 31, 2011, the Small Cap Index Equity Fund experienced a total return, net of expenses, of 7.78%. By comparison, the Russell 2000 Index produced an investment record of 7.94% 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 March 31, 2011 was consistent with the Russell 2000 Index after taking expenses into account.

International Index Equity Fund

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US Index consists of approximately 1,870 securities in 44 markets, with securities of emerging markets representing approximately 24% of the Index.

For the quarter ended March 31, 2011, the International Index Equity Fund experienced a total return, net of expenses, of 3.14%. By comparison, the MSCI ACWI ex-US Index produced an investment record of 3.41% for the same period. The MSCI ACWI ex-US Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the International Index Equity Fund for the quarter ended March 31, 2011 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 and Trust Company, which we refer to as State Street Bank. During the quarter ended March 31, 2011, 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 Index^SM Non-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 March 31, 2011, 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 was weighted based on the Fund’s target allocations to the asset classes to which these underlying benchmarks relate.

For the quarter ended March 31, 2011, the Fund experienced a total return, net of expenses, of 3.79%. By comparison, the composite benchmark produced an investment record of 4.00% for the same period. None of the indices comprising the composite benchmark includes 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 ended March 31, 2011 was consistent with its composite benchmark after taking expenses into account.

Retirement Date Funds

The Retirement Date Funds provide a series of diversified investment funds each of which is designed to correspond to a particular time horizon to retirement. Each Retirement Date Fund has an initial investment strategy representing specific risk and reward characteristics that take into account 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 retiring in or around the year 2010. The 2020 Retirement Date Fund currently seeks to provide a mix of long-term capital appreciation and stability of principal for participants planning to retire in or around the year 2020. The 2030 Retirement Date Fund currently seeks to provide mostly 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.

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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.

The composite benchmark for each of the Retirement Date Funds is the composite performance of the respective benchmarks for the underlying asset classes to which each Retirement Date Fund allocates its assets from time to time. During the quarter ended March 31, 2011, 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 IMI 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 underlying benchmarks relate.

For the quarter ended March 31, 2011, the Retirement Date Funds experienced a total return, net of expenses, of 2.43% for the Lifetime Income Retirement Date Fund, 2.67% for the 2010 Retirement Date Fund, 3.76% for the 2020 Retirement Date Fund, 4.44% for the 2030 Retirement Date Fund and 4.95% for the 2040 Retirement Date Fund. By comparison, the composite benchmark for each Retirement Date Fund produced an investment record of 2.66%, 2.96%, 4.00%, 4.61% and 5.17%, 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 March 31, 2011 was consistent with its respective composite benchmark after taking into account expenses and differences in rebalancing frequency inasmuch as each Retirement Date Fund is rebalanced to target asset allocations quarterly and its composite benchmark’s component weights remain static.

Target Risk Funds

The Target Risk Funds provide a series of diversified investment funds each of which is designed to correspond to a particular investment risk level. Each Target Risk Fund has an investment strategy representing specific 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 26%). 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 March 31, 2011, 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 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 the respective benchmarks for the underlying asset classes to which each Target Risk Fund allocates its assets. During the quarter ended March 31, 2011, 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 the asset classes to which such underlying benchmarks relate.

For the quarter ended March 31, 2011, the Target Risk Funds experienced a total return, net of expenses, of 1.92% for the Conservative Risk Fund, 3.33% for the Moderate Risk Fund and 4.66% for the Aggressive Risk Fund. By comparison, the composite benchmark for each Target Risk Fund produced an investment record of 2.14%, 3.56% and 4.84%, 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 Target Risk Fund for the quarter ended March 31, 2011 was consistent with its respective composite benchmark after taking expenses into account.

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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 March 31, 2011, the Balanced Fund experienced a total return, net of expenses, of 3.60%. 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 3.89% 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.

For the quarter ended March 31, 2011, 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 period.

For the quarter ended March 31, 2011, 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 period.

Quarter Ended March 31, 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 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 March 31, 2010, the Stable Asset Return Fund experienced a total return, net of expenses, of 0.37%. 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 0.68% 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 benchmark credit quality, the combination benchmark less 0.5% per year, on an annualized basis, produced an investment record of 0.56% 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 March 31, 2010. The portfolio’s interest rate sensitivity and asset allocation continue to be managed in a relatively conservative fashion to maintain a higher degree of liquidity and lower amount of market value variation. This strategy leads to a lower yield than that of the benchmark but will benefit in the event of an increase in interest rates or widening in credit spreads.

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 March 31, 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 1.83%. By comparison, the Barclays Capital U.S. Aggregate Bond Index produced an investment record of 1.78% for the same period. The Barclays Capital U.S. Aggregate Bond Index

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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 March 31, 2010. The Fund held U.S. securities with an average duration below that of the Index, which was neutral for relative returns, as the 10-year Treasury yield fell one basis point during the quarter. Additionally, interest rate exposure in Europe contributed to performance, as the 10-year Bond yield fell 10 basis points to end the quarter at 3.10%. The Fund’s selection in the U.S. slightly contributed to performance, as the yield curve steepened 19 basis points; the 2-year yield finished the quarter down 12 basis points while the 30-year yield rose 7 basis points. The Fund’s selection was also positive in Europe due to its select money-market futures positions, as short-term interest rates remained on hold. On a duration-adjusted basis, sectors that trade at a spread to U.S. Treasuries experienced mixed performance. An underweight in agency mortgage-backed securities compared to the Index detracted from performance; however, favorable coupon selection partially mitigated this negative impact. A modest underweight in the corporate sector compared to the Index slightly detracted from returns. However, this negative impact was more than offset by a focus on the financials sector, which experienced positive returns during the quarter. Beyond core sectors, an allocation to high yield financials added to returns, as high yield financials outperformed like-duration Treasuries and the overall high yield corporate market. The Fund’s selection in municipal bonds also added to performance, which outperformed like-duration Treasuries for the quarter. Additionally, modest exposure to emerging local rates, specifically Brazil, added to returns as rates fell in this country.

For the quarter ended March 31, 2010, 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 for the quarter ended March 31, 2010 was positively impacted by 0.01 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.

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 10% as of March 31, 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 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. Effective on or about January 19, 2010, the line-up of Investment Advisors to State Street with respect to the Large Cap Equity Fund was modified by the addition of two new Investment Advisors, Columbus Circle Investors and Delaware Investment Advisers. 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 quarter ended March 31, 2010, the Large Cap Equity Fund experienced a total return, net of expenses, of 5.27%. By comparison, the Russell 1000 Index produced an investment record of 5.70% 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 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 March 31, 2010, the portion of the Large Cap Equity Fund advised with the assistance of Columbus Circle Investors (approximately 21% as of March 31, 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. Stock selection was the primary contributor to outperformance of the portfolio as compared to the Index for the quarter.

For the quarter ended March 31, 2010, the portion of the Large Cap Equity Fund advised with the assistance of C.S. McKee, L.P. (approximately 27% as of March 31, 2010) positively contributed to the performance of the Fund, but underperformed the Russell 1000 Value Index, against which the performance of this portion of the Fund is compared. Underperformance of the portfolio in the quarter is primarily attributable to an underweight in the financial sector as compared to the Index.

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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 March 31, 2010, the portion of the Large Cap Equity Fund advised with the assistance of Delaware Investment Advisers (approximately 24% as of March 31, 2010) negatively contributed to the performance of the Fund, as well as underperformed the Russell 1000 Value Index, against which the performance of this portion of the Fund is compared. Underperformance of the portfolio relative to the Index is primarily attributable to underweight allocations and less cyclically-oriented holdings in the financials, industrials and consumer discretionary sectors.

For the quarter ended March 31, 2010, the portion of the Large Cap Equity Fund advised with the assistance of Jennison Associates LLC (approximately 18% as of March 31, 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. Natural gas producer Southwestern Energy, which fell on weak natural gas prices, was a notable detractor from portfolio returns, and information technology, wireless semiconductor manufacturer Qualcomm declined on disappointing fourth-quarter earnings that reflected weaker-than-expected average selling prices and uncertainty about a recovery in demand for 3G chipsets.

For the quarter ended March 31, 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.

For the quarter ended March 31, 2010, 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 for the quarter ended March 31, 2010 was positively impacted by 0.09 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.

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. A portion of the Fund (approximately 3% as of March 31, 2010) is invested to replicate the performance of 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 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 quarter ended March 31, 2010, the Small-Mid Cap Equity Fund experienced a total return, net of expenses, of 9.68%. By comparison, the Russell 2500^TM Index produced an investment record of 9.21% 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.

For the quarter ended March 31, 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 15% as of March 31, 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. Capital goods, consumer cyclical and interest-rate sensitive sectors were key contributors to outperformance of the portfolio in the quarter.

For the quarter ended March 31, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Frontier Capital Management Co. LLC (approximately 10% as of March 31, 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. Underperformance is primarily attributable to several of the portfolio’s best performing energy and technology holdings of 2009 experiencing profit-taking during the quarter.

For the quarter ended March 31, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of LSV Asset Management (approximately 14% as of March 31, 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 contributed to relative returns of the portfolio while stock selection was mixed. An overweight to healthcare and technology detracted from performance of the portfolio in the quarter as both sectors trailed the market. However, an underweight to energy and

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utilities sectors positively contributed to relative returns in the quarter. Stock selection was particularly strong in the consumer discretionary and healthcare sectors but detracted in the financial and energy sectors.

For the quarter ended March 31, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of OFI Institutional Asset Management, Inc. (approximately 14% as of March 31, 2010) negatively contributed to the performance of the Fund, as well as underperformed the Russell 2000 Value Index, against which the performance of this portion of the Fund is compared. Materials was the portfolio’s top-performing sector in the quarter while the industrials sector was the weakest.

For the quarter ended March 31, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Oppenheimer Capital LLC (approximately 10% as of March 31, 2010) had a neutral contribution to the performance of the Fund, but outperformed the Russell 2000 Growth Index, against which the performance of this portion of the Fund is compared. Positive relative returns in the quarter were driven by security selection in financials, healthcare, industrials, and consumer discretionary stocks.

For the quarter ended March 31, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Riverbridge Partners (approximately 9% as of March 31, 2010) negatively contributed to the performance of the Fund, but outperformed the Russell 2000 Growth Index, against which the performance of this portion of the Fund is compared. Performance of the portfolio in the quarter benefitted from stock selection in the information technology sector and an underweight to the energy sector.

For the quarter ended March 31, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Systematic Financial Management, L.P. (approximately 15% as of March 31, 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 allocation was essentially neutral compared to the Index while stock selection was the primary contributor to the performance of the portfolio in the quarter. Stock selection had a positive effect in seven of the ten economic sectors and was most pronounced in the information technology, consumer staples and energy sectors and least beneficial in the financials sector.

For the quarter ended March 31, 2010, the portion of the Small-Mid Cap Equity Fund advised with the assistance of TCW Investment Management Company (approximately 10% as of March 31, 2010) neutrally contributed to the performance of the Fund, but outperformed the Russell Midcap Growth Index, against which the performance of this portion of the Fund is compared. The best performing sector in the quarter was information technology while the second best performing sector was energy. However, weak stock selection in the industrial sector detracted from performance of the portfolio.

For the quarter ended March 31, 2010, 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 quarter ended March 31, 2010, 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 for the quarter ended March 31, 2010 was positively impacted by 0.38 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.

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 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. A portion of the Fund (approximately 4% as of March 31, 2010) is invested to replicate the performance of the MSCI ACWI ex-US Index. The remainder of the Fund is actively managed.

For the quarter ended March 31, 2010, the International All Cap Equity Fund experienced a total return, net of expenses, of 1.65%. By comparison, the MSCI ACWI ex-US Index produced an investment record of 1.58% for the same period and the MSCI Europe, Australasia, Far East Index, which we refer to as the MSCI EAFE Index, produced an investment record of 0.87% for the same period. Neither the MSCI ACWI ex-US Index nor the MSCI EAFE Index include an allowance for the fees that an investor would pay for investing in the securities that comprise those Indices or for fund expenses.

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 State Street, subject to consultation with Northern Trust. Effective on or about January 19, 2010, the line-up of Investment Advisors to State Street with respect to the International All Cap Equity Fund was modified by the addition of a new Investment Advisor, LSV Asset Management. 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

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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 quarter ended March 31, 2010, the portion of the International All Cap Equity Fund advised with the assistance of Altrinsic Global Advisors, LLC (approximately 24% as of March 31, 2010) positively contributed to the performance of the Fund, as well as outperformed the MSCI EAFE Value ND Index, against which the performance of this portion of the Fund is compared. Outperformance of the portfolio in the quarter relative to the Index was driven largely by favorable stock selection, with the most favorable attribution derived from holdings in the technology, financial, and consumer staples sectors.

For the quarter ended March 31, 2010, the portion of the International All Cap Equity Fund advised with the assistance of Eagle Global Advisors LLC (approximately 16% as of March 31, 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. Strong selection in industrials and materials sectors contributed to the performance of the portfolio, but stock selection in financials, emerging markets and telecommunication services and utilities sectors detracted from performance of the portfolio.

For the quarter ended March 31, 2010, the portion of the International All Cap Equity Fund advised with the assistance of First State Investments International Limited (approximately 16% as of March 31, 2010) negatively contributed to the performance of the Fund, as well as underperformed the MSCI Emerging Markets ND Index, against which the performance of this portion of the Fund is compared. Underperformance of the portfolio in the quarter is primarily attributable to stock selection in the materials and telecom services sectors and an overweight position in Taiwan Semiconductor.

For the period from on or about January 19, 2010 to March 31, 2010, the portion of the International All Cap Equity Fund advised with the assistance of LSV Asset Management (approximately 24% as of March 31, 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. While value stocks trailed in the period, stock selection in the financials and healthcare sectors added value to the portfolio. The portfolio’s defensive positioning had a negative impact on performance as an underweight to the materials sector and an overweight to the telecom and healthcare sectors detracted from performance in the period.

For the quarter ended March 31, 2010, the portion of the International All Cap Equity Fund advised with the assistance of Martin Currie Inc. (approximately 16% as of March 31, 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. The largest negative contributors to relative performance in the quarter were Banco Santander, which is perceived to be vulnerable to sovereign-default risk in southern Europe, Société Générale, which fell due to its exposure to sovereign risk in emerging European markets, and HSBC, whose results were not as strong as the market had anticipated and which offered a muted forecast for 2010.

For the quarter ended March 31, 2010, the performance of the indexed portion of the International All Cap Equity Fund was consistent with the MSCI ACWI ex-US Index after taking into account expenses and the effect of participation in securities lending.

For the quarter ended March 31, 2010, 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 for the quarter ended March 31, 2010 was positively impacted by 0.10 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.

Bond Index Fund

For the quarter ended March 31, 2010, the Bond Index Fund experienced a total return, net of expenses, of 1.55%. By comparison, the Barclays Capital U.S. Aggregate Bond Index produced an investment record of 1.78% for the same period. The Barclays Capital U.S. Aggregate Bond Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the Bond Index Fund for the quarter ended March 31, 2010 was consistent with the Barclays Capital U.S. Aggregate Bond Index after taking expenses into account.

Large Cap Index Equity Fund

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For the quarter ended March 31, 2010, the Large Cap Index Equity Fund experienced a total return, net of expenses, of 5.17%. By comparison, the S&P 500 produced an investment record of 5.39% 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 ended March 31, 2010 was consistent with the S&P 500 after taking expenses into account.

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 March 31, 2010, the All Cap Index Equity Fund experienced a total return, net of expenses, of 5.82%. By comparison, the Russell 3000 Index produced an investment record of 5.94% 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 March 31, 2010 was consistent with the Russell 3000 Index after taking into account expenses and the effect of participation in securities lending.

For the quarter ended March 31, 2010, 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 for the quarter ended March 31, 2010 was positively impacted by 0.10 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^® by investing generally in securities included in such Index. The S&P MidCap 400 includes 400 companies and, as of December 31, 2009, 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 March 31, 2010, the Mid Cap Index Equity Fund experienced a total return, net of expenses, of 8.85%. By comparison, the S&P MidCap 400 produced an investment record of 9.09% 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 ended March 31, 2010 was consistent with the S&P MidCap 400 after taking expenses into account.

Small Cap Index Equity Fund

For the quarter ended March 31, 2010, the Small Cap Index Equity Fund experienced a total return, net of expenses, of 8.56%. By comparison, the Russell 2000 Index produced an investment record of 8.85% 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 March 31, 2010 was consistent with the Russell 2000 Index after taking expenses into account.

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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 45 markets, with securities of emerging markets representing approximately 20% of the Index.

For the quarter ended March 31, 2010, the International Index Equity Fund experienced a total return, net of expenses, of 1.26%. By comparison, the MSCI ACWI ex-US Index produced an investment record of 1.58% for the same period. The MSCI ACWI ex-US Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the International Index Equity Fund for the quarter ended March 31, 2010 was consistent with the MSCI ACWI ex-US Index after taking expenses into account.

Real Asset Return Fund

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 March 31, 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 Index^SM Non-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 March 31, 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 March 31, 2010, the Fund experienced a total return, net of expenses, of 1.93%. By comparison, the composite benchmark produced an investment record of 2.00% for the same period.

The performance of the Real Asset Return Fund for the quarter ended March 31, 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 March 31, 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 Securities Lending Series Fund, the SSgA U.S. Long Government Bond Index Non-Lending Series Fund, the SSgA U.S. Bond Index Securities 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 Securities Lending Series Fund, SSgA S&P 500^® Index Non-Lending Series Fund, the SSgA Global Equity ex U.S. Index Securities Lending Series Fund, the SSgA Global Equity ex U.S. Index Non-Lending Series Fund, the

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SSgA S&P MidCap^® Index Securities Lending Series Fund, the SSgA S&P MidCap^® Index Non-Lending Series Fund, the SSgA Russell Small Cap^® Index Securities 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.

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 March 31, 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 March 31, 2010, the Retirement Date Funds experienced a total return, net of expenses, of 2.29% for the Lifetime Income Retirement Date Fund, 2.90% for the 2010 Retirement Date Fund, 3.81% for the 2020 Retirement Date Fund, 4.30% for the 2030 Retirement Date Fund and 4.54% for the 2040 Retirement Date Fund. By comparison, the composite benchmark for each Retirement Date Fund produced an investment record of 2.72%, 3.22%, 4.04%, 4.47% and 4.75%, respectively, for the same period.

The performance of each Retirement Date Fund for the quarter ended March 31, 2010 was consistent with its respective composite benchmark after taking into account expenses and the effect of participation in securities lending.

For the quarter ended March 31, 2010, 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 for the quarter ended March 31, 2010 was positively impacted by 0.05 percentage point for the Lifetime Income Retirement Date Fund, 0.11 percentage point for the 2010 Retirement Date Fund, 0.09 percentage point for the 2020 Retirement Date Fund, 0.08 percentage point for the 2030 Retirement Date Fund and 0.07 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.

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 March 31, 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 and the SSgA Short Term Investment 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 March 31, 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 the asset classes to which such benchmarks relate.

For the quarter ended March 31, 2010, the Target Risk Funds experienced a total return, net of expenses, of 2.50% for the Conservative Risk Fund, 3.29% for the Moderate Risk Fund and 4.08% for the Aggressive Risk Fund. By comparison, the composite benchmark for each Target Risk Fund produced an investment record of 2.78%, 3.61% and 4.34%, respectively, for the same period.

The performance of each Target Risk Fund for the quarter ended March 31, 2010 was consistent with its respective composite benchmark after taking expenses into account.

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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.

For the quarter ended March 31, 2010, the Balanced Fund experienced a total return, net of expenses, of 3.89%. 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 4.20% 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.

For the quarter ended March 31, 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 the quarter.

For the quarter ended March 31, 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 the quarter.

For the quarter ended March 31, 2010, 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 for the quarter ended March 31, 2010 was positively impacted by 0.06 percentage point as a result of such participation.

Effect on Performance of Certain Funds that Participate in Securities Lending for the Quarter Ended March 31, 2010

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 March 31, 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), even though, on a market basis at March 31, 2010, the cash collateral funds had net asset values ranging from $.988 to $.991 per unit.

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 ended March 31, 2010. 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 Ended March 31, 2010. 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 March 31, 2010 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.

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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 ended March 31, 2010.

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 March 31, 2011.

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 March 31, 2011 and determined that no change in the Collective Trust’s internal control over financial reporting occurred during the fiscal quarter ended March 31, 2011 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 March 31, 2011, the Collective Trust issued an aggregate of approximately $159 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.


10.6.3		Purchase Order No. 4 to the Program Services Agreement between ING Life Insurance and Annuity Company and the ABA Retirement Funds effective March 5, 2011, included as Exhibit 10.6.3 to Registrant’s Current Report on Form 8-K filed April 8, 2011 and incorporated herein by reference thereto.

10.31		Investment Advisor Agreement dated as of April 20, 2011 between Northern Trust Investments, Inc. and Lombardia Capital Partners, LLC., included as Exhibit 10.31 to Registrant’s Form S-1 Registration Statement No. 333-172928 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.

140

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

May 13, 2011	By:	/s/ Thomas R. Benzmiller
	Name:	Thomas R. Benzmiller
	Title:	Principal Executive Officer

May 13, 2011	By:	/s/ Randal Rein
	Name:	Randal Rein
	Title:	Principal Financial Officer and Principal Accounting Officer

141

EXHIBIT INDEX


10.6.3		Purchase Order No. 4 to the Program Services Agreement between ING Life Insurance and Annuity Company and the ABA Retirement Funds effective March 5, 2011, included as Exhibit 10.6.3 to Registrant’s Current Report on Form 8-K filed April 8, 2011 and incorporated herein by reference thereto.

10.31		Investment Advisor Agreement dated as of April 20, 2011 between Northern Trust Investments, Inc. and Lombardia Capital Partners, LLC., included as Exhibit 10.31 to Registrant’s Form S-1 Registration Statement No. 333-172928 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.

142

AMERICAN BAR ASSOCIATION MEMBERS / NORTHERN TRUST COLLECTIVE TR - FORM 10-Q - May 13, 2011

Attached files

AMERICAN BAR ASSOCIATION MEMBERS / NORTHERN TRUST COLLECTIVE TR Reports