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 June 30, 2012

¨ 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  x    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
	Schedule of Investments		5
	Bond Core Plus Fund		36
	Statement of Assets and Liabilities		36
	Statement of Operations		37
	Statement of Changes in Net Assets		38
	Financial Highlights		39
	Schedule of Investments		40
	Large Cap Equity Fund		48
	Statement of Assets and Liabilities		48
	Statement of Operations		49
	Statement of Changes in Net Assets		50
	Financial Highlights		51
	Schedule of Investments		52
	Small-Mid Cap Equity Fund		59
	Statement of Assets and Liabilities		59
	Statement of Operations		60
	Statement of Changes in Net Assets		61
	Financial Highlights		62
	Schedule of Investments		63
	International All Cap Equity Fund		80
	Statement of Assets and Liabilities		80
	Statement of Operations		81
	Statement of Changes in Net Assets		82
	Financial Highlights		83
	Schedule of Investments		84
	Global All Cap Equity Fund		95
	Statement of Assets and Liabilities		95
	Statement of Operations		96
	Statement of Changes in Net Assets		97
	Financial Highlights		98
	Schedule of Investments		99
	Bond Index Fund		100
	Statement of Assets and Liabilities		100
	Statement of Operations		101
	Statement of Changes in Net Assets		102
	Financial Highlights		103
	Schedule of Investments		104

	Page
Large Cap Index Equity Fund		105
Statement of Assets and Liabilities		105
Statement of Operations		106
Statement of Changes in Net Assets		107
Financial Highlights		108
Schedule of Investments		109
All Cap Index Equity Fund		110
Statement of Assets and Liabilities		110
Statement of Operations		111
Statement of Changes in Net Assets		112
Financial Highlights		113
Schedule of Investments		114
Mid Cap Index Equity Fund		115
Statement of Assets and Liabilities		115
Statement of Operations		116
Statement of Changes in Net Assets		117
Financial Highlights		118
Schedule of Investments		119
Small Cap Index Equity Fund		120
Statement of Assets and Liabilities		120
Statement of Operations		121
Statement of Changes in Net Assets		122
Financial Highlights		123
Schedule of Investments		124
International Index Equity Fund		125
Statement of Assets and Liabilities		125
Statement of Operations		126
Statement of Changes in Net Assets		127
Financial Highlights		128
Schedule of Investments		129
Real Asset Return Fund		130
Statement of Assets and Liabilities		130
Statement of Operations		131
Statement of Changes in Net Assets		132
Financial Highlights		133
Schedule of Investments		134
Alternative Alpha Fund		135
Statement of Assets and Liabilities		135
Statement of Operations		136
Statement of Changes in Net Assets		137
Financial Highlights		138
Schedule of Investments		139
Lifetime Income Retirement Date Fund		140
Statement of Assets and Liabilities		140
Statement of Operations		141
Statement of Changes in Net Assets		142
Financial Highlights		143
Schedule of Investments		144

	Page
2010 Retirement Date Fund		145
Statement of Assets and Liabilities		145
Statement of Operations		146
Statement of Changes in Net Assets		147
Financial Highlights		148
Schedule of Investments		149
2020 Retirement Date Fund		150
Statement of Assets and Liabilities		150
Statement of Operations		151
Statement of Changes in Net Assets		152
Financial Highlights		153
Schedule of Investments		154
2030 Retirement Date Fund		155
Statement of Assets and Liabilities		155
Statement of Operations		156
Statement of Changes in Net Assets		157
Financial Highlights		158
Schedule of Investments		159
2040 Retirement Date Fund		160
Statement of Assets and Liabilities		160
Statement of Operations		161
Statement of Changes in Net Assets		162
Financial Highlights		163
Schedule of Investments		164
2050 Retirement Date Fund		165
Statement of Assets and Liabilities		165
Statement of Operations		166
Statement of Changes in Net Assets		167
Financial Highlights		168
Schedule of Investments		169
Conservative Risk Fund		170
Statement of Assets and Liabilities		170
Statement of Operations		171
Statement of Changes in Net Assets		172
Financial Highlights		173
Schedule of Investments		174
Moderate Risk Fund		175
Statement of Assets and Liabilities		175
Statement of Operations		176
Statement of Changes in Net Assets		177
Financial Highlights		178
Schedule of Investments		179

		Page
	Aggressive Risk Fund		180
	Statement of Assets and Liabilities		180
	Statement of Operations		181
	Statement of Changes in Net Assets		182
	Financial Highlights		183
	Schedule of Investments		184
	Balanced Fund		185
	Statement of Assets and Liabilities		185
	Statement of Operations		186
	Statement of Changes in Net Assets		187
	Financial Highlights		188
	Schedule of Investments		189
	Collective Trust		190
	Combined Statement of Assets and Liabilities		190
	Combined Statement of Operations		192
	Combined Statement of Changes in Net Assets		193
	Notes to Financial Statements (Unaudited)		194
	Item  2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		226
	Item 4. Controls and Procedures		246
PART II.	OTHER INFORMATION		246
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		246
	Item 6. Exhibits		246
SIGNATURES			247

PART I. FINANCIAL INFORMATION.

Item 1. FINANCIAL STATEMENTS (UNAUDITED).

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Statements of Assets and Liabilities

	June 30, 2012     Unaudited			December 31,     2011
Assets
Investments, at Fair Value (including Wrapper Contracts, at Value of $0 and $0, respectively) (cost $876,878,167 and $866,813,202, respectively)	$	911,199,847		$	893,870,854
Northern Trust Global Investments - Collective Government Short Term Investment Fund (cost $99,390,326 and $115,820,756, respectively)		99,390,326			115,820,756
Receivable for fund units sold		387,876			1,452,753
Interest and dividends receivable		1,154			1,019
Other assets		30,537			39,257
Total assets		1,011,009,740			1,011,184,639
Liabilities
ING—program fee payable		422,062			428,403
Trustee, management and administration fees payable		71,734			75,725
ABA Retirement Funds—program fee payable		58,233			61,465
Payable for legal and audit services		35,834			142,250
Payable for compliance consultant fees		79,689			74,967
Payable for reports to unitholders		20,848			20,031
Payable for registration fees		182,613			136,158
Other accruals		7,529			13,601
Total liabilities		878,542			952,600
Net Assets at fair value		1,010,131,198			1,010,232,039
Adjustment from fair value to contract value for fully benefit responsive contracts		(34,321,680	)		(27,057,652	)
Net Assets (equivalent to $36.30 and $36.06 per unit based on 26,881,745 and 27,266,480 units outstanding, respectively)	$	975,809,518		$	983,174,387

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

1

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Statements of Operations

Unaudited

	For the period  April 1, 2012 to  June 30, 2012			For the period  April 1 2011 to  June 30, 2011		For the period  January 1, 2012 to June 30, 2012			For the period  January 1, 2011 to June 30, 2011
Investment income
Dividends	$	5,301,822		$	4,536,295	$	10,722,935		$	9,394,246
Interest—affiliated issuers		40,457			44,109		83,439			92,767
Total investment income		5,342,279			4,580,404		10,806,374			9,487,013
Expenses
ING—program fee		1,264,528			1,255,220		2,488,217			2,518,581
Trustee, management and administration fees		216,558			213,356		434,950			426,745
Investment advisory fee		367,747			361,396		735,728			719,037
ABA Retirement Funds—program fee		176,657			175,136		351,656			349,560
Legal and audit fees		69,124			75,478		136,781			152,049
Compliance consultant fees		40,167			39,647		80,439			79,864
Reports to unitholders		4,820			6,377		9,653			12,836
Registration fees		46,916			52,649		93,953			106,058
Other fees		9,640			9,530		19,306			19,160
Total expenses		2,196,157			2,188,789		4,350,683			4,383,890
Less: Expense reimbursement		(32,121	)		—		(71,023	)		—
Net expenses		2,164,036			2,188,789		4,279,660			4,383,890
Net investment income (loss)		3,178,243			2,391,615		6,526,714			5,103,123
Net increase (decrease) in net assets resulting from operations	$	3,178,243		$	2,391,615	$	6,526,714		$	5,103,123

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

2

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Statement of Changes in Net Assets

Unaudited

	For the six-month period ended    June 30, 2012
From operations
Net investment income (loss)	$	6,526,714
Net increase (decrease) in net assets resulting from operations		6,526,714
From unitholder transactions
Proceeds from units issued		110,493,470
Cost of units redeemed		(124,385,053	)
Net increase (decrease) in net assets from unitholder transactions		(13,891,583	)
Net increase (decrease) in net assets		(7,364,869	)
Net Assets
Beginning of period		983,174,387
End of period	$	975,809,518
Number of units
Outstanding-beginning of period		27,266,480
Issued		3,054,367
Redeemed		(3,439,102	)
Outstanding-end of period		26,881,745

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

3

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  April 1, 2012 to  June 30, 2012			For the period  April 1, 2011 to  June 30, 2011			For the period  January 1, 2012 to  June 30, 2012			For the period  January 1, 2011 to  June 30, 2011
Investment income†	$	0.20		$	0.17		$	0.40		$	0.35
Expenses†,††		(0.08	)		(0.08	)		(0.16	)		(0.16	)
Net investment income (loss)		0.12			0.09			0.24			0.19
Net increase (decrease) in unit value		0.12			0.09			0.24			0.19
Net asset value at beginning of period		36.18			35.75			36.06			35.65
Net asset value at end of period	$	36.30		$	35.84		$	36.30		$	35.84
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,††		0.89	%		0.91	%		0.88	%		0.92	%
Ratio of net investment income
(loss) to average net assets*		1.31	%		0.99	%		1.35	%		1.07	%
Total return**		0.33	%		0.25	%		0.67	%		0.53	%
Net assets at end of period (in thousands)	$	975,810		$	966,109		$	975,810		$	966,109

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

4

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Issuer Name	Issuer     Rating	Contract ID	Maturity     Date	Rate   Frequency	Effective  Annual Rate  (%)	Investments  at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)		Adjustments of Fair Value to Contract Value ($)			Investments at Contract Value ($)
SYNTHETIC GUARANTEED INVESTMENT CONTRACTS - (90.2%)
ING	A-	60313	No Stated Maturity	Variable	2.43		364,927,809		—		(12,014,150	)		352,913,659
PRUDENTIAL INSURANCE CO. OF AMERICA	AA-	GA-62318	No Stated Maturity	Variable	2.32		359,710,671		—		(15,816,270	)		343,894,401
UNITED OF OMAHA LIFE INSURANCE CO.	A+	SVW-15429	No Stated Maturity	Variable	2.56		186,561,367		—		(6,491,260	)		180,070,107
TOTAL SYNTHETIC GUARANTEED INVESTMENT CONTRACTS							911,199,847		—		(34,321,680	)		876,878,167

Description	Principal     Units	Rate       (%)	Maturity     Date	Investment at Fair Value ($)	Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract Value ($)
UNDERLYING SECURITIES OF SYNTHETIC GUARANTEED INVESTMENT CONTRACTS GALLIARD MANAGED PORTFOLIO — 55.9%
Agency — 6.7%
Federal Home Loan Banks MN29	2,080,000	3.63	05/29/2013	2,143,461

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

5

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)		Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract Value ($)
GALLIARD MANAGED PORTFOLIO (Continued)
Agency (Continued)
Federal Home Loan Mortgage Corp. AO25		4,400,000		4.63		10/25/2012		4,462,172
Federal Home Loan Mortgage Corp. FA25		8,300,000		1.38		02/25/2014		8,439,772
Federal Home Loan Mortgage Corp. JD28		4,275,000		3.75		06/28/2013		4,425,309
Federal Home Loan Mortgage Corp. JD29		4,350,000		1.00		06/29/2017		4,360,571
Federal Home Loan Mortgage Corp. JJ9		3,335,000		1.38		01/09/2013		3,354,843
Federal National Mortgage Association AO15		2,495,000		4.63		10/15/2013		2,633,547
Federal National Mortgage Association JD26		7,250,000		1.50		06/26/2013		7,339,030
Federal National Mortgage Association JJ12		410,000		3.88		07/12/2013		425,359
Federal National Mortgage Association MN19		4,400,000		4.75		11/19/2012		4,476,956
Federal National Mortgage Association MN27		5,105,000		0.50		05/27/2015		5,101,273
Federal National Mortgage Association MS15		7,660,000		4.38		03/15/2013		7,881,144
Overseas Private Investment Corp.		4,100,000		—		04/15/2013		4,097,130
Overseas Private Investment Corp.		3,500,000		—		05/02/2013		3,508,295
Overseas Private Investment Corp.		2,000,000		—		05/02/2013		2,050,200
Overseas Private Investment Corp.		600,000		—		05/02/2014		618,660

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

6

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)		Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract Value ($)
GALLIARD MANAGED PORTFOLIO (Continued)
Agency (Continued)
Petroleos Mexicanos JD20		2,800,000		1.95		12/20/2022		2,800,000
								68,117,722
Asset Backed — 7.3%
Ally Auto Receivables Trust, Series 2011-2, Class A3 Mo-15		2,700,000		1.18		04/15/2015		2,714,418
Ally Auto Receivables Trust, Series 2011-3, Class A3 Mo-15		2,980,000		0.97		08/17/2015		2,992,307
Ally Auto Receivables Trust, Series 2011-4, Class A2 Mo-15		764,149		0.65		03/17/2014		764,424
AmeriCredit Automobile Receivables Trust Mo-8		986,956		0.90		09/08/2014		987,608
AmeriCredit Automobile Receivables Trust, Series 2011-1, Class A2 Mo-8		329,540		0.84		06/09/2014		329,642
AmeriCredit Automobile Receivables Trust, Series 2011-3, Class A2 Mo-8		403,506		0.84		11/10/2014		403,958
AmeriCredit Automobile Receivables Trust, Series 2011-4, Class A2 Mo-8		328,683		0.92		03/09/2015		329,265
AmeriCredit Automobile Receivables Trust, Series 2012-1, Class A2 Mo-8		1,825,000		0.91		01/08/2014		1,828,997

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

7

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)		Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract Value ($)
GALLIARD MANAGED PORTFOLIO (Continued)
Asset Backed (Continued)
AmeriCredit Automobile Receivables Trust, Series 2012-3, Class A2 Mo-9		2,250,000		0.71		03/09/2014		2,250,067
Brazos Higher Education Authority, Series 2011-1, Class A1 FMAN25		955,920		0.92		02/25/2020		955,929
Brazos Higher Education Authority, Series 2011-2, Class A1 JAJO25		970,493		1.02		01/27/2020		968,630
CNH Equipment Trust, Series 2011-A, Class A2 Mo-15		68,672		0.62		06/16/2014		68,675
CNH Equipment Trust, Series 2011-B, Class A2 Mo-15		1,975,439		0.71		12/15/2014		1,976,012
CNH Equipment Trust, Series 2011-C, Class A2 Mo-15		2,775,000		0.90		10/15/2013		2,781,133
CNH Equipment Trust, Series 2012-B, Class A3 Mo-15		2,800,000		0.86		12/15/2015		2,800,876
Discover Card Master Trust, Series 2012-A1, Class A1 Mo-15		2,250,000		0.81		08/15/2017		2,252,903
Educational Funding of the South, Inc., Series 2011-1, Class A1 JAJO25		1,834,395		1.02		10/25/2021		1,834,401
Ford Credit Auto Owner Trust, Series 2011-A, Class A3 Mo-15		1,827,556		0.97		01/15/2015		1,832,582
Ford Credit Auto Owner Trust, Series 2011-B, Class A3 Mo-15		1,150,000		0.84		06/15/2015		1,152,921
GE Capital CC Master Trust, Series 2012-5, Class A Mo-15		2,450,000		0.95		06/15/2018		2,449,346

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

8

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)		Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract Value ($)
GALLIARD MANAGED PORTFOLIO (Continued)
Asset Backed (Continued)
GE Dealer Floorplan Master Note Trust, Series 2011-1, Class A Mo-20		400,000		0.84		07/20/2016		401,656
GE Dealer Floorplan Master Note Trust, Series 2011-1, Class A3 Mo-20		1,700,000		1.00		10/20/2014		1,705,134
GE Equipment Midticket LLC, Series 2011-1, Class A2 Mo-22		2,502,625		0.72		05/22/2014		2,503,351
GE Equipment Transportation LLC, Series 2012-1, Class A3 Mo-22		1,700,000		0.99		11/23/2015		1,703,808
Honda Auto Receivables Owner Trust, Series 2011-2, Class A3 Mo-18		2,175,000		0.94		03/18/2015		2,182,091
Honda Auto Receivables Owner Trust, Series 2012-1, Class A3 Mo-15		1,650,000		0.77		01/15/2016		1,651,535
John Deere Owner Trust, Series 2011-A, Class A3 Mo-15		1,875,000		1.29		01/15/2016		1,888,200
John Deere Owner Trust, Series 2012-A, Class A3 Mo-15		2,500,000		0.75		03/15/2016		2,502,875
Mercedes-Benz Auto Receivables Trust, Series 2011-1, Class A3 Mo-15		1,450,000		0.85		03/16/2015		1,454,321
Montana Higher Education Student Assistance Corp., Series 2012-1, Class A1 Mo-20		2,717,847		0.85		09/20/2022		2,717,847

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

9

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)		Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract  Value ($)
GALLIARD MANAGED PORTFOLIO (Continued)
Asset Backed (Continued)
NCUA Guaranteed Notes JD12		1,500,000		1.40		06/12/2015		1,529,610
NCUA Guaranteed Notes Mo-12		2,725,000		0.26		06/12/2013		2,724,210
NCUA Guaranteed Notes Mo-9		2,305,314		0.70		10/07/2020		2,309,994
NCUA Guaranteed Notes, Series 2010-A1, Class A Mo-7		4,319,102		0.60		12/07/2020		4,334,564
NCUA Guaranteed Notes, Series 2011-R4, Class 1A Mo-7		575,446		0.63		03/06/2020		575,716
NCUA Guaranteed Notes, Series 2011-R6, Class 1A Mo-7		1,046,560		0.63		05/07/2020		1,046,887
Nissan Auto Receivables Owner Trust, Series 2011-A, Class A3 Mo-15		2,675,000		1.18		02/16/2015		2,692,468
North Carolina State Education Assistance Authority, Series 2011-2, Class A1 JAJO25		1,389,393		0.92		10/26/2020		1,377,861
Panhandle-Plains Higher Education Authority, Inc., Series 2011-1, Class A1 JAJO1		1,387,507		0.96		10/01/2018		1,385,246
Santander Drive Auto Receivables Trust, Series 2011-1, Class A2 Mo-15		746,611		0.94		02/18/2014		746,745
Santander Drive Auto Receivables Trust, Series 2011-2, Class A2 Mo-15		476,332		1.04		04/15/2014		476,699

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

10

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)		Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract  Value ($)
GALLIARD MANAGED PORTFOLIO (Continued)
Asset Backed (Continued)
Santander Drive Auto Receivables Trust, Series 2011-3, Class A2 Mo-15		1,023,057		1.11		08/15/2014		1,025,287
Santander Drive Auto Receivables Trust, Series 2012-2, Class A2 Mo-15		900,000		0.91		10/15/2013		901,629
SLM Student Loan Trust, Series 2010-1, Class A Mo-25		1,123,141		0.65		03/25/2025		1,124,657
United States Small Business Administration, Series 2006-10A, Class 1 MS1		424,197		5.52		03/10/2016		455,991
United States Small Business Administration, Series 2006-10B, Class A MS1		413,175		5.54		09/10/2016		451,721
								73,544,197
Commercial Mortgage Backed Securities — 3.8%
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2006-2, Class A4 Mo-1		2,500,000		5.73		05/10/2045		2,850,174
Banc of America Merrill Lynch Commercial Mortgage, Inc. 2 A4 Mo-1		655,000		5.06		03/11/2041		678,515
Banc of America Merrill Lynch Commercial Mortgage, Inc. 2 A5 Mo-1		2,575,000		4.86		07/10/2043		2,801,935

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

11

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)		Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract  Value ($)
GALLIARD MANAGED PORTFOLIO (Continued)
Commercial Mortgage Backed Securities (Continued)
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-5, Class A4 Mo-1		1,700,000		5.12		10/10/2045		1,896,282
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2006-1, Class A4 Mo-1		1,500,000		5.37		09/10/2045		1,666,770
CFCRE Commercial Mortgage Trust, Series 2011-C2, Class A1 Mo-1		2,232,471		1.56		12/15/2021		2,250,778
Credit Suisse First Boston Mortgage Securities Corp. C5 A4 Mo-1		2,500,000		5.10		08/15/2038		2,756,475
GE Capital Mortgage Corp., Series 2005-C3, Class A7A Mo-1		2,500,000		4.97		07/10/2045		2,749,000
GS Mortgage Security Corp. II, Series 2005-GG4, Class A4A Mo-1		1,775,000		4.75		07/10/2039		1,916,219
JP Morgan Chase Commercial Mortgage Securities Corp. LDP5 A4 Mo-1		2,300,000		5.36		12/15/2044		2,573,056
JP Morgan Chase Commercial Mortgage Securities Corp. ML1A A2 Mo-1		1,900,000		4.77		03/12/2039		1,926,315
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CB11, Class A4 Mo-1		1,700,000		5.34		08/12/2037		1,867,705

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

12

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)		Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract  Value ($)
GALLIARD MANAGED PORTFOLIO (Continued)
Commercial Mortgage Backed Securities (Continued)
LB-UBS Commercial Mortgage Trust C2 A4 Mo-11		2,550,000		4.37		03/15/2036		2,666,229
Merrill Lynch Mortgage Trust Mo-1		2,413,000		4.75		06/12/2043		2,624,113
Merrill Lynch Mortgage Trust, Series 2004 KEY2, Class A2 Mo-1		219,759		4.17		08/12/2039		221,495
Morgan Stanley Capital I, Inc. HQ5 A4 Mo-1		2,575,000		5.17		01/14/2042		2,776,417
Morgan Stanley Capital I, Inc., Series 2005-IQ10, Class A4A Mo-1		2,500,000		5.23		09/15/2042		2,761,425
Morgan Stanley Dean Witter Capital I, Series 2002-IQ3, Class A4 Mo-1		1,523,190		5.08		09/15/2037		1,534,371
								38,517,274
Corporate — 10.0%
American Express Credit Corp. JD12		400,000		1.75		06/12/2015		404,544
AT&T, Inc. FA15		1,500,000		4.85		02/15/2014		1,597,890
AT&T, Inc. MS15		250,000		5.10		09/15/2014		272,958
Bank of Montreal JAJO29		1,800,000		0.94		04/29/2014		1,805,940
Bank of New York Mellon Corp. FA20		700,000		1.20		02/20/2015		703,787
BB&T Corp. AO28		450,000		2.05		04/28/2014		459,207
BB&T Corp. JAJO28		1,250,000		1.17		04/28/2014		1,256,825
Berkshire Hathaway Finance Corp. MN15		770,000		1.60		05/15/2017		775,359

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

13

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)		Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract  Value ($)
GALLIARD MANAGED PORTFOLIO (Continued)
Corporate (Continued)
BHP Billiton Finance USA Ltd. FA24		1,100,000		1.63		02/24/2017		1,107,557
BNP Paribas FA23		1,250,000		3.60		02/23/2016		1,264,375
BNP Paribas JAJO10		450,000		1.36		01/10/2014		440,595
BNY Mellon N.A. JD15		1,132,000		4.75		12/15/2014		1,221,496
Bottling Group LLC MS15		750,000		6.95		03/15/2014		828,862
BP Capital Markets PLC AO1		450,000		3.13		10/01/2015		478,408
Campbell Soup Co. FA15		750,000		3.38		08/15/2014		791,385
Carolina Power & Light Co. AO1		950,000		5.15		04/01/2015		1,056,124
Carolina Power & Light Co. JD15		800,000		5.25		12/15/2015		910,336
Caterpillar Financial Services Corp. AO1		450,000		1.65		04/01/2014		457,249
Caterpillar Financial Services Corp. FA17		1,125,000		6.13		02/17/2014		1,221,671
Caterpillar Financial Services Corp. FA17		300,000		4.75		02/17/2015		328,131
Chevron Corp. MS3		1,500,000		3.95		03/03/2014		1,582,515
Cisco Systems, Inc. MS14		1,750,000		1.63		03/14/2014		1,783,232
Citigroup, Inc. JAJO1		325,000		1.39		04/01/2014		319,800
Citigroup, Inc. MS2		1,300,000		2.65		03/02/2015		1,299,844
City of Farmers Branch TX FA15		125,000		4.02		02/15/2016		137,652
City of Fort Worth TX MS1		250,000		5.13		03/01/2021		278,142
City of Madison WI AO1		500,000		1.25		10/01/2014		510,815
City of Madison WI AO1		500,000		3.00		10/01/2015		535,430
City of Norfolk VA JJ1		1,550,000		2.09		01/01/2014		1,560,726
City of Suffolk VA FA1		235,000		3.29		02/01/2014		245,089

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

14

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)		Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract  Value ($)
GALLIARD MANAGED PORTFOLIO (Continued)
Corporate (Continued)
Coca-Cola Co. MN15		450,000		1.50		11/15/2015		459,761
Coca-Cola Co. MS15		835,000		3.63		03/15/2014		877,568
Cooperatieve Centrale Raiffeisen- Boerenleenbank B.A. JJ19		1,450,000		3.38		01/19/2017		1,492,326
County of Charles MD MS1		650,000		5.00		03/01/2013		669,026
County of Kent MI AO1		1,250,000		2.00		04/01/2013		1,264,088
County of La Crosse WII AO1		385,000		2.45		10/01/2015		406,918
County of Travis TX MS1		365,000		2.79		03/01/2016		388,528
Credit Suisse JJ14		1,250,000		2.20		01/14/2014		1,258,125
Credit Suisse USA, Inc. JJ15		500,000		4.88		01/15/2015		536,491
Deutsche Bank A.G./London JJ11		1,150,000		3.25		01/11/2016		1,183,523
Diageo Capital PLC MN11		500,000		1.50		05/11/2017		501,840
Diageo Finance B.V. JJ15		1,150,000		3.25		01/15/2015		1,217,574
Duke Energy Ohio, Inc. JD15		270,000		2.10		06/15/2013		274,093
EI du Pont de Nemours & Co. MS15		1,000,000		4.75		03/15/2015		1,103,830
EI du Pont de Nemours & Co. MS25		400,000		1.75		03/25/2014		407,964
General Dynamics Corporation FA1		500,000		5.25		02/01/2014		536,195
General Electric Capital Corp. JAJO7		400,000		1.09		04/07/2014		399,648
General Electric Capital Corp. JJ7		1,750,000		2.10		01/07/2014		1,777,212
General Electric Capital Corp. MN9		400,000		2.25		11/09/2015		408,116
Genzyme Corp. JD15		1,050,000		3.63		06/15/2015		1,126,472
GlaxoSmithKline Capital PLC MN8		800,000		0.75		05/08/2015		799,912
GlaxoSmithKline Capital, Inc. AO15		400,000		4.38		04/15/2014		426,100
Goldman Sachs Group, Inc. FA7		450,000		3.63		02/07/2016		450,050
Goldman Sachs Group, Inc. FMAN7		1,500,000		1.47		02/07/2014		1,482,075

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

15

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)		Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract  Value ($)
GALLIARD MANAGED PORTFOLIO (Continued)
Corporate (Continued)
Honeywell International, Inc. FA15		1,300,000		3.88		02/15/2014		1,372,124
HSBC Bank USA AO1		1,550,000		4.63		04/01/2014		1,615,736
Intel Corp. AO1		980,000		1.95		10/01/2016		1,015,603
International Business Machines Corp. JJ5		1,300,000		2.00		01/05/2016		1,342,289
John Deere Capital Corp. MS3		1,500,000		1.60		03/03/2014		1,523,595
JPMorgan Chase & Co		2,050,000		3.45		03/01/2016		2,124,784
Key Bank N.A. MS26		1,265,000		5.09		03/26/2015		1,377,876
Metropolitan Council MS1		800,000		2.50		03/01/2013		810,936
Microsoft Corp. JD1		1,925,000		2.95		06/01/2014		2,012,222
New York State Dormitory Authority MS15		1,400,000		1.30		03/15/2014		1,420,062
Occidental Petroleum Corp. FA1		600,000		2.50		02/01/2016		628,890
Peco Energy Co. AO15		425,000		5.60		10/15/2013		451,915
PepsiAmericas, Inc. FA15		1,050,000		4.38		02/15/2014		1,110,900
Port of Seattle WA JD1		1,000,000		3.07		12/01/2015		1,039,120
Potomac Electric Power Co. AO15		500,000		4.65		04/15/2014		531,010
Praxair, Inc. MS31		1,611,000		4.38		03/31/2014		1,712,509
Protective Life Secured Trusts MS28		900,000		5.45		09/28/2012		910,134
Province of Ontario Canada JJ27		1,450,000		1.38		01/27/2014		1,468,662
Public Service Co. of Colorado AO1		1,200,000		5.50		04/01/2014		1,299,012
Public Service Electric & Gas Co. JJ1		225,000		5.00		01/01/2013		229,856
Public Service Electric & Gas Co. MN1		250,000		2.70		05/01/2015		262,840
Puget Sound Energy, Inc. AO1		1,435,000		5.20		10/01/2015		1,614,017

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

16

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)		Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract  Value ($)
GALLIARD MANAGED PORTFOLIO (Continued)
Corporate (Continued)
Rio Tinto Finance USA Ltd. MN20		1,250,000		2.50		05/20/2016		1,299,075
Rio Tinto Finance USA Ltd. MS22		400,000		2.00		03/22/2017		407,764
Rosemount-Apple Valley-Eagan Independent School District No. 196 FA1		200,000		4.25		02/01/2016		222,008
Royal Bank of Canada MS13		1,725,000		1.15		03/13/2015		1,728,916
Sanofi MS28		750,000		1.63		03/28/2014		762,615
Shell International Finance B.V. JD28		1,600,000		3.10		06/28/2015		1,706,992
Simon Property Group L.P. JD1		450,000		5.75		12/01/2015		502,785
Simon Property Group L.P. JD15		1,250,000		5.10		06/15/2015		1,360,100
Southern California Edison Co. JJ15		550,000		5.00		01/15/2014		587,043
Southern California Edison Co. MS15		1,250,000		5.75		03/15/2014		1,354,663
Southern California Gas Co. AO1		850,000		4.80		10/01/2012		858,908
Southern California Gas Co. MS15		250,000		5.50		03/15/2014		269,882
State Street Corp. MS7		1,400,000		2.88		03/07/2016		1,482,894
Target Corp. JAJO18		360,000		0.64		07/18/2014		361,022
Target Corp. JJ18		160,000		1.13		07/18/2014		161,483
Thermo Fisher Scientific, Inc.		500,000		3.20		05/01/2015		531,625
Toronto-Dominion Bank JJ14		620,000		1.38		07/14/2014		627,700
Total Capital Canada Ltd. JJ28		1,650,000		1.63		01/28/2014		1,675,872

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

17

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)		Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract  Value ($)
GALLIARD MANAGED PORTFOLIO (Continued)
Corporate (Continued)
Total Capital S.A. JD24		400,000		3.00		06/24/2015		424,508
Toyota Motor Credit Corp. JJ11		1,250,000		2.80		01/11/2016		1,313,325
Toyota Motor Credit Corp. JJ12		500,000		2.05		01/12/2017		511,070
Travelers Cos., Inc. JD1		1,800,000		5.50		12/01/2015		2,031,480
U.S. BanCorp JJ27		600,000		2.45		07/27/2015		622,770
Unilever Capital Corp. FA15		1,250,000		3.65		02/15/2014		1,312,762
United Parcel Service, Inc. AO1		500,000		3.88		04/01/2014		527,535
United Technology Corp. JD1		230,000		1.20		06/01/2015		232,677
University of California JJ1		625,000		0.89		07/01/2013		627,469
US Bank N.A./Cincinnati OH FA4		1,150,000		6.30		02/04/2014		1,245,024
Verizon Communications, Inc. MS28		250,000		1.95		03/28/2014		255,513
Wal-Mart Stores, Inc. AO15		700,000		1.63		04/15/2014		713,342
Wal-Mart Stores, Inc. MN15		1,200,000		3.20		05/15/2014		1,259,568
Wisconsin Public Service Corp. JD1		1,060,000		4.80		12/01/2013		1,113,540
Yale University AO15		1,370,000		2.90		10/15/2014		1,443,815
								100,493,216
Mortgage Pass — Through — 19.6%
Fannie Mae Pool #467149 Mo-1		1,845,137		2.82		01/01/2016		1,948,225
Fannie Mae Pool #467186 Mo-1		3,800,000		2.82		02/01/2016		4,015,764
Fannie Mae Pool #467379 Mo-1		1,861,671		2.77		02/01/2016		1,964,416
Fannie Mae Pool #467617 Mo-1		1,497,000		2.93		03/01/2016		1,587,254
Fannie Mae Pool #467646 Mo-1		809,574		3.07		03/01/2016		859,986
Fannie Mae Pool #467730 Mo-1		3,006,624		3.18		04/01/2016		3,206,745
Fannie Mae Pool #467964 Mo-1		4,375,000		2.92		04/01/2016		4,634,306
Fannie Mae Pool #468311 Mo-1		3,032,153		2.82		06/01/2016		3,210,231

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

18

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)		Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract  Value ($)
GALLIARD MANAGED PORTFOLIO (Continued)
Mortgage Pass — Through (Continued)
Fannie Mae Pool #470107 Mo-1		2,722,386		1.94		01/01/2017		2,809,285
Fannie Mae Pool #725206 Mo-1		1,646,561		5.50		02/01/2034		1,810,196
Fannie Mae Pool #725222 Mo-1		2,517,489		5.50		02/01/2034		2,767,677
Fannie Mae Pool #791030 Mo-1		1,419,486		2.66		07/01/2034		1,509,807
Fannie Mae Pool #AB2791 Mo-1		3,949,907		3.50		04/01/2021		4,176,750
Fannie Mae Pool #AB3885 Mo-1		2,206,794		3.00		11/01/2021		2,325,939
Fannie Mae Pool #AB4843 Mo-1		2,946,469		2.50		04/01/2022		3,069,690
Fannie Mae Pool #AI3571 Mo-1		3,065,671		3.31		06/01/2041		3,215,368
Fannie Mae Pool #AI4379 Mo-1		2,297,113		3.29		11/01/2041		2,416,126
Fannie Mae Pool #AJ2155 Mo-1		1,848,287		2.71		10/01/2041		1,922,921
Fannie Mae Pool #AJ3160 Mo-1		2,592,266		2.66		10/01/2041		2,694,505
Fannie Mae Pool #AJ3295 Mo-1		2,959,270		2.67		11/01/2041		3,076,753
Fannie Mae Pool #AJ9748 Mo-1		4,923,022		3.50		01/01/2027		5,207,278
Fannie Mae Pool #AK2348 Mo-1		5,239,830		2.33		02/01/2042		5,437,528
Fannie Mae Pool #AK4888 Mo-1		2,573,445		2.48		03/01/2042		2,666,115
Fannie Mae Pool #AK5978 Mo-1		848,650		3.50		03/01/2027		897,651
Fannie Mae Pool #AK5980 Mo-1		502,678		3.50		03/01/2027		531,702
Fannie Mae Pool #AK5982 Mo-1		836,295		3.50		03/01/2027		884,583
Fannie Mae Pool #AK5983 Mo-1		2,888,119		3.50		03/01/2027		3,054,879
Fannie Mae Pool #AK8176 Mo-1		2,691,182		2.35		03/01/2042		2,784,673
Fannie Mae Pool #AK8952 Mo-1		2,470,306		2.35		05/01/2042		2,558,792
Fannie Mae Pool #AO4573 Mo-1		2,664,355		2.17		06/01/2042		2,749,934
Fannie Mae Pool #MA0740 Mo-1		2,825,363		3.50		05/01/2021		2,993,359
Fannie Mae Pool #MA0793 Mo-1		5,425,785		3.50		07/01/2021		5,737,388
Fannie Mae Pool #MA0815 Mo-1		4,423,360		3.50		08/01/2021		4,677,393
Fannie Mae Pool #MA0845 Mo-1		6,406,141		3.50		09/01/2021		6,774,045

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

19

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)	Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract  Value ($)
GALLIARD MANAGED PORTFOLIO (Continued)
Mortgage Pass —Through (Continued)
Fannie Mae Pool #MA0865 Mo-1		1,878,215	3.00		10/01/2021		1,979,619
Fannie Mae Pool #MA0909 Mo-1		3,004,642	3.00		11/01/2021		3,166,863
Fannie Mae Pool #MA0957 Mo-1		2,472,824	3.00		12/01/2022		2,606,332
Fannie Mae Pool #MA1036 Mo-1		2,595,760	2.50		03/01/2022		2,704,315
Fannie Mae Pool #MA1079 Mo-1		4,980,299	2.50		05/01/2022		5,188,575
Fannie Mae Pool Mo-1		2,700,000	2.50		06/01/2022		2,761,171
Fannie Mae REMICS, Series 2005-100, Class BA Mo-1		1,282,210	5.50		04/25/2024		1,312,415
Fannie Mae REMICS, Series 2005-8, Class CA Mo-1		625,107	5.00		10/25/2023		641,741
Fannie Mae REMICS, Series 2006-64, Class PB Mo-1		3,810,282	5.50		09/25/2033		3,889,955
Fannie Mae REMICS, Series 2008-80, Class ME Mo-1		425,646	5.00		05/25/2032		442,825
Fannie Mae REMICS, Series 2011-41, Class NB Mo-1		1,543,436	4.00		10/25/2036		1,616,116
Federal Home Loan Banks, Series QR 9012, Class 1 Mo-15		8,308,521	5.00		08/15/2012		8,614,607
FHLMC Multifamily Structured Pass Through Certificates, Series K701, Class A2 Mo-1		2,500,000	3.88		11/25/2017		2,772,200
Freddie Mac Gold Pool #G04774 Mo-1		3,379,352	4.50		01/01/2038		3,615,400
Freddie Mac Gold Pool #J19194 Mo-1		5,277,512	3.00		05/01/2027		5,565,981

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

20

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)	Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract  Value ($)
GALLIARD MANAGED PORTFOLIO (Continued)
Mortgage Pass - Through (Continued)
Freddie Mac Non Gold Pool #1B8747 Mo-1		1,242,796	2.97		09/01/2041		1,306,278
Freddie Mac Non Gold Pool #1B8804 Mo-1		2,195,135	2.80		10/01/2041		2,297,582
Freddie Mac Non Gold Pool #1B8908 Mo-1		1,696,418	2.75		11/01/2041		1,765,836
Freddie Mac Non Gold Pool #1J1467 Mo-1		1,255,926	2.51		12/01/2036		1,339,596
Freddie Mac Non Gold Pool #1J1516 Mo-1		1,751,802	6.41		02/01/2037		1,899,549
Freddie Mac Non Gold Pool #1N0273 Mo-1		801,731	2.58		08/01/2036		850,790
Freddie Mac Non Gold Pool #2B0244 Mo-1		2,655,016	2.48		02/01/2042		2,749,561
Freddie Mac Non Gold Pool #2B0307 Mo-1		4,685,978	2.44		03/01/2042		4,851,768
Freddie Mac Non Gold Pool #2B0438 Mo-1		2,713,050	2.40		05/01/2042		2,808,251
Freddie Mac Reference REMIC, Series R003, Class VA Mo-1		1,323,849	5.50		08/15/2016		1,354,363
Freddie Mac Reference REMIC, Series R011, Class AB Mo-1		517,968	5.50		12/15/2020		529,985
Freddie Mac REMICS, Series 2684, Class PE Mo-1		1,769,995	5.00		01/15/2033		1,862,990
Freddie Mac REMICS, Series 2764, Class UE Mo-1		630,000	5.00		10/15/2032		674,686

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

21

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal   Units		Rate   (%)		Maturity   Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to  Contract Value ($)	Investment at Contract Value ($)
GALLIARD MANAGED PORTFOLIO (Continued)
Mortgage Pass - Through (Continued)
Freddie Mac REMICS, Series 2797, Class PG Mo-1		493,517		5.50		01/15/2033		515,148
Freddie Mac REMICS, Series 2810, Class PD Mo-1		192,035		6.00		06/15/2033		201,585
Freddie Mac REMICS, Series 2864, Class LE Mo-1		303,333		5.00		06/15/2033		313,428
Freddie Mac REMICS, Series 2955, Class OG Mo-1		253,327		5.00		07/15/2033		261,297
Freddie Mac REMICS, Series 2962, Class JQ Mo-1		200,312		5.50		01/15/2034		210,332
Freddie Mac REMICS, Series 3351, Class PK Mo-1		1,733,677		5.50		01/15/2032		1,748,136
Ginnie Mae II Pool #725641 Mo-1		3,729,798		5.24		05/20/2060		4,214,251
Ginnie Mae II Pool #731464 Mo-1		1,714,171		5.36		05/20/2060		1,936,442
Ginnie Mae II Pool #742601 Mo-1		1,451,650		5.31		07/20/2060		1,649,602
Ginnie Mae II Pool #757312 Mo-1		703,667		4.30		12/20/2060		769,885
Ginnie Mae II Pool #82958 Mo-1		2,432,899		2.50		10/20/2041		2,537,513
Ginnie Mae II Pool #82997 Mo-1		1,721,766		2.50		12/20/2041		1,795,802
Ginnie Mae II Pool #MA0046 Mo-1		2,543,184		2.50		04/20/2042		2,655,084
Ginnie Mae II Pool Mo-1		3,710,174		5.59		02/20/2060		4,203,234
TBA (Galliard)		4,000,000		2.50		07/01/2022		4,161,876
								198,520,229
Municipal — 0.3%
State of Ohio MN1		500,000		1.87		05/01/2015		512,775
State of Oregon FA1		800,000		0.58		08/01/2012		800,168
State of Oregon FA1		500,000		2.25		08/01/2015		521,645
State of Washington FA1		1,000,000		2.76		08/01/2015		1,062,500
								2,897,088
US Treasury — 7.4%
US Treasury Inflation Indexed Bonds
AO15		18,025,000		0.13		04/15/2016		19,556,595

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

22

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)		Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)		Adjustments of Fair Value to Contract Value ($)			Investment at Contract Value ($)
GALLIARD MANAGED PORTFOLIO (Continued)
US Treasury (Continued)
US Treasury Inflation Indexed Bonds AO15		8,275,000		0.13		04/15/2017		8,848,943
US Treasury Note AO31		16,595,000		2.75		10/31/2013		17,135,001
US Treasury Note JJ15		11,650,000		1.00		01/15/2014		11,772,442
US Treasury Note MN31		16,900,000		2.00		11/30/2013		17,305,938
								74,618,919
Collective Investment Funds — 0.8%
Northern Trust Global Investments - Collective Government Short-Term Investment Fund		7,722,865		—				7,722,865
TOTAL ING								203,570,007		—		(8,281,744	)		195,288,263
TOTAL PRUDENTIAL INSURANCE CO. OF AMERICA								174,300,136		—		(8,784,675	)		165,515,461
TOTAL UNITED OF OMAHA LIFE INSURANCE CO.								186,561,367		—		(6,491,260)			180,070,107
TOTAL GALLIARD MANAGED PORTFOLIO								564,431,510		—		(23,557,679)			$    540,873,831
JENNISON MANAGED PORTFOLIO — 18.3%
Agency — 0.8%
Financing Corp. Fico		3,315,000		—		11/30/2017		3,092,242
Financing Corp. Fico		500,000		—		11/30/2017		466,402
Financing Corp. Fico		1,655,000		—		02/08/2018		1,526,651
Financing Corp. Fico		1,683,000		—		08/03/2018		1,541,644
Financing Corp. Fico		485,000		10.35		08/03/2018		730,262
Financing Corp. Fico		400,000		9.65		11/02/2018		593,271
								7,950,472

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

23

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)	Maturity     Date	Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract Value ($)
JENNISON MANAGED PORTFOLIO (Continued)
Asset Backed — 0.8%
Ally Auto Receivables Trust, Series 12-1, Class A2		1,200,000	0.71	10/15/2013		1,201,512
Ally Auto Receivables Trust, Series 2011-5, Class A3		400,000	0.99	01/15/2015		402,404
Ally Master Owner Trust, Series 2011-1, Class A2		875,000	2.15	02/15/2014		890,864
Ally Master Owner Trust, Series 2011-3, Class A2		355,000	1.81	05/15/2014		360,204
Ally Master Owner Trust, Series 2012-1, Class A2		590,000	1.44	03/15/2015		593,528
Detroit Edison Securitization Funding LLC, Series 2001-1, Class A6		1,527,000	6.62	03/01/2015		1,702,513
Ford Credit Auto Owner Trust, Series 11-B, Class A3		295,000	0.84	03/15/2014		295,749
Ford Credit Floorplan Master Owner Trust, Series 11-1, Class A1		540,000	2.12	02/15/2014		551,151
GMAC Commercial Mortgage Securities, Inc., Series 03-C2, Class A1		237,835	4.58	05/01/2013		241,219
NCUA Guaranteed Notes, Series 10-C1, Class A2		700,000	2.90	12/27/2017		746,375
PSE&G Transition Funding LLC, Series 2001-1, Class A7		900,000	6.75	06/15/2014		986,040

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

24

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)	Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract Value ($)
JENNISON MANAGED PORTFOLIO (Continued)
Asset Backed (Continued)
RSB Bondco LLC, Series 07-A, Class A3		515,000	5.82		04/01/2017		615,533
							8,587,092
Collective Investment Funds — 0.5%
Northern Trust Global Investments - Collective Government Short Term Investment Fund		5,356,324	—				5,356,318
Commercial Mortgage Backed Securities — 0.0%
Greenwich Capital Commercial Funding Corp., Series 04-GG1, Class A6		33,267	5.14		01/01/2013		33,386
Corporate — 6.5%
AEP Texas Central Transition Funding LLC, Series 06-A, Class A2		1,145,785	4.98		07/01/2013		1,173,405
AEP Texas Central Transition Funding LLC, Series 06-A, Class A4		350,000	5.17		01/01/2018		409,010
Allstate Life Global Funding Trusts		1,100,000	5.38		04/30/2013		1,142,394
American Express Credit Corp.		795,000	2.38		03/24/2017		811,997
Amgen, Inc.		1,025,000	3.88		11/15/2021		1,078,433
Amgen, Inc.		715,000	5.65		06/15/2042		797,575
Anheuser-Busch InBev Worldwide, Inc.		1,650,000	3.63		04/15/2015		1,763,900

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

25

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)	Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract Value ($)
JENNISON MANAGED PORTFOLIO (Continued)
Corporate (Continued)
Apache Corp.		390,000	3.25		04/15/2022		405,889
AT&T, Inc.		800,000	6.30		01/15/2038		994,744
AT&T, Inc.		390,000	5.55		08/15/2041		466,136
Bank of America Corp.		1,725,000	5.42		03/15/2017		1,786,134
Bank of America Corp.		180,000	5.65		05/01/2018		189,279
Bank of America Corp.		875,000	5.49		03/15/2019		898,537
Barclays Bank PLC		835,000	5.13		01/08/2020		906,134
Becton Dickinson and Co.		130,000	3.13		11/08/2021		136,059
Berkshire Hathaway Finance Corp.		1,750,000	5.40		05/15/2018		2,058,980
Carolina Power & Light Co.		160,000	3.00		09/15/2021		167,246
Caterpillar Financial Services Corp.		700,000	7.05		10/01/2018		905,261
Caterpillar, Inc.		240,000	3.90		05/27/2021		266,446
Citigroup, Inc.		1,650,000	5.50		02/15/2017		1,719,481
Citigroup, Inc.		925,000	6.13		08/25/2036		898,295
Comcast Corp.		1,750,000	6.50		01/15/2017		2,075,010
Deutsche Bank AG./London		330,000	2.38		01/11/2013		331,904
Deutsche Telekom International Finance B.V.		785,000	4.88		07/08/2014		834,871
Devon Energy Corp.		1,015,000	3.25		05/15/2022		1,026,876
Diageo Capital PLC		755,000	5.50		09/30/2016		880,489
Diageo Investment Corp.		205,000	2.88		05/11/2022		210,392
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.		970,000	3.50		03/01/2016		1,021,876
Dominion Resources, Inc./VA		180,000	1.95		08/15/2016		183,370
Encana Corp.		905,000	3.90		11/15/2021		891,606
Fiserv, Inc.		340,000	3.13		06/15/2016		352,111

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

26

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)	Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract Value ($)
JENNISON MANAGED PORTFOLIO (Continued)
Corporate (Continued)
General Electric Capital Corp.		1,060,000	4.38		09/16/2020		1,140,422
General Electric Capital Corp.		515,000	5.30		02/11/2021		576,836
General Electric Capital Corp.		395,000	5.88		01/14/2038		453,302
GlaxoSmithKline Capital PLC		850,000	1.50		05/08/2017		850,791
Goldman Sachs Group, Inc.		790,000	5.95		01/18/2018		842,472
Goldman Sachs Group, Inc.		1,430,000	5.25		07/27/2021		1,439,052
Hewlett-Packard Co.		490,000	2.20		12/01/2015		494,768
Hewlett-Packard Co.		260,000	4.38		09/15/2021		267,613
HSBC Holdings PLC		780,000	4.00		03/30/2022		804,695
HSBC Holdings PLC		410,000	6.80		06/01/2038		469,613
JPMorgan Chase & Co.		1,500,000	6.00		01/15/2018		1,721,460
JPMorgan Chase Bank N.A.		1,085,000	6.00		10/01/2017		1,215,102
Kellogg Co.		150,000	1.75		05/17/2017		149,442
Kraft Foods, Inc.		1,450,000	6.50		08/11/2017		1,763,128
Kroger Co.		740,000	6.40		08/15/2017		882,635
Lockheed Martin Corp.		695,000	3.35		09/15/2021		716,615
MetLife, Inc.		1,500,000	6.75		06/01/2016		1,755,975
Morgan Stanley		1,350,000	5.95		12/28/2017		1,376,527
Morgan Stanley		335,000	7.30		05/13/2019		358,966
News America, Inc.		835,000	6.15		03/01/2037		946,097
News America, Inc.		805,000	6.65		11/15/2037		935,692
Northrop Grumman Corp.		890,000	1.85		11/15/2015		901,543
Pacific Gas & Electric Co.		1,525,000	5.63		11/30/2017		1,839,455
PepsiCo, Inc.		955,000	2.75		03/05/2022		959,737
Philip Morris International, Inc.		975,000	1.63		03/20/2017		983,639
PNC Funding Corp.		590,000	2.70		09/19/2016		611,948

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

27

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)	Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract Value ($)
JENNISON MANAGED PORTFOLIO (Continued)
Corporate (Continued)
Raytheon Co.		735,000	6.40		12/15/2018		920,832
Sanofi		585,000	2.63		03/29/2016		614,110
Southwestern Electric Power Co.		800,000	5.88		03/01/2018		924,416
Spectra Energy Capital LLC		550,000	8.00		10/01/2019		702,718
Suncor Energy, Inc.		1,525,000	6.10		06/01/2018		1,801,254
Thermo Fisher Scientific, Inc.		415,000	3.20		05/01/2015		440,987
Thermo Fisher Scientific, Inc.		250,000	3.20		03/01/2016		267,602
Time Warner Cable, Inc.		725,000	8.25		02/14/2014		807,200
Time Warner Cable, Inc.		370,000	7.30		07/01/2038		470,085
Time Warner Cable, Inc.		265,000	5.50		09/01/2041		285,484
Time Warner, Inc.		835,000	3.15		07/15/2015		876,942
Total Capital S.A.		1,625,000	3.00		06/24/2015		1,718,519
Toyota Motor Credit Corp.		1,055,000	2.00		09/15/2016		1,078,147
Travelers Cos., Inc.		775,000	5.75		12/15/2017		934,278
United Technologies Corp.		825,000	3.10		06/01/2022		865,177
Verizon Communications, Inc.		775,000	5.50		04/01/2017		904,193
Wal-Mart Stores, Inc.		385,000	5.63		04/15/2041		500,076
Waste Management, Inc.		195,000	2.60		09/01/2016		200,994
							65,554,379
US Treasury — 9.7%
US Treasury Bond		6,125,000	3.75		08/15/2041		7,381,360
US Treasury Bond		3,985,000	3.12		11/15/2041		4,281,205
US Treasury Bond		650,000	3.13		02/15/2042		697,827
US Treasury Note		19,750,000	1.38		10/15/2012		19,818,730
US Treasury Note		6,745,000	1.38		11/15/2012		6,774,880

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

28

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)	Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)		Adjustments of Fair Value to Contract Value ($)			Investment at Contract Value ($)
JENNISON MANAGED PORTFOLIO (Continued)
US Treasury (Continued)
US Treasury Note		51,270,000	0.25		10/31/2013		51,245,391
US Treasury Note		865,000	0.63		05/31/2017		860,995
US Treasury Note		5,300,000	2.00		02/15/2022		5,477,391
US Treasury Note		1,380,000	1.75		05/15/2022		1,391,109
							97,928,888
TOTAL PRUDENTIAL INSURANCE CO. OF AMERICA							185,410,535		—		(7,031,595	)		178,378,940
TOTAL JENNISON MANAGED PORTFOLIO							185,410,535		—		(7,031,595	)	$	178,378,940
PIMCO MANAGED PORTFOLIO — 16.0%
Corporate — 2.3%
Barclays Bank PLC		2,000,000	6.75		05/22/2019		2,336,370
Citigroup, Inc. GLBL SR NT		2,000,000	8.50		05/22/2019		2,473,402
Goldman Sachs Group, Inc. GLBL SR NT		2,000,000	7.50		02/15/2019		2,283,826
Hewlett-Packard Co.		1,500,000	0.75		05/24/2013		1,497,123
HSBC Bank USA		800,000	2.38		02/13/2015		809,629
JPMorgan Chase & Co.		3,000,000	3.45		03/01/2016		3,112,109
Kraft Foods, Inc.		1,500,000	1.33		07/10/2013		1,505,867
Lloyds TSB Bank PLC		1,500,000	2.82		01/24/2014		1,508,987
Merrill Lynch & Co., Inc.		2,700,000	6.88		04/25/2018		3,024,782
Morgan Stanley		2,650,000	7.30		05/13/2019		2,866,513
Wachovia Corp.		1,500,000	5.50		05/01/2013		1,558,936
							22,977,544

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

29

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal Units		Rate     (%)		Maturity Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value  ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract Value ($)
PIMCO MANAGED PORTFOLIO (Continued)
Mortgage Pass — Through — 6.1%
Fannie Mae Pool #AA4746		103,898		3.50		11/01/2025		109,929
Fannie Mae Pool #AA4777		1,316,206		3.50		12/01/2025		1,417,701
Fannie Mae Pool #AB1609		875,485		4.00		10/01/2025		931,900
Fannie Mae Pool #AB1767		1,346,444		3.50		11/01/2025		1,424,604
Fannie Mae Pool #AD1608		43,830		4.00		02/01/2025		46,654
Fannie Mae Pool #AD8171		70,189		3.50		08/01/2025		74,263
Fannie Mae Pool #AE0828		2,777,137		3.50		02/01/2041		2,922,862
Fannie Mae Pool #AE2978		65,710		4.00		08/01/2025		69,945
Fannie Mae Pool #AE3507		954,289		3.50		02/01/2026		1,009,685
Fannie Mae Pool #AE3962		203,301		4.00		09/01/2025		216,402
Fannie Mae Pool #AH0562		583,889		3.50		01/01/2026		625,812
Fannie Mae Pool #AH0634		27,524		3.50		01/01/2026		29,466
Fannie Mae Pool #AH1708		67,059		3.50		03/01/2026		70,952
Fannie Mae Pool #AH3613		552,405		3.50		01/01/2026		584,472
Fannie Mae Pool #AH4828		1,410,840		4.00		02/01/2026		1,502,636
Fannie Mae Pool #AH5210		641,070		4.00		05/01/2026		682,781
Fannie Mae Pool #AH6516		24,733		4.00		04/01/2026		26,343
Fannie Mae Pool #AH7635		865,632		4.00		08/01/2026		921,954
Fannie Mae Pool #AH9908		268,319		4.00		04/01/2026		285,777
Fannie Mae Pool #AI9734		106,783		3.50		08/01/2026		112,982
Fannie Mae Pool #AJ4459		905,488		3.50		11/01/2041		953,002
Fannie Mae Pool #AL0605		433,691		4.00		08/01/2026		461,637
Fannie Mae Pool #MA0849		71,411		4.00		09/01/2026		76,058
Fannie Mae REMICS, Series 2011-87, Class FJ		3,027,121		0.80		09/25/2041		3,038,943
Fannie Mae TBA AUG 30YR		1,000,000		5.00		08/13/2042		1,082,188

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

30

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)		Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value   ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract Value ($)
PIMCO MANAGED PORTFOLIO (Continued)
Mortgage Pass—Through (Continued)
Fannie Mae TBA JUL 30YR		4,000,000		5.00		07/12/2042		4,329,376
Fannie Mae TBA JUL 30YR		2,000,000		4.00		07/12/2042		2,129,063
Freddie Mac Gold Pool #A9-4882		6,860,483		4.00		11/01/2040		7,388,215
Freddie Mac Gold Pool #A9-6689		5,565,962		4.00		01/01/2041		5,994,115
Freddie Mac Gold Pool #A9-6946		4,126,447		4.00		02/01/2041		4,443,868
Freddie Mac Gold Pool 15YR #E0-2696		217,728		4.00		05/01/2025		230,296
Freddie Mac Gold Pool 15YR #E0-2697		780,192		4.00		06/01/2025		825,226
Freddie Mac Gold Pool 15YR #E0-2703		495,507		4.00		07/01/2025		524,108
Freddie Mac Gold Pool 15YR #E0-2860		181,612		4.00		03/01/2026		192,321
Freddie Mac Gold Pool 15YR #G1-3854		849,503		4.00		07/01/2025		898,537
Freddie Mac Gold Pool 15YR #G1-8348		34,168		4.00		05/01/2025		36,140
Freddie Mac Gold Pool 15YR #G1-8358		172,254		4.00		07/01/2025		182,196
Freddie Mac Gold Pool 15YR #G1-8379		115,449		4.00		02/01/2026		122,257
Freddie Mac Gold Pool 15YR #G1-8391		586,560		4.00		06/01/2026		621,150
Freddie Mac Gold Pool 15YR #J1-1909		571,507		4.00		03/01/2025		604,495

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

31

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)		Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value   ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract Value ($)
PIMCO MANAGED PORTFOLIO (Continued)
Mortgage Pass —Through (Continued)
Freddie Mac Gold Pool 15YR #J1-2045		24,155		4.00		05/01/2025		25,550
Freddie Mac Gold Pool 15YR #J1-2397		247,875		4.00		06/01/2025		262,183
Freddie Mac Gold Pool 15YR #J1-2567		402,131		4.00		07/01/2025		425,342
Freddie Mac Gold Pool 15YR #J1-3008		3,208,004		4.00		10/01/2025		3,393,173
Freddie Mac Gold Pool 15YR #J1-3047		1,296,638		4.00		09/01/2025		1,371,482
Freddie Mac Gold Pool 15YR #J1-3139		53,886		4.00		10/01/2025		56,996
Freddie Mac Gold Pool 15YR #J1-3245		312,369		4.00		10/01/2025		330,399
Freddie Mac Gold Pool 15YR #J1-3928		288,929		4.00		12/01/2025		305,607
Freddie Mac Gold Pool 15YR #J1-4450		2,871,861		4.00		02/01/2026		3,041,217
Freddie Mac Gold Pool 15YR #J1-5186		290,578		4.00		04/01/2026		307,713
Freddie Mac Gold Pool 15YR #J1-5232		758,545		4.00		05/01/2026		803,277
Freddie Mac Gold Pool 15YR #J1-5513		181,991		4.00		05/01/2026		192,723
Freddie Mac Gold Pool 15YR #J1-5643		397,852		4.00		06/01/2026		421,314

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

32

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)		Maturity     Date		Investment at Fair Value ($)		Wrapper Contracts  at Fair Value   ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract Value ($)
PIMCO MANAGED PORTFOLIO (Continued)
Mortgage Pass —Through (Continued)
Freddie Mac Gold Pool 15YR #J1-6147		210,765		4.00		07/01/2026		223,192
Ginnie Mae I JUL 30YR		3,000,000		3.50		07/19/2042		3,209,531
								61,570,010
US Treasury — 7.6%
US Treasury Bills		13,200,000		—		08/09/2012		13,199,406
US Treasury Bills		800,000		0.09		08/23/2012		799,951
US Treasury Bills		1,500,000		0.15		08/30/2012		1,499,883
US Treasury Bills		1,900,000		0.08		09/20/2012		1,899,704
US Treasury Bills		700,000		—		09/27/2012		699,861
US Treasury Bills		600,000		0.17		03/07/2013		599,339
US Treasury Bills		1,800,000		0.19		05/02/2013		1,797,192
US Treasury Bills		16,900,000		0.17		05/30/2013		16,870,831
US Treasury Bond		600,000		6.25		08/15/2023		871,594
US Treasury Bond		300,000		3.88		08/15/2040		369,375
US Treasury Bond		500,000		3.75		08/15/2041		603,047
US Treasury Inflation Indexed Bonds		2,944,760		1.12		01/15/2021		3,392,455
US Treasury Inflation Indexed Bonds		4,491,344		0.63		07/15/2021		5,006,447
US Treasury Inflation Indexed Bonds		2,846,116		0.12		01/15/2022		3,013,991
US Treasury Note		5,000,000		2.13		12/31/2015		5,278,905
US Treasury Note		2,000,000		1.88		08/31/2017		2,110,312
US Treasury Note		1,000,000		2.75		02/28/2018		1,103,828
US Treasury Note		1,000,000		2.38		05/31/2018		1,083,594
US Treasury Note		4,000,000		2.25		07/31/2018		4,306,564
US Treasury Note		6,300,000		2.12		08/15/2021		6,622,875

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

33

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units			Rate       (%)		Maturity     Date		Investment at Fair Value ($)			Wrapper Contracts  at Fair Value   ($)		Adjustments of Fair Value to Contract Value ($)			Investment at Contract Value ($)
PIMCO MANAGED PORTFOLIO (Continued)
US Treasury (Continued)
US Treasury Note		5,900,000			2.00		11/15/2021		6,118,023
									77,247,177
Collective Investment Funds — 0.1%
Northern Trust Global Investments - Collective Government Short-Term Investment Fund		626,821			—		12/01/2015		626,821
SECURITY SOLD, NOT YET PURCHASED — (-0.1%)
Fannie Mae TBA JUL 15YR		(1,000,000	)		4.00		07/17/2027		(1,063,750	)
TOTAL ING									161,357,802			—		(3,732,406	)		157,625,396
TOTAL PIMCO MANAGED PORTFOLIO									161,357,802			—		(3,732,406	)	$	157,625,396
TOTAL SYNTHETIC GUARANTEED INVESTMENT CONTRACTS									911,199,847			—		(34,321,680	)	$	876,878,167

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

34

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

Description	Principal     Units		Rate       (%)	Maturity     Date	Investment at Fair Value ($)		Wrapper Contracts  at Fair Value   ($)	Adjustments of Fair Value to Contract Value ($)	Investment at Contract Value ($)
SHORT-TERM INVESTMENTS — 9.8%
Northern Trust Global Investments - Collective Government Short Term Investment Fund		99,390,326				99,390,326
(Cost $99,390,326)
TOTAL INVESTMENTS — 100.0%					$	1,010,590,173

The Synthetic Guaranteed Investment Contracts are being reflected at gross market value. The receivables and payables are included in the statement of assets and liabilities as part of the cost of the investments at value.

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

35

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Statements of Assets and Liabilities

	June 30, 2012     Unaudited			December 31,     2011
Assets
Investments, at value (cost $344,057,572 and $412,679,606, respectively)	$	360,097,140	(a)	$	423,989,643	(b)
Investments in collective investment funds, at value (cost $15,340,211 and $26,089,651, respectively)		15,080,281			25,558,988
Investments in affiliated funds, at value:
Northern Trust Global Investments - Collective Short-Term Investment Fund (cost $793,750 and $0 and units of 793,750 and 0, respectively)		793,750			—
Foreign currency, at value (cost $63,191 and $76,399, respectively)		62,915			72,661
Cash		11,635			1,181,300
Deposit with broker for investments sold on TBA commitment transactions		836,140			275,000
Receivable for investments sold on TBA commitment transactions		130,714,053			88,956,055
Receivable for investments sold		97,537,601			15,695,396
Receivable for fund units sold		136,723			8,305,185
Interest and dividends receivable		2,205,789			2,610,970
Receivable for futures variation margin		18,984			32,925
Unrealized appreciation of forward currency exchange contracts		—			27,605
Swap premiums paid		26,904			40,470
Unrealized appreciation on swap agreements		1,308,323			644,658
Other assets		11,874			14,636
Total assets		608,842,112			567,405,492
Liabilities
Securities sold, not yet purchased, at fair value (proceeds $53,012,109 and $67,367,772, respectively)		53,159,087			67,605,673
Payable for cash collateral received on securities loaned		15,340,211			26,089,651
Payable for investments purchased on TBA commitment transactions		107,964,766			87,342,049
Payable for investments purchased		50,719,145			10,958,991
Payable for fund units redeemed		1,275,000			—
Swap premiums received		10,777			3,971
Unrealized depreciation on swap agreements		1,404			14,427
Due to broker for open swap contracts		1,230,684			620,000
Due to broker for investments purchased on TBA commitment transactions		866,250			46,250
Unrealized depreciation of forward currency exchange contracts		147,573			388,756
Investment advisory fee payable		77,713			77,400
ING—program fee payable		164,028			158,934
Trustee, management and administration fees payable		28,176			28,119
ABA Retirement Funds—program fee payable		22,877			22,804
Other accruals		125,879			147,184
Total liabilities		231,133,570			193,504,209
Net Assets (equivalent to $28.34 and $27.22 per unit based on 13,325,818 and 13,737,292 units outstanding, respectively)	$	377,708,542		$	373,901,283

(a) Includes securities on loan with a value of $15,034,749 (See Note 5).

(b) Includes securities on loan with a value of $25,564,628.

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

36

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Statements of Operations

Unaudited

	For the period  April 1, 2012 to  June 30, 2012			For the period  April 1, 2011 to  June 30, 2011			For the period  January 1, 2012 to  June 30, 2012			For the period  January 1, 2011 to  June 30, 2011
Investment income
Dividends	$	28,125		$	28,125		$	56,250		$	56,250
Interest		3,048,199			2,661,465			6,090,476			5,673,338
Interest—affiliated issuers		506			1,443			866			21,142
Securities lending income, net		5,920			12,980			15,077			22,009
Total investment income		3,082,750			2,704,013			6,162,669			5,772,739
Expenses
ING—program fee		491,110			492,555			963,376			988,486
Trustee, management and administration fees		84,439			83,739			168,428			167,485
Investment advisory fee		236,056			236,525			471,095			455,653
ABA Retirement Funds—program fee		68,880			68,738			136,418			137,192
Legal and audit fees		26,908			29,568			53,010			59,593
Compliance consultant fees		15,625			15,531			31,162			31,301
Reports to unitholders		1,875			2,498			3,739			5,031
Registration fees		18,250			20,625			36,397			41,568
Other fees		4,600			5,583			9,279			10,309
Total expenses		947,743			955,362			1,872,904			1,896,618
Less: Expense reimbursement		(12,434	)		—			(27,434	)		—
Net expenses		935,309			955,362			1,845,470			1,896,618
Net investment income (loss)		2,147,441			1,748,651			4,317,199			3,876,121
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		1,705,296			(185,185	)		4,381,676			(3,629,905	)
Foreign currency transactions		326,278			(664,292	)		(491,931	)		(1,023,986	)
Futures contracts		263			272,513			2,058,606			282,665
Swap contracts		601,193			—			955,946			—
Net realized gain (loss)		2,633,030			(576,964	)		6,904,297			(4,371,226	)
Change in net unrealized appreciation (depreciation) on:
Investments		5,127,772			4,404,156			5,092,776			7,818,736
Foreign currency transactions		(253,949	)		478,073			215,925			413,143
Futures contracts		1,562			209,854			(1,832,019	)		435,771
Swap contracts		345,329			26,391			684,470			80,634
Written options		—			(2,012	)		—			3,910
Change in net unrealized appreciation (depreciation)		5,220,714			5,116,462			4,161,152			8,752,194
Net realized and unrealized gain (loss)		7,853,744			4,539,498			11,065,449			4,380,968
Net increase (decrease) in net assets resulting from operations	$	10,001,185		$	6,288,149		$	15,382,648		$	8,257,089

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

37

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Statement of Changes in Net Assets

Unaudited

	For the six-month period ended June 30, 2012
From operations
Net investment income (loss)	$	4,317,199
Net realized gain (loss)		6,904,297
Change in net unrealized appreciation (depreciation)		4,161,152
Net increase (decrease) in net assets resulting from operations		15,382,648
From unitholder transactions
Proceeds from units issued		28,238,845
Cost of units redeemed		(39,814,234	)
Net increase (decrease) in net assets from unitholder transactions		(11,575,389	)
Net increase (decrease) in net assets		3,807,259
Net Assets
Beginning of period		373,901,283
End of period	$	377,708,542
Number of units
Outstanding-beginning of period		13,737,292
Issued		1,017,519
Redeemed		(1,428,993	)
Outstanding-end of period		13,325,818

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

38

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)

	For the period  April 1, 2012 to  June 30, 2012			For the period  April 1, 2011 to  June 30, 2011			For the period  January 1, 2012 to  June 30, 2012			For the period  January 1, 2011 to  June 30, 2011
Investment income†	$	0.23		$	0.19		$	0.45		$	0.40
Expenses†,††		(0.07	)		(0.07	)		(0.14	)		(0.13	)
Net investment income (loss)		0.16			0.12			0.31			0.27
Net realized and unrealized gain (loss)		0.57			0.31			0.81			0.29
Net increase (decrease) in unit value		0.73			0.43			1.12			0.56
Net asset value at beginning of period		27.61			25.74			27.22			25.61
Net asset value at end of period	$	28.34		$	26.17		$	28.34		$	26.17
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,††		0.99	%		1.02	%		0.98	%		1.01	%
Ratio of net investment income (loss) to average net assets*		2.28	%		1.86	%		2.30	%		2.07	%
Portfolio turnover**,†††		102	%		56	%		216	%		162	%
Total return**		2.64	%		1.67	%		4.11	%		2.19	%
Net assets at end of period (in thousands)	$	377,709		$	370,931		$	377,709		$	370,931

* 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 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.

39

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Schedule of Investments

June 30, 2012

Unaudited

	Principal       Amount		Value
U.S. CORPORATE ASSET-BACKED SECURITIES — 0.9%
Collateralized Mortgage Obligations (CMO) — 0.9%
Bear Stearns Adjustable Rate Mortgage Trust 5.68% 2/25/2033(a)	$	31,351	$	31,100
Bear Stearns Alt-A Trust 2.88% 5/25/2035(a)		687,949		588,817
Bear Stearns Second Lien Trust 0.47% 12/25/2036(a)(b)		128,415		126,983
Credit Suisse First Boston Mortgage Securities Corp. 2.12% 5/25/2032(a)		5,418		5,015
FHLMC Structured Pass Through Securities 1.53% 7/25/2044(a)		1,889,629		1,963,444
Merrill Lynch Mortgage Investors, Inc. 0.46% 2/25/2036(a)		566,115		412,810
Residential Funding Mortgage Securities I 6.50% 3/25/2032		38,771		40,757
Salomon Brothers Mortgage Securities VII, Inc. 0.75% 5/25/2032(a)(b)		44,099		39,225
WaMu Mortgage Pass Through Certificates 0.54% 7/25/2045(a)		407,746		330,844
Washington Mutual MSC Mortgage Pass-Through Certificates 2.21% 2/25/2033(a)		4,024		3,456
				3,542,451
TOTAL U.S. CORPORATE ASSET-BACKED SECURITIES (cost $3,799,768)				3,542,451
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 65.5%
AGENCY MORTGAGE BACKED SECURITIES — 39.9%
Federal Home Loan Mortgage Corp. (FHLMC) — 2.6%
FHLMC
4.00% 9/1/2040 - 12/1/2040		6,060,236		6,439,298
4.50% 1/1/2029 - 8/1/2041		2,611,208		2,795,340
7.00% 9/1/2037		193,836		219,642
7.50% 7/1/2021 - 9/1/2032		272,419		325,354
8.00% 11/1/2029 - 6/1/2031		85,578		102,843
8.50% 3/1/2030 - 10/1/2030		29,921		36,927
9.50% 4/15/2020		3,911		4,254
10.00% 9/1/2017 - 11/1/2020		13,211		15,257
10.50% 12/1/2020 - 2/1/2021		2,709		3,228
11.00% 9/1/2020		1,256		1,512
				9,943,655
Federal National Mortgage Association (FNMA) — 32.9%
FNMA
1.56% 4/1/2032(a)		60,835		63,460
2.50% 12/31/2040(c)		20,000,000		20,606,260
3.50% 9/1/2018 - 2/1/2041		37,012,208		39,065,250
4.00% 6/1/2013 - 1/1/2072(c)		44,772,616		47,656,463
4.50% 11/1/2040 - 12/31/2049(c)		1,023,667		1,098,800
5.00% 1/1/2021 - 7/1/2039(c)		11,178,057		12,096,885
6.00% 8/1/2012 - 8/1/2037		1,484,942		1,636,392
7.00% 8/1/2030 - 6/1/2032		527,345		621,186
7.50% 3/1/2030 - 2/1/2032		139,633		166,131
8.00% 5/1/2029 - 4/1/2032		350,412		429,952
8.50% 9/25/2020 - 1/1/2031		496,875		614,722

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

40

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Schedule of Investments

June 30, 2012

Unaudited

	Principal       Amount		Value
U.S. GOVERNMENT & AGENCY OBLIGATIONS (Continued)
AGENCY MORTGAGE BACKED SECURITIES (Continued)
Federal National Mortgage Association (FNMA) (Continued)
9.50%   4/1/2030	$	50,365	$	60,799
10.00% 5/1/2022 - 11/1/2024		31,517		37,082
10.50% 10/1/2018		4,327		5,058
11.00% 9/1/2019		5,604		6,349
11.50% 11/1/2019		1,028		1,144
				124,165,933
Government National Mortgage Association (GNMA) — 4.4%
GNMA
1.63%   9/20/2027 - 12/20/2027(a)		31,966		33,107
2.00%   7/20/2025 - 10/20/2025(a)		29,203		30,246
2.38%   4/20/2025 - 5/20/2025(a)		42,814		44,468
2.50%   2/20/2025 - 7/20/2025(a)		60,369		62,896
3.00%   5/20/2025(a)		5,895		6,187
3.50%   12/31/2064(c)		15,000,000		16,042,965
9.00%   12/15/2017		15,555		17,392
9.50%   12/15/2017 - 12/15/2021		44,051		48,096
10.00% 5/15/2019 - 2/15/2025		156,050		177,199
10.50% 9/15/2017 - 3/15/2020		25,551		28,808
11.00% 9/15/2015 - 2/15/2025		18,976		20,548
				16,511,912
U.S. GOVERNMENT OBLIGATIONS — 25.6%
U.S. Treasury Bonds — 9.6%
United States Treasury Bonds
3.00%   5/15/2042(d)		1,000,000		1,047,344
3.13%   11/15/2041		3,800,000		4,085,000
3.88%   8/15/2040		2,500,000		3,077,735
4.38%   2/15/2038 - 5/15/2041		7,400,000		9,872,421
7.50%   11/15/2024		200,000		323,219
8.13%   5/15/2021		2,300,000		3,587,821
8.75%   8/15/2020(d)		9,100,000		14,352,411
				36,345,951
U.S. Treasury Inflation Protected Securities — 5.4%
United States Treasury Inflation Protected Securities
0.13%   1/15/2022(d)		6,500,000		6,989,887
1.13%   1/15/2021		8,200,000		9,923,228
2.13%   2/15/2040 - 2/15/2041		2,200,000		3,302,804
				20,215,919

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

41

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Schedule of Investments

June 30, 2012

Unaudited

	Principal       Amount		Value
U.S. GOVERNMENT & AGENCY OBLIGATIONS (Continued)
U.S. GOVERNMENT OBLIGATIONS (Continued)
U.S. Treasury Notes — 10.6%
United States Treasury Notes
1.75% 5/15/2022(d)	$	3,200,000	$	3,226,000
1.88% 8/31/2017 - 9/30/2017		6,700,000		7,067,993
2.00% 11/15/2021		15,800,000		16,381,392
2.13% 8/15/2021		700,000		735,766
2.63% 2/29/2016 - 8/15/2020(d)		11,500,000		12,609,978
				40,021,129
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (cost $233,730,188)				247,204,499
FOREIGN GOVERNMENT OBLIGATIONS — 2.0%
AUSTRALIA — 2.0%
Australia Government Bond
4.75%, 6/15/2016	AUD	4,200,000		4,665,051
6.00%, 2/15/2017	AUD	2,400,000		2,829,134
				7,494,185
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (cost $6,105,549)				7,494,185
MUNICIPALS — 4.5%
California — 1.1%
California State G.O. Unlimited Bonds, Build America Bonds
7.60%, 11/1/2040		1,700,000		2,194,649
California State Various Purpose Taxable G.O. Unlimited Bonds, Build America Bonds
7.55%, 4/1/2039		900,000		1,165,932
7.50%, 4/1/2034		400,000		500,728
Los Angeles Community College District G.O. Unlimited Bonds, Build America Bonds
6.75%, 8/1/2049		300,000		407,121
				4,268,430
Illinois — 1.0%
Chicago Transit Authority Sales & Transfer Tax Receipts Pension Funding TRB, Series A
6.90%, 12/1/2040		1,600,000		1,885,936
Chicago Transit Authority Sales & Transfer Tax Receipts Revenue Bonds, Series B
6.90%, 12/1/2040		1,600,000		1,931,728
				3,817,664

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

42

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Schedule of Investments

June 30, 2012

Unaudited

	Principal       Amount		Value
MUNICIPALS (Continued)
Indiana — 0.2%
Purdue University Student Fee Revenue Bonds, Series W
5.00%, 7/1/2024	$	500,000	$	561,915
North Carolina — 1.0%
North Carolina State Infrastructure Finance Corp. Capital Improvement COP, Series A
5.00%, 5/1/2025		3,300,000		3,735,138
Texas — 1.2%
Lower Colorado River Authority Transmission Services Revenue Refunding Bonds, Series A
5.00%, 5/15/2025		4,000,000		4,593,120
TOTAL MUNICIPALS (cost $14,522,199)				16,976,267
BANK LOANS — 0.7%
Financial — 0.1%
International Lease Finance Corp. 0.12%, 4/12/16(a)(e)		500,000		501,875
Utilities — 0.6%
Texas Competitive Electric Holdings Co. LLC 0.78%, 10/10/14(a)(e)		3,450,157		2,159,484
TOTAL BANK LOANS (cost $3,889,144)				2,661,359
CORPORATE BONDS — 21.3%
BASIC MATERIALS — 0.5%
Iron/Steel — 0.5%
Steel Dynamics, Inc. 7.38%, 11/1/2012		2,000,000		2,020,000
COMMUNICATIONS — 1.4%
Media — 1.0%
CSC Holdings LLC 8.50%, 6/15/2015		3,500,000		3,657,500
Telecommunications — 0.4%
Qwest Corp. 6.50%, 6/1/2017		1,500,000		1,685,276
				5,342,776
CONSUMER, CYCLICAL — 0.0%
Retail — 0.0%
CVS Pass-Through Trust 6.20%, 10/10/2025(b)		52,081		56,789
ENERGY — 1.1%
Coal — 0.1%
Peabody Energy Corp. 7.88%, 11/1/2026		200,000		204,500
Oil & Gas — 1.0%
EOG Resources, Inc. 1.22%, 2/3/2014(a)		3,900,000		3,932,744
				4,137,244
FINANCIAL — 18.3%
Banks — 12.7%
Ally Financial, Inc. 3.87%, 6/20/2014(a)		800,000		792,384

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

43

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Schedule of Investments

June 30, 2012

Unaudited

	Principal       Amount		Value
CORPORATE BONDS (Continued)
FINANCIAL (Continued)
Banks (Continued)
Banco do Brasil S.A. 1.99%, 6/28/2013(e)	$	3,800,000	$	3,760,457
Barclays Bank PLC
2.50%, 1/23/2013		2,000,000		2,014,578
6.05%, 12/4/2017(b)		3,000,000		3,031,329
Citigroup, Inc.
2.47%, 8/13/2013(a)(d)		2,500,000		2,517,367
6.13%, 11/21/2017		900,000		997,131
Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A.
4.50%, 1/11/2021		3,000,000		3,182,949
Dexia Credit Local S.A. 2.75%, 4/29/2014(b)		500,000		487,920
Goldman Sachs Group, Inc.
0.92%, 3/22/2016(a)		1,600,000		1,447,797
6.25%, 9/1/2017		6,500,000		7,067,248
6.75%, 10/1/2037		200,000		196,011
JPMorgan Chase & Co.
4.25%, 10/15/2020		1,400,000		1,470,720
4.95%, 3/25/2020(d)		1,400,000		1,543,224
6.30%, 4/23/2019		1,400,000		1,636,225
Lloyds TSB Bank PLC
2.82%, 1/24/2014(a)		500,000		502,766
4.38%, 1/12/2015(b)		3,300,000		3,408,002
5.80%, 1/13/2020(b)		500,000		534,505
12.00%, 12/29/2049(a)(b)		3,800,000		3,974,952
Morgan Stanley
0.76%, 1/9/2014(a)		400,000		380,420
0.95%, 10/15/2015(a)		700,000		623,594
1.45%, 4/29/2013(a)		1,800,000		1,774,998
5.55%, 4/27/2017		4,400,000		4,445,619
6.00%, 4/28/2015		1,400,000		1,447,188
Wells Fargo & Co. 7.98%, 3/29/2049(a)		600,000		658,500
				47,895,884
Diversified Financial Services — 4.2%
Bear Stearns Cos. LLC
5.70%, 11/15/2014		900,000		973,881
6.40%, 10/2/2017		400,000		461,273
7.25%, 2/1/2018		900,000		1,075,975
Ford Motor Credit Co. LLC 7.00%, 10/1/2013		3,600,000		3,841,279
Lehman Brothers Holdings, Inc. 5.63%, 1/24/2013(f)		5,300,000		1,212,375
Merrill Lynch & Co., Inc.
5.00%, 1/15/2015		3,500,000		3,621,286
6.40%, 8/28/2017		4,100,000		4,459,775
				15,645,844

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

44

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Schedule of Investments

June 30, 2012

Unaudited

	Principal       Amount		Value
CORPORATE BONDS (Continued)
FINANCIAL (Continued)
Insurance — 1.4%
American International Group, Inc. 8.25%, 8/15/2018	$	4,500,000	$	5,432,342
				68,974,070
TOTAL CORPORATE BONDS (cost $80,510,724)				80,530,879
CONVERTIBLE PREFERRED STOCK — 0.5%
FINANCIAL — 0.5%
Banks — 0.5%
Wells Fargo & Co. 7.50%, 12/31/2049		1,500		1,687,500
TOTAL CONVERTIBLE PREFERRED STOCK (cost $1,500,000)				1,687,500
SHORT-TERM INVESTMENTS — 0.2%
Affiliated Funds — 0.2%
Northern Trust Global Investments - Collective Short-Term Investment Fund(g)		793,750		793,750
TOTAL SHORT-TERM INVESTMENTS (cost $793,750)				793,750
INVESTMENT FUNDS — 4.0%
Cash Collateral Pool — 4.0%
ABA Members Collateral Fund(h)		15,340,211		15,080,281
TOTAL INVESTMENT FUNDS (cost $15,340,211)				15,080,281
TOTAL INVESTMENTS— 99.6% (cost $360,191,533)				375,971,171

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

45

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Schedule of Investments

June 30, 2012

Unaudited

	Principal       Amount			Value
SECURITY SOLD, NOT YET PURCHASED — (14.1)%
AGENCY MORTGAGE BACKED SECURITIES — (14.1)%
Federal National Mortgage Association (FNMA) — (14.1)%
3.50% 12/31/2040(c)	$	(7,000,000	)	$	(7,395,941	)
4.00% 12/31/2049(c)		(42,000,000	)		(44,664,396	)
6.00% 8/1/2029(c)		(1,000,000	)		(1,098,750	)
					(53,159,087	)
TOTAL SECURITY SOLD, NOT YET PURCHASED (proceeds ($53,012,109))					(53,159,087	)
TOTAL NET INVESTMENTS — 85.5% (cost $307,179,424)					322,812,084
Other Assets Less Liabilities — 14.5%					54,896,458
NET ASSETS — 100.0%				$	377,708,542

(a) Indicates a variable rate security. The rate shown reflects the current rate in effect at year end.

(b) Security is exempt from registration under rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutional investors.

(c) When Issued Security

(d) All or a portion of security is on loan.

(e) Interest rates represent the annualized yield.

(f) Issuer has defaulted on terms of debt obligation.

(g) Collective investment fund advised by Northern Trust Investments, Inc., a wholly-owned subsidiary of The Northern Trust Company.

(h) Represents security purchased with cash collateral received for securities on loan.

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

46

American Bar Association Members/Northern Trust Collective Trust

Bond Core Plus Fund

Schedule of Investments

June 30, 2012

Unaudited

As of June 30, 2012, the Bond Core Plus Fund held the following futures contracts:

Futures Contracts	Number Contracts			Notional Value		Settlement Month		Unrealized Appreciation/ (Depreciation)
Short
10 Year US Treasury Note Futures		(27	)	$	3,601,125		September 2012	$	—
5 Year Treasury Note Futures		(20	)		2,479,375		September 2012		1,562
								$	1,562

As of June 30, 2012, the Bond Core Plus Fund held the following forward foreign currency contracts:

Type	Counterparty	Currency	Contract Amount in Local Currency		Contract Value in US Dollar		Settlement Date		Unrealized Appreciation/ (Depreciation)
Purchase	UBS Securities	Brazilian Real		137,760	$	69,653		08/02/12	$	(1,567	)
Purchase	JPMorgan Chase Bank, N.A.	Mexican Peso		45,147		3,454		08/15/12		(85	)
Sale	Bank of America	Australian Dollar		6,968,000		6,964,516		08/09/12		(138,642	)
Sale	JPMorgan Chase Bank, N.A.	Australian Dollar		414,000		414,751		08/09/12		(7,279	)
									$	(147,573	)

At June 30, 2012, the Bond Core Plus Fund held the following interest rate swap contracts:

				Rate Type
Notional Amount	Swap Counterparty (a)	Termination Date		Floating Rate			Fixed Rate			Market Value			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
1,300,000
AUD	Goldman Sachs		03/15/2023		CDI-AUD	(b)		4.00	%	$	(10,821	)	$	(9,417	)	$	(1,404	)
7,960,069
BRL	Barclays Bank PLC		01/02/2014		CDI-BRL	(c)		12.51	%		376,289			5,158			371,131
15,045,258
BRL	Bank of America		01/02/2015		CDI-BRL	(c)		9.89	%		283,870			—			283,870
22,943,367	Morgan Stanley
BRL	Capital Services, Inc.		01/02/2015		CDI-BRL	(c)		9.93	%		445,872			10,564			435,308
231,060 BRL	UBS AG		01/02/2015		CDI-BRL	(c)		9.93	%		4,487			229			4,258
8,396,284	Morgan Stanley
BRL	Capital Services, Inc.		01/02/2014		CDI-BRL	(c)		10.58	%		185,811			5,721			180,090
200,000 EUR	Barclays Bank PLC		03/21/2017		CDI-EUR	(d)		2.00	%		8,556			(1,087	)		9,643
200,000 EUR	Credit Suisse Securities		03/21/2017		CDI-EUR	(d)		2.00	%		8,556			5,232			3,324
22,800,000	Morgan Stanley
MXN	Capital Services, Inc.		03/05/2013		CDI-MXN	(e)		6.50	%		20,426			(273	)		20,699
										$	1,323,046		$	16,127		$	1,306,919

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

(b) CDI — AUD is the interbank lending rate of Australia as published by the Central Bank of Australia.

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

(d) CDI — EUR is the interbank lending rate of Europe as published by the Central Bank of Europe.

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

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

47

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Statements of Assets and Liabilities

	June 30, 2012 Unaudited			December 31, 2011
Assets
Investments, at value (cost $542,987,275 and $557,471,281, respectively)	$	679,163,180	(a)	$	660,612,311	(b)
Investments in collective investment funds, at value (cost $52,670,848 and $41,022,900, respectively)		52,040,000			41,974,267
Investments in affiliated funds, at value:
Northern Trust Global Investments - Collective Short-Term Investment Fund (cost $29,512,967 and $29,284,852 and units of 29,512,967 and 29,284,852, respectively)		29,512,967			29,284,852
Receivable for investments sold		6,344,261			7,076,087
Receivable for fund units sold		1,698,541			—
Interest and dividends receivable		831,933			927,020
Tax reclaims receivable		62,020			45,917
Other assets		24,374			28,293
Total assets		769,677,276			739,948,747
Liabilities
Payable for cash collateral received on securities loaned		16,478,803			6,639,182
Payable for investments purchased		13,623,766			16,225,712
Payable for fund units redeemed		21,906			8,254,448
Investment advisory fee payable		172,402			175,491
ING—program fee payable		309,116			315,108
Trustee, management and administration fees payable		53,019			55,738
ABA Retirement Funds—program fee payable		43,029			45,211
Other accruals		252,319			302,107
Total liabilities		30,954,360			32,012,997
Net Assets (equivalent to $15.42 and $14.13 per unit based on 47,917,659 and 50,103,061 units outstanding, respectively)	$	738,722,916		$	707,935,750

(a) Includes securities on loan with a value of $16,063,043 (See Note 5).

(b) Includes securities on loan with a value of $6,493,974.

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

48

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Statements of Operations

Unaudited

	For the period April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the Period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income
Dividends (net of foreign tax expense of $0, $0, $280, and $0, respectively)	$	3,335,010		$	3,616,253		$	6,520,031		$	6,828,625
Interest—affiliated issuers		14,075			8,692			24,422			17,473
Securities lending income, net		12,952			12,267			18,630			34,373
Total investment income		3,362,037			3,637,212			6,563,083			6,880,471
Expenses
ING—program fee		980,287			1,086,686			1,929,841			2,155,586
Trustee, management and administration fees		168,413			184,776			334,576			365,354
Investment advisory fee		536,785			579,296			1,080,284			1,149,414
ABA Retirement Funds—program fee		137,401			151,678			273,196			299,286
Legal and audit fees		53,152			64,304			105,728			129,130
Compliance consultant fees		30,707			33,777			62,002			67,826
Reports to unitholders		3,684			5,432			7,440			10,901
Registration fees		35,865			44,855			72,418			90,072
Other fees		7,369			8,122			14,881			16,272
Total expenses		1,953,663			2,158,926			3,880,366			4,283,841
Less: Expense reimbursement		(25,746	)		—			(55,778	)		—
Net expenses		1,927,917			2,158,926			3,824,588			4,283,841
Net investment income (loss)		1,434,120			1,478,286			2,738,495			2,596,630
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		7,531,514			19,459,374			30,797,633			45,559,610
Net realized gain (loss)		7,531,514			19,459,374			30,797,633			45,559,610
Change in net unrealized appreciation (depreciation) on:
Investments		(39,751,823	)		(11,917,858	)		31,452,660			6,166,114
Foreign currency transactions		(2	)		—			—			3
Change in net unrealized appreciation (depreciation)		(39,751,825	)		(11,917,858	)		31,452,660			6,166,117
Net realized and unrealized gain (loss)		(32,220,311	)		7,541,516			62,250,293			51,725,727
Net increase (decrease) in net assets resulting from operations	$	(30,786,191	)	$	9,019,802		$	64,988,788		$	54,322,357

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

49

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Statement of Changes in Net Assets

Unaudited

	For the six-month period ended June 30, 2012
From operations
Net investment income (loss)	$	2,738,495
Net realized gain (loss) from investments and foreign currency transactions		30,797,633
Change in net unrealized appreciation (depreciation)		31,452,660
Net increase (decrease) in net assets resulting from operations		64,988,788
From unitholder transactions
Proceeds from units issued		36,130,051
Cost of units redeemed		(70,331,673	)
Net increase (decrease) in net assets from unitholder transactions		(34,201,622	)
Net increase (decrease) in net assets		30,787,166
Net Assets
Beginning of period		707,935,750
End of period	$	738,722,916
Number of units
Outstanding-beginning of period		50,103,061
Issued		2,369,303
Redeemed		(4,554,705	)
Outstanding-end of period		47,917,659

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

50

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 April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income†	$	0.07		$	0.07		$	0.13		$	0.13
Expenses†,††		(0.04	)		(0.04	)		(0.08	)		(0.08	)
Net investment income (loss)		0.03			0.03			0.05			0.05
Net realized and unrealized gain (loss)		(0.66	)		0.13			1.24			0.91
Net increase (decrease) in unit value		(0.63	)		0.16			1.29			0.96
Net asset value at beginning of period		16.05			14.83			14.13			14.03
Net asset value at end of period	$	15.42		$	14.99		$	15.42		$	14.99
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,††		1.04	%		1.06	%		1.02	%		1.06	%
Ratio of net investment income
(loss) to average net assets*		0.78	%		0.73	%		0.73	%		0.64	%
Portfolio turnover**,†††		10	%		13	%		22	%		32	%
Total return**		(3.93	)%		1.08	%		9.13	%		6.84	%
Net assets at end of period (in thousands)	$	738,723		$	810,311		$	738,723		$	810,311

* 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.

††† 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.

51

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK — 91.9%
BASIC MATERIALS — 2.7%
Chemicals — 1.9%
E.I. du Pont de Nemours & Co.(a)		113,400	$	5,734,638
LyondellBasell Industries N.V., Class A		39,700		1,598,719
Monsanto Co.		70,965		5,874,483
Sherwin-Williams Co.		8,500		1,124,975
				14,332,815
Mining — 0.8%
Freeport-McMoRan Copper & Gold, Inc.		176,000		5,996,320
TOTAL BASIC MATERIALS (cost $16,255,336)				20,329,135
COMMUNICATIONS — 11.3%
Internet — 4.2%
Amazon.com, Inc.*		17,045		3,892,226
Baidu, Inc. ADR*		18,266		2,100,225
eBay, Inc.*		170,500		7,162,705
Facebook, Inc., Class A(a)*		30,372		945,177
Google, Inc., Class A*		12,117		7,028,708
LinkedIn Corp., Class A(a)*		25,941		2,756,750
priceline.com, Inc.*		7,655		5,086,900
Rackspace Hosting, Inc.*		18,322		805,069
Tencent Holdings Ltd. ADR		37,557		1,104,927
Youku, Inc. ADR(a)*		6,319		136,996
				31,019,683
Media — 2.2%
CBS Corp., Class B (Non Voting)		97,100		3,182,938
Comcast Corp., Class A		224,700		7,183,659
Time Warner Cable, Inc.		50,900		4,178,890
Walt Disney Co.		40,387		1,958,769
				16,504,256
Telecommunications — 4.9%
AT&T, Inc.		509,900		18,183,034
Cisco Systems, Inc.		330,800		5,679,836
Crown Castle International Corp.*		16,153		947,535
Motorola Solutions, Inc.		118,642		5,707,867
Verizon Communications, Inc.		128,900		5,728,316
				36,246,588
TOTAL COMMUNICATIONS (cost $62,599,880)				83,770,527
CONSUMER, CYCLICAL — 10.8%
Apparel — 1.6%
Burberry Group PLC ADR		30,863		1,285,444
Coach, Inc.		28,240		1,651,475
Michael Kors Holdings Ltd.*		35,952		1,504,232
NIKE, Inc., Class B		55,519		4,873,458

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

52

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
CONSUMER, CYCLICAL (Continued)
Apparel (Continued)
Ralph Lauren Corp.		14,546	$	2,037,313
				11,351,922
Auto Manufacturers — 0.3%
Ford Motor Co.(a)		253,400		2,430,106
Auto Parts & Equipment — 0.7%
BorgWarner, Inc.(a)*		73,846		4,843,559
Leisure Time — 0.2%
Harley-Davidson, Inc.		35,499		1,623,369
Lodging — 0.5%
Las Vegas Sands Corp.		58,500		2,544,165
MGM Resorts International*		125,500		1,400,580
				3,944,745
Retail — 7.5%
Bed Bath & Beyond, Inc.*		24,467		1,512,061
Chipotle Mexican Grill, Inc.*		7,930		3,013,004
Costco Wholesale Corp.		30,191		2,868,145
CVS Caremark Corp.		123,400		5,766,482
Dunkin’ Brands Group, Inc.		38,656		1,327,447
Home Depot, Inc.		75,600		4,006,044
Inditex S.A. ADR		63,596		1,313,257
Kohl’s Corp.		62,600		2,847,674
Limited Brands, Inc.		37,600		1,599,128
Lowe’s Cos., Inc.		204,300		5,810,292
Lululemon Athletica, Inc.(a)*		46,051		2,746,021
Panera Bread Co., Class A*		4,074		568,079
Starbucks Corp.		138,147		7,365,998
TJX Cos., Inc.		41,037		1,761,718
Tractor Supply Co.		9,900		822,294
Ulta Salon Cosmetics & Fragrance, Inc.		12,000		1,120,560
Wal-Mart Stores, Inc.		102,900		7,174,188
Yum! Brands, Inc.		57,263		3,688,882
				55,311,274
TOTAL CONSUMER, CYCLICAL (cost $64,746,882)				79,504,975
CONSUMER, NON-CYCLICAL — 22.0%
Agriculture — 1.3%
Archer-Daniels-Midland Co.		181,000		5,343,120
Philip Morris International, Inc.		48,700		4,249,562
				9,592,682
Beverages — 1.2%
Beam, Inc.		60,500		3,780,645
Coca-Cola Co.		62,800		4,910,332
				8,690,977

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

53

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
CONSUMER, NON-CYCLICAL (Continued)
Biotechnology — 1.6%
Alexion Pharmaceuticals, Inc.*		41,075	$	4,078,747
Biogen Idec, Inc.*		20,861		3,011,911
Gilead Sciences, Inc.*		46,600		2,389,648
Illumina, Inc.(a)*		5,323		214,996
Vertex Pharmaceuticals, Inc.*		38,477		2,151,634
				11,846,936
Commercial Services — 1.2%
Mastercard, Inc., Class A		21,414		9,210,376
Cosmetics/Personal Care — 1.0%
Estee Lauder Cos., Inc., Class A		65,634		3,552,112
Procter & Gamble Co.		62,100		3,803,625
				7,355,737
Food — 2.2%
Kraft Foods, Inc., Class A		144,900		5,596,038
Safeway, Inc.(a)		291,200		5,285,280
Whole Foods Market, Inc.(a)		58,941		5,618,256
				16,499,574
Healthcare—Products — 1.7%
Baxter International, Inc.		207,600		11,033,940
Intuitive Surgical, Inc.*		2,200		1,218,338
				12,252,278
Healthcare—Services — 2.6%
Covance, Inc.*		51,600		2,469,060
Humana, Inc.		28,800		2,230,272
Laboratory Corp. of America Holdings(a)*		39,300		3,639,573
Quest Diagnostics, Inc.		139,700		8,368,030
UnitedHealth Group, Inc.		37,870		2,215,395
				18,922,330
Household Products/Wares — 0.8%
Kimberly-Clark Corp.		69,200		5,796,884
Pharmaceuticals — 8.4%
Allergan, Inc.		61,285		5,673,152
AmerisourceBergen Corp.		151,400		5,957,590
Bristol-Myers Squibb Co.		43,070		1,548,366
Cardinal Health, Inc.		137,400		5,770,800
Express Scripts Holding Co.*		122,997		6,866,923
Johnson & Johnson		84,500		5,708,820
Mead Johnson Nutrition Co.		19,721		1,587,738
Merck & Co., Inc.		140,100		5,849,175
Novo Nordisk A/S ADR		19,183		2,788,057
Perrigo Co.		375		44,224
Pfizer, Inc.		456,900		10,508,700

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

54

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
CONSUMER, NON-CYCLICAL (Continued)
Pharmaceuticals (Continued)
Shire PLC ADR		26,785	$	2,313,956
Valeant Pharmaceuticals International, Inc.*		35,440		1,587,358
Watson Pharmaceuticals, Inc.*		82,400		6,096,776
				62,301,635
TOTAL CONSUMER, NON-CYCLICAL (cost $126,446,042)				162,469,409
ENERGY — 9.1%
Oil & Gas — 6.5%
Apache Corp.		61,900		5,440,391
Cabot Oil & Gas Corp.		44,358		1,747,705
Chevron Corp.		139,400		14,706,700
Concho Resources, Inc.*		21,699		1,847,019
ConocoPhillips		160,000		8,940,800
Hess Corp.		102,400		4,449,280
Marathon Oil Corp.		233,200		5,962,924
Noble Energy, Inc.		18,100		1,535,242
Occidental Petroleum Corp.		24,031		2,061,139
Phillips 66*		39,900		1,326,276
				48,017,476
Oil & Gas Services — 1.8%
FMC Technologies, Inc.*		20,600		808,138
Halliburton Co.		320,900		9,110,351
National Oilwell Varco, Inc.		55,314		3,564,434
				13,482,923
Pipelines — 0.8%
Williams Cos., Inc.		189,200		5,452,744
TOTAL ENERGY (cost $57,624,127)				66,953,143
FINANCIAL — 10.9%
Banks — 5.0%
Bank of New York Mellon Corp.		429,700		9,431,915
Capital One Financial Corp.		73,375		4,010,677
Goldman Sachs Group, Inc.		50,946		4,883,684
JPMorgan Chase & Co.		152,800		5,459,544
Morgan Stanley		80,774		1,178,493
U.S. Bancorp		117,300		3,772,368
Wells Fargo & Co.		259,700		8,684,368
				37,421,049
Diversified Financial Services — 2.7%
American Express Co.		189,306		11,019,502
Discover Financial Services		114,116		3,946,131
Visa, Inc., Class A		38,600		4,772,118
				19,737,751

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

55

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
FINANCIAL (Continued)
Insurance — 2.8%
Allstate Corp.		267,400	$	9,383,066
Marsh & McLennan Cos., Inc.		181,000		5,833,630
Travelers Cos., Inc.		89,100		5,688,144
				20,904,840
Real Estate Investment Trusts — 0.4%
American Tower Corp.		38,941		2,722,365
TOTAL FINANCIAL (cost $70,035,949)				80,786,005
INDUSTRIAL — 9.9%
Aerospace/Defense — 2.7%
Boeing Co.		27,683		2,056,847
Northrop Grumman Corp.		90,300		5,760,237
Raytheon Co.		103,000		5,828,770
United Technologies Corp.		86,827		6,558,043
				20,203,897
Building Materials — 0.1%
Masco Corp.		59,800		829,426
Electrical Components & Equipment — 0.5%
Emerson Electric Co.		75,900		3,535,422
Electronics — 0.9%
Agilent Technologies, Inc.		54,527		2,139,640
Honeywell International, Inc.		82,500		4,606,800
				6,746,440
Environmental Control — 0.8%
Waste Management, Inc.		169,200		5,651,280
Machinery—Construction & Mining — 0.5%
Caterpillar, Inc.		40,400		3,430,364
Machinery—Diversified — 0.9%
Cummins, Inc.		27,300		2,645,643
Deere & Co.		41,414		3,349,150
Roper Industries, Inc.		9,319		918,667
				6,913,460
Metal Fabricate/Hardware — 0.5%
Precision Castparts Corp.		19,828		3,261,508
Miscellaneous Manufacturing — 2.0%
Dover Corp.		95,200		5,103,672
General Electric Co.		459,500		9,575,980
				14,679,652
Transportation — 1.0%
FedEx Corp.		33,700		3,087,257

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

56

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
INDUSTRIAL (Continued)
Transportation (Continued)
Union Pacific Corp.		38,581	$	4,603,099
				7,690,356
TOTAL INDUSTRIAL (cost $58,257,588)				72,941,805
TECHNOLOGY — 13.1%
Computers — 5.9%
Accenture PLC, Class A		51,900		3,118,671
Apple, Inc.*		37,526		21,915,184
EMC Corp.*		350,425		8,981,393
International Business Machines Corp.		15,528		3,036,966
NetApp, Inc.*		27,389		871,518
SanDisk Corp.*		89,600		3,268,608
Teradata Corp.*		35,017		2,521,574
				43,713,914
Office/Business Equipment — 0.8%
Xerox Corp.		721,200		5,675,844
Semiconductors — 3.0%
ARM Holdings PLC ADR(a)		27,866		662,932
Avago Technologies Ltd.		88,705		3,184,509
Intel Corp.		473,400		12,616,110
QUALCOMM, Inc.		103,338		5,753,860
				22,217,411
Software — 3.4%
Citrix Systems, Inc.*		26,500		2,224,410
Intuit, Inc.		16,121		956,781
Microsoft Corp.		197,000		6,026,230
Oracle Corp.		125,200		3,718,440
Red Hat, Inc.*		37,132		2,097,216
Salesforce.com, Inc.*		32,676		4,517,784
VeriFone Systems, Inc.*		41,200		1,363,308
VMware, Inc., Class A*		45,331		4,126,934
				25,031,103
TOTAL TECHNOLOGY (cost $74,004,054)				96,638,272
UTILITIES — 2.1%
Electric — 2.1%
Edison International		124,100		5,733,420
NextEra Energy, Inc.		76,900		5,291,489
Public Service Enterprise Group, Inc.		146,000		4,745,000
				15,769,909
TOTAL UTILITIES (cost $13,017,417)				15,769,909
TOTAL COMMON STOCK (cost $542,987,275)				679,163,180

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

57

American Bar Association Members/Northern Trust Collective Trust

Large Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
INVESTMENT FUNDS — 7.1%
Cash Collateral Pool — 2.2%
ABA Members Collateral Fund(b)		16,478,803	$	16,199,580
Collective Investment Funds — 4.9%
SSgA Russell Large Cap Index Non-Lending Fund		2,625,095		35,840,420
TOTAL INVESTMENT FUNDS (cost $52,670,848)				52,040,000
	Units		Value
SHORT-TERM INVESTMENTS — 4.0%
Affiliated Funds — 4.0%
Northern Trust Global Investments - Collective Short-Term Investment Fund(c)		29,512,967	$	29,512,967
TOTAL SHORT-TERM INVESTMENTS (cost $29,512,967)				29,512,967
TOTAL INVESTMENTS — 103.0% (cost $625,171,090)				760,716,147
Liabilities Less Other Assets — (3.0)%				(21,993,231	)
NET ASSETS — 100.0%			$	738,722,916

(a) All or a portion of security is on loan.

(b) Represents security purchased with cash collateral received for securities on loan.

(c) Collective investment fund advised by Northern Trust Investments, Inc., a wholly-owned subsidiary of The Northern Trust Company.

* Non-income producing security.

ADR — American Depository Receipt

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

58

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Statements of Assets and Liabilities

	June 30, 2012     Unaudited			December 31,     2011
Assets
Investments, at value (cost $220,017,952 and $226,578,853, respectively)	$	243,114,030	(a)	$	242,350,167	(b)
Investments in collective investment funds, at value (cost $47,444,313 and $45,675,550, respectively)		46,573,077			45,084,249
Investments in affiliated funds, at value:
Northern Trust Global Investments—Collective Short-Term Investment Fund (cost $7,762,786 and $8,045,895 and units of 7,762,786 and 8,045,895,respectively)		7,762,786			8,045,895
Cash		—			5,530
Receivable for investments sold		2,469,680			2,592,641
Receivable for fund units sold		883			—
Interest and dividends receivable		275,516			265,297
Tax reclaims receivable		5,962			4,828
Other assets		8,876			10,246
Total assets		300,210,810			298,358,853
Liabilities
Due to custodian		23,922			—
Payable for cash collateral received on securities loaned		34,543,781			33,416,793
Payable for investments purchased		3,571,409			4,290,927
Payable for fund units redeemed		3,152			25,088
Investment advisory fee payable		100,204			105,100
ING—program fee payable		108,653			114,466
Trustee, management and administration fees payable		18,897			20,265
ABA Retirement Funds—program fee payable		15,337			16,424
Other accruals		92,639			113,421
Total liabilities		38,477,994			38,102,484
Net Assets (equivalent to $17.02 and $15.99 per unit based on 15,379,071 and 16,272,262 units outstanding, respectively)	$	261,732,816		$	260,256,369

(a) Includes securities on loan with a value of $33,650,587 (See Note 5).

(b) Includes securities on loan with a value of $32,550,879.

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

59

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Statements of Operations

Unaudited

	For the period April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the Period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income
Dividends (net of foreign tax expense of $0, $424, $0 and $52, respectively)	$	1,043,538		$	908,117		$	2,204,118		$	1,920,690
Interest—affiliated issuers		3,966			3,645			13,587			7,848
Securities lending income, net		61,079			94,563			109,862			178,809
Total investment income		1,108,583			1,006,325			2,327,567			2,107,347
Expenses
ING—program fee		352,605			428,882			703,625			841,119
Trustee, management and administration fees		60,824			72,899			121,971			142,556
Investment advisory fee		315,147			376,246			645,285			746,583
ABA Retirement Funds—program fee		49,626			59,841			99,825			116,780
Legal and audit fees		19,098			25,157			38,525			50,259
Compliance consultant fees		10,992			13,215			22,555			26,399
Reports to unitholders		1,319			2,125			2,707			4,243
Registration fees		12,838			17,549			26,344			35,058
Other fees		2,637			3,177			5,412			6,763
Total expenses		825,086			999,091			1,666,249			1,969,760
Less: Expense reimbursement		(9,362	)		—			(20,478	)		—
Net expenses		815,724			999,091			1,645,771			1,969,760
Net investment income (loss)		292,859			7,234			681,796			137,587
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		3,811,892			21,758,447			9,314,806			37,522,292
Net realized gain (loss)		3,811,892			21,758,447			9,314,806			37,522,292
Change in net unrealized appreciation (depreciation) on:
Investments		(18,861,726	)		(25,022,841	)		7,044,829			(14,397,511	)
Change in net unrealized appreciation (depreciation)		(18,861,726	)		(25,022,841	)		7,044,829			(14,397,511	)
Net realized and unrealized gain (loss)		(15,049,834	)		(3,264,394	)		16,359,635			23,124,781
Net increase (decrease) in net assets resulting from operations	$	(14,756,975	)	$	(3,257,160	)	$	17,041,431		$	23,262,368

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

60

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Statement of Changes in Net Assets

Unaudited

	For the  six- month period ended     June 30, 2012
From operations
Net investment income (loss)	$	681,796
Net realized gain (loss) from investments		9,314,806
Change in net unrealized appreciation (depreciation)		7,044,829
Net increase (decrease) in net assets resulting from operations		17,041,431
From unitholder transactions
Proceeds from units issued		9,968,667
Cost of units redeemed		(25,533,651	)
Net increase (decrease) in net assets from unitholder transactions		(15,564,984	)
Net increase (decrease) in net assets		1,476,447
Net Assets
Beginning of period		260,256,369
End of period	$	261,732,816
Number of units
Outstanding-beginning of period		16,272,262
Issued		577,171
Redeemed		(1,470,362	)
Outstanding-end of period		15,379,071

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

61

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 April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income†	$	0.07		$	0.06		$	0.15		$	0.12
Expenses†,††		(0.05	)		(0.06	)		(0.10	)		(0.11	)
Net investment income (loss)		0.02			—			0.05			0.01
Net realized and unrealized gain (loss)		(0.96	)		(0.18	)		0.98			1.25
Net increase (decrease) in unit value		(0.94	)		(0.18	)		1.03			1.26
Net asset value at beginning of period		17.96			18.00			15.99			16.56
Net asset value at end of period	$	17.02		$	17.82		$	17.02		$	17.82
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,††		1.24	%		1.26	%		1.21	%		1.25	%
Ratio of net investment income (loss) to average net assets*		0.44	%		0.01	%		0.50	%		0.09	%
Portfolio turnover**,†††		16	%		42	%		33	%		64	%
Total return**		(5.23	)%		(1.00	)%		6.44	%		7.61	%
Net assets at end of period (in thousands)	$	261,733		$	312,787		$	261,733		$	312,787

* 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.

††† 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.

62

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK — 92.9%
BASIC MATERIALS — 5.4%
Chemicals — 2.8%
Agrium, Inc.		2,450	$	216,752
American Vanguard Corp.		11,050		293,819
Ashland, Inc.		14,600		1,011,926
Cabot Corp.		16,360		665,852
Celanese Corp., Class A		4,070		140,903
CF Industries Holdings, Inc.		1,800		348,732
Cytec Industries, Inc.		12,975		760,854
Eastman Chemical Co.		7,600		382,812
FMC Corp.		10,100		540,148
Innophos Holdings, Inc.		8,350		471,441
Kronos Worldwide, Inc.(a)		12,400		195,796
OM Group, Inc.*		8,200		155,800
PolyOne Corp.		13,300		181,944
PPG Industries, Inc.		3,525		374,073
RPM International, Inc.		12,035		327,352
Sensient Technologies Corp.		28,418		1,043,793
Sherwin-Williams Co.		2,470		326,905
				7,438,902
Forest Products & Paper — 1.2%
Boise, Inc.		35,100		230,958
Buckeye Technologies, Inc.		28,300		806,267
Domtar Corp.		5,100		391,221
MeadWestvaco Corp.		18,100		520,375
P.H. Glatfelter Co.		17,094		279,829
Schweitzer-Mauduit International, Inc.		13,250		902,855
				3,131,505
Iron/Steel — 0.7%
Allegheny Technologies, Inc.		22,120		705,407
Cliffs Natural Resources, Inc.		10,900		537,261
Nucor Corp.		12,800		485,120
				1,727,788
Mining — 0.7%
Compass Minerals International, Inc.		5,100		389,028
Globe Specialty Metals, Inc.		31,625		424,723
Horsehead Holding Corp.*		42,953		427,812
Kaiser Aluminum Corp.		10,188		528,146
				1,769,709
TOTAL BASIC MATERIALS (cost $13,175,974)				14,067,904
COMMUNICATIONS — 5.9%
Internet — 2.6%
Baidu, Inc. ADR*		3,900		448,422
BroadSoft, Inc.(a)*		16,199		469,123

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

63

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
COMMUNICATIONS (Continued)
Internet (Continued)
Cogent Communications Group, Inc.(a)*		12,220	$	235,235
Constant Contact, Inc.(a)*		33,947		606,972
Ctrip.com International Ltd. ADR(a)*		21,700		363,692
DealerTrack Holdings, Inc.*		21,376		643,631
ExactTarget, Inc.(a)*		7,800		170,508
F5 Networks, Inc.*		4,300		428,108
LinkedIn Corp., Class A(a)*		2,500		265,675
Pandora Media, Inc.(a)*		20,725		225,281
Rackspace Hosting, Inc.*		5,700		250,458
Shutterfly, Inc.(a)*		9,200		282,348
SINA Corp.(a)*		4,100		212,421
Splunk, Inc.(a)*		8,300		233,230
SPS Commerce, Inc.*		13,985		424,864
TripAdvisor, Inc.*		12,050		538,515
ValueClick, Inc.*		37,100		608,069
Youku.com, Inc. ADR(a)*		18,697		405,351
				6,811,903
Media — 0.8%
CBS Corp., Class B (Non Voting)		11,075		363,039
Discovery Communications, Inc., Class A*		6,200		334,800
DISH Network Corp., Class A		10,900		311,195
Gannett Co., Inc.(a)		18,500		272,505
Meredith Corp.		22,143		707,247
				1,988,786
Telecommunications — 2.5%
Acme Packet, Inc.(a)*		27,825		518,936
Amdocs Ltd.*		5,000		148,600
Anixter International, Inc.		3,937		208,858
Aruba Networks, Inc.(a)*		17,000		255,850
Black Box Corp.		28,942		830,635
Crown Castle International Corp.*		10,530		617,690
Harris Corp.		9,100		380,835
IPG Photonics Corp.(a)*		18,375		800,966
NeuStar, Inc., Class A*		6,750		225,450
Oplink Communications, Inc.*		36,098		488,406
Plantronics, Inc.		44,315		1,480,121
Sycamore Networks, Inc.*		39,513		573,729
USA Mobility, Inc.		12,700		163,322
				6,693,398
TOTAL COMMUNICATIONS (cost $15,389,050)				15,494,087
CONSUMER, CYCLICAL — 13.6%
Airlines — 0.4%
Alaska Air Group, Inc.*		3,780		135,702

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

64

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
CONSUMER, CYCLICAL (Continued)
Airlines (Continued)
Copa Holdings S.A., Class A		2,177	$	179,559
SkyWest, Inc.(a)		54,088		353,195
United Continental Holdings, Inc.(a)*		16,340		397,552
				1,066,008
Apparel — 1.0%
CROCS, Inc.*		15,465		249,760
Ennis, Inc.		32,754		503,757
Gildan Activewear, Inc.(a)		18,100		498,112
Jones Group, Inc.(a)		78,500		750,460
Michael Kors Holdings Ltd.*		12,300		514,632
Steven Madden Ltd.*		7,650		242,887
				2,759,608
Auto Manufacturers — 0.3%
Navistar International Corp.*		4,700		133,339
Tesla Motors, Inc.(a)*		7,675		240,151
Wabash National Corp.*		76,181		504,318
				877,808
Auto Parts & Equipment — 1.0%
Autoliv, Inc.(a)		7,300		399,018
BorgWarner, Inc.(a)*		7,350		482,086
Cooper Tire & Rubber Co.		33,390		585,661
Dana Holding Corp.		12,400		158,844
Delphi Automotive PLC*		6,325		161,288
Standard Motor Products, Inc.		11,200		157,696
Tenneco, Inc.*		7,175		192,433
TRW Automotive Holdings Corp.*		10,900		400,684
				2,537,710
Distribution/Wholesale — 1.6%
Beacon Roofing Supply, Inc.(a)*		22,530		568,207
Fastenal Co.		12,300		495,813
Fossil, Inc.*		1,850		141,599
Ingram Micro, Inc., Class A*		8,900		155,483
LKQ Corp.*		32,535		1,086,669
MRC Global, Inc.(a)*		9,400		200,032
Owens & Minor, Inc.		25,360		776,777
Titan Machinery, Inc.(a)*		9,250		280,922
WESCO International, Inc.*		6,560		377,528
				4,083,030
Entertainment — 0.2%
Pinnacle Entertainment, Inc.(a)*		26,925		259,018
Shuffle Master, Inc.*		12,550		173,190
				432,208

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

65

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
CONSUMER, CYCLICAL (Continued)
Home Builders — 0.3%
MDC Holdings, Inc.(a)		10,350	$	338,134
Thor Industries, Inc.		20,124		551,599
				889,733
Home Furnishings — 0.4%
Harman International Industries, Inc.		12,202		483,199
Skullcandy, Inc.(a)*		14,450		204,468
Whirlpool Corp.		7,100		434,236
				1,121,903
Housewares — 0.2%
Newell Rubbermaid, Inc.		10,300		186,842
Toro Co.		5,900		432,411
				619,253
Leisure Time — 0.4%
Harley-Davidson, Inc.		7,800		356,694
Life Time Fitness, Inc.(a)*		12,523		582,445
				939,139
Lodging — 0.4%
Starwood Hotels & Resorts Worldwide, Inc.		6,970		369,689
Wyndham Worldwide Corp.		11,350		598,599
				968,288
Retail — 7.2%
Arcos Dorados Holdings, Inc., Class A(a)		39,600		585,288
Ascena Retail Group, Inc.*		28,843		537,057
Bed Bath & Beyond, Inc.*		8,000		494,400
Best Buy Co., Inc.		9,400		197,024
Big Lots, Inc.*		8,300		338,557
Bob Evans Farms, Inc.		21,730		873,546
Brinker International, Inc.		8,500		270,895
CarMax, Inc.*		18,700		485,078
Casey’s General Stores, Inc.		14,600		861,254
Cash America International, Inc.		14,970		659,279
CEC Entertainment, Inc.(a)		18,050		656,478
Cheesecake Factory, Inc.*		17,320		553,547
Chico’s FAS, Inc.		13,100		194,404
Cracker Barrel Old Country Store, Inc.		9,219		578,953
Dick’s Sporting Goods, Inc.		15,980		767,040
Dillard’s, Inc., Class A		10,750		684,560
Dollar Tree, Inc.*		9,698		521,752
Finish Line, Inc., Class A		33,700		704,667
Foot Locker, Inc.		31,025		948,744
GameStop Corp., Class A(a)		7,500		137,700
Gap, Inc.		22,900		626,544
GNC Holdings, Inc., Class A		16,875		661,500

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

66

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
CONSUMER, CYCLICAL (Continued)
Retail (Continued)
Jos. A. Bank Clothiers, Inc.*		7,245	$	307,623
Kohl’s Corp.		8,300		377,567
Macy’s, Inc.		20,250		695,588
MSC Industrial Direct Co., Inc., Class A		9,660		633,213
Nu Skin Enterprises, Inc., Class A(a)		22,608		1,060,315
O’Reilly Automotive, Inc.*		4,100		343,457
Pier 1 Imports, Inc.		32,050		526,581
Pricesmart, Inc.(a)		3,845		259,576
PVH Corp.		4,210		327,496
RadioShack Corp.(a)		12,100		46,464
Regis Corp.(a)		30,520		548,139
Ruth’s Hospitality Group, Inc.*		27,178		179,375
Stage Stores, Inc.(a)		31,530		577,630
Stein Mart, Inc.(a)*		22,200		176,490
Tim Hortons, Inc.		7,240		381,114
Tractor Supply Co.		1,700		141,202
				18,920,097
Storage/Warehousing — 0.2%
Mobile Mini, Inc.(a)*		36,007		518,501
TOTAL CONSUMER, CYCLICAL (cost $31,702,313)				35,733,286
CONSUMER, NON-CYCLICAL — 18.9%
Agriculture — 0.3%
Archer-Daniels-Midland Co.		18,100		534,312
Lorillard, Inc.		2,000		263,900
				798,212
Beverages — 0.4%
Brown-Forman Corp., Class B		2,340		226,629
Coca-Cola Enterprises, Inc.		14,125		396,065
Monster Beverage Corp.*		4,300		306,160
				928,854
Biotechnology — 1.4%
Amarin Corp. PLC ADR(a)*		19,770		285,874
Ariad Pharmaceuticals, Inc.*		12,300		211,683
Charles River Laboratories International, Inc.*		8,200		268,632
Cubist Pharmaceuticals, Inc.*		6,565		248,879
Emergent Biosolutions, Inc.(a)*		28,575		432,911
Human Genome Sciences, Inc.(a)*		66,503		873,185
Illumina, Inc.(a)*		8,400		339,276
Myriad Genetics, Inc.*		18,300		434,991
Seattle Genetics, Inc.(a)*		4,900		124,411
Vertex Pharmaceuticals, Inc.*		6,500		363,480
				3,583,322

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

67

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
CONSUMER, NON-CYCLICAL (Continued)
Commercial Services — 7.2%
Acacia Research Corp.*		13,550	$	504,602
Alliance Data Systems Corp.*		5,340		720,900
American Public Education, Inc.(a)*		17,628		564,096
American Reprographics Co.*		56,060		281,982
Barrett Business Services, Inc.		12,473		263,679
Brink’s Co.		25,050		580,659
Capella Education Co.*		4,325		150,337
CBIZ, Inc.*		72,106		428,310
Chemed Corp.(a)		12,275		741,901
Convergys Corp.		24,900		367,773
CoStar Group, Inc.(a)*		7,785		632,142
Deluxe Corp.(a)		49,573		1,236,351
Forrester Research, Inc.(a)		5,885		199,266
FTI Consulting, Inc.*		13,829		397,584
Gartner, Inc.*		7,900		340,095
Grand Canyon Education, Inc.*		32,211		674,498
Green Dot Corp., Class A(a)*		20,450		452,354
Hertz Global Holdings, Inc.*		50,175		642,240
HMS Holdings Corp.*		3,585		119,416
Korn/Ferry International*		47,010		674,593
Lender Processing Services, Inc.(a)		27,210		687,869
MAXIMUS, Inc.		30,755		1,591,571
Medifast, Inc.(a)*		13,750		270,600
Moody’s Corp.		4,800		175,440
PARELEX International Corp.*		6,375		179,966
Quanta Services, Inc.*		20,230		486,936
Rent-A-Center, Inc.		22,371		754,798
Resources Connection, Inc.(a)		17,924		220,465
Ritchie Bros. Auctioneers, Inc.(a)		25,938		551,183
Robert Half International, Inc.		21,900		625,683
Rollins, Inc.		43,590		975,108
ServiceSource International, Inc.(a)*		21,182		293,371
Solar Cayman Ltd.(b)(c)*		33,700		—
Total System Services, Inc.		17,550		419,972
United Rentals, Inc.(a)*		29,335		998,563
Verisk Analytics, Inc., Class A*		5,420		266,989
VistaPrint N.V.(a)*		11,740		379,202
				18,850,494
Food — 1.5%
Cal-Maine Foods, Inc.		2,174		85,003
Chiquita Brands International, Inc.(a)*		16,000		80,000
Fresh Del Monte Produce, Inc.		13,500		316,845
Fresh Market, Inc.*		9,165		491,519
Hain Celestial Group, Inc.*		4,000		220,160

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

68

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
CONSUMER, NON-CYCLICAL (Continued)
Food (Continued)
Kroger Co.		11,600	$	269,004
Nash Finch Co.(a)		30,590		657,073
Safeway, Inc.(a)		26,100		473,715
Smart Balance, Inc.(a)*		10,050		94,369
Smithfield Foods, Inc.*		14,200		307,146
United Natural Foods, Inc.*		15,132		830,142
				3,824,976
Healthcare - Products — 3.8%
Abaxis, Inc.*		13,152		486,624
ABIOMED, Inc.(a)*		12,650		288,673
Align Technology, Inc.(a)*		10,048		336,206
AngioDynamics, Inc.*		7,698		92,453
Cepheid, Inc.*		22,403		1,002,534
Cooper Cos., Inc.		5,420		432,299
Edwards Lifesciences Corp.*		2,140		221,062
Greatbatch, Inc.(a)*		5,600		127,176
Hill-Rom Holdings, Inc.		14,833		457,598
Insulet Corp.*		10,075		215,303
Intuitive Surgical, Inc.*		2,250		1,246,027
Luminex Corp.*		10,780		264,002
Meridian Bioscience, Inc.(a)		31,530		645,104
OraSure Technologies, Inc.*		24,425		274,537
Sirona Dental Systems, Inc.*		10,850		488,359
STERIS Corp.		13,250		415,653
Symmetry Medical, Inc.*		61,967		531,677
Techne Corp.		6,572		487,642
Volcano Corp.(a)*		10,640		304,836
West Pharmaceutical Services, Inc.		21,250		1,072,913
Zimmer Holdings, Inc.		10,700		688,652
				10,079,330
Healthcare - Services — 1.7%
Aetna, Inc.		14,200		550,534
Amsurg Corp.*		15,064		451,619
Bio-Reference Labs, Inc.(a)*		20,649		542,656
Community Health Systems, Inc.*		9,400		263,482
DaVita, Inc.*		2,550		250,435
Health Net, Inc.*		5,700		138,339
IPC The Hospitalist Co., Inc.(a)*		15,746		713,609
Kindred Healthcare, Inc.*		69,867		686,793
MEDNAX, Inc.*		12,595		863,261
				4,460,728
Household Products/Wares — 0.1%
American Greetings Corp., Class A(a)		8,100		118,422

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

69

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
CONSUMER, NON-CYCLICAL (Continued)
Household Products/Wares (Continued)
Tumi Holdings, Inc.(a)*		10,225	$	178,937
				297,359
Pharmaceuticals — 2.5%
Cardinal Health, Inc.		17,300		726,600
Catalyst Health Solutions, Inc.*		6,030		563,443
Endo Health Solutions, Inc.*		6,400		198,272
Herbalife Ltd.		7,350		355,226
Ironwood Pharmaceuticals, Inc.(a)*		11,300		155,714
McKesson Corp.		2,100		196,875
Mead Johnson Nutrition Co.		3,700		297,887
Medicis Pharmaceutical Corp., Class A		24,930		851,359
Mylan, Inc.*		26,300		562,031
Neogen Corp.(a)*		13,894		641,903
Onyx Pharmaceuticals, Inc.*		1,800		119,610
Par Pharmaceutical Cos., Inc.*		11,000		397,540
Perrigo Co.		1,370		161,564
Questcor Pharmaceuticals, Inc.(a)*		10,950		582,978
Shire PLC ADR		2,830		244,484
Watson Pharmaceuticals, Inc.*		6,800		503,132
				6,558,618
TOTAL CONSUMER, NON-CYCLICAL (cost $42,578,626)				49,381,893
ENERGY — 5.5%
Oil & Gas — 4.0%
Berry Petroleum Co., Class A(a)		30,394		1,205,426
Cabot Oil & Gas Corp.		3,700		145,780
Callon Petroleum Co.*		48,712		207,513
Carrizo Oil & Gas, Inc.(a)*		22,475		528,387
Comstock Resources, Inc.(a)*		52,740		865,991
Concho Resources, Inc.*		4,240		360,909
Continental Resources, Inc.*		3,850		256,487
Energen Corp.		21,725		980,449
Goodrich Petroleum Corp.(a)*		47,135		653,291
Hess Corp.		9,400		408,430
HollyFrontier Corp.		24,050		852,092
InterOil Corp.(a)*		5,540		386,138
Kodiak Oil & Gas Corp.(a)*		33,070		271,505
Marathon Petroleum Corp.		7,400		332,408
Murphy Oil Corp.		9,200		462,668
PDC Energy, Inc.*		7,875		193,095
Petroquest Energy, Inc.*		22,524		112,620
Quicksilver Resources, Inc.(a)*		90,439		490,180
Stone Energy Corp.*		23,954		606,994
Unit Corp.*		5,300		195,517

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

70

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
ENERGY (Continued)
Oil & Gas (Continued)
Valero Energy Corp.		28,100	$	678,615
W&T Offshore, Inc.(a)		16,400		250,920
				10,445,415
Oil & Gas Services — 1.5%
Core Laboratories N.V.		8,050		932,995
FMC Technologies, Inc.*		13,600		533,528
Lufkin Industries, Inc.		9,538		518,104
Oceaneering International, Inc.		15,000		717,900
Oil States International, Inc.*		7,050		466,710
Superior Energy Services, Inc.*		22,875		462,761
Tesco Corp.*		28,472		341,664
				3,973,662
TOTAL ENERGY (cost $14,489,622)				14,419,077
FINANCIAL — 19.8%
Banks — 4.6%
BancorpSouth, Inc.		33,509		486,551
Bank of Hawaii Corp.		11,665		536,007
Bank of the Ozarks, Inc.		15,250		458,720
BBCN Bancorp, Inc.*		53,652		584,270
Cass Information Systems, Inc.(a)		8,749		352,147
Comerica, Inc.		29,225		897,500
Community Bank System, Inc.(a)		36,778		997,419
Cullen/Frost Bankers, Inc.		6,792		390,472
Fifth Third Bancorp		60,225		807,015
FNB Corp.		45,952		499,498
Fulton Financial Corp.		71,230		711,588
Hancock Holding Co.		10,515		320,077
Huntington Bancshares, Inc.		38,600		247,040
KeyCorp		151,350		1,171,449
PNC Financial Services Group, Inc.		6,500		397,215
Regions Financial Corp.		96,450		651,038
Trustmark Corp.(a)		34,640		847,987
Webster Financial Corp.		21,250		460,275
Westamerica Bancorporation(a)		16,270		767,781
Wintrust Financial Corp.		13,160		467,180
				12,051,229
Diversified Financial Services — 4.0%
Aircastle Ltd.		19,700		237,385
Ameriprise Financial, Inc.		12,900		674,154
Discover Financial Services		33,825		1,169,669
Encore Capital Group, Inc.*		17,655		522,941
Financial Engines, Inc.(a)*		32,840		704,418
GFI Group, Inc.		41,000		145,960

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

71

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
FINANCIAL (Continued)
Diversified Financial Services (Continued)
Invesco Ltd.		11,300	$	255,380
Investment Technology Group, Inc.*		25,302		232,778
Jefferies Group, Inc.(a)		15,500		201,345
Knight Capital Group, Inc., Class A*		24,492		292,434
National Financial Partners Corp.*		28,000		375,200
Nelnet, Inc., Class A		13,800		317,400
Portfolio Recovery Associates, Inc.*		7,629		696,223
Raymond James Financial, Inc.		37,055		1,268,763
SLM Corp.		40,500		636,255
T. Rowe Price Group, Inc.		15,170		955,103
Waddell & Reed Financial, Inc., Class A		21,640		655,259
WisdomTree Investments, Inc.(a)*		65,300		429,021
World Acceptance Corp.*		11,237		739,395
				10,509,083
Insurance — 5.9%
ACE Ltd.		9,650		715,355
Allied World Assurance Co. Holdings A.G.		5,100		405,297
Allstate Corp.		31,625		1,109,721
Alterra Capital Holdings Ltd.		33,550		783,393
American Equity Investment Life Holding Co.(a)		102,741		1,131,178
American Financial Group, Inc.		15,200		596,296
Arthur J. Gallagher & Co.		8,590		301,251
Aspen Insurance Holdings Ltd.		21,250		614,125
Chubb Corp.		3,000		218,460
Donegal Group, Inc., Class A		17,025		226,092
Endurance Specialty Holdings Ltd.		32,900		1,260,728
FBL Financial Group, Inc., Class A		7,939		222,371
Fidelity National Financial, Inc., Class A		18,700		360,162
Hanover Insurance Group, Inc.		6,300		246,519
Hartford Financial Services Group, Inc.		21,100		371,993
HCC Insurance Holdings, Inc.		27,431		861,333
Horace Mann Educators Corp.(a)		13,800		241,224
Kemper Corp.		12,500		384,375
Lincoln National Corp.		40,800		892,296
Montpelier Re Holdings Ltd.		12,400		263,996
Principal Financial Group, Inc.		9,800		257,054
Protective Life Corp.(a)		19,810		582,612
StanCorp Financial Group, Inc.(a)		19,050		707,898
Tower Group, Inc.		50,245		1,048,613
Unum Group		24,300		464,859
Validus Holdings Ltd.(a)		32,716		1,047,894
				15,315,095
Investment Companies — 0.5%
Ares Capital Corp.		55,800		890,568

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

72

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
FINANCIAL (Continued)
Investment Companies (Continued)
Fifth Street Finance Corp.		20,071	$	200,309
Solar Capital Ltd.		14,243		317,049
				1,407,926
Real Estate Investment Trusts — 4.8%
American Capital Agency Corp.(a)		8,550		287,365
BioMed Realty Trust, Inc.		37,850		707,038
Brandywine Realty Trust(a)		147,335		1,818,114
Capstead Mortgage Corp.		20,100		279,591
CBL & Associates Properties, Inc.		54,875		1,072,257
Chimera Investment Corp.		71,800		169,448
CommonWealth REIT		17,600		336,512
CubeSmart		41,800		487,806
Digital Realty Trust, Inc.		6,650		499,215
DuPont Fabros Technology, Inc.(a)		27,425		783,258
Equity Lifestyle Properties, Inc.		5,950		410,372
First Potomac Realty Trust		16,371		192,687
Glimcher Realty Trust		36,849		376,597
Government Properties Income Trust		18,740		423,899
Hatteras Financial Corp.		17,050		487,630
Home Properties, Inc.		5,190		318,458
Hospitality Properties Trust		24,900		616,773
Kilroy Realty Corp.		6,550		317,086
LTC Properties, Inc.		16,350		593,178
Medical Properties Trust, Inc.		79,961		769,225
Omega Healthcare Investors, Inc.		38,586		868,185
Ramco-Gershenson Properties Trust		17,848		224,349
Two Harbors Investment Corp.		30,100		311,836
Weyerhaeuser Co.		11,250		251,550
				12,602,429
TOTAL FINANCIAL (cost $46,546,343)				51,885,762
GOVERNMENT — 0.2%
Multi-National — 0.2%
Banco Latinoamericano de Comercio
Exterior S.A., Class E		19,500		417,885
TOTAL GOVERNMENT (cost $242,624)				417,885
INDUSTRIAL — 10.8%
Aerospace/Defense — 1.5%
Alliant Techsystems, Inc.		8,000		404,560
BE Aerospace, Inc.*		11,260		491,612
Cubic Corp.		8,000		384,640
Curtiss-Wright Corp.		10,050		312,052
Exelis, Inc.		5,600		55,216

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

73

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
INDUSTRIAL (Continued)
Aerospace/Defense (Continued)
L-3 Communications Holdings, Inc.		9,200	$	680,892
Northrop Grumman Corp.		6,100		389,119
Raytheon Co.		10,000		565,900
Triumph Group, Inc.		10,095		568,046
				3,852,037
Electrical Components & Equipment — 0.8%
AMETEK, Inc.		11,750		586,443
Belden, Inc.		14,040		468,234
EnerSys*		12,962		454,577
GrafTech International Ltd.*		45,996		443,861
Universal Display Corp.(a)*		3,500		125,790
				2,078,905
Electronics — 2.5%
Agilent Technologies, Inc.		13,100		514,044
Benchmark Electronics, Inc.*		19,706		274,899
CTS Corp.(a)		72,830		686,059
FARO Technologies, Inc.(a)*		8,085		340,217
FEI Co.*		5,025		240,396
Gentex Corp.		20,342		424,537
Imax Corp.(a)*		10,600		254,718
Jabil Circuit, Inc.		27,000		548,910
National Instruments Corp.		29,305		787,132
Park Electrochemical Corp.(a)		36,389		941,747
PerkinElmer, Inc.		11,625		299,925
Plexus Corp.*		11,260		317,532
TE Connectivity Ltd.		16,200		516,942
Tech Data Corp.*		3,700		178,229
Vishay Intertechnology, Inc.*		22,700		214,061
				6,539,348
Engineering & Construction — 0.9%
Aegion Corp.*		18,027		322,503
Chicago Bridge & Iron Co. N.V.		5,660		214,854
EMCOR Group, Inc.		6,200		172,484
Granite Construction, Inc.		5,735		149,741
KBR, Inc.		8,800		217,448
McDermott International, Inc.*		16,800		187,152
Tutor Perini Corp.*		51,675		654,722
URS Corp.		10,000		348,800
				2,267,704
Environmental Control — 0.1%
Waste Connections, Inc.		11,230		336,002
Hand/Machine Tools — 0.4%
Franklin Electric Co., Inc.		15,616		798,446

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

74

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
INDUSTRIAL (Continued)
Hand/Machine Tools (Continued)
Snap-on, Inc.		2,200	$	136,950
Stanley Black & Decker, Inc.		3,800		244,568
				1,179,964
Machinery—Diversified — 0.7%
AGCO Corp.*		13,025		595,634
Manitowoc Co., Inc.(a)		17,885		209,254
Rockwell Automation, Inc.		6,700		442,602
Zebra Technologies Corp., Class A*		15,738		540,758
				1,788,248
Metal Fabricate/Hardware — 0.6%
Dynamic Materials Corp.(a)		16,851		292,028
Haynes International, Inc.(a)		4,889		249,045
Timken Co.		24,425		1,118,421
				1,659,494
Miscellaneous Manufacturing — 0.7%
Actuant Corp., Class A		13,600		369,376
Eaton Corp.		10,900		431,967
Pall Corp.		4,470		245,001
Polypore International, Inc.(a)*		16,450		664,415
				1,710,759
Packaging & Containers — 0.5%
Crown Holdings, Inc.*		6,050		208,664
Greif, Inc., Class A		8,255		338,455
Owens-Illinois, Inc.*		8,700		166,779
Rock-Tenn Co., Class A		3,000		163,650
Sealed Air Corp.		7,400		114,256
Sonoco Products Co.		11,865		357,730
				1,349,534
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.*		1,016		40,884
Transportation — 1.8%
Air Transport Services Group, Inc.*		45,292		235,518
Bristow Group, Inc.(a)		30,591		1,244,136
Celadon Group, Inc.		12,356		202,391
Echo Global Logistics, Inc.(a)*		18,823		358,766
Expeditors International of Washington, Inc.		11,700		453,375
Forward Air Corp.(a)		8,380		270,423
HUB Group, Inc., Class A*		4,000		144,800
Ryder System, Inc.		7,775		279,978
Scorpio Tankers, Inc.*		48,468		309,711
Swift Transportation Co.*		18,425		174,116
Teekay Tankers Ltd., Class A(a)		27,800		126,768

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

75

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
INDUSTRIAL (Continued)
Transportation (Continued)
Tidewater, Inc.		14,350	$	665,266
UTi Worldwide, Inc.		9,400		137,334
Vitran Corp., Inc.*		25,631		153,786
				4,756,368
Trucking & Leasing — 0.3%
GATX Corp.		10,835		417,147
Greenbrier Cos., Inc.*		18,075		317,759
				734,906
TOTAL INDUSTRIAL (cost $27,773,237)				28,294,153
TECHNOLOGY — 8.7%
Computers — 2.1%
3D Systems Corp.(a)*		8,405		286,947
CACI International, Inc., Class A*		13,057		718,396
Cadence Design Systems, Inc.*		78,525		862,990
Computer Sciences Corp.		4,400		109,208
Diebold, Inc.		12,925		477,062
Fusion-io, Inc.(a)*		6,836		142,804
IHS, Inc., Class A*		5,400		581,742
Jack Henry & Associates, Inc.		6,000		207,120
Maxwell Technologies, Inc.(a)*		18,600		122,016
MICROS Systems, Inc.*		5,660		289,792
Mitek Systems, Inc.(a)*		32,187		125,207
NetApp, Inc.*		3,400		108,188
Seagate Technology PLC		19,800		489,654
Stratasys, Inc.(a)*		8,493		420,828
Teradata Corp.*		3,500		252,035
Western Digital Corp.*		11,300		344,424
				5,538,413
Office/Business Equipment — 0.1%
Xerox Corp.		19,000		149,530
Semiconductors — 2.7%
ARM Holdings PLC ADR(a)		23,131		550,287
Avago Technologies Ltd.		20,180		724,462
Broadcom Corp., Class A*		5,450		184,210
Cabot Microelectronics Corp.		10,320		301,447
Cavium, Inc.(a)*		37,775		1,057,700
Fairchild Semiconductor International, Inc.*		37,900		534,390
Inphi Corp.(a)*		39,925		378,489
Integrated Silicon Solution, Inc.*		26,009		262,431
International Rectifier Corp.*		8,596		171,834
Intersil Corp., Class A		35,450		377,542
KLA-Tencor Corp.		3,700		182,225

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

76

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
TECHNOLOGY (Continued)
Semiconductors (Continued)
Lam Research Corp.*		9,925	$	374,570
Maxim Integrated Products, Inc.		5,900		151,276
Power Integrations, Inc.(a)		12,055		449,652
Semtech Corp.*		26,935		655,059
Skyworks Solutions, Inc.*		21,425		586,402
Teradyne, Inc.*		13,000		182,780
				7,124,756
Software — 3.8%
Akamai Technologies, Inc.*		4,400		139,700
American Software, Inc., Class A		44,907		357,011
athenahealth, Inc.(a)*		16,817		1,331,402
Autodesk, Inc.*		4,500		157,455
Blackbaud, Inc.		3,670		94,209
CA, Inc.		11,000		297,990
Cerner Corp.*		2,800		231,448
Citrix Systems, Inc.*		2,260		189,704
Concur Technologies, Inc.(a)*		8,000		544,800
Digi International, Inc.*		34,030		348,467
Ebix, Inc.(a)		36,944		737,033
Fidelity National Information Services, Inc.		5,325		181,476
InnerWorkings, Inc.(a)*		33,540		453,796
Intuit, Inc.		5,980		354,913
Pegasystems, Inc.(a)		9,619		317,234
QLIK Technologies, Inc.*		29,293		647,961
Rosetta Stone, Inc.(a)*		13,552		187,560
Salesforce.com, Inc.*		6,300		871,038
SciQuest, Inc.*		14,345		257,636
ServiceNow, Inc.*		950		23,370
Ultimate Software Group, Inc.*		12,975		1,156,332
VeriFone Systems, Inc.*		5,000		165,450
Verint Systems, Inc.(a)*		12,776		377,020
VMware, Inc., Class A*		4,850		441,544
				9,864,549
TOTAL TECHNOLOGY (cost $18,511,319)				22,677,248
UTILITIES — 4.1%
Electric — 3.1%
American Electric Power Co., Inc.		14,600		582,540
Avista Corp.		12,800		341,760
Cleco Corp.		13,525		565,751
CMS Energy Corp.		38,700		909,450
El Paso Electric Co.		9,700		321,652
Empire District Electric Co.		21,911		462,322
Entergy Corp.		10,400		706,056

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

77

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
UTILITIES (Continued)
Electric (Continued)
FirstEnergy Corp.		4,125	$	202,909
Hawaiian Electric Industries, Inc.		2,194		62,573
Portland General Electric Co.		73,344		1,955,351
PPL Corp.		30,300		842,643
Public Service Enterprise Group, Inc.		20,300		659,750
TECO Energy, Inc.		9,800		176,988
UNS Energy Corp.		9,200		353,372
				8,143,117
Gas — 0.9%
Atmos Energy Corp.		28,362		994,655
NiSource, Inc.		34,900		863,775
UGI Corp.		13,100		385,533
				2,243,963
Water — 0.1%
American Water Works Co., Inc.		10,375		355,655
TOTAL UTILITIES (cost $9,608,844)				10,742,735
TOTAL COMMON STOCK (cost $220,017,952)				243,114,030
INVESTMENT FUNDS — 17.8%
Cash Collateral Pool — 13.0%
ABA Members Collateral Fund(d)		34,543,781		33,958,461
Collective Investment Funds — 4.8%
SSgA S&P MidCap Index Non-Lending Series Fund, Class A		351,902		12,614,616
TOTAL INVESTMENT FUNDS (cost $47,444,313)				46,573,077

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

78

American Bar Association Members/Northern Trust Collective Trust

Small-Mid Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Units		Value
SHORT-TERM INVESTMENTS — 2.9%
Affiliated Funds — 2.9%
Northern Trust Global Investments- Collective Short-Term Investment Fund(e)		7,762,786	$	7,762,786
TOTAL SHORT-TERM INVESTMENTS (cost $7,762,786)				7,762,786
TOTAL INVESTMENTS — 113.6% (cost $275,225,051)				297,449,893
Liabilities Less Other Assets — (13.6)%				(35,717,077	)
NET ASSETS — 100.0%			$	261,732,816

(a) All or a portion of security is on loan.

(b) Security is exempt from registration under rule 144A of the securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional investors.

(c) Security is delisted and being valued as level 3 position.

(d) Represents security purchased with cash collateral received for securities on loan.

(e) Collective investment fund advised by Northern Trust Investments, Inc., a wholly-owned subsidiary of The Northern Trust Company.

* Non-income producing security.

ADR—American Depositary Receipt

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

79

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Statements of Assets and Liabilities

	June 30, 2012   Unaudited			December 31,   2011
Assets
Investments, at value (cost $131,564,912 and $135,743,316, respectively)	$	127,372,911	(a)	$	130,246,755	(b)
Investments in collective investment funds, at value (cost $12,884,088 and $12,799,577, respectively)		12,789,172			12,443,938
Investments in affiliated funds, at value:
Northern Trust Global Investments—Collective Short-Term Investment Fund (cost $2,611,799 and $4,059,329 and units of 2,611,799 and 4,059,329, respectively)		2,611,799			4,059,329
Foreign currency, at value (cost $850,037 and $252,967, respectively)		846,998			252,216
Receivable for investments sold		717,940			550,909
Receivable for fund units sold		208,736			190,244
Interest and dividends receivable		375,650			219,848
Unrealized appreciation of forward currency exchange contracts		117			—
Tax reclaims receivable		492,056			316,123
Other assets		4,688			5,782
Total assets		145,420,067			148,285,144
Liabilities
Due to custodian		1,150			—
Payable for cash collateral received on securities loaned		5,743,272			5,118,463
Payable for investments purchased		1,267,027			1,909,294
Payable for fund units redeemed		3,277			—
Investment advisory fee payable		52,232			59,455
ING—program fee payable		57,001			62,863
Trustee, management and administration fees payable		9,737			11,128
ABA Retirement Funds—program fee payable		7,891			9,020
Other accruals		50,020			62,740
Total liabilities		7,191,607			7,232,963
Net Assets (equivalent to $25.24 and $24.41 per unit based on 5,476,172 and 5,779,527 units outstanding, respectively)	$	138,228,460		$	141,052,181

(a) Includes securities on loan with a value of $5,464,604 (See Note 5).

(b) Includes securities on loan with a value of $4,876,357.

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

80

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Statements of Operations

Unaudited

	For the period  April 1, 2012 to  June 30, 2012			For the period  April 1, 2011 to  June 30, 2011			For the period  January 1, 2012 to  June 30, 2012			For the period  January 1, 2011 to  June 30, 2011
Investment income
Dividends (net of foreign tax expense of $108,487, $132,963, $149,982 and $209,202, respectively)	$	1,917,028		$	2,443,942		$	2,909,415		$	3,351,759
Interest—affiliated issuers		2,074			2,707			4,057			4,691
Securities lending income, net		15,133			45,723			25,370			55,697
Total investment income		1,934,235			2,492,372			2,938,842			3,412,147
Expenses
ING—program fee		187,063			233,504			375,214			461,038
Trustee, management and administration fees		32,072			39,725			65,047			78,161
Investment advisory fee		165,959			216,377			349,385			425,309
ABA Retirement Funds—program fee		26,169			32,610			53,076			64,028
Legal and audit fees		10,042			13,844			20,439			27,575
Compliance consultant fees		5,802			7,272			11,991			14,484
Reports to unitholders		696			1,170			1,439			2,328
Registration fees		6,778			9,657			14,006			19,234
Other fees		3,131			1,825			5,462			3,795
Total expenses		437,712			555,984			896,059			1,095,952
Less: Expense reimbursement		(4,999	)		—			(10,948	)		—
Net expenses		432,713			555,984			885,111			1,095,952
Net investment income (loss)		1,501,522			1,936,388			2,053,731			2,316,195
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		998,515			2,213,739			1,542,386			6,667,831
Foreign currency transactions		(48,645	)		74,216			(41,804	)		105,333
Net realized gain (loss)		949,870			2,287,955			1,500,582			6,773,164
Change in net unrealized appreciation (depreciation) on:
Investments		(12,149,246	)		(544,969	)		1,565,283			116,178
Foreign currency transactions		(20,638	)		10,714			(14,599	)		(18,920	)
Change in net unrealized appreciation (depreciation)		(12,169,884	)		(534,255	)		1,550,684			97,258
Net realized and unrealized gain (loss)		(11,220,014	)		1,753,700			3,051,266			6,870,422
Net increase (decrease) in net assets resulting from operations	$	(9,718,492	)	$	3,690,088		$	5,104,997		$	9,186,617

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

81

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Statement of Changes in Net Assets

Unaudited

	For the six-month period ended   June 30, 2012
From operations
Net investment income (loss)	$	2,053,731
Net realized gain (loss) from investments and foreign currency transactions		1,500,582
Change in net unrealized appreciation (depreciation)		1,550,684
Net increase (decrease) in net assets resulting from operations		5,104,997
From unitholder transactions
Proceeds from units issued		10,854,811
Cost of units redeemed		(18,783,529	)
Net increase (decrease) in net assets from unitholder transactions		(7,928,718	)
Net increase (decrease) in net assets		(2,823,721	)
Net Assets
Beginning of period		141,052,181
End of period	$	138,228,460
Number of units
Outstanding-beginning of period		5,779,527
Issued		420,253
Redeemed		(723,608	)
Outstanding-end of period		5,476,172

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

82

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)

	For the period  April 1, 2012 to  June 30, 2012			For the period  April 1, 2011 to  June 30, 2011			For the period  January 1, 2012 to  June 30, 2012			For the period  January 1, 2011 to  June 30, 2011
Investment income†	$	0.35		$	0.40		$	0.52		$	0.55
Expenses†,††		(0.08	)		(0.09	)		(0.16	)		(0.17	)
Net investment income (loss)		0.27			0.31			0.36			0.38
Net realized and unrealized gain (loss)		(2.01	)		0.29			0.47			1.10
Net increase (decrease) in unit value		(1.74	)		0.60			0.83			1.48
Net asset value at beginning of period		26.98			28.18			24.41			27.30
Net asset value at end of period	$	25.24		$	28.78		$	25.24		$	28.78
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,††		1.24	%		1.26	%		1.23	%		1.26	%
Ratio of net investment income(loss) to average net assets*		4.32	%		4.40	%		2.85	%		2.67	%
Portfolio turnover**,†††		65	%		10	%		77	%		22	%
Total return**		(6.45	)%		2.13	%		3.40	%		5.42	%
Net assets at end of period (in thousands)	$	138,228		$	174,945		$	138,228		$	174,945

* 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 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.

83

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK — 91.8%
Argentina — 0.1%
MercadoLibre, Inc.		1,722	$	130,528
Australia — 3.0%
Bank of Queensland Ltd.(a)		23,500		160,678
BHP Billiton Ltd.		16,691		543,913
Coca-Cola Amatil Ltd.		11,272		154,773
Commonwealth Bank of Australia		1,306		71,452
Goodman Fielder Ltd.		136,800		77,780
GrainCorp Ltd.		12,500		122,566
Incitec Pivot Ltd.		174,541		514,387
Macquarie Group Ltd.		8,200		220,717
Metcash Ltd.(a)		51,500		178,212
National Australia Bank Ltd.		15,800		383,599
Oil Search Ltd.		21,768		148,485
OneSteel Ltd.*		122,500		110,929
Pacific Brands Ltd.		191,000		98,570
Rio Tinto Ltd.		6,625		389,299
Spotless Group Ltd.		104,500		273,542
St. Barbara Ltd.*		59,600		108,315
Telstra Corp. Ltd.		63,600		240,935
Wesfarmers Ltd.		4,279		131,695
Westpac Banking Corp.		8,600		187,035
				4,116,882
Austria — 0.3%
OMV A.G.		8,100		254,298
Voestalpine A.G.		3,900		103,407
				357,705
Belgium — 2.4%
AGFA-Gevaert N.V.*		23,000		37,628
Anheuser-Busch InBev N.V.		38,025		2,956,310
Delhaize Group S.A.		3,900		142,850
KBC Groep N.V.		4,400		93,411
Umicore S.A.		3,412		157,736
				3,387,935
Bermuda — 0.1%
Hiscox Ltd.		14,880		99,682
Brazil — 1.4%
B.R. Malls Participacoes S.A.		9,200		105,351
Banco Bradesco S.A.		32,480		399,107
Tractebel Energia S.A.		43,300		793,564
WEG S.A.		72,300		694,743
				1,992,765

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

84

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
Canada — 3.0%
Agrium, Inc.		5,955	$	526,839
Bank of Nova Scotia		1,134		58,739
Brookfield Asset Management, Inc., Class A		13,627		451,054
Canadian National Railway Co.		1,813		153,312
Canadian Natural Resources Ltd.		16,080		431,304
Cenovus Energy, Inc.		4,900		155,781
Encana Corp.		15,810		329,188
Goldcorp, Inc.		2,287		86,096
Kinross Gold Corp.		49,090		400,654
Lundin Mining Corp.*		74,690		309,564
Talisman Energy, Inc.		41,940		480,701
Tim Hortons, Inc.		2,229		117,495
Toronto-Dominion Bank		5,470		428,068
Yamana Gold, Inc.		9,870		151,998
				4,080,793
China — 1.0%
Baidu, Inc. ADR*		1,451		166,836
China Telecom Corp. Ltd., Class H		1,430,000		627,290
Industrial & Commercial Bank of China, Class H		391,000		218,639
Lenovo Group Ltd.		218,000		186,000
NetEase, Inc. ADR*		2,489		146,478
				1,345,243
Denmark — 0.9%
Chr Hansen Holding A/S		5,969		153,401
Novo Nordisk A/S, Class B		6,303		911,993
Pandora A/S		13,500		126,838
				1,192,232
Finland — 0.2%
Huhtamaki OYJ		10,600		157,332
Nokia OYJ(a)		72,700		149,772
				307,104
France — 5.8%
Air Liquide S.A.(a)		2,045		233,981
Alstom S.A.(a)		8,170		259,519
Arkema S.A.		3,891		254,960
AXA S.A.		14,600		195,419
BNP Paribas S.A.		21,860		843,919
Bouygues S.A.(a)		2,961		79,797
Carrefour S.A.(a)		17,880		330,400
Cie Generale d’Optique Essilor International S.A.		2,433		226,022
Ciments Francais S.A.		1,500		90,833
Credit Agricole S.A.*		23,900		105,505
Danone S.A.		2,385		148,074
Dassault Systemes S.A.		3,892		365,640

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

85

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
France (Continued)
Eutelsat Communications S.A.		2,550	$	78,408
France Telecom S.A.		9,500		125,023
Iliad S.A.		365		52,814
Ingenico		3,945		191,456
L’Oreal S.A.		6,321		740,497
Pernod-Ricard S.A.(a)		4,053		433,596
Publicis Groupe S.A.(a)		2,230		101,986
Sanofi		12,117		918,889
Schneider Electric S.A.		2,432		135,514
SCOR S.E.		7,700		186,829
Societe Generale S.A.*		3,035		71,560
Societe Television Francaise 1(a)		14,500		116,110
Technip S.A.		2,556		266,744
Total S.A.		19,190		866,070
Vivendi S.A.		20,355		378,430
Zodiac Aerospace(a)		2,498		254,192
				8,052,187
Germany — 7.1%
Adidas A.G.		6,219		446,065
Allianz S.E. (Registered)		10,130		1,018,670
BASF S.E.		17,085		1,187,270
Bayerische Motoren Werke A.G.		7,533		545,852
Brenntag A.G.		2,062		228,126
Daimler A.G. (Registered)		11,410		513,177
Deutsche Bank A.G. (Registered)		5,800		210,801
Deutsche Boerse A.G.		2,120		114,427
Deutsche Post A.G. (Registered)		3,421		60,593
E.ON A.G.		29,637		638,425
Fresenius Medical Care A.G. & Co. KGaA		2,370		167,761
Fresenius SE & Co. KGaA		4,485		465,095
HeidelbergCement A.G.		1,679		80,606
Hugo Boss A.G.(a)		1,711		169,245
Infineon Technologies A.G.		14,397		97,623
Kabel Deutschland Holding A.G.*		4,704		292,757
Lanxess A.G.		3,700		233,403
Merck KGaA		1,000		99,796
Metro A.G.		5,700		166,280
Muenchener Rueckversicherungs A.G. (Registered)		2,823		398,316
RWE A.G.		4,200		171,700
SAP A.G.		14,324		845,923
Siemens A.G. (Registered)		7,110		597,679
Symrise A.G.		17,370		527,679
ThyssenKrupp A.G.(a)		5,000		81,460
Volkswagen A.G.		2,800		422,464
				9,781,193

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

86

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
Greece — 0.6%
Coca Cola Hellenic Bottling Co. S.A. ADR*		36,383	$	646,890
Public Power Corp. S.A.		14,200		34,050
Titan Cement Co. S.A.*		5,700		100,758
				781,698
Hong Kong — 2.4%
AIA Group Ltd.		374,400		1,290,918
ASM Pacific Technology Ltd.		29,800		380,016
Cheung Kong Holdings Ltd.		27,891		344,295
Citic Pacific Ltd.		79,000		120,208
First Pacific Co. Ltd.		142,000		147,578
Hong Kong & China Gas Co. Ltd.		216,030		458,910
Johnson Electric Holdings Ltd.		294,500		179,480
Kingboard Chemical Holdings Ltd.		45,500		88,470
Link REIT		14,000		57,238
Singamas Container Holdings Ltd.		568,000		123,381
Yue Yuen Industrial Holdings Ltd.		56,500		177,857
				3,368,351
India — 0.6%
Infosys Ltd. ADR(a)		19,198		865,062
Indonesia — 0.5%
Telekomunikasi Indonesia Tbk PT		310,500		270,200
Telekomunikasi Indonesia Tbk PT ADR		13,166		458,572
				728,772
Ireland — 1.0%
Covidien PLC		14,940		799,290
Experian PLC		13,478		190,401
Shire PLC		4,638		133,305
WPP PLC		23,920		290,744
				1,413,740
Israel — 0.4%
Bank Hapoalim BM		41,600		128,892
Check Point Software Technologies Ltd.*		7,556		374,702
Israel Discount Bank Ltd., Class A*		99,840		104,189
				607,783
Italy — 1.2%
Enel S.p.A.		96,300		310,783
Eni S.p.A.(a)		24,297		518,556
Finmeccanica S.p.A.(a)*		20,300		82,096
Pirelli & C. S.p.A.		9,548		100,723
Prada S.p.A.		28,600		194,368
Saipem S.p.A.		6,838		304,549
Telecom Italia S.p.A.		161,800		159,451
				1,670,526

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

87

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
Japan — 13.5%
Amada Co. Ltd.		50,446	$	299,241
Aozora Bank Ltd.		64,000		152,768
Bank of Yokohama Ltd.		158,860		750,389
COMSYS Holdings Corp.		23,600		277,259
Daito Trust Construction Co. Ltd.		3,800		360,504
FANUC Corp.		4,400		722,971
Fast Retailing Co. Ltd.		3,100		622,371
Fuji Seal International, Inc.		11,500		219,492
Geo Holdings Corp.		200		222,835
Heiwa Corp.		7,200		135,018
Hitachi Ltd.		17,000		104,561
Inpex Corp.		87		487,793
Japan Tobacco, Inc.		10,800		320,071
JFE Shoji Trade Corp.*		65,000		288,752
J-Oil Mills, Inc.		51,000		153,371
Kaken Pharmaceutical Co. Ltd.		19,000		266,084
KDDI Corp.		60		387,054
Keihin Corp.		6,000		88,817
Keiyo Bank Ltd.		31,000		143,841
Kissei Pharmaceutical Co. Ltd.		6,500		115,852
Komatsu Ltd.		6,200		148,614
Lawson, Inc.		2,100		146,934
Marubeni Corp.		44,000		292,878
Matsumotokiyoshi Holdings Co. Ltd.		8,900		197,471
Miraca Holdings, Inc.		3,600		149,703
Mitsubishi Corp.		38,252		772,513
Mitsubishi Heavy Industries Ltd.		36,000		146,192
Mizuho Financial Group, Inc.		98,200		166,251
Morinaga Milk Industry Co. Ltd.		40,000		153,458
MS&AD Insurance Group Holdings		25,956		454,358
Murata Manufacturing Co. Ltd.		3,600		188,866
Nihon Kohden Corp.		5,900		179,673
Nikon Corp.		16,100		489,150
Nintendo Co. Ltd.		3,281		382,874
Nippon Electric Glass Co. Ltd.		14,000		83,275
Nippon Flour Mills Co. Ltd.		49,000		215,332
Nippon Telegraph & Telephone Corp.		9,000		418,196
Nishi-Nippon City Bank Ltd.		76,000		185,215
Nissan Shatai Co. Ltd.		10,000		106,391
Nitori Holdings Co. Ltd.		950		89,965
NKSJ Holdings, Inc.		26,245		559,423
NS Solutions Corp.		6,800		116,294
NTT DoCoMo, Inc.		200		332,865
ORIX Corp.		8,860		824,746
Otsuka Holdings Co. Ltd.		10,000		306,430

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

88

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
Japan (Continued)
Rakuten, Inc.		25,600	$	265,132
Rohto Pharmaceutical Co. Ltd.		15,000		192,966
Sankyu, Inc.		46,000		165,072
Sapporo Hokuyo Holdings, Inc.		49,500		153,322
Sega Sammy Holdings, Inc.		8,500		172,894
Shionogi & Co. Ltd.		16,100		218,957
SMC Corp.		2,589		448,130
Softbank Corp.		13,500		501,962
Sugi Holdings Co. Ltd.		7,868		258,442
Sumitomo Corp.		18,700		261,645
Sumitomo Metal Mining Co. Ltd.		12,668		142,596
Sumitomo Mitsui Trust Holdings, Inc.		213,454		637,747
Suzuki Motor Corp.		36,405		746,289
THK Co. Ltd.		14,783		280,049
Toagosei Co. Ltd.		53,000		207,212
Toyota Motor Corp.		13,100		528,049
Unicharm Corp.		4,200		239,283
				18,645,858
Macau — 0.1%
Sands China Ltd.		42,000		134,541
Malaysia — 1.2%
Axiata Group Bhd.		965,200		1,666,634
Mexico — 0.8%
Grupo Televisa S.A.B. ADR		54,063		1,161,273
Netherlands — 3.3%
ASML Holding N.V.		5,199		264,940
European Aeronautic Defence and Space Co. N.V.		6,760		239,739
Gemalto N.V.(a)		2,321		166,926
Heineken N.V.		16,723		873,564
ING Groep N.V.—CVA*		29,600		199,716
Koninklijke Ahold N.V.		29,700		368,042
Koninklijke Vopak N.V.		3,396		217,784
Mediq N.V.		10,700		131,630
Royal Dutch Shell PLC, Class B		44,552		1,554,942
Unilever N.V.—CVA		16,581		554,999
				4,572,282
Norway — 1.0%
DnB ASA		17,500		174,078
Norsk Hydro ASA(a)		108,030		487,519
Statoil ASA		23,204		554,803
Telenor ASA		9,896		165,026
				1,381,426
Peru — 0.1%
Credicorp Ltd.		1,550		195,130

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

89

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
Philippines — 0.6%
Philippine Long Distance Telephone Co.		1,310	$	82,480
Philippine Long Distance Telephone Co. ADR		12,264		779,990
				862,470
Poland — 0.8%
Telekomunikacja Polska S.A.		230,785		1,078,918
Portugal — 0.1%
Jeronimo Martins SGPS S.A.		12,108		204,328
Singapore — 0.8%
DBS Group Holdings Ltd.		21,000		231,793
Golden Agri-Resources Ltd.(a)		962,570		514,564
SembCorp Industries Ltd.		32,000		130,824
SembCorp Marine Ltd.(a)		19,000		72,545
United Overseas Bank Ltd.		13,000		193,184
				1,142,910
South Africa — 4.3%
AngloGold Ashanti Ltd.		18,026		617,561
Aspen Pharmacare Holdings Ltd.*		35,782		551,977
FirstRand Ltd.		50,020		162,016
MTN Group Ltd.		37,302		644,490
Shoprite Holdings Ltd.		44,300		818,148
Standard Bank Group Ltd.		97,227		1,318,381
Tiger Brands Ltd.		59,022		1,772,068
				5,884,641
South Korea — 3.0%
E-Mart Co. Ltd.		1,772		389,211
LG Electronics, Inc.		4,577		246,919
NHN Corp.		2,944		645,622
Samsung Electronics Co. Ltd.		926		981,766
Samsung Fire & Marine Insurance Co. Ltd.		7,668		1,518,242
Shinhan Financial Group Co. Ltd.		8,960		311,851
				4,093,611
Spain — 1.1%
Banco Bilbao Vizcaya Argentaria S.A.		16,400		118,206
Banco Santander S.A.		82,018		547,807
Grifols S.A.*		10,669		270,630
Inditex S.A.		3,006		310,925
Repsol YPF S.A.		8,500		136,671
Telefonica S.A.		14,000		184,711
				1,568,950
Sweden — 1.7%
Atlas Copco AB, Class A(a)		21,763		469,872
Billerud AB(a)		16,000		147,961
Boliden AB(a)		17,100		239,187

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

90

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
Sweden (Continued)
Electrolux AB, Class B		4,679	$	93,418
Elekta AB, Class B(a)		2,939		134,024
Saab AB, Class B		11,000		187,139
Swedbank AB, Class A		2,515		39,770
Telefonaktiebolaget LM Ericsson, Class B(a)		69,190		631,326
Trelleborg AB, Class B(a)		31,000		286,455
Volvo AB, Class B		8,407		96,303
				2,325,455
Switzerland — 7.7%
Adecco S.A. (Registered)*		1,194		53,140
Baloise Holding A.G. (Registered)		3,300		217,872
BKW A.G.		400		13,385
Clariant A.G. (Registered)*		14,600		144,164
Credit Suisse Group A.G. (Registered)		10,800		197,321
Foster Wheeler A.G.*		20,902		362,232
Geberit A.G. (Registered)*		1,546		304,982
Georg Fischer A.G. (Registered)*		500		173,004
Glencore International PLC		65,029		302,121
Holcim Ltd. (Registered)*		21,462		1,189,144
Lindt & Spruengli A.G. (Registered)*		6		220,447
Nestle S.A. (Registered)		22,348		1,333,212
Noble Corp.*		13,060		424,842
Novartis A.G. (Registered)		23,768		1,325,899
Partners Group Holding A.G.		1,697		301,723
Petroplus Holdings A.G.(a)(b)*		12,100		—
Roche Holding A.G. (Genusschein)		8,276		1,428,795
Swiss Life Holding A.G. (Registered)*		1,400		132,123
Swiss Re A.G.*		5,100		320,426
Syngenta A.G. (Registered)		2,194		749,063
UBS A.G. (Registered)*		28,430		332,502
Valora Holding A.G. (Registered)		1,000		185,795
Wolseley PLC		5,360		200,271
Xstrata PLC		22,551		284,652
Zurich Insurance Group A.G.*		1,800		406,153
				10,603,268
Taiwan — 2.3%
AU Optronics Corp.		163,000		66,708
Chunghwa Telecom Co. Ltd.		102,200		321,848
Delta Electronics, Inc.		196,000		607,214
Quanta Computer, Inc.		61,000		164,223
Taiwan Semiconductor Manufacturing Co. Ltd.*		532,000		1,456,155
Uni-President Enterprises Corp.		315,232		506,425
				3,122,573

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

91

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
Thailand — 0.7%
Kasikornbank PCL (Registered)		151,100	$	789,155
Siam Commercial Bank PCL		43,100		199,452
				988,607
Turkey — 0.3%
Akbank T.A.S.		99,756		366,090
United Kingdom — 15.4%
Admiral Group PLC		2,135		39,935
Aggreko PLC		5,997		195,086
Anglo American PLC		15,371		504,345
Antofagasta PLC		12,331		211,640
ARM Holdings PLC		57,160		455,208
AstraZeneca PLC		12,800		572,172
Aviva PLC		27,600		118,147
Babcock International Group PLC		23,401		313,140
BAE Systems PLC		83,600		378,338
Barclays PLC		85,000		217,592
Berkeley Group Holdings PLC*		11,226		248,751
BG Group PLC		31,721		649,289
BP PLC		69,100		463,002
BP PLC ADR		11,130		451,210
British American Tobacco PLC		21,875		1,113,450
BT Group PLC		125,800		417,036
Burberry Group PLC		24,993		521,357
Cable & Wireless Communications PLC		318,700		148,312
Capita PLC		11,207		115,243
Carnival PLC		3,390		116,012
Compass Group PLC		50,677		531,586
Cookson Group PLC		17,600		162,999
Debenhams PLC		134,100		181,925
Diageo PLC		28,540		734,232
Firstgroup PLC		42,200		148,530
GlaxoSmithKline PLC		68,187		1,546,266
Home Retail Group PLC		78,000		104,169
HSBC Holdings PLC		6,800		60,962
InterContinental Hotels Group PLC		6,402		154,727
Intertek Group PLC		3,906		164,167
Johnson Matthey PLC		12,445		431,534
Kazakhmys PLC		6,400		72,861
Kingfisher PLC		14,363		64,945
Legal & General Group PLC		154,100		308,998
Lloyds Banking Group PLC*		80,693		39,692
Marks & Spencer Group PLC		54,000		276,076
Morgan Crucible Co. PLC		27,400		119,743
Old Mutual PLC		87,062		207,212
Pearson PLC		23,024		457,302

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

92

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
COMMON STOCK (Continued)
United Kingdom (Continued)
Petrofac Ltd.		22,804	$	498,554
Reckitt Benckiser Group PLC		3,316		174,899
Rolls-Royce Holdings PLC*		44,059		594,422
SABMiller PLC		21,382		858,896
Standard Chartered PLC		52,436		1,143,199
Telecity Group PLC*		18,167		228,736
Thomas Cook Group PLC		66,400		15,619
Trinity Mirror PLC*		75,700		32,343
Tullow Oil PLC		3,569		82,391
Unilever PLC		34,088		1,145,720
Vodafone Group PLC		161,730		454,422
Vodafone Group PLC ADR		31,860		897,815
Weir Group PLC		11,165		269,298
WH Smith PLC		29,500		251,849
Whitbread PLC		4,280		136,585
Willis Group Holdings PLC		24,230		884,153
WM Morrison Supermarkets PLC		88,000		367,285
WS Atkins PLC		16,000		173,100
				21,226,477
United States — 1.0%
Bunge Ltd.		7,170		449,846
Philip Morris International, Inc.		6,280		547,993
Schlumberger Ltd.		6,240		405,038
				1,402,877
TOTAL COMMON STOCK (cost $131,260,562)				126,908,500
PREFERRED STOCK — 0.3%
Germany — 0.3%
Henkel A.G. & Co. KGaA		6,990		464,240
TOTAL PREFERRED STOCK (cost $304,350)				464,240
RIGHTS — 0.0%
France — 0.0%
Air Liquide S.A.*		15		171
TOTAL RIGHTS (cost $—)				171
Total (cost $131,564,912)				127,372,911

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

93

American Bar Association Members/Northern Trust Collective Trust

International All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
INVESTMENT FUNDS — 9.3%
Cash Collateral Pool — 4.1%
ABA Members Collateral Fund(c)		5,743,272	$	5,645,956
Collective Investment Funds — 5.2%
iShares MSCI Emerging Markets Index(d)		593,389		7,143,216
TOTAL INVESTMENT FUNDS (cost $12,884,088)				12,789,172
	Units		Value
SHORT-TERM INVESTMENTS — 1.9%
Affiliated Funds — 1.9%
Northern Trust Global Investments—Collective Short—Term Investment Fund(e)		2,611,799	$	2,611,799
TOTAL SHORT-TERM INVESTMENTS (cost $2,611,799)				2,611,799
TOTAL INVESTMENTS— 103.3% (cost $147,060,799)				142,773,882
Liabilities Less Other Assets — (3.3)%				(4,545,422	)
NET ASSETS — 100.0%			$	138,228,460

(a) All or a portion of security is on loan.

(b) Security is delisted and being valued as level 3 position.

(c) Represents security purchased with cash collateral received for securities on loan.

(d) This fund is a regulated investment company (RIC).

(e) Collective investment fund advised by Northern Trust Investments, Inc., a wholly-owned subsidiary of The Northern

Trust Company.

* Non-income producing security.

ADR—American Depositary Receipt

CVA—Certificaten Van Aandelen

MSCI—Morgan Stanley Capital International

As of June 30, 2012, the International All Cap Equity Fund held the following forward foreign currency contracts:

Type

Counterparty

Currency

Contract Amount in Local Currency

Contract Value in US Dollar

Settlement Date

Unrealized Appreciation/ (Depreciation)

Sale

State Street Boston

Japanese Yen

20,743,000

$

259,918

09/20/12

$

117

$

117

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

94

American Bar Association Members/Northern Trust Collective Trust

Global All Cap Equity Fund

Statement of Assets and Liabilities

	June 30, 2012     Unaudited
Assets
Investments in affiliated funds, at value:
Northern Trust Global Investments—Collective Short-Term Investment Fund (cost $73 and units of 73)	$	73
American Bar Association Members/Northern Trust Collective Trust investment funds, at value:
International All Cap Equity Fund (cost $672,016 and units of 26,078)		655,178
Large Cap Equity Fund (cost $394,385 and units of 25,582)		396,984
Small Mid Cap Equity Fund (cost $55,450 and units of 3,225)		55,765
Receivable for fund units sold		330
Total assets		1,108,330
Net Assets (equivalent to $15.46 per unit based on 71,699 units outstanding)	$	1,108,330

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

95

American Bar Association Members/Northern Trust Collective Trust

Global All Cap Equity Fund

Statements of Operations

Unaudited

	For the period April 1, 2012 to June 30, 2012			For the period January  17, 2012(a) to June 30, 2012
Investment income
Interest—affiliated issuers	$	7		$	7
Total investment income		7			7
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
International All Cap Equity Fund		(3,235	)		(2,692	)
Large Cap Equity Fund		903			1,251
Small-Mid Cap Equity Fund		(205	)		(159	)
Net realized gain (loss)		(2,537	)		(1,600	)
Change in net unrealized appreciation (depreciation) on:
Investments		(32,396	)		(13,925	)
Change in net unrealized appreciation (depreciation)		(32,396	)		(13,925	)
Net realized and unrealized gain (loss)		(34,933	)		(15,525	)
Net increase (decrease) in net assets resulting from operations	$	(34,926	)	$	(15,518	)

(a) Commencement of operations.

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

96

American Bar Association Members/Northern Trust Collective Trust

Global All Cap Equity Fund

Statement of Changes in Net Assets

Unaudited

	For the period January 17, 2012(a) to June 30, 2012
From operations
Net investment income (loss)	$	7
Net realized gain (loss)		(1,600	)
Change in net unrealized appreciation (depreciation)		(13,925	)
Net increase (decrease) in net assets resulting from operations		(15,518	)
From unitholder transactions
Proceeds from units issued		1,255,094
Cost of units redeemed		(131,246	)
Net increase (decrease) in net assets from unitholder transactions		1,123,848
Net increase (decrease) in net assets		1,108,330
Net Assets
Beginning of period		—
End of period	$	1,108,330
Number of units
Outstanding-beginning of period		—
Issued		80,384
Redeemed		(8,685	)
Outstanding-end of period		71,699

(a) Commencement of operations.

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

97

American Bar Association Members/Northern Trust Collective Trust

Global All Cap Equity Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)

	For the period April 1, 2012 to June 30, 2012			For the period January  17, 2012(a) to June 30, 2012
Net investment income (loss)	$	—	(b)	$	—	(b)
Net realized and unrealized gain (loss)		(0.94	)		0.46
Net increase (decrease) in unit value		(0.94	)		0.46
Net asset value at beginning of period		16.40			15.00
Net asset value at end of period	$	15.46		$	15.46
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,†		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(c)*		0.00	%		0.00	%
Portfolio turnover(d)**		14	%		22	%
Total return**		(5.73	)%		3.07	%
Net assets at end of period (in thousands)	$	1,108		$	1,108

(a) Commencement of operations.

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

(c) Does not reflect net investment income from the portion of the Fund invested in the International All Cap Equity Fund, Large Cap Equity Fund, and Small-Mid Cap Equity Fund which retain all net investment income and make no distributions.

(d) With respect to the portion of the Fund’s assets invested in International All Cap Equity Fund, Large Cap Equity Fund and Small-Mid Cap Equity Fund, portfolio turnover reflects purchases and sales of the International All Cap Equity Fund, Large Cap Equity Fund and Small-Mid Cap Equity Fund, rather than portfolio turnover of the underlying portfolio of International All Cap Equity Fund, Large Cap Equity Fund and Small-Mid 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 International All Cap Equity Fund, Large Cap Equity Fund and Small-Mid Cap Equity Fund in which the Fund invests a portion of its assets.

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

98

American Bar Association Members/Northern Trust Collective Trust

Global All Cap Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
INVESTMENT FUNDS — 100.0%
Collective Investment Funds — 100.0%
International All Cap Equity Fund		26,078	$	655,178
Large Cap Equity Fund		25,582		396,984
Small-Mid Cap Equity Fund		3,225		55,765
TOTAL INVESTMENT FUNDS (cost $1,121,851)				1,107,927
	Units		Value
SHORT-TERM INVESTMENTS — 0.0%
Affiliated Funds — 0.0%
Northern Trust Global Investments—Collective Short-Term Investment Fund(a)		73	$	73
TOTAL SHORT-TERM INVESTMENTS (cost $73)				73
TOTAL INVESTMENTS — 100.0% (cost $1,121,924)				1,108,000
Other Assets Less Liabilities — 0.0%				330
NET ASSETS — 100.0%			$	1,108,330

(a) Collective investment fund advised by Northern Trust Investments, Inc., a wholly-owned subsidiary of The Northern Trust Company.

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

99

American Bar Association Members/Northern Trust Collective Trust

Bond Index Fund

Statement of Assets and Liabilities

	June 30, 2012     Unaudited		December 31,     2011
Assets
Investments in collective investment funds, at value:
SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $84,491,153 and $75,820,526 and units of 7,479,821 and 6,843,396, respectively)	$	92,263,587	$	82,462,925
Receivable for fund units sold		145,659		140,514
Other assets		2,793		2,990
Total assets		92,412,039		82,606,429
Liabilities
Payable for investments purchased		145,686		140,514
Investment advisory fee payable		8,744		7,817
ING—program fee payable		39,653		34,119
Trustee, management and administration fees payable		6,658		6,032
ABA Retirement Funds—program fee payable		5,419		4,895
Payable for legal and audit services		3,486		10,283
Payable for compliance consultant fees		6,800		—	(a)
Other accruals		16,648		16,375
Total liabilities		233,094		220,035
Net Assets (equivalent to $13.44 and $13.18 per unit based on 6,858,696 and 6,251,267 units outstanding, respectively)	$	92,178,945	$	82,386,394

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

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

100

American Bar Association Members/Northern Trust Collective Trust

Bond Index Fund

Statement of Operations

Unaudited

	For the period April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income	$	—		$	—		$	—		$	—
Expenses
ING—program fee		116,270			78,111			224,968			151,985
Trustee, management and administration fees		19,846			13,288			38,999			25,765
Investment advisory fee		9,473			6,110			17,645			12,181
ABA Retirement Funds—program fee		16,188			10,907			31,733			21,106
Legal and audit fees		6,355			4,778			12,364			9,261
Compliance consultant fees		3,702			2,510			7,279			4,864
Reports to unitholders		444			404			873			782
Registration fees		4,325			3,333			8,502			6,460
Other fees		889			604			1,752			1,168
Total expenses		177,492			120,045			344,115			233,572
Less: Expense reimbursement		(2,913	)		—			(6,351	)		—
Net expenses		174,579			120,045			337,764			233,572
Net investment income (loss)		(174,579	)		(120,045	)		(337,764	)		(233,572	)
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		445,194			130,618			932,672			300,982
Net realized gain (loss)		445,194			130,618			932,672			300,982
Change in net unrealized appreciation (depreciation) on:
Investments		1,381,068			1,186,213			1,130,035			1,276,081
Change in net unrealized appreciation (depreciation)		1,381,068			1,186,213			1,130,035			1,276,081
Net realized and unrealized gain (loss)		1,826,262			1,316,831			2,062,707			1,577,063
Net increase (decrease) in net assets resulting from operations	$	1,651,683		$	1,196,786		$	1,724,943		$	1,343,491

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

101

American Bar Association Members/Northern Trust Collective Trust

Bond Index Fund

Statement of Changes in Net Assets

Unaudited

	For the  six- month period ended    June 30, 2012
From operations
Net investment income (loss)	$	(337,764	)
Net realized gain (loss)		932,672
Change in net unrealized appreciation (depreciation)		1,130,035
Net increase (decrease) in net assets resulting from operations		1,724,943
From unitholder transactions
Proceeds from units issued		23,082,033
Cost of units redeemed		(15,014,425	)
Net increase (decrease) in net assets from unitholder transactions		8,067,608
Net increase (decrease) in net assets		9,792,551
Net Assets
Beginning of period		82,386,394
End of period	$	92,178,945
Number of units
Outstanding-beginning of period		6,251,267
Issued		1,738,812
Redeemed		(1,131,383	)
Outstanding-end of period		6,858,696

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

102

American Bar Association Members/Northern Trust Collective Trust

Bond Index Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)

	For the period April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income†	$	—		$	—		$	—		$	—
Expenses†,††		(0.03	)		(0.02	)		(0.05	)		(0.05	)
Net investment income (loss)		(0.03	)		(0.02	)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss)		0.28			0.27			0.31			0.33
Net increase (decrease) in unit value		0.25			0.25			0.26			0.28
Net asset value at beginning of period		13.19			12.35			13.18			12.32
Net asset value at end of period	$	13.44		$	12.60		$	13.44		$	12.60
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,††		0.78	%		0.78	%		0.77	%		0.80	%
Ratio of net investment income (loss) to average net assets*		(0.78	)%		(0.78	)%		(0.77	)%		(0.80	)%
Portfolio turnover**,†††		3	%		3	%		8	%		7	%
Total return**		1.90	%		2.02	%		1.97	%		2.27	%
Net assets at end of period (in thousands)	$	92,179		$	64,472		$	92,179		$	64,472

* 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% 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.

103

American Bar Association Members/Northern Trust Collective Trust

Bond Index Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
INVESTMENT FUNDS — 100.1%
Collective Investment Funds — 100.1%
SSgA U.S. Bond Index Non-Lending Series Fund, Class A		7,479,821	$	92,263,587
TOTAL INVESTMENT FUNDS (cost $84,491,153)				92,263,587
TOTAL INVESTMENTS — 100.1% (cost $84,491,153)				92,263,587
Liabilities Less Other Assets — (0.1)%				(84,642	)
NET ASSETS — 100.0%			$	92,178,945

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

104

American Bar Association Members/Northern Trust Collective Trust

Large Cap Index Equity Fund

Statements of Assets and Liabilities

	June 30, 2012   Unaudited		December 31,   2011
Assets
Investments in collective investment funds, at value:
SSgA S&P 500® Index Non-Lending Series Fund Class A (cost $76,910,330 and $62,136,017 and units of 3,745,273 and 3,145,677, respectively)	$	88,706,795	$	68,037,847
Receivable for fund units sold		83,848		88,462
Other assets		2,748		2,501
Total assets		88,793,391		68,128,810
Liabilities
Due to custodian		—		8
Payable for investments purchased		83,848		88,462
Investment advisory fee payable		4,227		2,772
ING—program fee payable		36,589		28,240
Trustee, management and administration fees payable		6,120		5,003
ABA Retirement Funds—program fee payable		4,951		4,052
Payable for legal and audit services		3,254		9,252
Payable for compliance consultant fees		6,286		4,751
Other Accruals		15,614		10,838
Total liabilities		160,889		153,378
Net Assets (equivalent to $19.79 and $18.14 per unit based on 4,478,069 and 3,747,123 units outstanding, respectively)	$	88,632,502	$	67,975,432

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

105

American Bar Association Members/Northern Trust Collective Trust

Large Cap Index Equity Fund

Statements of Operations

Unaudited

	For the period   April 1, 2012 to  June 30, 2012			For the year   April 1, 2011 to  June 30, 2011			For the period   January 1, 2012 to  June 30, 2012			For the period   January 1, 2011 to  June 30, 2011
Investment income
Interest	$	—		$	—		$	8		$	—
Total investment income		—			—			8			—
Expenses
ING—program fee		111,589			83,321			209,806			158,956
Trustee, management and administration fees		19,012			14,142			35,815			26,920
Investment advisory fee		4,655			3,050			8,877			5,995
ABA Retirement Funds—program fee		15,510			11,609			29,556			22,054
Legal and audit fees		6,015			4,962			11,471			9,612
Compliance consultant fees		3,503			2,607			6,751			5,049
Reports to unitholders		420			419			810			811
Registration fees		4,091			3,462			7,885			6,705
Other fees		841			649			1,620			1,237
Total expenses		165,636			124,221			312,591			237,339
Less: Expense reimbursement		(2,826	)		—			(5,919	)		—
Net expenses		162,810			124,221			306,672			237,339
Net investment income (loss)		(162,810	)		(124,221	)		(306,664	)		(237,339	)
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		459,114			797,910			945,378			1,225,849
Net realized gain (loss)		459,114			797,910			945,378			1,225,849
Change in net unrealized appreciation (depreciation) on:
Investments		(2,768,128	)		(723,890	)		5,894,635			2,206,665
Change in net unrealized appreciation (depreciation)		(2,768,128	)		(723,890	)		5,894,635			2,206,665
Net realized and unrealized gain (loss)		(2,309,014	)		74,020			6,840,013			3,432,514
Net increase (decrease) in net assets resulting from operations	$	(2,471,824	)	$	(50,201	)	$	6,533,349		$	3,195,175

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

106

American Bar Association Members/Northern Trust Collective Trust

Large Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited

	For the  six- month period ended    June 30, 2012
From operations
Net investment income (loss)	$	(306,664	)
Net realized gain (loss)		945,378
Change in net unrealized appreciation (depreciation)		5,894,635
Net increase (decrease) in net assets resulting from operations		6,533,349
From unitholder transactions
Proceeds from units issued		25,459,243
Cost of units redeemed		(11,335,522	)
Net increase (decrease) in net assets from unitholder transactions		14,123,721
Net increase (decrease) in net assets		20,657,070
Net Assets
Beginning of period		67,975,432
End of period	$	88,632,502
Number of units
Outstanding-beginning of period		3,747,123
Issued		1,309,729
Redeemed		(578,783	)
Outstanding-end of period		4,478,069

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

107

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   April 1, 2012 to  June 30, 2012			For the period   April 1, 2011 to  June 30, 2011			For the period   January 1, 2012 to  June 30, 2012			For the period   January 1, 2011 to  June 30, 2011
Investment income†	$	—		$	—		$	—		$	—
Expenses†,††		(0.04	)		(0.04	)		(0.07	)		(0.07	)
Net investment income (loss)		(0.04	)		(0.04	)		(0.07	)		(0.07	)
Net realized and unrealized gain (loss)		(0.56	)		0.02			1.72			1.08
Net increase (decrease) in unit value		(0.60	)		(0.02	)		1.65			1.01
Net asset value at beginning of period		20.39			18.93			18.14			17.90
Net asset value at end of period	$	19.79		$	18.91		$	19.79		$	18.91
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,††		0.77	%		0.79	%		0.75	%		0.78	%
Ratio of net investment income (loss) to average net assets*		(0.77	)%		(0.79	)%		(0.75	)%		(0.78	)%
Portfolio turnover**,†††		2	%		5	%		4	%		9	%
Total return**		(2.94	)%		(0.11	)%		9.10	%		5.64	%
Net assets at end of period (in thousands)	$	88,633		$	65,074		$	88,633		$	65,074

* 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% 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.

108

American Bar Association Members/Northern Trust Collective Trust

Large Cap Index Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
INVESTMENT FUNDS — 100.1%
Collective Investment Funds — 100.1%
SSgA S&P 500® Index Non-Lending Series Fund, Class A		3,745,273	$	88,706,795
TOTAL INVESTMENT FUNDS (cost $76,910,330)				88,706,795
TOTAL INVESTMENTS — 100.1% (cost $76,910,330)				88,706,795
Liabilities Less Other Assets — (0.1)%				(74,293	)
NET ASSETS — 100.0%			$	88,632,502

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

109

American Bar Association Members/Northern Trust Collective Trust

All Cap Index Equity Fund

Statements of Assets and Liabilities

	June 30, 2012 Unaudited		December 31, 2011
Assets
Investments in collective investment funds, at value:
SSgA Russell All Cap® Index Non-Lending Series Fund Class A (cost $227,562,716 and $231,370,558 and units of 15,699,918 and 16,110,008, respectively)	$	284,105,719	$	266,749,521
Receivable for investments sold		74,580		498,107
Other assets		9,372		9,977
Total assets		284,189,671		267,257,605
Liabilities
Payable for fund units redeemed		74,580		498,107
Investment advisory fee payable		28,182		22,285
ING—program fee payable		117,940		116,047
Trustee, management and administration fees payable		20,216		20,537
ABA Retirement Funds—program fee payable		16,392		16,650
Payable for legal and audit services		10,513		39,130
Payable for compliance consultant fees		22,996		—	(a)
Payable for reports to unitholders		6,158		—	(b)
Payable for registration fees		52,422		—	(c)
Other accruals		2,164		68,958
Total liabilities		351,563		781,714
Net Assets (equivalent to $38.83 and $35.67 per unit based on 7,309,394 and 7,471,321 units outstanding, respectively)	$	283,838,108	$	266,475,891

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

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

(c) Payable for registration fees is included in other accruals.

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

110

American Bar Association Members/Northern Trust Collective Trust

All Cap Index Equity Fund

Statements of Operations

Unaudited

	For the period April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income	$	—		$	—		$	—		$	—
Expenses
ING—program fee		374,240			406,101			733,397			797,367
Trustee, management and administration fees		64,273			69,076			126,840			135,177
Investment advisory fee		29,345			27,154			61,846			57,513
ABA Retirement Funds—program fee		52,437			56,702			103,800			110,735
Legal and audit fees		20,137			24,025			40,036			47,844
Compliance consultant fees		11,710			12,620			23,555			25,130
Reports to unitholders		1,405			2,030			2,827			4,039
Registration fees		13,678			16,758			27,513			33,372
Other fees		2,810			3,033			5,653			6,030
Total expenses		570,035			617,499			1,125,467			1,217,207
Less: Expense reimbursement		(9,812	)		—			(21,171	)		—
Net expenses		560,223			617,499			1,104,296			1,217,207
Net investment income (loss)		(560,223	)		(617,499	)		(1,104,296	)		(1,217,207	)
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		2,010,517			2,379,322			3,733,364			3,860,639
Net realized gain (loss)		2,010,517			2,379,322			3,733,364			3,860,639
Change in net unrealized appreciation (depreciation) on:
Investments		(11,474,608	)		(2,425,343	)		21,164,040			14,735,769
Change in net unrealized appreciation (depreciation)		(11,474,608	)		(2,425,343	)		21,164,040			14,735,769
Net realized and unrealized gain (loss)		(9,464,091	)		(46,021	)		24,897,404			18,596,408
Net increase (decrease) in net assets resulting from operations	$	(10,024,314	)	$	(663,520	)	$	23,793,108		$	17,379,201

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

111

American Bar Association Members/Northern Trust Collective Trust

All Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited

	For the six- month period ended June 30, 2012
From operations
Net investment income (loss)	$	(1,104,296	)
Net realized gain (loss)		3,733,364
Change in net unrealized appreciation (depreciation)		21,164,040
Net increase (decrease) in net assets resulting from operations		23,793,108
From unitholder transactions
Proceeds from units issued		18,601,783
Cost of units redeemed		(25,032,674	)
Net increase (decrease) in net assets from unitholder transactions		(6,430,891	)
Net increase (decrease) in net assets		17,362,217
Net Assets
Beginning of period		266,475,891
End of period	$	283,838,108
Number of units
Outstanding-beginning of period		7,471,321
Issued		484,657
Redeemed		(646,584	)
Outstanding-end of period		7,309,394

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

112

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 April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income†	$	—		$	—		$	—		$	—
Expenses†,††		(0.08	)		(0.08	)		(0.15	)		(0.15	)
Net investment income (loss)		(0.08	)		(0.08	)		(0.15	)		(0.15	)
Net realized and unrealized gain (loss)		(1.27	)		0.01			3.31			2.28
Net increase (decrease) in unit value		(1.35	)		(0.07	)		3.16			2.13
Net asset value at beginning of period		40.18			37.74			35.67			35.54
Net asset value at end of period	$	38.83		$	37.67		$	38.83		$	37.67
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,††		0.80	%		0.81	%		0.78	%		0.81	%
Ratio of net investment income (loss) to average net assets*		(0.80	)%		(0.81	)%		(0.78	)%		(0.81	)%
Portfolio turnover**,†††		1	%		1	%		2	%		2	%
Total return**		(3.36	)%		(0.19	)%		8.86	%		5.99	%
Net assets at end of period (in thousands)	$	283,838		$	301,757		$	283,838		$	301,757

* 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 col- lective investment fund in which the Fund invests. The estimated acquired fund fees which are incurred directly by the underlying fund were 0.020% 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.

113

American Bar Association Members/Northern Trust Collective Trust

All Cap Index Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
INVESTMENT FUNDS — 100.1%
Collective Investment Funds — 100.1%
SSgA Russell All Cap® Index Non-Lending Series Fund, Class A		15,699,918	$	284,105,719
TOTAL INVESTMENT FUNDS (cost $227,562,716)				284,105,719
TOTAL INVESTMENTS — 100.1% (cost $227,562,716)				284,105,719
Liabilities Less Other Assets — (0.1)%				(267,611	)
NET ASSETS — 100.0%			$	283,838,108

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

114

American Bar Association Members/Northern Trust Collective Trust

Mid Cap Index Equity Fund

Statement of Assets and Liabilities

	June 30, 2012 Unaudited		December 31, 2011
Assets
Investments in collective investment funds, at value:
SSgA S&P MidCap® Index Non-Lending Series Fund Class A (cost $63,953,693 and $54,827,517 and units of 1,969,119 and 1,742,515, respectively)	$	70,586,992	$	57,872,403
Receivable for fund units sold		76,408		48,894
Other assets		2,277		2,176
Total assets		70,665,677		57,923,473
Liabilities
Payable for investments purchased		76,408		48,894
Investment advisory fee payable		6,943		4,883
ING—program fee payable		29,007		24,784
Trustee, management and administration fees payable		5,042		4,375
ABA Retirement Funds—program fee payable		4,074		3,555
Payable for legal and audit services		2,638		8,121
Payable for compliance consultant fees		5,286		4,137
Other accruals		13,285		9,594
Total liabilities		142,683		108,343
Net Assets (equivalent to $25.88 and $24.07 per unit based on 2,724,980 and 2,402,100 units outstanding, respectively)	$	70,522,994	$	57,815,130

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

115

American Bar Association Members/Northern Trust Collective Trust

Mid Cap Index Equity Fund

Statements of Operations

Unaudited

	For the period April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income	$	—		$	—		$	—		$	—
Expenses
ING—program fee		91,352			79,313			174,798			142,529
Trustee, management and administration fees		15,755			13,447			30,024			24,132
Investment advisory fee		8,022			5,509			14,676			10,779
ABA Retirement Funds—program fee		12,854			11,039			24,787			19,774
Legal and audit fees		4,941			4,747			9,572			8,693
Compliance consultant fees		2,878			2,493			5,635			4,566
Reports to unitholders		345			401			676			734
Registration fees		3,362			3,311			6,582			6,063
Other fees		691			620			1,352			1,120
Total expenses		140,200			120,880			268,102			218,390
Less: Expense reimbursement		(2,354	)		—			(4,984	)		—
Total expenses		137,846			120,880			263,118			218,390
Net investment income (loss)		(137,846	)		(120,880	)		(263,118	)		(218,390	)
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		672,644			794,556			1,011,626			1,175,526
Net realized gain (loss)		672,644			794,556			1,011,626			1,175,526
Change in net unrealized appreciation (depreciation) on:
Investments		(4,242,031	)		(1,279,589	)		3,588,413			2,851,326
Change in net unrealized appreciation (depreciation)		(4,242,031	)		(1,279,589	)		3,588,413			2,851,326
Net realized and unrealized gain (loss)		(3,569,387	)		(485,033	)		4,600,039			4,026,852
Net increase (decrease) in net assets resulting from operations	$	(3,707,233	)	$	(605,913	)	$	4,336,921		$	3,808,462

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

116

American Bar Association Members/Northern Trust Collective Trust

Mid Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited

	For the  six- month period ended June  30, 2012
From operations
Net investment income (loss)	$	(263,118	)
Net realized gain (loss)		1,011,626
Change in net unrealized appreciation (depreciation)		3,588,413
Net increase (decrease) in net assets resulting from operations		4,336,921
From unitholder transactions
Proceeds from units issued		18,790,129
Cost of units redeemed		(10,419,186	)
Net increase (decrease) in net assets from unitholder transactions		8,370,943
Net increase (decrease) in net assets		12,707,864
Net Assets
Beginning of period		57,815,130
End of period	$	70,522,994
Number of units
Outstanding-beginning of period		2,402,100
Issued		721,975
Redeemed		(399,095	)
Outstanding-end of period		2,724,980

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

117

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 April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income†	$	—		$	—		$	—		$	—
Expenses†,††		(0.05	)		(0.05	)		(0.10	)		(0.10	)
Net investment income (loss)		(0.05	)		(0.05	)		(0.10	)		(0.10	)
Net realized and unrealized gain (loss)		(1.34	)		(0.20	)		1.91			2.11
Net increase (decrease) in unit value		(1.39	)		(0.25	)		1.81			2.01
Net asset value at beginning of period		27.27			26.95			24.07			24.69
Net asset value at end of period	$	25.88		$	26.70		$	25.88		$	26.70
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,††		0.79	%		0.82	%		0.77	%		0.80	%
Ratio of net investment income (loss) to average net assets*		(0.79	)%		(0.82	)%		(0.77	)%		(0.80	)%
Portfolio turnover**,†††		3	%		4	%		5	%		7	%
Total return**		(5.10	)%		(0.93	)%		7.52	%		8.14	%
Net assets at end of period (in thousands)	$	70,523		$	63,828		$	70,523		$	63,828

* 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% 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.

118

American Bar Association Members/Northern Trust Collective Trust

Mid Cap Index Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
INVESTMENT FUNDS — 100.1%
Collective Investment Funds — 100.1%
SSgA S&P MidCap® Index Non-Lending Series Fund, Class A		1,969,119	$	70,586,992
TOTAL INVESTMENT FUNDS (cost $63,953,693)				70,586,992
TOTAL INVESTMENTS — 100.1%
(cost $63,953,693)				70,586,992
Liabilities Less Other Assets — (0.1)%				(63,998	)
NET ASSETS — 100.0%			$	70,522,994

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

119

American Bar Association Members/Northern Trust Collective Trust

Small Cap Index Equity Fund

Statement of Assets and Liabilities

	June 30, 2012 Unaudited		December 31, 2011
Assets
Investments in collective investment funds, at value:
SSgA Russell Small Cap® Index Non-Lending Series Fund Class A (cost $35,297,255 and $31,103,960 and units of 1,546,261 and 1,407,293, respectively)	$	37,911,236	$	31,792,166
Receivable for fund units sold		24,797		53,053
Other assets		1,223		1,197
Total assets		37,937,256		31,846,416
Liabilities
Due to custodian		—		53,053
Payable for investments purchased		24,797		—
Investment advisory fee payable		3,650		2,996
ING—program fee payable		15,283		13,374
Trustee, management and administration fees payable		2,561		2,374
ABA Retirement Funds—program fee payable		2,094		1,920
Payable for legal and audit services		1,378		4,697
Payable for compliance consultant fees		2,867		—	(a)
Payable for reports to unitholders		696		—	(b)
Payable for registration fees		6,384		—	(c)
Other accruals		253		7,985
Total liabilities		59,963		86,399
Net Assets (equivalent to $26.71 and $24.70 per unit based on 1,418,265 and 1,285,785 units outstanding, respectively)	$	37,877,293	$	31,760,017

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

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

(c) Payable for registration fees is included in other accruals.

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

120

American Bar Association Members/Northern Trust Collective Trust

Small Cap Index Equity Fund

Statements of Operations

Unaudited

	For the period April 1, 2012 to June 30, 2012			For the period April  1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income	$	—		$	—		$	—		$	—
Expenses
ING—program fee		48,413			48,109			93,483			87,357
Trustee, management and administration fees		8,275			8,167			16,015			14,802
Investment advisory fee		3,837			3,456			7,492			6,744
ABA Retirement Funds—program fee		6,752			6,705			13,197			12,129
Legal and audit fees		2,617			2,849			5,119			5,299
Compliance consultant fees		1,515			1,496			3,004			2,783
Reports to unitholders		182			241			361			448
Registration fees		1,770			1,988			3,510			3,697
Other fees		364			370			721			679
Total expenses		73,725			73,381			142,902			133,938
Less: Expense reimbursement		(1,265	)		—			(2,687	)		—
Net expenses		72,460			73,381			140,215			133,938
Net investment income (loss)		(72,460	)		(73,381	)		(140,215	)		(133,938	)
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		619,679			607,612			792,712			1,018,185
Net realized gain (loss)		619,679			607,612			792,712			1,018,185
Change in net unrealized appreciation (depreciation) on:
Investments		(1,944,264	)		(1,254,305	)		1,925,775			809,910
Change in net unrealized appreciation (depreciation)		(1,944,264	)		(1,254,305	)		1,925,775			809,910
Net realized and unrealized gain (loss)		(1,324,585	)		(646,693	)		2,718,487			1,828,095
Net increase (decrease) in net assets resulting from operations	$	(1,397,045	)	$	(720,074	)	$	2,578,272		$	1,694,157

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

121

American Bar Association Members/Northern Trust Collective Trust

Small Cap Index Equity Fund

Statement of Changes in Net Assets

Unaudited

	For the  six- month period ended June  30, 2012
From operations
Net investment income (loss)	$	(140,215	)
Net realized gain (loss)		792,712
Change in net unrealized appreciation (depreciation)		1,925,775
Net increase (decrease) in net assets resulting from operations		2,578,272
From unitholder transactions
Proceeds from units issued		10,269,167
Cost of units redeemed		(6,730,163	)
Net increase (decrease) in net assets from unitholder transactions		3,539,004
Net increase (decrease) in net assets		6,117,276
Net Assets
Beginning of period		31,760,017
End of period	$	37,877,293
Number of units
Outstanding-beginning of period		1,285,785
Issued		388,466
Redeemed		(255,986	)
Outstanding-end of period		1,418,265

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

122

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 April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income†	$	—		$	—		$	—		$	—
Expenses†,††		(0.05	)		(0.06	)		(0.10	)		(0.11	)
Net investment income (loss)		(0.05	)		(0.06	)		(0.10	)		(0.11	)
Net realized and unrealized gain (loss)		(0.96	)		(0.44	)		2.11			1.62
Net increase (decrease) in unit value		(1.01	)		(0.50	)		2.01			1.51
Net asset value at beginning of period		27.72			27.99			24.70			25.98
Net asset value at end of period	$	26.71		$	27.49		$	26.71		$	27.49
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,††		0.79	%		0.81	%		0.77	%		0.80	%
Ratio of net investment income (loss) to average net assets*		(0.79	)%		(0.81	)%		(0.77	)%		(0.80	)%
Portfolio turnover**,†††		8	%		6	%		10	%		11	%
Total return**		(3.64	)%		(1.79	)%		8.14	%		5.81	%
Net assets at end of period (in thousands)	$	37,877		$	36,850		$	37,877		$	36,850

* 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% 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.

123

American Bar Association Members/Northern Trust Collective Trust

Small Cap Index Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
INVESTMENT FUNDS — 100.1%
Collective Investment Funds — 100.1%
SSgA Russell Small Cap® Index Non-Lending Series Fund, Class A		1,546,261	$	37,911,236
TOTAL INVESTMENT FUNDS (cost $35,297,255)				37,911,236
TOTAL INVESTMENTS — 100.1% (cost $35,297,255)				37,911,236
Liabilities Less Other Assets — (0.1)%				(33,943	)
NET ASSETS — 100.0%			$	37,877,293

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

124

American Bar Association Members/Northern Trust Collective Trust

International Index Equity Fund

Statements of Assets and Liabilities

	June 30, 2012 Unaudited			December 31, 2011
Assets
Investments in collective investment funds, at value:
SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A (cost $55,460,417 and $51,057,680 and units of 4,481,101 and 4,126,478, respectively)	$	53,943,489		$	48,040,457
Receivable for fund units sold		91,564			—
Other assets		1,784			1,896
Total assets		54,036,837			48,042,353
Liabilities
Payable for investments purchased		91,564			—
Investment advisory fee payable		15,264			14,402
ING—program fee payable		21,936			21,189
Trustee, management and administration fees payable		3,649			3,744
ABA Retirement Funds—program fee payable		2,960			3,040
Payable for legal and audit services		1,955			7,147
Payable for compliance consultant fees		—	(a)		3,700
Payable for reports to unitholders		—	(b)		937
Other accruals		15,181			7,615
Total liabilities		152,509			61,774
Net Assets (equivalent to $25.53 and $24.80 per unit based on 2,110,342 and 1,934,800 units outstanding, respectively)	$	53,884,328		$	47,980,579

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

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

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

125

American Bar Association Members/Northern Trust Collective Trust

International Index Equity Fund

Statements of Operations

Unaudited

	For the period April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income	$	—		$	—		$	—		$	—
Expenses
ING—program fee		69,689			68,984			136,614			128,961
Trustee, management and administration fees		11,861			11,738			23,481			21,867
Investment advisory fee		15,718			15,951			31,998			31,100
ABA Retirement Funds—program fee		9,678			9,635			19,249			17,916
Legal and audit fees		3,730			4,167			7,427			7,847
Compliance consultant fees		2,164			2,189			4,365			4,122
Reports to unitholders		260			353			524			663
Registration fees		2,528			2,908			5,098			5,474
Other fees		520			537			1,049			1,001
Total expenses		116,148			116,462			229,805			218,951
Less: Expense reimbursement		(1,817	)		—			(3,925	)		—
Net expenses		114,331			116,462			225,880			218,951
Net investment income (loss)		(114,331	)		(116,462	)		(225,880	)		(218,951	)
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		17,923			101,626			101,009			209,165
Net realized gain (loss)		17,923			101,626			101,009			209,165
Change in net unrealized appreciation (depreciation) on:
Investments		(3,883,382	)		137,434			1,500,295			1,589,795
Change in net unrealized appreciation (depreciation)		(3,883,382	)		137,434			1,500,295			1,589,795
Net realized and unrealized gain (loss)		(3,865,459	)		239,060			1,601,304			1,798,960
Net increase (decrease) in net assets resulting from operations	$	(3,979,790	)	$	122,598		$	1,375,424		$	1,580,009

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

126

American Bar Association Members/Northern Trust Collective Trust

International Index Equity Fund

Statement of Changes in Net Assets

Unaudited

	For the six- month period ended June 30, 2012
From operations
Net investment income (loss)	$	(225,880	)
Net realized gain (loss)		101,009
Change in net unrealized appreciation (depreciation)		1,500,295
Net increase (decrease) in net assets resulting from operations		1,375,424
From unitholder transactions
Proceeds from units issued		9,707,771
Cost of units redeemed		(5,179,446	)
Net increase (decrease) in net assets from unitholder transactions		4,528,325
Net increase (decrease) in net assets		5,903,749
Net Assets
Beginning of period		47,980,579
End of period	$	53,884,328
Number of units
Outstanding-beginning of period		1,934,800
Issued		372,337
Redeemed		(196,795	)
Outstanding-end of period		2,110,342

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

127

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 April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income†	$	—		$	—		$	—		$	—
Expenses†,††		(0.06	)		(0.07	)		(0.11	)		(0.13	)
Net investment income (loss)		(0.06	)		(0.07	)		(0.11	)		(0.13	)
Net realized and unrealized gain (loss)		(1.93	)		0.16			0.84			1.13
Net increase (decrease) in unit value		(1.99	)		0.09			0.73			1.00
Net asset value at beginning of period		27.52			29.85			24.80			28.94
Net asset value at end of period	$	25.53		$	29.94		$	25.53		$	29.94
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,††		0.88	%		0.87	%		0.86	%		0.88	%
Ratio of net investment income (loss) to average net assets*		(0.88	)%		(0.87	)%		(0.86	)%		(0.88	)%
Portfolio turnover**,†††		1	%		1	%		3	%		3	%
Total return**		(7.23	)%		0.30	%		2.94	%		3.46	%
Net assets at end of period (in thousands)	$	55,884		$	55,726		$	53,884		$	55,726

* 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 0.050% and .0520% for the periods June 30, 2012 and 2011, respectively, 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.

128

American Bar Association Members/Northern Trust Collective Trust

International Index Equity Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
INVESTMENT FUNDS — 100.1%
Collective Investment Funds — 100.1%
SSgA Global Equity ex U.S. Index Non-Lending Series Fund, Class A		4,481,101	$	53,943,489
TOTAL INVESTMENT FUNDS (cost $55,460,417)				53,943,489
TOTAL INVESTMENTS — 100.1% (cost $55,460,417)				53,943,489
Liabilities Less Other Assets — (0.1)%				(59,161	)
NET ASSETS — 100.0%			$	53,884,328

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

129

American Bar Association Members/Northern Trust Collective Trust

Real Asset Return Fund

Statements of Assets and Liabilities

	June 30, 2012 Unaudited		December 31, 2011
Assets
Investments in collective investment funds, at value:
SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A (cost $12,130,470 and $10,050,949 and units of 545,198 and 465,031, respectively)	$	13,331,174	$	10,934,737
SSgA Dow Jones UBS-Commodity IndexSM Non-Lending Series Fund Class A (cost $7,602,968 and $5,881,168 and units of 835,858 and 635,799, respectively)		6,889,976		5,441,170
SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $5,994,384 and $5,154,528 and units of 206,142 and 184,970, respectively)		6,959,353		5,439,402
Cash		—		24,095
Receivable for investments sold		113,763		471,321
Other assets		811		838
Total assets		27,295,077		22,311,563
Liabilities
Payable for investments purchased		65,962		489,340
Payable for fund units redeemed		47,801		6,076
Investment advisory fee payable		4,875		4,005
ING—program fee payable		11,472		9,000
Trustee, management and administration fees payable		1,938		1,604
ABA Retirement Funds—program fee payable		1,568		1,292
Other accruals		7,711		7,651
Total liabilities		141,327		518,968
Net Assets (equivalent to $18.22 and $17.47 per unit based on 1,489,958 and 1,247,711 units outstanding, respectively)	$	27,153,750	$	21,792,595

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

130

American Bar Association Members/Northern Trust Collective Trust

Real Asset Return Fund

Statements of Operations

Unaudited

	For the period April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income	$	—		$	—		$	—		$	—
Expenses
ING—program fee		33,885			24,523			63,778			43,395
Trustee, management and administration fees		5,799			4,179			11,024			7,367
Investment advisory fee		5,012			3,779			9,802			6,642
ABA Retirement Funds—program fee		4,730			3,431			9,005			6,037
Legal and audit fees		1,844			1,516			3,502			2,683
Compliance consultant fees		1,082			796			2,069			1,409
Reports to unitholders		129			127			248			226
Registration fees		1,263			1,057			2,416			1,871
Other fees		258			205			495			356
Total expenses		54,002			39,613			102,339			69,986
Less: Expense reimbursement		(839	)		—			(1,784	)		—
Net expenses		53,163			39,613			100,555			69,986
Net investment income (loss)		(53,163	)		(39,613	)		(100,555	)		(69,986	)
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		243,573			447,539			395,615			671,525
Net realized gain (loss)		243,573			447,539			395,615			671,525
Change in net unrealized appreciation (depreciation) on:
Investments		132,633			(248,466	)		724,017			129,371
Change in net unrealized appreciation (depreciation)		132,633			(248,466	)		724,017			129,371
Net realized and unrealized gain (loss)		376,206			199,073			1,119,632			800,896
Net increase (decrease) in net assets resulting from operations	$	323,043		$	159,460		$	1,019,077		$	730,910

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

131

American Bar Association Members/Northern Trust Collective Trust

Real Asset Return Fund

Statement of Changes in Net Assets

Unaudited

	For the  six- month period ended June 30, 2012
From operations
Net investment income (loss)	$	(100,555	)
Net realized gain (loss)		395,615
Change in net unrealized appreciation (depreciation)		724,017
Net increase (decrease) in net assets resulting from operations		1,019,077
From unitholder transactions
Proceeds from units issued		8,068,494
Cost of units redeemed		(3,726,416	)
Net increase (decrease) in net assets from unitholder transactions		4,342,078
Net increase (decrease) in net assets		5,361,155
Net Assets
Beginning of period		21,792,595
End of period	$	27,153,750
Number of units
Outstanding-beginning of period		1,247,711
Issued		449,333
Redeemed		(207,086	)
Outstanding-end of period		1,489,958

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

132

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 April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income†	$	—		$	—		$	—		$	—
Expenses†,††		(0.04	)		(0.04	)		(0.07	)		(0.07	)
Net investment income (loss)		(0.04	)		(0.04	)		(0.07	)		(0.07	)
Net realized and unrealized gain (loss)		0.25			0.21			0.82			0.87
Net increase (decrease) in unit value		0.21			0.17			0.75			0.80
Net asset value at beginning of period		18.01			17.25			17.47			16.62
Net asset value at end of period	$	18.22		$	17.42		$	18.22		$	17.42
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,††		0.81	%		0.82	%		0.80	%		0.82	%
Ratio of net investment income (loss) to average net assets*		(0.81	)%		(0.82	)%		(0.80	)%		(0.82	)%
Portfolio turnover**,†††		6	%		8	%		10	%		17	%
Total return**		1.17	%		0.99	%		4.29	%		4.81	%
Net assets at end of period (in thousands)	$	27,154		$	20,721		$	27,154		$	20,721

* 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% 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.

133

American Bar Association Members/Northern Trust Collective Trust

Real Asset Return Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
INVESTMENT FUNDS — 100.1%
Collective Investment Funds — 100.1%
SSgA Dow Jones UBS-Commodity IndexSM Non-Lending Series Fund, Class A		835,858	$	6,889,976
SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund, Class A		545,198		13,331,174
SSgA/Tuckerman REIT Index Non-Lending Series Fund, Class A		206,142		6,959,353
TOTAL INVESTMENT FUNDS (cost $25,727,822)				27,180,503
TOTAL INVESTMENTS — 100.1% (cost $25,727,822)				27,180,503
Liabilities Less Other Assets — (0.1)%				(26,753	)
NET ASSETS — 100.0%			$	27,153,750

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

134

American Bar Association Members/Northern Trust Collective Trust

Alternative Alpha Fund

Statement of Assets and Liabilities

	June 30, 2012 Unaudited
Assets
Investments in collective investment funds, at value:
Wellington CIF II Real Total Return Fund (cost $544,428 and units of 54,332)	$	542,230
Investment companies, at value:
AQR Risk Parity Fund, Class I (cost $363,219 and units of 33,044)		366,790
Receivable for investments sold		1,260
Interest and dividends receivable		1,035
Other assets		74
Total assets		911,389
Liabilities
Payable for investments purchased		2,295
ING—program fee payable		371
Trustee, management and administration fees payable		57
ABA Retirement Funds—program fee payable		40
Other accruals		133
Total liabilities		2,896
Net Assets (equivalent to $10.10 per unit based on 89,969 units outstanding)	$	908,493

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

135

American Bar Association Members/Northern Trust Collective Trust

Alternative Alpha Fund

Statements of Operations

Unaudited

	For the period April 1, 2012 to June 30, 2012			For the period January 17, 2012(a) to June 30, 2012
Investment income
Dividends	$	1,828		$	3,303
Total investment income		1,828			3,303
Expenses
ING—program fee		970			1,497
Trustee, management and administration fees		152			231
ABA Retirement Funds—program fee		124			200
Legal and audit fees		49			77
Compliance consultant fees		30			46
Reports to unitholders		4			6
Registration fees		35			54
Other fees		8			11
Total expenses		1,372			2,122
Less: Expense reimbursement		(72	)		(89	)
Net expenses		1,300			2,033
Net investment income (loss)		528			1,270
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		624			900
Net realized gain (loss)		624			900
Change in net unrealized appreciation (depreciation) on:
Investments		(1,986	)		1,373
Change in net unrealized appreciation (depreciation)		(1,986	)		1,373
Net realized and unrealized gain (loss)		(1,362	)		2,273
Net increase (decrease) in net assets resulting from operations	$	(834	)	$	3,543

(a) Commencement of operations.

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

136

American Bar Association Members/Northern Trust Collective Trust

Alternative Alpha Fund

Statement of Changes in Net Assets

Unaudited

	For the period January 17, 2012(a) to June 30, 2012
From operations
Net investment income (loss)	$	1,270
Net realized gain (loss)		900
Change in net unrealized appreciation (depreciation)		1,373
Net increase (decrease) in net assets resulting from operations		3,543
From unitholder transactions
Proceeds from units issued		998,497
Cost of units redeemed		(93,547	)
Net increase (decrease) in net assets from unitholder transactions		904,950
Net increase (decrease) in net assets		908,493
Net Assets
Beginning of period		—
End of period	$	908,493
Number of units
Outstanding-beginning of period		—
Issued		99,204
Redeemed		(9,235	)
Outstanding-end of period		89,969

(a) Commencement of operations.

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

137

American Bar Association Members/Northern Trust Collective Trust

Alternative Alpha Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)

	For the period April 1, 2012 to June 30, 2012			For the period January  17, 2012(a) to June 30, 2012
Investment income†	$	0.03		$	0.05
Expenses†,††		(0.02	)		(0.03	)
Net investment income (loss)		0.01			0.02
Net realized and unrealized gain (loss)		(0.04	)		0.08
Net increase (decrease) in unit value		(0.03	)		0.10
Net asset value at beginning of period		10.13			10.00
Net asset value at end of period	$	10.10		$	10.10
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,††		0.72	%		0.73	%
Ratio of net investment income (loss) to average net assets*		0.29	%		0.45	%
Portfolio turnover**,†††		10	%		13	%
Total return**		(0.30	)%		1.00	%
Net assets at end of period (in thousands)	$	908		$	908

(a) Commencement of operations.

* 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 0.711% for the period June 30, 2012 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.

138

American Bar Association Members/Northern Trust Collective Trust

Alternative Alpha Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
INVESTMENT FUNDS — 100.1%
Collective Investment Funds — 59.7%
Wellington CIF II Real Total Return Fund		54,332	$	542,230
Investment Companies — 40.4%		33,044		366,790
AQR Risk Parity Fund, Class I
TOTAL INVESTMENT FUNDS (cost $907,647)				909,020
TOTAL INVESTMENTS — 100.1% (cost $907,647)				909,020
Liabilities Less Other Assets — (0.1)%				(527	)
NET ASSETS — 100.0%			$	908,493

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

139

American Bar Association Members/Northern Trust Collective Trust

Lifetime Income Retirement Date Fund

Statements of Assets and Liabilities

	June 30, 2012 Unaudited		December 31, 2011
Assets
Investments in collective investment funds, at value:
SSgA Target Retirement Income Non-Lending Series Fund Class A (cost $39,597,974 and $33,023,929 and units of 3,276,763 and 2,791,516, respectively)	$	43,941,386	$	35,605,786
Receivable for fund units sold		26,335		192,696
Other assets		1,303		1,425
Total assets		43,969,024		35,799,907
Liabilities
Payable for investments purchased		26,335		192,696
Retirement Date Fund management fee payable		10,119		8,052
ING—program fee payable		18,066		15,745
Trustee, management and administration fees payable		3,900		3,557
ABA Retirement Funds—program fee payable		2,468		2,260
Payable for legal and audit services		1,574		—	(a)
Payable for compliance consultant fees		3,246		—	(b)
Payable for reports to unitholders		818		—	(c)
Payable for registration fees		7,215		—	(d)
Other accruals		328		14,228
Total liabilities		74,069		236,538
Net Assets (equivalent to $12.95 and $12.37 per unit based on 3,390,407 and 2,875,793 units outstanding, respectively)	$	43,894,955	$	35,563,369

(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.

(d) Payable for registration fees is included in other accruals.

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

140

American Bar Association Members/Northern Trust Collective Trust

Lifetime Income Retirement Date Fund

Statements of Operations

Unaudited

	For the period April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30,2012			For the period January 1, 2011 to June 30, 2011
Investment income	$	—		$	—		$	—		$	—
Expenses
ING—program fee		54,105			48,175			104,672			94,928
Trustee, management and administration fees		11,911			10,602			23,068			20,755
Retirement Date Fund management fee		11,527			8,016			21,477			17,015
ABA Retirement Funds—program fee		7,548			6,716			14,780			13,171
Legal and audit fees		2,933			2,904			5,729			5,728
Compliance consultant fees		1,715			1,526			3,379			3,009
Reports to unitholders		206			246			406			484
Registration fees		2,002			2,027			3,946			3,996
Other fees		412			407			811			762
Total expenses		92,359			80,619			178,268			159,848
Less: Expense reimbursement		(1,363	)		—			(2,963	)		—
Net expenses		90,996			80,619			175,305			159,848
Net investment income (loss)		(90,996	)		(80,619	)		(175,305	)		(159,848	)
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		111,048			255,498			260,407			490,936
Net realized gain (loss)		111,048			255,498			260,407			490,936
Change in net unrealized appreciation (depreciation) on:
Investments		1,839			294,179			1,761,555			998,868
Change in net unrealized appreciation (depreciation)		1,839			294,179			1,761,555			998,868
Net realized and unrealized gain (loss)		112,887			549,677			2,021,962			1,489,804
Net increase (decrease) in net assets resulting from operations	$	21,891		$	469,058		$	1,846,657		$	1,329,956

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

141

American Bar Association Members/Northern Trust Collective Trust

Lifetime Income Retirement Date Fund

Statement of Changes in Net Assets

Unaudited

	For the  six- month period ended June 30, 2012
From operations
Net investment income (loss)	$	(175,305	)
Net realized gain (loss)		260,407
Change in net unrealized appreciation (depreciation)		1,761,555
Net increase (decrease) in net assets resulting from operations		1,846,657
From unitholder transactions
Proceeds from units issued		8,963,721
Cost of units redeemed		(2,478,792	)
Net increase (decrease) in net assets from unitholder transactions		6,484,929
Net increase (decrease) in net assets		8,331,586
Net Assets
Beginning of period		35,563,369
End of period	$	43,894,955
Number of units
Outstanding-beginning of period		2,875,793
Issued		708,121
Redeemed		(193,507	)
Outstanding-end of period		3,390,407

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

142

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 April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income†	$	—		$	—		$	—		$	—
Expenses†,††		(0.03	)		(0.03	)		(0.05	)		(0.05	)
Net investment income (loss)		(0.03	)		(0.03	)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss)		0.03			0.19			0.64			0.50
Net increase (decrease) in unit value		—			0.16			0.59			0.45
Net asset value at beginning of period		12.95			12.20			12.37			11.91
Net asset value at end of period	$	12.95		$	12.36		$	12.95		$	12.36
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,††		0.88	%		0.87	%		0.86	%		0.89	%
Ratio of net investment income (loss) to average net assets*		(0.88	)%		(0.87	)%		(0.86	)%		(0.89	)%
Portfolio turnover**,†††		2	%		6	%		5	%		10	%
Total return**		0.00	%		1.31	%		4.69	%		3.78	%
Net assets at end of period (in thousands)	$	43,895		$	36,434		$	43,895		$	36,434

* 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% 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.

143

American Bar Association Members/Northern Trust Collective Trust

Lifetime Income Retirement Date Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
INVESTMENT FUNDS — 100.1%
Collective Investment Funds — 100.1%
SSgA Target Retirement Income Non-Lending Series Fund, Class A		3,276,763	$	43,941,386
TOTAL INVESTMENT FUNDS (cost $39,597,974)				43,941,386
TOTAL INVESTMENTS — 100.1% (cost $39,597,974)				43,941,386
Liabilities Less Other Assets —(0.1)%				(46,431	)
NET ASSETS —100.0%			$	43,894,955

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

144

American Bar Association Members/Northern Trust Collective Trust

2010 Retirement Date Fund

Statements of Assets and Liabilities

	June 30,  2012 Unaudited		December 31, 2011
Assets
Investments in collective investment funds, at value:
SSgA Target Retirement 2010 Non-Lending Series Fund Class A (cost $64,188,144 and $57,755,976 and units of 5,042,321 and 4,660,294, respectively)	$	73,164,075	$	63,771,457
Receivable for investments sold		56,200		—
Receivable for fund units sold		—		55,727
Other assets		2,297		2,543
Total assets		73,222,572		63,829,727
Liabilities
Payable for investments purchased		—		55,727
Payable for fund units redeemed		56,200		—
Retirement Date Fund management fee payable		17,883		15,173
ING—program fee payable		31,030		28,145
Trustee, management and administration fees payable		6,675		6,330
ABA Retirement Funds—program fee payable		4,258		4,038
Payable for legal and audit services		2,704		9,564
Payable for compliance consultant fees		5,727		5,050
Payable for reports to unitholders		1,497		—	(a)
Other accruals		13,403		11,516
Total liabilities		139,377		135,543
Net Assets (equivalent to $15.95 and $15.10 per unit based on 4,582,408 and 4,216,985 units outstanding, respectively)	$	73,083,195	$	63,694,184

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

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

145

American Bar Association Members/Northern Trust Collective Trust

2010 Retirement Date Fund

Statements of Operations

Unaudited

	For the period April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income	$	—		$	—		$	—		$	—
Expenses
ING—program fee		93,547			92,406			182,765			183,123
Trustee, management and administration fees		20,570			20,380			40,432			40,088
Retirement Date Fund management fee		21,924			17,201			36,913			36,062
ABA Retirement Funds—program fee		13,037			12,910			25,796			25,439
Legal and audit fees		5,106			5,541			10,029			11,029
Compliance consultant fees		2,965			2,911			5,895			5,793
Reports to unitholders		355			468			707			931
Registration fees		3,463			3,865			6,885			7,693
Other fees		712			700			1,415			1,392
Total expenses		161,679			156,382			310,837			311,550
Less: Expense reimbursement		(2,383	)		—			(5,203	)		—
Net expenses		159,296			156,382			305,634			311,550
Net investment income (loss)		(159,296	)		(156,382	)		(305,634	)		(311,550	)
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		583,778			1,355,360			1,200,033			1,759,102
Net realized gain (loss)		583,778			1,355,360			1,200,033			1,759,102
Change in net unrealized appreciation (depreciation) on:
Investments		(6,985	)		(255,842	)		2,960,450			1,368,384
Change in net unrealized appreciation (depreciation)		(6,985	)		(255,842	)		2,960,450			1,368,384
Net realized and unrealized gain (loss)		576,793			1,099,518			4,160,483			3,127,486
Net increase (decrease) in net assets resulting from operations	$	417,497		$	943,136		$	3,854,849		$	2,815,936

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

146

American Bar Association Members/Northern Trust Collective Trust

2010 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited

	For the six-  month period ended June 30, 2012
From operations
Net investment income (loss)	$	(305,634	)
Net realized gain (loss)		1,200,033
Change in net unrealized appreciation (depreciation)		2,960,450
Net increase (decrease) in net assets resulting from operations		3,854,849
From unitholder transactions
Proceeds from units issued		15,183,899
Cost of units redeemed		(9,649,737	)
Net increase (decrease) in net assets from unitholder transactions		5,534,162
Net increase (decrease) in net assets		9,389,011
Net Assets
Beginning of period		63,694,184
End of period	$	73,083,195
Number of units
Outstanding-beginning of period		4,216,985
Issued		980,199
Redeemed		(614,776	)
Outstanding-end of period		4,582,408

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

147

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 April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income†	$	—		$	—		$	—		$	—
Expenses†,††		(0.03	)		(0.03	)		(0.07	)		(0.07	)
Net investment income (loss)		(0.03	)		(0.03	)		(0.07	)		(0.07	)
Net realized and unrealized gain (loss)		0.12			0.23			0.92			0.65
Net increase (decrease) in unit value		0.09			0.20			0.85			0.58
Net asset value at beginning of period		15.86			14.62			15.10			14.24
Net asset value at end of period	$	15.95		$	14.82		$	15.95		$	14.82
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,††		0.89	%		0.89	%		0.86	%		0.90	%
Ratio of net investment income (loss) to average net assets*		(0.89	)%		(0.89	)%		(0.86	)%		(0.90	)%
Portfolio turnover**,†††		5	%		6	%		10	%		10	%
Total return**		0.57	%		1.37	%		5.63	%		4.07	%
Net assets at end of period (in thousands)	$	73,083		$	66,692		$	73,083		$	66,692

* 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% 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.

148

American Bar Association Members/Northern Trust Collective Trust

2010 Retirement Date Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
INVESTMENT FUNDS — 100.1%
Collective Investment Funds — 100.1%
SSgA Target Retirement 2010 Non-Lending Series Fund, Class A		5,042,321	$	73,164,075
TOTAL INVESTMENT FUNDS (cost $64,188,144)				73,164,075
TOTAL INVESTMENTS — 100.1% (cost $64,188,144)				73,164,075
Liabilities Less Other Assets — (0.1)%				(80,880	)
NET ASSETS — 100.0%			$	73,083,195

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

149

American Bar Association Members/Northern Trust Collective Trust

2020 Retirement Date Fund

Statements of Assets and Liabilities

	June 30, 2012 Unaudited		December 31, 2011
Assets
Investments in collective investment funds, at value:
SSgA Target Retirement 2020 Non-Lending Series Fund Class A (cost $161,954,018 and $138,801,236 and units of 12,358,780 and 10,867,668, respectively)	$	190,065,671	$	155,940,174
Receivable for fund units sold		80,671		350,429
Other assets		5,926		5,847
Total assets		190,152,268		156,296,450
Liabilities
Payable for investments purchased		80,671		350,429
Retirement Date Fund management fee payable		44,889		38,017
ING—program fee payable		79,768		65,992
Trustee, management and administration fees payable		17,179		14,824
ABA Retirement Funds—program fee payable		10,935		9,468
Payable for legal and audit services		7,063		21,699
Payable for compliance consultant fees		14,050		—	(a)
Payable for reports to unitholders		3,386		—	(b)
Payable for registration fees		30,570		—	(c)
Other accruals		1,419		36,742
Total liabilities		289,930		537,171
Net Assets (equivalent to $18.49 and $17.32 per unit based on 10,269,687 and 8,992,112 units outstanding, respectively)	$	189,862,338	$	155,759,279

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

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

(c) Payable for registration fees is included in other accruals.

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

150

American Bar Association Members/Northern Trust Collective Trust

2020 Retirement Date Fund

Statements of Operations

Unaudited

	For the period April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income	$	—		$	—		$	—		$	—
Expenses
ING—program fee		240,684			196,958			461,290			379,690
Trustee, management and administration fees		52,937			43,403			101,848			83,096
Retirement Date Fund management fee		46,332			37,522			90,824			74,291
ABA Retirement Funds—program fee		33,550			27,494			65,099			52,729
Legal and audit fees		13,074			11,791			25,289			22,963
Compliance consultant fees		7,605			6,193			14,875			12,061
Reports to unitholders		913			996			1,785			1,938
Registration fees		8,882			8,224			17,373			16,017
Other fees		1,824			1,492			3,569			2,902
Total expenses		405,801			334,073			781,952			645,687
Less: Expense reimbursement		(6,098	)		—			(13,054	)		—
Net expenses		399,703			334,073			768,898			645,687
Net investment income (loss)		(399,703	)		(334,073	)		(768,898	)		(645,687	)
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		620,158			1,018,848			1,041,654			2,213,239
Net realized gain (loss)		620,158			1,018,848			1,041,654			2,213,239
Change in net unrealized appreciation (depreciation) on:
Investments		(933,407	)		409,380			10,972,715			4,740,644
Change in net unrealized appreciation (depreciation)		(933,407	)		409,380			10,972,715			4,740,644
Net realized and unrealized gain (loss)		(313,249	)		1,428,228			12,014,369			6,953,883
Net increase (decrease) in net assets resulting from operations	$	(712,952	)	$	1,094,155		$	11,245,471		$	6,308,196

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

151

American Bar Association Members/Northern Trust Collective Trust

2020 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited

	For the  six- month period ended June 30, 2012
From operations
Net investment income (loss)	$	(768,898	)
Net realized gain (loss)		1,041,654
Change in net unrealized appreciation (depreciation)		10,972,715
Net increase (decrease) in net assets resulting from operations		11,245,471
From unitholder transactions
Proceeds from units issued		35,411,672
Cost of units redeemed		(12,554,084	)
Net increase (decrease) in net assets from unitholder transactions		22,857,588
Net increase (decrease) in net assets		34,103,059
Net Assets
Beginning of period		155,759,279
End of period	$	189,862,338
Number of units
Outstanding-beginning of period		8,992,112
Issued		1,965,336
Redeemed		(687,761	)
Outstanding-end of period		10,269,687

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

152

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 April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income†	$	—		$	—		$	—		$	—
Expenses†,††		(0.04	)		(0.04	)		(0.08	)		(0.08	)
Net investment income (loss)		(0.04	)		(0.04	)		(0.08	)		(0.08	)
Net realized and unrealized gain (loss)		(0.04	)		0.17			1.25			0.83
Net increase (decrease) in unit value		(0.08	)		0.13			1.17			0.75
Net asset value at beginning of period		18.57			17.10			17.32			16.48
Net asset value at end of period	$	18.49		$	17.23		$	18.49		$	17.23
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,††		0.87	%		0.89	%		0.86	%		0.89	%
Ratio of net investment income (loss) to average net assets*		(0.87	)%		(0.89	)%		(0.86	)%		(0.89	)%
Portfolio turnover**,†††		2	%		3	%		3	%		7	%
Total return**		(0.43	)%		0.76	%		6.76	%		4.55	%
Net assets at end of period (in thousands)	$	189,862		$	150,194		$	189,862		$	150,194

* 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% 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.

153

American Bar Association Members/Northern Trust Collective Trust

2020 Retirement Date Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
INVESTMENT FUNDS — 100.1%
Collective Investment Funds — 100.1%
SSgA Target Retirement 2020 Non-Lending Series Fund, Class A		12,358,780	$	190,065,671
TOTAL INVESTMENT FUNDS (cost $161,954,018)				190,065,671
TOTAL INVESTMENTS — 100.1% (cost $161,954,018)				190,065,671
Liabilities Less Other Assets — (0.1)%				(203,333	)
NET ASSETS—100.0%			$	189,862,338

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

154

American Bar Association Members/Northern Trust Collective Trust

2030 Retirement Date Fund

Statements of Assets and Liabilities

	June 30, 2012 Unaudited		December 31, 2011
Assets
Investments in collective investment funds, at value:
SSgA Target Retirement 2030 Non-Lending Series Fund Class A (cost $116,318,935 and $103,157,991 and units of 8,772,387 and 7,966,237, respectively)	$	136,752,743	$	115,510,441
Receivable for fund units sold		67,101		—
Other assets		4,261		4,341
Total assets		136,824,105		115,514,782
Liabilities
Payable for investments purchased		67,101		—
Retirement Date Fund management fee payable		32,961		28,176
ING—program fee payable		56,935		49,466
Trustee, management and administration fees payable		12,292		11,138
ABA Retirement Funds—program fee payable		7,823		7,098
Payable for legal and audit services		5,026		16,486
Payable for compliance consultant fees		10,271		8,552
Payable for reports to unitholders		2,553		2,259
Registration fees		22,624		15,521
Other accruals		1,011		1,711
Total liabilities		218,597		140,407
Net Assets (equivalent to $20.30 and $18.96 per unit based on 6,728,416 and 6,083,937 units outstanding, respectively)	$	136,605,508	$	115,374,375

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

155

American Bar Association Members/Northern Trust Collective Trust

2030 Retirement Date Fund

Statements of Operations

Unaudited

	For the period April 1, 2012 to June 30, 2012			For the period April  1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income	$	—		$	—		$	—		$	—
Expenses
ING—program fee		173,176			154,938			333,672			300,735
Trustee, management and administration fees		38,128			34,129			73,740			65,799
Retirement Date Fund management fee		33,793			28,646			66,169			56,389
ABA Retirement Funds—program fee		24,165			21,619			47,117			41,754
Legal and audit fees		9,426			9,229			18,310			18,113
Compliance consultant fees		5,466			4,848			10,754			9,514
Reports to unitholders		656			780			1,291			1,529
Registration fees		6,385			6,438			12,561			12,634
Other fees		1,312			1,329			2,581			2,450
Total expenses		292,507			261,956			566,195			508,917
Less: Expense reimbursement		(4,398	)		—			(9,463	)		—
Net expenses		288,109			261,956			556,732			508,917
Net investment income (loss)		(288,109	)		(261,956	)		(556,732	)		(508,917	)
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		374,188			1,774,296			979,322			3,000,375
Net realized gain (loss)		374,188			1,774,296			979,322			3,000,375
Change in net unrealized appreciation (depreciation) on:
Investments		(2,097,392	)		(1,115,850	)		8,081,358			2,733,126
Change in net unrealized appreciation (depreciation)		(2,097,392	)		(1,115,850	)		8,081,358			2,733,126
Net realized and unrealized gain (loss)		(1,723,204	)		658,446			9,060,680			5,733,501
Net increase (decrease) in net assets resulting from operations	$	(2,011,313	)	$	396,490		$	8,503,948		$	5,224,584

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

156

American Bar Association Members/Northern Trust Collective Trust

2030 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited

	For the  six- month period ended June 30, 2012
From operations
Net investment income (loss)	$	(556,732	)
Net realized gain (loss)		979,322
Change in net unrealized appreciation (depreciation)		8,081,358
Net increase (decrease) in net assets resulting from operations		8,503,948
From unitholder transactions
Proceeds from units issued		23,570,793
Cost of units redeemed		(10,843,608	)
Net increase (decrease) in net assets from unitholder transactions		12,727,185
Net increase (decrease) in net assets		21,231,133
Net Assets
Beginning of period		115,374,375
End of period	$	136,605,508
Number of units
Outstanding-beginning of period		6,083,937
Issued		1,184,164
Redeemed		(539,685	)
Outstanding-end of period		6,728,416

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

157

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 April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income†	$	—		$	—		$	—		$	—
Expenses†,††		(0.04	)		(0.04	)		(0.09	)		(0.08	)
Net investment income (loss)		(0.04	)		(0.04	)		(0.09	)		(0.08	)
Net realized and unrealized gain (loss)		(0.28	)		0.11			1.43			0.97
Net increase (decrease) in unit value		(0.32	)		0.07			1.34			0.89
Net asset value at beginning of period		20.62			19.27			18.96			18.45
Net asset value at end of period	$	20.30		$	19.34		$	20.30		$	19.34
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,††		0.87	%		0.89	%		0.86	%		0.89	%
Ratio of net investment income (loss) to average net assets*		(0.87	)%		(0.89	)%		(0.86	)%		(0.89	)%
Portfolio turnover**,†††		1	%		4	%		4	%		9	%
Total return**		(1.55	)%		0.36	%		7.07	%		4.82	%
Net assets at end of period (in thousands)	$	136,606		$	114,475		$	136,606		$	114,475

* 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% 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.

158

American Bar Association Members/Northern Trust Collective Trust

2030 Retirement Date Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
INVESTMENT FUNDS — 100.1%
Collective Investment Funds — 100.1%
SSgA Target Retirement 2030 Non-Lending Series Fund, Class A		8,772,387	$	136,752,743
TOTAL INVESTMENT FUNDS (cost $116,318,935)				136,752,743
TOTAL INVESTMENTS — 100.1% (cost $116,318,935)				136,752,743
Liabilities Less Other Assets — (0.1)%				(147,235	)
NET ASSETS — 100.0%			$	136,605,508

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

159

American Bar Association Members/Northern Trust Collective Trust

2040 Retirement Date Fund

Statements of Assets and Liabilities

	June 30, 2012 Unaudited		December 31, 2011
Assets
Investments in collective investment funds, at value:
SSgA Target Retirement 2040 Non-Lending Series Fund Class A (cost $76,318,349 and $69,088,608 and units of 5,721,830 and 5,293,839, respectively)	$	87,549,715	$	75,373,681
Receivable for fund units sold		72,778		326,119
Other assets		2,763		2,815
Total assets		87,625,256		75,702,615
Liabilities
Payable for investments purchased		72,778		326,119
Retirement Date Fund management fee payable		21,141		18,278
ING—program fee payable		36,179		32,190
Trustee, management and administration fees payable		7,811		7,235
ABA Retirement Funds—program fee payable		4,965		4,618
Payable for legal and audit services		3,202		—	(a)
Payable for compliance consultant fees		6,548		—	(b)
Other accruals		16,686		28,400
Total liabilities		169,310		416,840
Net Assets (equivalent to $21.87 and $20.44 per unit based on 3,998,393 and 3,683,568 units outstanding, respectively)	$	87,455,946	$	75,285,775

(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.

160

American Bar Association Members/Northern Trust Collective Trust

2040 Retirement Date Fund

Statements of Operations

Unaudited

	For the period April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income	$	—		$	—		$	—		$	—
Expenses
ING—program fee		111,915			97,114			213,491			186,170
Trustee, management and administration fees		24,642			21,394			47,682			40,739
Retirement Date Fund management fee		23,324			18,460			42,761			35,937
ABA Retirement Funds—program fee		15,617			13,553			30,143			25,851
Legal and audit fees		6,051			5,809			11,680			11,258
Compliance consultant fees		3,513			3,051			6,864			5,913
Reports to unitholders		422			490			824			950
Registration fees		4,104			4,052			8,017			7,853
Other fees		844			358			1,648			1,540
Total expenses		190,432			164,281			363,110			316,211
Less: Expense reimbursement		(2,868	)		—			(6,075	)		—
Net expenses		187,564			164,281			357,035			316,211
Net investment income (loss)		(187,564	)		(164,281	)		(357,035	)		(316,211	)
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		513,090			493,118			890,365			1,007,434
Net realized gain (loss)		513,090			493,118			890,365			1,007,434
Change in net unrealized appreciation (depreciation) on:		(2,875,086	)		(326,283	)		4,946,293			2,651,858
Investments
Change in net unrealized appreciation (depreciation)		(2,875,086	)		(326,283	)		4,946,293			2,651,858
Net realized and unrealized gain (loss)		(2,361,996	)		166,835			5,836,658			3,659,292
Net increase (decrease) in net assets resulting from operations	$	(2,549,560	)	$	2,554		$	5,479,623		$	3,343,081

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

161

American Bar Association Members/Northern Trust Collective Trust

2040 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited

	For the  six- month period ended June 30, 2012
From operations
Net investment income (loss)	$	(357,035	)
Net realized gain (loss)		890,365
Change in net unrealized appreciation (depreciation)		4,946,293
Net increase (decrease) in net assets resulting from operations		5,479,623
From unitholder transactions
Proceeds from units issued		15,755,184
Cost of units redeemed		(9,064,636	)
Net increase (decrease) in net assets from unitholder transactions		6,690,548
Net increase (decrease) in net assets		12,170,171
Net Assets
Beginning of period		75,285,775
End of period	$	87,455,946
Number of units
Outstanding-beginning of period		3,683,568
Issued		729,427
Redeemed		(414,602	)
Outstanding-end of period		3,998,393

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

162

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 April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income†	$	—		$	—		$	—		$	—
Expenses†,††		(0.05	)		(0.05	)		(0.09	)		(0.09	)
Net investment income (loss)		(0.05	)		(0.05	)		(0.09	)		(0.09	)
Net realized and unrealized gain (loss)		(0.64	)		0.05			1.52			1.11
Net increase (decrease) in unit value		(0.69	)		—			1.43			1.02
Net asset value at beginning of period		22.56			21.61			20.44			20.59
Net asset value at end of period	$	21.87		$	21.61		$	21.87		$	21.61
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,††		0.89	%		0.89	%		0.85	%		0.89	%
Ratio of net investment income (loss) to average net assets*		(0.89	)%		(0.89	)%		(0.85	)%		(0.89	)%
Portfolio turnover**,†††		3	%		2	%		5	%		4	%
Total return**		(3.06	)%		0.00	%		7.00	%		4.95	%
Net assets at end of period (in thousands)	$	87,456		$	74,722		$	87,456		$	74,722

* 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% 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.

163

American Bar Association Members/Northern Trust Collective Trust

2040 Retirement Date Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
INVESTMENT FUNDS — 100.1%
Collective Investment Funds — 100.1%
SSgA Target Retirement 2040 Non-Lending Series Fund, Class A		5,721,830	$	87,549,715
TOTAL INVESTMENT FUNDS (cost $76,318,349)				87,549,715
TOTAL INVESTMENTS — 100.1% (cost $76,318,349)				87,549,715
Liabilities Less Other Assets — (0.1)%				(93,769	)
NET ASSETS—100.0%			$	87,455,946

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

164

American Bar Association Members/Northern Trust Collective Trust

2050 Retirement Date Fund

Statement of Assets and Liabilities

	June 30,2012 Unaudited
Assets
Investments in collective investment funds, at value:
SSgA Target Retirement 2050 Non-Lending Series Fund Class A (cost $409,383 and units of 31,984)	$	411,087
Receivable for fund units sold		1,748
Other assets		7
Total assets		412,842
Liabilities
Payable for investments purchased		1,748
Retirement Date Fund management fee payable		67
ING—program fee payable		157
Trustee, management and administration fees payable		28
ABA Retirement Funds—program fee payable		17
Other accruals		42
Total liabilities		2,059
Net Assets (equivalent to $20.83 per unit based on 19,718 units outstanding)	$	410,783

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

165

American Bar Association Members/Northern Trust Collective Trust

2050 Retirement Date Fund

Statements of Operations

Unaudited

	For the period April 1, 2012 to June 30, 2012			For the period January 17, 2012(a) to June 30, 2012
Investment income	$	—		$	—
Expenses
ING—program fee		342			426
Trustee, management and administration fees		68			86
Retirement Date Fund management fee		74			91
ABA Retirement Funds—program fee		43			56
Legal and audit fees		18			23
Compliance consultant fees		11			14
Reports to unitholders		2			2
Registration fees		13			16
Other fees		2			2
Total expenses		573			716
Less: Expense reimbursement		(6	)		(9	)
Net expenses		567			707
Net investment income (loss)		(567	)		(707	)
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		108			3,341
Net realized gain (loss)		108			3,341
Change in net unrealized appreciation (depreciation) on:
Investments		(434	)		1,704
Change in net unrealized appreciation (depreciation)		(434	)		1,704
Net realized and unrealized gain (loss)		(326	)		5,045
Net increase (decrease) in net assets resulting from operations	$	(893	)	$	4,338

(a) Commencement of operations.

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

166

American Bar Association Members/Northern Trust Collective Trust

2050 Retirement Date Fund

Statement of Changes in Net Assets

Unaudited

	For the period January 17, 2012(a) to June 30, 2012
From operations
Net investment income (loss)	$	(707	)
Net realized gain (loss)		3,341
Change in net unrealized appreciation (depreciation)		1,704
Net increase (decrease) in net assets resulting from operations		4,338
From unitholder transactions
Proceeds from units issued		524,133
Cost of units redeemed		(117,688	)
Net increase (decrease) in net assets from unitholder transactions		406,445
Net increase (decrease) in net assets		410,783
Net Assets
Beginning of period		—
End of period	$	410,783
Number of units
Outstanding-beginning of period		—
Issued		25,318
Redeemed		(5,600	)
Outstanding-end of period		19,718

(a) Commencement of operations.

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

167

American Bar Association Members/Northern Trust Collective Trust

2050 Retirement Date Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)

	For the period April 1, 2012 to June 30, 2012			For the period January 17, 2012(a) to June 30, 2012
Investment income†	$	—		$	—
Expenses†,††		(0.04	)		(0.08	)
Net investment income (loss)		(0.04	)		(0.08	)
Net realized and unrealized gain (loss)		(0.61	)		0.91
Net increase (decrease) in unit value		(0.65	)		0.83
Net asset value at beginning of period		21.48			20.00
Net asset value at end of period	$	20.83		$	20.83
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,††		0.84	%		0.84	%
Ratio of net investment income (loss) to average net assets*		(0.84	)%		(0.84	)%
Portfolio turnover**,†††		3	%		46	%
Total return**		(3.03	)%		4.15	%
Net assets at end of period (in thousands)	$	411		$	411

(a) Commencement of operations.

* 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 June 30, 2012 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.

168

American Bar Association Members/Northern Trust Collective Trust

2050 Retirement Date Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
INVESTMENT FUNDS — 100.1%
Collective Investment Funds — 100.1%
SSgA Target Retirement 2050 Non-Lending Series Fund, Class A		31,984	$	411,087
TOTAL INVESTMENT FUNDS (cost $409,383)				411,087
TOTAL INVESTMENTS — 100.1% (cost $409,383)				411,087
Liabilities Less Other Assets — (0.1)%				(304	)
NET ASSETS — 100.0%			$	410,783

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

169

American Bar Association Members/Northern Trust Collective Trust

Conservative Risk Fund

Statements of Assets and Liabilities

	June 30, 2012 Unaudited		December 31, 2011
Assets
Investments in affiliated funds, at value:
Northern Trust Global Investments—Collective Short-Term Investment Fund (cost $1,503,803 and $1,203,630 and units of 1,503,803 and 1,203,630, respectively)	$	1,503,803	$	1,203,630
Investments in collective investment funds, at value:
SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $16,273,378 and $13,478,436 and units of 1,397,751 and 1,176,074, respectively)		17,241,259		14,171,691
SSgA Russell All Cap® Index Non-Lending Series Fund Class A (cost $3,650,629 and $3,031,567 and units of 215,975 and 185,181, respectively)		3,908,287		3,066,231
SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A (cost $2,852,467 and $0 and units of 224,072 and 0, respectively)		2,697,377		—
SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A (cost $3,321,421 and $2,747,427 and units of 148,231 and 126,139, respectively)		3,624,549		2,966,036
SSgA International Index Non-Lending Series Fund Class A (cost $0 and $2,356,732 and units of 0 and 175,981, respectively)		—		2,115,825
SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $1,355,043 and $1,160,384 and units of 46,695 and 41,809, respectively)		1,576,424		1,229,469
Receivable for investments sold		13,859		359,440
Receivable for fund units sold		25,683		49,585
Interest and dividends receivable		108		8
Other assets		925		886
Total assets		30,592,274		25,162,801
Liabilities
Payable for investments purchased		30,091		378,158
Investment advisory fee payable		3,112		2,227
ING—program fee payable		13,023		10,578
Trustee, management and administration fees payable		2,210		1,877
ABA Retirement Funds—program fee payable		1,773		1,518
Payable for legal and audit services		1,153		—	(a)
Payable for compliance consultant fees		2,144		—	(b)
Other accruals		5,241		8,004
Total liabilities		58,747		402,362
Net Assets (equivalent to $17.05 and $16.44 per unit based on 1,790,499 and 1,505,688 units outstanding, respectively)	$	30,533,527	$	24,760,439

(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.

170

American Bar Association Members/Northern Trust Collective Trust

Conservative Risk Fund

Statements of Operations

Unaudited

	For the period April 1, 2012 to June 30, 2012			For the period April 1, 2011 June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income
Interest—affiliated issuers	$	281		$	267		$	431		$	615
Total investment income		281			267			431			615
Expenses
ING—program fee		38,374			24,030			71,837			45,058
Trustee, management and administration fees		6,566			4,107			12,407			7,661
Investment advisory fee		3,448			1,845			6,351			3,639
ABA Retirement Funds—program fee		5,356			3,372			10,141			6,277
Legal and audit fees		2,097			1,453			3,952			2,746
Compliance consultant fees		1,226			763			2,331			1,442
Reports to unitholders		147			123			280			232
Registration fees		1,431			1,013			2,722			1,915
Other fees		295			183			560			346
Total expenses		58,940			36,889			110,581			69,316
Less: Expense reimbursement		(953	)		—			(2,009	)		—
Net expenses		57,987			36,889			108,572			69,316
Net investment income (loss)		(57,706	)		(36,622	)		(108,141	)		(68,701	)
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		140,241			618,668			260,950			879,472
Net realized gain (loss)		140,241			618,668			260,950			879,472
Change in net unrealized appreciation (depreciation) on:
Investments		104,245			(235,473	)		820,252			(131,748	)
Change in net unrealized appreciation (depreciation)		104,245			(235,473	)		820,252			(131,748	)
Net realized and unrealized gain (loss)		244,486			383,195			1,081,202			747,724
Net increase (decrease) in net assets resulting from operations	$	186,780		$	346,573		$	973,061		$	679,023

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

171

American Bar Association Members/Northern Trust Collective Trust

Conservative Risk Fund

Statement of Changes in Net Assets

Unaudited

	For the six- month period ended June 30, 2012
From operations
Net investment income (loss)	$	(108,141	)
Net realized gain (loss)		260,950
Change in net unrealized appreciation (depreciation)		820,252
Net increase (decrease) in net assets resulting from operations		973,061
From unitholder transactions
Proceeds from units issued		9,365,560
Cost of units redeemed		(4,565,533	)
Net increase (decrease) in net assets from unitholder transactions		4,800,027
Net increase (decrease) in net assets		5,773,088
Net Assets
Beginning of period		24,760,439
End of period	$	30,533,527
Number of units
Outstanding-beginning of period		1,505,688
Issued		555,928
Redeemed		(271,117	)
Outstanding-end of period		1,790,499

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

172

American Bar Association Members/Northern Trust Collective Trust

Conservative Risk Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)

	For the period April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income†	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)
Expenses†,††		(0.03	)		(0.03	)		(0.06	)		(0.06	)
Net investment income (loss)		(0.03	)		(0.03	)		(0.06	)		(0.06	)
Net realized and unrealized gain (loss)		0.13			0.33			0.67			0.66
Net increase (decrease) in unit value		0.10			0.30			0.61			0.60
Net asset value at beginning of period		16.95			15.94			16.44			15.64
Net asset value at end of period	$	17.05		$	16.24		$	17.05		$	16.24
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,††		0.78	%		0.81	%		0.77	%		0.81	%
Ratio of net investment income (loss) to average net assets*		(0.78	)%		(0.81	)%		(0.77	)%		(0.80	)%
Portfolio turnover**,†††		5	%		24	%		19	%		41	%
Total return**		0.59	%		1.88	%		3.71	%		3.84	%
Net assets at end of period (in thousands)	$	30,534		$	18,986		$	30,534		$	18,986

(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 0.020% and 0.019% for the periods ended June 30, 2012 and 2011, respectively, 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.

173

American Bar Association Members/Northern Trust Collective Trust

Conservative Risk Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
INVESTMENT FUNDS — 95.2%
Collective Investment Funds — 95.2%
SSgA Global Equity Ex U.S. Index Non-Lending Series Fund, Class A		224,072	$	2,697,377
SSgA Russell All Cap® Index Non-Lending Series Fund, Class A		215,975		3,908,287
SSgA U.S. Bond Index Non-Lending Series Fund, Class A		1,397,751		17,241,259
SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund, Class A		148,231		3,624,549
SSgA/Tuckerman REIT Index Non-Lending Series Fund, Class A		46,695		1,576,424
TOTAL INVESTMENT FUNDS (cost $27,452,938)				29,047,896
	Units		Value
SHORT-TERM INVESTMENTS — 4.9%
Affiliated Funds — 4.9%
Northern Trust Global Investments - Collective Short-Term Investment Fund(a)		1,503,803	$	1,503,803
TOTAL SHORT-TERM INVESTMENTS (cost $1,503,803)				1,503,803
TOTAL INVESTMENTS — 100.1% (cost $28,956,741)				30,551,699
Liabilities Less Other Assets — (0.1)%				(18,172	)
NET ASSETS—100.0%			$	30,533,527

(a) Collective investment fund advised by Northern Trust Investments, Inc., a wholly-owned subsidiary of The Northern Trust Company.

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

174

American Bar Association Members/Northern Trust Collective Trust

Moderate Risk Fund

Statements of Assets and Liabilities

	June 30, 2012 Unaudited		December 31, 2011
Assets
Investments in affiliated funds, at value:
Northern Trust Global Investments—Collective Short-Term Investment Fund (cost $1,254,448 and $1,057,034 and units of 1,254,448 and 1,057,034, respectively)	$	1,254,448	$	1,057,034
Investments in collective investment funds, at value:
SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $17,947,935 and $15,233,554 and units of 1,545,679 and 1,341,009, respectively)		19,065,954		16,159,164
SSgA Russell All Cap® Index Non-Lending Series Fund Class A (cost $14,466,183 and $13,222,514 and units of 883,169 and 833,667, respectively)		15,981,824		13,803,854
SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A (cost $11,930,182 and $10,635,992 and units of 918,354 and 815,891, respectively)		11,055,150		9,498,599
SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A (cost $3,402,990 and $2,852,235 and units of 151,757 and 131,268, respectively)		3,710,768		3,086,627
SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $2,364,923 and $2,146,509 and units of 83,155 and 79,480, respectively)		2,807,310		2,337,269
SSgA Dow Jones UBS-Commodity IndexSM Non-Lending Series Fund Class A (cost $1,312,598 and $1,113,795 and units of 141,645 and 118,564, respectively)		1,167,578		1,014,668
Receivable for investments sold		73,218		719,938
Receivable for fund units sold		18,797		264,583
Interest and dividends receivable		180		7
Other assets		1,669		1,758
Total assets		55,136,896		47,943,501
Liabilities
Payable for investments purchased		85,399		966,837
Investment advisory fee payable		7,300		6,098
ING—program fee payable		23,083		20,016
Trustee, management and administration fees payable		3,886		3,554
ABA Retirement Funds—program fee payable		3,141		2,872
Payable for legal and audit services		2,025		—	(a)
Payable for compliance consultant fees		4,014		—	(b)
Other accruals		10,060		16,684
Total liabilities		138,908		1,016,061
Net Assets (equivalent to $19.40 and $18.47 per unit based on 2,834,860 and 2,540,564 units outstanding, respectively)	$	54,997,988	$	46,927,440

(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.

175

American Bar Association Members/Northern Trust Collective Trust

Moderate Risk Fund

Statements of Operations

Unaudited

	For the period April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income
Interest—affiliated issuers	$	338		$	364		$	455		$	616
Total investment income		338			364			455			616
Expenses
ING—program fee		69,276			54,775			131,778			99,086
Trustee, management and administration fees		11,830			9,292			22,740			16,777
Investment advisory fee		8,031			5,796			15,691			10,580
ABA Retirement Funds—program fee		9,650			7,628			18,589			13,747
Legal and audit fees		3,773			3,307			7,236			6,075
Compliance consultant fees		2,199			1,737			4,260			3,191
Reports to unitholders		264			280			511			514
Registration fees		2,568			2,307			4,976			4,238
Other fees		527			418			1,023			766
Total expenses		108,118			85,540			206,804			154,974
Less: Expense reimbursement		(1,727	)		—			(3,703	)		—
Net expenses		106,391			85,540			203,101			154,974
Net investment income (loss)		(106,053	)		(85,176	)		(202,646	)		(154,358	)
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		360,171			1,313,906			915,517			1,679,541
Net realized gain (loss)		360,171			1,313,906			915,517			1,679,541
Change in net unrealized appreciation (depreciation) on:
Investments		(950,117	)		(904,050	)		1,668,191			(67,635	)
Change in net unrealized appreciation (depreciation)		(950,117	)		(904,050	)		1,668,191			(67,635	)
Net realized and unrealized gain (loss)		(589,946	)		409,856			2,583,708			1,611,906
Net increase (decrease) in net assets resulting from operations	$	(695,999	)	$	324,680		$	2,381,062		$	1,457,548

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

176

American Bar Association Members/Northern Trust Collective Trust

Moderate Risk Fund

Statement of Changes in Net Assets

Unaudited

	For the six-month period ended June 30, 2012
From operations
Net investment income (loss)	$	(202,646	)
Net realized gain (loss)		915,517
Change in net unrealized appreciation (depreciation)		1,668,191
Net increase (decrease) in net assets resulting from operations		2,381,062
From unitholder transactions
Proceeds from units issued		12,378,895
Cost of units redeemed		(6,689,409	)
Net increase (decrease) in net assets from unitholder transactions		5,689,486
Net increase (decrease) in net assets		8,070,548
Net Assets
Beginning of period		46,927,440
End of period	$	54,997,988
Number of units
Outstanding-beginning of period		2,540,564
Issued		642,011
Redeemed		(347,715	)
Outstanding-end of period		2,834,860

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

177

American Bar Association Members/Northern Trust Collective Trust

Moderate Risk Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)

	For the period April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income(a)†	$	—		$	—		$	—		$	—
Expenses†,††		(0.04	)		(0.04	)		(0.08	)		(0.08	)
Net investment income (loss)		(0.04	)		(0.04	)		(0.08	)		(0.08	)
Net realized and unrealized gain (loss)		(0.23	)		0.21			1.01			0.86
Net increase (decrease) in unit value		(0.27	)		0.17			0.93			0.78
Net asset value at beginning of period		19.67			18.95			18.47			18.34
Net asset value at end of period	$	19.40		$	19.12		$	19.40		$	19.12
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,††		0.80	%		0.81	%		0.79	%		0.80	%
Ratio of net investment income (loss) to average net assets*		(0.80	)%		(0.81	)%		(0.79	)%		(0.80	)%
Portfolio turnover**,†††		5	%		13	%		13	%		19	%
Total return**		(1.37	)%		0.90	%		5.04	%		4.25	%
Net assets at end of period (in thousands)	$	54,998		$	43,584		$	54,998		$	43,584

(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 0.026% and 0.024% for the periods ended June 30, 2012 and 2011, respectively, 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.

178

American Bar Association Members/Northern Trust Collective Trust

Moderate Risk Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
INVESTMENT FUNDS — 97.8%
Collective Investment Funds — 97.8%
SSgA Dow Jones UBS-Commodity IndexSM Non-Lending Series Fund, Class A		141,645	$	1,167,578
SSgA Global Equity ex U.S. Index Non-Lending Series Fund, Class A		918,354		11,055,150
SSgA Russell All Cap® Index Non-Lending Series Fund, Class A		883,169		15,981,824
SSgA U.S. Bond Index Non-Lending Series Fund, Class A		1,545,679		19,065,954
SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund, Class A		151,757		3,710,768
SSgA/Tuckerman REIT Index Non-Lending Series Fund, Class A		83,155		2,807,310
TOTAL INVESTMENT FUNDS (cost $51,424,811)				53,788,584

	Units		Value
SHORT-TERM INVESTMENTS — 2.3%
Affiliated Funds — 2.3%
Northern Trust Global Investments - Collective Short-Term Investment Fund(a)		1,254,448	$	1,254,448
TOTAL SHORT-TERM INVESTMENTS (cost $1,254,448)				1,254,448
TOTAL INVESTMENTS — 100.1% (cost $52,679,259)				55,043,032
Liabilities Less Other Assets — (0.1)%				(45,044	)
NET ASSETS — 100.0%			$	54,997,988

(a) Collective investment fund advised by Northern Trust Investments, Inc., a wholly-owned subsidiary of The Northern Trust Company.

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

179

American Bar Association Members/Northern Trust Collective Trust

Aggressive Risk Fund

Statements of Assets and Liabilities

	June 30, 2012 Unaudited		December 31, 2011
Assets
Investments in affiliated funds, at value:
Northern Trust Global Investments—Collective Short Term Investment Fund (cost $0 and $25,671 and units of 0 and 25,671, respectively)	$	—	$	25,671
Investments in collective investment funds, at value:
SSgA Russell All Cap® Index Non-Lending Series Fund Class A (cost $8,103,063 and $6,990,442 and units of 488,106 and 437,756, respectively)		8,832,765		7,248,358
SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A (cost $6,638,724 and $5,626,573 and units of 507,718 and 428,607, respectively)		6,111,911		4,989,847
SSgA U.S. Bond Index Non-Lending Series Fund Class A (cost $2,765,300 and $2,387,439 and units of 236,132 and 207,712, respectively)		2,912,685		2,502,926
SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A (cost $869,661 and $769,237 and units of 29,978 and 28,075, respectively)		1,012,065		825,590
SSgA Dow Jones UBS-Commodity IndexSM Non-Lending Series Fund Class A (cost $912,887 and $738,080 and units of 97,247 and 77,200, respectively)		801,607		660,681
SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A (cost $361,716 and $313,814 and units of 15,860 and 14,114, respectively)		387,801		331,866
Receivable for investments sold		34,905		201,949
Receivable for fund units sold		16,123		84,988
Other assets		643		597
Total assets		20,110,505		16,872,473
Liabilities
Payable for investments purchased		51,028		311,853
Investment advisory fee payable		3,021		2,132
ING—program fee payable		8,320		7,083
Trustee, management and administration fees payable		1,440		1,258
ABA Retirement Funds—program fee payable		1,159		1,016
Other accruals		5,900		5,880
Total liabilities		70,868		329,222
Net Assets (equivalent to $21.86 and $20.66 per unit based on 916,789 and 800,872 units outstanding, respectively)	$	20,039,637	$	16,543,251

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

180

American Bar Association Members/Northern Trust Collective Trust

Aggressive Risk Fund

Statements of Operations

Unaudited

	For the period April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income	$	—		$	—		$	—		$	—
Expenses
ING—program fee		25,836			20,260			49,178			37,893
Trustee, management and administration fees		4,434			3,469			8,457			6,447
Investment advisory fee		3,439			2,073			7,082			4,432
ABA Retirement Funds—program fee		3,617			2,847			6,955			5,282
Legal and audit fees		1,394			1,223			2,689			2,308
Compliance consultant fees		813			643			1,584			1,213
Reports to unitholders		98			103			190			195
Registration fees		950			853			1,850			1,610
Other fees		195			160			380			301
Total expenses		40,776			31,631			78,365			59,681
Less: Expense reimbursement		(662	)		—			(1,397	)		—
Net expenses		40,114			31,631			76,968			59,681
Net investment income (loss)		(40,114	)		(31,631	)		(76,968	)		(59,681	)
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		155,761			646,966			341,787			809,594
Net realized gain (loss)		155,761			646,966			341,787			809,594
Change in net unrealized appreciation (depreciation) on:
Investments		(794,210	)		(589,259	)		673,800			(104,359	)
Change in net unrealized appreciation (depreciation)		(794,210	)		(589,259	)		673,800			(104,359	)
Net realized and unrealized gain (loss)		(638,449	)		57,707			1,015,587			705,235
Net increase (decrease) in net assets resulting from operations	$	(678,563	)	$	26,076		$	938,619		$	645,554

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

181

American Bar Association Members/Northern Trust Collective Trust

Aggressive Risk Fund

Statement of Changes in Net Assets

Unaudited

	For the six-month period ended June 30, 2012
From operations
Net investment income (loss)	$	(76,968	)
Net realized gain (loss)		341,787
Change in net unrealized appreciation (depreciation)		673,800
Net increase (decrease) in net assets resulting from operations		938,619
From unitholder transactions
Proceeds from units issued		5,765,555
Cost of units redeemed		(3,207,788	)
Net increase (decrease) in net assets from unitholder transactions		2,557,767
Net increase (decrease) in net assets		3,496,386
Net Assets
Beginning of period		16,543,251
End of period	$	20,039,637
Number of units
Outstanding-beginning of period		800,872
Issued		263,647
Redeemed		(147,730	)
Outstanding-end of period		916,789

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

182

American Bar Association Members/Northern Trust Collective Trust

Aggressive Risk Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)

	For the period April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January  1, 2011 to June 30, 2011
Investment income†	$	—		$	—		$	—		$	—
Expenses†,††		(0.04	)		(0.05	)		(0.09	)		(0.09	)
Net investment income (loss)		(0.04	)		(0.05	)		(0.09	)		(0.09	)
Net realized and unrealized gain (loss)		(0.70	)		0.09			1.29			1.12
Net increase (decrease) in unit value		(0.74	)		0.04			1.20			1.03
Net asset value at beginning of period		22.60			22.24			20.66			21.25
Net asset value at end of period	$	21.86		$	22.28		$	21.86		$	22.28
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,††		0.82	%		0.83	%		0.80	%		0.83	%
Ratio of net investment income (loss) to average net assets*		(0.82	%)		(0.83	)%		(0.80	)%		(0.83	)%
Portfolio turnover**,†††		8	%		21	%		13	%		28	%
Total return**		(3.27	)%		0.18	%		5.81	%		4.85	%
Net assets at end of period (in thousands)	$	20,040		$	15,854		$	20,040		$	15,854

* 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 0.029% and 0.027% for the periods ended June 30, 2012 and 2011, respectively, 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.

183

American Bar Association Members/Northern Trust Collective Trust

Aggressive Risk Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
INVESTMENT FUNDS — 100.1%
Collective Investment Funds — 100.1%
SSgA Dow Jones UBS-Commodity IndexSM Non-Lending Series Fund, Class A		97,247	$	801,607
SSgA Global Equity ex U.S. Index Non-Lending Series Fund, Class A		507,718		6,111,911
SSgA Russell All Cap® Index Non-Lending Series Fund, Class A		488,106		8,832,765
SSgA U.S. Bond Index Non-Lending Series Fund, Class A		236,132		2,912,685
SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund, Class A		15,860		387,801
SSgA/Tuckerman REIT Index Non-Lending Series Fund, Class A		29,978		1,012,065
TOTAL INVESTMENT FUNDS (cost $19,651,351)				20,058,834
TOTAL INVESTMENTS — 100.1% (cost $19,651,351)			$	20,058,834
Liabilities Less Other Assets — (0.1)%				(19,197	)
NET ASSETS — 100.0%			$	20,039,637

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

184

American Bar Association Members/Northern Trust Collective Trust

Balanced Fund

Statements of Assets and Liabilities

	June 30, 2012 Unaudited		December 31, 2011
Assets
American Bar Association Members/Northern Trust Collective Trust investment funds, at value:
Large Cap Equity Fund (cost $105,039,220 and $108,375,238 and units of 9,312,219 and 9,461,947, respectively)	$	143,585,072	$	133,697,305
Bond Core Plus Fund (cost $72,550,329 and $73,106,915 and units of 3,304,211 and 3,828,099, respectively)		93,654,544		104,193,195
Receivable for fund units sold		1,275,000		8,000,000
Total assets		238,514,616		245,890,500
Liabilities
Payable for fund units redeemed		1,296,906		8,019,714
Total liabilities		1,296,906		8,019,714
Net Assets (equivalent to $102.36 and $95.63 per unit based on 2,317,594 and 2,487,413 units outstanding, respectively)	$	237,217,710	$	237,870,786

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

185

American Bar Association Members/Northern Trust Collective Trust

Balanced Fund

Statements of Operations

Unaudited

	For the period April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012		For the period January 1, 2011 to June 30, 2011
Investment income (loss)	$	—		$	—		$	—	$	—
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Bond Core Plus Fund		2,392,960			1,617,026			4,823,413		2,405,071
Large Cap Equity Fund		2,624,841			4,136,265			8,515,489		7,869,135
Net realized gain (loss)		5,017,801			5,753,291			13,338,902		10,274,206
Change in net unrealized appreciation (depreciation) on:
Investments		(8,137,677	)		(2,175,982	)		3,241,720		2,858,027
Change in net unrealized appreciation (depreciation)		(8,137,677	)		(2,175,982	)		3,241,720		2,858,027
Net realized and unrealized gain (loss)		(3,119,876	)		3,577,309			16,580,622		13,132,233
Net increase (decrease) in net assets resulting from operations	$	(3,119,876	)	$	3,577,309		$	16,580,622	$	13,132,233

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

186

American Bar Association Members/Northern Trust Collective Trust

Balanced Fund

Statement of Changes in Net Assets

Unaudited

	For the  six- month period ended June 30, 2012
From operations
Net realized gain (loss)	$	13,338,902
Change in net unrealized appreciation (depreciation)		3,241,720
Net increase (decrease) in net assets resulting from operations		16,580,622
From unitholder transactions
Proceeds from units issued		635,426
Cost of units redeemed		(17,869,124	)
Net increase (decrease) in net assets from unitholder transactions		(17,233,698	)
Net increase (decrease) in net assets		(653,076	)
Net Assets
Beginning of period		237,870,786
End of period	$	237,217,710
Number of units
Outstanding-beginning of period		2,487,413
Issued		6,212
Redeemed		(176,031	)
Outstanding-end of period		2,317,594

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

187

American Bar Association Members/Northern Trust Collective Trust

Balanced Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)

	For the period April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Net investment income (loss)	$	—		$	—		$	—		$	—
Net realized and unrealized gain (loss)		(1.30	)		1.29			6.73			4.63
Net increase (decrease) in unit value		(1.30	)		1.29			6.73			4.63
Net asset value at beginning of period		103.66			96.05			95.63			92.71
Net asset value at end of period	$	102.36		$	97.34		$	102.36		$	97.34
Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,†		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(a)*		0.00	%		0.00	%		0.00	%		0.00	%
Portfolio turnover(b)**		3	%		2	%		9	%		4	%
Total return**		(1.25	)%		1.34	%		7.04	%		4.99	%
Net assets at end of period (in thousands)	$	237,218		$	262,319		$	237,218		$	262,319

(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 do 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.

188

American Bar Association Members/Northern Trust Collective Trust

Balanced Fund

Schedule of Investments

June 30, 2012

Unaudited

	Shares		Value
AMERICAN BAR ASSOCIATION MEMBERS/NORTHERN TRUST
COLLECTIVE TRUST INVESTMENT FUNDS — 100.0%
Bond Core Plus Fund		3,304,211	$	93,654,544
Large Cap Equity Fund		9,312,219		143,585,072
TOTAL AMERICAN BAR ASSOCIATION MEMBERS/NORTHERN TRUST COLLECTIVE TRUST INVESTMENT FUNDS (cost $177,589,549)				237,239,616
TOTAL INVESTMENTS — 100.0% (cost $177,589,549)				237,239,616
Liabilities Less Other Assets — 0.0%				(21,906	)
NET ASSETS—100.0%			$	237,217,710

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

189

American Bar Association Members/Northern Trust Collective Trust

Combined Statement of Assets and Liabilities

	June 30, 2012 Unaudited		December 31, 2011
Assets
Investments, at value (cost $2,115,702,148 and $2,199,286,258, respectively)	$	2,320,947,108	$	2,351,069,730
Northern Trust Global Investments—Collective Government Short Term
Investment Fund, at value (cost $99,390,326 and $115,820,756, respectively)		99,390,326		115,820,756
Investments in collective investment funds, at value (cost $307,399,018 and $307,069,831, respectively)		365,372,303		362,951,942
Investment Companies, at value (cost $363,219)		366,790		—
Northern Trust Global Investments—Collective Short Term Investment
Fund (cost $43,439,553 and $43,676,411 and units of 43,439,553 and
43,676,411, respectively)		43,439,626		43,676,411
SSgA collective investment funds (cost $1,126,719,290 and $1,014,035,373 and units of 78,827,039 and 72,459,248, respectively)		1,289,478,312		1,108,980,868
Foreign currency, at value (cost $913,226 and $329,366, respectively)		909,913		324,877
Cash		11,635		1,210,925
Deposit with broker for investments sold on TBA commitment transactions		836,140		275,000
Receivable for investments sold on TBA commitment transactions		130,714,053		88,956,055
Receivable for investments sold		107,437,597		28,165,788
Receivable for fund units sold		4,439,271		19,603,232
Interest and dividends receivable		3,691,365		4,024,169
Receivable for futures variation margin		18,984		32,925
Unrealized appreciation of forward currency exchange contracts		117		27,605
Tax reclaims receivable		560,038		366,868
Swap premiums paid		26,904		40,470
Unrealized appreciation on swap agreements		1,308,323		644,658
Other assets		121,225		140,001
Total assets		4,369,070,030		4,126,312,280
Liabilities
Securities sold, not yet purchased, at fair value (proceeds $53,012,109 and $67,367,772, respectively)		53,159,087		67,605,673
Due to custodian		25,072		53,061
Payable for cash collateral received on securities loaned		72,106,067		71,264,089
Payable for investments purchased on TBA commitment transactions		107,964,766		87,342,049
Payable for investments purchased		70,087,058		36,733,953
Payable for fund units redeemed		2,778,822		16,803,433
Swap premiums received		10,777		3,971
Unrealized depreciation on swap agreements		1,404		14,427
Due to broker for open swap contracts		1,230,684		620,000
Due to broker for investments purchased on TBA commitment transactions		866,250		46,250
Unrealized depreciation of forward currency exchange contracts		147,573		388,756
Investment advisory fee payable		487,869		487,063
Retirement Date Fund management fee payable		127,060		107,696
ING—program fee payable		1,599,672		1,555,742
Trustee, management and administration fees payable		283,225		284,417

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

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Combined Statement of Assets and Liabilities

	June 30, 2012 Unaudited			December 31, 2011
Liabilities
ABA Retirement Funds—program fee payable		221,404			223,216
Payable for legal and audit services		139,515			527,250
Payable for compliance consultant fees		304,420			276,912
Payable for Registration fees		691,355			504,498
Payable for reports to unitholders		79,079			74,750
Other accruals		28,609			52,516
Total liabilities		312,339,768			284,969,722
Net Assets at fair value		4,056,730,262			3,841,342,558
Adjustment from fair value to contract value for fully benefit responsive contracts		(34,321,680	)		(27,057,652	)
Net Assets	$	4,022,408,582		$	3,814,284,906

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

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Combined Statement of Operations

Unaudited

	For the period April 1, 2012 to June 30, 2012			For the period April 1, 2011 to June 30, 2011			For the period January 1, 2012 to June 30, 2012			For the period January 1, 2011 to June 30, 2011
Investment income
Dividends	$	11,627,351		$	11,532,732		$	22,416,052		$	21,551,570
Interest		3,048,199			2,661,465			6,090,484			5,673,338
Interest—affiliated issuers		61,704			61,227			127,264			145,152
Securities lending income, net		95,084			165,533			168,939			290,888
Total investment income		14,832,338			14,420,957			28,802,739			27,660,948
Expenses
ING—program fee		4,929,256			4,973,965			9,647,723			9,802,043
Trustee, management and administration fees		878,365			875,308			1,737,861			1,717,693
Retirement Date Fund management fee		136,974			109,845			258,235			219,694
Investment advisory fee		1,712,674			1,844,538			3,463,237			3,645,601
ABA Retirement
Funds—program fee		689,589			694,170			1,364,374			1,360,847
Legal and audit fees		267,884			296,652			528,988			590,065
Compliance consultant fees		155,390			155,825			310,809			309,933
Reports to unitholders		18,646			25,063			37,299			49,815
Registration fees		181,497			206,931			363,024			411,588
Other fees		39,881			39,327			78,982			78,349
Total expenses		9,010,156			9,221,624			17,790,532			18,185,628
Less: Expense reimbursement		(127,018	)		—			(276,447	)		—
Net expenses		8,883,138			9,221,624			17,514,085			18,185,628
Net investment income (loss)		5,949,200			5,199,333			11,288,654			9,475,320
Net realized and unrealized gain (loss)
Net realized gain (loss) on:
Investments		26,390,292			61,735,509			73,180,455			116,695,598
Foreign currency transactions		277,633			(590,076	)		(533,735	)		(918,653	)
Futures contracts		263			272,513			2,058,606			282,665
Swap contracts		601,193			—			955,946			—
Net realized gain (loss)		27,269,381			61,417,946			75,661,272			116,059,610
Change in net unrealized appreciation (depreciation) on:
Investments		(104,157,341	)		(42,588,638	)		116,198,244			38,349,599
Foreign currency transactions		(274,589	)		488,787			201,326			394,226
Futures contracts		1,562			209,854			(1,832,019	)		435,771
Written options		—			(2,012	)		—			3,910
Swap contracts		345,329			26,391			684,470			80,634
Change in net unrealized appreciation (depreciation)		(104,085,039	)		(41,865,618	)		115,252,021			39,264,140
Net realized and unrealized gain (loss)		(76,815,658	)		19,552,328			190,913,293			155,323,750
Net increase (decrease) in net assets resulting from operations	$	(70,866,458	)	$	24,751,661		$	202,201,947		$	164,799,070

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

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Combined Statement of Changes in Net Assets

Unaudited

	For the  six- month period ended June 30, 2012
From operations
Net investment income (loss)	$	11,288,654
Net realized gain (loss)		75,661,272
Change in net unrealized appreciation (depreciation)		115,252,021
Net increase (decrease) in net assets resulting from operations		202,201,947
From unitholder transactions
Proceeds from units issued		439,472,893
Cost of units redeemed		(433,551,164	)
Net increase (decrease) in net assets from unitholder transactions		5,921,729
Net increase (decrease) in net assets		208,123,676
Net Assets
Beginning of period		3,814,284,906
End of period	$	4,022,408,582
Number of units
Outstanding-beginning of period		170,685,661
Issued		20,143,873
Redeemed		(18,448,926	)
Outstanding-end of period		172,380,608

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

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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 ABA Retirement Funds Program (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 Program. As of June 30, 2012, the Collective Trust offered twenty-three separate collective investment funds, comprised of six Managed Funds, six Index Funds, the Real Asset Return Fund, the Alternative Alpha Fund, six 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 the preservation of principal and liquidity. SARF may invest in investment contracts (“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—total return from current income and capital appreciation through investment in a diversified portfolio of fixed income securities with varying maturities.

Large Cap Equity Fund—long-term growth of capital through investment primarily in common stocks and equity-type securities of larger-capitalization U.S. companies with market capitalizations, at the time of purchase, of greater than $1 billion.

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Small-Mid Cap Equity Fund—long-term growth of capital through investment primarily in common stocks and equity-type securities of small- to medium-capitalization 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.

Global All Cap Equity Fund—long-term growth of capital primarily through investment in common stocks and other equity securities of companies located throughout the world. The Fund invests in U.S. companies with market capitalizations in excess of $100 million at the time of purchase and also in non-U.S. companies of any size located in a number of countries throughout the world.

Index Funds

Bond Index Fund—replication of the total return of the Barclays Capital U.S. Aggregate Bond Index, after taking into account Fund expenses. As of June 30, 2012, 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.

Large Cap Index Equity Fund—replication of the total return of the S&P 500®, after taking into account Fund expenses. As of June 30, 2012, 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®.

All Cap Index Equity Fund—replication of the total return of the Russell 3000® Index, after taking into account Fund expenses. As of June 30, 2012, 100% of the Fund’s net assets were invested indirectly through the SSgA Russell All Cap® 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 Russell 3000^® Index.

Mid Cap Index Equity Fund—replication of the total return of the S&P MidCap 400®, after taking into account Fund expenses. As of June 30, 2012, 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®.

Small Cap Index Equity Fund—replication of the total return of the Russell 2000® Index, after taking into account Fund expenses. As of June 30, 2012, 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.

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 June 30, 2012, 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.

Each of these underlying funds’ annual financial statements are available to any individual upon request and may also be accessed by Participants on the password-protected portion of the Program’s website.

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 SM (which excludes food and energy). The Fund invests in the SSgA Dow Jones UBS-Commodity Index 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.

Each of these underlying funds’ annual financial statements are available to any individual upon request and may also be accessed by Participants on the password-protected portion of the Program’s website.

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Alternative Alpha Fund

Alternative Alpha Fund—long-term total returns in excess of the yield on cash-equivalent investments through investments in a broad range of liquid asset classes, including a diversified portfolio of securities and instruments. The investment strategies used by the Investment Advisors are non-traditional, and include the use of derivatives, leverage, hedging and shorting. These strategies have certain non-traditional risks.

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 six Retirement Date Funds, designated as the Lifetime Income Retirement Date Fund, 2010 Retirement Date Fund, 2020 Retirement Date Fund, 2030 Retirement Date Fund, 2040 Retirement Date Fund and 2050 Retirement Date Fund, respectively, offer six separate “target retirement date” strategies. With the exception of the Lifetime Income Retirement Date Fund, which is designed for those well into retirement, each Retirement Date Fund’s asset mix will, over time, become progressively more conservative as the specified target date of most conservative investment 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 June 30, 2012, each of the Retirement Date Funds invested 100% of its net 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.

2050 Retirement Date Fund—invests 100% of its net assets in the SSgA Target Retirement 2050 Non-Lending Series Fund Class A.

Each of these underlying funds’ annual financial statements is available to any individual upon request and may also be accessed by Participants on the password-protected portion of the Program’s website.

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.

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 the SSgA Global Equity ex U.S. 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.

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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 the SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A, SSgA Dow Jones UBS-Commodity IndexSM Non-Lending Series Fund Class A, SSgA U.S. Bond Index Non-Lending Series Fund Class A, SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A, SSgA Russell All Cap^® Index Non-Lending Series Fund Class A, SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A, and 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.

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 the SSgA SM Global Equity ex U.S. Index Non-Lending Series Fund Class A, SSgA Dow Jones UBS-Commodity 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, and SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A. The Aggressive Risk Fund is designed for investors who want high growth and capital appreciation. This Fund is expected to have the highest volatility of returns among the Target Risk Funds.

Each of these underlying funds’ annual financial statements is available to any individual upon request and may also be accessed by Participants on the password-protected portion of the Program’s website.

Balanced Fund

Balanced Fund—current income and long-term capital appreciation through investment in publicly traded common stocks, other equity-type securities, medium- to long-term debt securities with varying maturities and money market instruments. As of June 30, 2012, 39.5% and 60.5% 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 other than SARF (i.e., the Large Cap Equity Fund, Small-Mid Cap Equity Fund, International All Cap Equity Fund, Global 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 directly or indirectly in the NTGI Collective Government Short-Term Investment Fund (“GSTIF”). The annual financial statements of STIF and GSTIF are available to any individual upon request and may also be accessed by Participants on the password-protected portion of the Program’s website.

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 Collective Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011, as filed with the SEC on March 23, 2012.

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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 each Fund comprising 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.

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 - unadjusted 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 other inputs in active markets and markets that are not active.

• Level 3 - significant unobservable inputs (including the Trustee’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. Northern Trust Investments also 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. These investments are typically classified as Level 2 or 3 depending upon the priority of the significant inputs.

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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, the Global All Cap Equity Fund and the International Index 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 and are categorized as Level 1.

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 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 2.

The STIF and GSTIF are valued on the basis of amortized cost, which approximates fair value, unless otherwise determined by the trustee of such funds, and are categorized as Level 2. 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.

Northern Trust’s Pricing Unit (the “NT Pricing Unit”) is responsible for gathering prices from independent pricing sources and supplying a value for each portfolio security used in the net asset value (“NAV”) computations. Securities or other assets for which market quotations are not readily available or for which market quotations do not represent the value at the time of pricing are fair valued in accordance with established policies and procedures. Northern Trust Global Investments has established a pricing and valuation committee (the “NTGI PVC”) whose membership includes representatives of Northern Trust Investments, as well as independent control personnel from Northern Trust’s Legal, Compliance and Risk Management departments. The NTGI PVC is responsible for the fair valuation of portfolio securities and the monitoring of the fair valuation process of securities.

In making a determination of the fair value of the security, the NTGI PVC may engage consultants and other service providers as well as consider factors that it deems appropriate to the determination of the fair value of the security. Such factors include, but are not limited to: the type of security; the current financial position of the company; the cost of the investment; information as to any transaction or offers with respect to the security; market value of similar securities; and news events. The Trustee monitors markets and the circumstances of the security’s issuer that affect the security’s valuation and the NTGI PVC will review if the markets and circumstances of the security’s issuer relevant to the valuation of the fair valued security change materially.

The Fund discloses transfers between Levels based on valuations at the end of each reporting period. Except for Bond Core Plus Fund, there have been no transfers in and out of Level 1 and 2 fair value measurements for any of the Funds or the Balanced Fund for the six-month period ended June 30, 2012. The Bond Core Plus Fund had a transfer of $1,687,500 into Level 1 from Level 2 due to the valuation at a readily available market closing price.

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Unaudited

The following is a summary of the valuation of the Funds’ and the Balanced Fund’s investments and other financial instruments following the fair value hierarchy levels, as well as a reconciliation of Level 3 assets, if applicable, for which significant unobservable inputs were used in determining value as of June 30, 2012:

Stable Asset Return Fund	Level 1		Level 2		Level 3		Total
Assets
Investments in securities*	$	—	$	911,199,847	$	—	$	911,199,847
Short-Term Investments		—		99,390,326		—		99,390,326
Total	$	—	$	1,010,590,173	$	—	$	1,010,590,173

Bond Core Plus Fund **	Level 1		Level 2		Level 3		Total
Assets
Fixed Income
U.S. Corporate Asset-Backed Securities	$	—	$	3,542,451	$	—	$	3,542,451
U.S. Government & Agency Obligations		—		247,204,499		—		247,204,499
Foreign Government Obligations		—		7,494,185		—		7,494,185
Municipals		—		16,976,267		—		16,976,267
Corporate Bonds		—		80,530,879		—		80,530,879
Bank Loans		—		2,661,359		—		2,661,359
Convertible Preferred Stock		1,687,500		—		—		1,687,500
Short-Term Investments		—		793,750		—		793,750
ABA Members Collateral Fund		—		15,080,281		—		15,080,281
Other Financial Instruments
Interest Rate Swap Contracts		—		1,308,323		—		1,308,323
Total	$	1,687,500	$	375,591,994	$	—	$	377,279,494

Bond Core Plus Fund **	Level 1		Level 2			Level 3		Total
Liabilities
Fixed Income
U.S. Government & Agency Obligations	$	—	$	(53,159,087	) $		—	$	(53,159,087	)
Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—		(147,573	)		—		(147,573	)
Interest Rate Swap Contracts		—		(1,404	)		—		(1,404	)
Total	$	—	$	(53,308,064	)	$	—	$	(53,308,064	)

Large Cap Equity Fund **	Level 1		Level 2		Level 3		Total
Assets
Common Stock and/or Other Equity Investments
Basic Materials	$	20,329,135	$	—	$	—	$	20,329,135
Communications		83,770,527		—		—		83,770,527
Consumer, Cyclical		79,504,975		—		—		79,504,975
Consumer, Non-Cyclical		162,469,409		—		—		162,469,409
Energy		66,953,143		—		—		66,953,143
Financial		80,786,005		—		—		80,786,005
Industrial		72,941,805		—		—		72,941,805
Technology		96,638,272		—		—		96,638,272
Utilities		15,769,909		—		—		15,769,909
ABA Members Collateral Fund		—		16,199,580		—		16,199,580
Collective Investment Fund		—		35,840,420		—		35,840,420
Short-Term Investments		—		29,512,967		—		29,512,967
Total	$	679,163,180	$	81,552,967	$	—	$	760,716,147

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Small-Mid Cap Equity Fund **	Level 1		Level 2		Level 3		Total
Assets
Common Stock and/or Other Equity Investments
Basic Materials	$	14,067,904	$	—	$	—	$	14,067,904
Communications		15,494,087		—		—		15,494,087
Consumer, Cyclical		35,733,286		—		—		35,733,286
Consumer, Non-Cyclical		49,381,893		—		—		49,381,893
Energy		14,419,077		—		—		14,419,077
Financial		51,885,762		—		—		51,885,762
Government		417,885		—		—		417,885
Industrial		28,294,153		—		—		28,294,153
Technology		22,677,248		—		—		22,677,248
Utilities		10,742,735		—		—		10,742,735
ABA Members Collateral Fund		—		33,958,461		—		33,958,461
Collective Investment Fund		—		12,614,616		—		12,614,616
Short-Term Investments		—		7,762,786		—		7,762,786
Total	$	243,114,030	$	54,335,863	$	—	$	297,449,893
International All Cap Equity Fund **	Level 1		Level 2		Level 3		Total
Assets
Common Stock and/or Other Equity Investments
Argentina	$	130,528	$	—	$	—	$	130,528
Australia		—		4,116,882		—		4,116,882
Austria		—		357,705		—		357,705
Belgium		—		3,387,935		—		3,387,935
Bermuda		—		99,682		—		99,682
Brazil		1,992,765		—		—		1,992,765
Canada		4,080,793		—		—		4,080,793
China		313,314		1,031,929		—		1,345,243
Denmark		—		1,192,232		—		1,192,232
Finland		—		307,104		—		307,104
France		—		8,052,358		—		8,052,358
Germany		—		10,245,433		—		10,245,433
Greece		646,890		134,808		—		781,698
Hong Kong		—		3,368,351		—		3,368,351
India		865,062		—		—		865,062
Indonesia		458,572		270,200		—		728,772
Ireland		799,290		614,450		—		1,413,740
Israel		374,702		233,081		—		607,783
Italy		—		1,670,526		—		1,670,526
Japan		—		18,645,858		—		18,645,858
Macau		—		134,541		—		134,541
Malaysia		—		1,666,634		—		1,666,634
Mexico		1,161,273		—		—		1,161,273
Netherlands		—		4,572,282		—		4,572,282
Norway		—		1,381,426		—		1,381,426
Peru		195,130		—		—		195,130
Philippines		779,990		82,480		—		862,470
Poland		—		1,078,918		—		1,078,918
Portugal		—		204,328		—		204,328
Singapore		—		1,142,910		—		1,142,910
South Africa		—		5,884,641		—		5,884,641

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International All Cap Equity Fund **	Level 1		Level 2		Level 3		Total
Assets
South Korea	$	—	$	4,093,611	$	—	$	4,093,611
Spain		—		1,568,950		—		1,568,950
Sweden		—		2,325,455		—		2,325,455
Switzerland		787,073		9,816,195		—		10,603,268
Taiwan		—		3,122,573		—		3,122,573
Thailand		—		988,607		—		988,607
Turkey		—		366,090		—		366,090
United Kingdom		2,233,178		18,993,299		—		21,226,477
United States		1,402,877		—		—		1,402,877
ABA Members Collateral Fund		—		5,645,956		—		5,645,956
Exchange-Traded Fund		7,143,216		—		—		7,143,216
Short-Term Investments		—		2,611,799		—		2,611,799
Total	$	23,364,653	$	119,409,229	$	—	$	142,773,882
Global All Cap Equity Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	1,107,935	$	—	$	1,107,935
Short-Term Investments		—		73		—		73
Total	$	—	$	1,108,008	$	—	$	1,108,008

*Synthetic guaranteed investment contracts are deemed Level 2 investments based on the fair value hierarchy.

** 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 5. 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	$	—	$	92,263,587	$	—	$	92,263,587
Total	$	—	$	92,263,587	$	—	$	92,263,587
Large Cap Index Equity Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	88,706,795	$	—	$	88,706,795
Total	$	—	$	88,706,795	$	—	$	88,706,795
All Cap Index Equity Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	284,105,719	$	—	$	284,105,719
Total	$	—	$	284,105,719	$	—	$	284,105,719
Mid Cap Index Equity Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	70,586,992	$	—	$	70,586,992
Total	$	—	$	70,586,992	$	—	$	70,586,992
Small Cap Index Equity Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	37,911,236	$	—	$	37,911,236
Total	$	—	$	37,911,236	$	—	$	37,911,236

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International Index Equity Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	53,943,489	$	—	$	53,943,489
Total	$	—	$	53,943,489	$	—	$	53,943,489
Real Asset Return Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	27,180,503	$	—	$	27,180,503
Total	$	—	$	27,180,503	$	—	$	27,180,503
Alternative Alpha Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	542,230	$	—	$	542,230
Investment Companies		366,790		—		—		366,790
Total	$	366,790	$	542,230	$	—	$	909,020
Lifetime Income Retirement Date Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	43,941,386	$	—	$	43,941,386
Total	$	—	$	43,941,386	$	—	$	43,941,386
2010 Retirement Date Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	73,164,075	$	—	$	73,164,075
Total	$	—	$	73,164,075	$	—	$	73,164,075
2020 Retirement Date Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	190,065,671	$	—	$	190,065,671
Total	$	—	$	190,065,671	$	—	$	190,065,671
2030 Retirement Date Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	136,752,743	$	—	$	136,752,743
Total	$	—	$	136,752,743	$	—	$	136,752,743
2040 Retirement Date Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	87,549,715	$	—	$	87,549,715
Total	$	—	$	87,549,715	$	—	$	87,549,715
2050 Retirement Date Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	411,087	$	—	$	411,087
Total	$	—	$	411,087	$	—	$	411,087

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Conservative Risk Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	29,047,896	$	—	$	29,047,896
Short-Term Investments		—		1,503,803		—		1,503,803
Total	$	—	$	30,551,699	$	—	$	30,551,699
Moderate Risk Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	53,788,584	$	—	$	53,788,584
Short-Term Investments		—		1,254,448		—		1,254,448
Total	$	—	$	55,043,032	$	—	$	55,043,032
Aggressive Risk Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	20,058,834	$	—	$	20,058,834
Total	$	—	$	20,058,834	$	—	$	20,058,834
Balanced Fund	Level 1		Level 2		Level 3		Total
Assets
Collective Investment Funds	$	—	$	237,239,616	$	—	$	237,239,616
Total	$	—	$	237,239,616	$	—	$	237,239,616

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, provide investment advisory services with respect to portions of SARF. In addition, Galliard is responsible for making recommendations regarding the appointment and retention of investment advisors for the portions of SARF for which it does not serve as an investment advisor. As of June 30, 2012, approximately 56%, 18% and 16% of the assets of SARF were allocated to Galliard, Jennison and PIMCO, respectively. In addition, as of June 30, 2012, approximately 10% of the assets of the Fund were allocated to the NTGI Collective Government Short-Term Investment Fund, which provides a “liquidity buffer” for SARF.

The SARF invests in SGICs, Security-Backed Contracts or Wrap Contracts, which are fully benefit responsive book value contracts with underlying fixed income securities. The SARF has entered into such investment contracts with three 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 the 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 Statements of Assets and Liabilities present 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 the 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 the 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 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.

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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 the SARF, which is included as part of the crediting rate, is disclosed for financial reporting purposes and is included in “Investment advisory fee” in the accompanying Statements of Operations in the amounts of $330,291, $320,251, $657,970 and $636,993 for the three-month periods ended June 30, 2012 and June 30, 2011 and for the six-month periods ended June 30, 2012 and June 30, 2011, respectively.

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 the 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 the 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.

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 the SARF to transact at contract value with plan participants. As of June 30, 2012, the occurrence of an event that would limit the ability of the SARF to transact at contract value with the participants was not probable.

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ii. Termination Events by the Issuer

Investment contracts generally impose conditions on both the SARF and the issuer. Assuming conditions are met and neither the SARF nor the issuer is in default, the SARF can buy and sell covered investments and process withdrawals through the sale of covered investments in accordance with the 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 the 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 the 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, the SARF were unable to obtain a replacement SGIC, withdrawing plans may experience losses if the value of the SARF’s assets no longer covered by the contract is below contract value. The SARF may seek to add additional SGIC issuers over time to diversify the SARF’s exposure to such risk, but there is no assurance that the 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 the 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 the 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 the 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 the SARF the excess of contract value over market value to the extent necessary for the 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 June 30, 2012, all SGICs held by the SARF were deemed fully benefit-responsive. The change in the difference between the fair value and contract value of the SARF’s fully benefit-responsive investment contracts during the six-month period ended June 30, 2012 is reflected below:

	June 30, 2012			December 31, 2011			Change
Investments (at fair value)	$	911,199,847		$	893,870,854		$	17,328,993
Investments (at contract value)		876,878,167			866,813,202			10,064,965
Adjustment to fair value		(34,321,680	)		(27,057,652	)		(7,264,028	)
Average yields
Based on actual income (1)								1.09	%
Based on interest rate credited to participants (2)								2.06	%

(1) Computed by dividing the annualized one-day actual earnings of the Fund on June 30, 2012 by the fair value of investments on June 30, 2012.

(2) Computed by dividing the annualized one-day earnings credited to participants on June 30, 2012 by the fair value of investments on June 30, 2012.

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Sensitivity Analysis

The following tables are intended to provide certain sensitivity analysis 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 the SARF and make an assumption that there is no change in the duration of the underlying investment portfolio.

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

	Weighted Average Credit Interest Rate	50% Decrease			25% Decrease			25% Increase			50% Increase
June 30, 2012	2.05%
September 30, 2012			2.27	%		2.33	%		2.44	%		2.50	%
December 31, 2012			2.08	%		2.17	%		2.33	%		2.42	%
March 31, 2013			1.92	%		2.02	%		2.24	%		2.34	%
June 30, 2013			1.77	%		1.90	%		2.15	%		2.27	%

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

	Weighted Average Credit Interest Rate	50% Decrease			25% Decrease			25% Increase			50% Increase
June 30, 2012	2.05  %
September 30, 2012			2.42	%		2.48	%		2.60	%		2.65	%
December 31, 2012			2.22	%		2.30	%		2.47	%		2.55	%
March 31, 2013			2.04	%		2.15	%		2.36	%		2.46	%
June 30, 2013			1.88	%		2.00	%		2.26	%		2.38	%

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

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

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.

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 the reporting date. 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.

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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 Statements 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 in the Statements of Operations 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. For the open tax years as of December 31, 2011, management determined that no uncertainties would have a material impact on the Collective Trust’s tax liabilities. 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. 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.

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 commitment 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 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.

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The Funds and the Balanced Fund through their 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 long (short) 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 instrument.

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 notional 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.

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

For the six-month period ended June 30, 2012, the Bond Core Plus Fund had an average notional long (short) exposure of $(1,013,677) related to futures contracts.

I. Forward Foreign Currency Contracts

The Bond Core Plus Fund and 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.

For the six-month period ended June 30, 2012, the Bond Core Plus Fund and International All Cap Equity Fund had an average notional exposure of $7,188,615 and $10,744,368, respectively, related to forward foreign currency contracts.

The Funds and the Balanced Fund through their 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. Swap agreements are privately negotiated in the over-the-counter market (“OTC swaps”) or may be executed in a multilateral or other trade facility platform, such as a registered exchange (“centrally cleared swaps”). 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

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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 OTC swap 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 Statements 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.

For the six-month period ended June 30, 2012, the Bond Core Plus Fund had an average notional exposure of $7,552,594 related to interest rate swap contracts.

The Funds and the Balanced Fund through their 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 to 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 Statements 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.

For the six-month period ended June 30, 2012, the Bond Core Plus Fund did not write any options or swaptions.

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. Realized 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.

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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 Statements 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 their investments in other collective funds may have exposure indirectly to this type of derivative instrument.

L. Derivative Market and Credit Risk

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

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

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

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

The Bond Core Plus Fund is party to 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 June 30, 2012 is presented as Deposit with broker or Due to broker, respectively, on the accompanying Statements of Assets and Liabilities.

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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

		June 30, 2012
		Interest Rate Risk		Foreign Exchange Risk		Total
Bond Core Plus Fund	Futures Contracts (a)	$	—	$	—	$	—
	Forward Contracts (b)		—		—		—
	Swap Contracts (c)		1,308,323		—		1,308,323
	Total Value	$	1,308,323	$	—	$	1,308,323
		December 31, 2011
		Interest Rate Risk		Foreign Exchange Risk		Total
Bond Core Plus Fund	Futures Contracts (a)	$	1,833,581	$	—	$	1,833,581
	Forward Contracts (b)		—		27,605		27,605
	Swap Contracts (c)		644,658		—		644,658
	Total Value	$	2,478,239	$	27,605	$	2,505,844
Liability Derivatives
		June 30, 2012
		Interest Rate Risk		Foreign Exchange Risk		Total
Bond Core Plus Fund	Futures Contracts (a)	$	1,832,019	$	—	$	1,832,019
	Forward Contracts (b)		—		147,573		147,573
	Swap Contracts (c)		1,404		—		1,404
	Total Value	$	1,833,423	$	147,573	$	1,980,996
		December 31, 2011
		Interest Rate Risk		Foreign Exchange Risk		Total
Bond Core Plus Fund	Futures Contracts (a)	$	—	$	—	$	—
	Forward Contracts (b)		—		388,756		388,756
	Swap Contracts (c)		14,427		—		14,427
	Total Value	$	14,427	$	388,756	$	403,183

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The International All Cap Equity 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
		June 30, 2012
		Interest Rate Risk		Foreign Exchange Risk		Total
International All Cap
Equity Fund	Forward Contracts (b)	$	—	$	117	$	117
	Total Value	$	—	$	117	$	117

There were no derivatives held in the International All Cap Equity Fund at the year ended December 31, 2011.

Each of the above derivatives is located in the following Statements 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 Statements of Assets and Liabilities)

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

(c) Gross unrealized appreciation/depreciation of swap agreements

		For the six-month period ended June 30, 2012
		Interest Rate Risk		Foreign Exchange Risk		Total
Bond Core Plus Fund	Realized gain (loss)
	Futures Contracts (a)	$	2,058,606	$	—	$	2,058,606
	Forward Contracts (b)		—		(491,931)		(491,931)
	Swap Contracts (c)		955,946		—		955,946
	Total Value	$	3,014,552	$	(491,931)	$	2,522,621

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		For the six-month period ended June 30, 2011
		Interest Rate Risk		Foreign Exchange Risk		Total
Bond Core Plus Fund	Realized gain (loss)
	Futures Contracts (a)	$	282,665	$	—	$	282,665
	Forward Contracts (b)		—		(1,023,986)		(1,023,986)
	Swap Contracts (c)		—		—		—
	Total Value	$	282,665	$	(1,023,986)	$	(741,321)
		For the six-month period ended June 30, 2012
		Interest Rate Risk		Foreign Exchange Risk		Total
International All Cap
Equity Fund	Realized gain (loss)
	Forward Contracts (b)	$	—	$	(41,804)	$	(41,804)
	Total Value	$	—	$	(41,804)	$	(41,804)
		For the six-month period ended June 30, 2011
		Interest Rate Risk		Foreign Exchange Risk		Total
International All Cap
Equity Fund	Realized gain (loss)
	Forward Contracts (b)	$	—	$	105,333	$	105,333
	Total Value	$	—	$	105,333	$	105,333

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

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

(b) Net realized gain/(loss) foreign currency transactions (Statements of Operations include both forwards and foreign currency transactions)

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

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		For the six-month period ended June 30, 2012
		Interest Rate Risk		Foreign Exchange Risk		Total
Bond Core Plus Fund	Change in Unrealized Appreciation (Depreciation)
	Futures Contracts (a)	$	(1,832,019)	$	—	$	(1,832,019)
	Forward Contracts (b)		—		215,925		215,925
	Swap Contracts (c)		684,470		—		684,470
	Written Options (d)		—		—		—
	Total Value	$	(1,147,549)	$	215,925	$	(931,624)
		For the six-month period ended June 30, 2011
		Interest Rate Risk		Foreign Exchange Risk		Total
Bond Core Plus Fund	Change in Unrealized Appreciation (Depreciation)
	Futures Contracts (a)	$	435,771	$	—	$	435,771
	Forward Contracts (b)		—		413,143		413,143
	Swap Contracts (c)		80,634		—		80,634
	Written Options (d)		3,910		—		3,910
	Total Value	$	520,315	$	413,143	$	933,458
		For the six-month period ended June 30, 2012
		Interest Rate Risk		Foreign Exchange Risk		Total
International All Cap Equity Fund	Change in Unrealized Appreciation (Depreciation)
	Forward Contracts (b)	$	—	$	(14,599)	$	(14,599)
	Total Value	$	—	$	(14,599)	$	(14,599)

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		For the six-month period ended June 30, 2011
		Interest Rate Risk		Foreign Exchange Risk		Total
International All Cap Equity Fund	Change in Unrealized Appreciation (Depreciation)
	Forward Contracts (b)	$	—	$	(18,920)	$	(18,920)
	Total Value	$	—	$	(18,920)	$	(18,920)

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

(a) Net change in unrealized appreciation/(depreciation) futures contracts

(b) Net change in unrealized appreciation/(depreciation) foreign currency transactions (Statements of Operations includes both forwards and foreign currency transactions)

(c) Net change in unrealized appreciation/(depreciation) swap contracts

(d) Net change in 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 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

Northern Trust Investments has entered into Investment Advisor Agreements with the Investment Advisors listed below to which the Investment Advisors provide investment advice with respect to one or more of the Funds offered as investment options under the Program. As of June 30, 2012, the line-up of Investment Advisors to the Funds was 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

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Investment Advisor	Fund to which the Investment Advisor Provides Investment Advice
	International All Cap Equity Fund
Lombardia Capital Partners, LLC	Small-Mid Cap Equity Fund
Riverbridge Partners LLC	Small-Mid Cap Equity Fund
Systematic Financial Management, L.P.	Small-Mid Cap Equity Fund
TCW Investment Management Company	Small-Mid Cap Equity Fund
Altrinsic Global Advisors LLC	International All Cap Equity Fund
American Century Investment Management Inc.	International All Cap Equity Fund
First State Investments International Limited	International All Cap Equity Fund
William Blair & Company LLC	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, Northern Trust Investments has entered into Investment Management Agreements with State Street Bank pursuant to which the assets of certain of the Funds are invested in collective investment funds maintained by State Street Global Advisors, a division of State Street Bank. Northern Trust Investments has also entered into an Investment Management Agreement with State Street Bank with respect to the Index Funds.

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 and six-month periods ended June 30, 2012 and June 30, 2011 are listed below; the annual asset-based fees for 2012 range from the highest rate of .65% to the lowest rate of .05% among the various Investment Advisors.

Effective April 25, 2012, Northern Trust Investments has replaced Martin Currie Inc. with American Century Investment Management Inc. as Investment Advisor to provide investment advice with respect to a portion of the International All Cap Equity Fund. Effective May 30, 2012, Northern Trust Investments has replaced Eagle Global Advisors LLC with William Blair & Company LLC as Investment Advisor to provide investment advice with respect to a portion of the International All Cap Equity Fund.

Investment Advisor	Fund	Fees for the three-month period ended June 30, 2012		Fees for the six- month period ended June 30, 2012		Fees for the three-month period ended June 30, 2011		Fees for the six- month period ended June 30, 2011
Allianz Global Investors Capital LLC	Small-Mid Cap Equity Fund	$	30,661	$	64,315	$	37,963	$	76,236
Altrinsic Global Advisors, LLC	International All Cap Equity		34,065		70,781		43,830		86,828
American Century Investment Management Inc. **	International All Cap Equity		12,764		12,764		—		—
C.S. McKee, L.P.	Large Cap Equity Fund		157,731		317,705		170,460		340,085

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Investment Advisor	Fund	Fees for the three-month period ended June 30, 2012	Fees for the six- ended June 30, 2012		Fees for the period ended June 30, 2011	Fees for the six- ended June 30, 2011
Columbus Circle Investors	Large Cap Equity Fund	154,412		313,653	169,199		336,775
Delaware Investment Advisers	Large Cap Equity Fund	115,267		230,340	124,366		247,312
Denver Investment Advisors LLC	Small-Mid Cap Equity Fund	55,733		113,414	78,987		172,167
Eagle Global Advisors LLC **	International All Cap Equity	13,663		35,315	25,763		50,958
First State Investments International Limited	International All Cap Equity	52,965		107,463	61,796		121,023
Frontier Capital Management Co. LLC	Small-Mid Cap Equity Fund	28,738		58,918	34,065		67,674
Galliard Capital	Stable Asset Return Fund	182,559		365,108	180,773		360,952
Jennison Associates LLC	Stable Asset Return Fund	46,358		91,939	43,076		85,679
Jennison Associates LLC	Large Cap Equity Fund	95,058		193,117	103,603		206,020
Lombardia Capital Partners, LLC *	Small-Mid Cap Equity Fund	40,457		82,548	26,168		26,168
LSV Asset Management	International All Cap Equity	34,106		70,820	43,823		86,723
LSV Asset Management	Small-Mid Cap Equity Fund	40,304		82,778	57,401		124,696
Martin Currie Inc. **	International All Cap Equity	9,733		39,407	35,326		70,047
Pacific Investment Management Company LLC	Bond Core Plus Fund	235,742		470,199	235,447		453,457
Pacific Investment Management Company, LLC	Stable Asset Return Fund	101,374		200,923	96,402		190,362
Riverbridge Partners	Small-Mid Cap Equity Fund	35,478		71,820	42,084		83,336
Systematic Financial Management, L.P.	Small-Mid Cap Equity Fund	47,544		97,885	56,792		112,850
TCW Investment Management Company	Small-Mid Cap Equity Fund	31,128		64,625	37,942		75,465
William Blair & Company LLC **	International All Cap Equity	3,770		3,770	—		—
		$1,559,610	$	3,159,607	$1,705,266	$	3,374,813

* Lombardia Capital Partners, LLC began providing investment advice with respect to the Small-Mid Cap Equity Fund on May 10, 2011.

** Eagle Global Advisors LLC and Martin Currie Inc. were terminated as investment advisors with respect to the International All Cap Equity Fund during the three months ended June 30, 2012. American Century Investment Management Inc. and William Blair & Company LLC began providing investment advice with respect to the International All Cap Equity Fund during the three months ended June 30, 2012.

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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 and the Balanced Fund.

The ABA Retirement Funds Program fee is based on the value of Program assets and the following annual fee rate in effect during the two-month period ended February 29, 2012, and during the year ended December 31, 2011:

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	%

Effective from and after March 1, 2012, the Collective Trust pays a program expense fee to ABA Retirement Funds based on the aggregate value of the assets of the Funds and the Balanced Fund at the following annual rate:

Value of Assets	Rate of ABA Retirement Funds Program Fee
First $3 billion		.075	%
Next $1 billion		.065	%
Over $4 billion		.000	%

For the three-month periods ended June 30, 2012 and June 30, 2011 and for the six-month periods ended June 30, 2012 and June 30, 2011, ABA Retirement Funds received Program fees of $689,589, $694,170, $1,364,374 and $1,360,847 respectively. This Program fee is accrued daily and paid monthly based on the aggregate assets of the Funds and the Balanced Fund as of the last business day of the preceding month. The Funds and the Balanced Fund bear their respective portions of this Program fee pro rata 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 Life Insurance and Annuity Company (“ING Life”) 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 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 Life Program Fee
First $4 billion		.470	%
Next $1 billion		.360	%
Next $1 billion		.215	%
Over $6 billion		.220	%

219

American Bar Association Members/Northern Trust Collective Trust

Notes to Financial Statements—Continued

Unaudited

For the three-month periods ended June 30, 2012 and June 30, 2011 and for the six-month periods ended June 30, 2012 and June 30, 2011, respectively, the Program fee paid to ING Life was $4,929,256, $4,973,965, $9,647,723 and $9,802,043, respectively.

This Program fee is accrued daily and paid monthly based on the aggregate assets of the Funds and the Balanced Fund as of the last business day of the preceding month. The Funds and the Balanced Fund 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. Service penalties of $100,000 and $50,000 were imposed on ING Services during the six-month periods ended June 30, 2012 and June 30, 2011, respectively and the fees stated above are net of these penalties.

Effective April 26, 2012, the AQR Risk Parity Fund, in which the Alternative Alpha Fund is invested, makes payments to ING Life in the amount of .10% on an annualized basis of the assets allocated to the AQR Risk Parity Fund for administrative services rendered on behalf of the Alternative Alpha Fund. Such payments are applied against, and thus reduce, the Program fee otherwise payable on behalf of the Alternative Alpha Fund to ING Life. These payments are included in the operating expenses of the AQR Risk Parity Fund.

The Collective Trust has entered into a brokerage services agreement with TD Ameritrade, Inc. and TD Ameritrade Clearing, Inc. TD Ameritrade has agreed that, effective September 2, 2011, it will make payments on behalf of the Program in consideration of the Program’s services rendered with respect to the Self-Directed Brokerage Accounts. Such payments are applied against, and thus reduce, the Program fee otherwise payable to ING Life, and are reflected in the accompanying statements of operations as “Less: Expense reimbursement” in the amount of $127,018, $0, $276,447 and $0 for the three-month periods ended June 30, 2012 and June 30, 2011 and for the six-month periods ended June 30, 2012 and June 30, 2011, respectively. Such payments by TD Ameritrade are made quarterly in arrears, in an amount calculated based on the table below, based on the month-end values of Program assets held in TD Ameritrade brokerage accounts during such quarter.

Value of Program Assets
First $100 million	.000%
Next $400 million	.018%
Over $500 million	.020%

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

Trust, Management, Administration and Custody Fee

A fee is paid to Northern Trust for its trust, management, administration and custody of the assets in the investment options (other than Self-Directed 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 periods ended June 30, 2012 and June 30, 2011 and for the six-month periods ended June 30, 2012 and June 30, 2011, Northern Trust received trust, management and administration fees of $878,365, $875,308, $1,737,861 and $1,717,693, respectively.

220

American Bar Association Members/Northern Trust Collective Trust

Notes to Financial Statements—Continued

Unaudited

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.

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 and six-month periods ended June 30, 2012 and June 30, 2011:

	Fees for the three-month period ended June 30, 2012		Fees for the six-month period ended June 30, 2012		Fees for the three-month period ended June 30, 2011		Fees for the six-month period ended June 30, 2011
Bond Index Fund	$	9,473	$	17,645	$	6,110	$	12,181
Large Cap Index Equity Fund		4,655		8,877		3,050		5,995
All Cap Index Equity Fund		29,345		61,846		27,154		57,513
Mid Cap Index Equity Fund		8,022		14,676		5,509		10,779
Small Cap Index Equity Fund		3,837		7,492		3,456		6,744
International Index Equity Fund		15,718		31,998		15,951		31,100
Large Cap Equity Fund		5,390		8,085		6,664		9,500
Small-Mid Cap Equity Fund		2,596		3,979		2,760		3,744
International All Cap Equity Fund		3,614		6,098		4,211		6,658
	$	82,650	$	160,696	$	74,865	$	144,214

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. For the three-month periods ended June 30, 2012 and June 30, 2011, and for the six-month periods ended June 30, 2012 and June 30, 2011, State Street Bank received Real Asset Return Fund management fees of $5,012, $3,779, $9,802 and $6,642, respectively.

221

American Bar Association Members/Northern Trust Collective Trust

Notes to Financial Statements—Continued

Unaudited

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 June 30, 2012 and June 30, 2011, and for the six-month periods ended June 30, 2012 and June 30, 2011, State Street Bank received Retirement Date Funds management fees of $136,974, $109,845, $258,235 and $219,694, respectively.

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. For the three-month periods ended June 30, 2012 and June 30, 2011, and for the six-month periods ended June 30, 2012 and June 30, 2011, State Street Bank received Target Risk Fund management fees of $14,918, $9,714, $29,124 and $18,651, respectively.

Investment Advisor Fees — Managed Funds

The Investment Advisors for SARF are paid a weighted average fee at an annual rate of approximately .15% of the assets of the Fund.

If the aggregate market value of the Bond Core Plus Fund’s assets and the assets of certain other unaffiliated accounts are above $600 million (as of June 30, 2012, the aggregate value of such assets was $1.5 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 Bond Core Plus 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		.500	%
Next $25 million		.375
Over $50 million		.250

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 June 30, 2012:

Fund	Rate
Large Cap Equity Fund		.290	%
Small-Mid Cap Equity Fund		.477
International All Cap Equity Fund		.477

Investment Advisor fees attributable to the portions of the Global All Cap Equity Fund invested in the Large Cap Equity Fund, the Small-Mid Cap Equity Fund and the International All Cap Equity Fund are accrued and paid from the Large Cap Equity Fund, the Small-Mid Cap Equity Fund or the International All Cap Equity Fund, as applicable, not from the Global All Cap Equity Fund. The Global All Cap Equity Fund pays no Investment Advisor fees directly.

No fees are paid directly to Wellington Trust or AQR Capital Management for the investment management services they perform relating to the assets of the Alternative Alpha Fund. However, the Alternative Alpha Fund, as an investor in the Wellington Trust Real Total Return Portfolio and the AQR Risk Parity Fund, bears the operating expenses associated with those commingled investment vehicles, including investment advisory fees payable by the Wellington Trust Real Total Return Portfolio to Wellington Trust at the current annual rate of .55% and payable by the AQR Risk Parity Fund to AQR Capital Management at the current annual rate of .75% of the value of the assets of the Alternative Alpha Fund invested in, respectively, the Wellington Trust Real Total Return Portfolio and the AQR Risk Parity Fund. The Alternative Alpha Fund will also bear the expenses of the AQR Risk Parity Fund (Class I shares) on assets invested in it. The total annual operating expenses of this share class of the AQR Risk Parity Fund for its most recent completed fiscal year were 1.12%; however, the AQR Risk Parity Fund’s adviser has contractually agreed to cap these expenses at 0.95% (excluding interest, taxes, dividends on short sales, borrowing costs, acquired fund fees and expenses, interest expense related to short sales and extraordinary expenses) until at least April 30, 2013.

Northern Trust Investments is paid a fee of .15% of the excess cash in the Bond Core Plus Fund, Large Cap Equity Fund, Small-Mid Cap Equity Fund, International All Cap Equity Fund and the SARF that is swept to the STIF or, in the case of the SARF, to the GSTIF. Northern Trust Investments was paid $314, $8,927, $2,508, $1,279 and $37,456 for the three-month period ended June 30, 2012 and was paid $1,078, $5,004, $2,059, $1,628 and $41,145 for the three-month period ended June 30, 2011, and was paid $896, $17,384, $5,003, $2,967 and $77,758 for the six-month period ended June 30, 2012, and was paid $2,196, $9,722, $4,247, $3,072 and $82,044 for the six-month period ended June 30, 2011 from the Bond Core Plus Fund, Large Cap Equity Fund, Small-Mid Cap Equity Fund, International All Cap Equity Fund and the SARF, respectively.

222

American Bar Association Members/Northern Trust Collective Trust

Notes to Financial Statements—Continued

Unaudited

The Balanced Fund ceased offering its units on July 2, 2009 and investment of the equity portion of the Balanced Fund is invested through the Large Cap Equity Fund and investment of the debt portion of the Balanced Fund is invested through the Bond Core Plus Fund. Investment Advisor fees are not 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 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 three-month periods ended June 30, 2012 and June 30, 2011, and for the six-month periods ended June 30, 2012 and June 30, 2011, these expenses totaled $663,298, $723,798, $1,319,102 and $1,439,750, respectively. Fees in the amount of approximately $25,212 and $54,567 for the registration of $220 million and $470 million of units with the SEC were paid during 2012 and 2011, respectively and are an operational cost for all the Funds. These operational costs are allocated to 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. Assets of the Global All Cap Equity Fund invested through the Large Cap Equity Fund or the Small Mid Cap Equity Fund or the International Equity Fund are included under the Large Cap Equity Fund or the Small Mid Cap Equity Fund or the International Equity Fund, as applicable, and not under the Global All Cap Equity 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 six-month period ended June 30, 2012
	Purchases		Sales
Bond Core Plus Fund	$	5,678,116	$	22,875,338
Large Cap Equity Fund		157,107,805		200,561,988
Small-Mid Cap Equity Fund		86,878,688		102,076,283
International All Cap Equity Fund		106,932,199		113,222,661
Global All Cap Equity Fund*		1,269,852		146,401
Bond Index Fund		14,372,156		6,634,201
Large Cap Index Equity Fund		17,358,341		3,529,406
All Cap Index Equity Fund		5,949,750		13,490,956
Mid Cap Index Equity Fund		11,474,105		3,359,555
Small Cap Index Equity Fund		6,903,469		3,502,886
International Index Equity Fund		5,868,742		1,567,014
Real Asset Return Fund		6,753,520		2,507,958
Alternative Alpha Fund*		990,710		83,963
Lifetime Income Retirement Date Fund		8,356,759		2,043,121
2010 Retirement Date Fund		12,139,288		6,907,153
2020 Retirement Date Fund		26,932,207		4,821,079
2030 Retirement Date Fund		16,761,006		4,579,384
2040 Retirement Date Fund		10,326,647		3,987,271
2050 Retirement Date Fund*		504,827		98,785

223

American Bar Association Members/Northern Trust Collective Trust

Notes to Financial Statements—Continued

Unaudited

	For the six-month period ended June 30, 2012
	Purchases		Sales
Conservative Risk Fund		9,512,734		5,095,292
Moderate Risk Fund		11,811,626		6,506,931
Aggressive Risk Fund		5,017,085		2,533,106
Balanced Fund		22,020,002		39,251,508

*The Fund commenced investment operations on January 17, 2012.

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

	For the six-month period ended June 30, 2012
	Purchases		Sales
Bond Core Plus Fund	$	712,524,198	$	752,031,613

5. 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 Global All Cap Equity Fund and the Balanced Fund, which indirectly engage in securities lending, no longer invest in the State Street Quality D Short-Term Investment Fund (“Quality D”). Instead, the cash collateral received by the Funds that engage in securities lending was reinvested in a 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 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 June 30, 2012, 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 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 for financial reporting purposes and differ from the per unit net asset value calculated for purpose of transactions experienced by participants in their accounts.

224

American Bar Association Members/Northern Trust Collective Trust

Notes to Financial Statements—Continued

Unaudited

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.

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 June 30, 2012, 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	$	15,034,749	$	15,340,211	$	15,080,281
Large Cap Equity Fund		16,063,043		16,478,803		16,199,580
Small-Mid Cap Equity Fund		33,650,587		34,543,781		33,958,461
International All Cap Equity Fund		5,464,604		5,743,272		5,645,956

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 June 30, 2012, the market value of the investments in the ABA Members Collateral Fund, as reported by its trustee, was approximately 98.306% 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.

6. Participant Ownership

As of June 30, 2012, the following Funds had participants owning greater than 5% of the outstanding units of each Funds: Six participants owned 58.81% of the outstanding units of the Global All Cap Equity Fund, eight participants owned 71.94% of the outstanding units of the Alternative Alpha Fund, one participant owned 5.20% of the outstanding units of the 2010 Retirement Date Fund, and three participants owned 30.74% of the outstanding units of the 2050 Retirement Date Fund.

7. Subsequent Events

Management has evaluated subsequent events for the Funds and the Balanced Fund through the date the financial statements were issued, and has concluded that there are no recognized or non-recognized subsequent events relevant for financial statement disclosure.

225

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

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Some of the statements in this Report, including, without limitation, those relating to the objectives and strategies of the investment options, constitute “Forward-Looking Statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The American Bar Association Members/Northern Trust Collective Trust (the “Collective Trust”) desires to take advantage of the “safe harbor” provisions of such Act and is including this special note to enable it to do so. Forward-looking statements included in this Report, or subsequently included in other publicly available documents filed with the Securities and Exchange Commission, and other publicly available statements issued or released by the Collective Trust, involve known and unknown risks, uncertainties and other factors which could cause the actual results, performance or achievements of the investment options to differ materially from the future results, performance or achievements expressed or implied by such forward-looking statements. For a description of these factors, see the descriptions of each of the investment options found in Item 1, “Business” of the Collective Trust’s Annual Report on Form 10-K.

Quarter and Six Month Period Ended June 30, 2012

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. 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.

For the quarter ended June 30, 2012, the Stable Asset Return Fund experienced a total return, net of expenses, of 0.33%. By comparison, the 3 Year Constant Maturity Treasury Yield produced an investment record of 0.10% 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. For the six month period ended June 30, 2012, the Fund experienced a total return, net of expenses, of 0.67%. By comparison, the 3 Year Constant Maturity Treasury Yield produced an investment record of 0.33% for the same period.

The Stable Asset Return Fund outperformed the 3 Year Constant Maturity Treasury Yield for the quarter ended June 30, 2012. Outperformance for the quarter was primarily driven by an overweight to asset-backed securities and mortgage-backed securities. The Fund’s market to book value increased during the quarter from 103.0 to 103.4, reflecting the strong performance of the underlying bond portfolios.

The Stable Asset Return Fund outperformed the 3 Year Constant Maturity Treasury Yield for the six month period ended June 30, 2012. Outperformance for the period was primarily driven by an overweight to non-treasury sectors. The credit quality of the underlying bond portfolios remains strong with 81% of the portfolio’s securities rated AAA on average as rated by S&P, Moody’s and Fitch.

Bond Core Plus Fund

The Bond Core Plus Fund seeks to achieve, over an extended period of time, total returns comparable or superior to broad measures of the domestic bond market. The Bond Core Plus Fund invests its assets in a diversified portfolio of fixed-income securities.

For the quarter ended June 30, 2012, 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 2.64%. By comparison, the Barclays Capital U.S. Aggregate Bond Index produced an investment record of 2.06% for the same period. For the six month period ended June 30, 2012, the Fund experienced a total return, net of expenses, of 4.19%, compared to an investment record of 2.37% for the benchmark for the same period. The Barclays Capital U.S. Aggregate Bond Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise the Index or for fund expenses.

226

The Bond Core Plus Fund outperformed the Barclays Capital U.S. Aggregate Bond Index for the quarter ended June 30, 2012. Outperformance was primarily driven by falling interest rates in both the United States and Australia. Exposure to both agency and non-agency mortgage-backed securities was also positive for the quarter.

The Bond Core Plus Fund outperformed the Barclays Capital U.S. Aggregate Bond Index for the six month period ended June 30, 2012. Outperformance was primarily driven by falling interest rates in both the United States and Australia. Exposure to both agency and non-agency mortgage-backed securities was also positive for the period.

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.

For the quarter ended June 30, 2012, the Large Cap Equity Fund experienced a total return, net of expenses, of -3.93%. By comparison, the Russell 1000^® Index produced an investment record of -3.12% for the same period. For the six month period ended June 30, 2012, the Fund experienced a total return, net of expenses, of 9.13%, compared to an investment record of 9.38% for the benchmark for the same period. The Russell 1000 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The Large Cap Equity Fund uses a “multi-manager” approach whereby the Fund’s assets are allocated to two 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 recommending 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 June 30, 2012, the portion of the Large Cap Equity Fund advised with the assistance of Columbus Circle Investors (approximately 22% as of June 30, 2012) 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. Stock selection was weakest in the consumer discretionary sector, though this was partially offset by underweights to more economically sensitive sectors such as energy and materials.

For the quarter ended June 30, 2012, the portion of the Large Cap Equity Fund advised with the assistance of C.S. McKee, L.P. (approximately 29% as of June 30, 2012) 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 was primarily within the industrials and energy sectors. Within the industrials sector of the portion of the Fund, the 14% drop in shares of Dover cost the portfolio 36 basis points, as concerns of a global slowdown, particularly in Asia, weighed on the stock. Within the energy sector, shares of Hess fell more than 26% in response to the 18% correction in oil prices.

For the quarter ended June 30, 2012, the portion of the Large Cap Equity Fund advised with the assistance of Delaware Investment Advisers (approximately 26% as of June 30, 2012) 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. Positive stock selection accounted for all of the relative outperformance with the largest contribution coming from an underweight to financials, which are generally more credit sensitive. The telecommunications sector was another area of strength as it was the top performer in both the portfolio and benchmark.

For the quarter ended June 30, 2012, the portion of the Large Cap Equity Fund advised with the assistance of Jennison Associates LLC (approximately 19% as of June 30, 2012) 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. Stock selection detracted from returns in consumer discretionary, where Fossil and Nike declined, more than offsetting the effect of solid gains in Amazon.com and Inditex. In information technology, data management holdings NetApp, VMware, and EMC lost ground on concerns that business investments in information technology could slow if the global economy continues to cool. Security selection hurt performance in energy, although an underweight position benefited relative return.

For the six month period ended June 30, 2012, the portion of the Large Cap Equity Fund advised with the assistance of Columbus Circle Investors (approximately 22% as of June 30, 2012) 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. Generally strong stock selection across most sectors, particularly financials, was the primary driver of outperformance.

For the six month period ended June 30, 2012, the portion of the Large Cap Equity Fund advised with the assistance of C.S. McKee, L.P. (approximately 29% as of June 30, 2012) negatively contributed to the performance of the Fund, but outperformed the Russell 1000 Value Index, against which the performance of this portion of the Fund is compared. This portion of the Fund’s strong stock selection within the financials sector was the primary driver of outperformance, adding 89 basis points as financials were up over 20% in the period.

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For the six month period ended June 30, 2012, the portion of the Large Cap Equity Fund advised with the assistance of Delaware Investment Advisers (approximately 26% as of June 30, 2012) 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. While stocks kept pace with those in the sector more broadly, the underweight to the financials sector, which was the strongest performing sector, was the largest detractor from performance.

For the six month period ended June 30, 2012, the portion of the Large Cap Equity Fund advised with the assistance of Jennison Associates LLC (approximately 19% as of June 30, 2012) 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 and an overweight to information technology were the primary drivers of outperformance. Stock selection in consumer staples as well as an overweight to energy were also positive.

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 small- to medium-capitalization U.S. companies with market capitalizations, at the time of purchase, of between $100 million and $20 billion.

For the quarter ended June 30, 2012, the Small-Mid Cap Equity Fund experienced a total return, net of expenses, of -5.23%. By comparison, the Russell 2500™ Index produced an investment record of -4.14% for the same period. For the six month period ended June 30, 2012, the Fund experienced a total return, net of expenses, of 6.44%, compared to an investment record of 8.31% for the benchmark for the same period. The Russell 2500 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The Small-Mid Cap Equity Fund uses a “multi-manager” approach whereby the Fund’s assets are allocated to two 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 recommending 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 June 30, 2012, 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 June 30, 2012) 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. During the quarter, the sectors with the largest contribution to performance relative to the benchmark were consumer cyclical, commercial services and capital goods.

For the quarter ended June 30, 2012, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Lombardia Capital Partners, LLC (approximately 15% as of June 30, 2012) positively contributed to the performance of the Fund, but underperformed the Russell 2000 Value Index, against which the performance of this portion of the Fund is compared. Stock selection was positive or neutral in four of ten sectors, with materials, health care, and utilities performing the best. This was offset by negative stock selection in six of ten sectors, with financials, consumer staples, and industrials performing the worst. Sector selection had a negative impact detracting from performance for the quarter.

For the quarter ended June 30, 2012, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Frontier Capital Management Co. LLC (approximately 9% as of June 30, 2012) 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. Positive stock selection drove relative performance, notably in the health care, consumer discretionary and energy sectors.

For the quarter ended June 30, 2012, the portion of the Small-Mid Cap Equity Fund advised with the assistance of LSV Asset Management (approximately 14% as of June 30, 2012) negatively contributed to the performance of the Fund, as well as underperformed the Russell Midcap Value Index, against which the performance of this portion of the Fund is compared. Both sector and stock selection detracted from performance for the quarter. An overweight to technology and underweight to utilities had a negative impact from a sector allocation standpoint. While stock selection was strong in the technology sector, this was offset by poor selection in the materials, consumer discretionary and consumer staples sectors.

For the quarter ended June 30, 2012, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Allianz Global Investors Capital LLC (approximately 9% as of June 30, 2012) negatively contributed to the performance of the Fund, as well as underperformed the Russell 2000 Growth Index, against which the performance of this portion of the Fund is compared. Stock selection in the information technology sector was the primary detractor from relative performance. This was largely driven by a reversal in some of the strongest performers from the prior quarter. Additionally, stock selection in the financials and consumer discretionary sectors and the portfolio’s overweight to the underperforming energy sector and underweight to the outperforming health care sector detracted from performance.

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For the quarter ended June 30, 2012, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Riverbridge Partners (approximately 10% as of June 30, 2012) positively contributed to the performance of the Fund, as well as outperformed the Russell 2000 Growth Index, against which the performance of this portion of the Fund is compared. The biggest contributor to performance was stock selection in the information technology sector, although the overweight to the sector did detract. An underweight to the lagging energy sector also contributed to the portfolio’s outperformance.

For the quarter ended June 30, 2012, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Systematic Financial Management, L.P. (approximately 14% as of June 30, 2012) positively contributed to the performance of the Fund, but underperformed the Russell Midcap Value Index, against which the performance of this portion of the Fund is compared. Stock selection contributed to underperformance, while sector allocation was a slight headwind as well. In terms of stock selection, the majority of underperformance relative to the benchmark came from selections within the industrial and health care sectors.

For the quarter ended June 30, 2012, the portion of the Small-Mid Cap Equity Fund advised with the assistance of TCW Investment Management Company (approximately 9% as of June 30, 2012) 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. The portfolio’s underperformance was primarily due to negative stock selection in the information technology and consumer sectors. Stock selection in energy, materials, and industrials also detracted from performance while stock selection in health care proved positive.

For the six month period ended June 30, 2012, 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 June 30, 2012) 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. Interest rate sensitive holdings, including the energy and communications sectors, were the largest relative detractors to performance in the second quarter.

For the six months period ended June 30, 2012, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Lombardia Capital Partners, LLC (approximately 15% as of June 30, 2012) negatively contributed to the performance of the Fund, as well as underperformed the Russell Midcap Growth Index, against which the performance of this portion of the Fund is compared. Stock selection was broadly negative, with financials, health care and consumer staples performing the worst.

For the six month period ended June 30, 2012, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Frontier Capital Management Co. LLC (approximately 9% as of June 30, 2012) 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. Strong relative performance was driven by positive stock selection, particularly in the health care, consumer discretionary and energy sectors. As technology lagged during the second quarter, the reduction in the number of holdings in the technology sector following the strong first quarter helped avoid wider losses.

For the six month period ended June 30, 2012, the portion of the Small-Mid Cap Equity Fund advised with the assistance of LSV Asset Management (approximately 14% as of June 30, 2012) negatively contributed to the performance of the Fund, as well as underperformed the Russell Midcap Value Index, against which the performance of this portion of the Fund is compared. Both sector and stock selection detracted in the period. An overweight to technology and underweight to utilities had a negative impact from a sector allocation standpoint.

For the six month period ended June 30, 2012, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Allianz Global Investors Capital LLC (approximately 9% as of June 30, 2012) negatively contributed to the performance of the Fund, as well as underperformed the Russell 2000 Growth Index, against which the performance of this portion of the Fund is compared. Stock selection in the information technology, consumer discretionary and financials sectors were the primary detractors from relative performance.

For the six month period ended June 30, 2012, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Riverbridge Partners (approximately 10% as of June 30, 2012) positively contributed to the performance of the Fund, as well as outperformed the Russell 2000 Growth Index, against which the performance of this portion of the Fund is compared. The largest contributors to performance for the period were stock selection in the information technology sector and the portfolio’s underweight to the underperforming energy sector.

For the six month period ended June 30, 2012, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Systematic Financial Management, L.P. (approximately 14% as of June 30, 2012) positively contributed to the performance of the Fund, but underperformed the Russell Midcap Value Index, against which the performance of this portion of the Fund is compared. Stock selection contributed to performance, while sector allocation detracted for the period. In terms of stock selection, the majority of positive relative performance came from stock selection within the financials and materials sectors. In terms of sector allocation, the relative overweight to the energy sector was the largest detractor from results.

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For the six month period ended June 30, 2012, the portion of the Small-Mid Cap Equity Fund advised with the assistance of TCW Investment Management Company (approximately 9% as of June 30, 2012) 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. The portfolio’s underperformance was primarily due to negative stock selection in the information technology and consumer sectors. Stock selection in energy, materials, and industrials also detracted, which was partially offset by positive stock selection in health care.

International All Cap Equity Fund

The International All Cap Equity Fund seeks to provide long-term growth of capital 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 markets, through investing in a diversified portfolio of primarily (non-U.S.) stock markets.

For the quarter ended June 30, 2012, the International All Cap Equity Fund experienced a total return, net of expenses, of -6.45%. By comparison, the Morgan Stanley Capital International (“MSCI”) All-Country World (“ACWI”) ex-US Index produced an investment record of -7.61% for the same period. For the six month period ended June 30, 2012, the Fund experienced a total return, net of expenses, of 3.40%, compared to an investment record of 2.77% for the benchmark for the same period. The MSCI ACWI ex-US Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The International All Cap Equity Fund uses a “multi-manager” approach whereby the Fund’s assets are allocated to two 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 recommending 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 June 30, 2012, the portion of the International All Cap Equity Fund advised with the assistance of Altrinsic Global Advisors, LLC (approximately 22% as of June 30, 2012) negatively contributed to the performance of the Fund, as well as underperformed the MSCI Europe, Australasia, Far East (“EAFE”) Value ND Index, against which the performance of this portion of the Fund is compared. Disappointing performance from holdings in the technology sector, companies involved in the energy complex, and those domiciled in Japan were the primary detractors for the quarter.

For the period from on or about May 9, 2012 (the date on which American Century Investment Management, Inc. commenced providing investment advice with respect to the International All Cap Equity Fund) to June 30, 2012, the portion of the International All Cap Equity Fund advised with the assistance of American Century Investment Management, Inc. (approximately 15% as of June 30, 2012) negatively contributed to the performance of the Fund, but outperformed the MSCI EAFE Growth ND Index, against which the performance of this portion of the Fund is compared. Positive stock selection and an overweight to the financials sector bolstered relative results, as did investments in the energy sector, while laggards in the consumer discretionary and telecommunication services sectors were detractors.

For the quarter ended June 30, 2012, the portion of the International All Cap Equity Fund advised with the assistance of First State Investments International Limited (approximately 23% as of June 30, 2012) positively contributed to the performance of the Fund, as well as outperformed the MSCI Emerging Markets ND Index, against which the performance of this portion of the Fund is compared. Outperformance was driven by strong stock selection in Brazil and an overweight position in the telecommunications services sector. An underweight position in the energy sector also helped relative performance.

For the quarter ended June 30, 2012, the portion of the International All Cap Equity Fund advised with the assistance of LSV Asset Management (approximately 22% as of June 30, 2012) negatively contributed to the performance of the Fund, as well as underperformed the MSCI EAFE Value ND Index, against which the performance of this portion of the Fund is compared. Stock selection, particularly in the consumer staples and financial sectors, was the primary detractors from relative performance.

For the period from on or about June 13, 2012 (the date on which William Blair & Company, L.L.C. commenced providing investment advice with respect to the International All Cap Equity Fund) to June 30, 2012, the portion of the International All Cap Equity Fund advised with the assistance of William Blair & Company, L.L.C. (approximately 14% as of June 30, 2012) 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. An overweighted position in financials and telecommunications services contributed to performance as these were the two best performing sectors in the period.

For the six month period ended June 30, 2012, the portion of the International All Cap Equity Fund advised with the assistance of Altrinsic Global Advisors, LLC (approximately 22% as of June 30, 2012) negatively contributed to the performance of the Fund, as

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well as underperformed the MSCI EAFE Value ND Index, against which the performance of this portion of the Fund is compared. Disappointing performance from holdings in the technology sector, companies involved in the energy complex and those domiciled in Japan were the primary detractors for the period.

For the six month period ended June 30, 2012, the portion of the International All Cap Equity Fund advised with the assistance of First State Investments International Limited (approximately 23% as of June 30, 2012) positively contributed to the performance of the Fund, as well as outperformed the MSCI Emerging Markets ND Index, against which the performance of this portion of the Fund is compared. Stock selection in Brazil was positive for the period, particularly the position in Anheuser Busch-InBev which rose on optimism about its growth prospects. An underweight to the energy sector was positive, particularly a zero weighting in Petrobras which underperformed on a weak oil price. Stock selection as well as an overweight position in the consumer staples sector also contributed to outperformance.

For the six month period ended June 30, 2012, the portion of the International All Cap Equity Fund advised with the assistance of LSV Asset Management (approximately 22% as of June 30, 2012) negatively contributed to the performance of the Fund, as well as underperformed the MSCI EAFE Value ND Index, against which the performance of this portion of the Fund is compared. Stock selection, particularly in the consumer staples and financial sectors, was the primary detractors from relative performance.

Eagle Global Advisors LLC and Martin Currie Inc. were terminated as Investment Advisors to the International All Cap Equity Fund during the second quarter. Please see Note 3, Investment Advisory, Investment Management and Related Party Transactions, in the Notes to Financial Statements for additional information.

Global All Cap Equity Fund

The Global All Cap Equity Fund seeks to achieve, over an extended period of time, total returns comparable to or superior to an appropriate combination of broad measures of global stock markets by investing primarily in equity securities of companies located throughout the world, including those domiciled in the U.S.

For the quarter ended June 30, 2012, the Global All Cap Equity Fund experienced a total return, net of expenses, of -5.73%. By comparison, the MSCI ACWI Index produced an investment record of -5.56% for the same period. For the period from commencement of operations on January 17, 2012 to June 30, 2012, the Global All Cap Equity Fund experienced a total return, net of expenses, of 3.12%. By comparison, the MSCI ACWI Index produced an investment record of 2.61% for the same period. The MSCI ACWI 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 June 30, 2012, the segment of the Global All Cap Equity Fund which is invested through the Large Cap Equity Fund (approximately 36% as of June 30, 2012) underperformed the Russell 1000 Index. Please refer to the discussion of the investment performance of the Large Cap Equity Fund for such period, above, for a description of the performance of the Large Cap Equity Fund segment of the Global All Cap Equity Fund for such period.

For the quarter ended June 30, 2012, the segment of the Global All Cap Equity Fund which is invested through the Small-Mid Cap Equity Fund (approximately 5% as of June 30, 2012) underperformed the Russell 2500 Index. Please refer to the discussion of the investment performance of the Small-Mid Cap Equity Fund for such period, above, for a description of the performance of the Small-Mid Cap Equity Fund segment of the Global All Cap Equity Fund for such period.

For the quarter ended June 30, 2012, the segment of the Global All Cap Equity Fund which is invested through the International All Cap Equity Fund (approximately 59% as of June 30, 2012) outperformed the MSCI ACWI ex-US Index. Please refer to the discussion of the investment performance of the International All Cap Equity Fund for such period, above, for a description of the performance of the International All Cap Equity Fund segment of the Global All Cap Equity Fund for such period.

For the period beginning January 17, 2012 and ended June 30, 2012, the segment of the Global All Cap Equity Fund which is invested through the Large Cap Equity Fund (approximately 36% as of June 30, 2012) underperformed the Russell 1000 Index. Please refer to the discussion of the investment performance of the Large Cap Equity Fund for such period, above, for a description of the performance of the Large Cap Equity Fund segment of the Global All Cap Equity Fund for such period.

For the period beginning January 17, 2012 and ended June 30, 2012, the segment of the Global All Cap Equity Fund which is invested through the Small-Mid Cap Equity Fund (approximately 5% as of June 30, 2012) underperformed the Russell 2500 Index. Please refer to the discussion of the investment performance of the Small-Mid Cap Equity Fund for such period, above, for a description of the performance of the Small-Mid Cap Equity Fund segment of the Global All Cap Equity Fund for such period.

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For the period beginning January 17, 2012 and ended June 30, 2012, the segment of the Global All Cap Equity Fund which is invested through the International All Cap Equity Fund (approximately 59% as of June 30, 2012) outperformed the MSCI ACWI ex-US Index. Please refer to the discussion of the investment performance of the International All Cap Equity Fund for such period, above, for a description of the performance of the International All Cap Equity Fund segment of the Global All Cap Equity Fund for such period.

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 included in such Index. The Barclays Capital U.S. Aggregate Bond Index is representative of the domestic investment-grade bond market as included in such Index.

For the quarter ended June 30, 2012, the Bond Index Fund experienced a total return, net of expenses, of 1.90%. By comparison, the Barclays Capital U.S. Aggregate Bond Index produced an investment record of 2.06% for the same period. For the six month period ended June 30, 2012, the Fund experienced a total return, net of expenses, of 1.97%, compared to an investment record of 2.37% for the benchmark for the same period. The Barclays Capital U.S. Aggregate Bond Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the Bond Index Fund for the quarter and six month period ended June 30, 2012 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 market capitalization.

For the quarter ended June 30, 2012, the Large Cap Index Equity Fund experienced a total return, net of expenses, of -2.94%. By comparison, the S&P 500 produced an investment record of -2.75% for the same period. For the six month period ended June 30, 2012, the Fund experienced a total return, net of expenses, of 9.10%, compared to an investment record of 9.49% for the benchmark for the same period. The S&P 500 does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the Large Cap Index Equity Fund for the quarter and six month period ended June 30, 2012 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 generally in securities included in such Index. The Russell 3000 Index represents approximately 98% of the U.S. equity market based on market capitalization.

For the quarter ended June 30, 2012, the All Cap Index Equity Fund experienced a total return, net of expenses, of -3.36%. By comparison, the Russell 3000 Index produced an investment record of -3.15% for the same period. For the six month period ended June 30, 2012, the Fund experienced a total return, net of expenses, of 8.86%, compared to an investment record of 9.32% for the benchmark for the same period. The Russell 3000 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the All Cap Index Equity Fund for the quarter and six month period ended June 30, 2012 was consistent with the Russell 3000 Index after taking expenses into account.

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 represents approximately 7% of the U.S. equity market based on market capitalization.

For the quarter ended June 30, 2012, the Mid Cap Index Equity Fund experienced a total return, net of expenses, of -5.10%. By comparison, the S&P MidCap 400 produced an investment record of -4.93% for the same period. For the six month period ended June 30, 2012, the Fund experienced a total return, net of expenses, of 7.52%, compared to an investment record of 7.90% for the benchmark for the same period. The S&P MidCap 400 does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

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The performance of the Mid-Cap Index Equity Fund for the quarter and six month period ended June 30, 2012 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 June 30, 2012, the Small Cap Index Equity Fund experienced a total return, net of expenses, of -3.64%. By comparison, the Russell 2000 Index produced an investment record of -3.47% for the same period. For the six month period ended June 30, 2012, the Fund experienced a total return, net of expenses, of 8.14%, compared to an investment record of 8.53% for the benchmark for the same period. The Russell 2000 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the Small Cap Index Equity Fund for the quarter and six month period ended June 30, 2012 was consistent with the Russell 2000 Index after taking expenses into account.

International Index Equity Fund

The investment objective of the International Index Equity Fund is to replicate, after taking into account Fund expenses, the total rate of return of the MSCI ACWI ex-US Index by investing generally in securities included in such Index. The MSCI ACWI ex-US Index consists of approximately 1,870 securities in 44 markets, with securities of emerging markets representing approximately 23% of the Index.

For the quarter ended June 30, 2012, after taking fair value adjustments into account, the International Index Equity Fund experienced a total return, net of expenses, of -7.23%. By comparison, the MSCI ACWI ex-US Index produced an investment record of -7.61% for the same period. For the six month period ended June 30, 2012, after taking fair value adjustments into account, the Fund experienced a total return, net of expenses, of 2.94%, compared to an investment record of 2.77% for the benchmark for the same period. The MSCI ACWI ex-US Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the International Index Equity Fund for the quarter and six month period ended June 30, 2012 was consistent with the MSCI ACWI ex-US Index after taking expenses and fair value adjustments 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 indices 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 June 30, 2012, these funds were comprised of 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 June 30, 2012, 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 June 30, 2012, the Fund experienced a total return, net of expenses, of 1.17%. By comparison, the composite benchmark produced an investment record of 1.48% for the same period. For the six month period ended June 30, 2012, the Fund experienced a total return, net of expenses, of 4.29%, compared to an investment record of 4.87% for the composite benchmark 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 and six month period ended June 30, 2012 was consistent with its composite benchmark after taking expenses into account.

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Alternative Alpha Fund

The Alternative Alpha Fund seeks to efficiently deliver exposure to a broad set of liquid asset classes by investing in a diversified portfolio of securities and instruments. These include Treasury Inflation Protected Securities, which we refer to as U.S. TIPS, other fixed-income securities, and a wide array of major liquid asset classes, including global developed and emerging market equities, global nominal and inflation linked-government bonds, emerging market bonds, mortgage-backed securities, corporate and sovereign debt, the credit spreads of mortgage-backed securities, developed and emerging market currencies, commodities and derivatives with the objective of providing long-term total returns in excess of the yield on cash-equivalent investments.

For the quarter ended June 30, 2012, the Alternative Alpha Fund experienced a total return, net of expenses, of -0.30%. By comparison, a combination of Standard & Poor’s 500 Index and Barclays Capital U.S. Aggregate Bond Index, each weighted 50%, produced an investment record of 0.21% for the same period. For the period from commencement of operations on January 17, 2012 to June 30, 2012, the Alternative Alpha Fund experienced a total return, net of expenses, of 0.97%. By comparison, the combination benchmark produced an investment record of 4.75% for the same period. The Standard & Poor’s 500 Index and the Barclays Capital U.S. Aggregate Bond Index do not include an allowance for the fees that an investor would pay for investing in the securities that comprise the indices or for fund expenses.

The Alternative Alpha Fund’s assets are invested indirectly through allocation to the commingled investment vehicles managed by different Investment Advisors in percentages determined at the discretion of Northern Trust Investments. Income and gains attributable to the assets allocated to the commingled investment vehicle of each Investment Advisor to the Fund remain allocated to that vehicle unless and until reallocated by Northern Trust Investments, and any differences in relative investment performance of the investment vehicles can change the percentage of total assets of the Fund comprising each portion of the Fund.

For the quarter ended June 30, 2012, the portion of the Alternative Alpha Fund invested in the AQR Risk Parity Fund (approximately 40% as of June 30, 2012) positively contributed to the performance of the Fund, as well as outperformed the 60% Standard & Poor’s 500 Index/40% Barclays Capital U.S. Aggregate Bond Index blended index, against which the performance of this portion of the Fund is compared. The quarter was generally marked by a sentiment towards risk aversion, leading to gains in overweighted fixed income assets, in particular inflation-linked bonds.

For the quarter ended June 30, 2012, the portion of the Alternative Alpha Fund invested in the Wellington Trust Real Total Return Portfolio (approximately 60% as of June 30, 2012) negatively contributed to the performance of the Fund, as well as underperformed the Consumer Price Index Core +3%, against which the performance of this portion of the Fund is compared. Allocation to global nominal bonds and TIPS contributed positively to the portfolio although these gains were more than offset by negative returns of commodity and currency exposure.

For the period from commencement of operations on January 17, 2012 to June 30, 2012, the portion of the Alternative Alpha Fund invested in the AQR Risk Parity Fund (approximately 40% as of June 30, 2012) positively contributed to the performance of the Fund, but underperformed the 60% Standard & Poor’s 500 Index/40% Barclays Capital U.S. Aggregate Bond Index blended index, against which the performance of this portion of the Fund is compared. Equities and commodities drove losses, particularly in April and May, due to increasing concerns from Europe and a weakening outlook in the United States. Fixed-income was additive to performance, while credit, inflation-sensitive assets and equities all detracted from performance.

For the period from commencement of operations on January 17, 2012 to June 30, 2012, the portion of the Alternative Alpha Fund invested in the Wellington Trust Real Total Return Portfolio (approximately 60% as of June 30, 2012) negatively contributed to the performance of the Fund, as well as underperformed the Consumer Price Index Core +3%, against which the performance of this portion of the Fund is compared. Allocation to global nominal bonds and TIPS contributed positively to the portfolio although these gains were more than offset by negative returns of commodity and currency exposure.

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 investment strategy representing specific risk and reward characteristics that take into account the remaining time horizon to 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 current risk and potential reward profile. The Lifetime Income Retirement Date Fund seeks to avoid significant loss of principal for investors who are considerably 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 significant target equity exposure). The 2010 Retirement Date Fund currently seeks to provide a mix of long-term capital appreciation and stability of principal for participants whose retirement date occurred in or around 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 2020. The 2030 Retirement Date Fund currently seeks to provide long-term capital appreciation for participants planning to retire in or around 2030 and is comprised mainly of stocks

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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 2040 and is comprised mainly of stocks for significant growth potential. The 2050 Retirement Date Fund currently seeks to provide long-term capital appreciation for participants planning to retire in or around 2050 and is comprised mainly of stocks for significant growth potential.

The Retirement Date Funds seek to achieve their objectives by investing in various indices or other collective investment funds maintained by State Street Bank. During the quarter ended June 30, 2012, these funds included, in the case of some or all of the Retirement Date Funds and in varying allocations, the SSgA U.S. Long Government Bond Index Non-Lending Series Fund, the SSgA U.S. Bond Index Non-Lending Series Fund, the SSgA U.S. High Yield Bond Index Non-Lending Series Fund, the SSgA U.S. Short-Term Government/Credit Bond Index Non-Lending Series Fund, the SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund, the SSgA S&P 500^® Index Non-Lending Series Fund, the SSgA Global Equity ex U.S. Index Non-Lending Series Fund, the SSgA S&P MidCap^® Index Non-Lending Series Fund, the SSgA Russell Small Cap^® Index Non-Lending Series Fund and the SSgA/Tuckerman Global Real Estate Securities Index Non-Lending Series Fund.

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 June 30, 2012, 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 U.S. 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-USA 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 benchmarks relate.

For the quarter ended June 30, 2012, the Retirement Date Funds experienced a total return, net of expenses, of 0.00% for the Lifetime Income Retirement Date Fund, 0.57% for the 2010 Retirement Date Fund, -0.43% for the 2020 Retirement Date Fund, -1.55% for the 2030 Retirement Date Fund, -3.06% for the 2040 Retirement Date Fund and -3.03% for the 2050 Retirement Date Fund. By comparison, the composite benchmark for each Retirement Date Fund produced an investment record of 0.16%, 0.72%, -0.34%, -1.50%,     -2.99% and  -2.99%, 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 June 30, 2012 was consistent with its respective composite benchmark after taking into account fair value adjustments, 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.

For the six month period ended June 30, 2012, the Retirement Date Funds experienced a total return, net of expenses, of 4.69% for the Lifetime Income Retirement Date Fund, 5.63% for the 2010 Retirement Date Fund, 6.76% for the 2020 Retirement Date Fund, 7.07% for the 2030 Retirement Date Fund and 7.00% for the 2040 Retirement Date Fund. For the period from commencement of operations on January 17, 2012 to June 30, 2012, the 2050 Retirement Date Fund experienced a total return, net of expense, of 4.15%. By comparison, the composite benchmark for each Retirement Date Fund produced an investment record of 5.12%, 6.04%, 7.11%, 7.40%, 7.30% and 4.39%, respectively, for comparable periods. 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 six month period ended, or from inception to, June 30, 2012, as applicable, was consistent with its respective composite benchmark after taking into account fair value adjustments, expenses, the effect of participation in securities lending and differences in rebalancing frequency in as much as the target asset allocations of each Retirement Date Fund is rebalanced quarterly and its composite benchmark’s component weights remain static.

Target Risk Funds

The Target Risk Funds provide a series of diversified 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 26%). The Moderate Risk Fund seeks to provide long-term capital appreciation and current income. 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 indices or other collective investment funds maintained by State Street Bank. During the quarter ended June 30, 2012, 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 Class A, the SSgA International Index Non-Lending Series Fund Class A, the SSgA Global Equity ex U.S. Index Non-Lending Series Fund Class A, the SSgA/Tuckerman REIT Index Non-Lending Series Fund Class A, the SSgA U.S. Bond Index Non-Lending Series Fund Class A, the

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SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund Class A, the NTGI Collective Short Term Investment Fund and the SSgA Dow Jones UBS-Commodity Index Non-Lending Series Fund Class A.

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 June 30, 2012, 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 Russell 3000^® Index, the MSCI ACWI Ex-US Index, the Dow Jones U.S. Select REIT Index, the Barclays Capital U.S. Treasury Inflation Protected Securities, the Merrill Lynch 3-Month T-Bill and the Dow Jones UBS Commodity 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 June 30, 2012, the Target Risk Funds experienced a total return, net of expenses, of 0.59% for the Conservative Risk Fund, -1.37% for the Moderate Risk Fund and -3.27% for the Aggressive Risk Fund. By comparison, the composite benchmark for each Target Risk Fund produced an investment record of 0.82%, -1.38% and -3.24%, respectively, for the same period. For the six month period ended June 30, 2012, the Target Risk Funds experienced a total return, net of expenses, of 3.71% for the Conservative Risk Fund, 5.04% for the Moderate Risk Fund and 5.81% for the Aggressive Risk Fund, compared to an investment record of 4.13%, 5.24% and 6.09%, respectively, of the respective composite benchmark for the same period. None of the indices comprising the composite benchmarks 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 each Target Risk Fund for the quarter and the six month period ended June 30, 2012 was consistent with its respective composite benchmark after taking expenses into account.

Balanced Fund

Certain assets contributed to the Program are held in the Balanced Fund. However, the Collective Trust no longer offers Units in the Balanced Fund and Northern Trust intends to terminate 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 June 30, 2012, the Balanced Fund experienced a total return, net of expenses, of -1.25%. 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 -1.00% for the same period. For the six month period ended June 30, 2012, the Balanced Fund experienced a total return, net of expenses, of 7.06%, as compared to an investment record of 6.67% for the benchmark for the period. The Russell 1000 Index and the Barclays Capital U.S. Aggregate Bond Index do not include an allowance for the fees that an investor would pay for investing in the securities that comprise the Indices or for fund expenses.

For the quarter ended June 30, 2012, the equity segment of the Balanced Fund, which is invested through the Large Cap Equity Fund, underperformed the Russell 1000 Index. For the six month period ended June 30, 2012, the equity segment of the Balanced Fund, which is invested through the Large Cap Equity Fund, underperformed the Russell 1000 Index. Refer to a discussion of the investment performance of the Large Cap Equity Fund, above, for a description of the performance of the equity segment of the Balanced Fund for such periods.

For the quarter ended June 30, 2012, the debt segment of the Balanced Fund, which is invested through the Bond Core Plus Fund, outperformed the Barclays Capital U.S. Aggregate Bond Index. For the six month period ended June 30, 2012, the debt segment of the Balanced Fund, which is invested through the Bond Core Plus Fund, outperformed the Barclays Capital U.S. Aggregate Bond Index. Refer to a discussion of the investment performance of the Bond Core Plus Fund, above, for a description of the performance of the debt segment of the Balanced Fund for such periods.

Quarter and Six Month Period Ended June 30, 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.

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For the quarter ended June 30, 2011, the Stable Asset Return Fund experienced a total return, net of expenses, of 0.25%. By comparison, the 3 Year Constant Maturity Treasury Yield produced an investment record of 0.24% 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 0.46% for the period. For the six month period ended June 30, 2011, the Fund experienced a total return, net of expenses, of 0.53%. By comparison, 3 Year Constant Maturity Treasury Yield produced an investment record of 0.53% for the same period while the 70% Ryan Labs Three Year GIC Index / 30% iMoneyNet MFR Prime Institutional Money Market Fund Average produced an investment record of 0.95% 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 outperformed 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 (the historical benchmark prior to the reorganization of the Fund) for the quarter ended June 30, 2011. The fund’s market to book value ratio increased slightly during the quarter from 101.3% to 102.0%, reflecting strong performance in the underlying fixed income bond portfolios. Positions in government agency mortgage-backed securities and the defensive corporate sectors all posted positive excess returns. The credit quality of the underlying bond portfolios remained high with 78% of the securities rated U.S. Treasury/Agency or AAA.

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 six month period ended June 30, 2011. During this time, an underweight to Treasurys added value, though the yield moderately fell as interest reinvestment rates remained low. The current crediting rate of 1.7% will increase to approximately 2.0% as of August 1, 2011 based on data available on June 30, 2011. For a further discussion of the Fund’s crediting rate, please see Note 2, “Summary of Significant Accounting Policies—Stable Asset Return Fund (‘SARF’).”

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 June 30, 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 1.67%. By comparison, the Barclays Capital U.S. Aggregate Bond Index produced an investment record of 2.29% for the same period. For the six month period ended June 30, 2011, the Fund experienced a total return, net of expenses, of 2.19%, compared to an investment record of 2.72% for the benchmark for the same period. The Barclays Capital U.S. Aggregate Bond Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise the Index or for fund expenses.

The Bond Core Plus Fund underperformed the Barclays Capital U.S. Aggregate Bond Index for the quarter ended June 30, 2011. Falling interest rates as well as continued sovereign debt concerns in Greece drove the underperformance.

The Bond Core Plus Fund underperformed the Barclays Capital U.S. Aggregate Bond Index for the six month period ended June 30, 2011. Falling interest rates in the second quarter (reversing the course of the first quarter) as well as continued sovereign debt concerns in Greece drove the underperformance.

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.

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 recommending 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 June 30, 2011, the Large Cap Equity Fund experienced a total return, net of expenses, of 1.08%. By comparison, the Russell 1000^® Index produced an investment record of 0.12% for the same period. For the six month period ended June 30, 2011, the Fund experienced a total return, net of expenses, of 6.84%, compared to an investment record of 6.37% for the

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benchmark for the same period. The Russell 1000 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

For the quarter ended June 30, 2011, the portion of the Large Cap Equity Fund advised with the assistance of Columbus Circle Investors (approximately 23% as of June 30, 2011) 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. Strong stock selection in the defensive-oriented healthcare sector more than overcame weakness within the industrials sector. In contrast to the first quarter, higher quality and larger capitalization companies which are typically the focus of the investment discipline exhibited stronger relative performance.

For the quarter ended June 30, 2011, the portion of the Large Cap Equity Fund advised with the assistance of C.S. McKee, L.P. (approximately 29% as of June 30, 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. Led by the financials and healthcare sectors, six sectors exhibited strong performance. Despite weakness among the banks and other financials, holdings in American Express were a major contributor, with the stock rising over 15% on shrinking loan losses and increased spending by more affluent consumers.

For the quarter ended June 30, 2011, the portion of the Large Cap Equity Fund advised with the assistance of Delaware Investment Advisers (approximately 26% as of June 30, 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. Outperformance was driven by an underweight to financials as well as an overweight and good stock selection in healthcare, which was the best performing sector in the index.

For the quarter ended June 30, 2011, the portion of the Large Cap Equity Fund advised with the assistance of Jennison Associates LLC (approximately 20% as of June 30, 2011) 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. Gains were strong in consumer staples, consumer discretionary, and healthcare sectors, while the energy, information technology, industrials, and financials sectors performed poorly. Consumer discretionary positions contributed most to portfolio returns as both security selection and an overweight position in the sector were beneficial.

For the six month period ended June 30, 2011, the portion of the Large Cap Equity Fund advised with the assistance of Columbus Circle Investors (approximately 23% as of June 30, 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 technology and financials sectors and an underweight in energy were most detrimental to performance.

For the six month period ended June 30, 2011, the portion of the Large Cap Equity Fund advised with the assistance of C.S. McKee, L.P. (approximately 29% as of June 30, 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 underweight to the poor performing financials sector as well as strong stock selection in the healthcare sector were the primary drivers of outperformance.

For the six month period ended June 30, 2011, the portion of the Large Cap Equity Fund advised with the assistance of Delaware Investment Advisers (approximately 26% as of June 30, 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. The primary drivers of performance were an underweight to the poor performing financials sector and positive stock selection in the energy and healthcare sectors.

For the six month period ended June 30, 2011, the portion of the Large Cap Equity Fund advised with the assistance of Jennison Associates LLC (approximately 20% as of June 30, 2011) 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. Gains were strongest in the utilities, healthcare, energy, and consumer staples sectors. Security selection and an overweight position in consumer discretionary and information technology were also positive.

Small-Mid Cap Equity Fund

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

The Small-Mid Cap Equity Fund uses a “multi-manager” approach whereby the Fund’s assets are allocated to one or more Investment Advisors, in percentages determined at the discretion of Northern Trust Investments. Each Investment Advisor acts independently from the others and uses its own distinct investment style in recommending securities. Each Investment Advisor must

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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 June 30, 2011, the Small-Mid Cap Equity Fund experienced a total return, net of expenses, of -1.0%. By comparison, the Russell 2500™ Index produced an investment record of -0.59% for the same period. For the six month period ended June 30, 2011, the Fund experienced a total return, net of expenses, of 7.61%, compared to an investment record of 8.06% for the benchmark for the same period. The Russell 2500 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

For the quarter ended June 30, 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 15% as of June 30, 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. While there are several sectors that provided positive results during the quarter, the three most significant contributors were the healthcare, energy and consumer staples sectors. However, consumer cyclical and utilities were modest detractors.

For the period from on or about May 10, 2011 (the date on which Lombardia Capital Partners, LLC commenced providing investment assistance with respect to the Small Mid-Cap Equity Fund) to June 30, 2011, the portion of the Small Mid-Cap Equity Fund advised with the assistance of Lombardia Capital Partners, LLC (approximately 14% as of June 30, 2011) 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. Good stock selection in five of ten sectors was modestly offset by weak selection in the industrials and health care sectors.

For the quarter ended June 30, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Frontier Capital Management Co. LLC (approximately 10% as of June 30, 2011) 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. Overweights to the industrials and information technology sectors were the leading contributors to underperformance. Additionally, stock selection in materials and processing detracted from relative performance.

For the quarter ended June 30, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of LSV Asset Management (approximately 14% as of June 30, 2011) negatively contributed to the performance of the Fund, as well as underperformed the Russell Midcap Value Index, against which the performance of this portion of the Fund is compared. An overweight to information technology as well as an underweight to the utilities sector were the leading drivers of underperformance. A slightly smaller average capitalization size as well as a value bias relative to the Index also detracted from performance.

For the quarter ended June 30, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Allianz Global Investors Capital LLC (approximately 10% as of June 30, 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. Stock selection in technology accounted for the vast majority of the portfolio’s underperformance as many of the winners earlier in the year fell and were sold off in profit-taking and sector rotation. Returns were also curtailed to a lesser extent by security selection in healthcare and an overweight to energy.

For the quarter ended June 30, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Riverbridge Partners (approximately 10% as of June 30, 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. Stock selection in the information technology sector was a lead driver of performance. Additionally, stock selection in, and an overweight to, the healthcare sector helped produce positive returns, while stock selection in the consumer sectors detracted from performance.

For the quarter ended June 30, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Systematic Financial Management, L.P. (approximately 14% as of June 30, 2011) 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. Outperformance was driven primarily by stock selection, while sector allocation, in aggregate, detracted from results. Stock selection in the consumer discretionary, information technology and industrials sectors added the most value, while the healthcare and consumer staples sectors performed poorly.

For the quarter ended June 30, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of TCW Investment Management Company (approximately 10% as of June 30, 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. Strong stock selection in both the information technology and consumer staples sectors were the leading drivers of outperformance. Stock selection in retailers and consumer discretionary also added value.

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For the six month period ended June 30, 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 15% as of June 30, 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 top contributing sectors in the first six months of the year were consumer staples, basic materials, and interest rate sensitive securities. Within the consumer staples holdings, Tupperware Brands was the key driver in the sector’s outperformance. However, holdings in the technology, utilities, and REIT sectors detracted from performance.

For the period from on or about May 10, 2011 (the date on which Lombardia Capital Partners, LLC commenced providing investment assistance with respect to the Small Mid-Cap Equity Fund) to June 30, 2011, the portion of the Small Mid-Cap Equity Fund advised with the assistance of Lombardia Capital Partners, LLC (approximately 14% as of June 30, 2011) 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. Good stock selection in five of ten sectors was modestly offset by weak selection in the industrials and health care sectors.

For the six month period ended June 30, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Frontier Capital Management Co. LLC (approximately 10% as of June 30, 2011) 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. Performance was hindered most by stock selection within the consumer discretionary sector. While no single stock was down substantially, a number were negatively affected by rising oil prices, which tends to depress consumer spending.

For the six month period ended June 30, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of LSV Asset Management (approximately 14% as of June 30, 2011) negatively contributed to the performance of the Fund, as well as underperformed the Russell Midcap Value Index, against which the performance of this portion of the Fund is compared. An overweight to information technology as well as an underweight to the utilities sector were the leading drivers of underperformance. A slightly smaller average capitalization size as well as a value bias relative to the Index also detracted from performance.

For the six month period ended June 30, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Allianz Global Investors Capital LLC (approximately 10% as of June 30, 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. Security selection in the technology and consumer discretionary sectors contributed positively during this time period. Atheros Communications and Terremark Worldwide were two of the largest contributors to the portfolio for the period as both contracted to be acquired at premiums in the month of January.

For the six month period ended June 30, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Riverbridge Partners (approximately 10% as of June 30, 2011) positively contributed to the performance of the Fund, but underperformed the Russell 2000 Growth Index, against which the performance of this portion of the Fund is compared. While stock selection within the information technology sector contributed to the performance of the portfolio, this was offset slightly by the portfolio’s underweight to the energy sector, which benefitted from rising crude oil prices.

For the six month period ended June 30, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of Systematic Financial Management, L.P. (approximately 14% as of June 30, 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 primarily by stock selection, while sector allocation, in aggregate, detracted from results. Stock selection in the consumer discretionary, information technology and industrials sectors added the most value, while the healthcare and consumer staples sectors performed relatively poorly.

For the six month period ended June 30, 2011, the portion of the Small-Mid Cap Equity Fund advised with the assistance of TCW Investment Management Company (approximately 10% as of June 30, 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. Stock selection in the information technology, consumer staples, energy and healthcare sectors all contributed to strong relative returns.

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 June 30, 2011, the International All Cap Equity Fund experienced a total return, net of expenses, of 2.13%. By comparison, the Morgan Stanley Capital International (“MSCI”) All-Country World (“ACWI”) ex-US Index produced an

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investment record 0.38% for the same period. For the six month period ended June 30, 2011, the Fund experienced a total return, net of expenses, of 5.42%, compared to an investment record of 3.80% for the benchmark for the same period. The MSCI ACWI ex-US Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

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 recommending 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 June 30, 2011, the portion of the International All Cap Equity Fund advised with the assistance of Altrinsic Global Advisors, LLC (approximately 22% as of June 30, 2011) positively contributed to the performance of the Fund, as well as outperformed the MSCI Europe, Australasia, Far East (“EAFE”) Value ND Index, against which the performance of this portion of the Fund is compared. Outperformance was primarily driven by an underweight in financials as well as positions in the healthcare and consumer staples sectors.

For the quarter ended June 30, 2011, the portion of the International All Cap Equity Fund advised with the assistance of Eagle Global Advisors LLC (approximately 15% as of June 30, 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. An overweight to information technology and an underweight to materials were the primary drivers of strong performance. Performance was also enhanced by good stock selection in eight of the ten sectors as well as an underweight to Japan.

For the quarter ended June 30, 2011, the portion of the International All Cap Equity Fund advised with the assistance of First State Investments International Limited (approximately 22% as of June 30, 2011) positively contributed to the performance of the Fund, as well as outperformed the MSCI Emerging Markets ND Index, against which the performance of this portion of the Fund is compared. Stock selection in Taiwan was positive over the quarter, particularly in the technology sector. An overweight in the consumer staples sector and stock selection in the telecom services sector were also positive to relative performance.

For the quarter ended June 30, 2011, the portion of the International All Cap Equity Fund advised with the assistance of LSV Asset Management (approximately 22% as of June 30, 2011) 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. In general, sector allocation was slightly negative over the period, although stock selection added value. An overweight along with positive stock selection in the healthcare sector also improved relative performance.

For the quarter ended June 30, 2011, the portion of the International All Cap Equity Fund advised with the assistance of Martin Currie Inc. (approximately 15% as of June 30, 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 was driven largely by stock selection and, in particular, a bias towards higher quality stocks. From a sector standpoint, consumer discretionary, telecommunications, materials, energy, healthcare and industrials all added value.

For the six month period ended June 30, 2011, the portion of the International All Cap Equity Fund advised with the assistance of Altrinsic Global Advisors, LLC (approximately 22% as of June 30, 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. Holdings in the information technology, industrial, and materials sectors all had a negative impact on relative performance.

For the six month period ended June 30, 2011, the portion of the International All Cap Equity Fund advised with the assistance of Eagle Global Advisors LLC (approximately 15% as of June 30, 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. Stock selection in the financials, energy and industrials sectors all contributed to performance and was positive in seven of ten sectors. Regionally, the portfolio benefited from being underweight to Japan and overweight to Germany and Switzerland during the period.

For the six month period ended June 30, 2011, the portion of the International All Cap Equity Fund advised with the assistance of First State Investments International Limited (approximately 22% as of June 30, 2011) negatively contributed to the performance of the Fund, but outperformed the MSCI Emerging Markets ND Index, against which the performance of this portion of the Fund is compared. An overweight position and strong stock selection in the telecom services sector and stock selection in the financials sector produced positive relative returns over the six month period. Regionally, the portfolio benefited from stock selection in Taiwan.

For the six month period ended June 30, 2011, the portion of the International All Cap Equity Fund advised with the assistance of LSV Asset Management (approximately 22% as of June 30, 2011) 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. An overweight to the healthcare sector added value, and stock selection was strong in the healthcare, financials, and telecom sectors.

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For the six month period ended June 30, 2011, the portion of the International All Cap Equity Fund advised with the assistance of Martin Currie Inc. (approximately 15% as of June 30, 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 was primarily driven by stock selection, with sector allocation mildly detracting from performance. Stock selection was also particularly strong in the consumer discretionary, healthcare, industrials and energy 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 June 30, 2011, the Bond Index Fund experienced a total return, net of expenses, of 2.02%. By comparison, the Barclays Capital U.S. Aggregate Bond Index produced an investment record of 2.29% for the same period. For the six month period ended June 30, 2011, the Fund experienced a total return, net of expenses, of 2.27%, compared to an investment record of 2.72% for the benchmark for the same period. The Barclays Capital U.S. Aggregate Bond Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the Bond Index Fund for the quarter and six month period ended June 30, 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 market capitalization.

For the quarter ended June 30, 2011, the Large Cap Index Equity Fund experienced a total return, net of expenses, of -0.11%. By comparison, the S&P 500 produced an investment record of 0.10% for the same period. For the six month period ended June 30, 2011, the Fund experienced a total return, net of expenses, of 5.64%, compared to an investment record of 6.02% for the benchmark for the same period. The S&P 500 does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the Large Cap Index Equity Fund for the quarter and six month period ended June 30, 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 market capitalization.

For the quarter ended June 30, 2011, the All Cap Index Equity Fund experienced a total return, net of expenses, of -0.19%. By comparison, the Russell 3000 Index produced an investment record of -0.03% for the same period. For the six month period ended June 30, 2011, the Fund experienced a total return, net of expenses, of 5.99%, compared to an investment record of 6.35% for the benchmark for the same period. The Russell 3000 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the All Cap Index Equity Fund for the quarter and six month period ended June 30, 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 June 30, 2011, represented approximately 7% of the U.S. equity market based on market capitalization.

For the quarter ended June 30, 2011, the Mid Cap Index Equity Fund experienced a total return, net of expenses, of -0.93%. By comparison, the S&P MidCap 400 produced an investment record of -0.73% for the same period. For the six month period ended June

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30, 2011, the Fund experienced a total return, net of expenses, of 8.14%, compared to an investment record of 8.56% for the benchmark for the same period. The S&P MidCap 400 does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the Mid-Cap Index Equity Fund for the quarter and six month period ended June 30, 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 June 30, 2011, the Small Cap Index Equity Fund experienced a total return, net of expenses, of -1.79%. By comparison, the Russell 2000 Index produced an investment record of -1.61% for the same period. For the six month period ended June 30, 2011, the Fund experienced a total return, net of expenses, of 5.81%, compared to an investment record of 6.21% for the benchmark for the same period. The Russell 2000 Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the Small Cap Index Equity Fund for the quarter and six month period ended June 30, 2011 was consistent with the Russell 2000 Index after taking expenses into account.

International Index Equity Fund

The investment objective of the International Index Equity Fund is to replicate, after taking into account Fund expenses, the total rate of return of the MSCI ACWI ex-US Index by investing generally in securities included in such Index. The MSCI ACWI ex-US Index consists of approximately 1,870 securities in 44 markets, with securities of emerging markets representing approximately 24% of the Index.

For the quarter ended June 30, 2011, the International Index Equity Fund experienced a total return, net of expenses, of 0.30%. By comparison, the MSCI ACWI ex-US Index produced an investment record of 0.38% for the same period. For the six month period ended June 30, 2011, the Fund experienced a total return, net of expenses, of 3.46%, compared to an investment record of 3.80% for the benchmark for the same period. The MSCI ACWI ex-US Index does not include an allowance for the fees that an investor would pay for investing in the securities that comprise that Index or for fund expenses.

The performance of the International Index Equity Fund for the quarter and six month period ended June 30, 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 indices 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 June 30, 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 investment record of the benchmarks for the three underlying asset classes to which the Real Asset Return Fund allocates assets. During the quarter ended June 30, 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 June 30, 2011, the Fund experienced a total return, net of expenses, of 0.99%. By comparison, the composite benchmark produced an investment record of 1.23% for the same period. For the six month period ended June 30, 2011, the Fund experienced a total return, net of expenses, of 4.81%, compared to an investment record of 5.29% for the benchmark 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.

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The performance of the Real Asset Return Fund for the quarter and six month period ended June 30, 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 are considerably 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.

The Retirement Date Funds seek to achieve their objectives by investing in various indices or other collective investment funds maintained by State Street Bank. During the quarter ended June 30, 2011, these funds included, in the case of some or all of the Retirement Date Funds and in varying allocations, the SSgA U.S. Long Government Bond Index Non-Lending Series Fund, the SSgA U.S. Bond Index Non-Lending Series Fund, the SSgA U.S. High Yield Bond Index Non-Lending Series Fund, the SSgA U.S. Short-Term Government/Credit Bond Index Non-Lending Series Fund, the SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund, the SSgA S&P 500^® Index Non-Lending Series Fund, the SSgA Global Equity ex U.S. Index Non-Lending Series Fund, the SSgA S&P MidCap^® Index Non-Lending Series Fund, the SSgA Russell Small Cap^® Index Non-Lending Series Fund and the SSgA/Tuckerman Global Real Estate Securities Index Non-Lending Series Fund.

The composite benchmark for each of the Retirement Date Funds is the composite investment record 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 June 30, 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 June 30, 2011, the Retirement Date Funds experienced a total return, net of expenses, of 1.31% for the Lifetime Income Retirement Date Fund, 1.37% for the 2010 Retirement Date Fund, 0.76% for the 2020 Retirement Date Fund, 0.36% for the 2030 Retirement Date Fund and 0.00% for the 2040 Retirement Date Fund. By comparison, the composite benchmark for each Retirement Date Fund produced an investment record of 1.54%, 1.59%, 0.92%, 0.52% and 0.20%, respectively, for the same period. None of the indices comprising the composite benchmarks 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 each Retirement Date Fund for the quarter ended June 30, 2011 was consistent with its respective composite benchmark after taking into account expenses.

For the six month period ended June 30, 2011, the Retirement Date Funds experienced a total return, net of expenses, of 3.78% for the Lifetime Income Retirement Date Fund, 4.07% for the 2010 Retirement Date Fund, 4.55% for the 2020 Retirement Date Fund, 4.82% 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 4.24%, 4.60%, 4.95%, 5.15% and 5.38%, respectively, for the same period. None of the indices comprising the composite benchmarks 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 each Retirement Date Fund for the six month period ended June 30, 2011 was consistent with its respective composite benchmark after taking into account expenses and the effect of participation in securities lending.

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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 indices or other collective investment funds maintained by State Street Bank. During the quarter ended June 30, 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 investment record of the respective benchmarks for the underlying asset classes to which each Target Risk Fund allocates its assets. During the quarter ended June 30, 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 Merrill Lynch 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 June 30, 2011, the Target Risk Funds experienced a total return, net of expenses, of 1.88% for the Conservative Risk Fund, 0.90% for the Moderate Risk Fund and 0.18% for the Aggressive Risk Fund. By comparison, the composite benchmark for each Target Risk Fund produced an investment record of 2.05%, 1.09% and 0.36%, respectively, for the same period. For the six month period ended June 30, 2011, the Target Risk Funds experienced a total return, net of expenses, of 3.84% for the Conservative Risk Fund, 4.25% for the Moderate Risk Fund and 4.85% for the Aggressive Risk Fund, compared to an investment record of 4.23%, 4.69% and 5.22%, respectively, of the respective composite benchmark for the same period. None of the indices comprising the composite benchmarks 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 each Target Risk Fund for the quarter and the six month period ended June 30, 2011 was consistent with its respective composite benchmark after taking expenses into account.

Balanced Fund

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

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

For the quarter ended June 30, 2011, the Balanced Fund experienced a total return, net of expenses, of 1.34%. 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 1.00% for the same period. For the six month period ended June 30, 2011, the Balanced Fund experienced a total return, net of expenses, of 4.99%, as compared to an investment record of 4.93% for the benchmark for the period. The Russell 1000 Index and the Barclays Capital U.S. Aggregate Bond Index do not include an allowance for the fees that an investor would pay for investing in the securities that comprise the Indices or for fund expenses.

For the quarter ended June 30, 2011, the equity segment of the Balanced Fund, which is invested through the Large Cap Equity Fund, outperformed the Russell 1000 Index. For the six month period ended June 30, 2011, the equity segment of the Balanced Fund, which is invested through the Large Cap Equity Fund, outperformed the Russell 1000 Index. Please refer to the discussion of the investment performance of the Large Cap Equity Fund for such periods, above, for a description of the performance of the equity segment of the Balanced Fund for such periods.

For the quarter ended June 30, 2011, the debt segment of the Balanced Fund, which is invested through the Bond Core Plus Fund, underperformed the Barclays Capital U.S. Aggregate Bond Index. For the six month period ended June 30, 2011, the debt segment of the Balanced Fund, which is invested through the Bond Core Plus Fund, underperformed the Barclays Capital U.S. Aggregate Bond Index. Please refer to a discussion of the investment performance of the Bond Core Plus Fund for such periods, above, for a description of the performance of the debt segment of the Balanced Fund for such periods.

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Item 4. CONTROLS AND PROCEDURES.

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures: Under the supervision and with the participation of the Collective Trust’s Principal Executive Officer and Principal Financial Officer, the Collective Trust conducted an evaluation of the disclosure controls and procedures (as such term is defined in Rule 13a-15(e) or 15d-15(e) under the Exchange Act) of the Collective Trust, the Funds and the Balanced Fund. Based on such evaluation, the Collective Trust’s Principal Executive Officer and Principal Financial Officer have concluded that the disclosure controls and procedures of the Collective Trust, the Funds and the Balanced Funds were effective as of June 30, 2012.

Internal Control Over Financial Reporting: Under the supervision and with the participation of the Collective Trust’s Principal Executive Officer and Principal Financial Officer, the Collective Trust evaluated any change in the internal control over financial reporting of the Collective Trust, the Funds and the Balanced Fund that occurred during the fiscal quarter ended June 30, 2012 and determined that no change in the internal control over financial reporting of the Collective Trust, the Fund or the Balanced Fund occurred during the fiscal quarter ended June 30, 2012 that has materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of the Collective Trust, the Funds or the Balanced Fund.

The certifications of the Principal Executive Officer and the Principal Financial Officer of the Collective Trust filed herewith apply to the Collective Trust, each of the Funds and the Balanced Fund.

PART II. OTHER INFORMATION.

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

During the quarter ended June 30, 2012, the Collective Trust issued an aggregate of approximately $253 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.

10.33	Investment Advisor Agreement by and between Northern Trust Investments, Inc. and American Century Investment Management Inc., executed April 25, 2012, included as Exhibit 10.33 to Registrant’s Current Report on Form 8-K filed April 25, 2012 and incorporated herein by reference thereto.
10.34	Investment Advisor Agreement by and between Northern Trust Investments, Inc. and William Blair & Company, L.L.C., executed June 11, 2012, included as Exhibit 10.34 to Registrant’s Current Report on Form 8-K filed June 14, 2012 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.
101.INS*	XBRL Instance Document.
101.SCH*	XBRL Taxonomy Extension Schema Document.
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*	XBRL Extension Presentation Linkbase Document.

* To be filed by amendment.

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SIGNATURES

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

	AMERICAN BAR ASSOCIATION MEMBERS/ NORTHERN TRUST COLLECTIVE TRUST
August 14, 2012	By:	/s/ Thomas R. Benzmiller
	Name:	Thomas R. Benzmiller
	Title:	Principal Executive Officer
August 14, 2012	By:	/s/ Randal Rein
	Name:	Randal Rein
	Title:	Principal Financial Officer and Principal Accounting Officer

247

EXHIBIT INDEX

10.33	Investment Advisor Agreement by and between Northern Trust Investments, Inc. and American Century Investment Management Inc., executed April 25, 2012, included as Exhibit 10.33 to Registrant’s Current Report on Form 8-K filed April 25, 2012 and incorporated herein by reference thereto.
10.34	Investment Advisor Agreement by and between Northern Trust Investments, Inc. and William Blair & Company, L.L.C., executed June 11, 2012, included as Exhibit 10.34 to Registrant’s Current Report on Form 8-K filed June 14, 2012 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.

248