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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2013

¨	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):

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		37
Statement of Assets and Liabilities		37
Statement of Operations		38
Statement of Changes in Net Assets		39
Financial Highlights		40
Schedule of Investments		41

Large Cap Equity Fund		50
Statement of Assets and Liabilities		50
Statement of Operations		51
Statement of Changes in Net Assets		52
Financial Highlights		53
Schedule of Investments		54

Small-Mid Cap Equity Fund		61
Statement of Assets and Liabilities		61
Statement of Operations		62
Statement of Changes in Net Assets		63
Financial Highlights		64
Schedule of Investments		65

International All Cap Equity Fund		81
Statement of Assets and Liabilities		81
Statement of Operations		82
Statement of Changes in Net Assets		83
Financial Highlights		84
Schedule of Investments		85

Global All Cap Equity Fund		97
Statement of Assets and Liabilities		97
Statement of Operations		98
Statement of Changes in Net Assets		99
Financial Highlights		100
Schedule of Investments		101

Bond Index Fund		102
Statement of Assets and Liabilities		102
Statement of Operations		103
Statement of Changes in Net Assets		104
Financial Highlights		105
Schedule of Investments		106


				Page

Large Cap Index Equity Fund				107
Statement of Assets and Liabilities				107
Statement of Operations				108
Statement of Changes in Net Assets				109
Financial Highlights				110
Schedule of Investments				111

All Cap Index Equity Fund				112
Statement of Assets and Liabilities				112
Statement of Operations				113
Statement of Changes in Net Assets				114
Financial Highlights				115
Schedule of Investments				116

Mid Cap Index Equity Fund				117
Statement of Assets and Liabilities				117
Statement of Operations				118
Statement of Changes in Net Assets				119
Financial Highlights				120
Schedule of Investments				121

Small Cap Index Equity Fund				122
Statement of Assets and Liabilities				122
Statement of Operations				123
Statement of Changes in Net Assets				124
Financial Highlights				125
Schedule of Investments				126

International Index Equity Fund				127
Statement of Assets and Liabilities				127
Statement of Operations				128
Statement of Changes in Net Assets				129
Financial Highlights				130
Schedule of Investments				131

Real Asset Return Fund				132
Statement of Assets and Liabilities				132
Statement of Operations				133
Statement of Changes in Net Assets				134
Financial Highlights				135
Schedule of Investments				136

Alternative Alpha Fund				137
Statement of Assets and Liabilities				137
Statement of Operations				138
Statement of Changes in Net Assets				139
Financial Highlights				140
Schedule of Investments				141

Lifetime Income Retirement Date Fund				142
Statement of Assets and Liabilities				142


				Page
Statement of Operations				143
Statement of Changes in Net Assets				144
Financial Highlights				145
Schedule of Investments				146

2010 Retirement Date Fund				147
Statement of Assets and Liabilities				147
Statement of Operations				148
Statement of Changes in Net Assets				149
Financial Highlights				150
Schedule of Investments				151

2020 Retirement Date Fund				152
Statement of Assets and Liabilities				152
Statement of Operations				153
Statement of Changes in Net Assets				154
Financial Highlights				155
Schedule of Investments				156

2030 Retirement Date Fund				157
Statement of Assets and Liabilities				157
Statement of Operations				158
Statement of Changes in Net Assets				159
Financial Highlights				160
Schedule of Investments				161

2040 Retirement Date Fund				162
Statement of Assets and Liabilities				162
Statement of Operations				163
Statement of Changes in Net Assets				164
Financial Highlights				165
Schedule of Investments				166

2050 Retirement Date Fund				167
Statement of Assets and Liabilities				167
Statement of Operations				168
Statement of Changes in Net Assets				169
Financial Highlights				170
Schedule of Investments				171

Conservative Risk Fund				172
Statement of Assets and Liabilities				172
Statement of Operations				173
Statement of Changes in Net Assets				174
Financial Highlights				175
Schedule of Investments				176

Moderate Risk Fund				177
Statement of Assets and Liabilities				177
Statement of Operations				178
Statement of Changes in Net Assets				179
Financial Highlights				180
Schedule of Investments				181


		Page

Aggressive Risk Fund		182
Statement of Assets and Liabilities		182
Statement of Operations		183
Statement of Changes in Net Assets		184
Financial Highlights		185
Schedule of Investments		186

Balanced Fund		187
Statement of Assets and Liabilities		187
Statement of Operations		188
Statement of Changes in Net Assets		189
Financial Highlights		190
Schedule of Investments		191

Collective Trust		192
Combined Statement of Assets and Liabilities		192
Combined Statement of Operations		194
Combined Statement of Changes in Net Assets		195

Notes to Financial Statements (Unaudited)		196

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	230

Item 4.	Controls and Procedures	244

PART II. OTHER INFORMATION		245

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	245

Item 6.	Exhibits	245

SIGNATURES		246

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Statement of Assets and Liabilities


	March 31, 2013 Unaudited			December 31, 2012
	March 31, 2013 Unaudited			December 31, 2012
Assets
Investments, at Contract Value (including Wrapper Contracts, at Value of $0 and $0, respectively) (cost $851,674,575 and $877,082,472, respectively)	$	888,211,741		$	914,165,152
Northern Trust Global Investments — Collective Government Short Term Investment Fund (cost $90,300,059 and $86,915,997, respectively)		90,300,059			86,915,997
Interest and dividends receivable		1,526			3,627
Other assets		27,532			28,217

Total assets		978,540,858			1,001,112,993


Liabilities
Payable for fund units redeemed		618,847			204,679
ING — program fee payable		386,591			418,733
Trustee, management and administration fees payable		68,005			70,881
ABA Retirement Funds — program fee payable		55,042			59,859
Payable for legal and audit services		83,504			95,386
Payable for compliance consultant fees		59,069			76,225
Payable for reports to unitholders		19,148			14,783
Payable for registration fees		122,407			107,004
Other accruals		37,614			35,393

Total liabilities		1,450,227			1,082,943

Net Assets at fair value		977,090,631			1,000,030,050

Adjustment from fair value to contract value for fully benefit responsive contracts		(36,537,166	)		(37,082,680	)

Net Assets (equivalent to $36.66 and $36.55 per unit based on 25,658,123 and 26,349,022 units outstanding, respectively)	$	940,553,465		$	962,947,370

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Statement of Operations

Unaudited


	For the period January 1, 2013 to March 31, 2013			For the period January 1, 2012 to March 31, 2012


Investment income
Dividends	$	4,912,849		$	5,421,113
Interest — affiliated issuers (net of wrapper fees of $462,606 and $563,975, respectively)		34,673			42,982

Total investment income		4,947,522			5,464,095

Expenses
ING — program fee		1,209,277			1,223,689
Trustee, management and administration fees		206,213			218,392
Investment advisory fee		351,016			367,981
ABA Retirement Funds — program fee		167,141			174,999
Legal and audit fees		84,392			67,657
Compliance consultant fees		30,556			40,272
Reports to unitholders		4,365			4,833
Registration fees		34,339			47,037
Other fees		9,313			9,666

Total expenses		2,096,612			2,154,526

Less: Expense reimbursement		(28,373	)		(38,902	)

Net expenses		2,068,239			2,115,624

Net investment income (loss)		2,879,283			3,348,471

Net increase (decrease) in net assets resulting from operations	$	2,879,283		$	3,348,471

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Statement of Changes in Net Assets

Unaudited


	For the three- month period ended March 31, 2013



From operations
Net investment income (loss)	$	2,879,283

Net increase (decrease) in net assets resulting from operations		2,879,283

From unitholder transactions
Proceeds from units issued		52,955,829
Cost of units redeemed		(78,229,017	)

Net increase (decrease) in net assets from unitholder transactions		(25,273,188	)

Net increase (decrease) in net assets		(22,393,905	)
Net Assets
Beginning of period		962,947,370

End of period	$	940,553,465

Number of units
Outstanding-beginning of period		26,349,022
Issued		1,446,624
Redeemed		(2,137,523	)

Outstanding-end of period		25,658,123

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Financial Highlights

Unaudited

(For a unit outstanding throughout the period)


	For the period January 1, 2013 to March 31, 2013			For the period January 1, 2012 to March 31, 2012
Investment income†	$	0.19		$	0.20
Expenses†,††		(0.08	)		(0.08	)

Net investment income (loss)		0.11			0.12

Net increase (decrease) in unit value		0.11			0.12
Net asset value at beginning of period		36.55			36.06

Net asset value at end of period	$	36.66		$	36.18

Ratios/Supplemental Data:
Ratio of net expenses to average net assets*,††		0.89	%		0.87	%
Ratio of net investment income (loss) to average net assets*		1.23	%		1.38	%
Total return**		0.30	%		0.33	%
Net assets at end of period (in thousands)	$	940,553		$	974,108

*	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.

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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 — (94.4%)
ING	A	60313	No Stated Maturity	Variable		2.33		353,882,559		—		(19,852,438	)		334,030,121
PRUDENTIAL INSURANCE CO. OF AMERICA	AA-	GA-62318	No Stated Maturity	Variable		2.13		347,667,954		—		(12,658,768	)		335,009,186
UNITED OF OMAHA LIFE INSURANCE CO.	A+	SVW-15429	No Stated Maturity	Variable		2.22		186,661,228		—		(4,025,960	)		182,635,268

TOTAL SYNTHETIC GUARANTEED INVESTMENT CONTRACTS								888,211,741		—		(36,537,166	)		851,674,575

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 — 56.9%

Agency — 5.0%

Fannie Mae AO26

2,815,000

0.88

10/26/2017

2,818,772

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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 Banks MN29		2,080,000		3.63		05/29/2013		2,092,088
Federal Home Loan Mortgage Corp. FA25		8,300,000		1.38		02/25/2014		8,389,723
Federal Home Loan Mortgage Corp. JD28		4,275,000		3.75		06/28/2013		4,314,116
Federal Home Loan Mortgage Corp. JD29		4,350,000		1.00		06/29/2017		4,400,678
Federal National Mortgage Association AO15		2,495,000		4.63		10/15/2013		2,555,853
Federal National Mortgage Association JD26		7,250,000		1.50		06/26/2013		7,274,360
Federal National Mortgage Association JJ12		410,000		3.88		07/12/2013		414,449
Federal National Mortgage Association MN27		5,105,000		0.50		05/27/2015		5,121,898
Overseas Private Investment Corp.		2,000,000		—		05/02/2013		2,062,960
Overseas Private Investment Corp.		1,561,306		—		05/02/2013		1,568,535
Overseas Private Investment Corp.		600,000		—		05/02/2014		625,692
Overseas Private Investment Corp.		2,200,000		—		07/12/2014		2,218,260
Petroleos Mexicanos JD20		2,800,000		1.95		12/20/2022		2,871,344

								46,728,728

Asset Backed — 7.9%
Ally Auto Receivables Trust, Series 2011-2, Class A3 Mo-15		1,370,784		1.18		04/15/2015		1,374,801

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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)
Ally Auto Receivables Trust, Series 2011-3, Class A3 Mo-15		2,046,281		0.97		08/17/2015		2,051,786
American Express Credit, Mo-15		2,700,000		0.59		05/15/2018		2,701,809
American Express Credit, Series 2012-2, Class A Mo-15		2,500,000		0.68		03/15/2018		2,508,025
AmeriCredit Automobile Receivables Trust, Series 2011-3, Class A2 Mo-8		26,588		0.84		11/10/2014		26,591
AmeriCredit Automobile
Receivables Trust, Series 2011-4, Class A2 Mo-8		91,566		0.92		03/09/2015		91,640
AmeriCredit Automobile Receivables Trust, Series 2012-1, Class A2 Mo-8		998,815		0.91		10/08/2015		1,000,843
AmeriCredit Automobile Receivables Trust, Series 2012-3, Class A2 Mo-9		1,970,286		0.71		12/08/2015		1,972,768
Brazos Higher Education Authority, Series 2011-1, Class A1 FMAN25		360,337		0.74		02/25/2020		360,471
Brazos Higher Education Authority, Series 2011-2, Class A1 JAJO25		448,688		0.85		01/27/2020		450,083
Capital Auto Receivables Asset Trust 2013-1, Class A2		4,175,000		0.62		07/20/2016		4,176,670
Carmax Auto Owner Trust, Series 2012-3, Class A3 Mo-15		1,825,000		0.52		07/17/2017		1,825,110

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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)
CNH Equipment Trust, Series 2011-B, Class A2 Mo-15		366,072		0.71		12/15/2014		366,182
CNH Equipment Trust, Series 2011-C, Class A2 Mo-15		550,726		0.90		04/15/2015		551,420
CNH Equipment Trust, Series 2012-B, Class A3 Mo-15		2,800,000		0.86		09/15/2017		2,813,048
CNH Equipment Trust, Series 2012-C, Class A3 Mo-26		2,825,000		0.57		12/15/2017		2,826,271
Discover Card Master Trust, Series 2012-A1, Class A1 Mo-15		2,250,000		0.81		08/15/2017		2,263,658
Educational Funding of the South, Inc., Series 2011-1, Class A1 JAJO25		1,082,541		0.85		10/25/2021		1,086,232
Ford Credit Auto Lease Trust, Series 2012-B, Class A3 Mo-3		2,250,000		0.57		09/15/2015		2,251,215
Ford Credit Auto Owner Trust, Series 2011-A, Class A3 Mo-15		655,765		0.97		01/15/2015		656,840
Ford Credit Auto Owner Trust, Series 2011-B, Class A3 Mo-15		837,116		0.84		06/15/2015		838,799
GE Capital CC Master Trust, Series 2012-5, Class A Mo-15		2,450,000		0.95		06/15/2018		2,463,769
GE Dealer Floorplan Master Note Trust, Series 2011-1, Class A Mo-20		400,000		0.80		07/20/2016		402,556

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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 A3 Mo-20		891,820		1.00		10/20/2014		893,078
GE Dealer Floorplan Master, Series 2012-3, Class A Mo-20		2,800,000		0.69		06/20/2017		2,812,628
GE Equipment Midticket LLC, Series 2012-1, Class A3 Mo-26		2,250,000		0.60		05/23/2016		2,251,328
GE Equipment Transportation LLC, Series 2012-1, Class A3 Mo-22		1,700,000		0.99		11/23/2015		1,707,820
GE Equipment Transportation LLC, Series 2012-1, Class A3 Mo-24		2,220,000		0.62		07/25/2016		2,220,955
Honda Auto Receivables Owner Trust, Series 2011-2, Class A3 Mo-18		1,383,453		0.94		03/18/2015		1,387,922
Honda Auto Receivables Owner Trust, Series 2012-1, Class A3 Mo-15		1,650,000		0.77		01/15/2016		1,655,594
John Deere Owner Trust, Series 2011-A, Class A3 Mo-15		1,169,744		1.29		01/15/2016		1,174,867
John Deere Owner Trust, Series 2012-A, Class A3 Mo-15		2,500,000		0.75		03/15/2016		2,506,450
Mercedes-Benz Auto Receivables Trust, Series 2011-1, Class A3 Mo-15		1,064,966		0.85		03/16/2015		1,067,086

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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)
Montana Higher Education Student Assistance Corp., Series 2012-1, Class A1 Mo-20		1,313,361		0.80		09/20/2022		1,319,928
NCUA Guaranteed Notes JD12		1,500,000		1.40		06/12/2015		1,533,675
NCUA Guaranteed Notes Mo-12		2,725,000		0.22		06/12/2013		2,724,946
NCUA Guaranteed Notes Mo-9		2,019,590		0.65		10/07/2020		2,025,911
NCUA Guaranteed Notes, Series 2010-A1, Class A Mo-7		3,613,786		0.55		12/07/2020		3,624,194
NCUA Guaranteed Notes, Series 2011-R4, Class 1A Mo-7		451,604		0.58		03/06/2020		452,593
NCUA Guaranteed Notes, Series 2011-R6, Class 1A Mo-7		603,223		0.58		05/07/2020		604,402
Nissan Auto Receivables Owner Trust, Series 2011-A, Class A3 Mo-15		2,029,680		1.18		02/16/2015		2,036,906
North Carolina State Education Assistance Authority, Series 2011-2, Class A1 JAJO25		902,172		0.75		10/26/2020		896,109
Panhandle-Plains Higher Education Authority, Inc., Series 2011-1, Class A1 JAJO1		689,420		0.78		10/01/2018		688,883
Santander Drive Auto Receivables Trust, Series 2012-2, Class A2 Mo-15		518,920		0.91		05/15/2015		519,973

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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 2012-5, Class A2 Mo-15		1,551,073		0.57		12/15/2015		1,551,802
SLM Student Loan Trust, Series 2010-1, Class A Mo-25		945,116		0.60		03/25/2025		947,772
SLM Student Loan Trust, Series 2012-7, Class A Mo-25		2,480,114		0.36		02/27/2017		2,480,833
United States Small Business Administration, Series 2006-10A, Class 1 MS1		202,261		5.52		03/10/2016		216,521
United States Small Business Administration, Series 2006-10B, Class A MS1		216,768		5.54		09/10/2016		235,681

								74,598,444

Commercial Mortgage Backed Securities — 5.7%
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2, Class A4 Mo-1		469,174		5.06		03/11/2041		472,247
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2, Class A5 Mo-1		2,575,000		4.86		07/10/2043		2,761,894
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-5, Class A4 Mo-1		1,700,000		5.12		10/10/2045		1,861,024

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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 2006-1, Class A4 Mo-1		1,500,000		5.37		09/10/2045		1,661,475
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2006-2, Class A4 Mo-1		2,500,000		5.73		05/10/2045		2,815,800
Bear Stearns Commercial Mortage, Inc., Series 2006-PW12, Class A4 Mo-1		2,400,000		5.72		09/11/2038		2,707,320
Bear Stearns Commercial Mortage, Inc., Series 2006-PW14, Class A4 Mo-1		2,500,000		5.20		12/11/2038		2,814,375
CFCRE Commercial Mortgage Trust, Series 2011-C2, Class A1 Mo-1		1,885,902		1.56		12/15/2047		1,908,213
Credit Suisse First Boston Mortgage Securities Corp. C5 A4 Mo-1		2,500,000		5.10		08/15/2038		2,697,325
Fannie Mae #Mo-1		5,770,000		0.95		11/25/2015		5,820,776
FHLMC Multifamily Structured Pass Through Certificates, Series K701, Class A2 Mo-1		2,500,000		3.88		11/25/2017		2,779,650
Freddie Mac, Series KF01-A, Mo-25		2,645,551		0.55		04/25/2019		2,650,710
GE Capital Mortgage Corp., Series 2005-C3, Class A7A Mo-1		2,500,000		4.97		07/10/2045		2,707,425

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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)
GS Mortgage Security Corp. II, Series 2005-GG4, Class A4A Mo-1		1,775,000		4.75		07/10/2039		1,889,754
JP Morgan Chase Commercial Mortgage Securities Corp. LDP5 A4 Mo-1		2,300,000		5.20		12/15/2044		2,521,007
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CB11, Class A4 Mo-1		1,700,000		5.34		08/12/2037		1,822,893
LB-UBS Commercial Mortgage Trust C2 A4 Mo-11		2,550,000		4.37		03/15/2036		2,617,499
Merrill Lynch Mortgage Trust Mo-1		2,413,000		4.75		06/12/2043		2,570,690
Morgan Stanley Capital I, Inc. HQ5 A4 Mo-1		2,575,000		5.17		01/14/2042		2,720,462
Morgan Stanley Capital I, Inc., Series 2005-IQ10, Class A4A Mo-1		2,493,177		5.23		09/15/2042		2,689,390
UBS Barclays Commercial Mortgage, Series 2012-C4, Class A1		2,666,379		0.67		12/10/2045		2,656,006

								53,145,935

Corporate — 8.6%
American Express Credit Corp. JD12		400,000		1.75		06/12/2015		408,712

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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)
Anheuser-Busch InBev Worldwide, Inc. WOR JJ15		1,900,000		0.80		07/15/2015		1,903,610
AT&T, Inc. MS15		250,000		5.10		09/15/2014		265,855
Bank of Montreal JAJO29		1,800,000		0.77		04/29/2014		1,808,100
Bank of New York Mellon Corp. FA20		700,000		1.20		02/20/2015		707,924
BB&T Corp. AO28		450,000		2.05		04/28/2014		457,497
BB&T Corp. JAJO28		1,250,000		1.00		04/28/2014		1,257,338
Berkshire Hathaway Finance Corp. MN15		770,000		1.60		05/15/2017		785,292
BHP Billiton Finance USA Ltd. FA24		1,100,000		1.63		02/24/2017		1,119,613
BNP Paribas FA23		1,250,000		3.60		02/23/2016		1,327,063
BNP Paribas JAJO10		450,000		1.21		01/10/2014		452,012
BNY Mellon NA JD15		1,132,000		4.75		12/15/2014		1,211,410
Bottling Group LLC MS15		750,000		6.95		03/15/2014		794,850
BP Capital Markets PLC AO1		450,000		3.13		10/01/2015		475,146
Carolina Power & Light Co. AO1		950,000		5.15		04/01/2015		1,036,640
Carolina Power & Light Co. JD15		800,000		5.25		12/15/2015		899,568
Caterpillar Financial Services Corp. AO1		450,000		1.65		04/01/2014		455,504
Caterpillar Financial Services Corp. FA17		1,125,000		6.13		02/17/2014		1,181,464
Caterpillar Financial Services Corp. FA17		300,000		4.75		02/17/2015		322,581
Chevron Corp. JD5		540,000		1.10		12/05/2017		540,459

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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)
Cisco Systems, Inc. MS14		1,750,000		1.63		03/14/2014		1,771,473
Citigroup, Inc. JAJO1		19,000		1.21		04/01/2014		19,091
Coca-Cola Co. MN15		450,000		1.50		11/15/2015		461,021
Coca-Cola Co. MS15		835,000		3.63		03/15/2014		860,543
Cooperatieve Centrale Raiffeisen- Boerenleenbank B.A. JJ19		1,450,000		3.38		01/19/2017		1,552,385
Credit Suisse JJ14		1,250,000		2.20		01/14/2014		1,266,700
Credit Suisse USA, Inc. JJ15		500,000		4.88		01/15/2015		536,500
Deutsche Bank A.G./London JJ11		1,150,000		3.25		01/11/2016		1,218,805
Diageo Capital PLC MN11		500,000		1.50		05/11/2017		506,895
Diageo Finance B.V. JJ15		1,150,000		3.25		01/15/2015		1,205,315
Duke Energy Ohio, Inc. JD15		270,000		2.10		06/15/2013		270,934
EI du Pont de Nemours & Co. MS15		1,000,000		4.75		03/15/2015		1,079,390
EI du Pont de Nemours & Co. MS25		400,000		1.75		03/25/2014		405,084
General Electric Capital Corp. JD11		560,000		1.00		12/11/2015		563,478
General Electric Capital Corp. MN4		1,080,000		5.55		05/04/2020		1,288,105
General Electric Capital Corp. MN9		400,000		2.25		11/09/2015		413,676
General Electric Co. AO9		215,000		0.85		10/09/2015		215,718
Genzyme Corp. JD15		1,050,000		3.63		06/15/2015		1,119,405
GlaxoSmithKline Capital PLC MN8		800,000		0.75		05/08/2015		803,568
GlaxoSmithKline Capital, Inc. AO15		400,000		4.38		04/15/2014		416,396
Goldman Sachs Group, Inc. FA7		450,000		3.63		02/07/2016		477,896
Goldman Sachs Group, Inc. FMAN7		1,500,000		1.30		02/07/2014		1,507,320
Honeywell International, Inc. FA15		1,300,000		3.88		02/15/2014		1,337,778
HSBC Bank USA AO1		1,550,000		4.63		04/01/2014		1,608,513
HSBC Bank USA JJ16		160,000		1.63		01/16/2018		159,851

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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)
Intel Corp. AO1		980,000		1.95		10/01/2016		1,015,182
Intel Corp. JD15		850,000		1.35		12/15/2017		852,890
International Business Machines Corp. JJ5		1,300,000		2.00		01/05/2016		1,347,697
John Deere Capital Corp. MS3		1,500,000		1.60		03/03/2014		1,517,115
JP Morgan Chase & Co.		2,050,000		3.45		03/01/2016		2,179,499
Key Bank N.A. MS26		1,265,000		5.09		03/26/2015		1,368,945
Peco Energy Co. AO15		425,000		5.60		10/15/2013		436,526
PepsiAmericas, Inc. FA15		1,050,000		4.38		02/15/2014		1,085,921
Potomac Electric Power Co. AO15		500,000		4.65		04/15/2014		519,670
Praxair, Inc. MS31		1,611,000		4.38		03/31/2014		1,672,154
Province of Ontario Canada JJ27		1,450,000		1.38		01/27/2014		1,462,804
Public Service Co. of Colorado AO1		1,200,000		5.50		04/01/2014		1,260,816
Public Service Electric & Gas Co. MN1		250,000		2.70		05/01/2015		261,110
Puget Sound Energy, Inc. AO1		1,435,000		5.20		10/01/2015		1,581,169
Rio Tinto Finance USA Ltd. MN20		1,250,000		2.50		05/20/2016		1,305,000
Rio Tinto Finance USA Ltd. MS22		400,000		2.00		03/22/2017		408,880
Royal Bank of Canada MS13		1,725,000		1.15		03/13/2015		1,744,113
Sanofi MS28		750,000		1.63		03/28/2014		759,540
Shell International Finance B.V. JD28		1,600,000		3.10		06/28/2015		1,691,136
Simon Property Group L.P. JD1		450,000		5.75		12/01/2015		502,506
Simon Property Group L.P. JD15		1,250,000		5.10		06/15/2015		1,367,088
Southern California Edison Co. JJ15		550,000		5.00		01/15/2014		569,542

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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)
Southern California Edison Co. MS15		1,250,000		5.75		03/15/2014		1,309,663
Southern California Gas Co. MS15		250,000		5.50		03/15/2014		261,538
State Street Corp. MS7		1,400,000		2.88		03/07/2016		1,490,440
Target Corp. JAJO18		360,000		0.47		07/18/2014		360,727
Target Corp. JJ18		160,000		1.13		07/18/2014		161,667
Toronto-Dominion Bank JJ14		620,000		1.38		07/14/2014		626,547
Total Capital Canada Ltd. JJ28		1,650,000		1.63		01/28/2014		1,666,830
Total Capital S.A. JD24		400,000		3.00		06/24/2015		420,512
Toyota Motor Credit Corp. JJ11		1,250,000		2.80		01/11/2016		1,319,313
Toyota Motor Credit Corp. JJ12		500,000		2.05		01/12/2017		517,230
Travelers Cos., Inc. JD1		1,800,000		5.50		12/01/2015		2,017,422
Unilever Capital Corp. FA15		1,250,000		3.65		02/15/2014		1,285,438
United Parcel Service, Inc. AO1		500,000		3.88		04/01/2014		516,855
Verizon Communications, Inc. MS28		250,000		1.95		03/28/2014		253,560
Wal-Mart Stores, Inc. AO15		700,000		1.63		04/15/2014		709,443
Wal-Mart Stores, Inc. MN15		1,200,000		3.20		05/15/2014		1,237,452
Walt Disney Company JD1		1,100,000		1.10		12/01/2017		1,099,252
Wisconsin Public Service Corp. JD1		1,060,000		4.80		12/01/2013		1,086,606
Yale University AO15		1,026,000		2.90		10/15/2014		1,063,623

								80,789,899

Mortgage Backed Securities — 4.6%
Fannie Mae Pool #AB6092 Mo-1		5,163,171		2.50		09/01/2022		5,407,441
Fannie Mae Pool #AB6093 Mo-1		2,509,008		2.50		09/01/2022		2,627,709
Fannie Mae Pool #AB6343 Mo-1		2,552,467		2.50		10/01/2022		2,673,224

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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 Backed Securities (Continued)
Fannie Mae Pool #AB6819 Mo-1		2,588,104		2.50		11/01/2022		2,710,547
Fannie Mae Pool #AP4058 Mo-1		4,699,876		3.00		08/01/2027		4,949,251
Fannie Mae Pool #MA1139 Mo-1		3,582,468		2.50		08/01/2022		3,751,954
Fannie Mae Pool #MA1168 Mo-1		6,900,998		2.50		09/01/2022		7,227,485
Fannie Mae Pool #MA1212 Mo-1		1,871,261		2.50		10/01/2022		1,959,790
Fannie Mae Pool #MA1241 Mo-1		5,829,567		2.50		11/01/2022		6,105,364
Fannie Mae Pool #MA1278 Mo-1		2,641,689		2.50		12/01/2022		2,766,667
Ginnie Mae II Pool #757351 Mo-1		2,559,635		4.12		08/20/2062		2,865,604

								43,045,036


Mortgage Pass — Through — 14.9%
Fannie Mae Pool #467149 Mo-1		1,821,708		2.82		01/01/2016		1,910,699
Fannie Mae Pool #467186 Mo-1		3,800,000		2.82		02/01/2016		3,994,522
Fannie Mae Pool #467379 Mo-1		1,838,952		2.77		02/01/2016		1,929,704
Fannie Mae Pool #467617 Mo-1		1,497,000		2.93		03/01/2016		1,579,335
Fannie Mae Pool #467646 Mo-1		799,088		3.07		03/01/2016		843,134
Fannie Mae Pool #467730 Mo-1		2,970,148		3.18		04/01/2016		3,148,654
Fannie Mae Pool #467964 Mo-1		4,375,000		2.92		04/01/2016		4,613,613
Fannie Mae Pool #468311 Mo-1		2,997,943		2.82		06/01/2016		3,166,037
Fannie Mae Pool #470107 Mo-1		2,671,435		1.94		01/01/2017		2,769,423
Fannie Mae Pool #725206 Mo-1		1,181,147		5.50		02/01/2034		1,300,502
Fannie Mae Pool #725222 Mo-1		1,817,669		5.50		02/01/2034		2,001,344
Fannie Mae Pool #791030 Mo-1		938,396		2.89		07/01/2034		1,000,969
Fannie Mae Pool #AB2791 Mo-1		3,010,806		3.50		04/01/2021		3,192,840
Fannie Mae Pool #AB3885 Mo-1		1,686,639		3.00		11/01/2021		1,786,151
Fannie Mae Pool #AB4843 Mo-1		2,484,745		2.50		04/01/2022		2,602,298

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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 #AI3571 Mo-1		2,297,525		3.28		06/01/2041		2,422,901
Fannie Mae Pool #AI4379 Mo-1		1,786,805		3.28		11/01/2041		1,882,291
Fannie Mae Pool #AJ2155 Mo-1		1,486,439		2.71		10/01/2041		1,553,463
Fannie Mae Pool #AJ3160 Mo-1		1,930,870		2.64		10/01/2041		2,015,732
Fannie Mae Pool #AJ3295 Mo-1		2,013,805		2.66		11/01/2041		2,103,178
Fannie Mae Pool #AK4888 Mo-1		2,006,532		2.50		03/01/2042		2,087,275
Fannie Mae Pool #AK5978 Mo-1		812,531		3.50		03/01/2027		865,207
Fannie Mae Pool #AK5980 Mo-1		438,903		3.50		03/01/2027		467,357
Fannie Mae Pool #AK5982 Mo-1		768,768		3.50		03/01/2027		818,607
Fannie Mae Pool #AK5983 Mo-1		2,596,106		3.50		03/01/2027		2,764,411
Fannie Mae Pool #AK8952 Mo-1		2,006,597		2.34		05/01/2042		2,088,908
Fannie Mae Pool #AO4573 Mo-1		2,292,378		2.15		06/01/2042		2,382,010
Fannie Mae Pool #MA0740 Mo-1		2,226,880		3.50		05/01/2021		2,366,038
Fannie Mae Pool #MA0793 Mo-1		4,284,379		3.50		07/01/2021		4,543,413
Fannie Mae Pool #MA0815 Mo-1		3,522,286		3.50		08/01/2021		3,735,243
Fannie Mae Pool #MA0845 Mo-1		5,203,468		3.50		09/01/2021		5,518,070
Fannie Mae Pool #MA0865 Mo-1		1,448,839		3.00		10/01/2021		1,534,321
Fannie Mae Pool #MA0909 Mo-1		2,334,407		3.00		11/01/2021		2,472,137
Fannie Mae Pool #MA0957 Mo-1		1,987,914		3.00		01/01/2022		2,105,201
Fannie Mae Pool #MA1036 Mo-1		2,163,253		2.50		04/01/2022		2,265,596
Fannie Mae Pool #MA1079 Mo-1		4,318,975		2.50		06/01/2022		4,523,306
Fannie Mae Pool #MA1288 Mo-1		2,592,770		2.00		12/01/2022		2,674,105
Fannie Mae Pool #Mo-1		2,342,735		2.50		07/01/2022		2,453,569
Fannie Mae Pool #Mo-1		2,626,305		2.50		02/01/2023		2,750,555
Fannie Mae Pool #Mo-1		2,700,000		2.50		03/01/2023		2,827,737

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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 REMICS, Series 2005-100, Class BA Mo-1		364,849		5.50		04/25/2024		367,754
Fannie Mae REMICS, Series 2005-8, Class CA Mo-1		208,713		5.00		10/25/2023		211,084
Fannie Mae REMICS, Series 2006-64, Class PB Mo-1		426,853		5.50		09/25/2033		428,120
Fannie Mae REMICS, Series 2008-80, Class ME Mo-1		215,187		5.00		05/25/2032		220,001
Fannie Mae REMICS, Series 2011-41, Class NB Mo-1		1,220,294		4.00		10/25/2036		1,251,973
Freddie Mac Gold Pool G04774 Mo-1		2,157,274		4.50		01/01/2038		2,311,907
Freddie Mac Gold Pool J19194 Mo-1		4,890,035		3.00		05/01/2027		5,189,451
Freddie Mac Non Gold Pool #1B8747 Mo-1		751,771		2.99		09/01/2041		784,984
Freddie Mac Non Gold Pool #1B8804 Mo-1		1,525,653		2.79		10/01/2041		1,601,829
Freddie Mac Non Gold Pool #1B8908 Mo-1		1,349,038		2.77		11/01/2041		1,401,327
Freddie Mac Non Gold Pool #1N0273 Mo-1		746,795		2.36		08/01/2036		800,848
Freddie Mac Non Gold Pool #2B0244 Mo-1		2,107,041		2.49		02/01/2042		2,194,314
Freddie Mac Non Gold Pool #2B0438 Mo-1		2,275,094		2.41		05/01/2042		2,370,921

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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 #1J1467 Mo-1		1,143,768		2.74		12/01/2036		1,220,483
Freddie Mac Non Gold Pool #1J1516 Mo-1		1,032,332		6.40		02/01/2037		1,112,854
Freddie Mac Reference REMIC, Series R011, Class AB Mo-1		79,447		5.50		12/15/2020		79,845
Freddie Mac REMICS, Series 2684, Class PE Mo-1		1,029,643		5.00		01/15/2033		1,073,033
Freddie Mac REMICS, Series 2764, Class UE Mo-1		564,065		5.00		10/15/2032		591,439
Freddie Mac REMICS, Series 2797, Class PG Mo-1		251,224		5.50		01/15/2033		258,849
Freddie Mac REMICS, Series 2810, Class PD Mo-1		112,914		6.00		06/15/2033		117,863
Freddie Mac REMICS, Series 2864, Class LE Mo-1		146,837		5.00		06/15/2033		150,644
Freddie Mac REMICS, Series 2955, Class OG Mo-1		95,095		5.00		07/15/2033		96,956
Freddie Mac REMICS, Series 2962, Class JQ Mo-1		114,608		5.50		01/15/2034		118,735
Ginnie Mae II Pool #725641 Mo-1		3,718,872		5.24		05/20/2060		4,242,125
Ginnie Mae II Pool #731464 Mo-1		1,756,049		5.47		05/20/2060		2,009,583
Ginnie Mae II Pool #742601 Mo-1		1,442,922		5.31		07/20/2060		1,655,274
Ginnie Mae II Pool #757312 Mo-1		708,355		4.30		12/20/2060		781,809
Ginnie Mae II Pool #82958 Mo-1		2,167,338		2.50		10/20/2041		2,278,371
Ginnie Mae II Pool #82997 Mo-1		1,603,917		2.50		12/20/2041		1,690,897

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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)
Ginnie Mae II Pool #MA0046 Mo-1		2,428,741		2.50		04/20/2042		2,558,630
Ginnie Mae II Pool #Mo-1		3,715,635		5.58		02/20/2060		4,237,463

								140,469,222

Municipal — 3.0%
City of Farmers Branch TX FA15		125,000		4.02		02/15/2016		135,974
City of Fort Worth TX MS1		250,000		5.13		03/01/2021		271,363
City of Honolulu Hawaii MN1		1,125,000		0.78		11/01/2015		1,129,534
City of Madison WI AO1		500,000		1.25		10/01/2014		507,155
City of Madison WI AO1		500,000		3.00		10/01/2015		529,795
City of Norfolk VA JJ1		1,550,000		2.09		01/01/2014		1,551,721
City of Suffolk VA FA1		235,000		3.29		02/01/2014		240,638
County of Kent MI AO1		1,250,000		2.00		04/01/2013		1,250,000
County of La Crosse WII AO1		385,000		2.45		10/01/2015		403,784
County of Travis TX MS1		365,000		2.79		03/01/2016		386,185
County of Williamson TX FA15		1,500,000		0.61		02/15/2015		1,498,890
Kentucky Higher Education Student Loans, Mo-1		2,725,000		0.70		06/01/2026		2,724,292
Marion & Polk County Oregon School District JD15		1,200,000		1.51		06/15/2018		1,208,580
Missouri Higher Education Loan, Series 2010-2, Class A1 FMAN25		2,560,355		1.14		08/27/2029		2,594,715
New Hampshire Higher Education, Series 2012-1, Class A Mo-19		2,281,488		0.70		10/25/2028		2,283,085
New York State Dormitory Authority MS15		1,400,000		1.30		03/15/2014		1,409,002

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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)
Municipal (Continued)
North Carolina State Education Assistance Authority, Series 2011-2, Class A1 JAJO25		3,110,211		1.00		07/25/2039		3,135,652
Port of Seattle WA JD1		1,000,000		3.07		12/01/2015		1,026,150
Rosemount-Apple Valley-Eagan Independent School District No. 196 FA1		200,000		4.25		02/01/2016		219,194
State of Connecticut AO15		550,000		1.03		10/15/2016		553,091
State of Ohio MN1		500,000		1.87		05/01/2015		511,420
State of Oregon FA1		500,000		2.25		08/01/2015		518,095
State of Washington FA1		1,000,000		2.76		08/01/2015		1,050,090
State of Wisconsin MN1		580,000		1.08		05/01/2016		585,759
University of California JJ1		625,000		0.89		07/01/2013		625,694
Virginia College Building Authority FA1		1,300,000		3.88		02/01/2017		1,442,077

								27,791,935

US Treasury — 5.1%
US Treasury Inflation Indexed Bonds AO15		21,221,000		0.13		04/15/2017		23,204,719
US Treasury Note JD31		3,266,000		0.75		12/31/2017		3,270,344
US Treasury Note JJ15		11,650,000		1.00		01/15/2014		11,728,288
US Treasury Note MN31		9,175,000		2.00		11/30/2013		9,287,577
US Treasury Note MS31		800,000		0.63		09/30/2017		798,440

								48,289,368

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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)
Collective Investment Funds — 2.1%
Northern Trust Global Investments — Collective Government Short-Term Investment Fund		19,907,089		—				19,907,089

TOTAL ING								178,708,479		—		(5,395,751	)		173,312,728
TOTAL PRUDENTIAL INSURANCE CO. OF AMERICA								169,395,949		—		(6,237,681	)		163,158,268
TOTAL UNITED OF OMAHA LIFE INSURANCE CO.								186,661,228		—		(4,025,960	)		182,635,268

TOTAL GALLIARD MANAGED PORTFOLIO								534,765,656		—		(15,659,392	)	$	519,106,264

JENNISON MANAGED PORTFOLIO — 18.9%
Agency — 0.6%
Financing Corp. Fico		375,000		—		11/30/2017		360,371
Financing Corp. Fico		1,400,000		—		02/08/2018		1,327,870
Financing Corp. Fico		945,000		—		05/11/2018		893,792
Financing Corp. Fico		1,683,000		—		08/03/2018		1,587,853
Financing Corp. Fico		485,000		10.35		08/03/2018		712,077
Financing Corp. Fico		400,000		9.65		11/02/2018		580,602

								5,462,565

Asset Backed — 1.0%
Ally Auto Receivables Trust, Series 12-1, Class A2		399,033		0.71		10/15/2013		399,324
Ally Auto Receivables Trust, Series 2010-5, Class A4		425,000		1.75		05/15/2015		429,654
Ally Auto Receivables Trust, Series 2011-5, Class A2		555,000		0.45		07/15/2014		555,111

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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)
Ally Auto Receivables Trust, Series 2011-5, Class A3		400,000		0.99		01/15/2015		401,604
Ally Master Owner Trust, Series 2011-1, Class A2		275,000		2.15		01/15/2014		278,446
Ally Master Owner Trust, Series 2011-3, Class A2		355,000		1.81		05/15/2014		360,009
Ally Master Owner Trust, Series 2012-1, Class A2		590,000		1.44		03/15/2015		596,531
Ally Master Owner Trust, Series 2012-5, Class A		675,000		1.54		09/15/2017		677,592
Detroit Edison Securitization Funding LLC, Series 2001-1 A6		1,527,000		6.62		03/01/2016		1,639,082
Ford Credit Auto Owner Trust, Series 2012, Class A1		233,231		0.47		02/15/2014		233,376
Ford Credit Floorplan Master Owner Trust, Series 11-1, Class A1		540,000		2.12		02/15/2014		547,630
Ford Credit Floorplan Master Owner Trust, Series 11-B, Class A3		214,739		0.84		03/15/2014		215,171
Ford Credit Floorplan Master Owner Trust, Series 12, Class A1		860,000		0.74		09/15/2014		861,402
NCUA Guaranteed Notes 10-C1 A2		700,000		2.90		01/27/2018		745,997
PSE&G Transition Funding LLC 2001-1 A7		900,000		6.75		06/15/2014		947,214
RSB Bondco LLC 07-A A3		515,000		5.82		04/01/2017		602,802

								9,490,945

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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)
Commercial Mortgage Backed Securities — 0.1%
Bear Stearns Commercial Mortgage Securities		403,034		5.19		09/11/2013		407,068
Wachovia Bank Commercial Mortgage Trust Series 03-C9, Class A4		465,161		5.01		12/01/2013		472,985
Wachovia Bank Commercial Mortgage Trust, Series 03-C5, Class A2		155,393		3.99		05/15/2013		155,646

								1,035,699

Corporate — 5.3%
AEP Texas Central Transition Funding LLC, Series 06-A, Class A2		75,307		4.98		07/01/2013		76,159
AEP Texas Central Transition Funding LLC, Series 06-A, Class A4		350,000		5.17		01/01/2018		402,213
Allstate Life Global Funding Trusts		1,100,000		5.38		04/30/2013		1,104,422
American Express Credit Corp.		360,000		2.38		03/24/2017		376,441
Amgen, Inc.		1,025,000		3.88		11/15/2021		1,118,757
Amgen, Inc.		95,000		6.38		06/01/2037		117,670
Amgen, Inc.		235,000		5.65		06/15/2042		271,597
Anheuser-Busch InBev Finance Inc.		745,000		2.63		01/17/2023		736,470
AT&T, Inc.		800,000		6.30		01/15/2038		959,632
AT&T, Inc.		135,000		5.55		08/15/2041		148,805
Bank of America Corp.		1,725,000		5.42		03/15/2017		1,911,593

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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)
Bank of America Corp.		180,000		5.65		05/01/2018		208,226
Bank of America Corp.		875,000		5.49		03/15/2019		979,493
Berkshire Hathaway Finance Corp.		1,750,000		5.40		05/15/2018		2,091,110
Carolina Power & Light Co.		160,000		3.00		09/15/2021		168,442
Caterpillar Financial Services Corp.		700,000		7.05		10/01/2018		898,408
Caterpillar, Inc.		125,000		3.90		05/27/2021		138,714
Citigroup, Inc.		1,650,000		5.50		02/15/2017		1,834,850
Comcast Corp.		1,750,000		6.50		01/15/2017		2,091,653
ConAgra Foods Inc.		330,000		1.90		01/25/2018		333,264
Deutsche Telekom International Finance B.V.		785,000		4.88		07/08/2014		825,380
Devon Energy Corp.		1,015,000		3.25		05/15/2022		1,016,634
Diageo Capital PLC		755,000		5.50		09/30/2016		866,974
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.		615,000		3.50		03/01/2016		653,087
Dominion Resources, Inc.		180,000		1.95		08/15/2016		185,623
Dow Chemical Company		865,000		3.00		11/15/2022		850,122
Encana Corp.		905,000		3.90		11/15/2021		957,318
General Electric Capital Corp.		1,060,000		4.38		09/16/2020		1,183,744
General Electric Capital Corp.		515,000		5.30		02/11/2021		590,386
General Electric Capital Corp.		350,000		5.88		01/14/2038		408,093
Goldman Sachs Group, Inc.		790,000		5.95		01/18/2018		921,061
Goldman Sachs Group, Inc.		1,430,000		5.25		07/27/2021		1,620,290
HSBC Holdings PLC		780,000		4.00		03/30/2022		839,225
JP Morgan Chase & Co.		1,500,000		6.00		01/15/2018		1,782,525
JPMorgan Chase Bank N.A.		835,000		6.00		10/01/2017		983,588

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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)
Kellogg Co.		150,000		1.75		05/17/2017		152,973
Kraft Foods, Inc.		1,450,000		6.50		08/11/2017		1,750,803
Kroger Co.		740,000		6.40		08/15/2017		883,863
Lockheed Martin Corp.		695,000		3.35		09/15/2021		729,514
MetLife, Inc.		1,500,000		6.75		06/01/2016		1,763,385
Morgan Stanley		480,000		5.95		12/28/2017		555,720
Morgan Stanley		335,000		7.30		05/13/2019		414,556
News America, Inc.		475,000		6.15		03/01/2037		557,322
Northrop Grumman Corp.		660,000		1.85		11/15/2015		673,662
Pacific Gas & Electric Co.		1,525,000		5.63		11/30/2017		1,821,780
PepsiCo Inc.		1,125,000		2.75		03/01/2023		1,126,046
PNC Funding Corp.		590,000		2.70		09/19/2016		621,140
Raytheon Co.		735,000		6.40		12/15/2018		914,877
Southwestern Electric Power Co.		800,000		5.88		03/01/2018		940,008
Spectra Energy Capital LLC		550,000		8.00		10/01/2019		725,461
Stryker Corp.		605,000		1.30		04/01/2018		602,526
Suncor Energy, Inc.		1,525,000		6.10		06/01/2018		1,844,671
Thermo Fisher Scientific, Inc.		415,000		3.20		05/01/2015		433,675
Thermo Fisher Scientific, Inc.		250,000		3.20		03/01/2016		264,970
Time Warner Cable, Inc.		725,000		8.25		02/14/2014		771,226
Time Warner Cable, Inc.		370,000		7.30		07/01/2038		460,265
Time Warner Cable, Inc.		265,000		5.50		09/01/2041		272,330
Total Capital Canada Ltd		280,000		1.45		01/15/2018		282,526
Travelers Cos., Inc.		775,000		5.75		12/15/2017		934,681
Verizon Communications, Inc.		310,000		3.85		11/01/2042		268,116
Vodafone Group PLC		700,000		2.95		02/19/2023		697,669

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

American Bar Association Members/Northern Trust Collective Trust

Stable Asset Return Fund

Schedule of Investments

March 31, 2013

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)
Waste Management, Inc.		195,000		2.60		09/01/2016		204,403

								50,320,137

US Treasury — 11.7%
US Treasury Bond(a)		3,985,000		3.13		11/15/2041		4,008,113
US Treasury Bond		7,440,000		3.13		02/15/2042		7,476,307
US Treasury Bond		985,000		3.00		05/15/2042		964,187
US Treasury Bond		4,360,000		2.75		08/15/2042		4,043,769
US Treasury Bond		1,080,000		2.75		11/15/2042		1,000,674
US Treasury Note		67,220,000		0.25		10/31/2013		67,264,365
US Treasury Note		7,420,000		0.88		01/31/2018		7,468,082
US Treasury Note		9,000,000		1.63		11/15/2022		8,840,880

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

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Smaller reporting company

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