# EDGAR Filing Document

**Accession Number:** 0001011008
**File Stem:** 0001193125-23-064238
**Filing Date:** 2023-3
**Character Count:** 333835
**Document Hash:** 34420097727ee30b22af9f9dd4084737
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-064238.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001193125-23-064238

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**EFFECTIVENESS DATE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** State Street Navigator Securities Lending Trust
- **CENTRAL INDEX KEY:** 0001011008
- **IRS NUMBER:** 043313514
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07567
- **FILM NUMBER:** 23715569

**BUSINESS ADDRESS:**
- **STREET 1:** ONE IRON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 6176647037

**MAIL ADDRESS:**
- **STREET 1:** SSGA FUNDS MANAGEMENT, INC.
- **STREET 2:** ONE IRON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STATE STREET NAVIGATOR SECURITIES LENDING TRUST
- **DATE OF NAME CHANGE:** 19980914

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NAVIGATOR SECURITIES LENDING TRUST
- **DATE OF NAME CHANGE:** 19960320

## Series and Classes Contracts Data

### State Street Navigator Securities Lending Government Money Market Portfolio (Series ID: S000009767)

| Class ID   | Class Name                                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000026831 | State Street Navigator Securities Lending Government Money Market Portfolio |  |

### State Street Navigator Securities Lending Portfolio I (Series ID: S000054571)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000171428 | State Street Navigator Securities Lending Portfolio I |  |

### State Street Navigator Securities Lending Portfolio II (Series ID: S000063809)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000206723 | State Street Navigator Securities Lending Portfolio II |  |

------

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number: 811-07567** 

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**STATE STREET NAVIGATOR SECURITIES LENDING TRUST** 

**(Exact name of registrant as specified in charter)** 

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**One Iron Street, Boston, Massachusetts 02210** 

**(Address of principal executive offices) (Zip code)** 

------

---

| | |
|:---|:---|
| **(Name and Address of Agent for Service)** | **Copy to:** |
| **Sean O'Malley, Esq.**<br> **Senior Vice President and General Counsel**<br> **c/o SSGA Funds Management, Inc.**<br> **One Iron Street**<br> **Boston, Massachusetts 02210** | **Timothy W. Diggins, Esq.**<br> **Ropes & Gray LLP**<br> **Prudential Tower, 800 Boylston Street**<br> **Boston, Massachusetts 02199-3600** |

---

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**Registrant's telephone number, including area code: (617) 664-1465** 

**Date of fiscal year end: December 31** 

**Date of reporting period: December 31, 2022** 

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**<u>Item 1. Reports to Stockholders.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

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STATE STREET NAVIGATOR SECURITIES LENDING<br> GOVERNMENT MONEY MARKET PORTFOLIO

ANNUAL REPORT

December 31, 2022

------

### State Street Navigator Securities Lending Trust
State Street Navigator Securities Lending Government Money Market Portfolio

Annual Report

December 31, 2022

**Table of Contents**

---

| | |
|:---|:---|
| [Portfolio Statistics (Unaudited)](#xx_ddfbd6de-cbe4-439b-bc9c-25fd51276531_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| [Schedule of Investments](#xx_ae4f4a6d-3579-4040-b545-5dd9eb7cd62c_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| [Statement of Assets and Liabilities](#xx_70783a51-de91-4227-b1d8-1af2b58b0296_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| [Statement of Operations](#xx_749e8f9d-71d0-4bd4-8adc-1965d91171a0_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| [Statements of Changes in Net Assets](#xx_0ffc039e-4a25-42c5-8cdc-10f4a60e44b9_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| [Financial Highlights](#xx_41f6a241-c1c3-4cac-a4d0-886d4438e8fd_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| [Notes to Financial Statements](#xx_6714a196-3d5b-4f80-ad5b-937da1ad6660_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| [Report of Independent Registered Public Accounting Firm](#xx_0f2e8bf2-1b71-4613-bc8e-16367154490f_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15 |
| [Other Information (Unaudited)](#xx_137b2872-c2e6-4a35-b011-026023f94b26_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16 |

---

------

[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### State Street Navigator Securities Lending Government Money Market Portfolio

#### Portfolio Statistics (Unaudited)

---

| | |
|:---|:---|
| **Portfolio Composition\*** | &nbsp;&nbsp;**December 31, 2022** |
| Treasury Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;77.1% |
| Government Agency Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;10.4 |
| Treasury Debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| Government Agency Debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| **Total** | &nbsp;&nbsp;**100.0%** |

---

\* As a percentage of net assets as of the date indicated. The composition will vary over time.

---

| | |
|:---|:---|
| **Maturity Ladder\*** | &nbsp;&nbsp;**December 31, 2022** |
| Overnight (1 Day) | &nbsp;&nbsp;&nbsp;&nbsp;0.0% |
| 2 to 30 Days | &nbsp;&nbsp;87.4 |
| 31 to 60 Days | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| 61 to 90 Days | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Over 90 Days | &nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| **Total** | &nbsp;&nbsp;**94.8%** |
| Average days to maturity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Weighted average life | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |

---

\* As a percentage of net assets as of the date indicated. The Portfolio's composition will vary over time.

(The maturity ladder is expressed as a percentage of net assets as of the date indicated. The composition will vary over time.)

------

[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Government Money Market Portfolio

#### Schedule of Investments

#### December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Rating <sup>\*</sup>** | &nbsp;&nbsp;**Name of Issuer<br> and Title of Issue** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Next <br> Payment/<br> Reset Date** | &nbsp;&nbsp;**Maturity <br> Date** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
|  | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT — 2.3%** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT — 2.3%** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT — 2.3%** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT — 2.3%** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT — 2.3%** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT — 2.3%** |
| Aaa, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., 3 Month USD MMY + 0.03%(a) | &nbsp;&nbsp;4.426% | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;10/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;$25000000 | &nbsp;&nbsp;&nbsp;&nbsp;$24999111 |
| Aaa, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., 3 Month USD MMY + 0.03%(a) | &nbsp;&nbsp;4.427% | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;04/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23954000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23954000 |
| Aaa, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., 3 Month USD MMY + 0.04%(a) | &nbsp;&nbsp;4.433% | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;05/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31400000 |
| Aaa, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.02%(a) | &nbsp;&nbsp;4.318% | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;07/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11999808 |
| Aaa, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.02%(a) | &nbsp;&nbsp;4.320% | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;03/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52831000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52829738 |
| Aaa, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.02%(a) | &nbsp;&nbsp;4.320% | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;08/21/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19999745 |
| Aaa, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.03%(a) | &nbsp;&nbsp;4.325% | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;01/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39999950 |
| Aaa, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.05%(a) | &nbsp;&nbsp;4.350% | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;05/09/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14800000 |
| Aaa, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.06%(a) | &nbsp;&nbsp;4.355% | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;02/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300000 |
| TOTAL GOVERNMENT AGENCY DEBT | TOTAL GOVERNMENT AGENCY DEBT | TOTAL GOVERNMENT AGENCY DEBT | TOTAL GOVERNMENT AGENCY DEBT | TOTAL GOVERNMENT AGENCY DEBT | TOTAL GOVERNMENT AGENCY DEBT | &nbsp;&nbsp;&nbsp;&nbsp;225282352 |
|  | &nbsp;&nbsp;**TREASURY DEBT — 5.0%** | &nbsp;&nbsp;**TREASURY DEBT — 5.0%** | &nbsp;&nbsp;**TREASURY DEBT — 5.0%** | &nbsp;&nbsp;**TREASURY DEBT — 5.0%** | &nbsp;&nbsp;**TREASURY DEBT — 5.0%** | &nbsp;&nbsp;**TREASURY DEBT — 5.0%** |
| P-1, A-1+ | &nbsp;&nbsp;U.S. Treasury Notes, 3 Month USD MMY - 0.02%(a) | &nbsp;&nbsp;4.383% | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;01/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3191213 |
| P-1, A-1+ | &nbsp;&nbsp;U.S. Treasury Notes, 3 Month USD MMY + 0.03%(a) | &nbsp;&nbsp;4.427% | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;07/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;233530000 | &nbsp;&nbsp;&nbsp;&nbsp;233532944 |
| P-1, A-1+ | &nbsp;&nbsp;U.S. Treasury Notes, 3 Month USD MMY + 0.03%(a) | &nbsp;&nbsp;4.432% | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;04/30/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73936000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73937365 |
| P-1, A-1+ | &nbsp;&nbsp;U.S. Treasury Notes, 3 Month USD MMY + 0.04%(a) | &nbsp;&nbsp;4.372% | &nbsp;&nbsp;01/02/2023 | &nbsp;&nbsp;10/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21400000 |
| P-1, A-1+ | &nbsp;&nbsp;U.S. Treasury Notes, 3 Month USD MMY + 0.05%(a) | &nbsp;&nbsp;4.447% | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;01/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;157870000 | &nbsp;&nbsp;&nbsp;&nbsp;157872854 |
| TOTAL TREASURY DEBT | TOTAL TREASURY DEBT | TOTAL TREASURY DEBT | TOTAL TREASURY DEBT | TOTAL TREASURY DEBT | TOTAL TREASURY DEBT | &nbsp;&nbsp;&nbsp;&nbsp;489934376 |
|  | &nbsp;&nbsp;**GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 10.4%** | &nbsp;&nbsp;**GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 10.4%** | &nbsp;&nbsp;**GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 10.4%** | &nbsp;&nbsp;**GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 10.4%** | &nbsp;&nbsp;**GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 10.4%** | &nbsp;&nbsp;**GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 10.4%** |
| NR, A-1 | &nbsp;&nbsp;Agreement with Agreement with ING Financial Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 12/15/2022 (collateralized by Federal Home Loan Mortgage Corporations, 2.000% – 5.500% due 10/01/2051 – 11/01/2052, and a Federal National Mortgage Associations, 2.000% – 6.500% due 01/01/2025 – 05/01/2058, valued at $51,000,001); expected proceeds $50,293,319(b) | &nbsp;&nbsp;4.310% | &nbsp;&nbsp;02/02/2023 | &nbsp;&nbsp;02/02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Government Money Market Portfolio

#### Schedule of Investments – (continued)

#### December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Rating <sup>\*</sup>** | &nbsp;&nbsp;**Name of Issuer<br> and Title of Issue** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Next <br> Payment/<br> Reset Date** | &nbsp;&nbsp;**Maturity <br> Date** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
|  | &nbsp;&nbsp;**GOVERNMENT AGENCY REPURCHASE AGREEMENTS – (continued)** | &nbsp;&nbsp;**GOVERNMENT AGENCY REPURCHASE AGREEMENTS – (continued)** | &nbsp;&nbsp;**GOVERNMENT AGENCY REPURCHASE AGREEMENTS – (continued)** | &nbsp;&nbsp;**GOVERNMENT AGENCY REPURCHASE AGREEMENTS – (continued)** | &nbsp;&nbsp;**GOVERNMENT AGENCY REPURCHASE AGREEMENTS – (continued)** | &nbsp;&nbsp;**GOVERNMENT AGENCY REPURCHASE AGREEMENTS – (continued)** |
| P-1, A-1 | &nbsp;&nbsp;Agreement with Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/30/2022 (collateralized by Federal Home Loan Mortgage Corporations, 3.000% – 7.500% due 02/01/2026 – 09/01/2052, and a Federal National Mortgage Associations, 2.376% – 6.500% due 04/01/2026 – 12/01/2051, valued at $780,300,000); expected proceeds $765,365,500 | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;01/03/2023 | &nbsp;&nbsp;01/03/2023 | &nbsp;&nbsp;$765000000 | &nbsp;&nbsp;$765000000 |
| NR, A-1 | &nbsp;&nbsp;Agreement with Agreement with Wells Fargo Bank and Bank of New York Mellon (Tri-Party), dated 12/30/2022 (collateralized by Federal National Mortgage Associations, 2.500% – 5.500% due 05/01/2037 – 11/01/2052, valued at $204,097,694); expected proceeds $200,095,778 | &nbsp;&nbsp;4.310% | &nbsp;&nbsp;01/03/2023 | &nbsp;&nbsp;01/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 |
| TOTAL GOVERNMENT AGENCY REPURCHASE AGREEMENTS | TOTAL GOVERNMENT AGENCY REPURCHASE AGREEMENTS | TOTAL GOVERNMENT AGENCY REPURCHASE AGREEMENTS | TOTAL GOVERNMENT AGENCY REPURCHASE AGREEMENTS | TOTAL GOVERNMENT AGENCY REPURCHASE AGREEMENTS | TOTAL GOVERNMENT AGENCY REPURCHASE AGREEMENTS | &nbsp;&nbsp;&nbsp;&nbsp;1015000000 |
|  | &nbsp;&nbsp;**TREASURY REPURCHASE AGREEMENTS — 77.1%** | &nbsp;&nbsp;**TREASURY REPURCHASE AGREEMENTS — 77.1%** | &nbsp;&nbsp;**TREASURY REPURCHASE AGREEMENTS — 77.1%** | &nbsp;&nbsp;**TREASURY REPURCHASE AGREEMENTS — 77.1%** | &nbsp;&nbsp;**TREASURY REPURCHASE AGREEMENTS — 77.1%** | &nbsp;&nbsp;**TREASURY REPURCHASE AGREEMENTS — 77.1%** |
| P-1, A-1 | &nbsp;&nbsp;Agreement with Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 12/29/2022 (collateralized by U.S. Treasury Strips, 0.000% due 08/15/2039 – 08/15/2041, valued at $102,157,923); expected proceeds $100,083,611 | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;01/05/2023 | &nbsp;&nbsp;01/05/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 |
| P-1, A-1 | &nbsp;&nbsp;Agreement with Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 12/30/2022 (collateralized by U.S. Treasury Strips, 0.000% due 08/15/2039 – 05/15/2040, valued at $1,020,052); expected proceeds $1,000,478 | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;01/03/2023 | &nbsp;&nbsp;01/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| NR, A-1+ | &nbsp;&nbsp;Agreement with Agreement with Federal Reserve Bank of New York and Bank of New York Mellon (Tri-Party), dated 12/30/2022 (collateralized by U.S. Treasury Notes, 2.375% – 3.125% due 08/15/2025 – 05/15/2029, valued at $7,003,344,506); expected proceeds $7,003,344,444 | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;01/03/2023 | &nbsp;&nbsp;01/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;7000000000 | &nbsp;&nbsp;&nbsp;&nbsp;7000000000 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Government Money Market Portfolio

#### Schedule of Investments – (continued)

#### December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Rating <sup>\*</sup>** | &nbsp;&nbsp;**Name of Issuer<br> and Title of Issue** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Next <br> Payment/<br> Reset Date** | &nbsp;&nbsp;**Maturity <br> Date** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
|  | &nbsp;&nbsp;**TREASURY REPURCHASE AGREEMENTS – (continued)** | &nbsp;&nbsp;**TREASURY REPURCHASE AGREEMENTS – (continued)** | &nbsp;&nbsp;**TREASURY REPURCHASE AGREEMENTS – (continued)** | &nbsp;&nbsp;**TREASURY REPURCHASE AGREEMENTS – (continued)** | &nbsp;&nbsp;**TREASURY REPURCHASE AGREEMENTS – (continued)** | &nbsp;&nbsp;**TREASURY REPURCHASE AGREEMENTS – (continued)** |
| P-1, A-1+ | &nbsp;&nbsp;Agreement with Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 12/30/2022 (collateralized by a U.S. Treasury Note, 1.625% due 02/15/2026, valued at $71,400,051); expected proceeds $70,033,444 | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;01/03/2023 | &nbsp;&nbsp;01/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;$70000000 | &nbsp;&nbsp;$70000000 |
| P-1, A-1 | &nbsp;&nbsp;Agreement with Agreement with Mitsubishi UFJ Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/30/2022 (collateralized by U.S. Treasury Notes, 0.000% due 10/31/2023 – 11/15/2040, valued at $76,392,183); expected proceeds $75,035,833 | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;01/03/2023 | &nbsp;&nbsp;01/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 |
| P-1, A-1 | &nbsp;&nbsp;Agreement with Agreement with Societe Generale and Bank of New York Mellon (Tri-Party), dated 12/29/2022 (collateralized by Federal National Mortgage Associations, 2.500% – 4.500% due 05/01/2036 – 08/01/2052, valued at $331,500,001); expected proceeds $325,271,736 | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;01/05/2023 | &nbsp;&nbsp;01/05/2023 | &nbsp;&nbsp;&nbsp;&nbsp;325000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000000 |
| TOTAL TREASURY REPURCHASE AGREEMENTS | TOTAL TREASURY REPURCHASE AGREEMENTS | TOTAL TREASURY REPURCHASE AGREEMENTS | TOTAL TREASURY REPURCHASE AGREEMENTS | TOTAL TREASURY REPURCHASE AGREEMENTS | TOTAL TREASURY REPURCHASE AGREEMENTS | &nbsp;&nbsp;&nbsp;&nbsp;7571000000 |
| **TOTAL INVESTMENTS –94.8%<br> (Cost $9,301,216,728)<sup>(c),(d)</sup>** | **TOTAL INVESTMENTS –94.8%<br> (Cost $9,301,216,728)<sup>(c),(d)</sup>** | **TOTAL INVESTMENTS –94.8%<br> (Cost $9,301,216,728)<sup>(c),(d)</sup>** | **TOTAL INVESTMENTS –94.8%<br> (Cost $9,301,216,728)<sup>(c),(d)</sup>** | **TOTAL INVESTMENTS –94.8%<br> (Cost $9,301,216,728)<sup>(c),(d)</sup>** | **TOTAL INVESTMENTS –94.8%<br> (Cost $9,301,216,728)<sup>(c),(d)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**9301216728** |
| **Other Assets in Excess of Liabilities —5.2%** | **Other Assets in Excess of Liabilities —5.2%** | **Other Assets in Excess of Liabilities —5.2%** | **Other Assets in Excess of Liabilities —5.2%** | **Other Assets in Excess of Liabilities —5.2%** | **Other Assets in Excess of Liabilities —5.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**515315967** |
| **NET ASSETS –100.0%** | **NET ASSETS –100.0%** | **NET ASSETS –100.0%** | **NET ASSETS –100.0%** | **NET ASSETS –100.0%** | **NET ASSETS –100.0%** | &nbsp;&nbsp;**$9816532695** |

---

\* Moody's rating, Standard & Poor's rating, respectively. (Unaudited)

(a) Variable Rate Security - Interest rate shown is rate in effect at December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(b) Illiquid security. These securities represent $50,000,000 or 0.5% of net assets as of December 31, 2022.

(c) Also represents the cost for federal tax purposes.

(d) Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs (Note 2).

MMY Money Market Yield <br> SOFR Secured Overnight Financing Rate

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### STATE STREET NAVIGATOR SECURITIES LENDING TRUST

#### STATE STREET NAVIGATOR SECURITIES LENDING GOVERNMENT MONEY MARKET PORTFOLIO

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2022

------

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, at value — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$715216728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements, at amortized cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8586000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9301216728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510912123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9550729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9821701614 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian, sub-administration and transfer agent fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4663427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5168919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;$9816532695 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;$9816673887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(141192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;$9816532695 |
| **NET ASSET VALUE PER SHARE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding ($0.001 par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9816663838 |
| **COST OF INVESTMENTS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at cost | &nbsp;&nbsp;&nbsp;&nbsp;$9301216728 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### STATE STREET NAVIGATOR SECURITIES LENDING TRUST

#### STATE STREET NAVIGATOR SECURITIES LENDING GOVERNMENT MONEY MARKET PORTFOLIO

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2022

------

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income - unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$174279372 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian, sub-administration and transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26953 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100455 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171178917 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment transactions — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$171184867 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### STATE STREET NAVIGATOR SECURITIES LENDING TRUST

#### STATE STREET NAVIGATOR SECURITIES LENDING GOVERNMENT MONEY MARKET PORTFOLIO

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> 12/31/2022** | **Year Ended<br> 12/31/2021** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$171178917 | $2666406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4961 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171184867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2671367 |
| &nbsp;&nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171331265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2667301) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166345836553 | &nbsp;&nbsp;&nbsp;&nbsp;138888214032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163833183048) | &nbsp;&nbsp;&nbsp;(139007631706) |
| **Net increase (decrease) in net assets from beneficial interest transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512653505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119417674) |
| **Net increase (decrease) in net assets during the period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512507107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119413608) |
| **Net assets at beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7304025588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7423439196 |
| **NET ASSETS AT END OF PERIOD** | $9816532695 | $7304025588 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166345836553 | &nbsp;&nbsp;&nbsp;&nbsp;138888214032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;(163833183048) | &nbsp;&nbsp;&nbsp;(139007631706) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512653505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119417674) |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### STATE STREET NAVIGATOR SECURITIES LENDING TRUST

#### STATE STREET NAVIGATOR SECURITIES LENDING GOVERNMENT MONEY MARKET PORTFOLIO

#### FINANCIAL HIGHLIGHTS

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended<br> 12/31/22** | &nbsp;&nbsp;**Year Ended<br> 12/31/21** | &nbsp;&nbsp;**Year Ended<br> 12/31/20** | &nbsp;&nbsp;**Year Ended<br> 12/31/19** | &nbsp;&nbsp;**Year Ended<br> 12/31/18** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;&nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;&nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;&nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;&nbsp;&nbsp;$1.0000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0182 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.0000 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.0000 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.0000 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.0000 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.0000 <sup>(a)</sup> |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0182 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0042) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0182) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0042) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0182) |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;&nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;&nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;&nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;&nbsp;&nbsp;$1.0000 |
| Total return<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s) | &nbsp;&nbsp;$9816533 | &nbsp;&nbsp;$7304026 | &nbsp;&nbsp;$7423439 | &nbsp;&nbsp;$8865068 | &nbsp;&nbsp;$6844376 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78% |

---

(a) Amount is less than $0.00005
per share.

(b) Total
return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net
asset value per share on the respective payment dates of the Fund. Total return for periods of less than one year are not annualized. Results represent past performance and are not indicative of future results.

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Government Money Market Portfolio

#### Notes to Financial Statements

#### December 31, 2022
1. Organization

State Street Navigator Securities Lending Trust (the "Trust") a Massachusetts business trust registered under the Investment Company Act of 1940, as amended ("1940 Act"), is an open-end management investment company.

As of December 31, 2022, the Trust offers three (3) series, each of which represents a separate series of beneficial interest in the Trust (together the "Funds"). State Street Navigator Securities Lending Government Money Market Portfolio (the "Fund") is authorized to issue an unlimited number of shares of beneficial interest with a $0.001 par value. The financial statements herein relate only to the Fund.

The Fund is used as a vehicle to invest cash collateral received by lenders in connection with securities loans under the Securities Lending Program ("SLP") maintained by State Street Bank and Trust Company ("State Street"), an affiliate of the Fund's investment adviser, SSGA Funds Management, Inc. (the "Adviser" or "SSGA FM"). There are other affiliated trusts that participate in the SLP and invest collateral in the Fund. Shares of the Fund are sold in private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933, as amended. Investments in the Fund will increase or decrease in direct correlation with overall participation in the SLP.

The Fund's investment objective is to seek to maximize current income, to the extent consistent with the preservation of capital and liquidity and the maintenance of a stable $1.00 per share NAV.

The Fund operates as a "government money market fund" within the meaning of Rule 2a-7 under the 1940 Act to comply with the amendments to Rule 2a-7 that became effective on October 14, 2016. The Fund is not currently subject to liquidity fees or temporary suspensions of redemptions due to declines in the Fund's weekly liquid assets.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") 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. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

#### Security Valuation
The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the "Committee") and approved by the Board of Trustees of the Trust (the "Board" and each member thereof, a "Trustee").

The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for overseeing the determination of the fair value of investments.

------

[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Government Money Market Portfolio

#### Notes to Financial Statements – (continued)

#### December 31, 2022
The Fund's securities are recorded on the basis of amortized cost which approximates fair value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

Because of the inherent uncertainties of valuation and under certain market conditions, the values reflected in the financial statements may differ from the value received upon actual sale of those investments and it is possible that the differences could be material.

Various inputs are used in determining the value of the Fund's investments. The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs for the asset or liability, including the Committee's assumptions used in determining the fair value of investments.

Unless otherwise indicated on the Schedule of Investments, the values of the securities of the Fund are determined based on Level 2 inputs.

#### Investment Transactions and Income Recognition
Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments are determined using the identified cost method. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

#### Expenses
Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Trust.

#### Distributions
Distributions from net investment income, if any, are declared and paid daily. Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

------

[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Government Money Market Portfolio

#### Notes to Financial Statements – (continued)

#### December 31, 2022
3. Securities and Other Investments

#### Repurchase Agreements
The Fund may enter into repurchase agreements under the terms of a Master Repurchase Agreement. A repurchase agreement customarily obligates the seller at the time it sells securities to the Fund to repurchase the securities at a mutually agreed upon price and time. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Fund including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest.

The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the Fund's principal amount of the repurchase agreement (including accrued interest). The underlying securities are ordinarily United States Government or Government Agency securities, but may consist of other securities. The use of repurchase agreements involves certain risks including counterparty risks. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which the value of the collateral may decline.

As of December 31, 2022, the Fund had invested in repurchase agreements with the gross values (principal) of $8,586,000,000 and associated collateral equal to $8,621,212,411.

4. Fees and Transactions with Affiliates

#### Advisory Fee
The Trust, on behalf of the Fund, has entered into an Investment Advisory Agreement with SSGA FM. The Fund pays an advisory fee to SSGA FM at an annual rate of 0.0175% of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

SSGA FM is contractually obligated until April 30, 2023 to waive its management fee and/or to reimburse the Fund for expenses to the extent that Total Annual Fund Operating Expenses (exclusive of non-recurring account fees and/or extraordinary expenses) exceed 0.042% of average daily net assets on an annual basis. The contractual fee waiver does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. This waiver and/or reimbursement may not be terminated prior to April 30, 2023 except with approval of the Fund's Board.

Each of the Adviser and certain of its affiliates (each a "Service Provider") also may voluntarily reduce all or a portion of its fees and/or reimburse expenses for the Fund to the extent necessary to maintain a certain minimum net yield, which may vary from time to time, in SSGA FM's sole discretion (any such waiver or reimbursement of expenses by a Service Provider being referred to herein as a "Voluntary Reduction"). Under an agreement with the Service Providers relating to the Voluntary Reduction, the Fund has agreed to reimburse the Service Providers for the full dollar amount of any Voluntary Reduction beginning on May 1, 2020, subject to certain limitations. Each Service Provider may, in its sole discretion, irrevocably waive receipt of any or all reimbursement amounts due from the Fund.

A reimbursement to the Service Provider would increase fund expenses and may negatively impact the Fund's yield during such period. There is no guarantee that the Voluntary Reduction will be in effect at any given time or that the Fund will be able to avoid a negative yield. The Fund has agreed, subject to certain limitations, to reimburse the applicable Service Provider for the full dollar amount of any Voluntary Reduction incurred after May 1, 2020. Any such future reimbursement of an applicable Service Provider may result in the total annual operating expenses of the Fund exceeding the amount of the expense cap under the contractual expense limitation agreement because the expense is not covered by the agreement. There were no fees reduced or

------

[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Government Money Market Portfolio

#### Notes to Financial Statements – (continued)

#### December 31, 2022
expenses reimbursed by the Service Providers in connection with the Voluntary Reduction for the period ended December 31, 2022.

#### Administrator Fee
SSGA FM serves as administrator. Pursuant to the Administration Agreement between the Trust, on behalf of the Fund and SSGA FM, the Fund pays an annual administration fee to SSGA FM equal to 0.00075% of the Fund's average daily net assets.

#### Custodian, Sub-Administrator, Fund Accounting and Transfer Agent Fees
State Street serves as the custodian, sub-administrator, and transfer agent for the Fund. Under the terms of these agreements, the Fund pays a monthly fee to State Street.

#### Other Transactions with Affiliates
From time to time, the Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Fund. As of December 31, 2022, based on management's evaluation of the shareholder account base, the Fund had accounts representing controlling ownership of more than 10% of the Fund's total outstanding shares. The number of such accounts, based on accounts that represent more than 10% of the aggregate shares, and the aggregate percentage of net assets represented by such holdings were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Number of 10%<br> Affiliated Account Holders** | &nbsp;&nbsp;**Percentage of<br> Affiliated Ownership** |
| &nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio | &nbsp;&nbsp;3 | &nbsp;&nbsp;43.21% |

---

5. Trustees' Fees

The fees and expenses of the Trust's Trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), are paid directly by the Fund. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

6. Income Tax Information

The Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.

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[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Government Money Market Portfolio

#### Notes to Financial Statements – (continued)

#### December 31, 2022
Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values or results of operations. Temporary book-tax differences will reverse in the future.

The tax character of distributions paid during the year ended December 31, 2022, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Ordinary <br> Income** | **Long-Term <br> Capital Gains** | **Tax Return<br> of Capital** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$171329487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$171331265 |

---

The tax character of distributions paid during the year ended December 31, 2021, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Ordinary <br> Income** | **Long-Term <br> Capital Gains** | **Tax Return<br> of Capital** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2667301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2667301 |

---

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed <br> Ordinary<br> Income** | **Capital Loss<br> Carryforwards** | **Undistributed <br> Long-Term<br> Capital Gains** | **Net <br> Unrealized<br> Gains<br> (Losses)** | **Qualified <br> Late-Year<br> Losses** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- |

---

As of December 31, 2022, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

7. Risks

#### Concentration Risk
As a result of the Fund's ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund's investments more than if the Fund was more broadly diversified.

#### Market, Credit and Counterparty Risk
In the normal course of business, the Fund trades securities and enters into financial transactions where risk of potential loss exists due to changes in global economic conditions and fluctuations of the market (market risk). Additionally, the Fund may also be exposed to counterparty risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults. The value of securities held by the Fund may decline in response to certain events, including those directly involving the companies whose securities are owned by the Fund; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations (credit risk).

Financial assets, which potentially expose the Fund to market, credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Fund's exposure to market, credit and counterparty risks in respect to these financial assets approximates their value as recorded in the Fund's Statement of Assets and Liabilities, less any collateral held by the Fund.

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[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Government Money Market Portfolio

#### Notes to Financial Statements – (continued)

#### December 31, 2022
The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.

8. Recent Accounting Pronouncement

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2020-04 ("ASU 2020-04"), "Reference Rate Reform (Topic 848)". In response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The relief provided is temporary and generally cannot be applied to contract modifications that occur after December 31, 2022, or hedging relationships entered into or evaluated after that date. However, the FASB has indicated that it will revisit the sunset date in Topic 848 after the LIBOR administrator makes a final decision on a phaseout date. On November 30, 2020, the LIBOR administrator proposed extending the publication of the overnight and the one-, three-, six- and 12-month USD LIBOR settings through June 30, 2023, when many existing contracts that reference LIBOR will have expired. Management is currently evaluating the impact of the guidance.

9. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

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[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### Report of Independent Registered Public Accounting Firm
To the Shareholders of State Street Navigator Securities Lending Government Money Market Portfolio and the Board of Trustees of State Street Navigator Securities Lending Trust

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of State Street Navigator Securities Lending Government Money Market Portfolio (the "Fund") (one of the series constituting State Street Navigator Securities Lending Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting State Street Navigator Securities Lending Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](g442998imgda8e97b01.jpg)

We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.

Boston, Massachusetts<br> February 24, 2023

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[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Government Money Market Portfolio

#### Other Information (Unaudited)

#### December 31, 2022

#### Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and to the extent applicable distribution (12b-1) and/ or service fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from July 1, 2022 to December 31, 2022.

The table below illustrates your Fund's cost in two ways:

• **Based on actual fund return** — This section helps you to estimate the actual expenses that you paid over the period. The "Ending Account Value" shown is derived from each Fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading "Expenses Paid During Period".

• **Based on hypothetical 5% return** — This section is intended to help you compare your Fund's costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund's actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the "SEC") requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales load charges (loads). Therefore, the hypothetical 5% return section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Actual** | **Actual** | **Hypothetical (assuming a 5%<br> return before expenses)** | **Hypothetical (assuming a 5%<br> return before expenses)** |
|  | **Annualized <br> Expense Ratio** | **Ending Account<br> Value** | **Expenses Paid<br> During Period(a)** | **Ending Account<br> Value** | **Expenses Paid<br> During Period(a)** |
| State Street Navigator Securities Lending Government Money Market Portfolio | 0.03% | $1014.70 | $0.15 | $1025.10 | $0.15 |

---

(a) Expenses are equal to the
Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184, then divided by 365.

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[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Government Money Market Portfolio

#### Other Information (Unaudited) – (continued)

#### December 31, 2022

#### Capital Gain Dividend
Long-term capital gains dividend was paid from the Fund during the fiscal year ended December 31, 2022:

---

| | |
|:---|:---|
|  | **Amount** |
| State Street Navigator Securities Lending Government Money Market Portfolio | $1778 |

---

#### Proxy Voting Policies and Procedures and Records
The Fund has adopted the proxy voting policies of the Adviser. A description of the Fund's proxy voting policies and procedures that are used by the Fund's investment Adviser to vote proxies relating to Fund's portfolio of securities are available (i) without charge, upon request, by calling 1-877-521-4083 (toll free) and (ii) on the SEC's website at *www.sec.gov*. Information regarding how the Funds voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number and on the SEC's website, at *www.sec.gov.*

#### Monthly Portfolio Schedule
The Fund files its monthly portfolio holdings with the SEC on Form N-MFP. The Fund's Form N-MFP filing is available (1) on the SEC's website at *www.sec.gov* or (2) by calling 1-877-521-4083 (toll free).

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[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Government Money Market Portfolio

#### Other Information (Unaudited) – (continued)

#### December 31, 2022

#### TRUSTEES AND OFFICERS INFORMATION

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS,<br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE AND<br> LENGTH OF<br> TIME SERVED** | **PRINCIPAL OCCUPATION<br> DURING PAST FIVE YEARS<br> AND RELEVANT<br> EXPERIENCE** | **NUMBER OF<br> FUNDS IN<br> FUND<br> COMPLEX<br> OVERSEEN<br> BY TRUSTEE†** | **OTHER <br> DIRECTORSHIPS<br> HELD BY TRUSTEE<br> DURING PAST FIVE<br> YEARS** |
| **INDEPENDENT TRUSTEES** |  |  |  |  |  |
| Michael F. Holland<sup>(1)</sup><br> c/o SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1944 | Trustee and Co-<br> Chairperson<br> of the Board | Term: <br> Indefinite<br> Elected: 12/18 | Chairman, Holland &<br> Company L.L.C.<br> (investment<br> adviser) (1995 – present). | 55 | Director, the Holland<br> Series Fund, Inc.;<br> Director, The China<br> Fund, Inc. (1992 –<br> 2017); Director, The<br> Taiwan Fund, Inc.<br> (2007 – 2017);<br> Director, Reaves<br> Utility Income Fund,<br> Inc.; and Director,<br> Blackstone/GSO<br> Loans (and Real<br> Estate) Funds. |
| Patrick J. Riley<br> c/o SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1948 | Trustee and Co-<br> Chairperson<br> of the Board | Term: <br> Indefinite<br> Appointed: 4/16<br> Elected: 6/16 | Associate Justice of the Superior Court, Commonwealth of Massachusetts (2002 – May 2010); Partner, Riley, Burke & Donahue, L.L.P. (law firm) (1985 – 2002); Independent Director, State Street Global Advisors Ireland, Ltd. (investment company) (1998 – present); Independent Director, SSGA Liquidity PLC (formerly, SSGA Cash Management Fund PLC) (1998 – present); Independent Director, SSGA Fixed Income PLC (January 2009 – present); and Independent Director, SSGA Qualified Funds PLC (January 2009 – 2019). | 55 | Board Director and<br> Chairman, SPDR<br> Europe I, PLC Board<br> (2011 – present);<br> Board Director and<br> Chairman, SPDR<br> Europe II, PLC<br> (2013 – present). |

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[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Government Money Market Portfolio

#### Other Information (Unaudited) – (continued)

#### December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS,<br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE AND<br> LENGTH OF<br> TIME SERVED** | **PRINCIPAL OCCUPATION<br> DURING PAST FIVE YEARS<br> AND RELEVANT<br> EXPERIENCE** | **NUMBER OF<br> FUNDS IN<br> FUND<br> COMPLEX<br> OVERSEEN<br> BY TRUSTEE†** | **OTHER <br> DIRECTORSHIPS<br> HELD BY TRUSTEE<br> DURING PAST FIVE<br> YEARS** |
| John R. Costantino<br> c/o SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1946 | Trustee and Co-<br> Chairperson of<br> the Qualified<br> Legal<br> Compliance<br> Committee | Term: <br> Indefinite<br> Elected:<br> 12/18 | Senior Advisor to NGN<br> Capital LLC (January<br> 2020 – present);<br> Managing General<br> Partner, NGN Capital<br> LLC (2006 – December<br> 2019). | 55 | Director, Kleinfeld<br> Bridal Corp. (January<br> 2016 – present);<br> Trustee of<br> Neuroscience<br> Research Institute<br> (1986 – 2017);<br> Trustee of Fordham<br> University (1989 –<br> 1995 and 2001 –<br> 2007) and Trustee<br> Emeritus (2007 –<br> present); Trustee<br> and Independent<br> Chairperson of GE<br> Funds (1993 –<br> February 2011);<br> Director, Muscular<br> Dystrophy<br> Association<br> (2019 - present);and Trustee of<br> Gregorian University<br> Foundation (1992 –<br> 2007); Chairman of the Board of Directors, Vivaldi Biosciences Inc. (May 2017 – present); Chairman of the Supervisory Board, Vivaldi Biosciences AG. (May 2017 – present); Trustee, Gallim Dance (December 2021 – present). |
| Donna M. Rapaccioli<br> c/o SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1962 | Trustee and<br> Chairperson<br> of the Audit<br> Committee | Term: <br> Indefinite<br> Elected:<br> 12/18 | Dean of the Gabelli<br> School of Business<br> (2007 – present) and<br> Accounting Professor<br> (1987 – present) at<br> Fordham University. | 55 | Graduate <br> Management<br> Admissions Council<br> (2015 – present);<br> Trustee of<br> Emmanuel College<br> (2010 – 2019). |

---

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[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Government Money Market Portfolio

#### Other Information (Unaudited) – (continued)

#### December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS,<br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE AND<br> LENGTH OF<br> TIME SERVED** | **PRINCIPAL OCCUPATION<br> DURING PAST FIVE YEARS<br> AND RELEVANT<br> EXPERIENCE** | **NUMBER OF<br> FUNDS IN<br> FUND<br> COMPLEX<br> OVERSEEN<br> BY TRUSTEE†** | **OTHER <br> DIRECTORSHIPS<br> HELD BY TRUSTEE<br> DURING PAST FIVE<br> YEARS** |
| Richard D. Shirk<br> c/o SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1945 | Trustee and<br> Co-Chairperson<br> of the Qualified<br> Legal Compliance<br> Committee | Term: <br> Indefinite<br> Elected:<br> 7/16 | Chairman (March 2001 –<br> April 2002),<br> President and Chief<br> Executive Officer (1996 – March 2001),<br> Cerulean Companies, Inc.<br> (holding company)<br> (Retired);<br> President and Chief<br> Executive Officer, Blue<br> Cross Blue Shield of<br> Georgia (health insurer,<br> managed healthcare) (1992 – March 2002). | 55 | Chairman and BO<br> Member<br> (December 2008)<br> and<br> Investment<br> Committee Member (December 2008 – present),<br> Healthcare Georgia<br> Foundation<br> (private<br> foundation);<br> Lead Director<br> and Board Member,<br> Amerigroup Corp.<br> (managed health care);<br> (September 2002 – 2012), Board<br> Member and (1999 –<br> 2013) and Investment<br> Committee Member<br> (2001 – 2017),<br> Woodruff Arts Center;<br> Trustee, Gettysburg<br> College (2003 – 2009);<br> Board member, Aerocare<br> Holdings (2003 – January 2021), Regenesis<br> Biomedical Inc. (April 2012 – present). |
| Michael A. Jessee<br> c/o SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1946 | Trustee and Co-<br> Chairperson of<br> the Valuation<br> Committee | Term: <br> Indefinite<br> Appointed:<br> 2/96 | Retired; formerly,<br> President and Chief<br> Executive Officer of the<br> Federal Home Loan Bank<br> of Boston (1989 – 2009);<br> Trustee, Randolph-Macon<br> College (2004 – 2016). | 55 | None. |

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[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Government Money Market Portfolio

#### Other Information (Unaudited) – (continued)

#### December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS,<br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE AND<br> LENGTH OF<br> TIME SERVED** | **PRINCIPAL OCCUPATION<br> DURING PAST FIVE YEARS<br> AND RELEVANT<br> EXPERIENCE** | **NUMBER OF<br> FUNDS IN<br> FUND<br> COMPLEX<br> OVERSEEN<br> BY TRUSTEE†** | **OTHER <br> DIRECTORSHIPS<br> HELD BY TRUSTEE<br> DURING PAST FIVE<br> YEARS** |
| Margaret McLaughlin<br> c/o SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1967 | Trustee | Term: Indefinite Appointed: 9/22 | Consultant, Bates Group (consultants) (2021 – 2023); Consultant, Madison Dearborn Partners (private equity) (2019 – 2020); General Counsel CCO, Kramer Van Kirk Credit Strategies L.P./Mariana Systems LLC (Investment Adviser/SaaS Technology) (2011 –2019). | 55 | Director, Manning & Napier Fund Inc (2021 – 2022). |
| George M. Pereira<br> c/o SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1964 | Trustee | Term: Indefinite Appointed: 9/22 | Chief Operating Officer (January 2011 – September 2020) and Chief Financial Officer (November 2004 – September 2020), Charles Schwab Investment Management. | 55 | Director, Pacific Premier Bancorp, Pacific Premier Bank (2021 – present); Director, Charles Schwab Asset Management (Ireland) Ltd., & Charles Schwab Worldwide Funds plc. (2005 – 2020); Director, Rotaplast International, Inc. (non-profit providing free medical services to children worldwide) (2012 – 2018). |

---

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[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Government Money Market Portfolio

#### Other Information (Unaudited) – (continued)

#### December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS,<br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE AND<br> LENGTH OF<br> TIME SERVED** | **PRINCIPAL OCCUPATION<br> DURING PAST FIVE YEARS<br> AND RELEVANT<br> EXPERIENCE** | **NUMBER OF<br> FUNDS IN<br> FUND<br> COMPLEX<br> OVERSEEN<br> BY TRUSTEE†** | **OTHER <br> DIRECTORSHIPS<br> HELD BY TRUSTEE<br> DURING PAST FIVE<br> YEARS** |
| **INTERESTED TRUSTEE<sup>(2)</sup>** |  |  |  |  |  |
| Ellen M. Needham<sup>(3)</sup><br> SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1967 | Trustee and<br> President | Term: <br> Indefinite<br> Elected:<br> President:<br> 9/12<br> Elected<br> Trustee:<br> 12/18 | Chairman, SSGA Funds<br> Management, Inc.<br> (March 2020 – present);<br> President and Director,<br> SSGA Funds<br> Management, Inc. (2001<br> – present)\*; Senior<br> Managing Director, State<br> Street Global Advisors<br> (1992 – present)\*;<br> Manager, State Street<br> Global Advisors Funds<br> Distributors, LLC (May<br> 2017 – present). | 55 | Board Director,<br> SSGA SPDR ETFs<br> Europe I, PLC (May<br> 2020 – present);<br> Board Director,<br> SSGA SPDR ETFs<br> Europe II PLC (May<br> 2020 – present). |
| (1) Mr. Holland retired as a Trustee of the Trust effective December 31, 2022. | (1) Mr. Holland retired as a Trustee of the Trust effective December 31, 2022. | (1) Mr. Holland retired as a Trustee of the Trust effective December 31, 2022. | (1) Mr. Holland retired as a Trustee of the Trust effective December 31, 2022. | (1) Mr. Holland retired as a Trustee of the Trust effective December 31, 2022. | (1) Mr. Holland retired as a Trustee of the Trust effective December 31, 2022. |
| (2) The individual listed below is a Trustee who is an "interested person," as defined in the 1940 Act, of the Trust ("Interested Trustee"). | (2) The individual listed below is a Trustee who is an "interested person," as defined in the 1940 Act, of the Trust ("Interested Trustee"). | (2) The individual listed below is a Trustee who is an "interested person," as defined in the 1940 Act, of the Trust ("Interested Trustee"). | (2) The individual listed below is a Trustee who is an "interested person," as defined in the 1940 Act, of the Trust ("Interested Trustee"). | (2) The individual listed below is a Trustee who is an "interested person," as defined in the 1940 Act, of the Trust ("Interested Trustee"). | (2) The individual listed below is a Trustee who is an "interested person," as defined in the 1940 Act, of the Trust ("Interested Trustee"). |
| (3) Ms. Needham is an Interested Trustee because of her employment by SSGA Fund Management, Inc., an affiliate of the Trust. | (3) Ms. Needham is an Interested Trustee because of her employment by SSGA Fund Management, Inc., an affiliate of the Trust. | (3) Ms. Needham is an Interested Trustee because of her employment by SSGA Fund Management, Inc., an affiliate of the Trust. | (3) Ms. Needham is an Interested Trustee because of her employment by SSGA Fund Management, Inc., an affiliate of the Trust. | (3) Ms. Needham is an Interested Trustee because of her employment by SSGA Fund Management, Inc., an affiliate of the Trust. | (3) Ms. Needham is an Interested Trustee because of her employment by SSGA Fund Management, Inc., an affiliate of the Trust. |
| \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. |
| † For the purpose of determining the number of portfolios overseen by the Trustees, "Fund Complex" comprises registered investment companies for which SSGA FM serves as investment adviser. | † For the purpose of determining the number of portfolios overseen by the Trustees, "Fund Complex" comprises registered investment companies for which SSGA FM serves as investment adviser. | † For the purpose of determining the number of portfolios overseen by the Trustees, "Fund Complex" comprises registered investment companies for which SSGA FM serves as investment adviser. | † For the purpose of determining the number of portfolios overseen by the Trustees, "Fund Complex" comprises registered investment companies for which SSGA FM serves as investment adviser. | † For the purpose of determining the number of portfolios overseen by the Trustees, "Fund Complex" comprises registered investment companies for which SSGA FM serves as investment adviser. | † For the purpose of determining the number of portfolios overseen by the Trustees, "Fund Complex" comprises registered investment companies for which SSGA FM serves as investment adviser. |

---

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[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Government Money Market Portfolio

#### Other Information (Unaudited) – (continued)

#### December 31, 2022
The following lists the principal officers for the Trust, as well as their mailing addresses and ages, positions with the Trust and length of time served, and present and principal occupations:

---

| | | | |
|:---|:---|:---|:---|
| **NAME, ADDRESS,<br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE AND<br> LENGTH OF<br> TIME SERVED** | **PRINCIPAL OCCUPATION<br> DURING PAST FIVE YEARS** |
| **OFFICERS:** |  |  |  |
| Ellen M. Needham<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1967 | President, <br> Trustee | Term: Indefinite<br> President- Served: since 9/12<br> Elected Trustee:<br> 12/18 | Chairman, SSGA Funds<br> present); President and Director,<br> SSGA Funds Management, Inc.<br> Management, Inc. (March 2020 –<br> (2001 – present)\*; Senior Managing<br> Director, State Street Global<br> Advisors (1992 – present)\*;<br> Manager, State Street Global<br> Advisors Funds Distributors, LLC<br> (May 2017 – present). |
| Bruce S. Rosenberg<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1961 | Treasurer | Term: Indefinite<br> Served: since 9/17 | Managing Director, State Street<br> Global Advisors and SSGA Funds<br> Management, Inc. (July 2015 –<br> present); Director, Credit Suisse<br> (April 2008 – July 2015). |
| Ann M. Carpenter<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1966 | Vice President<br> and Deputy<br> Treasurer | Term: Indefinite<br> Served: since 3/16 | Chief Operating Officer, SSGA<br> Funds Management, Inc. (April<br> 2005 – present)\*; Managing<br> Director, State Street Global<br> Advisors (April 2005 – present).\* |
| Chad C. Hallett<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1969 | Deputy Treasurer | Term: Indefinite<br> Served: since 9/17 | Vice President, State Street Global<br> Advisors and SSGA Funds<br> Management, Inc. (November 2014<br> – present). |
| Darlene Anderson-Vasquez<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1968 | Deputy Treasurer | Term: Indefinite<br> Served: since 11/16 | Managing Director, State Street<br> Global Advisors and SSGA Funds<br> Management, Inc. (May 2016 –<br> present); Senior Vice President,<br> John Hancock Investments<br> (September 2007 – May 2016). |
| Arthur A. Jensen<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1966 | Deputy Treasurer | Term: Indefinite<br> Served: since 9/17 | Vice President, State Street Global<br> Advisors and SSGA Funds<br> Management, Inc. (July 2016 –<br> present). |
| David Lancaster<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1971 | Assistant Treasurer | Term: Indefinite<br> Served: since 11/20 | Vice President, State Street Global<br> Advisors and SSGA Funds<br> Management, Inc. (July 2017 –<br> present); Assistant Vice President,<br> State Street Bank and Trust<br> Company (November 2011 – July<br> 2017)\*. |

---

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[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Government Money Market Portfolio

#### Other Information (Unaudited) – (continued)

#### December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **NAME, ADDRESS,<br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE AND<br> LENGTH OF<br> TIME SERVED** | **PRINCIPAL OCCUPATION<br> DURING PAST FIVE YEARS** |
| Ryan Hill<br> SSGA Funds Management, Inc.<br> One Iron Street,<br> Boston, MA 02210<br> YOB:1982 | Assistant Treasurer | Term: Indefinite<br> Served: since 5/22 | Vice President, State Street Global Advisors<br> and SSGA Funds Management,<br> Inc. (May 2017 – present);<br> Assistant Vice President,<br> State Street Bank and Trust Company<br> (May 2014 – May 2017). |
| John Bettencourt<br> SSGA Funds Management, Inc.<br> One Iron Street,<br> Boston, MA 02210<br> YOB:1976 | Assistant Treasurer | Term: Indefinite<br> Served: since 5/22 | Vice President, State Street<br> Global Advisors and SSGA Funds Management,<br> Inc. (March 2020 – present);<br> Assistant Vice President,<br> State Street Global<br> Advisors (June 2007 – March 2020). |
| Brian Harris<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1973 | Chief Compliance Officer, Anti-<br> Money Laundering Officer and<br> Code of Ethics Compliance<br> Officer | Term: Indefinite<br> Served: since 07/16 | Managing Director, State Street<br> Global Advisors and SSGA Funds<br> Management, Inc. (June 2013 –<br> present).\* |
| Sean O'Malley<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1969 | Chief Legal Officer | Term: Indefinite<br> Served: since 8/19 | Senior Vice President and Deputy<br> General Counsel, State Street<br> Global Advisors (November 2013<br> – present). |
| David Barr<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1974 | Secretary | Term: Indefinite<br> Served: since 9/20 | Vice President and Senior<br> Counsel, State Street Global<br> Advisors (October 2019 –<br> present); Vice President and Counsel,<br> Eaton Vance Corp. (October 2010 –<br> October 2019). |
| David Urman<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1985 | Assistant Secretary | Term: Indefinite<br> Served: since 8/19 | Vice President and Senior Counsel,<br> State Street Global Advisors<br> (April 2019 – present);<br> Vice President and Counsel,<br> State Street Global Advisors<br> (August 2015 – April 2019);<br> Associate, Ropes & Gray LLP<br> (November 2012 – August 2015). |
| \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. |

---

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[**Table of Contents**](#job_state_15de8359-f2e5-4730-b82a-0eedea94f346_toc-lettersize-nav)

#### Trustees
John R. Costantino<br> Michael F. Holland<br> Michael A. Jessee<br> Margaret McLaughlin<br> Ellen M. Needham<br> George M. Pereira<br> Donna M. Rapaccioli<br> Patrick J. Riley<br> Richard D. Shirk

#### Investment Adviser and Administrator
SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210

#### Custodian, Sub-Administrator and Transfer Agent
State Street Bank and Trust Company<br> State Street Financial Center<br> One Lincoln Street<br> Boston, MA 02111

#### Independent Registered Public Accounting Firm
Ernst & Young LLP<br> 200 Clarendon Street<br> Boston, MA 02116

#### Legal Counsel
Ropes & Gray LLP<br> 800 Boylston Street<br> Boston, MA 02199

#### State Street Navigator Securities Lending Trust
c/o State Street Bank and Trust Company<br> Securities Finance<br> State Street Financial Center<br> One Lincoln Street<br> Boston, MA 02111

*This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Fund shares.*

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STATE STREET NAVIGATOR<br> SECURITIES LENDING PORTFOLIO I

ANNUAL REPORT

December 31, 2022

------

State Street Navigator Securities Lending Portfolio I

Annual Report

December 31, 2022

**Table of Contents**

---

| | |
|:---|:---|
| [Management's Discussion of Fund Performance (Unaudited)](#xx_ed87dcc6-910f-4eca-9de6-ce6ede0d1329_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| [Portfolio Statistics (Unaudited)](#xx_8642579a-a0c6-4817-a315-5591a20c3bda_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| [Schedule of Investments](#xx_fd0fa638-3d0c-459f-ac46-4c1ca3828627_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| [Statement of Assets and Liabilities](#xx_6e5fee89-1fbd-4802-b578-728d2392e014_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| [Statement of Operations](#xx_6b847b98-bc34-47a7-89ed-62b5519fa195_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10 |
| [Statements of Changes in Net Assets](#xx_c55668ec-fc61-4de9-a1e3-6363644b63c6_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11 |
| [Financial Highlights](#xx_f47fe03c-d411-4826-8ac5-ed00c1fa8195_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12 |
| [Notes to Financial Statements](#xx_c45c81f7-24e0-4cc2-80f7-264ed36930a4_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13 |
| [Report of Independent Registered Public Accounting Firm](#xx_f732706f-0af3-435d-bfc6-fa0f6450e919_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19 |
| [Other Information (Unaudited)](#xx_43605637-a19a-4a6e-adbf-563777d4cb91_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20 |

---

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[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### State Street Navigator Securities Lending Portfolio I

#### MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (Unaudited)
The State Street Navigator Securities Lending Portfolio I (the "Fund") seeks current yield to the extent consistent with maintaining liquidity and the preservation of principal while providing a market rate of return. The Fund's benchmark is the JP Morgan One Month U.S. Dollar LIBOR Index (the "Index").

For the 12-month period ended December 31, 2022 (the "Reporting Period"), the total return for the Fund was 1.83%, and the return for the Index was 1.92%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund's performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The U.S. Federal Reserve's (the "Fed") aggressive hiking cycle in response to high inflation readings was the primary driver of Fund performance during the Reporting Period relative to the Index.

The Fed hiked interest rates by 4.25% throughout 2022, bringing the policy rate to 4.25–4.50% by the end of the Reporting Period. Because of the lift-off in interest rates, yields in both Prime and Government funds were untethered from the ultra-low territory they have been in for multiple years now. One-month T-Bill yields took off after the first rate hike, ending the year at 4.00%, up from 0.03% at the beginning of the year. Similarly, 12m T-Bill yields rose strongly and steadily throughout the period, ending the year at 4.71%, up from just 0.37% at the beginning of the year. Three month Libor rose strongly and steadily throughout the reporting period, ending the year at 4.76%, up from just 0.20%. Outstanding commercial paper climbed to $1.2 trillion by year end, up by $150 billion.

Over the course of 2022 the Fund adhered to its primary objective of principal preservation and liquidity while generating a market rate of return. At year end, the weighted average maturity (WAM) of the fund, measuring interest rate sensitivity, was around 10 days, a decrease from 38 days at the start of the year. The weighted average life (WAL) reflecting the credit risk for the fund was 61 days, an increase from 59 days in January. At the end of the Reporting Period, the Fund held most of its AUM in commercial paper (34%), certificates of deposit (27%) and repo (27%). About 30% of the securities had overnight liquidity. The choice to sit shorter in duration with heavy investment in overnight repo benefitted the Fund as these securities often performed more favorably compared to longer-duration securities.

The Fund did not invest in derivatives during the Reporting Period.

*The views expressed above reflect those of the Fund's portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.*

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[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Portfolio Statistics (Unaudited)

---

| | |
|:---|:---|
| **Portfolio Composition\*** | &nbsp;&nbsp;**December 31, 2022** |
| Financial Company Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;33.4% |
| Certificates Of Deposit | &nbsp;&nbsp;&nbsp;&nbsp;31.4 |
| Government Agency Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;21.3 |
| Other Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Treasury Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Asset Backed Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Other Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| **Total** | &nbsp;&nbsp;**100.0%** |

---

\* As a percentage of net assets as of the date indicated. The composition will vary over time.

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[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Schedule of Investments

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 99.8%** | **SHORT-TERM INVESTMENTS — 99.8%** | **SHORT-TERM INVESTMENTS — 99.8%** |
| **ASSET BACKED COMMERCIAL PAPER — 3.7%** | **ASSET BACKED COMMERCIAL PAPER — 3.7%** | **ASSET BACKED COMMERCIAL PAPER — 3.7%** |
| Antalis SA<br> 4.30%, 1/13/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;$5000000 | &nbsp;&nbsp;&nbsp;&nbsp;$4991491 |
| Antalis SA<br> 5.17%, 5/18/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4905789 |
| Bennington Stark Capital Co. LLC<br> 4.30%, 1/6/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9991581 |
| Britannia Funding Co. LLC<br> 4.35%, 1/6/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4995780 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24884641 |
| **CERTIFICATES OF DEPOSIT — 31.4%** | **CERTIFICATES OF DEPOSIT — 31.4%** | **CERTIFICATES OF DEPOSIT — 31.4%** |
| Bank of Nova Scotia<br> SOFR + 0.69%, 4.99%, 8/28/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7008436 |
| Barclays Bank PLC<br> SOFR + 0.68%, 4.98%, 5/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5004351 |
| BNP Paribas SA<br> SOFR + 0.59%, 4.89%, 3/2/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10005791 |
| Canadian Imperial Bank of Commerce<br> 4.30%, 1/19/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6999896 |
| Canadian Imperial Bank of Commerce<br> SOFR + 0.30%, 4.60%, 1/6/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000211 |
| Canadian Imperial Bank of Commerce<br> FFR + 0.62%, 4.95%, 5/8/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10012877 |
| CITIBANK N.A.<br> 3.55%, 2/3/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4995384 |
| CITIBANK N.A.<br> 3.77%, 5/2/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6970836 |
| Citibank NA<br> 2.67%, 3/3/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4484608 |
| Cooperatieve Rabobank UA<br> SOFR + 0.63%, 4.93%, 7/17/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10008945 |
| Credit Industriel et Commercial<br> 3.18%, 1/10/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9996314 |
| KBC Bank NV<br> 4.31%, 1/3/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 |
| Mizuho Bank, Ltd.<br> 4.32%, 1/3/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 |
| Mizuho Bank, Ltd.<br> SOFR + 0.54%, 4.84%, 1/6/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000887 |
| Mizuho Bank, Ltd.<br> SOFR + 0.61%, 4.91%, 5/18/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5005519 |
| Mizuho Bank, Ltd.<br> SOFR + 0.78%, 5.08%, 4/26/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5008496 |
| MUFG Bank, Ltd.<br> SOFR + 0.51%, 4.81%, 2/17/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4001139 |
| MUFG Bank, Ltd.<br> SOFR + 0.58%, 4.88%, 3/16/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000450 |

---

See accompanying notes to financial statements.

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[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Schedule of Investments – (continued)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS – (continued)** | **SHORT-TERM INVESTMENTS – (continued)** | **SHORT-TERM INVESTMENTS – (continued)** |
| **CERTIFICATES OF DEPOSIT – (continued)** | **CERTIFICATES OF DEPOSIT – (continued)** | **CERTIFICATES OF DEPOSIT – (continued)** |
| MUFG Bank, Ltd.<br> SOFR + 0.59%, 4.89%, 3/14/2023 (b) | &nbsp;&nbsp;&nbsp;$10000000 | &nbsp;&nbsp;&nbsp;$10004538 |
| Natixis SA<br> SOFR + 0.60%, 4.90%, 6/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7507729 |
| Nordea Bank Abp<br> SOFR + 0.50%, 4.80%, 2/27/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10003630 |
| Norinchukin Bank<br> 4.24%, 1/13/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9999714 |
| Royal Bank of Canada<br> SOFR + 0.51%, 4.81%, 1/6/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000772 |
| Royal Bank of Canada<br> SOFR + 0.62%, 4.92%, 5/11/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4003480 |
| Standard Chartered Bank<br> SOFR + 0.55%, 4.85%, 2/6/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4251869 |
| Sumitomo Mitsui Banking Corp.<br> SOFR + 0.55%, 4.85%, 1/10/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000282 |
| Svenska Handelsbanken<br> SOFR + 0.45%, 4.75%, 4/4/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4251114 |
| Svenska Handelsbanken<br> SOFR + 0.61%, 4.91%, 6/16/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5005508 |
| Toronto-Dominion Bank<br> SOFR + 0.48%, 4.78%, 2/28/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001961 |
| Toronto-Dominion Bank<br> 5.04%, 8/14/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009770 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;213544507 |
| **FINANCIAL COMPANY COMMERCIAL PAPER — 33.4%** | **FINANCIAL COMPANY COMMERCIAL PAPER — 33.4%** | **FINANCIAL COMPANY COMMERCIAL PAPER — 33.4%** |
| Australia & New Zealand Banking Group, Ltd.<br> SOFR + 0.36%, 4.66%, 3/24/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250290 |
| Australia & New Zealand Banking Group, Ltd.<br> SOFR + 0.38%, 4.68%, 4/6/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12001283 |
| Bank of Montreal<br> SOFR + 0.50%, 4.80%, 6/8/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10004872 |
| Bank of Montreal<br> SOFR + 0.51%, 4.81%, 1/5/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000862 |
| Bank of Montreal<br> SOFR + 0.75%, 5.05%, 12/7/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8008337 |
| Bank of Nova Scotia<br> SOFR + 0.52%, 4.82%, 1/30/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10003123 |
| Bank of Nova Scotia<br> SOFR + 0.62%, 4.92%, 4/10/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10008601 |
| BPCE SA<br> SOFR + 0.45%, 4.75%, 7/28/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4999708 |
| CDP Financial, Inc.<br> 5.15%, 6/1/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4897915 |
| Commonwealth Bank of Australia<br> SOFR + 0.38%, 4.68%, 3/7/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000522 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Schedule of Investments – (continued)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS – (continued)** | **SHORT-TERM INVESTMENTS – (continued)** | **SHORT-TERM INVESTMENTS – (continued)** |
| **FINANCIAL COMPANY COMMERCIAL PAPER – (continued)** | **FINANCIAL COMPANY COMMERCIAL PAPER – (continued)** | **FINANCIAL COMPANY COMMERCIAL PAPER – (continued)** |
| Credit Industriel et Commercial<br> SOFR + 0.56%, 4.86%, 5/30/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;$5000000 | &nbsp;&nbsp;&nbsp;&nbsp;$5004892 |
| DBS Bank Ltd.<br> 3.30%, 1/12/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4992160 |
| DBS Bank, Ltd.<br> 4.30%, 1/30/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9962843 |
| HSBC Bank PLC<br> SOFR + 0.25%, 4.55%, 2/10/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000070 |
| HSBC Bank PLC<br> SOFR + 0.50%, 4.80%, 2/27/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4251206 |
| HSBC Bank PLC<br> SOFR + 0.55%, 4.85%, 3/16/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3501565 |
| Macquarie Bank, Ltd.<br> SOFR + 0.55%, 4.85%, 1/24/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000836 |
| Macquarie Bank, Ltd.<br> SOFR + 0.55%, 4.85%, 6/1/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10007004 |
| National Australia Bank, Ltd.<br> 3.10%, 1/11/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9985627 |
| National Australia Bank, Ltd.<br> SOFR + 0.47%, 4.77%, 3/17/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000646 |
| Oversea-Chinese Banking Corp., Ltd.<br> 4.61%, 3/10/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9909000 |
| Oversea-Chinese Banking Corp., Ltd.<br> SOFR + 0.38%, 4.68%, 4/12/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000045 |
| Royal Bank of Canada<br> SOFR + 0.51%, 4.81%, 1/4/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 |
| Svenska Handelsbanken AB<br> SOFR + 0.60%, 4.90%, 4/6/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10006868 |
| Swedbank AB<br> SOFR + 0.38%, 4.68%, 4/6/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000535 |
| Swedbank AB<br> SOFR + 0.47%, 4.77%, 2/21/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9002435 |
| Swedbank AB<br> SOFR + 0.51%, 4.81%, 2/13/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001660 |
| Toronto-Dominion Bank<br> SOFR + 0.50%, 4.80%, 3/29/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5003183 |
| UBS AG<br> SOFR + 0.51%, 3.55%, 4/6/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001553 |
| UBS AG<br> SOFR + 0.51%, 4.32%, 2/17/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250766 |
| United Overseas Bank, Ltd.<br> SOFR + 0.48%, 4.28%, 2/15/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5002118 |
| Westpac Banking Corp.<br> SOFR + 0.50%, 4.80%, 3/24/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001979 |
| Westpac Banking Corp.<br> SOFR + 0.55%, 4.85%, 2/17/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001938 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Schedule of Investments – (continued)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS – (continued)** | **SHORT-TERM INVESTMENTS – (continued)** | **SHORT-TERM INVESTMENTS – (continued)** |
| **FINANCIAL COMPANY COMMERCIAL PAPER – (continued)** | **FINANCIAL COMPANY COMMERCIAL PAPER – (continued)** | **FINANCIAL COMPANY COMMERCIAL PAPER – (continued)** |
| Westpac Banking Corp.<br> SOFR + 0.63%, 4.93%, 6/9/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;$5000000 | &nbsp;&nbsp;&nbsp;&nbsp;$5005902 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;227070344 |
| **OTHER NOTES — 3.9%** | **OTHER NOTES — 3.9%** | **OTHER NOTES — 3.9%** |
| Abu Dhabi Commercial Bank PJSC<br> 4.30%, 1/3/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13688000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13688000 |
| Bank of America N.A.<br> SOFR + 0.50%, 4.80%, 1/5/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000029 |
| Bank of America N.A.<br> 5.05%, 1/8/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7003269 |
| Toyota Motor Credit Corp.<br> 5.05%, 12/11/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3004568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26695866 |
| **GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 21.3%** | **GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 21.3%** | **GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 21.3%** |
| Agreement with Bank of America and Bank of New York Mellon (Tri-Party), dated 12/30/2022 (collateralized by U.S. Government Obligations, 1.000% – 8.500% due 01/20/2024 – 08/20/2052, valued at $64,260,000); expected proceeds $63,030,100<br> 4.30%, 1/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63000000 |
| Agreement with Bank of Nova Scotia and Bank of New York Mellon (Tri-Party), dated 12/30/2022 (collateralized by U.S. Treasury Bills, 0.000% – 6.500% due 06/01/2025 – 10/01/2051, valued at $20,400,072); expected proceeds $20,009,489<br> 4.27%, 1/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 |
| Agreement with BNP Paribas Securities Corp. and Bank of New York Mellon (Tri-Party), dated 12/30/2022 (collateralized by U.S. Government Obligations, 2.810% – 5.115% due 08/25/2051 – 12/20/2052, valued at $5,125,581); expected proceeds $5,002,389<br> 4.30%, 1/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 |
| Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/30/2022 (collateralized by Federal National Mortgage Associations Strips, 1.611% – 5.500% due 07/01/2037 – 07/01/2048, and U.S. Government Obligations, 2.460% – 5.500% due 05/01/2030 – 05/01/2052, valued at $58,140,000); expected proceeds $57,027,233<br> 4.30%, 1/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;145000000 |
| **TREASURY REPURCHASE AGREEMENTS — 3.7%** | **TREASURY REPURCHASE AGREEMENTS — 3.7%** | **TREASURY REPURCHASE AGREEMENTS — 3.7%** |
| Agreement with Societe Generale and Bank of New York Mellon (Tri-Party), dated 12/30/2022 (collateralized by a U.S. Treasury Bill, 0.000% due 12/28/2023, valued at $10,200,033); expected proceeds $10,008,361<br> 4.30%, 1/6/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 |
| Agreement with Societe Generale and Bank of New York Mellon (Tri-Party), dated 12/30/2022 (collateralized by a U.S. Treasury Bill, 0.000% due 12/28/2023, valued at $15,300,002); expected proceeds $15,007,167<br> 4.30%, 1/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Schedule of Investments – (continued)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS – (continued)** | **SHORT-TERM INVESTMENTS – (continued)** | **SHORT-TERM INVESTMENTS – (continued)** |
| **OTHER REPURCHASE AGREEMENTS — 2.4%** | **OTHER REPURCHASE AGREEMENTS — 2.4%** | **OTHER REPURCHASE AGREEMENTS — 2.4%** |
| Agreement with Bank of America and Bank of New York Mellon (Tri-Party), dated 12/15/2022 (collateralized by Federal National Mortgage Associations Strips, 8.250% due 01/01/2049 and various Common Stocks, valued at $5,400,000); expected proceeds $5,079,500<br> 4.77%, 4/14/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp;$5000000 | &nbsp;&nbsp;&nbsp;&nbsp;$5000000 |
| Agreement with BNP Paribas Securities Corp. and Bank of New York Mellon (Tri-Party), dated 12/30/2022 (collateralized by various Common Stocks, valued at $2,160,805); expected proceeds $2,000,993<br> 4.47%, 1/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 |
| Agreement with Credit Agricole Corporate and Investment Bank and Bank of New York Mellon (Tri-Party), dated 12/27/2022 (collateralized by various Corporate Bonds, 3.125% – 9.625% due 06/01/2024 – 01/15/2040, valued at $4,465,765); expected proceeds $4,003,407<br> 4.38%, 1/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 |
| Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/30/2022 (collateralized by Federal National Mortgage Associations Strips, 8.250%, due 01/01/2049, various Common Stocks, valued at $5,400,000); expected proceeds $5,076,524<br> 4.63%, 4/28/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000000 |
| **TOTAL SHORT-TERM INVESTMENTS<br> (Cost $678,095,416)** |  | &nbsp;&nbsp;&nbsp;&nbsp;678195358 |
| **TOTAL INVESTMENTS — 99.8%<br> (Cost $678,095,416)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**678195358** |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1560171** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$679755529** |

---

(a) Rate
 shown is the discount rate at time of purchase.

(b) Variable
 Rate Security - Interest rate shown is rate in effect at December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(c) Securities
 purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 19.6% of net assets as of December 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to
qualified institutional buyers.

(d) Illiquid
 security. These securities represent $10,000,000 or 1.5% of net assets as of December 31, 2022.

Abbreviations: <br> SOFR Secured Overnight Financing Rate <br> PLC Public Limited Company

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Schedule of Investments – (continued)

#### December 31, 2022
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 —<br> Quoted Prices** | **Level 2 —<br> Other<br> Significant<br> Observable<br> Inputs** | **Level 3 —<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| **INVESTMENTS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$678195358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$678195358 |
| **TOTAL INVESTMENTS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$678195358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$678195358 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### STATE STREET NAVIGATOR SECURITIES LENDING TRUST

#### STATE STREET NAVIGATOR SECURITIES LENDING PORTFOLIO I

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2022

------

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, at value — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$492195358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements, at amortized cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678195358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from Adviser (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680180137 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian, sub-administration and transfer agent fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$679755529 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$679672434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$83095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$679755529 |
| **NET ASSET VALUE PER SHARE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding ($0.001 par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679672434 |
| **COST OF INVESTMENTS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$678095416 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### STATE STREET NAVIGATOR SECURITIES LENDING TRUST

#### STATE STREET NAVIGATOR SECURITIES LENDING PORTFOLIO I

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2022

------

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income - unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14191096 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian, sub-administration and transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2184 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses waived/reimbursed by the Adviser (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97137) |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316962 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13874134 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment transactions — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment transactions — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132106 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN (LOSS)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161494 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14035628 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### STATE STREET NAVIGATOR SECURITIES LENDING TRUST

#### STATE STREET NAVIGATOR SECURITIES LENDING PORTFOLIO I

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> 12/31/2022** | **Year Ended<br> 12/31/2021** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$13874134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$622442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51473) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14035628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578421 |
| &nbsp;&nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13873781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(622795) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7529568137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3931901778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7430655489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3752081010) |
| **Net increase (decrease) in net assets from beneficial interest transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98912648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179820768 |
| **Net increase (decrease) in net assets during the period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99074495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179776394 |
| **Net assets at beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580681034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400904640 |
| **NET ASSETS AT END OF PERIOD** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$679755529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$580681034 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7529568137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3931901778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7430655489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3752081010) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98912648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179820768 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### STATE STREET NAVIGATOR SECURITIES LENDING TRUST

#### STATE STREET NAVIGATOR SECURITIES LENDING PORTFOLIO I

#### FINANCIAL HIGHLIGHTS

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended<br> 12/31/22** | &nbsp;&nbsp;**Year Ended<br> 12/31/21** | &nbsp;&nbsp;**Year Ended<br> 12/31/20** | &nbsp;&nbsp;**Year Ended<br> 12/31/19** | &nbsp;&nbsp;**Year Ended<br> 12/31/18** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;&nbsp;&nbsp;$1.0000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.0184 | &nbsp;&nbsp;&nbsp;&nbsp;0.0011 | &nbsp;&nbsp;&nbsp;&nbsp;0.0076 | &nbsp;&nbsp;&nbsp;&nbsp;0.0243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0206 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.0003) | &nbsp;&nbsp;&nbsp;&nbsp;0.0001 | &nbsp;&nbsp;&nbsp;&nbsp;(0.0007) | &nbsp;&nbsp;&nbsp;&nbsp;(0.0004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0003 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.0181 | &nbsp;&nbsp;&nbsp;&nbsp;0.0012 | &nbsp;&nbsp;&nbsp;&nbsp;0.0069 | &nbsp;&nbsp;&nbsp;&nbsp;0.0239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0209 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.0181) | &nbsp;&nbsp;&nbsp;&nbsp;(0.0012) | &nbsp;&nbsp;&nbsp;&nbsp;(0.0069) | &nbsp;&nbsp;&nbsp;&nbsp;(0.0239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0209) |
| Net asset value, end of period | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;&nbsp;&nbsp;$1.0000 |
| Total return<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s) | &nbsp;&nbsp;$679756 | &nbsp;&nbsp;$580681 | &nbsp;&nbsp;$400905 | &nbsp;&nbsp;$774348 | &nbsp;&nbsp;$1081086 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% <sup>(c)</sup> |

---

(a) Per share numbers have been
calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Total
return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net
asset value per share on the respective payment dates of the Fund. Total return for periods of less than one year are not annualized. Results represent past performance and are not indicative of future results.

(c) Portfolio
turnover percentage amounts to 0% as the Fund only held short term investments for the years ended December 31, 2022, December 31, 2021, December 31, 2020, December 31, 2019 and December 31, 2018.

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Notes to Financial Statements

#### December 31, 2022
1. Organization

State Street Navigator Securities Lending Trust (the "Trust"), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended ("1940 Act"), is an open-end management investment company.

As of December 31, 2022, the Trust offers three (3) series, each of which represents a separate series of beneficial interest in the Trust (together the "Funds"). State Street Navigator Securities Lending Portfolio I (the "Fund") is authorized to issue an unlimited number of shares of beneficial interest with a $0.001 par value. The financial statements herein relate only to the Fund.

The Fund is used as a vehicle to invest cash collateral received by lenders in connection with securities loans under the Securities Lending Program ("SLP") maintained by State Street Bank and Trust Company ("State Street"), an affiliate of the Fund's investment adviser, SSGA Funds Management, Inc. (the "Adviser" or "SSGA FM"). Shares of the Fund are sold in private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933, as amended. Investments in the Fund will increase or decrease in direct correlation with overall participation in the SLP.

The Fund's investment objective is to seek current yield to the extent consistent with maintaining liquidity and the preservation of principal while providing a market rate of return.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") 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. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

#### Security Valuation
The Fund's investments are valued at fair value each day that the New York Stock Exchange ("NYSE") is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the "Committee") and approved by the Board of Trustees of the Trust (the "Board" and each member thereof, a "Trustee"). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for overseeing the determination of the fair value of investments.

Valuation techniques used to value the Fund's investments by major category are as follows:

• Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair

------

[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Notes to Financial Statements – (continued)

#### December 31, 2022
valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is "cleaned" from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income.

• Debt obligations (including short-term investments and convertible debt securities) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices.

• Repurchase agreements are valued at the repurchase price as of valuation date.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

Various inputs are used in determining the value of the Fund's investments.

The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs for the asset or liability, including the Committee's assumptions used in determining the fair value of investments.

The value of the Fund's investments according to the fair value hierarchy as of December 31, 2022 is disclosed in the Fund's Schedule of Investments.

#### Investment Transactions and Income Recognition
Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments are determined using the identified cost method. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

#### Expenses
Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Trust.

------

[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Notes to Financial Statements – (continued)

#### December 31, 2022

#### Distributions
Distributions from net investment income, if any, are declared and paid daily. Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

3. Securities and Other Investments

#### Repurchase Agreements
The Fund may enter into repurchase agreements under the terms of a Master Repurchase Agreement. A repurchase agreement customarily obligates the seller at the time it sells securities to the Fund to repurchase the securities at a mutually agreed upon price and time. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Fund including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest.

The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the Fund's principal amount of the repurchase agreement (including accrued interest). The underlying securities are ordinarily United States Government or Government Agency securities, but may consist of other securities. The use of repurchase agreements involves certain risks including counterparty risks. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which the value of the collateral may decline.

As of December 31, 2022, the Fund had invested in repurchase agreements with the gross values (principal) of $186,000,000 and associated collateral equal to $190,852,258.

4. Fees and Transactions with Affiliates

#### Advisory Fee
The Trust, on behalf of the Fund, has entered into an Investment Advisory Agreement with SSGA FM. The Fund pays an advisory fee to SSGA FM at an annual rate of 0.025% of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

SSGA FM is contractually obligated until April 30, 2023 to waive its management fee and/or to reimburse the Fund for expenses to the extent that Total Annual Fund Operating Expenses (exclusive of non-recurring account fees and/or extraordinary expenses) exceed 0.042% of average daily net assets on an annual basis. The contractual fee waiver does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. This waiver and/or reimbursement may not be terminated prior to April 30, 2023 except with approval of the Fund's Board. For the year ended December 31, 2022, SSGA FM waived $97,137.

#### Administrator Fee
SSGA FM serves as administrator. Pursuant to the Administration Agreement between the Trust, on behalf of the Fund and SSGA FM, the Fund pays an annual administration fee to SSGA FM equal to 0.00075% of the Fund's average daily net assets.

#### Custodian, Sub-Administrator, Fund Accounting and Transfer Agent Fees
State Street serves as the custodian, sub-administrator, and transfer agent for the Fund. Under the terms of these agreements, the Fund pays a monthly fee to State Street.

------

[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Notes to Financial Statements – (continued)

#### December 31, 2022

#### Other Transactions with Affiliates
From time to time, the Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Fund. As of December 31, 2022, based on management's evaluation of the shareholder account base, the Fund had accounts representing controlling ownership of more than 10% of the Fund's total outstanding shares. The number of such accounts, based on accounts that represent more than 10% of the aggregate shares, and the aggregate percentage of net assets represented by such holdings were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Number of 10%<br> Affiliated Account Holders** | &nbsp;&nbsp;**Percentage of<br> Affiliated Ownership** |
| &nbsp;&nbsp;State Street Navigator Securities Lending Portfolio I | &nbsp;&nbsp;3 | &nbsp;&nbsp;92.72% |

---

5. Trustees' Fees

The fees and expenses of the Trust's Trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), are paid directly by the Fund. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

6. Income Tax Information

The Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.

Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values or results of operations. Temporary book-tax differences will reverse in the future.

The tax character of distributions paid during the year ended December 31, 2022, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Ordinary <br> Income** | **Long-Term <br> Capital Gains** | **Tax Return<br> of Capital** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13873781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13873781 |

---

------

[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Notes to Financial Statements – (continued)

#### December 31, 2022
The tax character of distributions paid during the year ended December 31, 2021, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Ordinary <br> Income** | **Long-Term <br> Capital Gains** | **Tax Return<br> of Capital** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$622795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$622795 |

---

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed <br> Ordinary<br> Income** | **Capital Loss<br> Carryforwards** | **Undistributed <br> Long-Term<br> Capital Gains** | **Net <br> Unrealized<br> Gains<br> (Losses)** | **Qualified <br> Late-Year<br> Losses** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | $(13929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$99942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$86013 |

---

As of December 31, 2022, the Fund had capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| **Non-Expiring <br> Short Term** | **Non-Expiring <br> Long Term** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- |

---

As of December 31, 2022, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax <br> Cost** | **Gross <br> Unrealized<br> Appreciation** | **Gross <br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| State Street Navigator Securities Lending Portfolio I | $678095416 | $185851 | $85909 | $99942 |

---

7. Risks

#### Concentration Risk
As a result of the Fund's ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund's investments more than if the Fund was more broadly diversified.

#### Credit Risk
The Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

#### Market Risk
The Fund's investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.

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[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Notes to Financial Statements – (continued)

#### December 31, 2022
8. Recent Accounting Pronouncement

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2020-04 ("ASU 2020-04"), "Reference Rate Reform (Topic 848)". In response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The relief provided is temporary and generally cannot be applied to contract modifications that occur after December 31, 2022, or hedging relationships entered into or evaluated after that date. However, the FASB has indicated that it will revisit the sunset date in Topic 848 after the LIBOR administrator makes a final decision on a phaseout date. On November 30, 2020, the LIBOR administrator proposed extending the publication of the overnight and the one-, three-, six- and 12-month USD LIBOR settings through June 30, 2023, when many existing contracts that reference LIBOR will have expired. Management is currently evaluating the impact of the guidance.

9. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

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[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### Report of Independent Registered Public Accounting Firm
To the Shareholders of State Street Navigator Securities Lending Portfolio I and the Board of Trustees of State Street Navigator Securities Lending Trust

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of State Street Navigator Securities Lending Portfolio I (the "Fund") (one of the series constituting State Street Navigator Securities Lending Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting State Street Navigator Securities Lending Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](g442998img21eb55661.jpg)

We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.

Boston, Massachusetts<br> February 24, 2023

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[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Other Information (Unaudited)

#### December 31, 2022

#### Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and to the extent applicable distribution (12b-1) and/ or service fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from July 1, 2022 to December 31, 2022.

The table below illustrates your Fund's cost in two ways:

• **Based on actual fund return** — This section helps you to estimate the actual expenses that you paid over the period. The "Ending Account Value" shown is derived from each Fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading "Expenses Paid During Period".

• **Based on hypothetical 5% return** — This section is intended to help you compare your Fund's costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund's actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the "SEC") requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales load charges (loads). Therefore, the hypothetical 5% return section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Actual** | **Actual** | **Hypothetical (assuming a 5%<br> return before expenses)** | **Hypothetical (assuming a 5%<br> return before expenses)** |
|  | **Annualized <br> Expense Ratio** | **Ending Account<br> Value** | **Expenses Paid<br> During Period(a)** | **Ending Account<br> Value** | **Expenses Paid<br> During Period(a)** |
| State Street Navigator Securities Lending Portfolio I | 0.04% | $1015.70 | $0.20 | $1025.00 | $0.20 |

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(a) Hypothetical expenses are
equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184, then divided by 365.

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[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Other Information (Unaudited) – (continued)

#### December 31, 2022

#### Proxy Voting Policies and Procedures and Records
The Fund has adopted the proxy voting policies of the Adviser. A description of the Fund's proxy voting policies and procedures that are used by the Fund's Adviser to vote proxies relating to Fund's portfolio of securities are available (i) without charge, upon request, by calling 1-877-521-4083 (toll free) and (ii) on the SEC's website at *www.sec.gov*. Information regarding how the Fund voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number and on the SEC's website, at *www.sec.gov.*

#### Quarterly Portfolio Schedule
Following the Fund's first and third fiscal quarter-ends, a complete Schedule of Investments is filed with the SEC an exhibit on Form N-PORT, which can be found on the SEC's website at *www.sec.gov*. The Fund's Schedule of Investments is available upon request, without charge, by calling 1-877-521-4083 (toll free).

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[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Other Information (Unaudited) – (continued)

#### December 31, 2022

#### TRUSTEES AND OFFICERS INFORMATION

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS,<br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE AND<br> LENGTH OF<br> TIME SERVED** | **PRINCIPAL OCCUPATION<br> DURING PAST FIVE YEARS<br> AND RELEVANT<br> EXPERIENCE** | **NUMBER OF<br> FUNDS IN<br> FUND<br> COMPLEX<br> OVERSEEN<br> BY TRUSTEE†** | **OTHER <br> DIRECTORSHIPS<br> HELD BY TRUSTEE<br> DURING PAST FIVE<br> YEARS** |
| **INDEPENDENT TRUSTEES** |  |  |  |  |  |
| Michael F. Holland<sup>(1)</sup><br> c/o SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1944 | Trustee and Co-<br> Chairperson<br> of the Board | Term: <br> Indefinite<br> Elected: 12/18 | Chairman, Holland &<br> Company L.L.C.<br> (investment<br> adviser) (1995 – present). | 55 | Director, the Holland<br> Series Fund, Inc.;<br> Director, The China<br> Fund, Inc. (1992 –<br> 2017); Director, The<br> Taiwan Fund, Inc.<br> (2007 – 2017);<br> Director, Reaves<br> Utility Income Fund,<br> Inc.; and Director,<br> Blackstone/GSO<br> Loans (and Real<br> Estate) Funds. |
| Patrick J. Riley<br> c/o SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1948 | Trustee and Co-<br> Chairperson<br> of the Board | Term: <br> Indefinite<br> Appointed: 4/16<br> Elected: 6/16 | Associate Justice of the Superior Court, Commonwealth of Massachusetts (2002 – May 2010); Partner, Riley, Burke & Donahue, L.L.P. (law firm) (1985 – 2002); Independent Director, State Street Global Advisors Ireland, Ltd. (investment company) (1998 – present); Independent Director, SSGA Liquidity PLC (formerly, SSGA Cash Management Fund PLC) (1998 – present); Independent Director, SSGA Fixed Income PLC (January 2009 – present); and Independent Director, SSGA Qualified Funds PLC (January 2009 – 2019). | 55 | Board Director and<br> Chairman, SPDR<br> Europe I, PLC Board<br> (2011 – present);<br> Board Director and<br> Chairman, SPDR<br> Europe II, PLC<br> (2013 – present). |

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[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Other Information (Unaudited) – (continued)

#### December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS,<br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE AND<br> LENGTH OF<br> TIME SERVED** | **PRINCIPAL OCCUPATION<br> DURING PAST FIVE YEARS<br> AND RELEVANT<br> EXPERIENCE** | **NUMBER OF<br> FUNDS IN<br> FUND<br> COMPLEX<br> OVERSEEN<br> BY TRUSTEE†** | **OTHER <br> DIRECTORSHIPS<br> HELD BY TRUSTEE<br> DURING PAST FIVE<br> YEARS** |
| John R. Costantino<br> c/o SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1946 | Trustee and Co-<br> Chairperson of<br> the Qualified<br> Legal<br> Compliance<br> Committee | Term: <br> Indefinite<br> Elected:<br> 12/18 | Senior Advisor to NGN<br> Capital LLC (January<br> 2020 – present);<br> Managing General<br> Partner, NGN Capital<br> LLC (2006 – December<br> 2019). | 55 | Director, Kleinfeld<br> Bridal Corp. (January<br> 2016 – present);<br> Trustee of<br> Neuroscience<br> Research Institute<br> (1986 – 2017);<br> Trustee of Fordham<br> University (1989 –<br> 1995 and 2001 –<br> 2007) and Trustee<br> Emeritus (2007 –<br> present); Trustee<br> and Independent<br> Chairperson of GE<br> Funds (1993 –<br> February 2011);<br> Director, Muscular<br> Dystrophy<br> Association<br> (2019 - present);and Trustee of<br> Gregorian University<br> Foundation (1992 –<br> 2007); Chairman of the Board of Directors, Vivaldi Biosciences Inc. (May 2017 – present); Chairman of the Supervisory Board, Vivaldi Biosciences AG. (May 2017 – present); Trustee, Gallim Dance (December 2021 – present). |
| Donna M. Rapaccioli<br> c/o SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1962 | Trustee and<br> Chairperson<br> of the Audit<br> Committee | Term: <br> Indefinite<br> Elected:<br> 12/18 | Dean of the Gabelli<br> School of Business<br> (2007 – present) and<br> Accounting Professor<br> (1987 – present) at<br> Fordham University. | 55 | Graduate <br> Management<br> Admissions Council<br> (2015 – present);<br> Trustee of<br> Emmanuel College<br> (2010 – 2019). |

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[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Other Information (Unaudited) – (continued)

#### December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS,<br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE AND<br> LENGTH OF<br> TIME SERVED** | **PRINCIPAL OCCUPATION<br> DURING PAST FIVE YEARS<br> AND RELEVANT<br> EXPERIENCE** | **NUMBER OF<br> FUNDS IN<br> FUND<br> COMPLEX<br> OVERSEEN<br> BY TRUSTEE†** | **OTHER <br> DIRECTORSHIPS<br> HELD BY TRUSTEE<br> DURING PAST FIVE<br> YEARS** |
| Richard D. Shirk<br> c/o SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1945 | Trustee and<br> Co-Chairperson<br> of the Qualified<br> Legal Compliance<br> Committee | Term: <br> Indefinite<br> Elected:<br> 7/16 | Chairman (March 2001 –<br> April 2002),<br> President and Chief<br> Executive Officer (1996 – March 2001),<br> Cerulean Companies, Inc.<br> (holding company)<br> (Retired);<br> President and Chief<br> Executive Officer, Blue<br> Cross Blue Shield of<br> Georgia (health insurer,<br> managed healthcare) (1992 – March 2002). | 55 | Chairman and BO<br> Member<br> (December 2008)<br> and<br> Investment<br> Committee Member (December 2008 – present),<br> Healthcare Georgia<br> Foundation<br> (private<br> foundation);<br> Lead Director<br> and Board Member,<br> Amerigroup Corp.<br> (managed health care);<br> (September 2002 – 2012), Board<br> Member and (1999 –<br> 2013) and Investment<br> Committee Member<br> (2001 – 2017),<br> Woodruff Arts Center;<br> Trustee, Gettysburg<br> College (2003 – 2009);<br> Board member, Aerocare<br> Holdings (2003 – January 2021), Regenesis<br> Biomedical Inc. (April 2012 – present). |
| Michael A. Jessee<br> c/o SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1946 | Trustee and Co-<br> Chairperson of<br> the Valuation<br> Committee | Term: <br> Indefinite<br> Appointed:<br> 2/96 | Retired; formerly,<br> President and Chief<br> Executive Officer of the<br> Federal Home Loan Bank<br> of Boston (1989 – 2009);<br> Trustee, Randolph-Macon<br> College (2004 – 2016). | 55 | None. |

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[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Other Information (Unaudited) – (continued)

#### December 31, 2022

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS,<br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE AND<br> LENGTH OF<br> TIME SERVED** | **PRINCIPAL OCCUPATION<br> DURING PAST FIVE YEARS<br> AND RELEVANT<br> EXPERIENCE** | **NUMBER OF<br> FUNDS IN<br> FUND<br> COMPLEX<br> OVERSEEN<br> BY TRUSTEE†** | **OTHER <br> DIRECTORSHIPS<br> HELD BY TRUSTEE<br> DURING PAST FIVE<br> YEARS** |
| Margaret McLaughlin<br> c/o SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1967 | Trustee | Term: Indefinite Appointed: 9/22 | Consultant, Bates Group (consultants) (2021 – 2023); Consultant, Madison Dearborn Partners (private equity) (2019 – 2020); General Counsel CCO, Kramer Van Kirk Credit Strategies L.P./Mariana Systems LLC (Investment Adviser/SaaS Technology) (2011 –2019). | 55 | Director, Manning & Napier Fund Inc (2021 – 2022). |
| George M. Pereira<br> c/o SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1964 | Trustee | Term: Indefinite Appointed: 9/22 | Chief Operating Officer (January 2011 – September 2020) and Chief Financial Officer (November 2004 – September 2020), Charles Schwab Investment Management. | 55 | Director, Pacific Premier Bancorp, Pacific Premier Bank (2021 – present); Director, Charles Schwab Asset Management (Ireland) Ltd., & Charles Schwab Worldwide Funds plc. (2005 – 2020); Director, Rotaplast International, Inc. (non-profit providing free medical services to children worldwide) (2012 – 2018). |

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[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Other Information (Unaudited) – (continued)

#### December 31, 2022

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS,<br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE AND<br> LENGTH OF<br> TIME SERVED** | **PRINCIPAL OCCUPATION<br> DURING PAST FIVE YEARS<br> AND RELEVANT<br> EXPERIENCE** | **NUMBER OF<br> FUNDS IN<br> FUND<br> COMPLEX<br> OVERSEEN<br> BY TRUSTEE†** | **OTHER <br> DIRECTORSHIPS<br> HELD BY TRUSTEE<br> DURING PAST FIVE<br> YEARS** |
| **INTERESTED TRUSTEE<sup>(2)</sup>** |  |  |  |  |  |
| Ellen M. Needham<sup>(3)</sup><br> SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1967 | Trustee and<br> President | Term: <br> Indefinite<br> Elected:<br> President:<br> 9/12<br> Elected<br> Trustee:<br> 12/18 | Chairman, SSGA Funds<br> Management, Inc.<br> (March 2020 – present);<br> President and Director,<br> SSGA Funds<br> Management, Inc. (2001<br> – present)\*; Senior<br> Managing Director, State<br> Street Global Advisors<br> (1992 – present)\*;<br> Manager, State Street<br> Global Advisors Funds<br> Distributors, LLC (May<br> 2017 – present). | 55 | Board Director,<br> SSGA SPDR ETFs<br> Europe I, PLC (May<br> 2020 – present);<br> Board Director,<br> SSGA SPDR ETFs<br> Europe II PLC (May<br> 2020 – present). |
| (1) Mr. Holland retired as a Trustee of the Trust effective December 31, 2022. | (1) Mr. Holland retired as a Trustee of the Trust effective December 31, 2022. | (1) Mr. Holland retired as a Trustee of the Trust effective December 31, 2022. | (1) Mr. Holland retired as a Trustee of the Trust effective December 31, 2022. | (1) Mr. Holland retired as a Trustee of the Trust effective December 31, 2022. | (1) Mr. Holland retired as a Trustee of the Trust effective December 31, 2022. |
| (2) The individual listed below is a Trustee who is an "interested person," as defined in the 1940 Act, of the Trust ("Interested Trustee"). | (2) The individual listed below is a Trustee who is an "interested person," as defined in the 1940 Act, of the Trust ("Interested Trustee"). | (2) The individual listed below is a Trustee who is an "interested person," as defined in the 1940 Act, of the Trust ("Interested Trustee"). | (2) The individual listed below is a Trustee who is an "interested person," as defined in the 1940 Act, of the Trust ("Interested Trustee"). | (2) The individual listed below is a Trustee who is an "interested person," as defined in the 1940 Act, of the Trust ("Interested Trustee"). | (2) The individual listed below is a Trustee who is an "interested person," as defined in the 1940 Act, of the Trust ("Interested Trustee"). |
| (3) Ms. Needham is an Interested Trustee because of her employment by SSGA Fund Management, Inc., an affiliate of the Trust. | (3) Ms. Needham is an Interested Trustee because of her employment by SSGA Fund Management, Inc., an affiliate of the Trust. | (3) Ms. Needham is an Interested Trustee because of her employment by SSGA Fund Management, Inc., an affiliate of the Trust. | (3) Ms. Needham is an Interested Trustee because of her employment by SSGA Fund Management, Inc., an affiliate of the Trust. | (3) Ms. Needham is an Interested Trustee because of her employment by SSGA Fund Management, Inc., an affiliate of the Trust. | (3) Ms. Needham is an Interested Trustee because of her employment by SSGA Fund Management, Inc., an affiliate of the Trust. |
| \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. |
| † For the purpose of determining the number of portfolios overseen by the Trustees, "Fund Complex" comprises registered investment companies for which SSGA FM serves as investment adviser. | † For the purpose of determining the number of portfolios overseen by the Trustees, "Fund Complex" comprises registered investment companies for which SSGA FM serves as investment adviser. | † For the purpose of determining the number of portfolios overseen by the Trustees, "Fund Complex" comprises registered investment companies for which SSGA FM serves as investment adviser. | † For the purpose of determining the number of portfolios overseen by the Trustees, "Fund Complex" comprises registered investment companies for which SSGA FM serves as investment adviser. | † For the purpose of determining the number of portfolios overseen by the Trustees, "Fund Complex" comprises registered investment companies for which SSGA FM serves as investment adviser. | † For the purpose of determining the number of portfolios overseen by the Trustees, "Fund Complex" comprises registered investment companies for which SSGA FM serves as investment adviser. |

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[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Other Information (Unaudited) – (continued)

#### December 31, 2022
The following lists the principal officers for the Trust, as well as their mailing addresses and ages, positions with the Trust and length of time served, and present and principal occupations:

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| | | | |
|:---|:---|:---|:---|
| **NAME, ADDRESS,<br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE AND<br> LENGTH OF<br> TIME SERVED** | **PRINCIPAL OCCUPATION<br> DURING PAST FIVE YEARS** |
| **OFFICERS:** |  |  |  |
| Ellen M. Needham<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1967 | President, <br> Trustee | Term: Indefinite<br> President- Served: since 9/12<br> Elected Trustee:<br> 12/18 | Chairman, SSGA Funds<br> present); President and Director,<br> SSGA Funds Management, Inc.<br> Management, Inc. (March 2020 –<br> (2001 – present)\*; Senior Managing<br> Director, State Street Global<br> Advisors (1992 – present)\*;<br> Manager, State Street Global<br> Advisors Funds Distributors, LLC<br> (May 2017 – present). |
| Bruce S. Rosenberg<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1961 | Treasurer | Term: Indefinite<br> Served: since 9/17 | Managing Director, State Street<br> Global Advisors and SSGA Funds<br> Management, Inc. (July 2015 –<br> present); Director, Credit Suisse<br> (April 2008 – July 2015). |
| Ann M. Carpenter<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1966 | Vice President<br> and Deputy<br> Treasurer | Term: Indefinite<br> Served: since 3/16 | Chief Operating Officer, SSGA<br> Funds Management, Inc. (April<br> 2005 – present)\*; Managing<br> Director, State Street Global<br> Advisors (April 2005 – present).\* |
| Chad C. Hallett<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1969 | Deputy Treasurer | Term: Indefinite<br> Served: since 9/17 | Vice President, State Street Global<br> Advisors and SSGA Funds<br> Management, Inc. (November 2014<br> – present). |
| Darlene Anderson-Vasquez<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1968 | Deputy Treasurer | Term: Indefinite<br> Served: since 11/16 | Managing Director, State Street<br> Global Advisors and SSGA Funds<br> Management, Inc. (May 2016 –<br> present); Senior Vice President,<br> John Hancock Investments<br> (September 2007 – May 2016). |
| Arthur A. Jensen<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1966 | Deputy Treasurer | Term: Indefinite<br> Served: since 9/17 | Vice President, State Street Global<br> Advisors and SSGA Funds<br> Management, Inc. (July 2016 –<br> present). |
| David Lancaster<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1971 | Assistant Treasurer | Term: Indefinite<br> Served: since 11/20 | Vice President, State Street Global<br> Advisors and SSGA Funds<br> Management, Inc. (July 2017 –<br> present); Assistant Vice President,<br> State Street Bank and Trust<br> Company (November 2011 – July<br> 2017)\*. |

---

------

[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Other Information (Unaudited) – (continued)

#### December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| **NAME, ADDRESS,<br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE AND<br> LENGTH OF<br> TIME SERVED** | **PRINCIPAL OCCUPATION<br> DURING PAST FIVE YEARS** |
| Ryan Hill<br> SSGA Funds Management, Inc.<br> One Iron Street,<br> Boston, MA 02210<br> YOB:1982 | Assistant Treasurer | Term: Indefinite<br> Served: since 5/22 | Vice President, State Street Global Advisors<br> and SSGA Funds Management,<br> Inc. (May 2017 – present);<br> Assistant Vice President,<br> State Street Bank and Trust Company<br> (May 2014 – May 2017). |
| John Bettencourt<br> SSGA Funds Management, Inc.<br> One Iron Street,<br> Boston, MA 02210<br> YOB:1976 | Assistant Treasurer | Term: Indefinite<br> Served: since 5/22 | Vice President, State Street<br> Global Advisors and SSGA Funds Management,<br> Inc. (March 2020 – present);<br> Assistant Vice President,<br> State Street Global<br> Advisors (June 2007 – March 2020). |
| Brian Harris<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1973 | Chief Compliance Officer, Anti-<br> Money Laundering Officer and<br> Code of Ethics Compliance<br> Officer | Term: Indefinite<br> Served: since 07/16 | Managing Director, State Street<br> Global Advisors and SSGA Funds<br> Management, Inc. (June 2013 –<br> present).\* |
| Sean O'Malley<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1969 | Chief Legal Officer | Term: Indefinite<br> Served: since 8/19 | Senior Vice President and Deputy<br> General Counsel, State Street<br> Global Advisors (November 2013<br> – present). |
| David Barr<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1974 | Secretary | Term: Indefinite<br> Served: since 9/20 | Vice President and Senior<br> Counsel, State Street Global<br> Advisors (October 2019 –<br> present); Vice President and Counsel,<br> Eaton Vance Corp. (October 2010 –<br> October 2019). |
| David Urman<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1985 | Assistant Secretary | Term: Indefinite<br> Served: since 8/19 | Vice President and Senior Counsel,<br> State Street Global Advisors<br> (April 2019 – present);<br> Vice President and Counsel,<br> State Street Global Advisors<br> (August 2015 – April 2019);<br> Associate, Ropes & Gray LLP<br> (November 2012 – August 2015). |
| \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. |

---

------

[**Table of Contents**](#job_state_0444b45c-f8d7-4e1c-80aa-69c8e75cda03_toc-lettersize-nav)

#### Trustees
John R. Costantino<br> Michael F. Holland<br> Michael A. Jessee<br> Margaret McLaughlin<br> Ellen M. Needham<br> George M. Pereira<br> Donna M. Rapaccioli<br> Patrick J. Riley<br> Richard D. Shirk

#### Investment Adviser and Administrator
SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210

#### Custodian, Sub-Administrator and Transfer Agent
State Street Bank and Trust Company<br> State Street Financial Center<br> One Lincoln Street<br> Boston, MA 02111

#### Independent Registered Public Accounting Firm
Ernst & Young LLP<br> 200 Clarendon Street<br> Boston, MA 02116

#### Legal Counsel
Ropes & Gray LLP<br> 800 Boylston Street<br> Boston, MA 02199

#### State Street Navigator Securities Lending Trust
c/o State Street Bank and Trust Company<br> Securities Finance<br> State Street Financial Center<br> One Lincoln Street<br> Boston, MA 02111

*This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Fund shares.*

------

STATE STREET NAVIGATOR<br> SECURITIES LENDING PORTFOLIO II

ANNUAL REPORT

December 31, 2022

------

State Street Navigator Securities Lending Portfolio II

Annual Report

December 31, 2022

**Table of Contents**

---

| | |
|:---|:---|
| [Management's Discussion of Fund Performance (Unaudited)](#xx_e520dbc0-c467-4967-910c-d262807126b3_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| [Portfolio Statistics (Unaudited)](#xx_a81807bc-3549-4b38-ba20-ca72ac1feae9_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| [Schedule of Investments](#xx_0c57233e-d11d-4ab7-876e-0e7c6cfd9406_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| [Statement of Assets and Liabilities](#xx_b2fdb0e4-317b-4976-ae98-efdc7639aa29_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11 |
| [Statement of Operations](#xx_8f7322d7-f8c1-40bb-9435-6c135ab16d0e_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12 |
| [Statements of Changes in Net Assets](#xx_0e8b1d59-1d62-4132-83d9-0ec808c7c241_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13 |
| [Financial Highlights](#xx_4b8abd62-5229-42e7-962d-9dc5734e313c_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14 |
| [Notes to Financial Statements](#xx_1d2492dc-47f0-43ad-a8c5-605fb6f6a753_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15 |
| [Report of Independent Registered Public Accounting Firm](#xx_e9faad42-68ec-4535-b75e-15483b7e7e76_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21 |
| [Other Information (Unaudited)](#xx_fc8a0bf6-5f03-43f2-bb4c-7fa69d01eef5_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22 |

---

------

[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Portfolio II

#### MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (Unaudited)
The State Street Navigator Securities Lending Portfolio II (the "Fund") seeks current yield to the extent consistent with maintaining liquidity and the preservation of principal while providing a market rate of return. The Fund's benchmark is the JP Morgan One Month U.S. Dollar LIBOR Index (the "Index").

For the 12-month period ended Dec 31, 2022 (the "Reporting Period"), the total return for the Fund was 1.84%, and the Index was 1.92%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund's performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

The U.S. Federal Reserve ("the Fed") aggressive hiking cycle in response to high inflation readings was the primary driver of Fund performance during the Reporting Period relative to the Index.

The Fed hiked interest rates by 4.25% throughout 2022, bringing the policy rate to 4.25–4.50% by the end of the Reporting Period. Because of the lift-off in interest rates, yields in both Prime and Government funds were untethered from the ultra-low territory they have been in for multiple years now. One-month T-Bill yields took off after the first rate hike, ending the year at 4.00%, up from 0.03% at the beginning of the year. Similarly, 12m T-Bill yields rose strongly and steadily throughout the period, ending the year at 4.71%, up from just 0.37% at the beginning of the year. Because of the lift-off in interest rates, yields in both Prime and Government funds were untethered from the ultra-low territory they've been in for multiple years now. Three month Libor rose strongly and steadily throughout the reporting period, ending the year at 4.76%, up from just 0.20%. Outstanding commercial paper climbed to $1.2 trillion by year end, up by $150 billion.

Over the course of 2022 the fund adhered to its primary objective of principal preservation and liquidity while generating a market rate of return. At year end, the weighted average maturity (WAM) of the fund, measuring interest rate sensitivity, was around 10 days, a decrease from 38 days at the start of the year. The weighted average life (WAL) reflecting the credit risk for the fund was 61 days, an increase from 59 days in January. At the end of the Reporting Period, the Fund held most of its AUM in commercial paper (34%), repo (27%), and certificates of deposit (27%). About 30% of the securities had overnight liquidity. The choice to sit shorter in duration with heavy investment in overnight repo and higher yielding commercial paper benefitted the fund.

The Fund did not invest in derivatives during the Reporting Period.

*The views expressed above reflect those of the Fund's portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.*

------

[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Portfolio Statistics (Unaudited)

---

| | |
|:---|:---|
| **Portfolio Composition\*** | &nbsp;&nbsp;**December 31, 2022** |
| Financial Company Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;31.8% |
| Certificates Of Deposit | &nbsp;&nbsp;&nbsp;&nbsp;29.9 |
| Asset Backed Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;11.4 |
| Other Notes | &nbsp;&nbsp;&nbsp;&nbsp;10.1 |
| Government Agency Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 |
| Treasury Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Other Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Treasury Debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Government Agency Debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Other Assets in Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| **Total** | &nbsp;&nbsp;**100.0%** |

---

\* As a percentage of net assets as of the date indicated. The composition will vary over time.

------

[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Schedule of Investments

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 99.8%** | **SHORT-TERM INVESTMENTS — 99.8%** | **SHORT-TERM INVESTMENTS — 99.8%** |
| **ASSET BACKED COMMERCIAL PAPER — 11.4%** | **ASSET BACKED COMMERCIAL PAPER — 11.4%** | **ASSET BACKED COMMERCIAL PAPER — 11.4%** |
| Anglesea Funding LLC<br> 4.23%, 1/6/2023 (a) | &nbsp;&nbsp;$150000000 | &nbsp;&nbsp;$149873709 |
| Anglesea Funding LLC<br> 4.31%, 1/3/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99951933 |
| Anglesea Funding LLC<br> 4.36%, 1/31/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49806578 |
| Antalis SA<br> 4.02%, 1/5/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24981963 |
| Antalis SA<br> 4.32%, 1/4/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75054867 |
| Barton Capital SA<br> 4.35%, 1/27/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49830678 |
| Bedford Row Funding Corp.<br> SOFR + 0.38%, 4.68%, 3/9/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75007890 |
| Collateralized Commercial Paper FLEX Co. LLC<br> SOFR + 0.50%, 4.80%, 3/17/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75029500 |
| Collateralized Commercial Paper FLEX Co. LLC<br> 4.84%, 3/2/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49608280 |
| Columbia Funding Co. LLC<br> 4.68%, 3/8/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99129222 |
| Gotham Funding Corp.<br> 4.65%, 4/3/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49373333 |
| Legacy Capital Co. LLC<br> SOFR + 0.41%, 4.71%, 2/15/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100015067 |
| Mackinac Funding Co. LLC<br> 4.20%, 1/10/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74900748 |
| Mountcliff Funding LLC<br> 4.35%, 1/3/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99951933 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1072515701 |
| **CERTIFICATES OF DEPOSIT — 29.9%** | **CERTIFICATES OF DEPOSIT — 29.9%** | **CERTIFICATES OF DEPOSIT — 29.9%** |
| Banco Santander SA<br> SOFR + 0.64%, 3.69%, 2/1/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75030051 |
| Bank of Nova Scotia<br> SOFR + 0.25%, 4.55%, 2/17/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24998851 |
| Bank of Nova Scotia<br> SOFR + 0.60%, 4.90%, 5/15/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75071508 |
| Bank of Nova Scotia<br> SOFR + 0.66%, 4.96%, 5/8/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48554449 |
| Bank of Nova Scotia<br> SOFR + 0.75%, 5.05%, 8/1/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100187943 |
| Barclays Bank PLC<br> SOFR + 0.68%, 4.98%, 5/15/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100087016 |
| BNP Paribas SA<br> SOFR + 0.59%, 4.89%, 3/2/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60034749 |
| Canadian Imperial Bank of Commerce<br> SOFR + 0.25%, 4.55%, 2/14/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000128 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Schedule of Investments – (continued)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS – (continued)** | **SHORT-TERM INVESTMENTS – (continued)** | **SHORT-TERM INVESTMENTS – (continued)** |
| **CERTIFICATES OF DEPOSIT – (continued)** | **CERTIFICATES OF DEPOSIT – (continued)** | **CERTIFICATES OF DEPOSIT – (continued)** |
| Canadian Imperial Bank of Commerce<br> SOFR + 0.30%, 4.60%, 1/6/2023 (c) | &nbsp;&nbsp;&nbsp;$25000000 | &nbsp;&nbsp;&nbsp;$25001055 |
| Canadian Imperial Bank of Commerce<br> FFR + 0.62%, 4.95%, 5/8/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;100128766 |
| Canadian Imperial Bank of Commerce<br> SOFR + 0.74%, 5.04%, 8/9/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;125000000 | &nbsp;&nbsp;&nbsp;&nbsp;125312056 |
| CITIBANK N.A.<br> 3.55%, 2/3/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49953841 |
| CITIBANK N.A.<br> 3.77%, 5/2/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76679191 |
| Citibank NA<br> 2.67%, 3/3/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21924751 |
| Cooperatieve Rabobank UA<br> SOFR + 0.63%, 4.93%, 7/17/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;125000000 | &nbsp;&nbsp;&nbsp;&nbsp;125111812 |
| Credit Agricole Corporate & Investment Bank<br> 4.58%, 2/1/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;100022753 |
| KBC BANK N.V.<br> 3.39%, 1/3/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32496576 |
| KBC Bank NV<br> 4.31%, 1/6/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 |
| Mizuho Bank, Ltd.<br> SOFR + 0.58%, 4.88%, 1/20/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50012625 |
| Mizuho Bank, Ltd.<br> SOFR + 0.61%, 4.91%, 5/18/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50055190 |
| Mizuho Bank, Ltd.<br> SOFR + 0.62%, 4.92%, 4/14/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40041485 |
| Mizuho Bank, Ltd.<br> SOFR + 0.73%, 5.03%, 5/4/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44069802 |
| Mizuho Bank, Ltd.<br> SOFR + 0.78%, 5.08%, 4/26/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89151230 |
| MUFG Bank, Ltd.<br> SOFR + 0.51%, 4.81%, 2/17/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45512958 |
| MUFG Bank, Ltd.<br> SOFR + 0.55%, 4.85%, 2/14/2023 (a),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50018288 |
| MUFG Bank, Ltd.<br> SOFR + 0.58%, 4.88%, 3/16/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4502025 |
| MUFG Bank, Ltd.<br> SOFR + 0.59%, 4.89%, 3/14/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80036303 |
| MUFG Bank, Ltd.<br> SOFR + 0.60%, 4.90%, 3/9/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;100042699 |
| MUFG Bank, Ltd.<br> SOFR + 0.60%, 4.90%, 4/14/2023 (a),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50035144 |
| Natixis SA<br> SOFR + 0.60%, 4.90%, 3/3/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85056499 |
| Nordea Bank Abp<br> SOFR + 0.50%, 4.80%, 2/27/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55019963 |
| Royal Bank of Canada<br> SOFR + 0.60%, 4.90%, 5/15/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68055940 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Schedule of Investments – (continued)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS – (continued)** | **SHORT-TERM INVESTMENTS – (continued)** | **SHORT-TERM INVESTMENTS – (continued)** |
| **CERTIFICATES OF DEPOSIT – (continued)** | **CERTIFICATES OF DEPOSIT – (continued)** | **CERTIFICATES OF DEPOSIT – (continued)** |
| Royal Bank of Canada<br> SOFR + 0.62%, 4.92%, 5/11/2023 (c) | &nbsp;&nbsp;&nbsp;$69250000 | &nbsp;&nbsp;$69310250 |
| Standard Chartered Bank<br> SOFR + 0.55%, 4.85%, 2/6/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55524406 |
| Sumitomo Mitsui Banking Corp.<br> SOFR + 0.43%, 4.73%, 3/3/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75002347 |
| Sumitomo Mitsui Banking Corp.<br> SOFR + 0.55%, 4.85%, 1/10/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25002351 |
| Sumitomo Mitsui Banking Corp.<br> SOFR + 0.62%, 4.92%, 1/31/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75005647 |
| Sumitomo Mitsui Trust Bank, Ltd.<br> 4.25%, 1/5/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99999675 |
| Svenska Handelsbanken<br> SOFR + 0.45%, 4.75%, 4/4/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45511929 |
| Svenska Handelsbanken<br> SOFR + 0.61%, 4.91%, 6/16/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75082622 |
| Toronto-Dominion Bank<br> SOFR + 0.65%, 4.95%, 5/11/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75091346 |
| Toronto-Dominion Bank<br> 5.04%, 8/14/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;125000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125244261 |
| Wells Fargo Bank N.A.<br> SOFR + 0.35%, 4.65%, 3/23/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41505586 |
| Westpac Banking Corp.<br> SOFR + 0.20%, 4.50%, 1/20/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50001584 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2829487651 |
| **FINANCIAL COMPANY COMMERCIAL PAPER — 31.8%** | **FINANCIAL COMPANY COMMERCIAL PAPER — 31.8%** | **FINANCIAL COMPANY COMMERCIAL PAPER — 31.8%** |
| Australia & New Zealand Banking Group, Ltd.<br> SOFR + 0.36%, 4.66%, 3/24/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43752990 |
| Australia & New Zealand Banking Group, Ltd.<br> SOFR + 0.38%, 4.68%, 3/7/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50005218 |
| Australia & New Zealand Banking Group, Ltd.<br> SOFR + 0.38%, 4.68%, 4/6/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;158000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158016890 |
| Australia & New Zealand Banking Group, Ltd.<br> SOFR + 0.40%, 4.70%, 4/5/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59009535 |
| Bank of Montreal<br> SOFR + 0.50%, 4.80%, 6/8/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100048717 |
| Bank of Montreal<br> SOFR + 0.70%, 5.00%, 5/8/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50056933 |
| Bank of Nova Scotia<br> SOFR + 0.53%, 4.83%, 3/24/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25013292 |
| Bank of Nova Scotia<br> SOFR + 0.62%, 4.92%, 4/10/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50043003 |
| Barclays Bank U.K. PLC<br> 4.32%, 1/5/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99927683 |
| BPCE SA<br> SOFR + 0.45%, 4.75%, 7/28/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49997079 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Schedule of Investments – (continued)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS – (continued)** | **SHORT-TERM INVESTMENTS – (continued)** | **SHORT-TERM INVESTMENTS – (continued)** |
| **FINANCIAL COMPANY COMMERCIAL PAPER – (continued)** | **FINANCIAL COMPANY COMMERCIAL PAPER – (continued)** | **FINANCIAL COMPANY COMMERCIAL PAPER – (continued)** |
| CDP Financial, Inc.<br> SOFR + 0.60%, 4.90%, 4/20/2023 (b),(c) | &nbsp;&nbsp;&nbsp;$80000000 | &nbsp;&nbsp;&nbsp;$80058864 |
| Commonwealth Bank of Australia<br> SOFR + 0.40%, 4.70%, 4/6/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75012025 |
| DBS Bank Ltd.<br> 3.30%, 1/12/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84866725 |
| DBS Bank, Ltd.<br> 4.30%, 1/30/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99628431 |
| DNB Bank ASA<br> SOFR + 0.43%, 4.73%, 4/5/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30513000 |
| DZ Bank AG Deutsche Zentral-Genossenschaftsbank<br> 4.29%, 1/3/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;150000000 | &nbsp;&nbsp;&nbsp;&nbsp;149929450 |
| HSBC Bank PLC<br> SOFR + 0.25%, 4.55%, 2/10/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000403 |
| HSBC Bank PLC<br> SOFR + 0.55%, 4.85%, 3/16/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40518114 |
| HSBC Bank PLC<br> SOFR + 0.85%, 5.15%, 11/1/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;100172679 |
| ING US Funding LLC<br> SOFR + 0.52%, 4.82%, 2/24/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40012331 |
| ING US Funding LLC<br> SOFR + 0.75%, 5.05%, 8/16/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;102000000 | &nbsp;&nbsp;&nbsp;&nbsp;102121974 |
| Lloyds Bank PLC<br> SOFR + 0.50%, 4.80%, 2/13/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61267785 |
| Lloyds Bank PLC<br> SOFR + 0.70%, 5.00%, 5/8/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50043800 |
| Macquarie Bank, Ltd.<br> SOFR + 0.45%, 4.75%, 4/6/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25011962 |
| Macquarie Bank, Ltd.<br> SOFR + 0.55%, 4.85%, 1/24/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23006408 |
| Macquarie Bank, Ltd.<br> SOFR + 0.58%, 4.88%, 2/3/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 |
| National Australia Bank, Ltd.<br> SOFR + 0.38%, 4.68%, 3/6/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75007726 |
| National Australia Bank, Ltd.<br> SOFR + 0.41%, 4.71%, 4/6/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75015433 |
| Nationwide Building Society<br> 4.29%, 1/9/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49940181 |
| Oversea-Chinese Banking Corp., Ltd.<br> SOFR + 0.37%, 4.67%, 4/14/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49998976 |
| Oversea-Chinese Banking Corp., Ltd.<br> SOFR + 0.52%, 4.82%, 2/17/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50014912 |
| Oversea-Chinese Banking Corp., Ltd.<br> SOFR + 0.54%, 4.84%, 3/17/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65022276 |
| Skandinaviska Enskilda Banken AB<br> SOFR + 0.50%, 4.80%, 2/21/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45514310 |
| Svenska Handelsbanken AB<br> SOFR + 0.37%, 4.67%, 4/6/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;130000000 | &nbsp;&nbsp;&nbsp;&nbsp;130009379 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Schedule of Investments – (continued)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS – (continued)** | **SHORT-TERM INVESTMENTS – (continued)** | **SHORT-TERM INVESTMENTS – (continued)** |
| **FINANCIAL COMPANY COMMERCIAL PAPER – (continued)** | **FINANCIAL COMPANY COMMERCIAL PAPER – (continued)** | **FINANCIAL COMPANY COMMERCIAL PAPER – (continued)** |
| Svenska Handelsbanken AB<br> SOFR + 0.55%, 4.85%, 1/26/2023 (b),(c) | &nbsp;&nbsp;&nbsp;$75000000 | &nbsp;&nbsp;$75022459 |
| Swedbank AB<br> SOFR + 0.38%, 4.68%, 4/6/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100010690 |
| Swedbank AB<br> SOFR + 0.51%, 4.81%, 2/13/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75024905 |
| Swedbank AB<br> SOFR + 0.63%, 4.93%, 6/15/2023 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50055667 |
| Toronto-Dominion Bank<br> SOFR + 0.50%, 4.80%, 3/29/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40025464 |
| Toyota Credit Canada, Inc.<br> 3.55%, 1/24/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26917181 |
| United Overseas Bank, Ltd.<br> SOFR + 0.37%, 4.18%, 3/6/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95025726 |
| United Overseas Bank, Ltd.<br> SOFR + 0.48%, 4.28%, 2/15/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75031777 |
| Westpac Banking Corp.<br> SOFR + 0.50%, 4.80%, 3/21/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25009579 |
| Westpac Banking Corp.<br> SOFR + 0.55%, 4.85%, 2/17/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13005038 |
| Westpac Banking Corp.<br> SOFR + 0.55%, 4.85%, 2/23/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23008917 |
| Westpac Banking Corp.<br> SOFR + 0.56%, 4.86%, 3/2/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100040786 |
| Westpac Banking Corp.<br> SOFR + 0.63%, 4.93%, 6/9/2023 (b),(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50059017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3009795690 |
| **GOVERNMENT AGENCY DEBT — 1.1%** | **GOVERNMENT AGENCY DEBT — 1.1%** | **GOVERNMENT AGENCY DEBT — 1.1%** |
| Federal Home Loan Bank<br> 4.35%, 2/6/2023 (a),(c) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99999765 |
| **TREASURY DEBT — 1.6%** | **TREASURY DEBT — 1.6%** | **TREASURY DEBT — 1.6%** |
| U.S. Treasury Bill<br> 2.96%, 1/17/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99856937 |
| U.S. Treasury Bill<br> 3.10%, 1/3/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154856937 |
| **OTHER NOTES — 10.1%** | **OTHER NOTES — 10.1%** | **OTHER NOTES — 10.1%** |
| Abu Dhabi Commercial Bank PJSC<br> 4.30%, 1/3/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85706000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85706000 |
| Bank of America N.A.<br> 4.85%, 4/10/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000000 |
| Bank of America N.A.<br> 5.05%, 1/8/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64029891 |
| Bank of Nova Scotia<br> 4.35%, 1/5/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Schedule of Investments – (continued)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS – (continued)** | **SHORT-TERM INVESTMENTS – (continued)** | **SHORT-TERM INVESTMENTS – (continued)** |
| **OTHER NOTES – (continued)** | **OTHER NOTES – (continued)** | **OTHER NOTES – (continued)** |
| Canadian Imperial Bank of Commerce<br> 4.30%, 1/3/2023 (a) | &nbsp;&nbsp;$110000000 | &nbsp;&nbsp;$110000000 |
| KBC Bank NV<br> 4.31%, 1/3/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;300000000 | &nbsp;&nbsp;&nbsp;&nbsp;300000000 |
| Mizuho Bank, Ltd.<br> 4.32%, 1/3/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;125000000 | &nbsp;&nbsp;&nbsp;&nbsp;125000000 |
| Republic of Poland Government International Bond<br> 4.30%, 1/3/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 |
| Royal Bank of Canada<br> 4.32%, 1/3/2023 (a) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;100000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;954735891 |
| **GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 9.1%** | **GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 9.1%** | **GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 9.1%** |
| Agreement with Bank of America and Bank of New York Mellon (Tri-Party), dated 12/30/2022 (collateralized by U.S. Government Obligation, 2.000% due 08/01/2037, valued at $73,440,000); expected proceeds $72,034,800<br> 4.35%, 1/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72000000 |
| Agreement with Bank of America and Bank of New York Mellon (Tri-Party), dated 12/30/2022 (collateralized by U.S. Government Obligations, 0.000% – 7.000% due 06/25/2030 – 01/20/2072, valued at $245,610,158); expected proceeds $232,110,844<br> 4.30%, 1/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;232000000 | &nbsp;&nbsp;&nbsp;&nbsp;232000000 |
| Agreement with Bank of Nova Scotia and Bank of New York Mellon (Tri-Party), dated 12/30/2022 (collateralized by a U.S. Treasury Bill, 0.000% due 03/02/2023, valued at $25,500,044); expected proceeds $25,011,861<br> 4.27%, 1/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 |
| Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 12/23/2022 (collateralized by U.S. Government Obligations, 0.829% – 4.000% due 03/25/2050 – 06/25/2050, valued at $30,904,678); expected proceeds $30,350,250<br> 4.67%, 3/23/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000000 |
| Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/30/2022 (collateralized by Federal Home Loan Mortgage Corporation Strips, 3.500% due 09/15/2043, and U.S. Government Obligations, 2.000% – 7.500% due 02/01/2026 – 12/01/2061, valued at $510,000,000); expected proceeds $500,238,889<br> 4.30%, 1/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;500000000 | &nbsp;&nbsp;&nbsp;&nbsp;500000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;859000000 |
| **TREASURY REPURCHASE AGREEMENTS — 2.4%** | **TREASURY REPURCHASE AGREEMENTS — 2.4%** | **TREASURY REPURCHASE AGREEMENTS — 2.4%** |
| Agreement with BNP Paribas Securities Corp. and Bank of New York Mellon (Tri-Party), dated 12/30/2022 (collateralized by U.S. Treasury Notes, 0.050% – 4.323% due 04/30/2024 – 08/15/2030, and U.S. Treasury Strip, 0.000% due 02/15/2048, valued at $20,400,003); expected proceeds $20,009,467<br> 4.26%, 1/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 |
| Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 12/23/2022 (collateralized by U.S. Treasury Notes, 1.250% – 4.125% due 11/30/2026 – 09/30/2027, valued at $12,648,074); expected proceeds $12,595,517<br> 4.77%, 4/21/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12400000 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Schedule of Investments – (continued)

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal <br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS – (continued)** | **SHORT-TERM INVESTMENTS – (continued)** | **SHORT-TERM INVESTMENTS – (continued)** |
| **TREASURY REPURCHASE AGREEMENTS – (continued)** | **TREASURY REPURCHASE AGREEMENTS – (continued)** | **TREASURY REPURCHASE AGREEMENTS – (continued)** |
| Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 12/30/2022 (collateralized by U.S. Treasury Notes, 0.750% – 4.500% due 10/31/2024 – 11/30/2024, valued at $153,009,379); expected proceeds $150,071,667<br> 4.30%, 1/5/2023 | &nbsp;&nbsp;$150000000 | &nbsp;&nbsp;$150000000 |
| Agreement with Societe Generale and Bank of New York Mellon (Tri-Party), dated 12/30/2022 (collateralized by U.S. Treasury Bills, 0.000% due 02/02/2023 – 04/25/2023, valued at $45,900,090); expected proceeds $45,021,500<br> 4.30%, 1/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227400000 |
| **OTHER REPURCHASE AGREEMENTS — 2.4%** | **OTHER REPURCHASE AGREEMENTS — 2.4%** | **OTHER REPURCHASE AGREEMENTS — 2.4%** |
| Agreement with Bank of America and Bank of New York Mellon (Tri-Party), dated 12/15/2022 (collateralized by various Common Stocks, and Corporate Bonds, 3.125% due 04/06/2030, valued at $43,195,236); expected proceeds $40,636,000<br> 4.77%, 4/14/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 |
| Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 12/23/2022 (collateralized by U.S. Government Obligations, 2.000% – 4.500% due 10/16/2048 – 12/25/2050, and Corporate Bonds, 5.167% – 5.256% due 01/15/2040 – 02/01/2052, valued at $19,433,391); expected proceeds $18,893,276<br> 4.77%, 4/21/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18600000 |
| Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/30/2022 (collateralized by various Common Stocks, valued at $54,000,000); expected proceeds $50,765,236<br> 4.63%, 4/28/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 |
| Agreement with Mitsubishi UFJ Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/06/2022 (collateralized by a various Common Stocks, valued at $27,013,623); expected proceeds $25,185,194<br> 4.52%, 2/3/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 |
| Agreement with TD Securities (USA) LLC and Bank of New York Mellon (Tri-Party), dated 12/30/2022 (collateralized by various Corporate Bonds, 0.750% – 8.750% due 03/15/2023 – 05/01/2050, valued at $106,346,013); expected proceeds $96,046,827<br> 4.39%, 1/3/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229600000 |
| **TOTAL SHORT-TERM INVESTMENTS<br> (Cost $9,435,149,801)** |  | &nbsp;&nbsp;&nbsp;&nbsp;9437391635 |
| **TOTAL INVESTMENTS — 99.8%<br> (Cost $9,435,149,801)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**9437391635** |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20193402** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$9457585037** |

---

(a) Rate
 shown is the discount rate at time of purchase.

(b) Securities
 purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 23.5% of net assets as of December 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to
qualified institutional buyers.

(c) Variable
 Rate Security - Interest rate shown is rate in effect at December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(d) Illiquid
 security. These securities represent $176,000,000 or 1.9% of net assets as of December 31, 2022.

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Schedule of Investments – (continued)

#### December 31, 2022
Abbreviations: <br> SOFR Secured Overnight Financing Rate <br> PLC Public Limited Company

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 —<br> Quoted Prices** | **Level 2 —<br> Other<br> Significant<br> Observable<br> Inputs** | **Level 3 —<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| **INVESTMENTS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$9437391635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$9437391635 |
| **TOTAL INVESTMENTS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$9437391635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$9437391635 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### STATE STREET NAVIGATOR SECURITIES LENDING TRUST

#### STATE STREET NAVIGATOR SECURITIES LENDING PORTFOLIO II

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2022

------

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, at value — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$8121391635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements, at amortized cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9437391635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25242171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9462941351 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian, sub-administration and transfer agent fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4772949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5356314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;$9457585037 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp;$9455401040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2183997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;$9457585037 |
| **NET ASSET VALUE PER SHARE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding ($0.001 par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9455401040 |
| **COST OF INVESTMENTS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at cost | &nbsp;&nbsp;&nbsp;&nbsp;$9435149801 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### STATE STREET NAVIGATOR SECURITIES LENDING TRUST

#### STATE STREET NAVIGATOR SECURITIES LENDING PORTFOLIO II

#### STATEMENT OF OPERATIONS

#### For the Year Ended December 31, 2022

------

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income - unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$173840449 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian, sub-administration and transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22641 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3439201 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170401248 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment transactions — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80631) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment transactions — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493566 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN (LOSS)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2412935 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$172814183 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### STATE STREET NAVIGATOR SECURITIES LENDING TRUST

#### STATE STREET NAVIGATOR SECURITIES LENDING PORTFOLIO II

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> 12/31/2022** | **Year Ended<br> 12/31/2021** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$170401248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8260869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(518744) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172814183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7759263 |
| &nbsp;&nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170401248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8260869) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98290402106 | &nbsp;&nbsp;&nbsp;&nbsp;66535622600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93248019743) | &nbsp;&nbsp;&nbsp;&nbsp;(68746553557) |
| **Net increase (decrease) in net assets from beneficial interest transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5042382363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2210930957) |
| **Net increase (decrease) in net assets during the period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5044795298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2211432563) |
| **Net assets at beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4412789739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6624222302 |
| **NET ASSETS AT END OF PERIOD** | &nbsp;&nbsp;&nbsp;&nbsp;$9457585037 | &nbsp;&nbsp;&nbsp;&nbsp;$4412789739 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98290402106 | &nbsp;&nbsp;&nbsp;&nbsp;66535622600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(93248019743) | &nbsp;&nbsp;&nbsp;&nbsp;(68746553557) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5042382363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2210930957) |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### STATE STREET NAVIGATOR SECURITIES LENDING TRUST

#### STATE STREET NAVIGATOR SECURITIES LENDING PORTFOLIO II

#### FINANCIAL HIGHLIGHTS

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended<br> 12/31/22** | &nbsp;&nbsp;**Year Ended<br> 12/31/21** | &nbsp;&nbsp;**Year Ended<br> 12/31/20** | &nbsp;&nbsp;**Year Ended<br> 12/31/19** | &nbsp;&nbsp;**For the<br> Period<br> 12/10/18<sup>\*</sup>-<br> 12/31/18** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;&nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;&nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;&nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0218 | &nbsp;&nbsp;&nbsp;&nbsp;0.0015 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0018 | &nbsp;&nbsp;&nbsp;0.0000 <sup>(b)</sup> |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0236 | &nbsp;&nbsp;&nbsp;&nbsp;0.0015 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0236) | &nbsp;&nbsp;&nbsp;&nbsp;(0.0015) |
| Net asset value, end of period<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;&nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;&nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;&nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s) | &nbsp;&nbsp;$9457585 | &nbsp;&nbsp;$4412790 | &nbsp;&nbsp;$6624222 | &nbsp;&nbsp;$5217032 | &nbsp;&nbsp;$496232 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% <sup>(d)</sup> |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% <sup>(d)</sup> |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63% <sup>(d)</sup> |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% <sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% <sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% <sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% <sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% <sup>(e)(f)</sup> |

---

\* Inception and commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amount is less than $0.00005 per share.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of the Fund. Total return for periods of less than one year are not annualized. Results represent past performance and are not indicative of future results.

(d) Annualized.

(e) Portfolio Turnover percentage amounts to 0% as the Fund only held short term investments for the periods ended December 31, 2022, December 31, 2021, December 31, 2020, December 31, 2019 and December 31, 2018.

(f) Not annualized.

See accompanying notes to financial statements.

------

[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Notes to Financial Statements

#### December 31, 2022
1. Organization

State Street Navigator Securities Lending Trust (the "Trust"), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended ("1940 Act"), is an open-end management investment company.

As of December 31, 2022, the Trust offers three (3) series, each of which represents a separate series of beneficial interest in the Trust (together the "Funds"). State Street Navigator Securities Lending Portfolio II (the "Fund") is authorized to issue an unlimited number of shares of beneficial interest with a $0.001 par value. The financial statements herein relate only to the Fund.

The Fund is used as a vehicle to invest cash collateral received by lenders in connection with securities loans under the Securities Lending Program ("SLP") maintained by State Street Bank and Trust Company ("State Street"), an affiliate of the Fund's investment adviser, SSGA Funds Management, Inc. (the "Adviser" or "SSGA FM"). Shares of the Fund are sold in private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933, as amended. Investments in the Fund will increase or decrease in direct correlation with overall participation in the SLP.

The Fund's investment objective is to seek current yield to the extent consistent with maintaining liquidity and the preservation of principal while providing a market rate of return.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") 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. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

#### Security Valuation
The Fund's investments are valued at fair value each day that the New York Stock Exchange ("NYSE") is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the "Committee") and approved by the Board of Trustees of the Trust (the "Board" and each member thereof, a "Trustee"). The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for overseeing the determination of the fair value of investments.

Valuation techniques used to value the Fund's investments by major category are as follows:

• Debt obligations (including short-term investments and convertible debt securities) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices.

------

[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Notes to Financial Statements – (continued)

#### December 31, 2022
• Repurchase agreements are valued at the repurchase price as of valuation date.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

Various inputs are used in determining the value of the Fund's investments.

The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs for the asset or liability, including the Committee's assumptions used in determining the fair value of investments.

The value of the Fund's investments according to the fair value hierarchy as of December 31, 2022 is disclosed in the Fund's Schedule of Investments.

#### Investment Transactions and Income Recognition
Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments are determined using the identified cost method. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

#### Expenses
Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Trust.

#### Distributions
Distributions from net investment income, if any, are declared and paid daily. Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

------

[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Notes to Financial Statements – (continued)

#### December 31, 2022
3. Securities and Other Investments

#### Repurchase Agreements
The Fund may enter into repurchase agreements under the terms of a Master Repurchase Agreement. A repurchase agreement customarily obligates the seller at the time it sells securities to the Fund to repurchase the securities at a mutually agreed upon price and time. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Fund including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest.

The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the Fund's principal amount of the repurchase agreement (including accrued interest). The underlying securities are ordinarily United States Government or Government Agency securities, but may consist of other securities. The use of repurchase agreements involves certain risks including counterparty risks. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which the value of the collateral may decline.

As of December 31, 2022, the Fund had invested in repurchase agreements with the gross values (principal) of $1,316,000,000 and associated collateral equal to $1,367,400,689.

4. Fees and Transactions with Affiliates

#### Advisory Fee
The Trust, on behalf of the Fund, has entered into an Investment Advisory Agreement with SSGA FM. The Fund pays an advisory fee to SSGA FM at an annual rate of 0.025% of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

SSGA FM is contractually obligated until April 30, 2023 to waive its management fee and/or to reimburse the Fund for expenses to the extent that Total Annual Fund Operating Expenses (exclusive of non-recurring account fees and/or extraordinary expenses) exceed 0.042% of average daily net assets on an annual basis. The contractual fee waiver does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. This waiver and/or reimbursement may not be terminated prior to April 30, 2023 except with approval of the Fund's Board.

#### Administrator Fee
SSGA FM serves as administrator. Pursuant to the Administration Agreement between the Trust, on behalf of the Fund and SSGA FM, the Fund pays an annual administration fee to SSGA FM equal to 0.00075% of the Fund's average daily net assets.

#### Custodian, Sub-Administrator, Fund Accounting and Transfer Agent Fees
State Street serves as the custodian, sub-administrator, and transfer agent for the Fund. Under the terms of these agreements, the Fund pays a monthly fee to State Street.

#### Other Transactions with Affiliates
From time to time, the Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Fund. As of December 31, 2022, based on management's evaluation of the shareholder account base, the Fund did not have any accounts representing controlling ownership of more than 10% of the Fund's total outstanding shares.

------

[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Notes to Financial Statements – (continued)

#### December 31, 2022
5. Trustees' Fees

The fees and expenses of the Trust's Trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), are paid directly by the Fund. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

6. Income Tax Information

The Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.

Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values or results of operations. Temporary book-tax differences will reverse in the future.

The tax character of distributions paid during the year ended December 31, 2022, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Ordinary <br> Income** | **Long-Term <br> Capital Gains** | **Tax Return<br> of Capital** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$170401248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$170401248 |

---

The tax character of distributions paid during the year ended December 31, 2021, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Ordinary <br> Income** | **Long-Term <br> Capital Gains** | **Tax Return<br> of Capital** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8260869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8260869 |

---

At December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed <br> Ordinary<br> Income** | **Capital Loss<br> Carryforwards** | **Undistributed <br> Long-Term<br> Capital Gains** | **Net <br> Unrealized<br> Gains<br> (Losses)** | **Qualified <br> Late-Year<br> Losses** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22794 | $(80631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2241834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2183997 |

---

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[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Notes to Financial Statements – (continued)

#### December 31, 2022
As of December 31, 2022, the Fund had capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| **Non-Expiring <br> Short Term** | **Non-Expiring <br> Long Term** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$80631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- |

---

As of December 31, 2022, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax <br> Cost** | **Gross <br> Unrealized<br> Appreciation** | **Gross <br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| State Street Navigator Securities Lending Portfolio II | $9435149801 | $2241834 | $— | $2241834 |

---

7. Risks

#### Concentration Risk
As a result of the Fund's ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund's investments more than if the Fund was more broadly diversified.

#### Credit Risk
The Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

#### Market Risk
The Fund's investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.

8. Recent Accounting Pronouncement

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2020-04 ("ASU 2020-04"), "Reference Rate Reform (Topic 848)". In response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The relief provided is temporary and generally cannot be applied to contract modifications that occur after December 31, 2022, or hedging relationships entered into or evaluated after that date. However, the FASB has indicated that it will revisit the sunset date in Topic 848 after the LIBOR administrator

------

[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Notes to Financial Statements – (continued)

#### December 31, 2022
makes a final decision on a phaseout date. On November 30, 2020, the LIBOR administrator proposed extending the publication of the overnight and the one-, three-, six- and 12-month USD LIBOR settings through June 30, 2023, when many existing contracts that reference LIBOR will have expired. Management is currently evaluating the impact of the guidance.

9. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

------

[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### Report of Independent Registered Public Accounting Firm
To the Shareholders of State Street Navigator Securities Lending Portfolio II and the Board of Trustees of State Street Navigator Securities Lending Trust

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of State Street Navigator Securities Lending Portfolio II (the "Fund") (one of the series constituting State Street Navigator Securities Lending Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the period from December 10, 2018 (commencement of operations) through December 31, 2018 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting State Street Navigator Securities Lending Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the four years in the period then ended and the period from December 10, 2018 (commencement of operations) through December 31, 2018, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](g442998img7b4b7bdf1.jpg)

We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.

Boston, Massachusetts<br> February 24, 2023

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[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Other Information (Unaudited)

#### December 31, 2022

#### Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and to the extent applicable distribution (12b-1) and/ or service fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from July 1, 2022 to December 31, 2022.

The table below illustrates your Fund's cost in two ways:

• **Based on actual fund return** — This section helps you to estimate the actual expenses that you paid over the period. The "Ending Account Value" shown is derived from each Fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading "Expenses Paid During Period".

• **Based on hypothetical 5% return** — This section is intended to help you compare your Fund's costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund's actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the "SEC") requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales load charges (loads). Therefore, the hypothetical 5% return section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Actual** | **Actual** | **Hypothetical (assuming a 5%<br> return before expenses)** | **Hypothetical (assuming a 5%<br> return before expenses)** |
|  | **Annualized <br> Expense Ratio** | **Ending Account<br> Value** | **Expenses Paid<br> During Period(a)** | **Ending Account<br> Value** | **Expenses Paid<br> During Period(a)** |
| State Street Navigator Securities Lending Portfolio II | 0.04% | $1015.80 | $0.20 | $1025.00 | $0.20 |

---

(a) Hypothetical expenses are
equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184, then divided by 365.

------

[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Other Information (Unaudited) – (continued)

#### December 31, 2022

#### Proxy Voting Policies and Procedures and Records
The Fund has adopted the proxy voting policies of the Adviser. A description of the Fund's proxy voting policies and procedures that are used by the Fund's investment Adviser to vote proxies relating to Fund's portfolio of securities are available (i) without charge, upon request, by calling 1-877-521-4083 (toll free) and (ii) on the SEC's website at *www.sec.gov*. Information regarding how the Fund voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number and on the SEC's website, at *www.sec.gov.*

#### Quarterly Portfolio Schedule
Following the Fund's first and third fiscal quarter-ends, a complete Schedule of Investment is filed with the SEC an exhibit on Form N-PORT, which can be found on the SEC's website at *www.sec.gov*. The Fund's Schedule of Investment is available upon request, without charge, by calling 1-866-787-2257 (toll free).

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[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Other Information (Unaudited) – (continued)

#### December 31, 2022

#### TRUSTEES AND OFFICERS INFORMATION

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS,<br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE AND<br> LENGTH OF<br> TIME SERVED** | **PRINCIPAL OCCUPATION<br> DURING PAST FIVE YEARS<br> AND RELEVANT<br> EXPERIENCE** | **NUMBER OF<br> FUNDS IN<br> FUND<br> COMPLEX<br> OVERSEEN<br> BY TRUSTEE†** | **OTHER <br> DIRECTORSHIPS<br> HELD BY TRUSTEE<br> DURING PAST FIVE<br> YEARS** |
| **INDEPENDENT TRUSTEES** |  |  |  |  |  |
| Michael F. Holland<sup>(1)</sup><br> c/o SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1944 | Trustee and Co-<br> Chairperson<br> of the Board | Term: <br> Indefinite<br> Elected: 12/18 | Chairman, Holland &<br> Company L.L.C.<br> (investment<br> adviser) (1995 – present). | 55 | Director, the Holland<br> Series Fund, Inc.;<br> Director, The China<br> Fund, Inc. (1992 –<br> 2017); Director, The<br> Taiwan Fund, Inc.<br> (2007 – 2017);<br> Director, Reaves<br> Utility Income Fund,<br> Inc.; and Director,<br> Blackstone/GSO<br> Loans (and Real<br> Estate) Funds. |
| Patrick J. Riley<br> c/o SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1948 | Trustee and Co-<br> Chairperson<br> of the Board | Term: <br> Indefinite<br> Appointed: 4/16<br> Elected: 6/16 | Associate Justice of the Superior Court, Commonwealth of Massachusetts (2002 – May 2010); Partner, Riley, Burke & Donahue, L.L.P. (law firm) (1985 – 2002); Independent Director, State Street Global Advisors Ireland, Ltd. (investment company) (1998 – present); Independent Director, SSGA Liquidity PLC (formerly, SSGA Cash Management Fund PLC) (1998 – present); Independent Director, SSGA Fixed Income PLC (January 2009 – present); and Independent Director, SSGA Qualified Funds PLC (January 2009 – 2019). | 55 | Board Director and<br> Chairman, SPDR<br> Europe I, PLC Board<br> (2011 – present);<br> Board Director and<br> Chairman, SPDR<br> Europe II, PLC<br> (2013 – present). |

---

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[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Other Information (Unaudited) – (continued)

#### December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS,<br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE AND<br> LENGTH OF<br> TIME SERVED** | **PRINCIPAL OCCUPATION<br> DURING PAST FIVE YEARS<br> AND RELEVANT<br> EXPERIENCE** | **NUMBER OF<br> FUNDS IN<br> FUND<br> COMPLEX<br> OVERSEEN<br> BY TRUSTEE†** | **OTHER <br> DIRECTORSHIPS<br> HELD BY TRUSTEE<br> DURING PAST FIVE<br> YEARS** |
| John R. Costantino<br> c/o SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1946 | Trustee and Co-<br> Chairperson of<br> the Qualified<br> Legal<br> Compliance<br> Committee | Term: <br> Indefinite<br> Elected:<br> 12/18 | Senior Advisor to NGN<br> Capital LLC (January<br> 2020 – present);<br> Managing General<br> Partner, NGN Capital<br> LLC (2006 – December<br> 2019). | 55 | Director, Kleinfeld<br> Bridal Corp. (January<br> 2016 – present);<br> Trustee of<br> Neuroscience<br> Research Institute<br> (1986 – 2017);<br> Trustee of Fordham<br> University (1989 –<br> 1995 and 2001 –<br> 2007) and Trustee<br> Emeritus (2007 –<br> present); Trustee<br> and Independent<br> Chairperson of GE<br> Funds (1993 –<br> February 2011);<br> Director, Muscular<br> Dystrophy<br> Association<br> (2019 - present);and Trustee of<br> Gregorian University<br> Foundation (1992 –<br> 2007); Chairman of the Board of Directors, Vivaldi Biosciences Inc. (May 2017 – present); Chairman of the Supervisory Board, Vivaldi Biosciences AG. (May 2017 – present); Trustee, Gallim Dance (December 2021 – present). |
| Donna M. Rapaccioli<br> c/o SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1962 | Trustee and<br> Chairperson<br> of the Audit<br> Committee | Term: <br> Indefinite<br> Elected:<br> 12/18 | Dean of the Gabelli<br> School of Business<br> (2007 – present) and<br> Accounting Professor<br> (1987 – present) at<br> Fordham University. | 55 | Graduate <br> Management<br> Admissions Council<br> (2015 – present);<br> Trustee of<br> Emmanuel College<br> (2010 – 2019). |

---

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[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Other Information (Unaudited) – (continued)

#### December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS,<br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE AND<br> LENGTH OF<br> TIME SERVED** | **PRINCIPAL OCCUPATION<br> DURING PAST FIVE YEARS<br> AND RELEVANT<br> EXPERIENCE** | **NUMBER OF<br> FUNDS IN<br> FUND<br> COMPLEX<br> OVERSEEN<br> BY TRUSTEE†** | **OTHER <br> DIRECTORSHIPS<br> HELD BY TRUSTEE<br> DURING PAST FIVE<br> YEARS** |
| Richard D. Shirk<br> c/o SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1945 | Trustee and<br> Co-Chairperson<br> of the Qualified<br> Legal Compliance<br> Committee | Term: <br> Indefinite<br> Elected:<br> 7/16 | Chairman (March 2001 –<br> April 2002),<br> President and Chief<br> Executive Officer (1996 – March 2001),<br> Cerulean Companies, Inc.<br> (holding company)<br> (Retired);<br> President and Chief<br> Executive Officer, Blue<br> Cross Blue Shield of<br> Georgia (health insurer,<br> managed healthcare) (1992 – March 2002). | 55 | Chairman and BO<br> Member<br> (December 2008)<br> and<br> Investment<br> Committee Member (December 2008 – present),<br> Healthcare Georgia<br> Foundation<br> (private<br> foundation);<br> Lead Director<br> and Board Member,<br> Amerigroup Corp.<br> (managed health care);<br> (September 2002 – 2012), Board<br> Member and (1999 –<br> 2013) and Investment<br> Committee Member<br> (2001 – 2017),<br> Woodruff Arts Center;<br> Trustee, Gettysburg<br> College (2003 – 2009);<br> Board member, Aerocare<br> Holdings (2003 – January 2021), Regenesis<br> Biomedical Inc. (April 2012 – present). |
| Michael A. Jessee<br> c/o SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1946 | Trustee and Co-<br> Chairperson of<br> the Valuation<br> Committee | Term: <br> Indefinite<br> Appointed:<br> 2/96 | Retired; formerly,<br> President and Chief<br> Executive Officer of the<br> Federal Home Loan Bank<br> of Boston (1989 – 2009);<br> Trustee, Randolph-Macon<br> College (2004 – 2016). | 55 | None. |

---

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[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Other Information (Unaudited) – (continued)

#### December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS,<br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE AND<br> LENGTH OF<br> TIME SERVED** | **PRINCIPAL OCCUPATION<br> DURING PAST FIVE YEARS<br> AND RELEVANT<br> EXPERIENCE** | **NUMBER OF<br> FUNDS IN<br> FUND<br> COMPLEX<br> OVERSEEN<br> BY TRUSTEE†** | **OTHER <br> DIRECTORSHIPS<br> HELD BY TRUSTEE<br> DURING PAST FIVE<br> YEARS** |
| Margaret McLaughlin<br> c/o SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1967 | Trustee | Term: Indefinite Appointed: 9/22 | Consultant, Bates Group (consultants) (2021 – 2023); Consultant, Madison Dearborn Partners (private equity) (2019 – 2020); General Counsel CCO, Kramer Van Kirk Credit Strategies L.P./Mariana Systems LLC (Investment Adviser/SaaS Technology) (2011 –2019). | 55 | Director, Manning & Napier Fund Inc (2021 – 2022). |
| George M. Pereira<br> c/o SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1964 | Trustee | Term: Indefinite Appointed: 9/22 | Chief Operating Officer (January 2011 – September 2020) and Chief Financial Officer (November 2004 – September 2020), Charles Schwab Investment Management. | 55 | Director, Pacific Premier Bancorp, Pacific Premier Bank (2021 – present); Director, Charles Schwab Asset Management (Ireland) Ltd., & Charles Schwab Worldwide Funds plc. (2005 – 2020); Director, Rotaplast International, Inc. (non-profit providing free medical services to children worldwide) (2012 – 2018). |

---

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[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Other Information (Unaudited) – (continued)

#### December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME, ADDRESS,<br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE AND<br> LENGTH OF<br> TIME SERVED** | **PRINCIPAL OCCUPATION<br> DURING PAST FIVE YEARS<br> AND RELEVANT<br> EXPERIENCE** | **NUMBER OF<br> FUNDS IN<br> FUND<br> COMPLEX<br> OVERSEEN<br> BY TRUSTEE†** | **OTHER <br> DIRECTORSHIPS<br> HELD BY TRUSTEE<br> DURING PAST FIVE<br> YEARS** |
| **INTERESTED TRUSTEE<sup>(2)</sup>** |  |  |  |  |  |
| Ellen M. Needham<sup>(3)</sup><br> SSGA Funds<br> Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1967 | Trustee and<br> President | Term: <br> Indefinite<br> Elected:<br> President:<br> 9/12<br> Elected<br> Trustee:<br> 12/18 | Chairman, SSGA Funds<br> Management, Inc.<br> (March 2020 – present);<br> President and Director,<br> SSGA Funds<br> Management, Inc. (2001<br> – present)\*; Senior<br> Managing Director, State<br> Street Global Advisors<br> (1992 – present)\*;<br> Manager, State Street<br> Global Advisors Funds<br> Distributors, LLC (May<br> 2017 – present). | 55 | Board Director,<br> SSGA SPDR ETFs<br> Europe I, PLC (May<br> 2020 – present);<br> Board Director,<br> SSGA SPDR ETFs<br> Europe II PLC (May<br> 2020 – present). |
| (1) Mr. Holland retired as a Trustee of the Trust effective December 31, 2022. | (1) Mr. Holland retired as a Trustee of the Trust effective December 31, 2022. | (1) Mr. Holland retired as a Trustee of the Trust effective December 31, 2022. | (1) Mr. Holland retired as a Trustee of the Trust effective December 31, 2022. | (1) Mr. Holland retired as a Trustee of the Trust effective December 31, 2022. | (1) Mr. Holland retired as a Trustee of the Trust effective December 31, 2022. |
| (2) The individual listed below is a Trustee who is an "interested person," as defined in the 1940 Act, of the Trust ("Interested Trustee"). | (2) The individual listed below is a Trustee who is an "interested person," as defined in the 1940 Act, of the Trust ("Interested Trustee"). | (2) The individual listed below is a Trustee who is an "interested person," as defined in the 1940 Act, of the Trust ("Interested Trustee"). | (2) The individual listed below is a Trustee who is an "interested person," as defined in the 1940 Act, of the Trust ("Interested Trustee"). | (2) The individual listed below is a Trustee who is an "interested person," as defined in the 1940 Act, of the Trust ("Interested Trustee"). | (2) The individual listed below is a Trustee who is an "interested person," as defined in the 1940 Act, of the Trust ("Interested Trustee"). |
| (3) Ms. Needham is an Interested Trustee because of her employment by SSGA Fund Management, Inc., an affiliate of the Trust. | (3) Ms. Needham is an Interested Trustee because of her employment by SSGA Fund Management, Inc., an affiliate of the Trust. | (3) Ms. Needham is an Interested Trustee because of her employment by SSGA Fund Management, Inc., an affiliate of the Trust. | (3) Ms. Needham is an Interested Trustee because of her employment by SSGA Fund Management, Inc., an affiliate of the Trust. | (3) Ms. Needham is an Interested Trustee because of her employment by SSGA Fund Management, Inc., an affiliate of the Trust. | (3) Ms. Needham is an Interested Trustee because of her employment by SSGA Fund Management, Inc., an affiliate of the Trust. |
| \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. |
| † For the purpose of determining the number of portfolios overseen by the Trustees, "Fund Complex" comprises registered investment companies for which SSGA FM serves as investment adviser. | † For the purpose of determining the number of portfolios overseen by the Trustees, "Fund Complex" comprises registered investment companies for which SSGA FM serves as investment adviser. | † For the purpose of determining the number of portfolios overseen by the Trustees, "Fund Complex" comprises registered investment companies for which SSGA FM serves as investment adviser. | † For the purpose of determining the number of portfolios overseen by the Trustees, "Fund Complex" comprises registered investment companies for which SSGA FM serves as investment adviser. | † For the purpose of determining the number of portfolios overseen by the Trustees, "Fund Complex" comprises registered investment companies for which SSGA FM serves as investment adviser. | † For the purpose of determining the number of portfolios overseen by the Trustees, "Fund Complex" comprises registered investment companies for which SSGA FM serves as investment adviser. |

---

------

[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Other Information (Unaudited) – (continued)

#### December 31, 2022
The following lists the principal officers for the Trust, as well as their mailing addresses and ages, positions with the Trust and length of time served, and present and principal occupations:

---

| | | | |
|:---|:---|:---|:---|
| **NAME, ADDRESS,<br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE AND<br> LENGTH OF<br> TIME SERVED** | **PRINCIPAL OCCUPATION<br> DURING PAST FIVE YEARS** |
| **OFFICERS:** |  |  |  |
| Ellen M. Needham<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1967 | President, <br> Trustee | Term: Indefinite<br> President- Served: since 9/12<br> Elected Trustee:<br> 12/18 | Chairman, SSGA Funds<br> present); President and Director,<br> SSGA Funds Management, Inc.<br> Management, Inc. (March 2020 –<br> (2001 – present)\*; Senior Managing<br> Director, State Street Global<br> Advisors (1992 – present)\*;<br> Manager, State Street Global<br> Advisors Funds Distributors, LLC<br> (May 2017 – present). |
| Bruce S. Rosenberg<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1961 | Treasurer | Term: Indefinite<br> Served: since 9/17 | Managing Director, State Street<br> Global Advisors and SSGA Funds<br> Management, Inc. (July 2015 –<br> present); Director, Credit Suisse<br> (April 2008 – July 2015). |
| Ann M. Carpenter<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1966 | Vice President<br> and Deputy<br> Treasurer | Term: Indefinite<br> Served: since 3/16 | Chief Operating Officer, SSGA<br> Funds Management, Inc. (April<br> 2005 – present)\*; Managing<br> Director, State Street Global<br> Advisors (April 2005 – present).\* |
| Chad C. Hallett<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1969 | Deputy Treasurer | Term: Indefinite<br> Served: since 9/17 | Vice President, State Street Global<br> Advisors and SSGA Funds<br> Management, Inc. (November 2014<br> – present). |
| Darlene Anderson-Vasquez<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1968 | Deputy Treasurer | Term: Indefinite<br> Served: since 11/16 | Managing Director, State Street<br> Global Advisors and SSGA Funds<br> Management, Inc. (May 2016 –<br> present); Senior Vice President,<br> John Hancock Investments<br> (September 2007 – May 2016). |
| Arthur A. Jensen<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1966 | Deputy Treasurer | Term: Indefinite<br> Served: since 9/17 | Vice President, State Street Global<br> Advisors and SSGA Funds<br> Management, Inc. (July 2016 –<br> present). |
| David Lancaster<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1971 | Assistant Treasurer | Term: Indefinite<br> Served: since 11/20 | Vice President, State Street Global<br> Advisors and SSGA Funds<br> Management, Inc. (July 2017 –<br> present); Assistant Vice President,<br> State Street Bank and Trust<br> Company (November 2011 – July<br> 2017)\*. |

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------

[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Other Information (Unaudited) – (continued)

#### December 31, 2022

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| | | | |
|:---|:---|:---|:---|
| **NAME, ADDRESS,<br> AND YEAR OF BIRTH** | **POSITION(S) <br> HELD WITH<br> TRUST** | **TERM OF<br> OFFICE AND<br> LENGTH OF<br> TIME SERVED** | **PRINCIPAL OCCUPATION<br> DURING PAST FIVE YEARS** |
| Ryan Hill<br> SSGA Funds Management, Inc.<br> One Iron Street,<br> Boston, MA 02210<br> YOB:1982 | Assistant Treasurer | Term: Indefinite<br> Served: since 5/22 | Vice President, State Street Global Advisors<br> and SSGA Funds Management,<br> Inc. (May 2017 – present);<br> Assistant Vice President,<br> State Street Bank and Trust Company<br> (May 2014 – May 2017). |
| John Bettencourt<br> SSGA Funds Management, Inc.<br> One Iron Street,<br> Boston, MA 02210<br> YOB:1976 | Assistant Treasurer | Term: Indefinite<br> Served: since 5/22 | Vice President, State Street<br> Global Advisors and SSGA Funds Management,<br> Inc. (March 2020 – present);<br> Assistant Vice President,<br> State Street Global<br> Advisors (June 2007 – March 2020). |
| Brian Harris<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1973 | Chief Compliance Officer, Anti-<br> Money Laundering Officer and<br> Code of Ethics Compliance<br> Officer | Term: Indefinite<br> Served: since 07/16 | Managing Director, State Street<br> Global Advisors and SSGA Funds<br> Management, Inc. (June 2013 –<br> present).\* |
| Sean O'Malley<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1969 | Chief Legal Officer | Term: Indefinite<br> Served: since 8/19 | Senior Vice President and Deputy<br> General Counsel, State Street<br> Global Advisors (November 2013<br> – present). |
| David Barr<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1974 | Secretary | Term: Indefinite<br> Served: since 9/20 | Vice President and Senior<br> Counsel, State Street Global<br> Advisors (October 2019 –<br> present); Vice President and Counsel,<br> Eaton Vance Corp. (October 2010 –<br> October 2019). |
| David Urman<br> SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210<br> YOB: 1985 | Assistant Secretary | Term: Indefinite<br> Served: since 8/19 | Vice President and Senior Counsel,<br> State Street Global Advisors<br> (April 2019 – present);<br> Vice President and Counsel,<br> State Street Global Advisors<br> (August 2015 – April 2019);<br> Associate, Ropes & Gray LLP<br> (November 2012 – August 2015). |
| \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. | \* Served in various capacities and/or with various affiliated entities during noted time period. |

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[**Table of Contents**](#job_state_83a1cca4-d912-4839-a2e0-b4a813d94b5e_toc-lettersize-nav)

#### Trustees
John R. Costantino<br> Michael F. Holland<br> Michael A. Jessee<br> Margaret McLaughlin<br> Ellen M. Needham<br> George M. Pereira<br> Donna M. Rapaccioli<br> Patrick J. Riley<br> Richard D. Shirk

#### Investment Adviser and Administrator
SSGA Funds Management, Inc.<br> One Iron Street<br> Boston, MA 02210

#### Custodian, Sub-Administrator and Transfer Agent
State Street Bank and Trust Company<br> State Street Financial Center<br> One Lincoln Street<br> Boston, MA 02111

#### Independent Registered Public Accounting Firm
Ernst & Young LLP<br> 200 Clarendon Street<br> Boston, MA 02116

#### Legal Counsel
Ropes & Gray LLP<br> 800 Boylston Street<br> Boston, MA 02199

#### State Street Navigator Securities Lending Trust
c/o State Street Bank and Trust Company<br> Securities Finance<br> State Street Financial Center<br> One Lincoln Street<br> Boston, MA 02111

*This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Fund shares.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable to the Registrant.

**<u>Item 2. Code of Ethics.</u>**

As of the end of the period covered by this report, State Street Navigator Securities Lending Trust (the "Trust," "Fund Entity" or "Registrant") has adopted a code of ethics, as defined in Item 2(b) of Form N-CSR, that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the "Code"). That Code comprises written standards that are reasonably designed to deter wrongdoing and to promote: (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) full, fair, accurate, timely and understandable disclosure in reports and documents that the Registrant files with, or submits to, the U.S. Securities Exchange Commission (the "SEC") and in other public communications made by the Registrant; (3) compliance with applicable laws and governmental rules and regulations; (4) the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and (5) accountability for adherence to the Code. For the period covered by the report, the Code was combined with other mutual funds advised by SSGA Funds Management, Inc. ("SSGA FM" or the "Adviser"). The Registrant has not made any amendments to the Code that relates to any element of the code of ethics definition set forth in Item 2(b) of Form N-CSR during the covered period. The Registrant has not granted any waivers from any provisions of the Code during the covered period. A copy of the Code is filed as Exhibit 13(a)(1) to this Form N-CSR.

**<u>Item 3. Audit Committee Financial Expert.</u>**

The Trust's Board of Trustees (the "Board") has determined that the Trust has the following "audit committee financial experts" as defined in Item 3(b) of Form N-CSR serving on its audit committee (the "Audit Committee"): Messrs. Richard D. Shirk, John R. Costantino and George M. Pereira and Ms. Donna M. Rapaccioli. Each of the "audit committee financial experts" is "independent" as that term is defined in Item 3(a)(2) of Form N-CSR.

An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated as an "audit committee financial expert." Further, the designation of a person as an "audit committee financial expert" does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the "audit committee financial expert" designation. Similarly, the designation of a person as an "audit committee financial expert" does not affect the duties, obligations, or liability of any other member of the Audit Committee or the Board.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u> 

For the fiscal years ended December 31, 2022 and December 31, 2021, the aggregate audit fees billed for professional services rendered by Ernst & Young LLP ("E&Y"), the Trust's principal accountant, for the audit of the Trust's annual financial statements or services normally provided by E&Y in connection with the Trust's statutory and regulatory filings and engagements were $104,271 and $93,600, respectively.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u> 

For the fiscal years ended December 31, 2022 and December 31, 2021, there were no fees for assurance and related services that were reasonably related to the performance of the audit of the Trust's financial statements that were not reported under paragraph (a) of this Item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u> 

For the fiscal years ended December 31, 2022 and December 31, 2021, the aggregate tax fees billed for professional services rendered by E&Y were $4,929 and $12,324, respectively. Tax services related to the review of year-end distribution requirements for the fiscal year ended December 31, 2022 and the review of year-end distribution requirements as well as tax compliance, tax advice, and tax planning in the form of preparation of excise filings and income tax returns for the fiscal year ended December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u> 

For the fiscal years ended December 31, 2022 and December 31, 2021, there were no fees billed for professional services rendered by E&Y for products and services provided by E&Y to the Trust, other than the services reported in paragraphs (a) through (c).

For the fiscal years ended December 31, 2022 and December 31, 2021, the aggregate fees billed for professional services rendered by E&Y for products and services provided by E&Y to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Trust that (i) relate directly to the operations and financial reporting of the Trust and (ii) were pre-approved by the Audit Committee were $9,327,125 and $8,904,469, respectively.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>

The Trust's Audit Committee Charter states the following with respect to pre-approval procedures:

The Audit Committee shall have the following duties and powers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To pre-approve engagements by the Trust's independent auditor for non-audit services to be rendered to the Trust's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted
with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Trust, if the engagement relates directly to the operations and
financial reporting of the Trust.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To establish, if deemed necessary or appropriate as an alternative to Audit Committee pre-approval of services to be provided by the independent auditor as required by paragraph (b) above, policies and procedures to permit such services to be pre-approved by other means, such as by action of a designated member or members of the Audit Committee, subject to the requirement that the decision of any member to whom authority is delegated to pre-approve an activity
shall be presented to the full Audit Committee at its next scheduled meeting;

Alternate Pre-Approval Procedure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Chairperson, or a Co-Chairperson, of the Audit Committee is
authorized to pre-approve any engagement involving the Trust's independent auditors to the same extent as the Audit Committee. Any pre-approval decision by the
Chairperson, or a Co-Chairperson, under the foregoing authority shall be presented to the Audit Committee at its next scheduled meeting.

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| | |
|:---|:---|
| (e)(2) | <u>Percentage of Services</u>  |

---

None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the period of time for which such rule was effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Total Fees Paid By Adviser and Certain Affiliates</u> 

For the fiscal years ended December 31, 2022 and December 31, 2021, the aggregate non-audit fees billed by E&Y for services rendered to the Trust and the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provided ongoing services to the Trust were $38,000,000 and $38,000,000, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) E&Y notified the Trust's Audit Committee of all non-audit services that were rendered by it to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides services to the Trust, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, allowing the Trust's Audit Committee to
consider whether such services were compatible with maintaining E&Y's independence.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable to the Registrant.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to the Registrant.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedules of Investments are included as part of the reports to shareholders filed under Item 1 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

**<u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to the Registrant.

**<u>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to the Registrant.

**<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to the Registrant.

**<u>Item 10. Submission of Matters to a Vote of Security Holders.</u>**

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board.

**<u>Item 11. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust's principal executive officer and principal financial officer have concluded that the
Trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective to provide reasonable assurance that
information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported as of a date within 90 days of the filing date of this report, based on their evaluation of
these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial
reporting.

**<u>Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

**<u>Item 13. Exhibits.</u>**

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| | |
|:---|:---|
| (a)(1) | [Code of Ethics pursuant to Item 2 of Form N-CSR is attached hereto.](d442998dex99codeeth.htm) |
| (a)(2) | [Certifications of principal executive officer and principal financial and accounting officer of the Trust as required by Rule 30a-2(a) under the 1940 Act are attached hereto.](d442998dex99cert.htm) |
| (a)(3) | Not applicable to the Registrant. |
| (a)(4) | Not applicable to the Registrant. |
| (b) | [Certifications of principal executive officer and principal financial and accounting officer of the Trust as required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d442998dex99906cert.htm) |

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------

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| Registrant: | STATE STREET NAVIGATOR SECURITIES LENDING TRUST |
| By: | /s/ Ellen M. Needham |
|  | Ellen M. Needham |
|  | President |
| Date: | March 8, 2023 |

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By: | /s/ Ellen M. Needham |
|  | Ellen M. Needham |
|  | President (Principal Executive Officer) |
| Date: | March 8, 2023 |
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer (Principal Financial and Accounting Officer) |
| Date: | March 8, 2023 |

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## Ex-99.Code

Exhibit 13(a)(1)

**SSGA FUNDS** 

**STATE STREET MASTER FUNDS** 

**STATE STREET INSTITUTIONAL INVESTMENT TRUST** 

**ELFUN TRUSTS** 

**ELFUN INTERNATIONAL EQUITY FUND** 

**ELFUN INCOME FUND** 

**ELFUN TAX-EXEMPT INCOME FUND** 

**ELFUN DIVERSIFIED FUND** 

**ELFUN GOVERNMENT MONEY MARKET FUND** 

**STATE STREET NAVIGATOR SECURITIES LENDING TRUST** 

**STATE STREET INSTITUTIONAL FUNDS** 

**STATE STREET VARIABLE INSURANCE SERIES FUNDS, INC. (THE "COMPANY")<sup>1</sup>** 

**<u>CODE OF CONDUCT FOR PRINCIPAL EXECUTIVE AND</u>**

**<u>PRINCIPAL FINANCIAL OFFICERS</u>**

**As of September 20, 2017** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. **Covered Officers/Purpose of the Code** 

This Code of Conduct (the "Code") shall apply to the Trust/Company's Principal Executive Officer, Principal Financial Officer, Controller, Principal Accounting Officer and persons performing similar functions (the "Covered Officers," each of whom is named in <u>Exhibit A</u> attached hereto) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust/Company files
with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust/Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

------

<sup>1</sup> Unless otherwise noted, the singular term "Trust/Company" used throughout this document means each of SSGA Funds, State Street Master Funds, State Street Institutional Investment Trust, State Street Navigator Securities Lending Trust, Elfun Government Money Market Fund, Elfun Tax-Exempt Income Fund, Elfun Income Fund, Elfun Diversified Fund, Elfun International Equity Fund, Elfun Trusts, State Street Institutional Funds, and State Street Variable Insurance Series Funds, Inc. 

------

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Trust/Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust/Company. Covered Officers must avoid conduct that conflicts, or appears to conflict, with their duties to the Trust/Company. All Covered Officers should conduct themselves such that a reasonable observer would have no grounds for belief that a conflict of interest exists. Covered Officers are not permitted to self-deal or otherwise to use their positions with the Trust/Company to further their own or any other related person's business opportunities.

This Code does not, and is not intended to, repeat or replace the compliance programs and procedures or codes of ethics of the Trust/Company or the Trust/Company's investment adviser or distributor.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust/Company and its service providers, including the investment adviser, of which the Covered Officers may be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust/Company, the investment adviser, or other service providers), be involved in establishing policies and implementing decisions that will have different effects on the service providers and the Trust/Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust/Company and its service providers and is consistent with the performance by the Covered Officers of their duties as officers of the Trust/Company. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust/Company's Board of Trustees/Directors (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust/Company.

\* \* \* \*

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Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his personal influence or personal relationship improperly to influence investment decisions or financial
reporting by the Trust/Company whereby the Covered Officer would benefit personally to the detriment of the Trust/Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the Trust/Company to take action, or fail to take action, for the individual personal benefit of the
Covered Officer rather than the benefit of the Trust/Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retaliate against any other Covered Officer or any employee of the Trust/Company or its affiliated persons for
reports of potential violations by the Trust/Company of applicable rules and regulations that are made in good faith; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use material non-public knowledge of portfolio transactions made or
contemplated for the series of the Trust/Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Each Covered Officer must discuss certain material conflict of interest situations with the Trust/Company's Chief Compliance Officer ("CCO"). Examples of such situations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director, trustee, general partner, or officer of any unaffiliated business organization. This rule
does not apply to charitable, civic, religious, public, political, or social organizations, the activities of which do not conflict with the interests of the Trust/Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any gifts, excluding branded promotional items valued at U.S. $50 or less;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which the Trust/Company has current or prospective
business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Trust/Company's
service providers, other than its investment adviser, principal underwriter, administrator, sub-administrator, transfer agent, custodian or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust/Company
for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. **Disclosure and Conduct** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the
Trust/Company to others, whether within or outside the Trust/Company, including to the Trust/Company's Board, the Trust/Company's Qualified Legal and Compliance Committee ("QLCC") or, if the Trust/Company does not have a QLCC,
the Trust/Company's Audit Committee, and the Trust/Company's independent auditors, and to governmental regulators and self-regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with
other officers and employees of the Trust/Company and its service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust/Company files with, or submits to, the SEC and
in other public communications made by the Trust/Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer will exhibit and promote the highest standards of honest and ethical conduct through the
establishment and operation of policies and procedures that encourage professional integrity in all aspects of the Trust/Company's operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. **Compliance with Applicable Laws and Regulations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trust/Company's CCO is responsible for applying this Code to specific situations in which questions are
presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Covered Officers will be considered by the QLCC or, if the Trust/Company does not have a QLCC, the
Trust/Company's Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event of any question of interpretation of the requirements under this Code, Covered Officers shall
consult with the CCO in order to assure compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), sign and return a
report in the form of <u>Exhibit B</u> to the Trust/Company's compliance officer affirming that he or she has received, read, and understands the Code;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually sign and return a report in the form of <u>Exhibit C or D</u> to the Trust/Company's compliance
officer as an affirmation that he or she has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Trust/Company's CCO promptly if he or she knows of any violation of this Code. Failure to do so
is itself a violation of this Code.

The Trust/Company will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The CCO will take all appropriate actions to investigate any potential violations reported to him/her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take
any further action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any matter that the CCO believes is a violation of this Code will be reported to the Trust/Company's QLCC
or, if the Trust/Company does not have a QLCC, the Trust/Company's Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Board, after consultation with the QLCC or, if the Trust/Company does not have a QLCC, the
Trust/Company's Audit Committee, concurs that a violation has occurred, it will notify the appropriate personnel of the applicable service provider and may dismiss the Covered Officer as an officer of the Trust/Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The QLCC or, if the Trust/Company does not have a QLCC, the Trust/Company's Audit Committee, will be
responsible for granting waivers of provisions of this Code, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust/Company for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust/Company, the Trust/Company's investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust/Company's investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act and the investment adviser's more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. **Amendments** 

Any amendments to this Code, other than amendments to <u>Exhibit A</u>, must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees/Directors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trust/Company's Board, QLCC or Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. **Internal Use** 

The Code is intended solely for the internal use by the Trust/Company and does not constitute an admission, by or on behalf of the Trust/Company, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. **Sanctions** 

Any violation of the rules and requirements set forth in this Code may result in the imposition of such sanctions as the Board, after review by the QLCC or, if the Trust/Company does not have a QLCC, the Trust/Company's Audit Committee, and its recommendation to the Board, may deem appropriate under the circumstances. These sanctions can include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dismissal for cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Removal or suspension from office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restitution to the damaged party; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetary fines.

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EXHIBIT A

Persons Covered by this Code of Conduct for SSGA Funds, State Street Master Funds, State Street Institutional Investment Trust, Elfun Trusts, Elfun International Equity Fund, Elfun Income Fund, Elfun Tax-Exempt Income Fund, Elfun Diversified Fund, Elfun Government Money Market Fund, and State Street Navigator Securities Lending Trust:

Ellen M. Needham, President and Principal Executive Officer

Bruce S. Rosenberg, Treasurer and Principal Financial Officer

Persons Covered by this Code of Conduct for State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc.:

Ellen M. Needham, President and Principal Executive Officer

Bruce S. Rosenberg, Treasurer and Principal Financial Officer

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EXHIBIT B

INITIAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Conduct for Principal Executive and Principal Financial Officers of SSGA Funds, State Street Master Funds, State Street Institutional Investment Trust, Elfun Trusts, Elfun International Equity Fund, Elfun Income Fund, Elfun Tax Exempt Income Fund, Elfun Diversified Fund, Elfun Government Money Market Fund, State Street Navigator Securities Lending Trust, State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc. and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

Please sign your name here: <u> </u>

Please print your name here: <u> </u>

Please date here: <u> </u>

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EXHIBIT C

ANNUAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Conduct for Principal Executive and Principal Financial Officers of SSGA Funds, State Street Master Funds, State Street Institutional Investment Trust, Elfun Trusts, Elfun International Equity Fund, Elfun Income Fund, Elfun Tax Exempt Income Fund, Elfun Diversified Fund, Elfun Government Money Market Fund, and State Street Navigator Securities Lending Trust (the "Code") and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

This is to further certify that I have complied with the policies and procedures set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

Please sign your name here: <u> </u>

Please print your name here: <u> </u>

Please date here: <u> </u>

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EXHIBIT D

ANNUAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Conduct for Principal Executive and Principal Financial Officers of State Street Institutional Funds and State Street Variable Insurance Series Funds, Inc., (the "Code") and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

This is to further certify that I have complied with the policies and procedures set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

Please sign your name here: <u> </u>

Please print your name here: <u> </u>

Please date here: <u> </u>

## Ex-99.Cert

Exhibit 13(a)(2)

**<u>CERTIFICATIONS</u>**

I, Ellen M. Needham, President of State Street Navigator Securities Lending Trust, certify that:

1. I have reviewed this report on Form N-CSR of State Street Navigator
Securities Lending Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: March 8, 2023

<u>/s/ Ellen M. Needham</u> 

Ellen M. Needham

President (Principal Executive Officer) of State Street Navigator Securities Lending Trust

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**<u>CERTIFICATIONS</u>**

I, Bruce S. Rosenberg, Treasurer of State Street Navigator Securities Lending Trust, certify that:

1. I have reviewed this report on Form N-CSR of State Street Navigator
Securities Lending Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: March 8, 2023

<u>/s/ Bruce S. Rosenberg</u> 

Bruce S. Rosenberg

Treasurer (Principal Financial and Accounting Officer) of State Street Navigator Securities Lending Trust

## Exhibit 99.906

Exhibit 13(b)

EX-99-906CERT

<u>Certification pursuant to Section</u> <u>906 of the Sarbanes-Oxley Act of 2002</u>

I, Ellen M. Needham, President, and I, Bruce S. Rosenberg, Treasurer, of the State Street Navigator Securities Lending Trust (the "Trust"), each certify to the best of my knowledge and belief, that:

1. This Form N-CSR filing of the Trust for the period ended
December 31, 2022 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Trust.

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| | |
|:---|:---|
| By: | <u>/s/ Ellen M. Needham</u>  |

---

Ellen M. Needham

President (Principal Executive Officer)

Date: March 8, 2023

---

| | |
|:---|:---|
| By: | <u>/s/ Bruce S. Rosenberg</u>  |

---

Bruce S. Rosenberg

Treasurer (Principal Financial and Accounting Officer)

Date: March 8, 2023