# EDGAR Filing Document

**Accession Number:** 0001011008
**File Stem:** 0001193125-26-098723
**Filing Date:** 2026-3
**Character Count:** 241325
**Document Hash:** 20f8255b23860bc7b0ea72fbefcc07a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-098723.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001193125-26-098723

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** State Street Navigator Securities Lending Trust
- **CENTRAL INDEX KEY:** 0001011008

**ORGANIZATION NAME:**
- **EIN:** 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:** 26735753

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114
- **BUSINESS PHONE:** 6176643920

**MAIL ADDRESS:**
- **STREET 1:** ONE CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114

**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 |  |

?xml version='1.0' encoding='ASCII'? STATE STREET NAVIGATOR SECURITIES LENDING TRUST

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

### STATE STREET NAVIGATOR SECURITIES LENDING TRUST

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

#### One Congress Street, Boston, Massachusetts 02114

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

---

| | |
|:---|:---|
| (Name and Address of Agent for Service) | **Copy to:** |
| **Andrew J. DeLorme, Esq.**<br> **Chief Legal Officer**<br> **c/o SSGA Funds Management, Inc.**<br> **One Congress Street**<br> **Boston, Massachusetts 02114** | **Adam M. Schlichtmann, Esq.**<br> **Ropes & Gray LLP**<br> **Prudential Tower, 800 Boylston Street**<br> **Boston, Massachusetts 02199-3600** |

---

#### Registrant's telephone number, including area code: (617) 664-3920

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

#### Date of reporting period: December 31, 2025

------

#### Item 1. Report to Shareholders.
(a) The Report to Shareholders is attached herewith.

![Image](g78836g52r99.jpg)

# State Street Navigator Securities Lending Government Money Market Portfolio

#### Annual Shareholder Report

#### December 31, 2025
This annual shareholder report contains important information about the State Street Navigator Securities Lending Government Money Market Portfolio (the "Fund") for the period of January 1, 2025 through December 31, 2025. You can request additional information about the Fund by contacting us at 1-877-521-4083.

## **What were the Fund costs for the last year ? *(based on a hypothetical $10,000 Investment)*** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| State Street Navigator Securities Lending Government Money Market Portfolio | $3 | 0.03% |

---

## Key Fund Statistics as of 12/31/2025
* Total Net Assets$8,856,551,586

* Number of Portfolio Holdings172

* Total Advisory Fees Paid$1,482,647

## **What did the Fund invest in as of 12/31/2025 ?** (as a percentage of total net assets)

### **Top Security Types** 

---

| | |
|:---|:---|
| **Assets** | **%** |
| Treasury Debt | 40.2% |
| Government Agency Debt | 19.6% |
| Treasury Repurchase Agreements | 17.7% |
| Government Agency Repurchase Agreements | 14.2% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| FICCRP TRI PARTY REPO A, 3.82%, due 01/02/26 | 8.5% |
| U.S. Treasury Bills, 4.15%, due 01/08/26 | 4.3% |
| JP MORGAN SEC LLC TPR A, 3.82%, due 01/02/26 | 3.4% |
| U.S. Treasury Bills, 4.10%, due 01/02/26 | 3.4% |
| BANK OF AMERICA NA TRIPARTY D REPO, 3.85%, due 01/02/26 | 2.8% |
| JP MORGAN SEC LLC TPR D TRI PARTY REPO D, 3.83%, due 01/02/26 | 2.3% |
| RBC CAPITAL MARKETS TRIPARTY D, 3.80%, due 01/02/26 | 2.3% |
| WELLS FARGO BANK NA TRI PARTY Agreement, 3.82%, due 01/02/26 | 2.3% |
| U.S. Treasury Bills, 3.95%, due 02/19/26 | 1.7% |
| U.S. Treasury Bills, 3.72%, due 03/19/26 | 1.7% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information please contact us at 1-877-521-4083.

# State Street Navigator Securities Lending Portfolio I
![Image](g78836g27u68.jpg)

#### Annual Shareholder Report

#### December 31, 2025
This annual shareholder report contains important information about the State Street Navigator Securities Lending Portfolio I (the "Fund") for the period of January 1, 2025 through December 31, 2025. You can request additional information about the Fund by contacting us at 1-877-521-4083.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| State Street Navigator Securities Lending Portfolio I | $4 | 0.04% |

---

## How did the Fund perform last year and what affected its performance?
Over the course of 2025 the fund adhered to its primary objective of principle preservation and liquidity while generating a market rate of return. Due to mixed economic data and slow-to-cool inflation, the U.S. Federal Reserve ("the Fed") was slow to continue its rate cutting cycle, and short-term Treasury and spread-based strategies benefitted from yields remaining higher for longer. Ultimately the Fed cut interest rates by a total of 75 basis points, with rate decisions taking place in the last three meetings of 2025, decreasing the Fund's one-day yield from 4.63% at the start of the year to 4.09% by year-end. Cash fund returns are expected to be dampened in 2026 compared to 2025 due to lowered interest rates.

The Fund's performance was driven by investment in short-term commercial paper, asset backed commercial paper and certificate of deposit investments, which offered a small premium over Treasury Bill yields. The duration of the fund was managed in order to maximize safety and liquidity while still allowing for competitive returns.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g78836g17n50.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA U.S. 3-Month Treasury Bill Index** |
| **07/11/16** | $10000 | $10000 | $10000 |
| **07/31/16** | $10003 | $10003 | $10002 |
| **08/31/16** | $10008 | $9991 | $10004 |
| **09/30/16** | $10013 | $9986 | $10009 |
| **10/31/16** | $10019 | $9909 | $10011 |
| **11/30/16** | $10025 | $9675 | $10013 |
| **12/31/16** | $10032 | $9688 | $10017 |
| **01/31/17** | $10040 | $9707 | $10022 |
| **02/28/17** | $10048 | $9773 | $10026 |
| **03/31/17** | $10056 | $9768 | $10028 |
| **04/30/17** | $10066 | $9843 | $10034 |
| **05/31/17** | $10075 | $9919 | $10040 |
| **06/30/17** | $10084 | $9909 | $10048 |
| **07/31/17** | $10095 | $9951 | $10057 |
| **08/31/17** | $10106 | $10041 | $10066 |
| **09/30/17** | $10116 | $9993 | $10075 |
| **10/31/17** | $10127 | $9999 | $10084 |
| **11/30/17** | $10138 | $9986 | $10092 |
| **12/31/17** | $10151 | $10032 | $10103 |
| **01/31/18** | $10164 | $9916 | $10115 |
| **02/28/18** | $10177 | $9822 | $10125 |
| **03/31/18** | $10192 | $9885 | $10138 |
| **04/30/18** | $10209 | $9811 | $10152 |
| **05/31/18** | $10227 | $9882 | $10168 |
| **06/30/18** | $10245 | $9869 | $10185 |
| **07/31/18** | $10264 | $9872 | $10201 |
| **08/31/18** | $10283 | $9935 | $10219 |
| **09/30/18** | $10302 | $9871 | $10234 |
| **10/31/18** | $10322 | $9793 | $10253 |
| **11/30/18** | $10343 | $9852 | $10274 |
| **12/31/18** | $10365 | $10033 | $10293 |
| **01/31/19** | $10388 | $10139 | $10313 |
| **02/28/19** | $10409 | $10133 | $10331 |
| **03/31/19** | $10433 | $10328 | $10354 |
| **04/30/19** | $10455 | $10331 | $10374 |
| **05/31/19** | $10478 | $10514 | $10397 |
| **06/30/19** | $10500 | $10646 | $10420 |
| **07/31/19** | $10522 | $10669 | $10439 |
| **08/31/19** | $10543 | $10946 | $10461 |
| **09/30/19** | $10563 | $10888 | $10479 |
| **10/31/19** | $10582 | $10920 | $10499 |
| **11/30/19** | $10599 | $10915 | $10512 |
| **12/31/19** | $10616 | $10907 | $10527 |
| **01/31/20** | $10632 | $11117 | $10541 |
| **02/29/20** | $10648 | $11317 | $10557 |
| **03/31/20** | $10660 | $11251 | $10588 |
| **04/30/20** | $10667 | $11451 | $10589 |
| **05/31/20** | $10673 | $11504 | $10589 |
| **06/30/20** | $10677 | $11576 | $10590 |
| **07/31/20** | $10680 | $11749 | $10592 |
| **08/31/20** | $10683 | $11654 | $10593 |
| **09/30/20** | $10684 | $11648 | $10594 |
| **10/31/20** | $10686 | $11596 | $10595 |
| **11/30/20** | $10688 | $11710 | $10596 |
| **12/31/20** | $10689 | $11726 | $10598 |
| **01/31/21** | $10691 | $11642 | $10598 |
| **02/28/21** | $10692 | $11474 | $10599 |
| **03/31/21** | $10693 | $11331 | $10600 |
| **04/30/21** | $10694 | $11420 | $10600 |
| **05/31/21** | $10695 | $11457 | $10601 |
| **06/30/21** | $10696 | $11538 | $10600 |
| **07/31/21** | $10697 | $11667 | $10601 |
| **08/31/21** | $10698 | $11645 | $10601 |
| **09/30/21** | $10699 | $11544 | $10602 |
| **10/31/21** | $10700 | $11541 | $10601 |
| **11/30/21** | $10701 | $11575 | $10602 |
| **12/31/21** | $10702 | $11545 | $10603 |
| **01/31/22** | $10703 | $11296 | $10602 |
| **02/28/22** | $10704 | $11170 | $10604 |
| **03/31/22** | $10707 | $10860 | $10607 |
| **04/30/22** | $10711 | $10448 | $10608 |
| **05/31/22** | $10718 | $10515 | $10616 |
| **06/30/22** | $10729 | $10350 | $10618 |
| **07/31/22** | $10746 | $10603 | $10624 |
| **08/31/22** | $10769 | $10304 | $10641 |
| **09/30/22** | $10793 | $9858 | $10667 |
| **10/31/22** | $10823 | $9731 | $10684 |
| **11/30/22** | $10858 | $10089 | $10718 |
| **12/31/22** | $10897 | $10043 | $10757 |
| **01/31/23** | $10940 | $10352 | $10791 |
| **02/28/23** | $10981 | $10084 | $10826 |
| **03/31/23** | $11027 | $10341 | $10873 |
| **04/30/23** | $11073 | $10403 | $10907 |
| **05/31/23** | $11123 | $10290 | $10950 |
| **06/30/23** | $11172 | $10253 | $11000 |
| **07/31/23** | $11223 | $10246 | $11043 |
| **08/31/23** | $11276 | $10181 | $11093 |
| **09/30/23** | $11328 | $9922 | $11144 |
| **10/31/23** | $11382 | $9765 | $11194 |
| **11/30/23** | $11435 | $10208 | $11244 |
| **12/31/23** | $11489 | $10598 | $11297 |
| **01/31/24** | $11543 | $10569 | $11345 |
| **02/29/24** | $11594 | $10420 | $11391 |
| **03/31/24** | $11649 | $10516 | $11443 |
| **04/30/24** | $11702 | $10251 | $11492 |
| **05/31/24** | $11757 | $10424 | $11547 |
| **06/30/24** | $11810 | $10523 | $11594 |
| **07/31/24** | $11865 | $10769 | $11646 |
| **08/31/24** | $11920 | $10924 | $11701 |
| **09/30/24** | $11972 | $11070 | $11752 |
| **10/31/24** | $12024 | $10795 | $11797 |
| **11/30/24** | $12072 | $10909 | $11842 |
| **12/31/24** | $12120 | $10731 | $11890 |
| **01/31/25** | $12167 | $10788 | $11933 |
| **02/28/25** | $12210 | $11025 | $11971 |
| **03/31/25** | $12257 | $11029 | $12011 |
| **04/30/25** | $12302 | $11073 | $12053 |
| **05/31/25** | $12348 | $10993 | $12097 |
| **06/30/25** | $12394 | $11162 | $12136 |
| **07/31/25** | $12441 | $11133 | $12178 |
| **08/31/25** | $12488 | $11266 | $12226 |
| **09/30/25** | $12534 | $11389 | $12267 |
| **10/31/25** | $12581 | $11460 | $12309 |
| **11/30/25** | $12624 | $11531 | $12343 |
| **12/31/25** | $12668 | $11514 | $12387 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 07/11/16** |
| Fund | 4.52% | 3.45% | 2.52% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 1.50% |
| ICE BofA U.S. 3-Month Treasury Bill Index | 4.18% | 3.17% | 2.28% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-877-521-4083 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 12/31/2025
* Total Net Assets$266,565,314

* Number of Portfolio Holdings42

* Portfolio Turnover Rate0%

* Total Advisory Fees Paid$96,339

## **What did the Fund invest in as of 12/31/2025 ?** (as a percentage of total net assets)

### **Top Security Types** 

---

| | |
|:---|:---|
| **Assets** | **%** |
| Certificates Of Deposit | 33.1% |
| Financial Company Commercial Paper | 25.2% |
| Other Repurchase Agreements | 13.9% |
| Government Agency Repurchase Agreements | 11.3% |
| Other Notes | 8.4% |
| Treasury Repurchase Agreements | 3.0% |
| Asset Backed Commercial Paper | 2.8% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| JP MORGAN SEC LLC TPR D TRI PARTY REPO D, 3.83%, due 01/02/26 | 7.5% |
| Abu Dhabi Islamic Bank PJSC, 3.62%, due 01/02/26 | 4.3% |
| Mizuho Bank Ltd., 4.30%, due 02/10/26 | 3.8% |
| Nordea Bank Abp, 3.98%, due 04/10/26 | 3.8% |
| Credit Agricole Corporate & Investment Bank SA, 4.27%, due 02/02/26 | 3.8% |
| Lloyds Bank PLC, 4.04%, due 04/13/26 | 3.8% |
| Macquarie Bank Ltd., 4.29%, due 02/09/26 | 3.7% |
| DNB Bank ASA, 4.11%, due 07/07/26 | 3.7% |
| Credit Industriel et Commercial, 4.17%, due 05/15/26 | 2.8% |
| Bank of New York Mellon, 4.03%, due 04/07/26 | 2.8% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information please contact us at 1-877-521-4083.

# State Street Navigator Securities Lending Portfolio II
![Image](g78836g27u68.jpg)

#### Annual Shareholder Report

#### December 31, 2025
This annual shareholder report contains important information about the State Street Navigator Securities Lending Portfolio II (the "Fund") for the period of January 1, 2025 through December 31, 2025. You can request additional information about the Fund by contacting us at 1-877-521-4083.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| State Street Navigator Securities Lending Portfolio II | $4 | 0.04% |

---

## How did the Fund perform last year and what affected its performance?
Over the course of 2025 the fund adhered to its primary objective of principle preservation and liquidity while generating a market rate of return. Due to mixed economic data and slow-to-cool inflation, the U.S. Federal Reserve ("the Fed") was slow to continue its rate cutting cycle, and short-term Treasury and spread-based strategies benefitted from yields remaining higher for longer. Ultimately the Fed cut interest rates by a total of 75 basis points, with rate decisions taking place in the last three meetings of 2025, decreasing the Fund's one-day yield from 4.63% at the start of the year to 4.09% by year-end. Cash fund returns are expected to be dampened in 2026 compared to 2025 due to lowered interest rates.

The Fund's performance was driven by investment in short-term commercial paper, asset backed commercial paper and certificate of deposit investments, which offered a small premium over Treasury Bill yields. The duration of the fund was managed in order to maximize safety and liquidity while still allowing for competitive returns.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g78836g26p00.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA U.S. 3-Month Treasury Bill Index** |
| **12/10/18** | $10000 | $10000 | $10000 |
| **12/31/18** | $10015 | $10096 | $10014 |
| **01/31/19** | $10038 | $10203 | $10034 |
| **02/28/19** | $10058 | $10197 | $10052 |
| **03/31/19** | $10080 | $10393 | $10073 |
| **04/30/19** | $10101 | $10396 | $10093 |
| **05/31/19** | $10123 | $10580 | $10116 |
| **06/30/19** | $10143 | $10713 | $10138 |
| **07/31/19** | $10165 | $10737 | $10157 |
| **08/31/19** | $10185 | $11015 | $10177 |
| **09/30/19** | $10204 | $10956 | $10195 |
| **10/31/19** | $10222 | $10989 | $10215 |
| **11/30/19** | $10238 | $10984 | $10228 |
| **12/31/19** | $10254 | $10976 | $10242 |
| **01/31/20** | $10270 | $11187 | $10256 |
| **02/29/20** | $10285 | $11389 | $10271 |
| **03/31/20** | $10296 | $11322 | $10301 |
| **04/30/20** | $10304 | $11523 | $10302 |
| **05/31/20** | $10309 | $11576 | $10302 |
| **06/30/20** | $10313 | $11649 | $10304 |
| **07/31/20** | $10316 | $11823 | $10306 |
| **08/31/20** | $10318 | $11728 | $10306 |
| **09/30/20** | $10320 | $11722 | $10307 |
| **10/31/20** | $10321 | $11669 | $10309 |
| **11/30/20** | $10323 | $11784 | $10310 |
| **12/31/20** | $10324 | $11800 | $10311 |
| **01/31/21** | $10326 | $11715 | $10312 |
| **02/28/21** | $10327 | $11546 | $10313 |
| **03/31/21** | $10329 | $11402 | $10313 |
| **04/30/21** | $10330 | $11492 | $10313 |
| **05/31/21** | $10331 | $11530 | $10314 |
| **06/30/21** | $10332 | $11611 | $10313 |
| **07/31/21** | $10333 | $11740 | $10314 |
| **08/31/21** | $10334 | $11718 | $10314 |
| **09/30/21** | $10335 | $11617 | $10315 |
| **10/31/21** | $10336 | $11613 | $10314 |
| **11/30/21** | $10337 | $11648 | $10315 |
| **12/31/21** | $10338 | $11618 | $10316 |
| **01/31/22** | $10339 | $11368 | $10315 |
| **02/28/22** | $10341 | $11241 | $10317 |
| **03/31/22** | $10343 | $10929 | $10320 |
| **04/30/22** | $10347 | $10514 | $10321 |
| **05/31/22** | $10355 | $10582 | $10328 |
| **06/30/22** | $10365 | $10416 | $10331 |
| **07/31/22** | $10381 | $10670 | $10336 |
| **08/31/22** | $10403 | $10369 | $10353 |
| **09/30/22** | $10426 | $9921 | $10378 |
| **10/31/22** | $10455 | $9792 | $10395 |
| **11/30/22** | $10490 | $10152 | $10428 |
| **12/31/22** | $10529 | $10106 | $10466 |
| **01/31/23** | $10570 | $10417 | $10499 |
| **02/28/23** | $10610 | $10148 | $10533 |
| **03/31/23** | $10654 | $10406 | $10578 |
| **04/30/23** | $10699 | $10469 | $10612 |
| **05/31/23** | $10747 | $10355 | $10653 |
| **06/30/23** | $10794 | $10318 | $10702 |
| **07/31/23** | $10843 | $10311 | $10744 |
| **08/31/23** | $10894 | $10245 | $10793 |
| **09/30/23** | $10944 | $9985 | $10842 |
| **10/31/23** | $10996 | $9827 | $10891 |
| **11/30/23** | $11047 | $10272 | $10940 |
| **12/31/23** | $11099 | $10665 | $10991 |
| **01/31/24** | $11152 | $10636 | $11038 |
| **02/29/24** | $11201 | $10486 | $11083 |
| **03/31/24** | $11254 | $10582 | $11133 |
| **04/30/24** | $11305 | $10315 | $11180 |
| **05/31/24** | $11357 | $10490 | $11234 |
| **06/30/24** | $11408 | $10589 | $11280 |
| **07/31/24** | $11461 | $10837 | $11330 |
| **08/31/24** | $11515 | $10992 | $11385 |
| **09/30/24** | $11565 | $11140 | $11434 |
| **10/31/24** | $11614 | $10863 | $11478 |
| **11/30/24** | $11661 | $10978 | $11521 |
| **12/31/24** | $11707 | $10799 | $11568 |
| **01/31/25** | $11752 | $10856 | $11610 |
| **02/28/25** | $11792 | $11095 | $11647 |
| **03/31/25** | $11837 | $11099 | $11686 |
| **04/30/25** | $11881 | $11142 | $11726 |
| **05/31/25** | $11926 | $11063 | $11769 |
| **06/30/25** | $11970 | $11233 | $11808 |
| **07/31/25** | $12015 | $11203 | $11848 |
| **08/31/25** | $12060 | $11337 | $11895 |
| **09/30/25** | $12104 | $11461 | $11935 |
| **10/31/25** | $12148 | $11532 | $11976 |
| **11/30/25** | $12189 | $11604 | $12009 |
| **12/31/25** | $12230 | $11587 | $12051 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 12/10/18** |
| Fund | 4.47% | 3.45% | 2.89% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.11% |
| ICE BofA U.S. 3-Month Treasury Bill Index | 4.18% | 3.17% | 2.68% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-877-521-4083 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 12/31/2025
* Total Net Assets$12,482,737,029

* Number of Portfolio Holdings120

* Portfolio Turnover Rate0%

* Total Advisory Fees Paid$3,579,033

## **What did the Fund invest in as of 12/31/2025 ?** (as a percentage of total net assets)

### **Top Security Types** 

---

| | |
|:---|:---|
| **Assets** | **%** |
| Other Notes | 23.9% |
| Certificates Of Deposit | 23.5% |
| Financial Company Commercial Paper | 17.8% |
| Asset Backed Commercial Paper | 11.5% |
| Other Repurchase Agreements | 10.6% |
| Treasury Repurchase Agreements | 9.7% |
| Government Agency Repurchase Agreements | 1.3% |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| **Holdings** | **%** |
| JP MORGAN SEC LLC TPR D TRI PARTY REPO D, 3.82%, due 01/02/26 | 9.0% |
| KBC BANK NV, 3.63%, due 01/02/26 | 4.8% |
| Mizuho Bank Ltd., 3.64%, due 01/02/26 | 3.0% |
| Abu Dhabi Islamic Bank PJSC, 3.62%, due 01/02/26 | 2.8% |
| Canadian Imperial Bank of Commerce, 3.64%, due 01/02/26 | 2.0% |
| Royal Bank of Canada, 3.85%, due 01/02/26 | 2.0% |
| ABN AMRO Bank NV, 3.64%, due 01/02/26 | 1.6% |
| National Bank of Canada, 3.67%, due 01/05/26 | 1.6% |
| SOCIETE GENERALE SEC LLC TPR D TRI PARTY REPO D, 3.75%, due 01/06/26 | 1.5% |
| TORONTO DOMINION SEC LLC TPR D TRI PARTY REPO D, 3.84%, due 01/02/26 | 1.5% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information please contact us at 1-877-521-4083.

------

(b) Not Applicable to the Registrant.

#### Item 2. Code of Ethics.
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 19(a)(1) to this Form N-CSR.

#### Item 3. Audit Committee Financial Expert.
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"): Mr. George M. Pereira, Mr. Mark E. Swanson 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.

#### Item 4. Principal Accountant Fees and Services.
(a) <u>Audit Fees</u> 

For the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate audit fees billed for professional services rendered by Ernst & Young LLP ("EY"), the Trust's principal accountant, for the audit of the Trust's annual financial statements or services normally provided by EY in connection with the Trust's statutory and regulatory filings and engagements were $107,615 and $113,771, respectively.

------

(b) <u>Audit-Related Fees</u> 

For the fiscal years ended December 31, 2025 and December 31, 2024, 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.

(c) <u>Tax Fees</u> 

For the fiscal year ended December 31, 2025, the aggregate tax fees billed for professional services rendered by EY for tax preparation and tax compliance services were $23,535. For the fiscal year ended December 31, 2024, the aggregate tax fees billed for professional services rendered by EY for the review of year-end distribution requirements were $4,929.

(d) <u>All Other Fees</u> 

For the fiscal years ended December 31, 2025 and December 31, 2024, there were no fees billed for professional services rendered by EY for products and services provided by EY to the Trust, other than the services reported in paragraphs (a) through (c).

For the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate fees billed for professional services rendered by EY for products and services provided by EY 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 $9,761,443 and $9,556,710, 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:

• 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.

• 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:

• 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.

---

| | |
|:---|:---|
| (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.

(f) Not applicable to the Registrant.

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

For the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate non-audit fees billed by EY 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 $37,900,000 and $36,700,000, respectively.

(h) EY 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 EY's independence.

(i) Not applicable to the Registrant.

(j) Not applicable to the Registrant.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable to the Registrant.

#### Item 6. Investments.
(a) Schedules of Investments are included as a part of the reports to shareholders filed under Item 7(a) of this Form N-CSR.

(b) Not applicable to the Registrant.

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a) The registrant's Financial Statements are attached herewith.

(b) The registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

------

Annual Financial Statements and Other Information

December 31, 2025

## State Street Navigator Securities Lending Trust
State Street Navigator Securities Lending Government Money Market Portfolio <br> State Street Navigator Securities Lending Portfolio I <br> State Street Navigator Securities Lending Portfolio II

------

Annual Financial Statements and Other Information

December 31, 2025

**Table of Contents** (Unaudited)

---

| | |
|:---|:---|
| **[Schedules of Investments (N-CSR Item 6)](#xx_a25c4226-a0f8-4e11-b3dd-6cff6706720c_1)** |  |
| [State Street Navigator Securities Lending Government Money Market Portfolio](#xx_a25c4226-a0f8-4e11-b3dd-6cff6706720c_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| [State Street Navigator Securities Lending Portfolio I](#xx_a25c4226-a0f8-4e11-b3dd-6cff6706720c_12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12 |
| [State Street Navigator Securities Lending Portfolio II](#xx_a25c4226-a0f8-4e11-b3dd-6cff6706720c_16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16 |
| **[Statements of Assets and Liabilities (N-CSR Item 7)](#xx_cd7ef29f-a242-4728-a2be-b0748cf8ac18_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;23 |
| **[Statements of Operations (N-CSR Item 7)](#xx_be22839b-ade3-4807-a524-d90903cacf2f_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| **[Statements of Changes in Net Assets (N-CSR Item 7)](#xx_47c5d2f8-e481-49d8-9b69-a08ae7dd2f2a_2)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| **[Financial Highlights (N-CSR Item 7)](#xx_f11d737d-b1b6-4321-9d93-21e726e4bdbe_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| **[Notes to Financial Statements (N-CSR Item 7)](#xx_a9160d41-91d6-485e-b4d5-f9f5a54a5095_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| **[Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#xx_493d622d-4ba7-4583-8b1c-d125fa4209de_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;38 |

---

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) - Not Applicable

#### Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) - Not Applicable
**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (N-CSR Item 10) - Please see Statement of Operations in the Financial Statements under Item 7 above**

#### Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (N-CSR Item 11) - Not Applicable

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

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

#### Schedule of Investments

#### December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 — 19.6%** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT — 19.6%** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT — 19.6%** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT — 19.6%** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT — 19.6%** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT — 19.6%** |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., Fed Funds Rate + 0.05%(a) | &nbsp;&nbsp;3.690% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;09/17/2026 | &nbsp;&nbsp;$3600000 | &nbsp;&nbsp;$3600000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., Fed Funds Rate + 0.18%(a) | &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;11/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.02%(a) | &nbsp;&nbsp;3.730% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;03/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20300000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.03%(a) | &nbsp;&nbsp;3.740% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;02/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40800000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.04%(a) | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15900000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.07%(a) | &nbsp;&nbsp;3.780% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;12/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.07%(a) | &nbsp;&nbsp;3.780% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12090000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.08%(a) | &nbsp;&nbsp;3.785% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;11/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.09%(a) | &nbsp;&nbsp;3.795% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11100000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.09%(a) | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.09%(a) | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;05/12/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.09%(a) | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;09/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.10%(a) | &nbsp;&nbsp;3.805% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;02/12/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.10%(a) | &nbsp;&nbsp;3.810% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;135000000 | &nbsp;&nbsp;&nbsp;&nbsp;135000000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.10%(a) | &nbsp;&nbsp;3.810% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2199833 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.10%(a) | &nbsp;&nbsp;3.810% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;06/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.11%(a) | &nbsp;&nbsp;3.815% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23299665 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.11%(a) | &nbsp;&nbsp;3.815% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;05/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.11%(a) | &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;04/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.12%(a) | &nbsp;&nbsp;3.825% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;04/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.12%(a) | &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;01/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21667000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21667000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.12%(a) | &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;06/09/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.12%(a) | &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;06/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.12%(a) | &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;08/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.13%(a) | &nbsp;&nbsp;3.835% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;07/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900000 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

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

#### Schedule of Investments – (continued)

#### December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 – (continued)** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT – (continued)** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT – (continued)** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT – (continued)** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT – (continued)** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT – (continued)** |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.13%(a) | &nbsp;&nbsp;3.835% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;07/16/2026 | &nbsp;&nbsp;$12900000 | &nbsp;&nbsp;$12900000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.13%(a) | &nbsp;&nbsp;3.835% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;07/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.13%(a) | &nbsp;&nbsp;3.835% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;09/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.13%(a) | &nbsp;&nbsp;3.835% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;08/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.13%(a) | &nbsp;&nbsp;3.840% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;08/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.13%(a) | &nbsp;&nbsp;3.840% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;02/03/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.14%(a) | &nbsp;&nbsp;3.845% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;09/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13100000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.14%(a) | &nbsp;&nbsp;3.845% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;01/08/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12810276 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.14%(a) | &nbsp;&nbsp;3.845% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9811690 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.14%(a) | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;09/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.14%(a) | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.14%(a) | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;11/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11100000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.14%(a) | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;11/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2679000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2679000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.14%(a) | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;12/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.20%(a) | &nbsp;&nbsp;3.905% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;05/03/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003612 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.20%(a) | &nbsp;&nbsp;3.910% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;03/29/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502955 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., SOFR + 0.27%(a) | &nbsp;&nbsp;3.980% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;12/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202341 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Farm Credit Discount Notes(b) | &nbsp;&nbsp;3.740% | &nbsp;&nbsp;05/05/2026 | &nbsp;&nbsp;05/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6318219 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Bank Discount Notes(b) | &nbsp;&nbsp;3.705% | &nbsp;&nbsp;04/08/2026 | &nbsp;&nbsp;04/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4158504 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Bank Discount Notes(b) | &nbsp;&nbsp;3.725% | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16349758 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Bank Discount Notes(b) | &nbsp;&nbsp;3.805% | &nbsp;&nbsp;02/06/2026 | &nbsp;&nbsp;02/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15542306 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Bank Discount Notes(b) | &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/30/2026 | &nbsp;&nbsp;01/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19142934 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Bank Discount Notes(b) | &nbsp;&nbsp;3.835% | &nbsp;&nbsp;01/26/2026 | &nbsp;&nbsp;01/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6483382 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Bank Discount Notes(b) | &nbsp;&nbsp;3.870% | &nbsp;&nbsp;01/09/2026 | &nbsp;&nbsp;01/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3097667 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Bank Discount Notes(b) | &nbsp;&nbsp;3.895% | &nbsp;&nbsp;01/07/2026 | &nbsp;&nbsp;01/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15791453 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

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

#### Schedule of Investments – (continued)

#### December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 – (continued)** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT – (continued)** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT – (continued)** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT – (continued)** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT – (continued)** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT – (continued)** |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Bank Discount Notes(b) | &nbsp;&nbsp;3.940% | &nbsp;&nbsp;02/24/2026 | &nbsp;&nbsp;02/24/2026 | &nbsp;&nbsp;$17400000 | &nbsp;&nbsp;$17299070 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Bank Discount Notes(b) | &nbsp;&nbsp;3.955% | &nbsp;&nbsp;02/20/2026 | &nbsp;&nbsp;02/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16809024 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Bank Discount Notes(b) | &nbsp;&nbsp;3.960% | &nbsp;&nbsp;02/19/2026 | &nbsp;&nbsp;02/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25265888 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Bank Discount Notes(b) | &nbsp;&nbsp;4.030% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19800000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;4.013% | &nbsp;&nbsp;03/04/2026 | &nbsp;&nbsp;03/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48179092 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks | &nbsp;&nbsp;4.126% | &nbsp;&nbsp;02/26/2026 | &nbsp;&nbsp;02/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17398441 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.01%(a) | &nbsp;&nbsp;3.720% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;06/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.03%(a) | &nbsp;&nbsp;3.735% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;05/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13900000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.03%(a) | &nbsp;&nbsp;3.735% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;06/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.03%(a) | &nbsp;&nbsp;3.740% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;02/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89496710 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.04%(a) | &nbsp;&nbsp;3.745% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;05/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.04%(a) | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;04/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44100000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.04%(a) | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;04/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44600000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.05%(a) | &nbsp;&nbsp;3.755% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;01/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82800000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.08%(a) | &nbsp;&nbsp;3.790% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;11/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24510899 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.08%(a) | &nbsp;&nbsp;3.790% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/04/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.09%(a) | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;12/03/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28900000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.10%(a) | &nbsp;&nbsp;3.805% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;03/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.10%(a) | &nbsp;&nbsp;3.805% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;05/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.11%(a) | &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;04/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13199990 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.11%(a) | &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.13%(a) | &nbsp;&nbsp;3.835% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;08/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.13%(a) | &nbsp;&nbsp;3.840% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;02/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4370000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.13%(a) | &nbsp;&nbsp;3.840% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14900000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.13%(a) | &nbsp;&nbsp;3.840% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501464 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.14%(a) | &nbsp;&nbsp;3.845% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;01/19/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200000 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

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

#### Schedule of Investments – (continued)

#### December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 – (continued)** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT – (continued)** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT – (continued)** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT – (continued)** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT – (continued)** | &nbsp;&nbsp;**GOVERNMENT AGENCY DEBT – (continued)** |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.14%(a) | &nbsp;&nbsp;3.845% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;01/21/2027 | &nbsp;&nbsp;$6200000 | &nbsp;&nbsp;$6200000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Banks, SOFR + 0.14%(a) | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26800000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Mortgage Corp., SOFR + 0.09%(a) | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;01/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32501312 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Mortgage Corp., SOFR + 0.10%(a) | &nbsp;&nbsp;3.805% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;05/05/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31900000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Mortgage Corp., SOFR + 0.11%(a) | &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;03/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Mortgage Corp., SOFR + 0.11%(a) | &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;05/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17300000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Mortgage Corp., SOFR + 0.12%(a) | &nbsp;&nbsp;3.825% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;04/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000442 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Mortgage Corp., SOFR + 0.12%(a) | &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;08/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Mortgage Corp., SOFR + 0.13%(a) | &nbsp;&nbsp;3.840% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;09/02/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Mortgage Corp., SOFR + 0.14%(a) | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;09/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Mortgage Corp., SOFR + 0.14%(a) | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;09/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26500000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Mortgage Corp., SOFR + 0.14%(a) | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17600000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Mortgage Corp., SOFR + 0.14%(a) | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;09/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Mortgage Corp., SOFR + 0.14%(a) | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/06/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21600000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal Home Loan Mortgage Corp., SOFR + 0.14%(a) | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal National Mortgage Association, SOFR + 0.08%(a) | &nbsp;&nbsp;3.790% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;12/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13400000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal National Mortgage Association, SOFR + 0.12%(a) | &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;07/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63911956 |
| Aa1, AA+ | &nbsp;&nbsp;Federal National Mortgage Association, SOFR + 0.14%(a) | &nbsp;&nbsp;3.845% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;08/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25200000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal National Mortgage Association, SOFR + 0.14%(a) | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;09/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23699965 |
| Aa1, AA+ | &nbsp;&nbsp;Federal National Mortgage Association, SOFR + 0.14%(a) | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;10/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200000 |
| Aa1, AA+ | &nbsp;&nbsp;Federal National Mortgage Association, SOFR + 0.14%(a) | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;11/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29209633 |
| Aa1, AA+ | &nbsp;&nbsp;Federal National Mortgage Association, SOFR + 0.14%(a) | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;12/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700000 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1736484481 |
|  | &nbsp;&nbsp;**TREASURY DEBT — 40.2%** | &nbsp;&nbsp;**TREASURY DEBT — 40.2%** | &nbsp;&nbsp;**TREASURY DEBT — 40.2%** | &nbsp;&nbsp;**TREASURY DEBT — 40.2%** | &nbsp;&nbsp;**TREASURY DEBT — 40.2%** | &nbsp;&nbsp;**TREASURY DEBT — 40.2%** |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.471% | &nbsp;&nbsp;06/18/2026 | &nbsp;&nbsp;06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98385266 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.496% | &nbsp;&nbsp;06/25/2026 | &nbsp;&nbsp;06/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49156260 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b),(c) | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;07/02/2026 | &nbsp;&nbsp;07/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74369526 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

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

#### Schedule of Investments – (continued)

#### December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 DEBT – (continued)** | &nbsp;&nbsp;**TREASURY DEBT – (continued)** | &nbsp;&nbsp;**TREASURY DEBT – (continued)** | &nbsp;&nbsp;**TREASURY DEBT – (continued)** | &nbsp;&nbsp;**TREASURY DEBT – (continued)** | &nbsp;&nbsp;**TREASURY DEBT – (continued)** |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(c) | &nbsp;&nbsp;3.540% | &nbsp;&nbsp;05/05/2026 | &nbsp;&nbsp;05/05/2026 | &nbsp;&nbsp;$55080000 | &nbsp;&nbsp;$54435172 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.555% | &nbsp;&nbsp;04/21/2026 | &nbsp;&nbsp;04/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49463611 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.556% | &nbsp;&nbsp;04/28/2026 | &nbsp;&nbsp;04/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49427158 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.585% | &nbsp;&nbsp;06/11/2026 | &nbsp;&nbsp;06/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77879758 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.640% | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086876 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;06/04/2026 | &nbsp;&nbsp;06/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81863309 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.660% | &nbsp;&nbsp;04/23/2026 | &nbsp;&nbsp;04/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62249458 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.660% | &nbsp;&nbsp;05/28/2026 | &nbsp;&nbsp;05/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64053440 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.678% | &nbsp;&nbsp;05/14/2026 | &nbsp;&nbsp;05/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71757971 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.683% | &nbsp;&nbsp;04/16/2026 | &nbsp;&nbsp;04/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66603449 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.695% | &nbsp;&nbsp;04/09/2026 | &nbsp;&nbsp;04/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64392523 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.705% | &nbsp;&nbsp;03/26/2026 | &nbsp;&nbsp;03/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88536459 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.710% | &nbsp;&nbsp;05/21/2026 | &nbsp;&nbsp;05/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47223932 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.715% | &nbsp;&nbsp;03/19/2026 | &nbsp;&nbsp;03/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;150300000 | &nbsp;&nbsp;&nbsp;&nbsp;149147414 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b),(c) | &nbsp;&nbsp;3.720% | &nbsp;&nbsp;04/02/2026 | &nbsp;&nbsp;04/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96336609 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.730% | &nbsp;&nbsp;03/12/2026 | &nbsp;&nbsp;03/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45849851 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.735% | &nbsp;&nbsp;02/24/2026 | &nbsp;&nbsp;02/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62772848 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.735% | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47184860 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.740% | &nbsp;&nbsp;02/26/2026 | &nbsp;&nbsp;02/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33785690 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;03/24/2026 | &nbsp;&nbsp;03/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40227691 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.755% | &nbsp;&nbsp;03/17/2026 | &nbsp;&nbsp;03/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64498554 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.775% | &nbsp;&nbsp;02/10/2026 | &nbsp;&nbsp;02/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53978184 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.775% | &nbsp;&nbsp;03/10/2026 | &nbsp;&nbsp;03/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;120430000 | &nbsp;&nbsp;&nbsp;&nbsp;119584828 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b),(c) | &nbsp;&nbsp;3.785% | &nbsp;&nbsp;02/03/2026 | &nbsp;&nbsp;02/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63694748 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.795% | &nbsp;&nbsp;02/17/2026 | &nbsp;&nbsp;02/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80835225 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.805% | &nbsp;&nbsp;01/27/2026 | &nbsp;&nbsp;01/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65566367 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.815% | &nbsp;&nbsp;01/20/2026 | &nbsp;&nbsp;01/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64955897 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/13/2026 | &nbsp;&nbsp;01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;103970000 | &nbsp;&nbsp;&nbsp;&nbsp;103847518 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.880% | &nbsp;&nbsp;03/05/2026 | &nbsp;&nbsp;03/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51652524 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b),(c) | &nbsp;&nbsp;3.945% | &nbsp;&nbsp;02/19/2026 | &nbsp;&nbsp;02/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;152740000 | &nbsp;&nbsp;&nbsp;&nbsp;151949616 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;3.957% | &nbsp;&nbsp;01/06/2026 | &nbsp;&nbsp;01/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27337937 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;4.095% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;298540000 | &nbsp;&nbsp;&nbsp;&nbsp;298540000 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;4.118% | &nbsp;&nbsp;01/22/2026 | &nbsp;&nbsp;01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;119680000 | &nbsp;&nbsp;&nbsp;&nbsp;119417213 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;4.120% | &nbsp;&nbsp;01/29/2026 | &nbsp;&nbsp;01/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;108470000 | &nbsp;&nbsp;&nbsp;&nbsp;108134311 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;146670000 | &nbsp;&nbsp;&nbsp;&nbsp;146458114 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Bills(b) | &nbsp;&nbsp;4.150% | &nbsp;&nbsp;01/08/2026 | &nbsp;&nbsp;01/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;382570000 | &nbsp;&nbsp;&nbsp;&nbsp;382307151 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Floating Rate Notes, 3 mo. Treasury money market yield + 0.15%(a) | &nbsp;&nbsp;3.752% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28999871 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Notes | &nbsp;&nbsp;3.554% | &nbsp;&nbsp;09/30/2026 | &nbsp;&nbsp;09/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9511423 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Notes | &nbsp;&nbsp;3.569% | &nbsp;&nbsp;08/31/2026 | &nbsp;&nbsp;08/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5806531 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Notes | &nbsp;&nbsp;3.679% | &nbsp;&nbsp;07/31/2026 | &nbsp;&nbsp;07/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9117000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8959299 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Notes | &nbsp;&nbsp;3.694% | &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17346000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17109801 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Notes | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4399000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4365911 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Notes | &nbsp;&nbsp;3.724% | &nbsp;&nbsp;07/31/2026 | &nbsp;&nbsp;07/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17914000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17980171 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Notes | &nbsp;&nbsp;3.848% | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18298120 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Notes | &nbsp;&nbsp;4.016% | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30835544 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

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

#### Schedule of Investments – (continued)

#### December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 DEBT – (continued)** | &nbsp;&nbsp;**TREASURY DEBT – (continued)** | &nbsp;&nbsp;**TREASURY DEBT – (continued)** | &nbsp;&nbsp;**TREASURY DEBT – (continued)** | &nbsp;&nbsp;**TREASURY DEBT – (continued)** | &nbsp;&nbsp;**TREASURY DEBT – (continued)** |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Notes | &nbsp;&nbsp;4.016% | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;04/30/2026 | &nbsp;&nbsp;$19670000 | &nbsp;&nbsp;$19726191 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Notes | &nbsp;&nbsp;4.137% | &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12421000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12460780 |
| Aa1, AA+ | &nbsp;&nbsp;U.S. Treasury Notes | &nbsp;&nbsp;4.163% | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12370212 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3565371172 |
|  | &nbsp;&nbsp;**GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 14.2%** | &nbsp;&nbsp;**GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 14.2%** | &nbsp;&nbsp;**GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 14.2%** | &nbsp;&nbsp;**GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 14.2%** | &nbsp;&nbsp;**GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 14.2%** | &nbsp;&nbsp;**GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 14.2%** |
| P-1, A-1 | &nbsp;&nbsp;Agreement with Bank of America and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal National Mortgage Associations, 2.000% - 3.500% due 08/01/2040 - 10/01/2047, valued at $255,000,000); expected proceeds $250,053,472 | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;250000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000000 |
| P-1, A-1 | &nbsp;&nbsp;Agreement with Bank of America and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal National Mortgage Associations, 2.000% - 5.500% due 01/01/2030 - 12/01/2055, Federal National Mortgage Associations Strips, 5.500% due 06/01/2053, Federal Home Loan Mortgage Corporations, 2.000% - 6.500% due 05/01/2051 - 10/01/2055 and Government National Mortgage Associations, 2.000% - 7.000% due 01/20/2049 - 12/20/2055, valued at $102,000,000); expected proceeds $100,021,389 | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 |
| P-1, A-1 | &nbsp;&nbsp;Agreement with BNP Paribas and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal Home Loan Mortgage Corporations, 2.000% - 6.500% due 10/01/2027 - 12/01/2055, Government National Mortgage Associations, 3.500% - 6.500% due 03/20/2047 - 11/20/2055 and Federal National Mortgage Associations, 1.950% - 7.000% due 11/01/2032 - 12/01/2055, valued at $102,000,000); expected proceeds $100,021,278 | &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

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

#### Schedule of Investments – (continued)

#### December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 12/16/2025 (collateralized by Federal National Mortgage Associations Strips, 1.500% - 6.500% due 11/01/2040 - 09/01/2053, a Federal National Mortgage Association, 4.750% due 12/01/2055, Federal Home Loan Mortgage Corporations, 4.801% - 5.204% due 12/01/2055 and Federal Home Loan Mortgage Corporation Strips, 3.000% - 5.000% due 10/15/2037 - 09/15/2048, valued at $51,000,134); expected proceeds $50,633,333(d) | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;$50000000 | &nbsp;&nbsp;$50000000 |
| P-1, A-1+ | &nbsp;&nbsp;Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Government National Mortgage Associations, 5.000% - 5.500% due 11/20/2054 - 10/20/2055, a Federal National Mortgage Association, 4.810% due 09/01/2035 and a Federal Home Loan Mortgage Corporation, 5.171% due 12/01/2055, valued at $51,000,001); expected proceeds $50,010,639 | &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 |
| P-1, A-1+ | &nbsp;&nbsp;Agreement with Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Notes, 3.875% - 4.625% due 03/15/2028 - 09/30/2030 and Federal Home Loan Mortgage Corporations, 5.000% - 5.500% due 05/01/2054 - 12/01/2055, valued at $102,000,001); expected proceeds $100,021,278 | &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;100000000 |
| NR, A-1 | &nbsp;&nbsp;Agreement with HSBC Securities USA, Inc. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal National Mortgage Associations, 4.000% - 7.000% due 05/01/2052 - 01/01/2055, valued at $102,000,002); expected proceeds $100,021,333 | &nbsp;&nbsp;3.840% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;100000000 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

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

#### Schedule of Investments – (continued)

#### December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/12/2025 (collateralized by a Federal Home Loan Mortgage Corporation, 2.780% due 04/25/2049 and Government National Mortgage Associations, 0.724% - 5.250% due 05/20/2048 - 07/16/2057, valued at $72,100,001); expected proceeds $70,893,161(d) | &nbsp;&nbsp;3.860% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;04/10/2026 | &nbsp;&nbsp;$70000000 | &nbsp;&nbsp;$70000000 |
| P-1, A-1+ | &nbsp;&nbsp;Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal National Mortgage Associations, 2.000% - 7.500% due 11/01/2031 - 12/01/2055, valued at $204,000,001); expected proceeds $200,042,556 | &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;200000000 | &nbsp;&nbsp;&nbsp;&nbsp;200000000 |
| NR, A-1 | &nbsp;&nbsp;Agreement with Mitsubishi UFJ Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Government National Mortgage Associations, 1.500% - 7.000% due 06/20/2031 - 12/20/2055, Federal Home Loan Mortgage Corporations, 2.000% - 6.500% due 06/01/2026 - 01/01/2056, Federal National Mortgage Associations, 2.000% - 7.000% due 01/25/2026 - 03/01/2055 and a U.S. Treasury Note, 4.500% due 05/31/2029, valued at $5,101,152); expected proceeds $5,001,028 | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 |
| P-1, A-1+ | &nbsp;&nbsp;Agreement with Royal Bank of Canada and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal National Mortgage Associations, 2.120% - 4.000% due 09/01/2026 - 12/24/2030, a U.S. Treasury Inflation Index Note, 2.125% due 01/15/2035, Federal Home Loan Mortgage Corporations, 4.010% - 5.500% due 12/04/2030 - 11/01/2055 and a Government National Mortgage Association, 5.000% due 11/20/2055, valued at $204,000,000); expected proceeds $200,042,222 | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;200000000 | &nbsp;&nbsp;&nbsp;&nbsp;200000000 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

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

#### Schedule of Investments – (continued)

#### December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| NR, A-1 | &nbsp;&nbsp;Agreement with Wells Fargo Bank and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by a Federal Farm Credit Bank, 4.250% due 12/27/2027, valued at $15,357,807); expected proceeds $15,177,133(d) | &nbsp;&nbsp;3.830% | &nbsp;&nbsp;03/19/2026 | &nbsp;&nbsp;03/19/2026 | &nbsp;&nbsp;$15000000 | &nbsp;&nbsp;$15000000 |
| NR, A-1 | &nbsp;&nbsp;Agreement with Wells Fargo Bank and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by Federal National Mortgage Associations, 2.000% - 4.500% due 05/01/2036 - 07/01/2053, valued at $15,303,256); expected proceeds $15,003,192 | &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1255000000 |
|  | &nbsp;&nbsp;**TREASURY REPURCHASE AGREEMENTS — 17.7%** | &nbsp;&nbsp;**TREASURY REPURCHASE AGREEMENTS — 17.7%** | &nbsp;&nbsp;**TREASURY REPURCHASE AGREEMENTS — 17.7%** | &nbsp;&nbsp;**TREASURY REPURCHASE AGREEMENTS — 17.7%** | &nbsp;&nbsp;**TREASURY REPURCHASE AGREEMENTS — 17.7%** | &nbsp;&nbsp;**TREASURY REPURCHASE AGREEMENTS — 17.7%** |
| P-1, A-1 | &nbsp;&nbsp;Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 09/09/2025 (collateralized by U.S. Treasury Notes, 2.250% - 4.375% due 07/15/2027 - 08/15/2027 and a U.S. Treasury Inflation Index Note, 0.375% due 07/15/2027, valued at $15,300,046); expected proceeds $15,202,000 | &nbsp;&nbsp;4.040% | &nbsp;&nbsp;01/07/2026 | &nbsp;&nbsp;01/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 |
| P-1, A-1 | &nbsp;&nbsp;Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by a U.S. Treasury Inflation Index Note, 0.125% due 10/15/2026 and U.S. Treasury Notes, 1.500% - 4.375% due 07/31/2026 - 08/15/2026, valued at $102,000,049); expected proceeds $100,021,278 | &nbsp;&nbsp;3.830% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 |
| P-1, A-1 | &nbsp;&nbsp;Agreement with Deutsche Bank and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Bonds, 2.250% - 4.000% due 11/15/2042 - 02/15/2052, valued at $66,300,010); expected proceeds $65,013,794 | &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000000 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

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

#### Schedule of Investments – (continued)

#### December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 Fixed Income Clearing Corp. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by a U.S. Treasury Note, 4.125% due 03/31/2029, valued at $765,000,005); expected proceeds $750,159,167 | &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;$750000000 | &nbsp;&nbsp;$750000000 |
| P-1, A-1+ | &nbsp;&nbsp;Agreement with Fixed Income Clearing Corp. and Northern Trust (Tri-Party), dated 12/31/2025 (collateralized by a U.S. Treasury Note, 4.250% due 02/28/2031, valued at $30,515,041); expected proceeds $30,006,367 | &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000000 |
| P-1, A-1+ | &nbsp;&nbsp;Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/12/2025 (collateralized by U.S. Treasury Notes, 0.625% - 4.625% due 01/15/2027 - 09/30/2030, a U.S. Treasury Inflation Index Note, 1.625% due 04/15/2030 and a U.S. Treasury Strip, 0.000% due 08/15/2030, valued at $15,300,001); expected proceeds $15,040,300 | &nbsp;&nbsp;3.720% | &nbsp;&nbsp;01/01/2026 | &nbsp;&nbsp;01/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 |
| P-1, A-1+ | &nbsp;&nbsp;Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by a U.S. Treasury Note, 3.875% due 12/31/2027, valued at $306,000,080); expected proceeds $300,063,667 | &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;300000000 | &nbsp;&nbsp;&nbsp;&nbsp;300000000 |
| P-1, A-1 | &nbsp;&nbsp;Agreement with Mitsubishi UFJ Securities, Inc., dated 12/31/2025 (collateralized by U.S. Treasury Notes, 2.500% – 4.875%, due 05/15/2039 – 11/15/2055, valued at $15,339,597); expected proceeds $15,003,183 | &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 |
| P-1, A-1 | &nbsp;&nbsp;Agreement with Societe Generale and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Bonds, 1.750% - 2.250% due 08/15/2041 - 02/15/2052, a U.S. Treasury Inflation Index Bond, 2.125% due 02/15/2040 and a U.S. Treasury Inflation Index Note, 0.125% due 01/15/2030, valued at $76,500,016); expected proceeds $75,015,917 | &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

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

#### Schedule of Investments – (continued)

#### December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| NR, A-1 | &nbsp;&nbsp;Agreement with Wells Fargo Bank and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Bonds, 2.500% - 4.625% due 02/15/2045 - 05/15/2054, valued at $204,043,350); expected proceeds $200,042,444 | &nbsp;&nbsp;3.820% | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;01/02/2026 | &nbsp;&nbsp;$200000000 | &nbsp;&nbsp;$200000000 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1565000000 |
| **TOTAL INVESTMENTS –91.7%<br> (Cost $8,121,855,653)<sup>(e),(f)</sup>** | **TOTAL INVESTMENTS –91.7%<br> (Cost $8,121,855,653)<sup>(e),(f)</sup>** | **TOTAL INVESTMENTS –91.7%<br> (Cost $8,121,855,653)<sup>(e),(f)</sup>** | **TOTAL INVESTMENTS –91.7%<br> (Cost $8,121,855,653)<sup>(e),(f)</sup>** | **TOTAL INVESTMENTS –91.7%<br> (Cost $8,121,855,653)<sup>(e),(f)</sup>** | **TOTAL INVESTMENTS –91.7%<br> (Cost $8,121,855,653)<sup>(e),(f)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**8121855653** |
| **Other Assets in Excess of Liabilities —8.3%** | **Other Assets in Excess of Liabilities —8.3%** | **Other Assets in Excess of Liabilities —8.3%** | **Other Assets in Excess of Liabilities —8.3%** | **Other Assets in Excess of Liabilities —8.3%** | **Other Assets in Excess of Liabilities —8.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**734695933** |
| **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;**$8856551586** |

---

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

(a) Variable Rate Security - Interest rate shown is rate in effect at December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

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

(c) When-issued security.

(d) Illiquid security. These securities represent $135,000,000 or 1.5% of net assets as of December 31, 2025.

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

(f) Unless otherwise indicated, the values of the securities of the Fund are determined based on Level 2 inputs (Note 3).

Abbreviations: <br> SOFR Secured Overnight Financing Rate

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Schedule of Investments – (continued)

#### December 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 97.7%** | **SHORT-TERM INVESTMENTS — 97.7%** | **SHORT-TERM INVESTMENTS — 97.7%** |
| **ASSET BACKED COMMERCIAL PAPER — 2.8%** | **ASSET BACKED COMMERCIAL PAPER — 2.8%** | **ASSET BACKED COMMERCIAL PAPER — 2.8%** |
| Paradelle Funding LLC<br> SOFR + 0.33%, 4.04%, 2/6/2026 (a) | &nbsp;&nbsp;$7500000 | &nbsp;&nbsp;$7501593 |
| **CERTIFICATES OF DEPOSIT — 33.1%** | **CERTIFICATES OF DEPOSIT — 33.1%** | **CERTIFICATES OF DEPOSIT — 33.1%** |
| Bank of Montreal<br> SOFR + 0.24%, 3.95%, 3/6/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7501551 |
| Bank of Montreal<br> 4.49%, 1/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7501224 |
| Barclays Bank PLC<br> 4.05%, 5/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5003127 |
| Canadian Imperial Bank of Commerce<br> SOFR + 0.37%, 4.08%, 2/2/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001352 |
| Citibank NA<br> SOFR + 0.29%, 4.00%, 2/24/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001429 |
| Credit Agricole Corporate & Investment Bank SA<br> 4.27%, 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10004540 |
| Credit Industriel et Commercial<br> 4.17%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7507589 |
| Credit Industriel et Commercial<br> 4.41%, 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4503214 |
| Mizuho Bank Ltd.<br> 4.30%, 2/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10005535 |
| Nordea Bank Abp<br> SOFR + 0.27%, 3.98%, 4/10/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10005142 |
| Sumitomo Mitsui Banking Corp.<br> SOFR + 0.23%, 3.94%, 2/10/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500917 |
| Svenska Handelsbanken AB<br> SOFR + 0.22%, 3.99%, 3/5/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500556 |
| Svenska Handelsbanken AB<br> SOFR + 0.31%, 4.08%, 5/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251377 |
| Svenska Handelsbanken AB<br> SOFR + 0.34%, 4.11%, 12/8/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3999755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88287308 |
| **FINANCIAL COMPANY COMMERCIAL PAPER — 25.2%** | **FINANCIAL COMPANY COMMERCIAL PAPER — 25.2%** | **FINANCIAL COMPANY COMMERCIAL PAPER — 25.2%** |
| Bank of New York Mellon<br> SOFR + 0.26%, 4.03%, 4/7/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7502461 |
| Commonwealth Bank of Australia<br> SOFR + 0.31%, 4.02%, 5/11/2026 (a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251111 |
| DNB Bank ASA<br> 4.11%, 7/7/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9807539 |
| HSBC Bank PLC<br> SOFR + 0.37%, 4.14%, 1/5/2026 (a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500137 |
| ING U.S. Funding LLC<br> SOFR + 0.30%, 4.07%, 2/2/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7501381 |
| Lloyds Bank PLC<br> SOFR + 0.27%, 4.04%, 4/13/2026 (a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10004482 |
| Macquarie Bank Ltd.<br> 4.29%, 2/9/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9958704 |
| National Bank of Canada<br> 4.06%, 5/27/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4923805 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Schedule of Investments – (continued)

#### December 31, 2025

---

| | | |
|:---|:---|:---|
| **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)** |
| Natixis SA<br> 4.31%, 2/13/2026 | &nbsp;&nbsp;$7500000 | &nbsp;&nbsp;$7465673 |
| Skandinaviska Enskilda Banken AB<br> SOFR + 0.35%, 4.12%, 5/8/2026 (a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750863 |
| Toronto-Dominion Bank<br> 4.23%, 1/5/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2498691 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67164847 |
| **OTHER NOTES — 8.4%** | **OTHER NOTES — 8.4%** | **OTHER NOTES — 8.4%** |
| Abu Dhabi Islamic Bank PJSC<br> 3.62%, 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11456000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11456000 |
| Canadian Imperial Bank of Commerce<br> 3.64%, 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 |
| Royal Bank of Canada<br> 3.85%, 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22456000 |
| **GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 11.3%** | **GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 11.3%** | **GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 11.3%** |
| Agreement with Bank of America and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Government Obligations, 2.500% – 6.500% due 08/01/2040 – 09/15/2060, valued at $5,100,000); expected proceeds $5,001,069<br> 3.85%, 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 |
| Agreement with BNP Paribas and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Government Obligations, 0.000% – 4.988% due 05/25/2027 – 06/20/2055, valued at $5,143,108); expected proceeds $5,001,064<br> 3.83%, 1/2/2026 | &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 12/31/2025 (collateralized by U.S. Government Obligations, 1.500% – 7.000% due 12/01/2029 – 01/01/2056, valued at $20,400,001); expected proceeds $20,004,256<br> 3.83%, 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000000 |
| **TREASURY REPURCHASE AGREEMENTS — 3.0%** | **TREASURY REPURCHASE AGREEMENTS — 3.0%** | **TREASURY REPURCHASE AGREEMENTS — 3.0%** |
| Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Notes, 1.250% – 4.250% due 12/31/2026 – 10/31/2031 and a U.S. Treasury Bond, 4.000% due 11/15/2052, valued at $3,060,023); expected proceeds $3,000,637<br> 3.82%, 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 |
| Agreement with Societe Generale and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by a U.S. Treasury Inflation Index Note, 0.125% due 01/15/2030 and a U.S. Treasury Note, 3.700% due 01/31/2027, valued at $5,100,038); expected proceeds $5,001,061<br> 3.82%, 1/2/2026 | &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;&nbsp;8000000 |
| **OTHER REPURCHASE AGREEMENTS — 13.9%** | **OTHER REPURCHASE AGREEMENTS — 13.9%** | **OTHER REPURCHASE AGREEMENTS — 13.9%** |
| Agreement with Bank of America and Bank of New York Mellon (Tri-Party), dated 12/12/2025 (collateralized by various Common Stocks, valued at $5,400,000); expected proceeds $5,067,599<br> 4.09%, 4/10/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Schedule of Investments – (continued)

#### December 31, 2025

---

| | | |
|:---|:---|:---|
| **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 – (continued)** | **OTHER REPURCHASE AGREEMENTS – (continued)** | **OTHER REPURCHASE AGREEMENTS – (continued)** |
| Agreement with BNP Paribas and Bank of New York Mellon (Tri-Party), dated 12/12/2025 (collateralized by various Corporate Bonds, 1.650% – 6.950% due 10/21/2027 – 03/10/2055 and U.S. Government Obligations, 2.250% due 02/25/2032, valued at $2,113,568); expected proceeds $2,019,400<br> 3.88%, 3/12/2026 (c) | &nbsp;&nbsp;$2000000 | &nbsp;&nbsp;$2000000 |
| Agreement with BNP Paribas and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by various Common Stocks, valued at $7,560,000); expected proceeds $7,001,513<br> 3.89%, 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 |
| Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 12/05/2025 (collateralized by various Corporate Bonds, 0.000% – 0.875% due 09/15/2030 – 11/15/2032 and various Common Stocks, valued at $4,321,364); expected proceeds $4,052,969<br> 4.04%, 4/2/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 |
| Agreement with ING Financial Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 12/26/2025 (collateralized by various Common Stocks, valued at $7,572,936); expected proceeds $7,031,768<br> 3.89%, 2/6/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 |
| Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/12/2025 (collateralized by various Corporate Bonds, 1.750% – 3.990% due 08/12/2031 – 08/15/2059, valued at $4,200,304); expected proceeds $4,051,963<br> 3.93%, 4/10/2026 (c) | &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 12/24/2025 (collateralized by a Corporate Bond, 1.000% due 09/15/2030, valued at $5,750,490); expected proceeds $5,065,833<br> 3.95%, 4/23/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 |
| Agreement with Societe Generale and Bank of New York Mellon (Tri-Party), dated 12/30/2025 (collateralized by various Common Stocks, valued at $3,240,001); expected proceeds $3,016,007<br> 3.92%, 2/17/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000000 |
| **TOTAL SHORT-TERM INVESTMENTS<br> (Cost $260,327,938)** |  | &nbsp;&nbsp;&nbsp;&nbsp;260409748 |
| **TOTAL INVESTMENTS — 97.7%<br> (Cost $260,327,938)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**260409748** |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 2.3%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6155566** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$266565314** |

---

(a) Variable Rate Security - Interest rate shown is rate in effect at December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 16.8% of net assets as of December 31, 2025, may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(c) Illiquid security. These securities represent $30,000,000 or 11.3% of net assets as of December 31, 2025.

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

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio I

#### Schedule of Investments – (continued)

#### December 31, 2025
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $— | $260409748 | $— | $260409748 |
| **TOTAL INVESTMENTS** | $— | $260409748 | $— | $260409748 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Schedule of Investments – (continued)

#### December 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 98.3%** | **SHORT-TERM INVESTMENTS — 98.3%** | **SHORT-TERM INVESTMENTS — 98.3%** |
| **ASSET BACKED COMMERCIAL PAPER — 11.5%** | **ASSET BACKED COMMERCIAL PAPER — 11.5%** | **ASSET BACKED COMMERCIAL PAPER — 11.5%** |
| Anglesea Funding LLC<br> 3.74%, 1/5/2026 (a) | &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;$99948170 |
| Anglesea Funding LLC<br> 3.74%, 1/6/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49968870 |
| Anglesea Funding LLC<br> 3.74%, 1/7/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99927280 |
| Barclays Bank PLC<br> 3.95%, 5/7/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98651140 |
| Bennington Stark Capital Co. LLC<br> 4.07%, 2/13/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92572163 |
| Chesham Finance Ltd./Chesham Finance LLC<br> 3.72%, 1/2/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79983472 |
| Chesham Finance Ltd./Chesham Finance LLC<br> 3.72%, 1/5/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29984451 |
| Collateralized Commercial Paper V Co. LLC<br> 4.01%, 8/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50026600 |
| Concord Minutemen Capital Co. LLC<br> 3.74%, 1/5/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79958536 |
| Concord Minutemen Capital Co. LLC<br> 4.40%, 1/26/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74795468 |
| Falcon Asset Funding LLC<br> SOFR + 0.28%, 4.05%, 6/2/2026 (a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50001228 |
| Great Bear Funding LLC<br> 3.74%, 1/6/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49968870 |
| Helvetica Funding Co. LLC<br> SOFR + 0.50%, 4.21%, 6/2/2026 (a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100002731 |
| Hqla Funding LLC<br> SOFR + 0.45%, 4.16%, 4/24/2026 (a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;120000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120008630 |
| Ionic Funding LLC<br> 4.10%, 1/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69881448 |
| Ionic Funding LLC<br> 4.30%, 1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;143013000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142907885 |
| Park Avenue Collateralized Notes Co. LLC<br> SOFR + 0.26%, 3.97%, 4/13/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;150000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1438586964 |
| **CERTIFICATES OF DEPOSIT — 23.5%** | **CERTIFICATES OF DEPOSIT — 23.5%** | **CERTIFICATES OF DEPOSIT — 23.5%** |
| Bank of America NA<br> 4.34%, 7/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75159090 |
| Bank of Montreal<br> 3.98%, 5/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65030388 |
| Bank of Montreal<br> SOFR + 0.40%, 4.11%, 8/28/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31026604 |
| Barclays Bank PLC<br> 3.80%, 12/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21250000 |
| Barclays Bank PLC<br> SOFR + 0.37%, 4.14%, 10/8/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85016685 |
| BNP Paribas SA<br> 4.01%, 3/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp;125000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125047175 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Schedule of Investments – (continued)

#### December 31, 2025

---

| | | |
|:---|:---|:---|
| **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%, 4.01%, 2/11/2026 (b) | &nbsp;&nbsp;$75000000 | &nbsp;&nbsp;$75019718 |
| Credit Agricole Corporate & Investment Bank SA<br> SOFR + 0.22%, 3.93%, 2/2/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60009132 |
| Credit Agricole Corporate & Investment Bank SA<br> 4.02%, 2/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45012600 |
| Credit Agricole Corporate & Investment Bank SA<br> 4.27%, 2/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40018160 |
| Credit Industriel et Commercial<br> 4.12%, 5/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50042065 |
| Credit Industriel et Commercial<br> 4.35%, 7/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;123500000 | &nbsp;&nbsp;&nbsp;&nbsp;123793559 |
| Credit Industriel et Commercial<br> 4.41%, 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63795530 |
| Goldman Sachs Bank USA<br> SOFR + 0.27%, 3.98%, 6/16/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99999820 |
| Landesbank Baden-Wuerttemberg<br> 3.64%, 1/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;125000000 | &nbsp;&nbsp;&nbsp;&nbsp;125000087 |
| Landesbank Baden-Wuerttemberg<br> 3.66%, 1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99999861 |
| Landesbank Baden-Wuerttemberg<br> SOFR + 0.20%, 3.91%, 2/19/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;100013590 |
| Lloyds Bank Corporate Markets PLC<br> 3.95%, 8/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50032815 |
| Mizuho Bank Ltd.<br> 3.92%, 6/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40008412 |
| Mizuho Bank Ltd.<br> 3.95%, 6/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50010810 |
| Mizuho Bank Ltd.<br> 4.30%, 2/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;100055350 |
| Nordea Bank Abp<br> 3.81%, 7/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60015012 |
| Nordea Bank Abp<br> SOFR + 0.27%, 3.98%, 4/10/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;100052100 |
| Nordea Bank Abp<br> SOFR + 0.27%, 3.98%, 8/12/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;100013040 |
| Nordea Bank Abp<br> SOFR + 0.35%, 4.06%, 1/4/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99995980 |
| Norinchukin Bank<br> 3.70%, 1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;100000000 |
| Oversea-Chinese Banking Corp. Ltd.<br> 4.04%, 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70001470 |
| Royal Bank of Canada<br> SOFR + 0.32%, 4.03%, 10/7/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;125000000 | &nbsp;&nbsp;&nbsp;&nbsp;125021525 |
| Sumitomo Mitsui Banking Corp.<br> SOFR + 0.23%, 3.94%, 1/30/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51504692 |
| Sumitomo Mitsui Banking Corp.<br> SOFR + 0.23%, 3.94%, 2/10/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;149500000 | &nbsp;&nbsp;&nbsp;&nbsp;149518284 |
| Sumitomo Mitsui Banking Corp.<br> 4.23%, 2/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;100034780 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Schedule of Investments – (continued)

#### December 31, 2025

---

| | | |
|:---|:---|:---|
| **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)** |
| Svenska Handelsbanken AB<br> SOFR + 0.31%, 4.08%, 5/15/2026 (b) | &nbsp;&nbsp;$33750000 | &nbsp;&nbsp;$33770662 |
| Svenska Handelsbanken AB<br> SOFR + 0.32%, 4.09%, 7/23/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55019817 |
| Toronto-Dominion Bank<br> 3.93%, 8/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50034950 |
| Toronto-Dominion Bank<br> SOFR + 0.30%, 4.07%, 3/25/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87784942 |
| Toronto-Dominion Bank<br> SOFR + 0.36%, 4.13%, 12/10/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;125000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000237 |
| Wells Fargo Bank NA<br> SOFR + 0.27%, 3.98%, 3/3/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20006958 |
| Wells Fargo Bank NA<br> SOFR + 0.31%, 4.02%, 6/3/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81041075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2934156975 |
| **FINANCIAL COMPANY COMMERCIAL PAPER — 17.8%** | **FINANCIAL COMPANY COMMERCIAL PAPER — 17.8%** | **FINANCIAL COMPANY COMMERCIAL PAPER — 17.8%** |
| Australia & New Zealand Banking Group Ltd.<br> 3.81%, 6/17/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49137600 |
| Australia & New Zealand Banking Group Ltd.<br> SOFR + 0.27%, 3.98%, 1/2/2026 (a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000426 |
| Australia & New Zealand Banking Group Ltd.<br> SOFR + 0.27%, 3.98%, 4/20/2026 (a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;152000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152054279 |
| Bank of Montreal<br> 4.02%, 1/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64852405 |
| Bank of Montreal<br> 4.21%, 1/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69848401 |
| Bank of Nova Scotia<br> SOFR + 0.31%, 4.02%, 2/4/2026 (a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90516969 |
| BPCE SA<br> 4.19%, 2/3/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;175000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174377560 |
| Commonwealth Bank of Australia<br> SOFR + 0.26%, 3.97%, 1/23/2026 (a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;160000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160018096 |
| Commonwealth Bank of Australia<br> SOFR + 0.31%, 4.02%, 5/11/2026 (a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33766662 |
| HSBC Bank PLC<br> SOFR + 0.34%, 4.11%, 10/14/2026 (a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;105000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105010584 |
| HSBC Bank PLC<br> SOFR + 0.35%, 4.12%, 8/4/2026 (a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45018212 |
| HSBC Bank PLC<br> SOFR + 0.35%, 4.12%, 8/11/2026 (a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75030142 |
| ING U.S. Funding LLC<br> SOFR + 0.28%, 4.05%, 4/28/2026 (a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75022897 |
| Lloyds Bank PLC<br> 3.84%, 4/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64248035 |
| Macquarie Bank Ltd.<br> 4.25%, 4/27/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83964615 |
| Mizuho Bank Ltd.<br> 3.76%, 1/5/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49974190 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Schedule of Investments – (continued)

#### December 31, 2025

---

| | | |
|:---|:---|:---|
| **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)** |
| National Australia Bank Ltd.<br> SOFR + 0.24%, 3.95%, 1/14/2026 (a),(b) | &nbsp;&nbsp;$31000000 | &nbsp;&nbsp;$31001903 |
| National Bank of Canada<br> 4.08%, 4/29/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98760640 |
| Royal Bank of Canada<br> 3.83%, 6/3/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49205190 |
| Royal Bank of Canada<br> 4.31%, 2/2/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98163938 |
| Skandinaviska Enskilda Banken AB<br> SOFR + 0.25%, 4.02%, 3/27/2026 (a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71523881 |
| Skandinaviska Enskilda Banken AB<br> SOFR + 0.25%, 4.02%, 6/11/2026 (a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100006270 |
| Skandinaviska Enskilda Banken AB<br> SOFR + 0.27%, 4.04%, 4/22/2026 (a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64022592 |
| Skandinaviska Enskilda Banken AB<br> SOFR + 0.35%, 4.12%, 5/8/2026 (a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33766649 |
| Svenska Handelsbanken AB<br> 3.65%, 12/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72367027 |
| Svenska Handelsbanken AB<br> 3.82%, 7/2/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49047970 |
| Toronto-Dominion Bank<br> 4.23%, 1/5/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49973815 |
| UBS AG<br> SOFR + 0.32%, 4.03%, 8/6/2026 (a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46501945 |
| Westpac Banking Corp.<br> SOFR + 0.24%, 3.95%, 3/5/2026 (a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29004078 |
| Westpac Banking Corp.<br> SOFR + 0.27%, 3.98%, 2/4/2026 (a),(b) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100016880 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2223203851 |
| **OTHER NOTES — 23.9%** | **OTHER NOTES — 23.9%** | **OTHER NOTES — 23.9%** |
| ABN AMRO Bank NV<br> 3.64%, 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;200000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 |
| ABN AMRO Bank NV<br> 3.66%, 1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 |
| Abu Dhabi Islamic Bank PJSC<br> 3.62%, 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;350000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000000 |
| Banco Santander Central Hispano SA<br> 3.62%, 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 |
| Banco Santander Central Hispano SA<br> 3.66%, 1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 |
| Bank of America NA<br> 4.42%, 3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;125000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125135869 |
| Canadian Imperial Bank of Commerce<br> 3.64%, 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;250000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000000 |
| Credit Agricole Corporate & Investment Bank SA<br> 3.70%, 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 |
| Credit Agricole Corporate & Investment Bank SA<br> 3.70%, 1/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Schedule of Investments – (continued)

#### December 31, 2025

---

| | | |
|:---|:---|:---|
| **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)** |
| KBC Bank NV<br> 3.63%, 1/2/2026 | &nbsp;&nbsp;$600000000 | &nbsp;&nbsp;$600000000 |
| Mizuho Bank Ltd.<br> 3.64%, 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000000 |
| National Bank of Canada<br> 3.67%, 1/5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 |
| Royal Bank of Canada<br> 3.85%, 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000000 |
| Toyota Motor Credit Corp.<br> SOFR + 0.33%, 4.04%, 8/18/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83042628 |
| Toyota Motor Credit Corp.<br> SOFR + 0.30%, 4.07%, 2/24/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69996529 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2983175026 |
| **GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 1.3%** | **GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 1.3%** | **GOVERNMENT AGENCY REPURCHASE AGREEMENTS — 1.3%** |
| Agreement with Bank of America and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Government Obligations, 2.000% – 7.500% due 02/01/2026 – 07/20/2075, valued at $56,100,000); expected proceeds $55,011,764<br> 3.85%, 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000000 |
| Agreement with BNP Paribas and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Government Obligations, 3.000% – 6.000% due 05/20/2051 – 06/01/2055, valued at $44,117,264); expected proceeds $43,009,149<br> 3.83%, 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000000 |
| Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Government Obligations, 3.840% – 6.500% due 09/01/2030 – 02/20/2055, valued at $61,200,001); expected proceeds $60,012,767<br> 3.83%, 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158000000 |
| **TREASURY REPURCHASE AGREEMENTS — 9.7%** | **TREASURY REPURCHASE AGREEMENTS — 9.7%** | **TREASURY REPURCHASE AGREEMENTS — 9.7%** |
| Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Strips, 0.000% due 02/28/2027 – 05/15/2030, a U.S. Treasury Note, 2.375% due 05/15/2029 and a U.S. Treasury Inflation Index Note, 1.625% due 04/15/2030, valued at $1,147,500,001); expected proceeds $1,125,238,750<br> 3.82%, 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1125000000 | &nbsp;&nbsp;&nbsp;&nbsp;1125000000 |
| Agreement with Societe Generale and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by U.S. Treasury Inflation Index Notes, 2.125% due 04/15/2029 – 01/15/2035, valued at $91,800,020); expected proceeds $90,019,100<br> 3.82%, 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1215000000 |
| **OTHER REPURCHASE AGREEMENTS — 10.6%** | **OTHER REPURCHASE AGREEMENTS — 10.6%** | **OTHER REPURCHASE AGREEMENTS — 10.6%** |
| Agreement with Bank of America and Bank of New York Mellon (Tri-Party), dated 12/12/2025 (collateralized by various Common Stocks, valued at $43,200,000); expected proceeds $40,540,789<br> 4.09%, 4/10/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 |
| Agreement with Bank of America and Bank of New York Mellon (Tri-Party), dated 12/23/2025 (collateralized by various Common Stocks, valued at $54,000,000); expected proceeds $50,673,333<br> 4.04%, 4/22/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Schedule of Investments – (continued)

#### December 31, 2025

---

| | | |
|:---|:---|:---|
| **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 – (continued)** | **OTHER REPURCHASE AGREEMENTS – (continued)** | **OTHER REPURCHASE AGREEMENTS – (continued)** |
| Agreement with Bank of Nova Scotia and Bank of New York Mellon (Tri-Party), dated 03/10/2025 (collateralized by various Common Stocks, valued at $108,023,030); expected proceeds $103,126,750<br> 3.79%, 1/1/2026 | &nbsp;&nbsp;$100000000 | &nbsp;&nbsp;$100000000 |
| Agreement with BNP Paribas and Bank of New York Mellon (Tri-Party), dated 12/12/2025 (collateralized by various Corporate Bonds, 1.000% – 9.250% due 01/27/2026 – 01/01/2099 and U.S. Government Obligations, 1.613% – 6.000% due 08/25/2026 – 10/20/2055, valued at $45,211,831); expected proceeds $43,417,100<br> 3.88%, 3/12/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000000 |
| Agreement with BNP Paribas and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by various Corporate Bonds, 1.150% – 8.375% due 03/01/2026 – 01/01/2099 and U.S. Government Obligations, 2.250% – 4.850% due 09/25/2028 – 03/25/2034, valued at $144,404,390); expected proceeds $135,028,425<br> 3.79%, 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;135000000 | &nbsp;&nbsp;&nbsp;&nbsp;135000000 |
| Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 12/05/2025 (collateralized by various Corporate Bonds, 0.000% – 5.000% due 10/01/2029 – 11/15/2032, valued at $55,000,125); expected proceeds $50,662,111<br> 4.04%, 4/2/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 |
| Agreement with Citigroup Global Markets, Inc. and Bank of New York Mellon (Tri-Party), dated 12/12/2025 (collateralized by various Corporate Bonds, 0.000% – 4.625% due 08/15/2028 – 03/01/2030, valued at $55,000,658); expected proceeds $50,498,750<br> 3.99%, 3/12/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 |
| Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/05/2025 (collateralized by various Corporate Bonds, 0.750% – 3.750% due 12/15/2026 – 06/15/2030, valued at $120,750,628); expected proceeds $106,390,433<br> 4.04%, 4/2/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;105000000 | &nbsp;&nbsp;&nbsp;&nbsp;105000000 |
| Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/12/2025 (collateralized by various Corporate Bonds, 2.300% – 7.900% due 04/01/2031 – 04/01/2077, valued at $52,500,377); expected proceeds $50,651,195<br> 3.94%, 4/10/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 |
| Agreement with JP Morgan Securities, Inc. and Bank of New York Mellon (Tri-Party), dated 12/24/2025 (collateralized by various Corporate Bonds, 0.000% – 3.000% due 09/15/2030 – 09/15/2032, valued at $95,450,579); expected proceeds $84,092,833<br> 3.95%, 4/23/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83000000 |
| Agreement with Societe Generale and Bank of New York Mellon (Tri-Party), dated 12/30/2025 (collateralized by various Common Stocks, valued at $74,520,529); expected proceeds $69,368,153<br> 3.92%, 2/17/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69000000 |
| Agreement with Societe Generale and Bank of New York Mellon (Tri-Party), dated 12/30/2025 (collateralized by various Corporate Bonds, 1.750% – 12.750% due 05/15/2026 – 01/01/2099, U.S. Treasury Strips, 0.000% due 05/15/2034 – 08/15/2046, a U.S. Treasury Bond, 4.750% due 11/15/2053 and a U.S. Treasury Inflation Index Note, 2.375% due 10/15/2028, valued at $218,284,826); expected proceeds $191,139,271<br> 3.75%, 1/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;191000000 | &nbsp;&nbsp;&nbsp;&nbsp;191000000 |
| Agreement with Societe Generale and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by various Corporate Bonds, 1.200% – 10.000% due 03/20/2026 – 01/01/2099, U.S. Treasury Strips, 0.000% due 11/15/2039 – 08/15/2040 and a U.S. Treasury Inflation Index Note, 2.375% due 10/15/2028, valued at $191,696,265); expected proceeds $167,035,627<br> 3.84%, 1/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;167000000 | &nbsp;&nbsp;&nbsp;&nbsp;167000000 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

#### State Street Navigator Securities Lending Portfolio II

#### Schedule of Investments – (continued)

#### December 31, 2025

---

| | | |
|:---|:---|:---|
| **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 – (continued)** | **OTHER REPURCHASE AGREEMENTS – (continued)** | **OTHER REPURCHASE AGREEMENTS – (continued)** |
| Agreement with Toronto Dominion Bank and Bank of New York Mellon (Tri-Party), dated 12/31/2025 (collateralized by various Corporate Bonds, 2.850% – 9.750% due 07/31/2026 – 01/15/2033, valued at $216,246,959); expected proceeds $188,040,107<br> 3.84%, 1/2/2026 | &nbsp;&nbsp;$188000000 | &nbsp;&nbsp;$188000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321000000 |
| **TOTAL SHORT-TERM INVESTMENTS<br> (Cost $12,271,241,774)** |  | &nbsp;&nbsp;&nbsp;&nbsp;12273122816 |
| **TOTAL INVESTMENTS — 98.3%<br> (Cost $12,271,241,774)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**12273122816** |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 1.7%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**209614213** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;**$12482737029** |

---

(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 24.0% of net assets as of December 31, 2025, may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(b) Variable Rate Security - Interest rate shown is rate in effect at December 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(c) Illiquid security. These securities represent $540,000,000 or 4.3% of net assets as of December 31, 2025.

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

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $— | $12273122816 | $— | $12273122816 |
| **TOTAL INVESTMENTS** | $— | $12273122816 | $— | $12273122816 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### STATE STREET NAVIGATOR SECURITIES LENDING TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES

#### December 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | **State Street Navigator Securities Lending Government Money Market Portfolio** | **State Street Navigator Securities Lending Portfolio I** | **State Street Navigator Securities Lending Portfolio II** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, at value and amortized cost — unaffiliated issuer | &nbsp;&nbsp;&nbsp;&nbsp;$5301855653 | $185409748 | $9579122816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements, at value and amortized cost | &nbsp;&nbsp;&nbsp;&nbsp;2820000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;2694000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;8121855653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260409748 | &nbsp;&nbsp;&nbsp;&nbsp;12273122816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854191567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214086730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12171799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29218743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608985 |
| &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;13895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;8988232914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266752096 | &nbsp;&nbsp;&nbsp;&nbsp;12517062076 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128804698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29990700 |
| &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;142992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289451 |
| &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;6128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unitary fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28345 |
| &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;682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 |
| &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;52436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670812 |
| &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;782163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131681328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34325047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS** | $8856551586 | $266565314 | $12482737029 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;$8856543455 | $266478354 | $12480745232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS** | $8856551586 | $266565314 | $12482737029 |
| **NET ASSET VALUE PER SHARE** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp;&nbsp;&nbsp;8856533406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266478353 | &nbsp;&nbsp;&nbsp;&nbsp;12480745232 |
| **COST OF INVESTMENTS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$5301855653 | $185327938 | $9577241774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2820000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;2694000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of investments | $8121855653 | $260327938 | $12271241774 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### STATE STREET NAVIGATOR SECURITIES LENDING TRUST

#### STATEMENTS OF OPERATIONS

#### For the Year Ended December 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | **State Street Navigator Securities Lending Government Money Market Portfolio** | **State Street Navigator Securities Lending Portfolio I** | **State Street Navigator Securities Lending Portfolio II** |
| **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$362139659 | $29803898 | $633236390 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3579033 |
| &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;63542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107371 |
| &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;1039481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719986 |
| &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;50032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90762 |
| &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;29289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33562 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2761815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5650373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses waived/reimbursed by the Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2761815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5650373 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)** | $359377844 | $29524755 | $627586017 |
| **REALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45972) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7894 |
| &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;20272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64110 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $359398116 | $29499460 | $627650127 |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

[This Page Intentionally Left Blank]

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### STATE STREET NAVIGATOR SECURITIES LENDING TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | **State Street Navigator Securities Lending Government Money Market Portfolio** | **State Street Navigator Securities Lending Government Money Market Portfolio** |
|  | **Year Ended<br> 12/31/25** | **Year Ended<br> 12/31/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$359377844 | $391643838 |
| &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;20272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19858) |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359398116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391623980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(359377844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(391643967) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160053519126 | &nbsp;&nbsp;&nbsp;&nbsp;140929414827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158352201181) | &nbsp;&nbsp;&nbsp;(140944676003) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from beneficial interest transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701317945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15261176) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701338217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15281163) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7155213369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7170494532 |
| **NET ASSETS AT END OF PERIOD** | $8856551586 | $7155213369 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160053519126 | &nbsp;&nbsp;&nbsp;&nbsp;140929414827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158352201181) | &nbsp;&nbsp;&nbsp;(140944676003) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701317945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15261176) |

---

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

------

---

| | | | |
|:---|:---|:---|:---|
| **State Street Navigator Securities Lending Portfolio I** | **State Street Navigator Securities Lending Portfolio I** | &nbsp;&nbsp;**State Street Navigator Securities Lending Portfolio II** | &nbsp;&nbsp;**State Street Navigator Securities Lending Portfolio II** |
| **Year Ended<br> 12/31/25** | &nbsp;&nbsp;**Year Ended<br> 12/31/24** | &nbsp;&nbsp;**Year Ended<br> 12/31/25** | &nbsp;&nbsp;**Year Ended<br> 12/31/24** |
| &nbsp;&nbsp;&nbsp;$29524755 | &nbsp;&nbsp;&nbsp;&nbsp;$35902627 | &nbsp;&nbsp;$627586017 | &nbsp;&nbsp;$632860031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(533) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45972) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1703754) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29499460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35836257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627650127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631226150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29524755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35902666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(627586017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(632860677) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8051086583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5048589064 | &nbsp;&nbsp;&nbsp;&nbsp;192075425913 | &nbsp;&nbsp;&nbsp;&nbsp;167008096673 |
| &nbsp;&nbsp;&nbsp;&nbsp;(8666935305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4678530494) | &nbsp;&nbsp;&nbsp;&nbsp;(190823469775) | &nbsp;&nbsp;&nbsp;&nbsp;(165621787592) |
| &nbsp;&nbsp;&nbsp;&nbsp;(615848722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370058570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251956138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386309081 |
| &nbsp;&nbsp;&nbsp;&nbsp;(615874017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369992161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252020248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384674554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882439331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512447170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11230716781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9846042227 |
| $266565314 | &nbsp;&nbsp;$882439331 | &nbsp;&nbsp;$12482737029 | &nbsp;&nbsp;$11230716781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8051086583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5048589064 | &nbsp;&nbsp;&nbsp;&nbsp;192075425913 | &nbsp;&nbsp;&nbsp;&nbsp;167008096673 |
| &nbsp;&nbsp;&nbsp;&nbsp;(8666935305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4678530494) | &nbsp;&nbsp;&nbsp;&nbsp;(190823469775) | &nbsp;&nbsp;&nbsp;&nbsp;(165621787592) |
| &nbsp;&nbsp;&nbsp;&nbsp;(615848722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370058570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251956138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386309081 |

---

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_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> 12/31/25** | &nbsp;&nbsp;**Year Ended<br> 12/31/24** | &nbsp;&nbsp;**Year Ended<br> 12/31/23** | &nbsp;&nbsp;**Year Ended<br> 12/31/22** | &nbsp;&nbsp;**Year Ended<br> 12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0003 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0000)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0000)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0000)<sup>(a)</sup> |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0003 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0003) |
| Net asset value, end of period | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 |
| Total return<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% | &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% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s) | &nbsp;&nbsp;$8856552 | &nbsp;&nbsp;$7155213 | &nbsp;&nbsp;$7170495 | &nbsp;&nbsp;$9816533 | &nbsp;&nbsp;$7304026 |
| **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;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &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% |

---

(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_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### STATE STREET NAVIGATOR SECURITIES LENDING TRUST

#### STATE STREET NAVIGATOR SECURITIES LENDING PORTFOLIO I

#### FINANCIAL HIGHLIGHTS – (continued)

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended<br> 12/31/25** | &nbsp;&nbsp;**Year Ended<br> 12/31/24** | &nbsp;&nbsp;**Year Ended<br> 12/31/23** | &nbsp;&nbsp;**Year Ended<br> 12/31/22** | &nbsp;&nbsp;**Year Ended<br> 12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.0445 | &nbsp;&nbsp;&nbsp;&nbsp;0.0532 | &nbsp;&nbsp;&nbsp;&nbsp;0.0525 | &nbsp;&nbsp;&nbsp;&nbsp;0.0184 | &nbsp;&nbsp;&nbsp;&nbsp;0.0011 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.0002) | &nbsp;&nbsp;&nbsp;&nbsp;(0.0000) | &nbsp;&nbsp;&nbsp;&nbsp;0.0005 | &nbsp;&nbsp;&nbsp;&nbsp;(0.0003) | &nbsp;&nbsp;&nbsp;&nbsp;0.0001 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.0443 | &nbsp;&nbsp;&nbsp;&nbsp;0.0532 | &nbsp;&nbsp;&nbsp;&nbsp;0.0530 | &nbsp;&nbsp;&nbsp;&nbsp;0.0181 | &nbsp;&nbsp;&nbsp;&nbsp;0.0012 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.0443) | &nbsp;&nbsp;&nbsp;&nbsp;(0.0532) | &nbsp;&nbsp;&nbsp;&nbsp;(0.0530) | &nbsp;&nbsp;&nbsp;&nbsp;(0.0181) | &nbsp;&nbsp;&nbsp;&nbsp;(0.0012) |
| Net asset value, end of period | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 |
| Total return<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s) | &nbsp;&nbsp;$266565 | &nbsp;&nbsp;$882439 | &nbsp;&nbsp;$512447 | &nbsp;&nbsp;$679756 | &nbsp;&nbsp;$580681 |
| **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;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% |
| 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;0.04% |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% |
| 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;—%<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 fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021.

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### STATE STREET NAVIGATOR SECURITIES LENDING TRUST

#### STATE STREET NAVIGATOR SECURITIES LENDING PORTFOLIO II

#### FINANCIAL HIGHLIGHTS – (continued)

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended<br> 12/31/25** | &nbsp;&nbsp;**Year Ended<br> 12/31/24** | &nbsp;&nbsp;**Year Ended<br> 12/31/23** | &nbsp;&nbsp;**Year Ended<br> 12/31/22** | &nbsp;&nbsp;**Year Ended<br> 12/31/21** |
| **Net asset value, beginning of period** | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 | &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;&nbsp;0.0438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0014 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0000<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0001) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0013 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0013) |
| Net asset value, end of period | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 | &nbsp;&nbsp;$1.0000 |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.42% | &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% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s) | &nbsp;&nbsp;$12482737 | &nbsp;&nbsp;$11230717 | &nbsp;&nbsp;$9846042 | &nbsp;&nbsp;$9457585 | &nbsp;&nbsp;$4412790 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&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% |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&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% |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28% | &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% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—%<sup>(d)</sup> |

---

(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) Portfolio turnover percentage amounts to 0% as the Fund only held short term investments for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021.

See accompanying notes to financial statements.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

#### Notes to Financial Statements

#### December 31, 2025
1.&nbsp;&nbsp;&nbsp;&nbsp;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, 2025, the Trust offers three (3) series, each of which represents a separate series of beneficial interest in the Trust (each, a "Fund" and collectively, the "Funds"): State Street Navigator Securities Lending Government Money Market Portfolio, State Street Navigator Securities Lending Portfolio I and State Street Navigator Securities Lending Portfolio II. The Funds are authorized to issue an unlimited number of shares of beneficial interest with a $0.001 par value.

Each 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 Funds' 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 Funds. Shares of the Funds 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 Funds will increase or decrease in direct correlation with overall participation in the SLP.

The State Street Navigator Securities Lending Government Money Market Portfolio'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 State Street Navigator Securities Lending Portfolio I and the State Street Navigator Securities Lending Portfolio II's investment objectives are to seek current yield to the extent consistent with maintaining liquidity and the preservation of principal while providing a market rate of return.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The State Street Navigator Securities Lending Government Money Market Portfolio 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. The Fund is not currently subject to liquidity fees during periods of high illiquidity in the markets for the investments held by it.

State Street Navigator Securities Lending Portfolio I and State Street Navigator Securities Lending Portfolio II do not operate as "money market funds" pursuant to Rule 2a-7 under the 1940 Act.

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.&nbsp;&nbsp;&nbsp;&nbsp;Segment Reporting

Each Fund has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through each Fund's investments in accordance with its investment objective. Each Fund's chief operating decision maker ("CODM") is the President of the Trust. The CODM assesses performance based on a Fund's Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. Each Fund's Total Return is utilized by the CODM to compare results, including the impact of a Fund's costs, to a Fund's competitors and to a Fund's benchmark index.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

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

#### December 31, 2025
3.&nbsp;&nbsp;&nbsp;&nbsp;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. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

#### Security Valuation
The Funds' investments are valued 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. The investments of the Funds 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 Funds. The Board has responsibility for overseeing the determination of the fair value of investments.

The State Street Navigator Securities Lending Portfolio I and the State Street Navigator Securities Lending Portfolio II's investments are valued each day at fair value. 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.

Valuation techniques used to value the State Street Navigator Securities Lending Portfolio I and the State Street Navigator Securities Lending Portfolio II'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 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.

The State Street Navigator Securities Lending Government Money Market Portfolio's investments are valued each day on the basis of amortized cost which approximates fair value as permitted by Rule 2a-7 under the 1940 Act. This method values an investment 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.

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 Funds' investments.

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

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

#### December 31, 2025
The Funds value their 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:

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

• &nbsp;&nbsp;&nbsp;&nbsp; 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

• &nbsp;&nbsp;&nbsp;&nbsp; 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 each Fund's investments according to the fair value hierarchy as of December 31, 2025 is disclosed in each 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.

4.&nbsp;&nbsp;&nbsp;&nbsp;Securities and Other Investments

#### Repurchase Agreements
Each 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 a Fund to repurchase the securities at a mutually agreed upon price and time. During the term of a repurchase agreement, the value of the

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[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

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

#### December 31, 2025
underlying securities held as collateral on behalf of each Fund including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest.

Each 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, 2025, the State Street Navigator Securities Lending Government Money Market Portfolio, the State Street Navigator Securities Lending Portfolio I and the State Street Navigator Securities Lending Portfolio II had invested in repurchase agreements with the gross values (principal) of $2,820,000,000, $75,000,000 and $2,694,000,000, respectively, and associated collateral equal to $2,877,160,550, $78,961,833 and $2,875,007,483, respectively.

5.&nbsp;&nbsp;&nbsp;&nbsp;Fees and Transactions with Affiliates

#### Advisory Fee
The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA FM. Each Fund pays an advisory fee to SSGA FM. The fees accrued daily and paid monthly, based on a percentage of each Fund's average daily net assets as shown in the following table:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Annual Rate** |
| State Street Navigator Securities Lending Government Money Market Portfolio<br>| &nbsp;&nbsp;0.0175% |
| State Street Navigator Securities Lending Portfolio I<br>| &nbsp;&nbsp;0.025 |
| State Street Navigator Securities Lending Portfolio II<br>| &nbsp;&nbsp;0.025 |

---

SSGA FM, as the investment adviser to each Fund, is contractually obligated until April 30, 2026 (i) to waive up to the full amount of the advisory fee payable by a Fund and/or (ii) to reimburse a 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, 2026 except with approval of the Funds' 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 State Street Navigator Securities Lending Government Money Market Portfolio 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 State Street Navigator Securities Lending Government Money Market Portfolio 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 State Street Navigator Securities Lending Government Money Market Portfolio's yield during such period. There is no guarantee that the Voluntary Reduction will be in effect at any given time or that the State Street Navigator Securities Lending Government Money Market Portfolio will be able to avoid a negative yield. Any such future reimbursement of an applicable Service Provider may result in the total annual operating expenses of the State

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[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

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

#### December 31, 2025
Street Navigator Securities Lending Government Money Market Portfolio 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 expenses reimbursed by the Service Providers in connection with the Voluntary Reduction for the year ended December 31, 2025.

#### Administrator Fee
SSGA FM serves as administrator. Pursuant to the Administration Agreement between the Trust, on behalf of the Fund and SSGA FM, the Funds pay an annual administration fee to SSGA FM equal to 0.00075% of each 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 Funds. Under the terms of these agreements, the Funds pay a monthly fee to State Street.

#### Other Transactions with Affiliates
From time to time, the Funds 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 Funds. As of December 31, 2025, based on management's evaluation of the shareholder account base, 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;4 | &nbsp;&nbsp;56.94% |
| &nbsp;&nbsp;State Street Navigator Securities Lending Portfolio I | &nbsp;&nbsp;5 | &nbsp;&nbsp;86.91% |

---

6.&nbsp;&nbsp;&nbsp;&nbsp;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 Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

7.&nbsp;&nbsp;&nbsp;&nbsp;Income Tax Information

The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. Each 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 Funds file 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_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

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

#### December 31, 2025
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, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total** |
| State Street Navigator Securities Lending Government Money Market Portfolio | $359377844 | $— | $359377844 |
| State Street Navigator Securities Lending Portfolio I | &nbsp;&nbsp;&nbsp;&nbsp;29524755 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;29524755 |
| State Street Navigator Securities Lending Portfolio II | &nbsp;&nbsp;627586017 | &nbsp;&nbsp;— | &nbsp;&nbsp;627586017 |

---

The tax character of distributions paid during the year ended December 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total** |
| State Street Navigator Securities Lending Government Money Market Portfolio | $391643967 | $— | $391643967 |
| State Street Navigator Securities Lending Portfolio I | &nbsp;&nbsp;&nbsp;&nbsp;35902666 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;35902666 |
| State Street Navigator Securities Lending Portfolio II | &nbsp;&nbsp;632860677 | &nbsp;&nbsp;— | &nbsp;&nbsp;632860677 |

---

At December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br> Ordinary Income** | **Capital Loss<br> Carryforwards** | **Undistributed<br> Long-Term<br> Capital Gains** | **Net Unrealized<br> Gains (Losses)** | **Total** |
| State Street Navigator Securities Lending Government Money Market Portfolio | $8131 | $— | $— | $— | $8131 |
| State Street Navigator Securities Lending Portfolio I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5150 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86960 |
| State Street Navigator Securities Lending Portfolio II | &nbsp;&nbsp;110755 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1881042 | &nbsp;&nbsp;1991797 |

---

As of December 31, 2025, 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 Government Money Market Portfolio | $8121855653 | $— | $— | $— |
| State Street Navigator Securities Lending Portfolio I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260327938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81810 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81810 |
| State Street Navigator Securities Lending Portfolio II | &nbsp;&nbsp;12271241774 | &nbsp;&nbsp;1881042 | &nbsp;&nbsp;— | &nbsp;&nbsp;1881042 |

---

------

[**Table of Contents**](#JOB_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

#### State Street Navigator Securities Lending Trust

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

#### December 31, 2025
8.&nbsp;&nbsp;&nbsp;&nbsp;Risks

#### Concentration Risk
As a result of the Funds' ability to invest a large percentage of their 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 Funds' investments more than if the Funds were more broadly diversified.

#### Market, Credit and Counterparty Risk
In the normal course of business, the Funds trade securities and enter 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 Funds 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 Funds have unsettled or open transactions defaults. The value of securities held by the Funds may decline in response to certain events, including those directly involving the companies whose securities are owned by the Funds; 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 Funds to market, credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Funds' exposure to market, credit and counterparty risks in respect to these financial assets approximates their value as recorded in the Funds' Statements of Assets and Liabilities, less any collateral held by the Funds.

The Funds' 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 Funds are 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 Funds and their investments.

9.&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds 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_AR_SA_a533033c-4180-4b39-b540-ad546499da58_TOC-LETTERSIZE-NAV)

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

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of State Street Navigator Securities Lending Trust (the "Trust") (comprising State Street Navigator Securities Lending Government Money Market Portfolio, State Street Navigator Securities Lending Portfolio I and State Street Navigator Securities Lending Portfolio II (collectively referred to as the "Funds")), including the schedules of investments, as of December 31, 2025, and the related statements 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 each of the Funds comprising State Street Navigator Securities Lending Trust at December 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their 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 each of 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 in accordance with the relevant ethical requirements relating to our audit.

We conducted our audits in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. 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, 2025, 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.

![](g78836imgd6cb46431.jpg)

We have served as the auditor of one or more State Street Investment Management (formerly, State Street Global Advisors) investment companies since 2000.

Boston, Massachusetts

February 26, 2026

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable to the Registrant.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Proxy Disclosures for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable to this filing.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.

------

#### Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board.

#### Item 16. Controls and Procedures.
(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant'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.

(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.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

#### Item 18. Recovery of Erroneously Awarded Compensation
Not applicable to the Registrant.

#### Item 19. Exhibits.
(a)(1) [Code of Ethics referred to in Item 2.](d78836dex99codeeth.htm)

(a)(2) Not applicable to the Registrant.

(a)(3) [Certifications of principal executive officer and principal financial and accounting officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act are attached hereto.](d78836dex99cert.htm)

(a)(4) Not applicable to the Registrant.

(a)(5) Not applicable to the Registrant.

------

(b) [Certifications of principal executive officer and principal financial and accounting officer of the Registrant as required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d78836dex99906cert.htm)

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

------

#### SIGNATURES
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.

#### STATE STREET NAVIGATOR SECURITIES LENDING TRUST

---

| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President |
| Date: | March 9, 2026 |

---

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.

---

| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President (Principal Executive Officer) |
| Date: | March 9, 2026 |
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer (Principal Financial and Accounting Officer) |
| Date: | March 9, 2026 |

---

## Ex-99.Code

**Exhibit 19(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** 

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

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

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.

<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. 

------

**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.

\* \* \* \*

------

Each Covered Officer must not:

&nbsp;&nbsp;&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;&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;&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;&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;&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;&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;&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;&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;&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.

------

**III.** **Disclosure and Conduct** 

&nbsp;&nbsp;&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;&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;&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.

**IV.** **Compliance with Applicable Laws and Regulations** 

&nbsp;&nbsp;&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;&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;&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.

**V.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&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;

------

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

**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.

------

**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.

**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.

**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.

**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;&nbsp;&nbsp;• Dismissal for cause;

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

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

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

------

**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:

Ann M. Carpenter, 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.:

Ann M. Carpenter, President and Principal Executive Officer

Bruce S. Rosenberg, Treasurer and Principal Financial Officer

------

**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:

Please print your name here:

Please date here:

------

**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:

Please date here:

------

**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:

Please print your name here:

Please date here:

## Ex-99.Cert

**Exhibit 19(a)(3)** 

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

I, Ann M. Carpenter, 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 9, 2026

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| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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

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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 9, 2026

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| | |
|:---|:---|
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |

---

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

## Exhibit 99.906

**Exhibit 19(b)** 

**EX-99-906CERT** 

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

I, Ann M. Carpenter, 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 Registrant for the period ended
December 31, 2025 (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 Registrant.

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| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President (Principal Executive Officer) |
| Date: | March 9, 2026 |
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer (Principal Financial and Accounting Officer) |
| Date: | March 9, 2026 |

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