<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 0001011008
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 NAVIGATOR SECURITIES LENDING TRUST
001 B000000 811-07567
001 C000000 6179851850
002 A000000 TWO INTERNATIONAL PLACE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02110
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 NAVIGATOR SECURITIES LENDING PRIME PORTFOLIO
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 STATE STREET GLOBAL ADVISORS
008 B00AA01 A
008 C00AA01 801-xxxxxx
008 D01AA01 BOSTON
008 D02AA01 MA
008 D03AA01 02110
010 A00AA01 STATE STREET BANK AND TRUST CO.
010 B00AA01 85-05003
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02110
012 A00AA01 STATE STREET BANK AND TRUST CO.
012 B00AA01 84-05003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02110
013 A00AA01 PRICE WATERHOUSE LLP
<PAGE> PAGE 2
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02119
014 A00AA01 STATE STREET BROKERAGE SERVICES, INC.
014 B00AA01 8-xxxxxxxx
015 A00AA01 STATE STREET BANK AND TRUST CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E03AA01 X
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 SALOMON BROTHERS INC.
022 B000001 13-3082691
022 C000001 35740652
022 D000001 0
022 A000002 LEHMAN GOV'T SECURITIES
022 B000002 13-2518466
022 C000002 21428122
022 D000002 39596
022 A000003 JM LUMMIS AND CO.
022 B000003 13-3767500
022 C000003 17677681
022 D000003 0
022 A000004 SWISS BANK CORP.
022 B000004 13-2741554
022 C000004 15500000
022 D000004 0
022 A000005 PREBON
022 B000005 13-2613185
022 C000005 9913564
022 D000005 0
022 A000006 GARVIN GUY BUTLER
022 B000006 13-3858846
022 C000006 9042444
022 D000006 0
022 A000007 EURO BROKERS INC.
022 B000007 13-3410896
022 C000007 6990406
022 D000007 0
022 A000008 UBS SECURITIES INC.
<PAGE> PAGE 3
022 B000008 13-3873456
022 C000008 5251050
022 D000008 0
022 A000009 GOLDMAN SACHS
022 B000009 13-5108880
022 C000009 5155586
022 D000009 0
022 A000010 MERRILL LYNCH PIERCE FENNER AND SMITH
022 B000010 13-5674085
022 C000010 4057478
022 D000010 0
023 C000000 182421105
023 D000000 270206
024 00AA00 N
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
<PAGE> PAGE 4
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1
077 A000000 Y
077 B000000 Y
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
018 000100 Y
019 A000100 N
019 B000100 0
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 2881316
028 A020100 19060
028 A030100 0
028 A040100 2440762
028 B010100 2575195
028 B020100 19742
028 B030100 0
028 B040100 2079465
028 C010100 2962892
028 C020100 24836
028 C030100 0
028 C040100 2585419
<PAGE> PAGE 5
028 D010100 2538509
028 D020100 26211
028 D030100 0
028 D040100 2578944
028 E010100 2133534
028 E020100 22779
028 E030100 0
028 E040100 2103427
028 F010100 3249710
028 F020100 28323
028 F030100 0
028 F040100 2946861
028 G010100 16341156
028 G020100 140951
028 G030100 0
028 G040100 14734878
028 H000100 0
029 000100 N
030 A000100 0
030 B000100 0.00
030 C000100 0.00
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.018
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
062 A000100 Y
062 B000100 0.0
062 C000100 1.6
062 D000100 0.0
<PAGE> PAGE 6
062 E000100 0.0
062 F000100 16.7
062 G000100 0.0
062 H000100 0.0
062 I000100 43.3
062 J000100 9.6
062 K000100 0.0
062 L000100 31.5
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 1.3
062 Q000100 0.0
062 R000100 0.0
063 A000100 46
063 B000100 0.0
064 A000100 Y
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
<PAGE> PAGE 7
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 12
072 B000100 249120
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 770
072 G000100 356
072 H000100 0
072 I000100 92
072 J000100 154
072 K000100 0
072 L000100 0
072 M000100 41
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 29
072 S000100 20
072 T000100 0
072 U000100 39
072 V000100 0
072 W000100 149
072 X000100 1650
072 Y000100 0
072 Z000100 247470
072AA000100 2
072BB000100 5
072CC010100 0
072CC020100 0
072DD010100 247470
072DD020100 0
072EE000100 0
073 A010100 0.0560
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 1
074 B000100 0
<PAGE> PAGE 8
074 C000100 5812808
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 29927
074 M000100 145
074 N000100 5842881
074 O000100 250233
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 1237
074 S000100 0
074 T000100 5591411
074 U010100 5591413
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 0.9998
074 X000100 246
074 Y000100 0
075 A000100 4402035
075 B000100 0
076 000100 0.00
080 A000100 CHUBB GROUP OF INSURANCE COMPANIES
080 C000100 0
081 A000100 N
081 B000100 0
082 A000100 Y
082 B000100 25
SIGNATURE STEPHEN FORD
TITLE MANAGER OF FUND ADMN
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001011008
<NAME> NAVIGATOR SECURITIES LENDING PRIME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 5812808451
<INVESTMENTS-AT-VALUE> 5812808451
<RECEIVABLES> 29927061
<ASSETS-OTHER> 146037
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5842881549
<PAYABLE-FOR-SECURITIES> 250233411
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1236981
<TOTAL-LIABILITIES> 251470392
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5585822458
<SHARES-COMMON-STOCK> 5585822458
<SHARES-COMMON-PRIOR> 2877900011
<ACCUMULATED-NII-CURRENT> 247470322
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 5591411157
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 249120173
<OTHER-INCOME> 0
<EXPENSES-NET> (1649851)
<NET-INVESTMENT-INCOME> 247470322
<REALIZED-GAINS-CURRENT> (2714)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 247467608
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (247470322)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 27389659804
<NUMBER-OF-SHARES-REDEEMED> (24922725873)
<SHARES-REINVESTED> 246578860
<NET-CHANGE-IN-ASSETS> 2713510077
<ACCUMULATED-NII-PRIOR> 61100394
<ACCUMULATED-GAINS-PRIOR> 1322
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 770265
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1649851
<AVERAGE-NET-ASSETS> 4402035744
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
February 12, 1998
To the Board of Trustees and Shareholders of
Navigator Securities Lending Trust
In planning and performing our audit of the financial statements of
Navigator Securities Lending Prime Portfolio (the Fund), a series
of Navigator Securities Lending Trust, for the year ended December
31, 1997, we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-SAR, and not to provide assurance on the internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of control activities.
Generally, control activities that are relevant to an audit pertain
to the entitys objective of preparing financial statements for
external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those control activities
include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection of
any evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition
in which the design or operation of the specific internal control
does not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the
financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters
involving the internal control, including control activities for
safeguarding securities, that we consider to be material weaknesses
as defined above as of December 31, 1997.
This report is intended solely for the information and use of
management and the Board of Trustees of Navigator Securities
Lending Trust and the Securities and Exchange Commission.
Price Waterhouse LLP
