<PAGE>
MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH
CERTAIN PROVISIONS OF THE INVESTMENT COMPANY ACT OF 1940
January 7, 1999
We, as members of management of the State Street Navigator Lending Prime
Portfolio, (formerly Navigator Securities Lending Prime Portfolio, the
"Fund"), a series of the State Street Navigator Securities Lending Trust,
(formerly Navigator Securities Lending Trust), are responsible for complying
with the requirements of subsections (b) and (c) of Rule 17f-2, "Custody of
Investments by Registered Management Investment Companies," of the Investment
Company Act of 1940. We are also responsible for establishing and maintaining
an effective internal control over compliance with those requirements. We
have performed an evaluation of the Fund's compliance with the requirements
of subsections (b) and (c) of Rule 17f-2 as of July 31, 1998.
Based on this evaluation, we assert that the Fund was in compliance with
those provisions of Rule 17f-2 of the Investment Company Act of 1940 as of
July 31, 1998 with respect to securities and similar investment reflected in
the investment account of the Fund.
State Street Navigator Securities Lending Trust
By: /s/ Ralph F. Vitale
-----------------------------------------
Ralph F. Vitale
Executive Vice President - Division Head
/s/ Cinzia Liambo
-----------------------------------------
Cinzia Liambo
Vice President - Compliance
<PAGE>
[LOGO]
REPORT OF INDEPENDENT ACCOUNTANTS
January 7, 1999
To the Trustees of State Street
Navigator Securities Lending Trust
We have examined management's assertion about the compliance of State Street
Navigator Securities Lending Prime Portfolio (formerly Navigator Securities
Lending Prime Portfolio) (the "Fund"), a series of State Street Navigator
Securities Lending Trust (formerly Navigator Securities Lending Trust), with
the requirements of subsections (b) and (c) of Rule 17f-2 under the
Investment Company Act of 1940 (the "Act) as of July 31, 1998 included in
the accompanying Management Statement Regarding Compliance with Certain
Provisions of the Investment Company Act of 1940. Management is responsible
for the Fund's compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about the Fund's compliance
based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Fund's compliance with those
requirements and performing such other procedures as we considered necessary
in the circumstances. Included among our procedures were the following tests
performed as of July 31, 1998, and the period from December 31, 1997 (the
date of last examination) through July 31, 1998 with respect to agreement of
purchases and sales of securities and similar investments:
- For securities which were held by the Fund at July 31, 1998, we read the
reconciliations of the State Street Bank and Trust Company ("Custodian")
investment positions to the positions held in omnibus book entry form for
the Custodian's account at the Depository Trust Company and Chase
Manhattan, observing no unresolved differences;
- We confirmed all domestic time deposit and funding agreement positions at
July 31, 1998 with counterparty brokers and banks;
- We agreed the Custodian's Eurodollar time deposit positions in aggregate at
July 31, 1998 (including the Fund's positions) to the position held in
omnibus book entry form by the Fund's subcustodian, First National Bank of
Chicago;
- We reconciled all securities to the books and records of the Fund and the
Custodian;
- We agreed five security purchases and five security sales or maturities
since our last examination from the books and records of the Fund to broker
confirmations or subsequent bank statements.
<PAGE>
[LETTERHEAD]
-------------------------------------------------------------------------------
To the Trustees
January 7, 1999
Page 2
We believe that our examination provides a reasonable basis for our opinion.
Our examination does not provide a legal determination on the Fund's
compliance with specified requirements.
In our opinion, management's assertion that the Fund was in compliance with
the requirements of Subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of July 31, 1998 with respect to securities reflected
in the investment account of the Fund is fairly stated, in all material
respects.
This report is intended solely for the information and use of management of
State Street Navigator Securities Lending Trust and the Securities and
Exchange Commission and should not be used for any other purpose.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
<PAGE>
MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH
CERTAIN PROVISIONS OF THE INVESTMENT COMPANY ACT OF 1940
January 7, 1999
We, as members of management of the State Street Navigator Lending Prime
Portfolio, (formerly Navigator Securities Lending Prime Portfolio, the
"Fund"), a series of the State Street Navigator Securities Lending Trust,
(formerly Navigator Securities Lending Trust), are responsible for complying
with the requirements of subsections (b) and (c) of Rule 17f-2, "Custody of
Investments by Registered Management Investment Companies," of the Investment
Company Act of 1940. We are also responsible for establishing and maintaining
an effective internal control over compliance with those requirements. We have
performed an evaluation of the Fund's compliance with the requirements of
subsections (b) and (c) of Rule 17f-2 as of August 31, 1998.
Based on this evaluation, we assert that the Fund was in compliance with those
provisions of Rule 17f-2 of the Investment Company Act of 1940 as of August
31, 1998 with respect to securities and similar investment reflected in the
investment account of the Fund.
State Street Navigator Securities Lending Trust
By: /s/ Ralph F. Vitale
------------------------------------------
Ralph F. Vitale
Executive Vice President - Division Head
/s/ Cinzia Liambo
------------------------------------------
Cinzia Liambo
Vice President - Compliance
<PAGE>
[LETTERHEAD]
-----------------------------------------------------------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
January 7, 1999
To the Trustees of State Street
Navigator Securities Lending Trust
We have examined management's assertion about the compliance of State Street
Navigator Securities Lending Prime Portfolio (formerly Navigator Securities
Lending Prime Portfolio) (the "Fund"), a series of State Street Navigator
Securities Lending Trust (formerly Navigator Securities Lending Trust), with
the requirements of subsections (b) and (c) of Rule 17f-2 under the
Investment Company Act of 1940 (the "Act) as of August 31, 1998 included in
the accompanying Management Statement Regarding Compliance with Certain
Provisions of the Investment Company Act of 1940. Management is responsible
for the Fund's compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about the Fund's compliance
based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Fund's compliance with those
requirements and performing such other procedures as we considered necessary
in the circumstances. Included among our procedures were the following tests
performed as of August 31, 1998, and the period from July 31, 1998 (the date
of last examination) through August 31, 1998 with respect to agreement of
purchases and sales of securities and similar investments:
- For securities which were held by the Fund at August 31, 1998, we read the
reconciliations of the State Street Bank and Trust Company ("Custodian")
investment positions to the positions held in omnibus book entry form for
the Custodian's account at the Depository Trust Company, the Federal
Reserve Bank of New York, and Chase Manhattan Bank, observing no unresolved
differences;
- We confirmed all domestic time deposit positions at August 31, 1998 with
counterparty brokers and banks;
- We agreed the Custodian's Eurodollar time deposit positions in aggregate at
August 31, 1998 (including the Fund's positions) to the position held in
omnibus book entry form by the Fund's subcustodian, First National Bank of
Chicago;
- We reconciled all securities to the books and records of the Fund and the
Custodian;
- We agreed five security purchases and five security sales or maturities
since our last examination from the books and records of the Fund to broker
confirmations or subsequent bank statements.
<PAGE>
[LOGO]
To the Trustees
January 7, 1999
Page 2
We believe that our examination provides a reasonable basis for our opinion.
Our examination does not provide a legal determination on the Fund's
compliance with specified requirements.
In our opinion, management's assertion that the Fund was in compliance with
the requirements of Subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of August 31, 1998 with respect to securities
reflected in the investment account of the Fund is fairly stated, in all
material respects.
This report is intended solely for the information and use of management of
State Street Navigator Securities Lending Trust and the Securities and
Exchange Commission and should not be used for any other purpose.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
<PAGE>
MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH
CERTAIN PROVISIONS OF THE INVESTMENT COMPANY ACT OF 1940
November 9, 1999
We, as members of management of the State Street Navigator Lending Prime
Portfolio, (formerly Navigator Securities Lending Prime Portfolio, the
"Fund"), a series of the State Street Navigator Securities Lending Trust,
(formerly Navigator Securities Lending Trust), are responsible for complying
with the requirements of subsections (b) and (c) of Rule 17f-2, "Custody of
Investments by Registered Management Investment Companies," of the Investment
Company Act of 1940. We are also responsible for establishing and maintaining
an effective internal control over compliance with those requirements. We
have performed an evaluation of the Fund's compliance with the requirements
of subsections (b) and (c) of Rule 17f-2 as of December 31, 1998.
Based on this evaluation, we assert that the Fund was in compliance with
those provisions of Rule 17f-2 of the Investment Company Act of 1940 as of
December 31, 1998 with respect to securities and similar investment reflected
in the investment account of the Fund.
State Street Navigator Securities Lending Trust
By: /s/ Ralph F. Vitale
-----------------------------------------
Ralph F. Vitale
Executive Vice President - Division Head
/s/ Cinzia Liambo
-----------------------------------------
Cinzia Liambo
Vice President - Compliance
<PAGE>
[LETTERHEAD]
-----------------------------------------------------------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
November 9, 1999
To the Trustees of State Street
Navigator Securities Lending trust
We have examined management's assertion about the compliance of State Street
Navigator Securities Lending Prime Portfolio (formerly Navigator Securities
Lending Prime Portfolio) (the "Fund"), a series of State Street Navigator
Securities Lending Trust (formerly Navigator Securities Lending Trust), with
the requirements of subsections (b) and (c) of Rule 17f-2 under the
Investment Company Act of 1940 (the "Act) as of December 31, 1998 included in
the accompanying Management Statement Regarding Compliance with Certain
Provisions of the Investment Company Act of 1940. Management is responsible
for the Fund's compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about the Fund's compliance
based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Fund's compliance with those
requirements and performing such other procedures as we considered necessary
in the circumstances. Included among our procedures were the following tests
performed as of December 31, 1998, and the period from August 31, 1998 (the
date of last examination) through December 31, 1998 with respect to agreement
of purchases and sales of securities and similar investments:
- For securities which were held by the Fund at December 31, 1998, we read
the reconciliations of the State Street Bank and Trust Company ("Custodian")
investment positions to the positions held in omnibus book entry form for the
Custodian's account at the Depository Trust Company and Chase Manhattan Bank,
observing no unresolved differences;
- We confirmed all domestic time deposit and funding agreement positions at
December 31, 1998 with counterparty brokers and banks;
- We agreed the Custodian's Eurodollar time deposit positions in aggregate at
December 31, 1998 (including the Fund's positions) to the position held in
omnibus book entry form by the Fund's subcustodian, First National Bank of
Chicago;
- We reconciled all securities to the books and records of the Fund and the
Custodian;
- We agreed five security purchases and five security sales or maturities
since our last examination from the books and records of the Fund to broker
confirmations or subsequent bank statements.
<PAGE>
[LOGO]
To the Trustees
November 9, 1999
Page 2
We believe that our examination provides a reasonable basis for our opinion.
Our examination does not provide a legal determination on the Fund's
compliance with specified requirements.
In our opinion, management's assertion that the Fund was in compliance with
the requirements of Subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of December 31, 1998 with respect to securities
reflected in the investment account of the Fund is fairly, in all material
respects.
This report is intended solely for the information and use of management of
State Street Navigator Securities Lending Trust and the Securities and
Exchange Commission and should not be used for any other purpose.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
