FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * OBrien Edward J   2. Issuer Name and Ticker or Trading Symbol STATE STREET CORP [STT] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) EVP and Treasurer (Last) (First) (Middle) STATE STREET CORPORATION, ONE LINCOLN STREET 3. Date of Earliest Transaction (Month/Day/Year) 03/02/2005 (Street) BOSTON, MA 02111 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 03/02/2005   A(1)   2,348 A $ 44.53 9,735 D   Common Stock               3,498 I 401(k) Plan (2)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option (right to buy)

$ 44.53

03/02/2005

A(3)

18,800

(4)

03/01/2015

Common Stock

18,800

$ 0

18,800

D

Cash only right

$ 0 (6)

02/01/2005(5)

A(5)

0

(5)

(5)

Common Stock

1,167

$ 0 (5)

1,167

I

See Footnote (5)

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
OBrien Edward J STATE STREET CORPORATION ONE LINCOLN STREET BOSTON, MA 02111			EVP and Treasurer

Signatures

/s/ Richard P. Jacobson, Attorney-in-fact		03/04/2005
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Deferred stock award granted pursuant to State Street Corporation 1997 Equity Incentive Plan.
(2)	The reporting person indirectly beneficially owns 3,498 shares of State Street common stock through State Street Corporation's 401(k) plan, as of February 1, 2005. The plan accounts for interest in units of shares and a small amount of cash. As a result the number of underlying shares may fluctuate from time to time.
(3)	Employee Stock option grant pursuant to State Street Corporation 1997 Equity Incentive Plan.
(4)	Options become exercisable in 25% installments over a four-year period commencing on March 2, 2006.
(5)	These rights, which represent the right to receive cash in an amount equal to the fair market value of the underlying common stock, had previously been reported in Table 1. They are held under State Street Corporation's 401(k) Restoration and Voluntary Deferral Plan, as of February 1, 2005, and will be settled upon reporting person's retirement.
(6)	1-for-1

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