Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF 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
OMB APPROVAL
OMB Number: 3235-0104
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
  SHELTON STANLEY W
 2. Date of Event Requiring Statement (Month/Day/Year)
01/19/2005		 3. Issuer Name and Ticker or Trading Symbol
STATE STREET CORP [STT]
(Last)
(First)
(Middle)
STATE STREET CORPORATION, ONE LINCOLN STREET		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Executive Vice President
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

BOSTON, MA 02111		 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 Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 37,070
D
 
Common Stock 3,723 (1)
I
401(k) Plan

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
EMPLOYEE STOCK OPTION (right to buy)   (2) 12/18/2008 Common Stock 2,800 $ 33.7187 D  
EMPLOYEE STOCK OPTION (right to buy)   (3) 02/19/2009 Common Stock 12,000 $ 36.4844 D  
EMPLOYEE STOCK OPTION (right to buy)   (4) 12/17/2009 Common Stock 69,800 $ 34.6406 D  
EMPLOYEE STOCK OPTION (right to buy)   (5) 12/22/2010 Common Stock 73,800 $ 60.7375 D  
EMPLOYEE STOCK OPTION (right to buy)   (6) 12/21/2011 Common Stock 115,900 $ 51.975 D  
EMPLOYEE STOCK OPTION (right to buy) 02/21/2004 02/22/2012 Common Stock 15,200 $ 49.705 D  
EMPLOYEE STOCK OPTION (right to buy)   (7) 12/19/2012 Common Stock 83,300 $ 40.22 D  
EMPLOYEE STOCK OPTION (right to buy)   (8) 12/17/2013 Common Stock 61,600 $ 49.81 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
SHELTON STANLEY W
STATE STREET CORPORATION
ONE LINCOLN STREET
BOSTON, MA 02111		       Executive Vice President  

Signatures

Stanley W. Shelton 01/31/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(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) The reporting person indirectly beneficially owns 3,723 shares of State Street common stock through State Street Corporation's 401(k) Plan, as of January 19, 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.
(2) Options become exercisable in 33 1/3% installments over a three-year period commencing on December 17, 1999.
(3) Options become exercisable in 33 1/3% installments over a three-year period commencing on February 18, 2000.
(4) Options become exercisable in 33 1/3% installments over a three-year period commencing on December 16, 2000.
(5) Options become exercisable in 33 1/3% installments over a three-year period commencing on December 21, 2001.
(6) Options become exercisable in 33 1/3% installments over a three-year period commencing on December 20, 2002.
(7) Options become exercisable in 33 1/3% installments over a three-year period commencing on December 19, 2004.
(8) Options become exercisable in 33 1/3% installments over a three-year period commencing on December 17, 2005.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.