STATE STREET CORP — Director's Dealing 2007

May 7, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: STATE STREET CORP (STT)
CIK: 0000093751
Period of Report: 2007-05-03

Reporting Person: SHELTON STANLEY W (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-03	Common Stock	M	15200	$49.705	Acquired	67732	Direct
2007-05-03	Common Stock	M	26977	$40.22	Acquired	94709	Direct
2007-05-03	Common Stock	M	32450	$44.53	Acquired	127159	Direct
2007-05-03	Common Stock	S	34149	$69.75	Disposed	93010	Direct
2007-05-03	Common Stock	S	21097	$69.76	Disposed	71913	Direct
2007-05-03	Common Stock	S	7581	$69.77	Disposed	64332	Direct
2007-05-03	Common Stock	S	9600	$69.79	Disposed	54732	Direct
2007-05-03	Common Stock	S	2200	$69.80	Disposed	52532	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-03	Employee Stock Option (Right to buy)	$49.705	M	15200	Disposed	2012-02-21	Common Stock (15200)	Direct
2007-05-03	Employee Stock Option (Right to buy)	$40.22	M	26977	Disposed	2012-12-18	Common Stock (26977)	Direct
2007-05-03	Employee Stock Option (Right to buy)	$44.53	M	32450	Disposed	2015-03-01	Common Stock (32450)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4024	Indirect

Footnotes

F1: Includes DRIP shares acquired through the date of this report.

F2: The reporting person indirectly beneficially owns 4,024 shares of State Street common stock through State Street Corporation's 401(k) plan, as of March 31, 2007. 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.

F3: The option vested in three (3) equal annual increments commencing 12/19/2004

F4: The option vests in four (4) equal annual increments commencing 03/02/2006