STATE STREET CORP — Director's Dealing 2007

Feb 20, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: STATE STREET CORP (STT)
CIK: 0000093751
Period of Report: 2007-02-15

Reporting Person: Phalen James S (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-15	Common Stock	A	9147	$70.59	Acquired	111678	Direct
2007-02-15	Common Stock	F	1433	$70.59	Disposed	110245	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-15	Stock Appreciation Right	$70.59	A	65421	Acquired	2017-02-15	Common Stock (65421)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	782	Indirect

Footnotes

F1: Deferred stock award granted pursuant to State Street Corporation 2006 Equity Incentive Plan.

F2: These shares were withheld to satisfy tax withholding obligations in connection with the vesting of deferred and restricted stock.

F3: The reporting person indirectly beneficially owns 782 shares of State Street common stock through State Street Corporation's 401(k) plan, as of January 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.

F4: Stock Appreciation Right granted pursuant to State Street Corporation 2006 Equity Incentive Plan.

F5: Stock Appreciation Right becomes exercisable in four equal annual increments commencing February 15, 2008.