Sec Form 4 Filing - BAUGHMAN FREDERICK @ STATE STREET CORP - 2004-01-22

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 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 BAUGHMAN FREDERICK 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) SVP, Controller & CAO (Last) (First) (Middle) STATE STREET CORPORATION, 225 FRANKLIN STREET 3. Date of Earliest Transaction (MM/DD/YY) 01/22/2004 (Street) BOSTON, MA02110 4. If Amendment, Date Original Filed (MM/DD/YY) 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 (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 01/22/2004 M 4,920 A $ 8.125 4,920 D Common Stock 01/22/2004 M 4,000 A $ 13.2031 8,920 D Common Stock 01/22/2004 M 6,000 A $ 26.2187 14,920 D Common Stock 01/22/2004 M 8,000 A $ 34.1562 22,920 D Common Stock 01/22/2004 S 7,000 D $ 56.33 15,920 D Common Stock 01/22/2004 S 15,600 D $ 56.45 320 D Common Stock 01/22/2004 S 320 D $ 56.52 0 D Common Stock 1,854 ( 1 ) I 401(k) plan Common Stock 810 ( 1 ) I 401(k) Restoration and Voluntary Deferral Plan

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 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) $ 8.125 01/22/2004 M 4,920 02/16/2000 02/15/2005 Common Stock 4,920 $ 0 0 D Employee Stock Option (right to buy) $ 13.2031 01/22/2004 M 4,000 06/20/2001 06/19/2006 Common Stock 4,000 $ 0 0 D Employee Stock Option (right to buy) $ 26.2187 01/22/2004 M 6,000 ( 2 ) 06/18/2007 Common Stock 6,000 $ 0 0 D Employee Stock Option (right to buy) $ 34.1562 01/22/2004 M 8,000 ( 3 ) 06/17/2008 Common Stock 8,000 $ 0 0 D Employee Stock Option (right to buy) $ 40.5157 ( 4 ) 06/16/2009 Common Stock 8,886 8,886 D Employee Stock Option (right to buy) $ 53.0469 ( 5 ) 06/14/2010 Common Stock 8,126 8,126 D Employee Stock Option (right to buy) $ 39.565 ( 6 ) 09/19/2011 Common Stock 10,187 10,187 D Employee Stock Option (right to buy) $ 49.705 02/21/2004 02/20/2012 Common Stock 4,464 4,464 D Employee Stock Option (right to buy) $ 38.85 ( 7 ) 09/18/2012 Common Stock 10,210 10,210 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other BAUGHMAN FREDERICK STATE STREET CORPORATION 225 FRANKLIN STREET BOSTON, MA02110 SVP, Controller & CAO Signatures Frederick P. Baughman 01/26/2004 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The reporting person indirectly beneficially owns 1,854 shares of State Street common stock through State Street Corporation's 401(k) plan, as of January 16, 2004. 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. The reporting person also indirectly beneficially owns 810 units of State Street common stock, as of January 16, 2004. The units were acquired under State Street Corporation's 401(k) Restoration and Voluntary Deferral Plan and will be settled upon reporting person's retirement. ( 2 )Options become exercisable in 33 1/3% installments over a three-year period commencing on June 19, 1998. ( 3 )Options become exercisable in 33 1/3% installments over a three-year period commencing on June 18, 1999. ( 4 )Options become exercisable in 33 1/3% installments over a three-year period commencing on June 17, 2000. ( 5 )Options become exercisable in 33 1/3% installments over a three-year period commencing on June 15, 2001. ( 6 )Options become exercisable in 33 1/3% installments over a three-year period commencing on September 20, 2002. ( 7 )Options become exercisable in 33 1/3% installments over a three-year period commencing on September 19, 2003.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

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