US BANCORP \DE\ — Director's Dealing 2003

Oct 30, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2003-10-29

Reporting Person: CARLSON JENNIE P (Executive Vice President, HR)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-10-30	Common Stock, $0.01 par value	M	4500	$3.7633	Acquired	28776.37	Direct
2003-10-30	Common Stock, $0.01 par value	S	4500	$27.50	Disposed	24276.37	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-10-30	Employee Stock Option (Right to Buy)	$3.7633	M	4500	Disposed	2004-12-10	Common Stock (9000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	10984.25	Indirect
Common Stock, $0.01 par value	1800	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Deferred Compensation Plan Participation	$		Common Stock (4195.22)	4195.22	Direct
Employee Stock Option (Right to Buy)	$21.64	2012-12-17	Common Stock (133000)	133000	Direct
Employee Stock Option (Right to Buy)	$20.78	2012-01-02	Common Stock (30000)	30000	Direct
Employee Stock Option (Right to Buy)	$19.23	2011-12-18	Common Stock (45000)	45000	Direct
Employee Stock Option (Right to Buy)	$21.6875	2010-12-12	Common Stock (65000)	65000	Direct
Employee Stock Option (Right to Buy)	$21.375	2009-12-14	Common Stock (25000)	25000	Direct
Employee Stock Option (Right to Buy)	$23.7917	2008-11-20	Common Stock (45000)	45000	Direct
Employee Stock Option (Right to Buy)	$18.9167	2007-12-07	Common Stock (24000)	24000	Direct
Employee Stock Option (Right to Buy)	$13.375	2007-04-20	Common Stock (6000)	6000	Direct
Employee Stock Option (Right to Buy)	$10.11	2006-12-08	Common Stock (1575)	1575	Direct
Employee Stock Option (Right to Buy)	$6.7633	2005-12-09	Common Stock (9000)	9000	Direct

Footnotes

F1: Based on a plan report dated 9/30/03, the most recent plan report available.

F2: Deferred Compensation Plan Participation converts into common stock on a one-for-one basis.

F3: Deferred Compensation Plan Participation is payable in common stock following termination of the reporting person's employment with U.S. Bancorp, or age 55, whichever is later.

F4: Includes additional amounts acquired in April, July and October pursuant to a dividend reinvestment feature of the U.S. Bancorp Deferred Compensation Plan.

F5: The option vested in four equal annual installments beginning on December 13, 1995.

F6: The option vests 100% on December 17, 2007, or 25% on December 17th of each of 2003, 2004, 2005 and 2006 if certain performance criteria are met in those years.

F7: The option vests in four equal annual installments beginning on January 2, 2003.

F8: The option vests in four equal annual installments beginning on December 18, 2002.

F9: The option vests in four equal annual installments beginning on December 12, 2001.

F10: The option vests in four equal annual installments beginning on December 14, 2000.

F11: The option vested in four equal annual installments beginning on November 20, 1999.

F12: The option vested in four equal annual installments beginning on December 9, 1998.

F13: The option vested in four equal annual installments beginning on April 21, 1998.

F14: The option vested in four equal annual installments beginning on December 10, 1997.

F15: The option vested in four equal annual installments beginning on December 12, 1996.