US BANCORP \DE\ — Director's Dealing 2003

Aug 5, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2003-08-04

Reporting Person: MOFFETT DAVID M (Vice Chairman, CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-04	Common Stock, $0.01 par value	F	8443	$24.03	Disposed	108893	Direct
2003-08-04	Common Stock, $0.01 par value	M	8443	$6.7633	Acquired	117336	Direct
2003-08-04	Common Stock, $0.01 par value	F	25243	$24.03	Disposed	92093	Direct
2003-08-04	Common Stock, 0.01 par value	M	25243	$10.11	Acquired	117336	Direct
2003-08-04	Common Stock, $0.01 par value	M	5000	$6.7633	Acquired	122336	Direct
2003-08-04	Common Stock, $0.01 par value	S	800	$23.81	Disposed	121536	Direct
2003-08-04	Common Stock, $0.01 par value	S	100	$23.82	Disposed	121436	Direct
2003-08-04	Common Stock, $0.01 par value	S	4100	$23.83	Disposed	117336	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-08-04	Deferred Compensation Plan Participation	$	M	21557	Acquired		Common Stock (110401.91)	Direct
2003-08-04	Deferred Compensation Plan Participation	$	M	34757	Acquired		Common Stock (145158.91)	Direct
2003-08-04	Employee Stock Option (Right to Buy)	$6.7633	M	30000	Disposed	2005-12-09	Common Stock (40222)	Direct
2003-08-04	Employee Stock Option (Right to Buy)	$10.11	M	60000	Disposed	2006-12-09	Common Stock (215118)	Direct
2003-08-04	Employee Stock Option (Right to Buy)	$6.7633	M	5000	Disposed	2006-12-09	Common Stock (10222)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	983.91	Indirect
Common Stock, $0.01 par value	30291	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (Right to Buy)	$21.64	2012-12-17	Common Stock (234000)	234000	Direct
Employee Stock Option (Right to Buy)	$19.23	2011-12-18	Common Stock (260000)	260000	Direct
Employee Stock Option (Right to Buy)	$21.6875	2010-12-12	Common Stock (350000)	350000	Direct
Employee Stock Option (Right to Buy)	$21.375	2009-12-14	Common Stock (195000)	195000	Direct
Employee Stock Option (Right to Buy)	$28.8958	2009-01-12	Common Stock (345000)	345000	Direct
Employee Stock Option (Right to Buy)	$23.7917	2008-11-20	Common Stock (270000)	270000	Direct
Employee Stock Option (Right to Buy)	$18.9167	2007-12-09	Common Stock (5289)	5289	Direct
Employee Stock Option (Right to Buy)	$18.9167	2007-12-07	Common Stock (219711)	219711	Direct
Employee Stock Option (Right to Buy)	$10.11	2006-12-10	Common Stock (9882)	9882	Direct
Employee Stock Option (Right to Buy)	$6.7633	2005-12-12	Common Stock (14778)	14778	Direct

Footnotes

F1: Based on a plan report dated 7/31/03, the most recent plan report available.

F2: Deferred Compensation Plan Participation converts into common stock on a one-for-one basis and is payable in common stock following termination of the reporting person's employment with U.S. Bancorp or age 55, whichever is later.

F3: Includes additional amounts acquired in April and July pursuant to a dividend reinvestment feature of the U.S. Bancorp Deferred Compensation Plan.

F4: The option vested in four equal annual installments beginning on December 12, 1996.

F5: The option vested in four equal annual installments beginning on December 10, 1997.

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 December 18, 2002.

F8: The option vests in four equal annual installments beginning on December 12, 2001.

F9: The option vests in four equal annual installments beginning on December 14, 2000.

F10: The option vests in full on January 12, 2004.

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 December 10, 1997.

F14: The option vested in four equal annual installments beginning on December 12, 1996.