US BANCORP \DE\ — Director's Dealing 2004

Nov 12, 2004

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2004-11-03

Reporting Person: JOSEPH PAMELA A (Chrmn, Pres & CEO of NOVA Info)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	61641	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (Right to Buy)	$21.9309	2011-07-24	Common Stock (251700)		Direct
Employee Stock Option (Right to Buy)	$19.1001	2011-12-18	Common Stock (50340)		Direct
Employee Stock Option (Right to Buy)	$21.4938	2012-12-17	Common Stock (82457)		Direct
Employee Stock Option (Right to Buy)	$28.50	2014-01-20	Common Stock (38479)		Direct

Footnotes

F1: The option vests in four equal annual installments beginning on July 24, 2002.

F2: The option vests in four equal annual installments beginning on December 18, 2002.

F3: The option vests in four equal annual installments beginning on December 17, 2003.

F4: The option vests in four equal annual installments beginning on January 20, 2005.