US BANCORP \DE\ — Director's Dealing 2004

Jan 29, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2004-01-27

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-27	Common Stock, $0.01 par value	M	4531	$3.7379	Acquired	28886	Direct
2004-01-27	Common Stock, $0.01 par value	S	3031	$28.56	Disposed	25855	Direct
2004-01-27	Common Stock, $0.01 par value	S	1500	$28.57	Disposed	24355	Direct
2004-01-28	Common Stock, $0.01 par value	I	174.9	$28.52	Acquired	11512.7	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-27	Employee Stock Option (Right to Buy)	$3.7379	M	4531	Disposed	2004-12-10	Common Stock (4531)	Direct

Holdings (Non-Derivative)

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

Footnotes

F1: Includes share amounts acquired in January 2004 pursuant to a dividend reinvestment plan in transactions exempt under Rule 16a-11.

F2: The option vested in four equal annual installments beginning on December 13, 1995.