US BANCORP \DE\ — Director's Dealing 2004

Jan 28, 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: GRUNDHOFER JERRY A (Director, Chairman, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-27	Common Stock, $0.01 par value	M	100000	$3.7379	Acquired	100000	Direct
2004-01-27	Common Stock, $0.01 par value	S	9000	$28.38	Disposed	91000	Direct
2004-01-27	Common Stock, $0.01 par value	S	21500	$28.40	Disposed	69500	Direct
2004-01-27	Common Stock, $0.01 par vaue	S	10000	$28.42	Disposed	59500	Direct
2004-01-27	Common Stock, $0.01 par value	S	12500	$28.43	Disposed	47000	Direct
2004-01-27	Common Stock, $0.01 par value	S	22000	$28.45	Disposed	25000	Direct
2004-01-27	Common Stock, $0.01 par value	S	25000	$28.50	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-27	Common Stock, $0.01 par value	$3.7379	M	100000	Disposed	2004-12-10	Common Stock (100000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	19327.72	Indirect
Common Stock, $0.01 par value	15000	Indirect
Common Stock, $0.01 par value	227351	Indirect

Footnotes

F1: A portion of the proceeds of the sale of the shares received as a result of the option exercise were used to pay the expenses of that exercise as well as expenses related to the transactions reported on Mr. Grundhofer's Form 4 report dated January 13, 2004.

F2: Based on a plan report dated 12/31/03, the most recent plan report available.

F3: The option vested in four equal annual installments beginning on December 13, 1995.