US BANCORP \DE\ — Director's Dealing 2005

Oct 27, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2005-10-25

Reporting Person: DOYLE MICHAEL J (EVP, Chief Credit Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-10-25	Common Stock, $0.01 par value	M	4000	$19.1001	Acquired	19202.85	Direct
2005-10-25	Common Stock, $0.01 par value	S	4000	$29.00	Disposed	15202.85	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-10-25	Employee Stock Option (Right to Buy)	$19.1001	M	4000	Disposed	2011-12-18	Common Stock (4000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	1500	Indirect
Common Stock, $0.01 par value	500	Indirect
Common Stock, $0.01 par value	1870.91	Indirect

Footnotes

F1: Includes additional share amounts acquired in April, July and October 2005, pursuant to a dividend reinvestment plan in transactions exempt under Rule 16a-11.

F2: Based on a plan report dated 9/30/05, the most recent plan report available.

F3: The option vests in four equal annual installments beginning on December 18, 2002.