US BANCORP \DE\ — Director's Dealing 2006

Oct 25, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-10-24

Reporting Person: GRUNDHOFER JERRY A (Director, Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-10-24	Common Stock, $0.01 par value	M	12081	$21.2306	Acquired	12081	Direct
2006-10-24	Common Stock, $0.01 par value	M	215455	$21.541	Disposed	227536	Direct
2006-10-24	Common Stock, $0.01 par value	S	300	$33.52	Disposed	227236	Direct
2006-10-24	Common Stock, $0.01 par value	S	12000	$33.53	Disposed	215236	Direct
2006-10-24	Common Stock, $0.01 par value	S	20700	$33.54	Disposed	194536	Direct
2006-10-24	Common Stock, $0.01 par value	S	6500	$33.55	Disposed	188036	Direct
2006-10-24	Common Stock, $0.01 par value	S	5100	$33.56	Disposed	182936	Direct
2006-10-24	Common Stock, $0.01 par value	S	5100	$33.57	Disposed	177836	Direct
2006-10-24	Common Stock, $0.01 par value	S	5600	$33.58	Disposed	172236	Direct
2006-10-24	Common Stock, $0.01 par value	S	4800	$33.59	Disposed	167436	Direct
2006-10-24	Common Stock, $0.01 par value	S	5700	$33.60	Disposed	161736	Direct
2006-10-24	Common Stock, $0.01 par value	S	4800	$33.61	Disposed	156936	Direct
2006-10-24	Common Stock, $0.01 par value	S	4300	$33.62	Disposed	152636	Direct
2006-10-24	Common Stock, $0.01 par value	S	6900	$33.63	Disposed	145736	Direct
2006-10-24	Common Stock, $0.01 par value	S	8600	$33.64	Disposed	137136	Direct
2006-10-24	Common Stock, $0.01 par value	S	5500	$33.65	Disposed	131636	Direct
2006-10-24	Common Stock, $0.01 par value	S	10400	$33.66	Disposed	121236	Direct
2006-10-24	Common Stock, $0.01 par value	S	11300	$33.67	Disposed	109936	Direct
2006-10-24	Common Stock, $0.01 par value	S	16200	$33.68	Disposed	93736	Direct
2006-10-24	Common Stock, $0.01 par value	S	10600	$33.69	Disposed	83136	Direct
2006-10-24	Common Stock, $0.01 par value	S	14700	$33.70	Disposed	68436	Direct
2006-10-24	Common Stock, $0.01 par value	S	12000	$33.71	Disposed	56436	Direct
2006-10-24	Common Stock, $0.01 par value	S	2300	$33.72	Disposed	54136	Direct
2006-10-24	Common Stock, $0.01 par value	S	1800	$33.73	Disposed	52.336	Direct
2006-10-24	Common Stock, $0.01 par value	S	400	$33.74	Disposed	51936	Direct
2006-10-24	Common Stock, $0.01 par value	S	9700	$33.75	Disposed	42236	Direct
2006-10-24	Common Stock, $0.01 par value	S	700	$33.76	Disposed	41536	Direct
2006-10-24	Common Stock, $0.01 par value	S	19236	$33.77	Disposed	22300	Direct
2006-10-24	Common Stock, $0.01 par value	S	17000	$33.78	Disposed	5300	Direct
2006-10-24	Common Stock, $0.01 par value	S	4300	$33.79	Disposed	1000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-10-24	Employee Stock Option (Right to Buy)	$21.2306	M	12081	Disposed	2009-12-14	Common Stock (12081)	Direct
2006-10-24	Employee Stock Option (Right to Buy)	$21.541	M	215455	Disposed	2010-12-12	Common Stock (215455)	Direct

Footnotes

F1: The option vested in four equal annual installments beginning on December 14, 2000.

F2: The option vested in four equal annual installments beginning on December 12, 2001.