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: 2006-10-20

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-10-20	Common Stock, $0.01 par value	M	1065	$18.7889	Acquired	1065	Direct
2006-10-20	Common Stock, $0.01 par value	M	107669	$18.7889	Acquired	108734	Direct
2006-10-20	Common Stock, $0.01 par value	M	120816	$23.631	Acquired	229550	Direct
2006-10-20	Common Stock, $0.01 par value	S	1500	$33.34	Disposed	228050	Direct
2006-10-20	Common Stock, $0.01 par value	S	5600	$33.35	Disposed	222450	Direct
2006-10-20	Common Stock, $0.01 par value	S	9200	$33.36	Disposed	213250	Direct
2006-10-20	Common Stock, $0.01 par value	S	5400	$33.37	Disposed	207850	Direct
2006-10-20	Common Stock, $0.01 par value	S	13100	$33.38	Disposed	194750	Direct
2006-10-20	Common Stock, $0.01 par value	S	11500	$33.39	Disposed	183250	Direct
2006-10-20	Common Stock, $0.01 par value	S	16000	$33.40	Disposed	167250	Direct
2006-10-20	Common Stock, $0.01 par value	S	10650	$33.41	Disposed	156600	Direct
2006-10-20	Common Stock, $0.01 par value	S	6500	$33.42	Disposed	150100	Direct
2006-10-20	Common Stock, $0.01 par value	S	18200	$33.43	Disposed	131900	Direct
2006-10-20	Common Stock, $0.01 par value	S	13500	$33.44	Disposed	118400	Direct
2006-10-20	Common Stock, $0.01 par value	S	10700	$33.45	Disposed	107700	Direct
2006-10-20	Common Stock, $0.01 par value	S	9000	$33.46	Disposed	98700	Direct
2006-10-20	Common Stock, $0.01 par value	S	7200	$33.47	Disposed	91500	Direct
2006-10-20	Common Stock, $0.01 par value	S	14000	$33.48	Disposed	77500	Direct
2006-10-20	Common Stock, $0.01 par value	S	6600	$33.49	Disposed	70900	Direct
2006-10-20	Common Stock, $0.01 par value	S	6800	$33.50	Disposed	64100	Direct
2006-10-20	Common Stock, $0.01 par value	S	2500	$33.51	Disposed	61600	Direct
2006-10-20	Common Stock, $0.01 par value	S	8400	$33.52	Disposed	53200	Direct
2006-10-20	Common Stock, $0.01 par value	S	11700	$33.53	Disposed	41500	Direct
2006-10-20	Common Stock, $0.01 par value	S	9700	$33.54	Disposed	31800	Direct
2006-10-20	Common Stock, $0.01 par value	S	8800	$33.55	Disposed	23000	Direct
2006-10-20	Common Stock, $0.01 par value	S	5400	$33.56	Disposed	17600	Direct
2006-10-20	Common Stock, $0.01 par value	S	4100	$33.57	Disposed	13500	Direct
2006-10-20	Common Stock, $0.01 par value	S	4300	$33.58	Disposed	9200	Direct
2006-10-20	Common Stock, $0.01 par value	S	2800	$33.59	Disposed	6400	Direct
2006-10-20	Common Stock, $0.01 par value	S	2700	$33.60	Disposed	3700	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-10-20	Employee Stock Option (Right to Buy)	$18.7889	M	1065	Disposed	2007-12-09	Common Stock (1065)	Direct
2006-10-20	Employee Stock Option (Right to Buy)	$18.7889	M	107699	Disposed	2007-12-07	Common Stock (107669)	Direct
2006-10-20	Employee Stock Option (Right to Buy)	$23.631	M	120816	Disposed	2008-11-20	Common Stock (120816)	Direct

Footnotes

F1: The option vested in four equal annual installments beginning on December 9, 1998.

F2: The option vested in four equal annual installments beginning on November 20, 1999.