US BANCORP \DE\ — Director's Dealing 2006

Jul 24, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-07-20

Reporting Person: CARLSON JENNIE P (EVP, Human Resources)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-07-20	Common Stock, $0.01 par value	M	25000	$23.631	Acquired	50276.1907	Direct
2006-07-20	Common Stock, $0.01 par value	S	25000	$31.81	Disposed	25276.1907	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-07-20	Employee Stock Option (Right to Buy)	$23.631	M	25000	Disposed	2008-11-20	Common Stock (25000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	14745.0606	Indirect
Common Stock, $0.01 par value	1800	Indirect

Footnotes

F1: Based on a plan report dated 6/30/2006, the most recent plan report available.

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