US BANCORP \DE\ — Director's Dealing 2006

Jul 10, 2006

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-06-28

Reporting Person: Hoesley Joseph C (Vice Chairman)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	59629.42	Direct
Common Stock, $0.01 par value	9721.62	Indirect
Common Stock, $0.01 par value	48875	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (Right to Buy)	$31.6051	2006-12-19	Common Stock (29762)		Direct
Employee Stock Option (Right to Buy)	$31.6051	2006-12-19	Common Stock (29231)		Direct
Employee Stock Option (Right to Buy)	$21.4938	2012-12-17	Common Stock (20639)		Direct
Employee Stock Option (Right to Buy)	$28.50	2014-01-20	Common Stock (19728)		Direct
Employee Stock Option (Right to Buy)	$30.12	2015-02-16	Common Stock (56054)		Direct
Employee Stock Option (Right to Buy)	$29.97	2016-02-14	Common Stock (47025)		Direct
Employee Stock Option (Right to Buy)	$31.21	2016-06-20	Common Stock (37628)		Direct

Footnotes

F1: The option vested in four equal annual installments beginning on August 17, 1999.

F2: The option vests in four equal annual installments beginning on December 17, 2003.

F3: The option vests in four equal annual installments beginning on January 20, 2005

F4: The option vests in four equal annual installments beginning on February 16, 2006.

F5: The option vests in four equal annual installments beginning on February 14, 2007.

F6: The option vests in four equal annual installments beginning on June 20, 2007.