US BANCORP \DE\ — Director's Dealing 2006

Apr 28, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-04-27

Reporting Person: CHENEVICH WILLIAM L (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-04-27	Common Stock, $0.01 par value	M	60748	$21.2306	Acquired	153639	Direct
2006-04-27	Common Stock, $0.01 par value	S	60748	$30.90	Disposed	92891	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-04-27	Employee Stock Option (Right to Buy)	$21.2306	M	60748	Disposed	2009-12-14	Common Stock (60748)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	1587.66	Indirect

Footnotes

F1: Based on a plan report dated 3/31/06, the most recent plan report available.

F2: The option vested in four equal annual installments beginning on December 14, 2000.