US BANCORP \DE\ — Director's Dealing 2006

Apr 21, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-04-20

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-04-20	Common Stock, $0.01 par value	M	12081	$18.7889	Acquired	37272.3	Direct
2006-04-20	Common Stock, $0.01 par vaue	M	20306	$23.631	Acquired	57578.3	Direct
2006-04-20	Common Stock, $0.01 par value	S	29387	$30.55	Disposed	28191.3	Direct
2006-04-20	Common Stock, $0.01 par value	S	2300	$30.56	Disposed	25891.3	Direct
2006-04-20	Common Stock, $0.01 par value	S	700	$30.58	Disposed	25191.3	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-04-20	Employee Stock Option (Right to Buy)	$18.7889	M	12081	Disposed	2007-12-07	Common Stock (12081)	Direct
2006-04-20	Employee Stock Option (Right to Buy)	$23.631	M	20306	Disposed	2008-11-20	Common Stock (20306)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	14594.89	Indirect
Common Stock, $0.01 par value	1800	Indirect

Footnotes

F1: Includes additional share amounts acquired in October 2005, and in January and April 2006, pursuant to a dividend reinvestment plan in transactions exempt under Rule 16a-11.

F2: Based on a plan report dated 3/31/06, the most recent plan report available.

F3: The option vested in four equal annual installments beginning on December 9, 1998.

F4: The option vested in four equal annual installments beginning on November 20, 1999.