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: GRUNDHOFER JERRY A (Director, Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-04-20	Common Stock, $0.01 par value	M	9949	$10.0417	Acquired	9949	Direct
2006-04-20	Common Stock, $0.01 par value	M	333723	$10.0417	Acquired	343672	Direct
2006-04-20	Common Stock, $0.01 par value	S	5000	$30.68	Disposed	338672	Direct
2006-04-20	Common Stock, $0.01 par value	S	5000	$30.67	Disposed	333672	Direct
2006-04-20	Common Stock, $0.01 par value	S	26000	$30.65	Disposed	307672	Direct
2006-04-20	Common Stock, $0.01 par value	S	200	$30.63	Disposed	307472	Direct
2006-04-20	Common Stock, $0.01 par value	S	64000	$30.60	Disposed	243472	Direct
2006-04-20	Common Stock, $0.01 par value	S	5500	$30.58	Disposed	237972	Direct
2006-04-20	Common Stock, $0.01 par value	S	100	$30.56	Disposed	237872	Direct
2006-04-20	Common Stock, $0.01 par value	S	137400	$30.55	Disposed	100472	Direct
2006-04-20	Common Stock, $0.01 par value	S	100472	$30.50	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-04-20	Employee Stock Option (Right to Buy)	$10.0417	M	9949	Disposed	2006-12-10	Common Stock (9949)	Direct
2006-04-20	Employee Stock Option (Right to Buy)	$10.0417	M	333723	Disposed	2006-12-09	Common Stock (333723)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	23817.92	Indirect
Common Stock, $0.01 par value	15000	Indirect
Common Stock, $0.01 par value	227351	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 10, 1997.