US BANCORP \DE\ — Director's Dealing 2007

Oct 24, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2007-10-23

Reporting Person: GRUNDHOFER JERRY A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-10-23	Common Stock, $0.01 par value	M	118804	$21.2306	Disposed	118804	Direct
2007-10-23	Common Stock, $0.01 par value	M	60408	$23.631	Disposed	179212	Direct
2007-10-23	Common Stock, $0.01 par value	M	48328	$23.631	Disposed	227540	Direct
2007-10-23	Common Stock, $0.01 par value	S	800	$31.22	Disposed	226740	Direct
2007-10-23	Common Stock, $0.01 par value	S	1900	$31.23	Disposed	224840	Direct
2007-10-23	Common Stock, $0.01 par value	S	1600	$31.24	Disposed	223240	Direct
2007-10-23	Common Stock, $0.01 par value	S	1600	$31.25	Disposed	221640	Direct
2007-10-23	Common Stock, $0.01 par value	S	1200	$31.26	Disposed	220440	Direct
2007-10-23	Common Stock, $0.01 par value	S	1500	$31.27	Disposed	218940	Direct
2007-10-23	Common Stock, $0.01 par value	S	3800	$31.28	Disposed	215140	Direct
2007-10-23	Common Stock, $0.01 par value	S	4900	$31.29	Disposed	210240	Direct
2007-10-23	Common Stock, $0.01 par value	S	3000	$31.30	Disposed	207240	Direct
2007-10-23	Common Stock, $0.01 par value	S	6400	$31.31	Disposed	200840	Direct
2007-10-23	Common Stock, $0.01 par value	S	4200	$31.32	Disposed	196640	Direct
2007-10-23	Common Stock, $0.01 par value	S	100	$31.325	Disposed	196540	Direct
2007-10-23	Common Stock, $0.01 par value	S	6100	$31.33	Disposed	190440	Direct
2007-10-23	Common Stock, $0.01 par value	S	7400	$31.34	Disposed	183040	Direct
2007-10-23	Common Stock, $0.01 par value	S	10704	$31.35	Disposed	172336	Direct
2007-10-23	Common Stock, $0.01 par value	S	4700	$31.36	Disposed	167636	Direct
2007-10-23	Common Stock, $0.01 par value	S	3400	$31.37	Disposed	164236	Direct
2007-10-23	Common Stock, $0.01 par value	S	3600	$31.38	Disposed	160636	Direct
2007-10-23	Common Stock, $0.01 par value	S	3500	$31.39	Disposed	157136	Direct
2007-10-23	Common Stock, $0.01 par value	S	3700	$31.40	Disposed	153436	Direct
2007-10-23	Common Stock, $0.01 par value	S	2100	$31.41	Disposed	151336	Direct
2007-10-23	Common Stock, $0.01 par value	S	2300	$31.42	Disposed	149036	Direct
2007-10-23	Common Stock, $0.01 par value	S	3200	$31.43	Disposed	145836	Direct
2007-10-23	Common Stock, $0.01 par value	S	1000	$31.44	Disposed	144836	Direct
2007-10-23	Common Stock, $0.01 par value	S	1100	$31.45	Disposed	143736	Direct
2007-10-23	Common Stock, $0.01 par value	S	3500	$31.46	Disposed	140236	Direct
2007-10-23	Common Stock, $0.01 par value	S	100	$31.465	Disposed	140136	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-10-23	Employee Stock Option (Right to Buy)	$21.2306	M	118804	Disposed	2007-12-31	Common Stock (118804)	Direct
2007-10-23	Employee Stock Option (Right to Buy)	$23.631	M	60408	Disposed	2007-12-31	Common Stock (60408)	Direct
2007-10-23	Employee Stock Option (Right to Buy)	$23.631	M	48328	Disposed	2007-12-31	Common Stock (48328)	Direct

Footnotes

F1: The option vested in four equal annual installments beginning on December 14, 2000.

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