US BANCORP \DE\ — Director's Dealing 2007

Jul 25, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2007-07-23

Reporting Person: GRUNDHOFER JERRY A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-07-23	Common Stock, $0.01 par value	M	215455	$21.54	Acquired	215455	Direct
2007-07-23	Common Stock, $0.01 par value	S	400	$31.7025	Disposed	215055	Direct
2007-07-23	Common Stock, $0.01 par value	S	4100	$31.71	Disposed	210955	Direct
2007-07-23	Common Stock, $0.01 par value	S	600	$31.7125	Disposed	210355	Direct
2007-07-23	Common Stock, $0.01 par value	S	4900	$31.72	Disposed	205455	Direct
2007-07-23	Common Stock, $0.01 par value	S	400	$31.7225	Disposed	205055	Direct
2007-07-23	Common Stock, $0.01 par value	S	600	$31.725	Disposed	204455	Direct
2007-07-23	Common Stock, $0.01 par value	S	13059	$31.73	Disposed	191396	Direct
2007-07-23	Common Stock, $0.01 par value	S	300	$31.7325	Disposed	191096	Direct
2007-07-23	Common Stock, $0.01 par value	S	300	$31.735	Disposed	190796	Direct
2007-07-23	Common Stock, $0.01 par value	S	8996	$31.74	Disposed	181800	Direct
2007-07-23	Common Stock, $0.01 par value	S	100	$31.7425	Disposed	181700	Direct
2007-07-23	Common Stock, $0.01 par value	S	7400	$31.75	Disposed	174300	Direct
2007-07-23	Common Stock, $0.01 par value	S	3000	$31.76	Disposed	171300	Direct
2007-07-23	Common Stock, $0.01 par value	S	1600	$31.77	Disposed	169700	Direct
2007-07-23	Common Stock, $0.01 par value	S	700	$31.78	Disposed	169000	Direct
2007-07-23	Common Stock, $0.01 par value	S	3600	$31.79	Disposed	165400	Direct
2007-07-23	Common Stock, $0.01 par value	S	5200	$31.80	Disposed	160200	Direct
2007-07-23	Common Stock, $0.01 par value	S	5700	$31.81	Disposed	154500	Direct
2007-07-23	Common Stock, $0.01 par value	S	11200	$31.82	Disposed	143300	Direct
2007-07-23	Common Stock, $0.01 par value	S	3300	$31.83	Disposed	140000	Direct
2007-07-23	Common Stock, $0.01 par value	S	2900	$31.84	Disposed	137100	Direct
2007-07-23	Common Stock, $0.01 par value	S	6500	$31.85	Disposed	130600	Direct
2007-07-23	Common Stock, $0.01 par value	S	100	$31.8525	Disposed	130500	Direct
2007-07-23	Common Stock, $0.01 par value	S	9100	$31.86	Disposed	121400	Direct
2007-07-23	Common Stock, $0.01 par value	S	15100	$31.87	Disposed	106300	Direct
2007-07-23	Common Stock, $0.01 par value	S	18300	$31.88	Disposed	88000	Direct
2007-07-23	Common Stock, $0.01 par value	S	14200	$31.89	Disposed	73800	Direct
2007-07-23	Common Stock, $0.01 par value	S	16200	$31.90	Disposed	57600	Direct
2007-07-23	Common Stock, $0.01 par value	S	7700	$31.91	Disposed	49900	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-07-23	Employee Stock Option (Right to Buy)	$21.541	M	215455	Disposed	2007-12-31	Common Stock (215455)	Direct

Footnotes

F1: The option vested in four equal annual installments beginning on December 12, 2001.