US BANCORP \DE\ — Director's Dealing 2007

Apr 25, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2007-04-24

Reporting Person: GRUNDHOFER JERRY A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-04-24	Common Stock, $0.01 par value	M	108734	$23.631	Acquired	108734	Direct
2007-04-24	Common Stock, $0.01 par value	M	118802	$21.2306	Acquired	227536	Direct
2007-04-24	Common Stock, $0.01 par value	S	1800	$34.03	Disposed	225736	Direct
2007-04-24	Common Stock, $0.01 par value	S	1400	$34.04	Disposed	224336	Direct
2007-04-24	Common Stock, $0.01 par value	S	5900	$34.05	Disposed	218436	Direct
2007-04-24	Common Stock, $0.01 par value	S	6300	$34.06	Disposed	212136	Direct
2007-04-24	Common Stock, $0.01 par value	S	7300	$34.07	Disposed	204836	Direct
2007-04-24	Common Stock, $0.01 par value	S	1900	$34.08	Disposed	202936	Direct
2007-04-24	Common Stock, $0.01 par value	S	4800	$34.09	Disposed	198136	Direct
2007-04-24	Common Stock, $0.01 par value	S	1900	$34.10	Disposed	196236	Direct
2007-04-24	Common Stock, $0.01 par value	S	5100	$34.11	Disposed	191136	Direct
2007-04-24	Common Stock, $0.01 par value	S	4600	$34.12	Disposed	186536	Direct
2007-04-24	Common Stock, $0.01 par value	S	1600	$34.13	Disposed	184936	Direct
2007-04-24	Common Stock, $0.01 par value	S	2700	$34.14	Disposed	182236	Direct
2007-04-24	Common Stock, $0.01 par value	S	11200	$34.15	Disposed	171036	Direct
2007-04-24	Common Stock, $0.01 par value	S	12800	$34.16	Disposed	158236	Direct
2007-04-24	Common Stock, $0.01 par value	S	21900	$34.17	Disposed	136336	Direct
2007-04-24	Common Stock, $0.01 par value	S	16734	$34.18	Disposed	119602	Direct
2007-04-24	Common Stock, $0.01 par value	S	22200	$34.19	Disposed	97402	Direct
2007-04-24	Common Stock, $0.01 par value	S	42600	$34.20	Disposed	54802	Direct
2007-04-24	Common Stock, $0.01 par value	S	17500	$34.21	Disposed	37302	Direct
2007-04-24	Common Stock, $0.01 par value	S	5400	$34.22	Disposed	31902	Direct
2007-04-24	Common Stock, $0.01 par value	S	5600	$34.23	Disposed	26302	Direct
2007-04-24	Common Stock, $0.01 par value	S	7600	$34.24	Disposed	18702	Direct
2007-04-24	Common Stock, $0.01 par value	S	6202	$34.25	Disposed	12500	Direct
2007-04-24	Common Stock, $0.01 par value	S	6600	$34.26	Disposed	5900	Direct
2007-04-24	Common Stock, $0.01 par value	S	1600	$34.27	Disposed	4300	Direct
2007-04-24	Common Stock, $0.01 par value	S	500	$34.28	Disposed	3800	Direct
2007-04-24	Common Stock, $0.01 par value	S	2800	$34.29	Disposed	1000	Direct
2007-04-24	Common Stock, $0.01 par value	S	400	$34.32	Disposed	600	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-04-24	Employee Stock Option (Right to Buy)	$23.631	M	108734	Disposed	2007-12-31	Common Stock (108734)	Direct
2007-04-24	Employee Stock Option (Right to Buy)	$21.2306	M	118802	Disposed	2007-12-31	Common Stock (118802)	Direct

Footnotes

F1: The option vested in four equal annual installments beginning on November 20, 1999.

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