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: 2007-04-20

Reporting Person: GRUNDHOFER JERRY A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-04-20	Common Stock, $0.01 par value	M	1065	$18.7889	Acquired	1065	Direct
2007-04-20	Common Stock, $0.01 par value	M	107669	$18.7889	Acquired	108734	Direct
2007-04-20	Common Stock, $0.01 par value	M	120816	$23.631	Acquired	229550	Direct
2007-04-20	Common Stock, $0.01 par value	S	800	$34.34	Disposed	228750	Direct
2007-04-20	Common Stock, $0.01 par value	S	5300	$34.36	Disposed	223450	Direct
2007-04-20	Common Stock, $0.01 par value	S	6400	$34.37	Disposed	217050	Direct
2007-04-20	Common Stock, $0.01 par value	S	7800	$34.38	Disposed	209250	Direct
2007-04-20	Common Stock, $0.01 par value	S	18500	$34.39	Disposed	190750	Direct
2007-04-20	Common Stock, $0.01 par value	S	28700	$34.40	Disposed	162050	Direct
2007-04-20	Common Stock, $0.01 par value	S	49800	$34.41	Disposed	112250	Direct
2007-04-20	Common Stock, $0.01 par value	S	7800	$34.42	Disposed	104450	Direct
2007-04-20	Common Stock, $0.01 par value	S	17700	$34.43	Disposed	86750	Direct
2007-04-20	Common Stock, $0.01 par value	S	26550	$34.44	Disposed	60200	Direct
2007-04-20	Common Stock, $0.01 par value	S	10700	$34.45	Disposed	49500	Direct
2007-04-20	Common Stock, $0.01 par value	S	22900	$34.46	Disposed	26600	Direct
2007-04-20	Common Stock, $0.01 par value	S	10600	$34.47	Disposed	16000	Direct
2007-04-20	Common Stock, $0.01 par value	S	4500	$34.48	Disposed	11500	Direct
2007-04-20	Common Stock, $0.01 par value	S	900	$34.49	Disposed	10600	Direct
2007-04-20	Common Stock, $0.01 par value	S	4200	$34.50	Disposed	6400	Direct
2007-04-20	Common Stock, $0.01 par value	S	900	$34.52	Disposed	5500	Direct
2007-04-20	Common Stock, $0.01 par value	S	400	$34.54	Disposed	5100	Direct
2007-04-20	Common Stock, $0.01 par value	S	700	$34.58	Disposed	4400	Direct
2007-04-20	Common Stock, $0.01 par value	S	1500	$34.60	Disposed	2900	Direct
2007-04-20	Common Stock, $0.01 par value	S	200	$34.61	Disposed	2700	Direct
2007-04-20	Common Stock, $0.01 par value	S	100	$34.63	Disposed	2600	Direct
2007-04-20	Common Stock, $0.01 par value	S	2600	$34.66	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-04-20	Employee Stock Option (Right to Buy)	$18.7889	M	1065	Disposed	2007-12-09	Common Stock (1065)	Direct
2007-04-20	Employee Stock Option (Right to Buy)	$18.7889	M	107669	Disposed	2007-12-07	Common Stock (107669)	Direct
2007-04-20	Employee Stock Option (Right to Buy)	$23.631	M	120816	Disposed	2007-12-31	Common Stock (120816)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	25065.129	Indirect
Common Stock, $0.01 par value	24782.2928	Indirect
Common Stock, $0.01 par value	282082	Indirect

Footnotes

F1: Based on a plan report dated March 31, 2007, the most recent plan report available.

F2: The option vested in four equal annual installments beginning on December 9, 1998.

F3: The option vested in four equal annual installments beginning on November 20, 1999.