US BANCORP \DE\ — Director's Dealing 2007

Jan 24, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2007-01-19

Reporting Person: GRUNDHOFER JERRY A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-19	Common Stock, $0.01 par value	M	1065	$18.7889	Acquired	1065	Direct
2007-01-19	Common Stock, $0.01 par value	M	107669	$18.7889	Acquired	108734	Direct
2007-01-19	Common Stock, $0.01 par value	M	120816	$23.631	Acquired	229550	Direct
2007-01-19	Common Stock, $0.01 par value	S	1000	$35.31	Disposed	228550	Direct
2007-01-19	Common Stock, $0.01 par value	S	4300	$35.32	Disposed	224250	Direct
2007-01-19	Common Stock, $0.01 par value	S	3800	$35.33	Disposed	220450	Direct
2007-01-19	Common Stock, $0.01 par value	S	800	$35.34	Disposed	219650	Direct
2007-01-19	Common Stock, $0.01 par value	S	1700	$35.35	Disposed	217950	Direct
2007-01-19	Common Stock, $0.01 par value	S	3200	$35.37	Disposed	214750	Direct
2007-01-19	Common Stock, $0.01 par value	S	2400	$35.38	Disposed	212350	Direct
2007-01-19	Common Stock, $0.01 par value	S	10200	$35.39	Disposed	202150	Direct
2007-01-19	Common Stock, $0.01 par value	S	10300	$35.40	Disposed	191850	Direct
2007-01-19	Common Stock, $0.01 par value	S	3600	$35.41	Disposed	188250	Direct
2007-01-19	Common Stock, $0.01 par value	S	7800	$35.42	Disposed	180450	Direct
2007-01-19	Common Stock, $0.01 par value	S	13825	$35.43	Disposed	166625	Direct
2007-01-19	Common Stock, $0.01 par value	S	7875	$35.44	Disposed	158750	Direct
2007-01-19	Common Stock, $0.01 par value	S	6800	$35.45	Disposed	151950	Direct
2007-01-19	Common Stock, $0.01 par value	S	4900	$35.46	Disposed	147050	Direct
2007-01-19	Common Stock, $0.01 par value	S	6450	$35.47	Disposed	140600	Direct
2007-01-19	Common Stock, $0.01 par value	S	3000	$35.48	Disposed	137600	Direct
2007-01-19	Common Stock, $0.01 par value	S	5300	$35.49	Disposed	132300	Direct
2007-01-19	Common Stock, $0.01 par value	S	3400	$35.50	Disposed	128900	Direct
2007-01-19	Common Stock, $0.01 par value	S	16600	$35.51	Disposed	112300	Direct
2007-01-19	Common Stock, $0.01 par value	S	4300	$35.52	Disposed	108000	Direct
2007-01-19	Common Stock, $0.01 par value	S	4100	$35.53	Disposed	103900	Direct
2007-01-19	Common Stock, $0.01 par value	S	1500	$35.54	Disposed	102400	Direct
2007-01-19	Common Stock, $0.01 par value	S	2300	$35.57	Disposed	100100	Direct
2007-01-19	Common Stock, $0.01 par value	S	4900	$35.58	Disposed	95200	Direct
2007-01-19	Common Stock, $0.01 par value	S	2600	$35.59	Disposed	92600	Direct
2007-01-19	Common Stock, $0.01 par value	S	5800	$35.60	Disposed	86800	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-01-19	Employee Stock Option (Right to Buy)	$18.7889	M	1065	Disposed	2007-12-09	Common Stock (1065)	Direct
2007-01-19	Employee Stock Option (Right to Buy)	$18.7889	M	107669	Disposed	2007-12-07	Common Stock (107669)	Direct
2007-01-19	Employee Stock Option (Right to Buy)	$23.631	M	120816	Disposed	2007-12-31	Common Stock (120816)	Direct

Footnotes

F1: The option vested in four equal annual installments beginning on December 9, 1998.

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