Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
CARLSON JENNIE P
   2. Issuer Name and Ticker or Trading Symbol
US BANCORP \DE\ [USB] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
EVP, Human Resources
(Last)
(First)
(Middle)
U.S. BANCORP, 800 NICOLLET MALL		 3. Date of Earliest Transaction (Month/Day/Year)
04/20/2006
(Street)

MINNEAPOLIS, MN 55402		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, $0.01 par value 04/20/2006   M   12,081 A $ 18.7889 37,272.3 (1) D  
Common Stock, $0.01 par vaue 04/20/2006   M   20,306 A $ 23.631 57,578.3 D  
Common Stock, $0.01 par value 04/20/2006   S   29,387 D $ 30.55 28,191.3 D  
Common Stock, $0.01 par value 04/20/2006   S   2,300 D $ 30.56 25,891.3 D  
Common Stock, $0.01 par value 04/20/2006   S   700 D $ 30.58 25,191.3 D  
Common Stock, $0.01 par value               14,594.89 (2) I 401(k) Plan
Common Stock, $0.01 par value               1,800 I By Spouse's IRA

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (Right to Buy) $ 18.7889 04/20/2006   M     12,081   (3) 12/07/2007 Common Stock 12,081 $ 0 0 D  
Employee Stock Option (Right to Buy) $ 23.631 04/20/2006   M     20,306   (4) 11/20/2008 Common Stock 20,306 $ 0 25,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CARLSON JENNIE P
U.S. BANCORP
800 NICOLLET MALL
MINNEAPOLIS, MN 55402		       EVP, Human Resources  

Signatures

 Lee R. Mitau for Jennie P. Carlson   04/21/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Includes additional share amounts acquired in October 2005, and in January and April 2006, pursuant to a dividend reinvestment plan in transactions exempt under Rule 16a-11.
(2) Based on a plan report dated 3/31/06, the most recent plan report available.
(3) The option vested in four equal annual installments beginning on December 9, 1998.
(4) The option vested in four equal annual installments beginning on November 20, 1999.

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