Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF 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 *
  Hoesley Joseph C
 2. Date of Event Requiring Statement (Month/Day/Year)
06/28/2006		 3. Issuer Name and Ticker or Trading Symbol
US BANCORP \DE\ [USB]
(Last)
(First)
(Middle)
U.S. BANCORP, 800 NICOLLET MALL		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Vice Chairman
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

MINNEAPOLIS, MN 55402		 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 Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock, $0.01 par value 59,629.42
D
 
Common Stock, $0.01 par value 9,721.62
I
401(k) plan
Common Stock, $0.01 par value 48,875
I
by spouse

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (Right to Buy)   (1) 12/19/2006 Common Stock 29,762 $ 31.6051 D  
Employee Stock Option (Right to Buy)   (1) 12/19/2006 Common Stock 29,231 $ 31.6051 D  
Employee Stock Option (Right to Buy)   (2) 12/17/2012 Common Stock 20,639 $ 21.4938 D  
Employee Stock Option (Right to Buy)   (3) 01/20/2014 Common Stock 19,728 $ 28.5 D  
Employee Stock Option (Right to Buy)   (4) 02/16/2015 Common Stock 56,054 $ 30.12 D  
Employee Stock Option (Right to Buy)   (5) 02/14/2016 Common Stock 47,025 $ 29.97 D  
Employee Stock Option (Right to Buy)   (6) 06/20/2016 Common Stock 37,628 $ 31.21 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Hoesley Joseph C
U.S. BANCORP
800 NICOLLET MALL
MINNEAPOLIS, MN 55402		       Vice Chairman  

Signatures

Lee R. Mitau for Joseph C. Hoesley 07/10/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(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) The option vested in four equal annual installments beginning on August 17, 1999.
(2) The option vests in four equal annual installments beginning on December 17, 2003.
(3) The option vests in four equal annual installments beginning on January 20, 2005
(4) The option vests in four equal annual installments beginning on February 16, 2006.
(5) The option vests in four equal annual installments beginning on February 14, 2007.
(6) The option vests in four equal annual installments beginning on June 20, 2007.

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