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 *
GRUNDHOFER JERRY A
   2. Issuer Name and Ticker or Trading Symbol
US BANCORP \DE\ [USB] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
U.S. BANCORP, 800 NICOLLET MALL		 3. Date of Earliest Transaction (Month/Day/Year)
07/23/2007
(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 07/23/2007   S   7,400 D $ 31.92 42,500 D  
Common Stock, $0.01 par value 07/23/2007   S   6,200 D $ 31.93 36,300 D  
Common Stock, $0.01 par value 07/23/2007   S   3,700 D $ 31.94 32,600 D  
Common Stock, $0.01 par value 07/23/2007   S   5,200 D $ 31.95 27,400 D  
Common Stock, $0.01 par value 07/23/2007   S   2,900 D $ 31.96 24,500 D  
Common Stock, $0.01 par value 07/23/2007   S   1,300 D $ 31.97 23,200 D  
Common Stock, $0.01 par value 07/23/2007   S   700 D $ 31.98 22,500 D  
Common Stock, $0.01 par value 07/23/2007   S   200 D $ 31.99 22,300 D  
Common Stock, $0.01 par value 07/23/2007   S   300 D $ 32 22,000 D  
Common Stock, $0.01 par value 07/23/2007   S   1,300 D $ 32.01 20,700 D  
Common Stock, $0.01 par value 07/23/2007   S   6,800 D $ 32.02 13,900 D  
Common Stock, $0.01 par value 07/23/2007   S   2,500 D $ 32.03 11,400 D  
Common Stock, $0.01 par value 07/23/2007   S   3,600 D $ 32.04 7,800 D  
Common Stock, $0.01 par value 07/23/2007   S   2,400 D $ 32.05 5,400 D  
Common Stock, $0.01 par value 07/23/2007   S   800 D $ 32.06 4,600 D  
Common Stock, $0.01 par value 07/23/2007   S   1,300 D $ 32.07 3,300 D  
Common Stock, $0.01 par value 07/23/2007   S   300 D $ 32.08 3,000 D  
Common Stock, $0.01 par value 07/23/2007   S   500 D $ 32.09 2,500 D  
Common Stock, $0.01 par value 07/23/2007   S   2,500 D $ 32.14 0 D  
Common Stock, $0.01 par value               25,214.529 (1) I By 401(k) plan
Common Stock, $0.01 par value               24,782.2928 I By IRA
Common Stock, $0.01 par value               337,300 I By family trust

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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

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
GRUNDHOFER JERRY A
U.S. BANCORP
800 NICOLLET MALL
MINNEAPOLIS, MN 55402		   X      

Signatures

 Lee R. Mitau for Jerry A. Grundhofer   07/24/2007
**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) Based on a plan report dated June 30, 2007, the most recent plan report available.
 
Remarks:
A. The transactions reported on this form were made pursuant to a written 10b5-1 trading plan adopted in accordance with SEC Rule 10b5-1 on August 3, 2006. B. This is the second of two Form 4 reports reporting transactions by the Reporting Person on the transaction date. The remainder of the transactions can be found on another Form 4 concurrently filed by the Reporting Person.

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