Sec Form 4 Filing - GRUNDHOFER JOHN F @ US BANCORP \DE\ - 2004-01-16

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 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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1. Name and Address of Reporting Person GRUNDHOFER JOHN F 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 (MM/DD/YY) 01/16/2004 (Street) MINNEAPOLIS, MN55402 4. If Amendment, Date Original Filed (MM/DD/YY) 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 (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 01/16/2004 M 87,406 A $ 27.6818 87,406 D Common Stock, $0.01 par value 01/16/2004 S 87,406 D $ 28.4842 0 D Common Stock, $0.01 par value 01/16/2004 M 108,603 A $ 27.6818 108,603 D Common Stock, $0.01 par value 01/16/2004 S 108,603 D $ 28.4842 0 D Common Stock, $0.01 par value 01/16/2004 M 54,756 A $ 27.6818 54,756 D Common Stock, $0.01 par value 01/16/2004 S 54,756 D $ 28.4842 0 D Common Stock, $0.01 par value 01/16/2004 M 129,805 A $ 27.6818 129,805 D Common Stock, $0.01 par value 01/16/2004 S 129,805 D $ 28.4842 0 D Common Stock, $0.01 par value 1,000,000 I By Trust Common Stock, $0.01 par value 12,479.21( 1 ) I 401(k) Plan

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 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) $ 27.6818( 2 ) 01/16/2004 M 87,406 04/24/1998 01/19/2004 Common Stock 87,406( 2 ) $ 0 0 D Employee Stock Option (Right to Buy) $ 27.6818( 2 ) 01/16/2004 M 108,603 04/24/1998 01/19/2004 Common Stock 108,603( 2 ) $ 0 0 D Employee Stock Option (Right to Buy) $ 27.6818( 2 ) 01/16/2004 M 54,756 04/24/1998 01/19/2004 Common Stock 54,756( 2 ) $ 0 0 D Employee Stock Option (Right to Buy) $ 27.6818( 2 ) 01/16/2004 M 129,805 04/24/1998 01/19/2004 Common Stock 129,805( 2 ) $ 0 0 D Employee Stock Option (Right to Buy) $ 22.7453( 2 ) 01/02/2004 G V 1,465 02/27/2001 08/01/2007 Common Stock 1,465 $ 0 380,616( 2 ) D Employee Stock Option (Right to Buy) $ 22.7453( 2 ) 01/02/2004 G V 1,465 02/27/2001 08/01/2007 Common Stock 1,465 $ 0 379,151( 2 ) D Employee Stock Option (Right to Buy) $ 33.7604( 2 ) 01/02/2004 G V 11,775 12/31/1998 01/19/2004 Common Stock 11,775 $ 0 14,768( 2 ) D Employee Stock Option (Right to Buy) $ 29.1518( 2 ) 01/02/2004 G V 3,683 02/27/2001 04/20/2009 Common Stock 3,683 $ 0 1,914,977( 2 ) D Employee Stock Option (Right to Buy) $ 27.0362( 2 ) 01/02/2004 G V 969 04/22/2000 12/19/2006 Common Stock 969 $ 0 337,920( 2 ) D Employee Stock Option (Right to Buy) $ 27.0362( 2 ) 01/02/2004 G V 969 04/22/2000 12/19/2006 Common Stock 969 $ 0 336,951( 2 ) D Non-Employee Director Stock Option (Right to Buy) $ 28.5 01/20/2004 A 5,882 ( 3 ) 01/20/2014 Common Stock 5,882 $ 0 5,882 D Restricted Stock Units ( 4 ) 01/20/2004 A 1,882 ( 5 ) ( 5 ) Common Stock 1,882 $ 0 1,882 D Restricted Stock Units ( 4 ) ( 6 ) ( 6 ) Common Stock 2,646 2,646( 7 )( 8 ) D Non-Employee Director Stock Options (Right to Buy) $ 21.4938( 2 ) ( 9 ) 12/17/2012 Common Stock 7,249 7,249( 2 ) D Employee Stock Option (Right to Buy) $ 23.1824( 2 ) ( 10 ) 02/27/2011 Common Stock 2,416,320 2,416,320( 2 ) D Employee Stock Option (Right to Buy) $ 28.9035( 2 ) /11-05/1999 08/01/2007 Common Stock 169,682 169,682( 2 ) D Employee Stock Option (Right to Buy) $ 33.7604( 2 ) 12/31/1998 12/19/2006 Common Stock 317,546 317,546( 2 ) D Employee Stock Option (Right to Buy) $ 33.7604 12/31/1998 12/19/2006 Common Stock 324,043 324,043( 2 ) D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other GRUNDHOFER JOHN F U.S. BANCORP 800 NICOLLET MALL MINNEAPOLIS, MN55402 X Signatures Lee R. Mitau for John F. Grundhofer 01/21/2004 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Based on a plan report dated 12/31/03, the most recent plan report available. ( 2 )The exercise price and number of shares subject to the option were adjusted to preserve the economic value of the option in connection with the special dividend paid to effect the spin-off of the company's Piper Jaffray subsidiary on December 31, 2003, by multiplying the number of shares subject to the option, and dividing the option price, by 1.0068. ( 3 )The option vests in four equal annual installments beginning on January 20, 2005. ( 4 )Restricted stock units convert into common stock on a one-for-one basis. ( 5 )The restricted stock units vest in four equal annual installments beginning on January 20, 2005. Units are payable in common stock when the reporting person retires in accordance with the Company's director retirement policy; only vested units are payable when board service ends under other circumstances. ( 6 )The restricted stock units vest in four equal annual installments beginning on December 17, 2003. Units are payable in common stock when the reporting person retires in accordance with the Company's director retirement policy; only vested units are payable when board service ends under other circumstances. ( 7 )Includes restricted stock units acquired in January, April, July and October 2003 and January 2004 pursuant to a dividend reinvestment feature of the reporting person's restricted stock unit award. ( 8 )Includes an adjustment to the number of restricted stock units in order to preserve the economic value of the plan participation in connection with the special dividend paid to effect the spin-off of the company's Piper Jaffray subsidiary on December 31, 2003, by multiplying the number of units in the account by .01475. ( 9 )The option vests in four equal annual installments beginning on December 17, 2003. ( 10 )The option vests in four equal annual installments beginning on February 27, 2002.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

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