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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001045969-98-000162.txt : 19980218
<SEC-HEADER>0001045969-98-000162.hdr.sgml : 19980218
ACCESSION NUMBER:		0001045969-98-000162
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19980213
SROS:			NASD

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			APPLIANCE RECYCLING CENTERS OF AMERICA INC /MN
		CENTRAL INDEX KEY:			0000862861
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-MISC DURABLE GOODS [5090]
		IRS NUMBER:				411454591
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		
		SEC FILE NUMBER:	005-42213
		FILM NUMBER:		98536246

	BUSINESS ADDRESS:	
		STREET 1:		7400 EXCELSIOR BLVD
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55426-4502
		BUSINESS PHONE:		6129309000

	MAIL ADDRESS:	
		STREET 1:		7400 EXCELSIOR BLVD
		CITY:			NINNEAPOLIS
		STATE:			MN
		ZIP:			554264517

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			US BANCORP \DE\
		CENTRAL INDEX KEY:			0000036104
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				410255900
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		FIRST BANK PL
		STREET 2:		601 SECOND AVE S
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402-4302
		BUSINESS PHONE:		6129731111

	MAIL ADDRESS:	
		STREET 1:		601 2ND AVENUE SOUTH-FIRST BANK PLACE
		STREET 2:		601 2ND AVENUE SOUTH-FIRST BANK PLACE
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402-4302

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST BANK SYSTEM INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST BANK STOCK CORP
		DATE OF NAME CHANGE:	19720317
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<DESCRIPTION>SCHEDULE 13G   AMENDMENT NO. 2
<TEXT>

<PAGE>
 
                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                  SCHEDULE 13G


                   UNDER THE SECURITIES EXCHANGE ACT OF 1934

                              (AMENDMENT NO. 2 )*
                                            ---  

                      Appliance Recycling Centers America
      -------------------------------------------------------------------
                                (Name of Issuer)

                                     Common
      -------------------------------------------------------------------
                         (Title of Class of Securities)

                                  03814F-10-6
                                  -----------
                                 (CUSIP Number)


*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

                               Page 1 of 6 pages
<PAGE>
 
CUSIP NO. 03814F-10-6                 13G                     Page 2 of 6 pages
- ---------------------                                         -----------------

- ------------------------------------------------------------------------------- 
         1           NAME OF REPORTING PERSON S.S. or I.R.S.
                     IDENTIFICATION NO. OF ABOVE PERSON
                     U.S. Bancorp
                     601 2nd Ave. South
                     Minneapolis, MN  55402-4302
                     Tax I.D. No.:  41-0255900
- -------------------------------------------------------------------------------
         2           CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
                                                                       (a) / /
                                                                       (b) / /
 
- -------------------------------------------------------------------------------
         3           SEC USE ONLY
- -------------------------------------------------------------------------------
         4           CITIZENSHIP OR PLACE OF ORGANIZATION
 
                     Delaware, U.S.A.
- -------------------------------------------------------------------------------
 
                            5  SOLE VOTING POWER
 
     NUMBER OF                 *
                   ------------------------------------------------------------
      SHARES                6  SHARED VOTING POWER
   BENEFICIALLY
     OWNED BY                  *
                   ------------------------------------------------------------
       EACH                 7  SOLE DISPOSITIVE POWER
     REPORTING
      PERSON                   *
                   ------------------------------------------------------------
       WITH                 8  SHARED DISPOSITIVE POWER
 
                               *
- -------------------------------------------------------------------------------
         9           AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING 
                     PERSON
 
                     *
- -------------------------------------------------------------------------------
        10           CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
                     CERTAIN SHARES*
- -------------------------------------------------------------------------------
        11           PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
                     Less than 5%
- -------------------------------------------------------------------------------
        12           TYPE OF REPORTING PERSON*
 
                     H.C.
- -------------------------------------------------------------------------------


                      SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
 
                                                               Page 3 of 6 pages

Item 1
- ------

              a.  Name of Issuer:
                  -------------- 

                  Appliance Recycling Centers America

              b.  Address of Issuer's Principal Executive Offices:
                  ----------------------------------------------- 

                  Appliance Recycling Centers America
                  7400 Excelsior Blvd.
                  Minneapolis, MN  55426

Item 2
- ------

  a.  Name of Person Filing:
      --------------------- 

      U.S. Bancorp

  b.  Address of Person's Filing Principal Executive Offices:
      ------------------------------------------------------ 

      601 2nd Ave South
      Minneapolis, MN  55402-4302
      United States

  c.  Title of Class of Securities:
      ---------------------------- 

      COMMON

  d.  CUSIP Number:
      ------------ 

      03814F-10-6

Item 3
- ------
      The person filing this statement is a:
      (g) [x] Parent Holding Company

Item 4
- ------

  Ownership:
  --------- 

  a.   Amount beneficially owned:                                          *
  b.   Percentage of Class:                                      Less than 5%
  c.   Number of shares as to which such person has:
 
         1.   Sole power to vote or direct the vote:                       *
         2.   Shared power to vote or direct vote:                         *
         3.   Sole power to dispose or direct the disposition:             *
         4.   Shared power to dispose or direct the disposition:           *

Item 5
- ------
 
   Ownership of Five Percent or less of Class:    ( XX )
   ---------------------------------------------
<PAGE>
 
                                                                     Page 4 of 6

Item 6
- ------

  Ownership of More Than Five Percent on Behalf of Another Person:
  ----------------------------------------------------------------

  Other persons have the right to receive or the power to direct the receipt of,
  dividend from, or the proceeds from the sale of, such securities. To our
  knowledge no interest of any such person relates to more than 5% of the class.


Item 7
- ------

   Identification and Classification of Members of the Subsidiary which
   Acquired the Security Being Reported on by Parent Holding Company

   See Exhibit A

Item 8
- ------

   Identification and Classification of Members of the Group:
   ----------------------------------------------------------

   Not Applicable

Item 9
- ------

   Notice of Dissolution of Group:
   -------------------------------

   Not Applicable

Item 10
- -------

   Certification
   -------------

By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were acquired in the ordinary course of business
and were not acquired for the purpose of and do not have the effect of changing
or influencing the control of the issuer of such securities and were not
acquired in connection with or as a participant in any transaction having such
purposes or effect.


                                   SIGNATURE
                                   ---------

After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this Statement is true, complete and correct.


Dated:  February 9, 1998


/s/ Merita Schollmeier
- -----------------------
Merita Schollmeier
Vice President
<PAGE>
 
                                                                     Page 5 of 6

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington D. C. 20549

                                  SCHEDULE 13G
                   Under the Securities Exchange Act of 1934

                                   EXHIBIT A

The Schedule to which this attachment is appended is filed on behalf of the
following subsidiary or subsidiaries listed below, which are classified as banks
for the purposes of 17 CFR 140.13d-1 (b) (ii) (B).
 
U.S. Bank National Association                 First Trust National Association
601 2nd Ave South                              180 East Fifth Street, Suite 200
Minneapolis, Minnesota 55402-4302              St. Paul, Minnesota 55101
<PAGE>
 
                                                                     Page 6 of 6

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

                             EXHIBIT B - DISCLAIMER

Information on the attached Schedule 13G is provided solely for the purpose of
complying with Section 13(d) and 13(g) of the Securities Exchange Act of 1934
and Regulations promulgated under authority thereof and is not intended as an
admission that U.S. Bancorp or any of its subsidiaries, is a beneficial owner of
the securities described herein for any other purpose (including without
limitation for purposes of the Minnesota Control Share Acquisition Act).
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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