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
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                      	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(f) of the Investment Company Act of 1940	                      	

1. Name and Address of Reporting Person *

Muehlbauer James L	2. Issuer Name and Ticker or Trading Symbol

BEST BUY CO INC [ BBY ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
SVP - Finance	
(Last)          (First)          (Middle)

7601 PENN AVENUE SOUTH	3. Date of Earliest Transaction (MM/DD/YYYY)

7/17/2006		
(Street)

RICHFIELD, MN 55423
(City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)

 	6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person	

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned	
1.Title of Security
(Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. 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  	7/17/2006  	 	A	  	1100  	A	$45.83  	2537  	D  	 	
Common Stock  	7/17/2006  	 	A	  	1000  	A	$45.80  	1514  	I  	IRA  	
Common Stock  	7/17/2006  	 	A	  	1054  	A	$45.83  	1054  	I  	401(k)  	
Common Stock  	 	 	 	  	 	 	 	8700  	D   (1)	 	
Common Stock  	 	 	 	  	 	 	 	2500  	D   (3)	 	

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)	
1. Title of Derivate Security
(Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. 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	7. Title and Amount of Securities Underlying Derivative Security
(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					
Stock Option (Right to Buy)  	$31.04  	 	 	  	  	  	  	3/4/2002   (2)	3/3/2012  	Common Stock  	4220  	 	4220  	D  	 	
Stock Option (Right to Buy)  	$34.18  	 	 	  	  	  	  	4/11/2002   (2)	4/10/2012  	Common Stock  	16875  	 	16875  	D  	 	
Stock Option (Right to Buy)  	$19.11  	 	 	  	  	  	  	1/16/2003   (2)	1/15/2013  	Common Stock  	7500  	 	7500  	D  	 	
Stock Option (Right to Buy)  	$39.59  	 	 	  	  	  	  	11/3/2003   (2)	11/2/2013  	Common Stock  	25500  	 	25500  	D  	 	
Stock Option (Right to Buy)  	$36.73  	 	 	  	  	  	  	10/11/2004   (2)	10/10/2014  	Common Stock  	28500  	 	28500  	D  	 	
Stock Option (Right to Buy)  	$46.80  	 	 	  	  	  	  	11/8/2005   (2)	11/7/2015  	Common Stock  	30053  	 	30053  	D  	 	

Explanation of Responses:	
(  1) 	Restricted shares that will vest in a range from 0%-100% three years from the date of grant, depending on the satisfaction of certain performance factors. The reported figure represents two separate awards of 2,900 restricted shares granted on 11/03/2003 and 10/11/2004, respectively.	
(  2) 	The date indicated is the grant date and the options vest in four equal annual installments beginning one year from such date.	
(  3) 	Restricted shares that vest 25% on the date of grant and an additional 25% on each of the three succeeding anniversary dates immediately following the date of grant.	

Reporting Owners	
Reporting Owner Name / Address	Relationships	
	Director	10% Owner	Officer	Other	
Muehlbauer James L
7601 PENN AVENUE SOUTH
RICHFIELD, MN 55423			SVP - Finance		

Signatures		
/s/ Mark J. Geldernick Attorney-in-fact for James L. Muehlbauer		7/18/2006	
** Signature of Reporting Person		Date

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).	
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).	
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.	
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