COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2003

Dec 29, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2003-12-23

Reporting Person: KEMPER JONATHAN M (Director, Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-23	Common Stock	F	4188	$48.54	Disposed	813185	Direct
2003-12-23	Common Stock	F	4479	$48.54	Disposed	808706	Direct
2003-12-23	Common Stock	M	17000	$12.7899	Acquired	825706	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-23	Stock Option (right to buy)	$12.7899	M	17000	Disposed	2004-02-04	Common Stock (17000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	14883	Indirect
Common Stock	18125	Indirect
Common Stock	22516	Indirect
Common Stock	33075	Indirect
Common Stock	107093	Indirect
Common Stock	37998	Indirect
Common Stock	213722	Indirect
Common Stock	18108	Indirect
Common Stock	136699	Indirect