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

Dec 18, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2003-12-16

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-16	Common Stock	A	146	$48.11	Acquired	33075	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	817373	Direct
Common Stock	14883	Indirect
Common Stock	18125	Indirect
Common Stock	22516	Indirect
Common Stock	107093	Indirect
Common Stock	37998	Indirect
Common Stock	213722	Indirect
Common Stock	18108	Indirect
Common Stock	136699	Indirect

Footnotes

F1: All stock holdings adjusted to include 5% stock dividend. Ex-date 11/25/2003.