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

Dec 2, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2003-12-01

Reporting Person: KEMPER DAVID W (Director, Chairman of the Board, CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-01	Common Stock	G	215	—	Disposed	966420	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	10344	Indirect
Common Stock	1461	Indirect
Common Stock	18125	Indirect
Common Stock	18129	Indirect
Common Stock	5574	Indirect
Common Stock	18129	Indirect
Common Stock	2303208	Indirect
Common Stock	37998	Indirect
Common Stock	136699	Indirect
Common Stock	18117	Indirect

Footnotes

F1: All holdings reported in column 5 of Table 1 of this form have been restated for a 5% stock dividend, ex-date 11/25/2003.