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

Nov 26, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2003-11-25

Reporting Person: ANDERSON ANDREW F (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-25	Common Stock	S	500	$47.05	Disposed	89899	Direct
2003-11-25	Common Stock	S	1400	$47.01	Disposed	88499	Direct
2003-11-25	Common Stock	S	2925	$47	Disposed	85574	Direct
2003-11-25	Common Stock	S	2100	$47.02	Disposed	83474	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	256	Indirect
Common Stock	239	Indirect
Common Stock	198	Indirect

Footnotes

F1: All stock holdings and stock options adjusted to include 5% stock dividend. Ex-Div Date 11/25/2003.