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

Sep 22, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2003-09-19

Reporting Person: ANDERSON ANDREW F (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-19	Common Stock	M	9751	$13.6496	Acquired	108532	Direct
2003-09-19	Common Stock	F	2937	$45.33	Disposed	105595	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-19	Stock Option (right to buy)	$13.6496	M	9751	Disposed	2005-03-08	Common Stock (9751)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	244	Indirect
Common Stock	228	Indirect
Common Stock	189	Indirect