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

Aug 1, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2003-07-31

Reporting Person: CLARK A BAYARD III (Exec Vice Pres, CFO and Treas)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-07-31	Common Stock	M	2225	$13.0855	Acquired	55069	Direct
2003-07-31	Common Stock	F	334	$43.63	Disposed	54735	Direct
2003-07-31	Common Stock	S	1112	$43.3	Disposed	53623	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-07-31	Stock Option (right to buy)	$13.0855	M	2225	Disposed	2005-02-03	Common Stock (2225)	Direct