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

Jul 31, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2003-07-30

Reporting Person: SULLINS WILLIAM A JR (Former Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-07-30	Common Stock	M	18522	$26.185	Acquired	22593	Direct
2003-07-30	Common Stock	M	18231	$31.4684	Acquired	40824	Direct
2003-07-30	Common Stock	S	1422	$42.5	Disposed	39402	Direct
2003-07-30	Common Stock	S	200	$42.51	Disposed	39202	Direct
2003-07-30	Common Stock	S	600	$42.52	Disposed	38602	Direct
2003-07-30	Common Stock	S	1100	$42.53	Disposed	37502	Direct
2003-07-30	Common Stock	S	200	$42.54	Disposed	37302	Direct
2003-07-30	Common Stock	S	10431	$42.55	Disposed	26871	Direct
2003-07-30	Common Stock	S	7800	$42.57	Disposed	19071	Direct
2003-07-30	Common Stock	S	5605	$42.58	Disposed	13466	Direct
2003-07-30	Common Stock	S	800	$42.59	Disposed	12666	Direct
2003-07-30	Common Stock	S	500	$42.6	Disposed	12166	Direct
2003-07-30	Common Stock	S	100	$42.61	Disposed	12066	Direct
2003-07-30	Common Stock	S	100	$42.64	Disposed	11966	Direct
2003-07-30	Common Stock	S	5989	$42.65	Disposed	5977	Direct
2003-07-30	Common Stock	S	306	$42.66	Disposed	5671	Direct
2003-07-30	Common Stock	S	100	$42.67	Disposed	5571	Direct
2003-07-30	Common Stock	S	500	$42.68	Disposed	5071	Direct
2003-07-30	Common Stock	S	500	$42.69	Disposed	4571	Direct
2003-07-30	Common Stock	S	500	$42.7	Disposed	4071	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-07-30	Stock Option (right to buy)	$26.185	M	18522	Disposed	2010-02-04	Common Stock (18522)	Direct
2003-07-30	Stock Option (right to buy)	$31.4684	M	18231	Disposed	2009-02-01	Common Stock (18231)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	42794	Indirect