COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2004

Aug 12, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2004-08-10

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-10	Common Stock	M	85084	$24.9381	Acquired	1054217	Direct
2004-08-10	Common Stock	F	115413	$47.39	Disposed	938804	Direct
2004-08-10	Common Stock	M	76575	$29.9699	Acquired	1015379	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-08-10	Stock Option (right to buy)	$24.9381	M	85084	Disposed	2010-02-03	Common Stock (85084)	Direct
2004-08-10	Stock Option (right to buy)	$29.9699	M	76575	Disposed	2009-02-01	Common Stock (76575)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	10402	Indirect
Common Stock	1461	Indirect
Common Stock	18125	Indirect
Common Stock	18129	Indirect
Common Stock	5653	Indirect
Common Stock	18129	Indirect
Common Stock	1907208	Indirect
Common Stock	37998	Indirect
Common Stock	136699	Indirect
Common Stock	18117	Indirect