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

Apr 16, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2004-04-14

Reporting Person: ANDERSON ANDREW F (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-04-14	Common Stock	M	4501	$33.4553	Acquired	88263	Direct
2004-04-14	Common Stock	M	5233	$22.194	Acquired	93496	Direct
2004-04-14	Common Stock	M	760	$29.9699	Acquired	94256	Direct
2004-04-14	Common Stock	M	9540	$24.9381	Acquired	103796	Direct
2004-04-14	Common Stock	S	300	$45.71	Disposed	103496	Direct
2004-04-14	Common Stock	S	4900	$45.7	Disposed	98596	Direct
2004-04-14	Common Stock	S	600	$45.67	Disposed	97996	Direct
2004-04-14	Common Stock	S	100	$45.66	Disposed	97896	Direct
2004-04-14	Common Stock	S	2000	$45.65	Disposed	95896	Direct
2004-04-14	Common Stock	S	500	$45.64	Disposed	95396	Direct
2004-04-14	Common Stock	S	100	$45.63	Disposed	95296	Direct
2004-04-14	Common Stock	S	400	$45.6	Disposed	94896	Direct
2004-04-14	Common Stock	S	300	$45.59	Disposed	94596	Direct
2004-04-14	Common Stock	S	1100	$45.58	Disposed	93496	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-04-14	Employee Stock Option (right to buy)	$22.194	M	5233	Disposed	2007-02-04	Common Stock (5233)	Direct
2004-04-14	Stock Option (right to buy)	$24.9381	M	9540	Disposed	2010-02-03	Common Stock (9540)	Direct
2004-04-14	Stock Option (right to buy)	$29.9699	M	760	Disposed	2009-02-01	Common Stock (760)	Direct
2004-04-14	Stock Option (right to buy)	$33.4553	M	4501	Disposed	2008-02-05	Common Stock (4501)	Direct

Holdings (Non-Derivative)

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