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

Mar 3, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2004-03-03

Reporting Person: KEMPER JONATHAN M (Director, Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-03-03	Common Stock	S	3000	$49	Disposed	816782	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	15128	Indirect
Common Stock	18125	Indirect
Common Stock	22516	Indirect
Common Stock	32946	Indirect
Common Stock	107093	Indirect
Common Stock	37998	Indirect
Common Stock	212722	Indirect
Common Stock	18108	Indirect
Common Stock	136699	Indirect