COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2006

Nov 30, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2006-11-29

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-29	Common Stock	G	2884	—	Disposed	1107074	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1604	Indirect
Common Stock	20981	Indirect
Common Stock	10491	Indirect
Common Stock	10492	Indirect
Common Stock	6823	Indirect
Common Stock	20985	Indirect
Common Stock	2207830	Indirect
Common Stock	43985	Indirect
Common Stock	158244	Indirect
Common Stock	20971	Indirect

Footnotes

F1: Stock holdings adjusted to include 5% stock dividend -- record date 11/29/2006; payable date 12/13/2006