COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2007

Feb 6, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2007-02-02

Reporting Person: RAUSCHER ROBERT (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-02	Common Stock	A	380	—	Acquired	11631	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-02	Stock Appreciation Rights	$49.66	A	7000	Acquired	2017-02-02	Common Stock (7000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5973	Indirect

Footnotes

F1: Restricted stock award.

F2: Stock holdings adjusted to include 5% stock dividend -- record date 11/29/2006; payable date 12/13/2006

F3: The stock appreciation rights vest in four equal annual installments beginning February 2, 2008.