COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2011

Dec 7, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2011-12-05

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-05	Common Stock	S	41941	$37.8907	Disposed	1178721	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1837	Indirect
Common Stock	13387	Indirect
Common Stock	13388	Indirect
Common Stock	13387	Indirect
Common Stock	13388	Indirect
Common Stock	9795	Indirect
Common Stock	26624	Indirect
Common Stock	201962	Indirect
Common Stock	26761	Indirect

Footnotes

F1: Stock holdings adjusted to include 5% stock dividend -- Ex Dividend Date 11/28/2011.

F2: Range of sales prices for 12/05/2011 is $37.75 to $38.04 per share.