
					Schedule 1
COMMERCE BANCSHARES, INC. PARTICIPATING INVESTMENT PLAN
Schedule H, line 4i - Schedule of Assets (Held at End of Year)
EIN #: 43-0889454
Plan #: 002
December 31, 2025
			Number
(a)		(b) Identity of issue	of shares/units	(d) Cost	(e) Fair Value
	Commerce Bancshares, Inc. Common Stock Fund:
*		Commerce Bancshares, Inc. Common Stock	2,490,257	**	$	130,341,858
*		Fidelity Retirement Money Market Fund	4,059,452	**	4,059,452
		Total Common Stock Fund	2,383,847		134,401,310

	Stable Value Funds:
*		Managed Income Portfolio Fund Class 2	25,202,968	**	25,202,968
		Total Stable Value Funds			25,202,968

	Common Collective Trusts:
		T. Rowe Price Retirement 2005 Trust Class F	17,429	**	406,452
		T. Rowe Price Retirement 2010 Trust Class F	29,977	**	749,128
		T. Rowe Price Retirement 2015 Trust Class F	48,276	**	1,323,723
		T. Rowe Price Retirement 2020 Trust Class F	283,474	**	8,484,374
		T. Rowe Price Retirement 2025 Trust Class F	889,504	**	29,220,220
		T. Rowe Price Retirement 2030 Trust Class F	1,340,741	**	48,628,689
		T. Rowe Price Retirement 2035 Trust Class F	890,740	**	35,442,531
		T. Rowe Price Retirement 2040 Trust Class F	966,270	**	41,259,740
		T. Rowe Price Retirement 2045 Trust Class F	682,956	**	30,357,413
		T. Rowe Price Retirement 2050 Trust Class F	802,409	**	35,915,831
		T. Rowe Price Retirement 2055 Trust Class F	561,190	**	25,146,932
		T. Rowe Price Retirement 2060 Trust Class F	623,648	**	17,879,986
		T. Rowe Price Retirement 2065 Trust Class F	203,193	**	3,643,245
*		Spartan Total Market Index Pool Class C	385,876	**	117,105,600
*		Spartan 500 Index Pool Class C	446,883	**	145,174,313
*		Spartan International Index Pool Class C	132,382	**	23,577,207
		Total Common Collective Trusts			564,315,384

	Mutual Funds:
		American Century Inflation-Adjusted Bond Fund R6 Class	406,251	**	4,285,949
		American Funds Small Cap World Fund Class R6	51,030	**	3,893,112
*		Commerce Bond Fund	2,110,700	**	38,435,847
		DFA Emerging Markets Value Fund	441,008	**	16,414,325
		Dodge & Cox International Stock Fund	2,260,521	**	37,208,173
*		Fidelity Money Market Government Portfolio	205,262	**	205,262
*		Fidelity US Bond Index Fund	2,264,266	**	23,910,646
		Invesco Small Cap Growth Fund R5 Class	500,751	**	18,893,326
		JPMorgan Mid Cap Growth Fund Class R6	663,353	**	34,321,898
		T. Rowe Price Blue Chip Growth Fund	656,605	**	138,097,233
		Vanguard Equity-Income Fund Admiral Shares	562,416	**	52,254,105
		Vanguard Federal Money Market Fund Investor Shares	37,650,384	**	37,650,384
		Vanguard Small Cap Value Index Fund - Institutional Class	584,630	**	29,745,960
		Victory Sycamore Established Value Fund Class R	334,832	**	14,719,199
		Virtus Duff & Phelps Global Real Estate Securities Fund Class R6	88,739	**	3,081,031
		Total Mutual Funds			453,116,450

Schedule 1

COMMERCE BANCSHARES, INC. PARTICIPATING INVESTMENT PLAN

Schedule H, line 4i - Schedule of Assets (Held at End of Year)

EIN #: 43-0889454

Plan #: 002

December 31, 2025

Number

(a)

(b) Identity of issue

of shares/units

(d) Cost

(e) Fair Value

Total assets held for investment purposes

1,177,036,112

Notes receivable from participants--Interest rates on these loans

12,180,139

range from 4.25% to 9.50%, maturing through 2040.

Total assets

1,189,216,251

* Party-in-interest as defined by ERISA.

** In accordance with instructions to the Form 5500, the Plan is no longer required to disclose the cost component of participant-directed investments.

See accompanying report of independent registered public accounting firm.