FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Expires: January 31, 2005 Estimated average burden hours per response...0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
(Print or Type Responses)

1. Name and Address of Reporting Person* Johnson     Donald    R.

2. Issuer Name and Ticker or Trading Symbol Marshall & Ilsley Corporation (MI)

6. Relationship of Reporting Person(s) to Issuer                   (Check all applicable)

X

Director

10% Owner

Officer (give title below)

Other (specify below)

(Last)        (First)       (Middle) 770 North Water Street

3. I.R.S. Identification     Number of     Reporting Person,     if an entity     (voluntary)

4. Statement for     Month/Day/Year 01-02-2003

7. Individual or Joint/Group Filing (Check Applicable Line)

5. If Amendment, Date of     Original (Month/Day/Year)

X

Form filed by One Reporting Person

(Street) Milwaukee WI 53202

Form filed by More than One Reporting Person

(City)          (State)      (Zip)

Table I Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security     (Instr. 3)

2. Transaction     Date (Month/Day/Year)

2A. Deemed       Execution Date,       if any (Month/Day/Year)

3. Transaction     Code     (Instr.8)

4. Securities Acquired (A)     or Disposed of (D)     (Instr. 3, 4 and 5)

5. Amount of Securities     Beneficially Owned     Following Reported     Transaction(s)       (Instr. 3 and 4)

6.Ownership     Form: Direct     (D) or     Indirect (I)     (Instr. 4)

7.Nature of     Indirect     Beneficial     Ownership     (Instr. 4)

Code

V

Amount

(A) or  (D)

Price

FORM 4 (continued)

Table II ` Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of     Derivative     Security     (Instr. 3)

2. Conversion     or Exercise     Price of     Derivative     Security

3. Transaction     Date (Month/Day/Year)

3A. Deemed       Execution       Date, if any (Month/Day/Year)

4. Transaction     Code     (Instr.8)

5. Number of     Derivative     Securities     Acquired     (A) or     Disposed     of (D)     (Instr. 3, 4     and 5)

6. Date Exercisable     and Expiration Date     (Month/Day/Year)

7. Title and     Amount of     Underlying     Securities     (Instr. 3 and 4)

8. Price of     Derivative     Security     (Instr. 5)

9. Number of     Derivative     Securities     Beneficially     Owned     Following     Reported     Transaction     (s)     (Instr. 4)

10. Ownership       Form of       Derivative       Securities:       Direct (D)       or Indirect       (I)       (Instr. 4)

11. Nature of       Indirect       Beneficial       Ownership       (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Phantom Stock Units

1-For-1

01-02-03

A

106.7927

01-02-03

(1)

Common Stock

106.7927

$28.0918

2,732.56       (2)

D

Explanation of Responses:

 1 None

 2 This Form 4 corrects and updates the end period holdings for Phantom Stock Units. Forms filed since September 2002 were based on incorrect information.

		**Signature of Reporting Person	Date
By: Ryan E. Daniels, Attorney-in-fact Johnson, Donald R. 770 North Water Street Milwaukee WI 53202 Marshall & Ilsley Corporation (MI) 01-03-2003
Reminder:	Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
	See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.