FORM 5		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).
Form 3 Holdings Reported
X Form 4 Transactions Reported

1. Name and Address of Reporting Person* Wigdale James L

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

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

Director

10% Owner

X

Officer (give title below)

Other (specify below)

Chairman of the Board

(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 12-31-2002

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 5 (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

Performance Units

.687 (1)

1/16/03

D

15,000

1/16/03

1/16/03

Common Stock

10,312

$27.50 (2)

0

D

Performance Units

1.45 (1)

1/17/02

D

15,000

1/17/02

1/17/02

Common Stock

21,750

$63.46 (2)(3)

0

D

Performance Units

1.19 (1)

1/10/01

D5

15,000

1/10/01

1/10/01

Common Stock

17,901

$50.69 (2)(3)

0

D

Performance Units

1.97 (1)

1/11/00

D5

15,000

1/11/00

1/11/00

Common Stock

29,593

$62.14 (2)(3)

0

D

1.  Represents shares per unit rounded

    2.    Represents common stock price used to settle performance units

    3.    Not adjusted for 2002 Stock Split

		/s/ Ryan Daniels		January 21, 2003
		**Signature of Reporting Person	Date
By: Ryan E. Daniels, Attorney-in-fact Wigdale, James L 770 North Water Street Milwaukee WI 53202
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.