Marshall & Ilsley Corporation

Pricing Supplement No. 72 - dated 12/22/03

$500,000,000

(To Prospectus dated April 12, 2000, and Prospectus

Due Nine Months or More from Date of Issue

Supplement dated October 21, 2003)

CUSIP

Aggregate

Price to

Purchasing

Proceeds

Interest Rate

Interest Payment

Maturity

Survivor's

Number

Principal Amount

Public⁽¹⁾

Agent's Discount⁽¹⁾

Before Expenses⁽¹⁾

Per Annum

Frequency

Date

Option

(begin date)

57183MDC1

$1,306,000

100%

2.00%

98.00%

5.625%

Semi-Annual

12/15/22

YES

(6/15/04)

Senior Notes

Redemption Information: Redeemable at the option of Marshall & Ilsley Corporation on 12/15/05 and each interest payment date thereafter, at a price equal to 100%

Senior Notes

Redemption Information:

Senior Notes

Redemption Information:

Merrill Lynch & Co.

Marshall & Ilsley Corporation

Trade Date:12/22/03

Purchasing Agent

770 North Water Street

Issue Date:12/26/03

Acting as Principal

Milwaukee, WI 53202

Minimum Denominations/Increments: $1,000/$1,000

Original Issue Discount: No

All trades settle without accrued interest and clear SDFS: DTC Book-Entry only

Merrill Lynch DTC Participant Number: 5132

(1) Expressed as a percentage of the aggregate principal amount.

"MiNotes" is a service mark of Marshall & Ilsley Corporation.