UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
1. Name and Address of Reporting Person
Gunnlaugsson, Gordon H.
770 North Water Street
Milwaukee, WI 53202
USA
2. Issuer Name and Ticker or Trading Symbol
Marshall & Ilsley Corporation (MI)
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
11/1999
5. If Amendment, Date of Original (Month/Day/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner
(X) Officer (give title below) ( ) Other (specify below)
Executive Vice President
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
TABLE I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
<CAPTION>
+---------------------------------+----------+-------------+-----------------------------+----------------+-----------+------------+
|1. Title of Security |2. Trans- |3. Trans- |4. Securities Acquired (A) |5. Amount of |6. Owner- |7. Nature |
| | action | action | or Disposed of (D) | Securities | ship | of In- |
| | Date | Code | | Beneficially | Form: | direct |
| | | | | Owned at | Direct | Bene- |
| | (Month/ | | | End of | (D) or | ficial |
| | Day/ +-------+-----+-----------+------+----------+ Month | Indirect| Owner- |
| | Year) |Code |V |Amount |A/D |Price | | (I) | ship |
+---------------------------------+----------+-------+-----+-----------+------+----------+----------------+-----------+------------+
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 01/01/1992 106953 A $0.000000 106953 D
Common Stock 11/29/1995 G -1000 D $0.000000 105953 D
Common Stock 12/15/1995 F -2155 D $25.750000 103798 D
(1)
Common Stock 09/09/1996 M 30000 A $9.417000 103798 D
Common Stock 09/09/1996 S -30000 D $27.140000 103798 D
Common Stock 12/16/1996 F -2161 (1) D $32.130000 101637 D
Common Stock 08/15/1997 J (2) 29845 A $44.500000 131482 D
Common Stock 12/08/1997 G -490 D $0.000000 130992 D
Common Stock 02/17/1998 M 9000 A $11.292000 130992 D
Common Stock 02/17/1998 S -9000 D $56.750000 130992 D
Common Stock 02/18/1998 M 9000 A $11.292000 130992 D
Common Stock 02/18/1998 S -9000 D $57.500000 130992 D
Common Stock 02/19/1998 M 9000 A $11.292000 130992 D
Common Stock 02/19/1998 S -9000 D $57.625000 130992 D
Common Stock 02/20/1998 M 9000 A $11.292000 130992 D
Common Stock 02/20/1998 S -9000 D $57.437500 130992 D
Common Stock 02/23/1998 M 9000 A $11.292000 130992 D
Common Stock 02/23/1998 S -9000 D $58.000000 130992 D
Common Stock 03/18/1999 G V -20000 D $0.000000 110992 D
Common Stock 11/29/1999 M 45000 A $17.208000 119492 D
Common Stock 11/29/1999 S -36500 D $65.985000 119492 D
Common Stock 01/01/1992 2700 (3) A $0.000000 2700 I (3) Spouse
</TABLE>
<PAGE>
<TABLE>
TABLE II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
<CAPTION>
+-------------+--------+----------+---------+-----------+---------------------+----------------+----------+--------+-------+-------+
|1. |2. |3. |4. |5. |6. |7. |8. |9. |10. |11. |
| | | | | | | | |Number |Owner- | |
| | | | | | | | |of |ship | |
| | | | | | | | |Deriv- |Form of| |
| | | | | | |Title and Amount| |ative |Deriv- | |
| | | | | | |of Underlying | |Secur- |ative |Nature |
| |Conver- | | |Number of | |Securities | |ities |Secur- |of |
| |sion or | | |Derivative |Date Exercisable +-------+--------+ |Benefi- |ity: |In- |
| |Exercise| | |Securities |and Expiration Date | |Amount | |cially |Direct |direct |
| |Price of|Transac- |Transac- |Acquired(A)|(Month/Day/Year) | |or | |Owned |(D) or |Bene- |
|Title of |Deriv- |tion Date |tion Code|Disposed(D)+----------+----------+ |Number |Price of |at End |In- |ficial |
|Derivative |ative |(Month/ +------+--+-----+-----+Date Exer-|Expira- | |of |Derivative|of |direct |Owner- |
|Security |Security|Day/Year) |Code |V |(A) |(D) |cisable |tion Date |Title |Shares |Security |Month |(I) |ship |
+-------------+--------+----------+------+--+-----+-----+----------+----------+-------+--------+----------+--------+-------+-------+
<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Stock Option $0 12/15/1988 A 30000 12/15/1989 12/15/1998 Common 30000 $9.417000 30000 D
Stock
Stock Option $0 09/09/1996 M 30000 12/15/1998 Common 30000 $9.417000 0 D
Stock
Stock Option $0 12/14/1995 A 10000 12/14/1996 12/14/2005 Common 18000 $26.187500 10000 D
Stock
Stock Option $0 12/31/1995 G 8000 12/14/2005 Common 8000 $26.187500 2000 D
Stock
Stock Option $11.292 12/14/1989 A 45000 12/14/1990 12/14/1999 Common 45000 $11.292000 45000 D
Stock
Stock Option $11.292 02/17/1998 M 9000 12/14/1999 Common 9000 $11.292000 36000 D
Stock
Stock Option $11.292 02/18/1998 M 9000 12/14/1999 Common 9000 $11.292000 27000 D
Stock
Stock Option $11.292 02/19/1998 M 9000 12/14/1999 Common 9000 $11.292000 18000 D
Stock
Stock Option $11.292 02/20/1998 M 9000 12/14/1999 Common 9000 $11.292000 9000 D
Stock
Stock Option $11.292 02/23/1998 M 9000 12/14/1999 Common 9000 $11.292000 0 D
Stock
Stock Option $17.208 12/12/1991 A V 90000 12/12/1992 12/12/2001 Common 90000 $17.208000 90000 D
Stock
Stock Option $17.208 11/29/1999 M 45000 12/12/1992 12/12/2001 Common 45000 $17.208000 45000 D
Stock
Stock Option $31.875 12/12/1996 A 18000 12/12/1997 12/12/2006 Common 18000 $31.875000 18000 D
Stock
Stock Option $31.875 12/31/1996 G 5000 12/12/2006 Common 5000 $31.875000 13000 D
Stock
Stock Option $57 12/11/1997 A 20000 12/11/1998 12/11/2007 Common 20000 $57.000000 20000 D
Stock
Stock Option $57 02/20/1998 G 3000 12/11/2007 Common 3000 $57.000000 17000 D
Stock
Perf. Shares $0 12/14/1995 A 9000 (4) 12/31/1998 Common 9000 $0.000000 9000 D
Stock (4)
Perf. Shares $0 12/12/1996 A 9000 (4) 12/31/1999 Common 9000 $0.000000 9000 D
Stock (4)
Perf. Shares $0 12/11/1997 A 10000 (4) 12/31/2000 Common 10000 $0.000000 10000 D
Stock (4)
Perf. Shares $0 (4) 12/10/1998 A V 10000 12/10/1998 12/10/2008 Common 10000 $0.000000 10000 D
(4) Stock (4)
</TABLE>
Explanation of Responses:
(1) The reporting person surrendered shares to issuer in transaction exempt
under Rule 16b-3
to satisfy tax withholding obligation arising from the vesting of
___________shares of restricte
(2) Receipt of Common Stock upon redemption of Partnership Interest.
(3) The reporting person disclaims beneficial ownership of all securities held
by his children, and this report
shall not be deemed an admission that the reporting person is the beneficial
owner of such secur
(4) Award of performance shares under 1994 Long-Term Incentive Plan for
Executives.
Performance shares may be paid following expiration of the
performance period at
SIGNATURE OF REPORTING PERSON
/s/ Gordon H. Gunnlaugsson
DATE
12/02/1999
