Rule 424(b)(2) File No. 333-33814 Pricing Supplement #116 dated March 24, 2005 to the Prospectus Dated April 12, 2000 and Prospectus Supplement Dated October 21, 2003 Marshall & Ilsley Corporation MiNotes SM Due from 9 Months to 30 Years Trade Date: March 21, 2005 Issue Price: 100% Original Issue Date: March 24, 2005 Principal Amount: $1,906,000 Maturity Date: March 15, 2012 Interest Rate: 4.900% Interest Payment Dates: 04/15/05 and monthly thereafter Purchasing Agent acting as Principal: Merrill Lynch & Co. Purchasing Agent Commission: 1.20% Proceeds Before expenses: 98.80% ($1,883,128.00) Survivor's Option: Yes Redemption or Repayment: Yes Redemption/Repayment Terms: Callable 03/15/06 and semi-annually thereafter Minimum Denomination: $1,000 minimum investment with increments of $1,000 CUSIP No.: 57183MFA3 Original Issue Discount: No Notes: All trades settle without accrued interest and clear SDFS: DTC Book-Entry only Merrill Lynch DTC Participant Number: 161