<PAGE>
Rule 424(b)(2)
File No. 33-644
PRICING SUPPLEMENT NO. 46 DATED August 15, 1997
---- -----------------
(To Prospectus dated December 7, 1995 as supplemented
by Prospectus Supplement dated December 27, 1995)
MARSHALL & ILSLEY CORPORATION
Medium-Term Notes, Series D
Due from 9 months to 30 years from date of Issue
Fixed Rate Notes
-------------------
Trade Date: August 15, 1997 Issue Price: 99.550%
---------------- --------------
Original Issued Date: August 20, 1997 Principal Amount: $250,000.00
---------------- --------------
Interest Rate
Maturity Date: August 20, 2001 Per Annum: 6.440%
---------------- --------------
Redemption:
Check box opposite applicable paragraph.
[X] The Notes cannot be redeemed prior to maturity
[ ] The Notes may be redeemed prior to maturity
Terms of Redemption:
Additional Terms:
CUSIP - 57183HEQ0
