UNITED STATES
                        SECURITIES AND EXCHANGE COMMISSION
                              Washington, D.C. 20549        

                                   SCHEDULE 13G

                 Under the Securities Exchange Act of 1934

                      (Amendment No.      8       )*

                  MARSHALL & ILSLEY CORPORATION                   
                             (Name of Issuer)

                           Common Stock                          
                      (Title of Class of Securities)

                                    N/A              
                              (CUSIP Number)

                                                                  
Check the following box if a fee is being paid with this
statement  .  (A fee is not required only if the filing person: 
(1) has a previous statement on file reporting beneficial
ownership of more than five percent of the class of securities
described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of
such class.)  (See Rule 13d-7).

*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided
in a prior cover page.

The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).

CUSIP No.       N/A                 13G           Page   2   of   6   Pages
                           Amendment No.   8   

1.   NAME OF REPORTING PERSON
     S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

          The Northwestern Mutual Life Insurance Company
          39-0509570

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                       (a)  
                                                       (b)  
3.   SEC USE ONLY

4.   CITIZENSHIP OR PLACE OF ORGANIZATION

          Wisconsin

 NUMBER OF          5.   SOLE VOTING POWER
  SHARES                 
BENEFICIALLY                  8,665,374
  OWNED BY
    EACH            6.   SHARED VOTING POWER
 REPORTING
  PERSON                      0
   WITH
                    7.   SOLE DISPOSITIVE POWER
                              8,665,374

                    8.   SHARED DISPOSITIVE POWER
                              0

9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
          8,665,374 
     
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     CERTAIN SHARES*

          N/A       

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

          8.6% on a fully diluted basis

12.  TYPE OF REPORTING PERSON*

          IC
                   *SEE INSTRUCTION BEFORE FILLING OUT!

CUSIP No.       N/A                 13G           Page   3   of   6   Pages
                           Amendment No.   8   

Item 1

     (a)  Name of Issuer:  Marshall & Ilsley Corporation

     (b)  Address of Issuer's Principal Executive Offices:
          770 N. Water Street, Milwaukee, WI 53202
Item 2

     (a)  Name of Person Filing:  The Northwestern Mutual Life
          Insurance Company

     (b)  Address of Principal Business Office:  720 East
          Wisconsin Avenue, Milwaukee, Wisconsin 53202

     (c)  Citizenship:  Wisconsin

     (d)  Title of Class of Securities:  Common Stock

     (e)  CUSIP Number:  N/A

Item 3    If this statement is filed pursuant to Rule 13d-1(b),
          or 13d-2(b), check whether the person filing is a:  

     (a)  [ ] Broker or Dealer registered under Section 15 of the
          Act

     (b)  [ ] Bank as defined in section 3(a)(6) of the Act

     (c)  [X] Insurance Company as defined in section 3(a)(19) of
          the Act

     (d)  [ ] Investment Company registered under section 8 of
          the Investment Company Act

     (e)  [ ] Investment Adviser registered under section 203 of
          the Investment Advisers Act of 1940

     (f)  [ ] Employee Benefit Plan, Pension Fund which is
          subject to the provisions of the Employee Retirement
          Income Security Act of 1974 or Endowment Fund; see Rule
          13d-1(b)(1)(ii)(F)

     (g)  [ ] Parent Holding Company, in accordance with Rule
          13d-1(b)(ii)(G) (Note:  See Item 7)

     (h)  [ ] Group, in accordance with Rule 13d-
                    1(b)(1)(ii)(H)(1)

CUSIP No.       N/A                 13G           Page   4   of   6   Pages
                           Amendment No.   8   

Item 4    Ownership

     If the percent of the class owned, as of December 31 of the
year covered by the statement, or as of the last day of any month
described in Rule 13d-1(b)(2), if applicable, exceeds five
percent, provide the following information as of that date and
identify those shares which there is a right to acquire.

     Also see Attachment A hereto.

     (a)  Amount Beneficially Owned:  8,665,374

     (b)  Percent of Class:  8.6% on a fully diluted basis

     (c)  Number of shares as to which such person has:

          (i)  sole power to vote or to direct the vote: 
               8,665,374

          (ii) shared power to vote or to direct the vote:                 0

          (iii) sole power to dispose or to direct the
                disposition of:  8,665,374

          (iv) shared power to dispose or to direct the
               disposition of:  0

     Instruction:  For computations regarding securities which
represent a right to acquire an underlying security see Rule 13d-
3(d)(1).

Item 5    Ownership of Five percent or Less of a Class      

     If this statement is being filed to report the fact that as
of the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of a class of
securities, check the following [  ].

Item 6    Ownership of More than Five Percent on Behalf of
          Another Person  N/A

Item 7    Identification and Classification of the Subsidiary
          Which Acquired a Security Being Reported on By the
          Parent Holding Company  N/A

Item 8    Identification and Classification of Members of the
          Group  N/A

CUSIP No.       N/A                 13G           Page   5   of   6   Pages
                           Amendment No.   8   

Item 9    Notice of Dissolution of Group

               N/A

Item 10   Certification

     By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose
of and do not have the effect of changing or influencing the
control of the issuer of such securities and were not acquired in
connection with or as a participant in any transaction having
such purposes of effect.
 

                                 SIGNATURE

     After reasonable inquiry and to the best of my knowledge and
belief, I certify that the correct information set forth in this
statement is true, complete and correct.


                                        February 8, 1995   
                                              Date


                                   THE NORTHWESTERN MUTUAL LIFE
                                   INSURANCE COMPANY


                                   By:  PAUL E. MCELWEE      
                                   Paul E. McElwee 
                                   Assistant General Counsel

CUSIP No.       N/A                 13G           Page   6   of   6   Pages
                           Amendment No.   8   


                               ATTACHMENT A

     The securities (the "Securities") which are the subject of
this filing consist of 3,844,229 shares of common stock which may
be acquired by conversion of a Convertible Subordinated Note
Agreement dated December 31, 1985, 3,832,957 shares of common
stock which may be acquired by conversion of 348,944 shares of
convertible preferred stock and an additional 988,188 shares of
common stock which are presently owned by the Reporting Person. 
The Securities are subject to the provisions of that certain
Investment Agreement (the "Agreement") dated as of August 30,
1985 between Issuer and the undersigned Reporting Person, by
which Agreement the undersigned is prohibited from selling,
transferring or otherwise disposing of any interest in the
Securities prior to December 31, 1990 unless the Issuer consents
in writing; provided, however, the undersigned may transfer the
Securities to any Subsidiary or Affiliate, providing that said
transferee shall agree in writing to be subject to the terms of
the Agreement and the undersigned shall remain subject to the
Agreement.  The above provisions of the Agreement shall terminate
if the Agreement terminates, which termination shall occur as of
the earliest of (a) the undersigned's beneficial ownership of
less than 5% of the Issuer's then-outstanding voting securities,
(b) the occurrence of a change of control of the Issuer, or
(c) December 31, 1997.

     The undersigned's voting power, dispositive power, and
aggregate amount beneficially owned is further subject to
limitations set forth in the December 27, 1985 letter to the
undersigned from the Board of Governors of the Federal Reserve
Board.

     The undersigned may only hold 5% of the Issuer's outstanding
common stock at any one time; however, the undersigned may
convert any of that common stock into the Issuer's Series A
Convertible Preferred Stock and thereby permit its acquisition of
additional common stock.