Washington, D.C. 20549

Form 13F


Report for the Calendar Year or Quarter Ended:  March 31, 2004

Check here if Amendment [  ];  Amendment Number:
     This Amendment  (Check only one.):	[] is a restatement.
					        	[    ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:	Marsh & McLennan Companies, Inc.
Address:	1166 Avenue of the Americas
	New York, New York  10036

Form 13F File Number:    28 - 93

The institutional investment manager
filing this report and the person by whom it is signed hereby represent
that the person signing the report is authorized to submit it, that all
information contained herein is true, correct and complete, and that it is
 understood that all required items, statements, schedules, lists, and
tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name: 	Mark J. Dallara
Title:	Vice President
Phone: 	(212) 345-5512

Signature, Place and Date of Signing:

_/s/  Mark J. Dallara___________

Report Type    (Check only one.):

[    ]	13F HOLDINGS REPORT.  (Check here if all
holdings of this reporting manager are reported in this report.)

[ X ]	13F NOTICE.   (Check here if no holdings reported
 are in this report, and all holdings are reported by other reporting
manager (s).)

[    ]	13F COMBINATION REPORT.  (Check here if a
portion of the holdings for this reporting manager are reported in
 this report and a portion are reported by other reporting manager (s).)

List of Other Managers Reporting for this Manager:

	Form 13F File Number	Name

	28 - 90		Putnam Investment Management, LLC