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

Form 13F

Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:  September 30, 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___________          
    
 11/12/2004 
  [Signature]	               
                               [City, State]	        [Date]

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