Ownership Submission
FORM 3
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Morrison David J
2. Date of Event Requiring Statement (Month/Day/Year)
01/26/2005
3. Issuer Name and Ticker or Trading Symbol
MARSH & MCLENNAN COMPANIES, INC. [MMC]
(Last)
(First)
(Middle)
1166 AVENUE OF THE AMERICAS
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Pres,CEO,Mercer Mgt.Consulting
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

NEW YORK, NY 10036
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)
2. Amount of Securities Beneficially Owned
(Instr. 4)
3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)
4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 70,982.1366 (1)
D
 
Common Stock - SIP 114.9076
I
Stock Investment Plan (401K)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)
2. Date Exercisable and Expiration Date
(Month/Day/Year)
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Stk. Units -SISP   (2)   (2) Common Stock 10,984.9076 (3) $ (2) D  
Restricted Stock Units   (2)   (2) Common Stock 18,565 $ (2) D  
Stock Options (Right to buy)   (4) 03/17/2009 Common Stock 24,000 $ 37.7656 D  
Stock Options (Right to buy)   (5) 03/19/2013 Common Stock 90,000 $ 42.99 D  
Stock Options (Right to buy)   (6) 03/15/2010 Common Stock 40,000 $ 43.625 D  
Stock Options (Right to buy)   (7) 03/14/2011 Common Stock 60,000 $ 46.1 D  
Stock Options (Right to buy)   (8) 03/16/2014 Common Stock 35,000 $ 46.14 D  
Stock Options (Right to buy)   (9) 03/20/2012 Common Stock 60,000 $ 56 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Morrison David J
1166 AVENUE OF THE AMERICAS
NEW YORK, NY 10036
      Pres,CEO,Mercer Mgt.Consulting  

Signatures

David J. Morrison 02/03/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(3) Information reported herein is based on reporting person's Plan Statement as of December 31, 2004.
(1) Includes 45,300 shares of MMC restricted stock.
(9) These options vested in four equal annual installments on March 21st of 2003, 2004, 2005 and 2006.
(8) These options vested in four equal annual installments on March 17th of 2005, 2006, 2007 and 2008.
(7) These options vested in four equal annual installments on March 15th of 2002, 2003, 2004 and 2005.
(5) These options vested in four equal annual installments on March 20th of 2004, 2005, 2006 and 2007.
(4) These options vested in four equal annual installments on March 18th of 2000, 2001, 2002 and 2003.
(2) Not Applicable
(6) These options vested in four equal annual installments on March 16th of 2001, 2002, 2003 and 2004.

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