SEC FORM 3

SEC Form 3

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
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

HALDEMAN CHARLES E

(Last)

(First)

(Middle)

PUTNAM INVESTMENTS, LLC

ONE POST OFFICE SQUARE

(Street)

BOSTON

02109

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
11/03/2003

3. Issuer Name and Ticker or Trading Symbol
MARSH & MCLENNAN COMPANIES INC [ MMC ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	PRES. & CEO, PUTNAM INVEST.

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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	42,640	D

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: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
RESTRICTED STOCK UNITS⁽¹⁾	⁽³⁾	⁽³⁾	COMMON	41,700	⁽⁴⁾	D
EMPLOYEE STOCK OPTION⁽²⁾	03/20/2004	03/19/2013	COMMON	11,250	$42.99	D
EMPLOYEE STOCK OPTION⁽²⁾	03/20/2005	03/19/2013	COMMON	11,250	$42.99	D
EMPLOYEE STOCK OPTION⁽²⁾	03/20/2006	03/19/2013	COMMON	11,250	$42.99	D
EMPLOYEE STOCK OPTION⁽²⁾	03/20/2007	03/19/2013	COMMON	11,250	$42.99	D
EMPLOYEE STOCK OPTION⁽¹⁾	10/24/2003	10/23/2012	COMMON	13,900	$46.68	D
EMPLOYEE STOCK OPTION⁽¹⁾	10/24/2004	10/23/2012	COMMON	13,900	$46.68	D
EMPLOYEE STOCK OPTION⁽¹⁾	10/24/2005	10/23/2012	COMMON	13,900	$46.68	D
EMPLOYEE STOCK OPTION⁽¹⁾	10/24/2006	10/23/2012	COMMON	13,900	$46.68	D

Explanation of Responses:

1. Restricted Stock Unit Award and Stock Option granted on October 24, 2002.

2. Stock Option granted on March 20, 2003.

3. Not Applicable.

4. The security converts to common stock on a one-for-one basis.

Remarks:

	Charles E. Haldeman, Jr.	11/10/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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