June 24, 2004
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
RE: REPORT ON FORM 11-K FOR THE AON SAVINGS PLAN
REGISTRANT: AON CORPORATION
COMMISSION FILE NO.: 1-7933
Gentlemen and Ladies:
Enclosed with this EDGAR transmission is the above referenced Form 11-K
for the Aon Savings Plan.
Please contact the undersigned at 312/381-3165 if you have any
questions.
Very truly yours,
/S/ MAXINE G. BONN
Maxine G. Bonn
Counsel
MGB/rjr
Enclosures
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
X Annual Report Pursuant to Section 15(d) of the Securities
----- Exchange Act of 1934
For the fiscal year ended December 31, 2003
OR
Transition Report Pursuant to Section 15(d) of the
----- Securities Exchange Act of 1934
A. Full title of the plan and the address of the plan,
if different from the issuer named below:
Aon Savings Plan
B. Name of the issuer of the securities held pursuant to
the plan and the address of its principal executive
office:
Aon Corporation
200 E. Randolph Drive
Chicago, Illinois 60601
S I G N A T U R E S
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan,
by the Plan Administrator, the Committee, has caused this annual report to be
signed on its behalf by the undersigned, thereunto duly authorized, in the
County of Cook and the State of Illinois on the 24th day of June, 2004.
AON SAVINGS PLAN
BY THE COMMITTEE
/s/ THOMAS STACHURA /s/ JOHN A. RESCHKE
------------------------ -------------------------
Thomas Stachura John A. Reschke
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE
AON SAVINGS PLAN
Years Ended December 31, 2003 and 2002
With Report of Independent Registered
Public Accounting Firm
Employer Identification Number 36-3051915
Plan # 020
AON SAVINGS PLAN
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE
Years ended December 31, 2003 and 2002
CONTENTS
Report of Independent Registered Public Accounting Firm 1
Financial Statements
Statement of Assets Available for Benefits
at December 31, 2003 2
Statement of Assets Available for Benefits
At December 31, 2002 3
Statement of Changes in Assets Available for Benefits
for the year ended December 31, 2003 4
Statement of Changes in Assets Available for Benefits
for the year ended December 31, 2002 5
Notes to Financial Statements 6
Supplemental Schedule:
Schedule H, Line 4i - Schedule of Assets (Held At
End of Year) 13
Report of Independent Registered Public Accounting Firm
The Participants and Administrative Committee
Aon Savings Plan
We have audited the accompanying statements of assets available for benefits of
the Aon Savings Plan as of December 31, 2003 and 2002, and the related
statements of changes in assets available for benefits for the years then ended.
These financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the assets available for benefits of the Plan at December
31, 2003 and 2002, and the changes in its assets available for benefits for the
years then ended, in conformity with U.S. generally accepted accounting
principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental schedule of
assets (held at end of year) as of December 31, 2003, is presented for purposes
of additional analysis and is not a required part of the financial statements,
but is supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This supplemental schedule is the responsibility of the
Plan's management. The supplemental schedule has been subjected to the auditing
procedures applied in our audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
May 17, 2004 Ernst & Young LLP
Chicago, IL
- 1 -
Employer Plan Identification # 36-3051915
Plan # 020
AON SAVINGS PLAN
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2003
(in thousands)
------------------------------------------------------
ASSETS:
Investments, at Fair Value:
Aon Corporation Common Stock $ 302,540
Brokerage Accounts-Other Common and
Preferred Stocks and Mutual Funds 8,327
Investments in Mutual Funds:
AIM Liquid Asset Fund 249,360
Vanguard REIT Index Fund 53,303
Vanguard Admiral Intermediate Term Treasury Fund 76,522
INVESCO Dynamics Fund 31,136
Dodge & Cox Common Stock Fund 105,230
PIMCO Total Return Fund 40,609
Montag & Caldwell Growth Fund 15,855
Managers Special Equity Fund 35,821
Templeton Emerging Markets Fund 16,645
Investments in Collective Trusts:
INVESCO Asset Allocation Fund 136,138
INVESCO 500 Index Fund 229,043
INVESCO International Equity Fund 40,756
Short-Term Investment Funds 2,065
Participant Loans 21,239
----------------------------------
1,364,589
Company Contribution Receivable 54,148
----------------------------------
ASSETS AVAILABLE FOR BENEFITS $ 1,418,737
==================================
See notes to financial statements.
- 2 -
Employer Plan Identification # 36-3051915
Plan # 020
AON SAVINGS PLAN
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2002
(in thousands)
------------------------------------------------------
ESOP
SAVINGS ALLOCATED
ASSETS: PLAN ACCOUNT TOTAL
---------------- ---------------- --------------
Investments, at Fair Value:
Aon Corporation Common Stock $ 144,755 $ 110,361 $ 255,116
Brokerage Accounts-Other Common and
Preferred Stocks and Mutual Funds 4,917 - 4,917
Investments in Mutual Funds:
AIM Liquid Asset Fund 248,777 - 248,777
Vanguard REIT Index Fund 32,568 - 32,568
Vanguard Admiral Intermediate Term Treasury Fund 85,778 - 85,778
INVESCO Dynamics Fund 16,124 - 16,124
Dodge & Cox Common Stock Fund 50,682 - 50,682
PIMCO Total Return Fund 31,799 - 31,799
Montag & Caldwell Growth Fund 7,595 - 7,595
Managers Special Equity Fund 13,666 - 13,666
Templeton Emerging Markets Fund 2,916 - 2,916
Investments in Collective Trusts:
INVESCO Asset Allocation Fund 117,128 - 117,128
INVESCO 500 Index Fund 171,542 - 171,542
INVESCO International Equity Fund 28,247 - 28,247
Short-Term Investment Funds 1,499 - 1,499
Participant Loans 18,957 - 18,957
---------------- ---------------- --------------
976,950 110,361 1,087,311
Company Contribution Receivable 30,437 17,760 48,197
---------------- ---------------- --------------
ASSETS AVAILABLE FOR BENEFITS $ 1,007,387 $ 128,121 $ 1,135,508
================ ================ ==============
See notes to financial statements.
- 3 -
Employer Plan Identification # 36-3051915
Plan #020
AON SAVINGS PLAN
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 2003
(in thousands)
------------------------------------------------------------------------
NET INVESTMENT INCOME
Interest Income $ 1,355
Net Realized and Unrealized Appreciation
in Fair Value of Investments 201,742
Aon Corporation Dividends 7,948
Other Dividends 14,705
Management and Administrative Fees (3,076)
---------------------------------
TOTAL NET INVESTMENT INCOME 222,674
CONTRIBUTIONS
Company 54,148
Participants 90,764
Rollovers 7,580
---------------------------------
TOTAL CONTRIBUTIONS 152,492
OTHER CHANGES
Benefit Payments (98,081)
Plan Mergers 6,144
---------------------------------
TOTAL OTHER CHANGES (91,937)
---------------------------------
NET INCREASE IN ASSETS AVAILABLE
FOR BENEFITS 283,229
ASSETS AVAILABLE FOR BENEFITS
AT BEGINNING OF YEAR 1,135,508
---------------------------------
ASSETS AVAILABLE FOR BENEFITS
AT END OF YEAR $ 1,418,737
=================================
See notes to financial statements.
- 4 -
Employer Plan Identification # 36-3051915
Plan #020
AON SAVINGS PLAN
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 2002
(in thousands)
------------------------------------------------------------------------
ESOP
SAVINGS ALLOCATED
PLAN ACCOUNT TOTAL
-------------- -------------- --------------
NET INVESTMENT LOSS
Interest Income $ 1,529 $ 1 $ 1,530
Net Realized and Unrealized Depreciation
in Fair Value of Investments (204,840) (97,587) (302,427)
Aon Corporation Dividends 5,933 4,788 10,721
Other Dividends 15,603 - 15,603
Management and Administrative Fees (1,891) (136) (2,027)
-------------- -------------- --------------
TOTAL NET INVESTMENT LOSS (183,666) (92,934) (276,600)
CONTRIBUTIONS
Company 30,437 17,760 48,197
Participants 86,106 - 86,106
Rollovers 11,172 - 11,172
-------------- -------------- --------------
TOTAL CONTRIBUTIONS 127,715 17,760 145,475
ALLOCATIONS
ESOP Diversification 1,352 (1,352) -
-------------- -------------- --------------
TOTAL ALLOCATIONS 1,352 (1,352) -
OTHER CHANGES
Benefit Payments (106,506) (14,045) (120,551)
Plan Merger 1,614 - 1,614
-------------- -------------- --------------
TOTAL OTHER CHANGES (104,892) (14,045) (118,937)
-------------- -------------- --------------
NET DECREASE IN ASSETS AVAILABLE
FOR BENEFITS (159,491) (90,571) (250,062)
ASSETS AVAILABLE FOR BENEFITS
AT BEGINNING OF YEAR 1,166,878 218,692 1,385,570
-------------- -------------- --------------
ASSETS AVAILABLE FOR BENEFITS
AT END OF YEAR $ 1,007,387 $ 128,121 $ 1,135,508
============== ============== ==============
See notes to financial statements.
- 5 -
Employer Plan Identification # 36-3051915
Plan # 020
AON SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
Years Ended December 31, 2003 and 2002
1. DESCRIPTION OF PLAN
GENERAL
The Aon Savings Plan (the Plan) was authorized by the Board of
Directors of Aon Corporation (the Company or Plan Sponsor). It is a
defined contribution plan with a salary deferral feature and an
employee stock ownership (ESOP) feature. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974
(ERISA). Effective January 1, 2003, the ASI Solutions, Inc. 401(k)
Retirement Plan and the McLagan Partners Inc. 401(k) Profit Sharing
Plan were merged into the Plan and as a result, assets approximating
$6.1 million were transferred to the Plan. Effective January 1, 2002,
the FESC Employees Savings Plan merged into the Plan and as a result,
assets approximating $1.6 million were transferred into the Plan.
Prior to 2003, certain Plan assets were held by the Aon Funds, an
affiliated, open-end management investment company. Assets in the Aon
Funds were liquidated in 2002. The assets of the ESOP portion of the
Plan are invested primarily in common stock of the Company.
Additionally, certain assets are invested by the Trustees as deemed
advisable in order for the Plan to meet its cash flow needs.
Prior to 2003, the Plan presented a separate ESOP Allocated Account in
its financial statements because the assets of the ESOP portion of the
Plan (which were comprised of the ESOP Allocated Fund investment in Aon
common stock and receivables from the Company) were considered a
non-participant directed investment. Effective January 1, 2003, the Aon
Common Stock Fund and the ESOP Allocated Fund were merged into a single
fund called the Aon Common Stock ESOP Fund. Participants have the
option to reinvest dividends in additional shares of Aon common stock
in the Plan or receive dividends in cash. Additionally, effective
January 1, 2003, participants are allowed to immediately diversify any
Company matching contributions allocated to the Aon Common Stock ESOP
Fund. As a result, the ESOP Allocated Account is no longer considered a
non-participant directed investment and has not been reported
separately in the 2003 financial statements.
- 6 -
1. DESCRIPTION OF PLAN (CONTINUED)
The following description of the Plan provides only general
information. Participants of the Plan should refer to the Summary Plan
Description for a more complete description of the Plan.
ELIGIBILITY AND PARTICIPATION
Employees other than field sales agents or employees scheduled to work
less than 20 hours per week are immediately eligible to participate.
Field sales agents and employees scheduled to work less than 20 hours
per week are eligible to participate after completing one year of
service. Participants must complete one year of service to be eligible
for Company matching contributions.
CONTRIBUTIONS
PARTICIPANT - Participant contributions are made by means of regular
payroll deductions. Non-highly compensated participants, as defined by
the Internal Revenue Code (IRC), may elect to make contributions
between 1% and 16% of their compensation, as defined by the Plan.
Highly compensated participants, as defined by the IRC, may elect to
make contributions between 1% and 8% of their compensation, as defined
by the Plan. Participant contributions are limited to amounts allowed
by the Internal Revenue Service (IRS). Accordingly, the maximum
participant contribution was $12,000 in 2003 and $11,000 in 2002. In
addition to regular participant contributions, catch-up contributions
of up to $2,000 for 2003 and $1,000 for 2002 were allowed for any
participants who were age 50 or older during the Plan year.
COMPANY - The Company contributes an amount equal to 100% of the first
3% of a participant's compensation that a participant contributes to
the Plan (75% of a participant's compensation up to 4% for employees of
Aon Human Capital Services, LLC). The Company makes a further
contribution to the ESOP portion of the Plan equal to 75% (50% for
field sales agents) of the next 3% of a participant's compensation that
is contributed to the Plan. In 2003, the ESOP contribution was made in
cash. In 2002, the ESOP contribution was made in shares of common stock
of the Company. Employees of Aon Human Capital Services, LLC are not
eligible for the ESOP contribution. The Plan requires that a
participant be employed for at least one year and be actively employed
as of the last day of the Plan year in order to receive a Company
contribution.
INVESTMENT OPTIONS
Contributions to the Plan may be invested in any of the various
investment alternatives offered by the Plan in any whole percentages.
Additionally, a Self-Managed Account is offered whereby participants
can invest their self-directed contributions in various stock, mutual
funds and other investments.
- 7 -
1. DESCRIPTION OF PLAN (CONTINUED)
PARTICIPANT ACCOUNTS
Each participant's account is credited with the participant's
contribution and allocations of a) the Company's contributions, b) Plan
earnings (losses), and c) forfeitures of terminated participants'
non-vested accounts. The benefit to which a participant is entitled is
the benefit that can be provided from the participant's account.
VESTING
For the ESOP portion of the Plan, a participant vests in 20% increments
per year and becomes 100% vested after completion of five years of plan
service. Forfeitures of non-vested accounts are allocated to the
remaining participants. Forfeitures are only allocated to those
participants who received a Company contribution.
For the non-ESOP portion of the Plan, participants are fully vested in
their contributions plus actual earnings thereon. Participants become
100% vested in the remainder of their account balance after five years
of plan service, according to a graded schedule. Forfeitures of
non-vested accounts are allocated to the remaining participants.
The total amount of forfeitures allocated to participants was
$1,074,000 and $1,049,000 for 2003 and 2002, respectively.
BENEFIT PAYMENTS
For the ESOP portion of the Plan, a participant's entire account shall
be paid to the participant or designated beneficiary in a lump sum upon
normal retirement, permanent disability or death. The participant may
elect payment in the form of Company common stock or cash.
For the non-ESOP portion, on termination of service, a participant
shall be paid a lump sum amount equal to the value of his or her
account. The participant will receive payment in the form of cash only.
PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and
to terminate the Plan subject to the provisions of ERISA. In the event
of Plan termination, participants will become 100% vested in their
accounts.
- 8 -
1. DESCRIPTION OF PLAN (CONTINUED)
PARTICIPANT LOANS
Under the loan provision of the Plan, each participant is permitted one
loan in a twelve month period and the outstanding balance of all loans
made to a participant may not exceed the lesser of $50,000 or 50% of
the vested portion of the participant's account, excluding the ESOP
portion of the account. The interest rate for each loan is equal to 1%
plus the prime rate as quoted in The Wall Street Journal for the last
--- ---- ------ -------
day of the month preceding the loan request. Loans are made for a
period of up to five years, except for residential loans that have a
fixed repayment period of up to fifteen years.
2. SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements of the Plan are prepared on an accrual basis
in accordance with U.S. generally accepted accounting principles.
INVESTMENT VALUATION AND INCOME RECOGNITION
Investments are carried at fair value, which for marketable securities
is based on quotations obtained from national securities exchanges and
various other sources. Participant loans are valued at their
outstanding balances, which approximate fair value.
Interest income is recorded as earned. Dividend income is recorded on
the ex-dividend date. Realized gains or losses on investments are the
difference between the proceeds received and the cost of investments
sold as determined on a first-in, first-out basis. The change in the
difference between fair value and the cost of investments is reported
as unrealized appreciation or depreciation of investments.
ADMINISTRATIVE EXPENSES
Administrative expenses of the Plan, including expenses of the
Trustees, are paid from the Plan assets, except to the extent that the
Company, at its discretion, may decide to pay such expenses. The
Company did not pay any Plan expenses in 2003 or 2002.
USE OF ESTIMATES
The preparation of the financial statements in conformity with U.S.
generally accepted accounting principles requires management to make
estimates and assumptions that affect the amounts reported in the
financial statements and accompanying notes. Actual results could
differ from those estimates.
- 9 -
3. INVESTMENTS
Institutional Trust Company (ITC) is custodian of the Plan assets and
Trustee for all Plan assets except the Aon Common Stock ESOP shares and
the self-managed brokerage accounts. For the Aon Common Stock ESOP
shares and self-managed brokerage accounts, State Street Bank and Trust
Company is the Trustee. The Trustees are named fiduciaries under ERISA.
As used herein, Trustee refers to ITC and State Street Bank and Trust
Company individually and collectively.
During 2003 and 2002 the Plan's investments (including investments
bought, sold and held during the year) appreciated (depreciated) in
fair value as follows (in thousands):
December 31
2003 2002
---------------------------------------------------------------------------
Net Realized Net Realized
and Unrealized and Unrealized
Appreciation Appreciation
(Depreciation) (Depreciation)
in Fair Value in Fair Value
of Investments of Investments
Fair During Fair During
Value the Year Value the Year
Investments, at fair value:
Aon Corporation Common Stock $ 302,540 $ 65,964 $ 255,116 $ (215,483)
Brokerage Accounts-Other
Common and Preferred Stocks
and Mutual Funds 8,327 2,337 4,917 (2,298)
Investments in Mutual Funds:
Aon Government Securities Fund - - - 1,618
Aon Asset Allocation Fund - - - (4,877)
AIM Liquid Asset Fund 249,360 - 248,777 -
Vanguard REIT Index Fund 53,303 10,518 32,568 (1,430)
INVESCO Dynamics Fund 31,136 7,901 16,124 (8,044)
Dodge & Cox Common Stock Fund 105,230 19,582 50,682 (7,024)
PIMCO Total Return Fund 40,609 37 31,799 284
Montag & Caldwell Growth Fund 15,855 1,894 7,595 (2,151)
Managers Special Equity Fund 35,821 8,334 13,666 (3,992)
Templeton Emerging Markets
Fund 16,645 3,267 2,916 (326)
Vanguard Admiral Intermediate
Term Treasury Fund 76,522 (3,003) 85,778 1,443
Investments in Collective Trusts:
INVESCO Asset Allocation Fund 136,138 23,219 117,128 (3,644)
INVESCO 500 Index Fund 229,043 51,876 171,542 (52,658)
INVESCO Core-Balanced Fund - - - (550)
INVESCO International
Equity Fund 40,756 9,816 28,247 (3,295)
Short-Term Investment Funds 2,065 - 1,499 -
--------------------------------------------------------------------
Total $ 1,343,350 $ 201,742 $ 1,068,354 $ (302,427)
--------------------------------------------------------------------
- 10 -
3. INVESTMENTS (CONTINUED)
The fair value of individual investments that represent 5% or more of
the Plan's assets is as follows (in thousands):
December 31
-------------------------------------
2003 2002
---- ----
Aon Corporation, Common Stock $ 302,540 $ 255,116*
Investments in Mutual Funds:
AIM Liquid Asset Fund 249,360 248,777
Dodge & Cox Common Stock Fund 105,230 **
Vanguard Admiral Intermediate Term
Treasury Fund 76,522 85,778
Investments in Collective Trusts:
INVESCO 500 Index Fund 229,043 171,542
INVESCO Asset Allocation Fund 136,138 117,128
*Includes $202,435 of non-participant directed investments in 2002.
**Below 5% threshold.
4. INCOME TAX STATUS
The Plan has received a determination letter from the IRS dated October
1, 2003, stating that the Plan is qualified under section 401(a) of the
IRC and, therefore, the related trust is exempt from taxation.
Subsequent to this issuance of the determination letter, the Plan was
amended. Once qualified, the Plan is required to operate in conformity
with the IRC to maintain its qualification. The Plan Administrative
Committee believes the Plan is being operated in compliance with the
applicable requirements of the IRC and, therefore, believes that the
Plan, as amended, is qualified and the related trust is tax exempt.
5. RISKS AND UNCERTAINTIES
The Plan invests in various investment securities. Investment
securities are exposed to various risks such as interest rate, market
and credit risks. Due to the level of risk associated with certain
investment securities, it is at least reasonably possible that changes
in the values of investment securities will occur in the near term and
that such changes could materially affect participants' account
balances and the amounts reported in the statements of assets available
for benefits.
- 11 -
6. SUBSEQUENT EVENTS
Effective January 1, 2004, the Company contributes an amount equal to
50% of a participant's compensation that participant contributes, up to
6% of compensation (75% of a participant's compensation up to 4% for
employees of Aon Human Capital Services LLC and 100% of the first 3%
for employees of Human Resources Outsourcing Group). This contribution
will be made concurrent with participant contributions. The Company may
make an additional contribution at its discretion but may not exceed 6%
of a participant's compensation.
Effective January 1, 2004, non-highly compensated participants may
elect to make contributions up to 25% of their compensation, as defined
by the Plan and highly compensated participants may elect to make
contributions up to 10% of their compensation subject to limitations
allowed by the IRS.
Effective January 1, 2004, the Aon Retirement Account was established
as a separate account under the Aon Savings Plan. The Aon Retirement
Account is intended for employees hired after January 1, 2004 who are
not eligible for participation in the Aon Pension Plan. The Aon
Retirement Account is to be funded entirely by Company contributions.
No employee contributions will be allowed. Participants will become
vested in their balances in the Aon Retirement Account after five years
of service.
- 12 -
Employer Identification # 36-3051915
Plan # 020
AON SAVINGS PLAN
Schedule H, Line 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2003
Number of Shares
---------------- Current Value
Identity of Issuer Principal Amount (thousands)
------------------------------------------------------------------------------------------------------------------
AON COMMON STOCK ESOP FUND
--------------------------
COMMON STOCK
Aon Corporation
Common Stock, 1.00 par* 12,538,939 $ 302,422
==============
MONEY MARKET FUND
-----------------
MUTUAL FUND
Investments held in the AIM
Liquid Asset Fund 249,359,859 $ 249,360
==============
TOTAL RETURN FUND
-----------------
COLLECTIVE TRUST
Investments held in the INVESCO
Asset Allocation Fund* 11,705,777 $ 136,138
==============
COMMON STOCK INDEX FUND
-----------------------
COLLECTIVE TRUST
Investments held in the INVESCO
500 Index Fund* 8,185,969 $ 229,043
==============
REAL ESTATE SECURITIES FUND
---------------------------
MUTUAL FUND
Investments held in the Vanguard
REIT Index Fund 3,511,400 $ 53,303
==============
- 13 -
Employer Identification # 36-3051915
Plan # 020
AON SAVINGS PLAN
Schedule H, Line 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2003
(continued)
Number of Shares
---------------- Current Value
Identity of Issuer Principal Amount (thousands)
------------------------------------------------------------------------------------------------------------------
INVESCO DYNAMICS FUND
---------------------
MUTUAL FUND
Investments held in the INVESCO
Dynamics Fund* 2,112,353 $ 31,136
==============
DODGE & COX COMMON STOCK FUND
-----------------------------
MUTUAL FUND
Investments held in the Dodge & Cox
Common Stock Fund 924,856 $ 105,230
==============
PIMCO TOTAL RETURN FUND
-----------------------
MUTUAL FUND
Investments held in the PIMCO
Total Return Fund 3,791,707 $ 40,609
==============
MONTAG & CALDWELL GROWTH FUND
-----------------------------
MUTUAL FUND
Investments held in the Montag & Caldwell
Growth Fund 724,610 $ 15,855
==============
MANAGERS SPECIAL EQUITY FUND
----------------------------
MUTUAL FUND
Investments held in the Managers
Special Equity Fund 456,375 $ 35,821
==============
- 14 -
Employer Identification # 36-3051915
Plan # 020
AON SAVINGS PLAN
Schedule H, Line 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2003
(continued)
Number of Shares
---------------- Current Value
Identity of Issuer Principal Amount (thousands)
------------------------------------------------------------------------------------------------------------------
TEMPLETON EMERGING MARKETS FUND
-------------------------------
MUTUAL FUND
Investments held in the Templeton
Emerging Markets Fund 1,367,698 $ 16,645
==============
VANGUARD ADMIRAL INTERMEDIATE TERM
----------------------------------
TREASURY FUND
-------------
MUTUAL FUND
Investments held in the Vanguard Admiral
Intermediate Term Treasury Fund 6,712,475 $ 76,522
==============
INVESCO INTERNATIONAL EQUITY FUND
---------------------------------
COLLECTIVE TRUST
Investments held in the INVESCO
International Equity Fund* 1,926,083 $ 40,756
==============
OTHER COMMON AND PREFERRED STOCKS AND MUTUAL FUNDS (SELF-MANAGED FUNDS)
-----------------------------------------------------------------------
BROKERAGE ACCOUNTS
Investments held in other common and preferred
stocks and mutual funds and other investments 8,327,090 $ 8,327
==============
Investments held in Aon Corporation
Common Stock* 4,919 $ 118
==============
Investment held in the State Street
Short-Term Investment Fund* 2,064,534 $ 2,065
==============
PARTICIPANT LOANS (5.00% - 10.5%) - $ 21,239
==============
$ 1,364,589
==============
*Party in interest transaction not prohibited by ERISA.
- 15 -
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in the Registration Statement (Form
S-8 No. 33-27894) pertaining to the Aon Savings Plan of Aon Corporation of our
report dated May 17, 2004, with respect to the financial statements and schedule
of the Aon Savings Plan included in this annual report (Form 11-K) for the year
ended December 31, 2003.
June 21, 2004 Ernst & Young LLP
Chicago, IL