-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LFAvLAjaV9rEmFvGZXXv8jI6LGih4gqBNHLHqEMu9lzrZXO/QQMtl5bZfJgcvYaY DxHC4WAiRaFZ6X2I1pyctQ== 0000948572-04-000021.txt : 20040624 0000948572-04-000021.hdr.sgml : 20040624 20040624095231 ACCESSION NUMBER: 0000948572-04-000021 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040624 FILED AS OF DATE: 20040624 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AON CORP CENTRAL INDEX KEY: 0000315293 STANDARD INDUSTRIAL CLASSIFICATION: ACCIDENT & HEALTH INSURANCE [6321] IRS NUMBER: 363051915 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07933 FILM NUMBER: 04878424 BUSINESS ADDRESS: STREET 1: 200 EAST RANDOLPH STREET CITY: CHICAGO STATE: IL ZIP: 60601 BUSINESS PHONE: 3123811000 MAIL ADDRESS: STREET 1: 200 EAST RANDOLPH STREET CITY: CHICAGO STATE: IL ZIP: 60601 FORMER COMPANY: FORMER CONFORMED NAME: COMBINED INTERNATIONAL CORP DATE OF NAME CHANGE: 19870504 11-K 1 b11k062404.txt AON CORPORATION 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 -----END PRIVACY-ENHANCED MESSAGE-----