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, 2002
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 25th day of June, 2003.
AON SAVINGS PLAN
BY THE COMMITTEE
/s/ THOMAS STACHURA /s/ JOHN A. RESCHKE
------------------- --------------------
Thomas Stachura John A. Reschke
- 2 -
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE
AON SAVINGS PLAN
Years Ended December 31, 2002 and 2001
With Report of Independent Auditors
Employer Identification Number 36-3051915
Plan # 020
AON SAVINGS PLAN
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE
Years ended December 31, 2002 and 2001
CONTENTS
Report of Independent Auditors 1
Financial Statements
Statement of Assets Available for Benefits
at December 31, 2002 2
Statement of Assets Available for Benefits
at December 31, 2001 3
Statement of Changes in Assets Available for Benefits
for the year ended December 31, 2002 4
Statement of Changes in Assets Available for Benefits
for the year ended December 31, 2001 5
Notes to Financial Statements 6
Supplemental Schedule:
Schedule H, Line 4i - Schedule of Assets (Held At
End of Year) 13
Report of Independent Auditors
The Participants and Administrative Committee
Aon Savings Plan
We have audited the accompanying statements of assets available for benefits of
Aon Savings Plan as of December 31, 2002 and 2001, 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 auditing standards generally accepted
in the 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 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, 2002 and 2001, and the changes in its assets available for benefits for the
years then ended, in conformity with accounting principles generally accepted in
the United States.
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, 2002, 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.
June 4, 2003 Ernst & Young LLP
Chicago, Illinois
- 1 -
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 held 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 held 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.
- 2 -
Employer Plan Identification # 36-3051915
Plan # 020
AON SAVINGS PLAN
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2001
(in thousands)
------------------------------------------------------
ESOP
SAVINGS ALLOCATED
ASSETS: PLAN ACCOUNT TOTAL
------- ---------------- ---------------- --------------
Investments, at Fair Value:
Aon Corporation Common Stock $ 262,108 $ 202,435 $ 464,543
Brokerage Accounts-Other Common and
Preferred Stocks and Mutual Funds 6,200 - 6,200
Investments held in Mutual Funds:
Aon Money Market Fund 264,987 - 264,987
Aon Government Securities Fund 49,054 - 49,054
Aon Asset Allocation Fund 136,943 - 136,943
Vanguard REIT Index Fund 26,084 - 26,084
Vanguard Admiral Intermediate Term Treasury Fund 12,401 - 12,401
INVESCO Dynamics Fund 21,024 - 21,024
Dodge & Cox Common Stock Fund 31,868 - 31,868
PIMCO Total Return Fund 14,638 - 14,638
Montag & Caldwell Growth Fund 7,387 - 7,387
Managers Special Equity Fund 13,151 - 13,151
Templeton Emerging Markets Fund 936 - 936
Investments held in Collective Trusts:
INVESCO 500 Index Fund 236,815 - 236,815
INVESCO Core-Balanced Fund 3,773 - 3,773
INVESCO International Equity Fund 32,212 - 32,212
Short-Term Investment Funds 1,626 - 1,626
Participant Loans 19,269 - 19,269
---------------- ---------------- --------------
1,140,476 202,435 1,342,911
Company Contribution Receivable 26,402 16,257 42,659
---------------- ---------------- --------------
ASSETS AVAILABLE FOR BENEFITS $ 1,166,878 $ 218,692 $ 1,385,570
================ ================ ==============
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, 2002
(in thousands)
------------------------------------------------------------------------
ESOP
SAVINGS ALLOCATED
PLAN ACCOUNT TOTAL
-------------- -------------- --------------
NET INVESTMENT INCOME (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 Mergers 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.
- 4 -
Employer Plan Identification # 36-3051915
Plan #020
AON SAVINGS PLAN
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 2001
(in thousands)
------------------------------------------------------------------------
ESOP
SAVINGS ALLOCATED
PLAN ACCOUNT TOTAL
-------------- -------------- --------------
NET INVESTMENT INCOME (LOSS)
Interest Income $ 1,760 $ 2 $ 1,762
Net Realized and Unrealized Appreciation
(Depreciation) in Fair Value of Investments (53,748) 6,396 (47,352)
Aon Corporation Dividends 7,231 5,212 12,443
Other Dividends 18,464 - 18,464
Management and Administrative Fees (1,817) (162) (1,979)
-------------- -------------- --------------
TOTAL NET INVESTMENT INCOME (LOSS) (28,110) 11,448 (16,662)
CONTRIBUTIONS
Company 26,402 16,257 42,659
Participants 75,186 - 75,186
Rollovers 15,045 - 15,045
-------------- -------------- --------------
TOTAL CONTRIBUTIONS 116,633 16,257 132,890
ALLOCATIONS
ESOP Diversification 493 (493) -
-------------- -------------- --------------
TOTAL ALLOCATIONS 493 (493) -
OTHER CHANGES
Benefit Payments (120,094) (23,062) (143,156)
Plan Mergers 13,820 - 13,820
-------------- -------------- --------------
TOTAL OTHER CHANGES (106,274) (23,062) (129,336)
-------------- -------------- --------------
NET INCREASE (DECREASE) IN ASSETS AVAILABLE
FOR BENEFITS (17,258) 4,150 (13,108)
ASSETS AVAILABLE FOR BENEFITS
AT BEGINNING OF YEAR 1,184,136 214,542 1,398,678
-------------- -------------- --------------
ASSETS AVAILABLE FOR BENEFITS
AT END OF YEAR $ 1,166,878 $ 218,692 $ 1,385,570
============== ============== ==============
See notes to financial statements.
- 5 -
Employer Plan Identification # 36-3051915
Plan # 020
AON SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
Years Ended December 31, 2002 and 2001
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, 2002, participants in the ASI Solutions,
Inc. 401(k) Retirement Plan (ASI Plan) became eligible to participate
in the Plan. Effective January 1, 2002, the FESC Employees Savings Plan
(FESC Plan) merged into the Plan and as a result, assets approximating
$1.6 million were transferred into the Plan. Effective August 1, 2001,
participants in the McLagan Partners Inc. 401(k) Profit Sharing Plan
(McLagan Plan) became eligible to participate in the Plan. Effective
March 31, 2001, the ASA Savings Plan merged into the Plan and as a
result, assets approximating $13.8 million were transferred into the
Plan.
Certain Plan assets are 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.
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.
- 6 -
1. DESCRIPTION OF PLAN (CONTINUED)
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 $11,000 in 2002 and $10,500 in 2001. In
addition to regular participant contributions, catch-up contributions
of up to $1,000 were allowed in 2002 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 in 2002). 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 2002 and 2001, the ESOP contribution was
made in shares of common stock of the Company. Employees of Aon Human
Capital Services, LLC are not eligible for this contribution in 2002.
The Plan requires that a participant be actively employed as of the
last day of the Plan year and they must have been employed for one year
in order to receive a Company contribution.
Contributions to the ESOP portion of the Plan are automatically
invested in common stock of the Company.
INVESTMENT OPTIONS
Contributions to the Plan, other than for the ESOP portion, 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.
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.
- 7 -
1. DESCRIPTION OF PLAN (CONTINUED)
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. In 2002, forfeitures are only allocated to
those participants who received a company contribution. The amount of
forfeitures allocated to participants was $432,000 and $673,000 of the
Company's common stock in 2002 and 2001, respectively.
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
amount of forfeitures allocated to participants was $617,000 and
$833,000 for 2002 and 2001, 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 may
elect to receive either a lump sum amount equal to the value of his or
her account or monthly installments over a period not to exceed ten
years.
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.
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 ten years.
- 8 -
2. SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements of the Plan are prepared on an accrual basis
in accordance with accounting principles generally accepted in the
United States.
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 approximates 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 2002 or 2001.
USE OF ESTIMATES
The preparation of the financial statements in conformity with
accounting principles generally accepted in the United States 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.
RECLASSIFICATIONS
Certain amounts in the 2001 financial statements have been reclassified
to conform with the 2002 presentation.
3. INVESTMENTS
Institutional Trust Company (ITC) is custodian of the Plan assets and
Trustee for all Plan assets except the ESOP shares. For the ESOP
shares, State Street Bank and Trust Company is the Trustee. The
Trustees are named fiduciaries under ERISA. As used herein, Trustee
refers to the ITC and State Street Bank and Trust Company individually
and collectively.
- 9 -
3. INVESTMENTS (CONTINUED)
During 2002 and 2001 the Plan's investments (including investments
bought, sold and held during the year) appreciated (depreciated) in
fair value as follows (in thousands):
December 31
2002 2001
--------------------------------------------------------------------
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 $ 255,116 $ (215,483) $ 464,543 $ 20,634
Brokerage Accounts-Other
Common and Preferred Stocks
and Mutual Funds 4,917 (2,298) 6,200 (1,790)
Investments in Mutual Funds:
Aon Money Market Fund - - 264,987 -
Aon Government Securities Fund - 1,618 49,054 (163)
Aon Asset Allocation Fund - (4,877) 136,943 (19,660)
Aon REIT Index Fund - - - 1,645
AIM Liquid Asset Fund 248,777 - - -
Vanguard REIT Index Fund 32,568 (1,430) 26,084 595
INVESCO Dynamics Fund 16,124 (8,044) 21,024 (7,776)
Dodge & Cox Stock Fund 50,682 (7,024) 31,868 316
PIMCO Total Return Fund 31,799 284 14,638 (168)
Montag & Caldwell Growth Fund 7,595 (2,151) 7,387 (375)
Managers Special Equity Fund 13,666 (3,992) 13,151 (734)
Templeton Emerging Markets
Fund 2,916 (326) 936 (56)
Vanguard Admiral Intermediate
Term Treasury Fund 85,778 1,443 12,401 52
Investments in Collective Trusts
INVESCO Asset Allocation Fund 117,128 (3,644) - -
INVESCO 500 Index Fund 171,542 (52,658) 236,815 (33,867)
INVESCO Core-Balanced Fund - (550) 3,773 (169)
INVESCO International
Equity Fund 28,247 (3,295) 32,212 (5,836)
Short-Term Investment Funds 1,499 - 1,626 -
--------------------------------------------------------------------
Total $ 1,068,354 $ (302,427) $ 1,323,642 $ (47,352)
--------------------------------------------------------------------
- 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
------------------------------------
2002 2001
---- ----
Aon Corporation, Common Stock $ 255,116* $ 464,899*
Investments held in Mutual Funds:
Aon Money Market Fund - 264,987
AIM Liquid Asset Fund 248,777 -
Aon Asset Allocation Fund - 136,943
Vanguard Admiral Intermediate Term
Treasury Fund 85,778 **
Investments in Collective Trusts:
INVESCO 500 Index Fund 171,542 236,815
INVESCO Asset Allocation Fund 117,128 -
*Includes $110,361 and $202,435 of non-participant directed investments
in 2002 and 2001, respectively.
**Below 5% threshold.
4. INCOME TAX STATUS
The Plan has received a determination letter from the IRS dated April
10, 1995, 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 and restated. 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. SUBSEQUENT EVENTS
Effective January 1, 2003, the Aon Common Stock Fund and the ESOP Fund
were merged into a single fund called the Aon Common Stock ESOP.
Participants have the option to reinvest dividends in additional shares
of Aon 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.
- 11 -
5. SUBSEQUENT EVENTS (CONTINUED)
On January 1, 2003, the ASI Plan and the McLagan Plan were merged into
the Plan and as a result, assets approximating $3.2 million and $2.9,
respectively, were transferred into the Plan.
- 12 -
Employer Identification # 36-3051915
Plan # 020
AON SAVINGS PLAN
Schedule H, Line 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2002
Number of Shares Current Value
----------------
Identity of Issuer Principal Amount (thousands)
------------------------------------------------------------------------------------------------------------------
AON COMMON STOCK FUND
---------------------
COMMON STOCK
Aon Corporation
Common Stock, 1.00 par* 7,677,592 $ 144,568
==============
MONEY MARKET FUND
-----------------
MUTUAL FUND
Investments held in the AIM
Liquid Asset Fund 248,777,408 $ 248,777
==============
TOTAL RETURN FUND
-----------------
COLLECTIVE TRUST
Investments held in the INVESCO
Asset Allocation Fund* 12,075,097 $ 117,128
==============
COMMON STOCK INDEX FUND
-----------------------
COLLECTIVE TRUST
Investments held in the INVESCO
500 Index Fund* 7,890,595 $ 171,542
==============
REAL ESTATE SECURITIES FUND
---------------------------
MUTUAL FUND
Investments held in the Vanguard
REIT Index Fund 2,750,713 $ 32,568
==============
- 13 -
Employer Identification # 36-3051915
Plan # 020
AON SAVINGS PLAN
Schedule H, Line 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2002
(continued)
Number of Shares Current Value
----------------
Identity of Issuer Principal Amount (thousands)
------------------------------------------------------------------------------------------------------------------
INVESCO DYNAMICS FUND
---------------------
MUTUAL FUND
Investments held in the INVESCO
Dynamics Fund* 1,512,539 $ 16,124
==============
DODGE & COX COMMON STOCK FUND
-----------------------------
MUTUAL FUND
Investments held in the Dodge & Cox
Common Stock Fund 575,601 $ 50,682
==============
PIMCO TOTAL RETURN FUND
-----------------------
MUTUAL FUND
Investments held in the PIMCO
Total Return Fund 2,980,263 $ 31,799
==============
MONTAG & CALDWELL GROWTH FUND
-----------------------------
MUTUAL FUND
Investments held in the Montag & Caldwell
Growth Fund 405,268 $ 7,595
==============
MANAGERS SPECIAL EQUITY FUND
----------------------------
MUTUAL FUND
Investments held in the Managers
Special Equity Fund 248,109 $ 13,666
==============
- 14 -
Employer Identification # 36-3051915
Plan # 020
AON SAVINGS PLAN
Schedule H, Line 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2002
(continued)
Number of Shares Cost Current Value
---------------- ----
Identity of Issuer Principal Amount (thousands) (thousands)
------------------------------------------------------------------------------------------------------------------
TEMPLETON EMERGING MARKETS FUND
-------------------------------
MUTUAL FUND
Investments held in the Templeton
Emerging Markets Fund 359,995 $ 2,916
==============
VANGUARD ADMIRAL INTERMEDIATE TERM
----------------------------------
TREASURY FUND
-------------
MUTUAL FUND
Investments held in the Vanguard Admiral
Intermediate Term Treasury Fund 7,275,535 $ 85,778
==============
INVESCO INTERNATIONAL EQUITY FUND
---------------------------------
COLLECTIVE TRUST
Investments held in the INVESCO
International Equity Fund* 1,757,753 $ 28,247
==============
ESOP ALLOCATED FUND
--------------------
COMMON STOCK
Aon Corporation
Common Stock, 1.00 par* 5,726,374 $ 89,864 $ 110,361
============= ==============
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 4,916,865 $ 4,917
==============
Investments held in Aon Corporation
Common Stock* 9,913 $ 187
==============
- 15 -
Employer Identification # 36-3051915
Plan # 020
AON SAVINGS PLAN
Schedule H, Line 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2002
(continued)
Number of Shares Current Value
----------------
Identity of Issuer Principal Amount (thousands)
------------------------------------------------------------------------------------------------------------------
Investment held in the State Street
Short-Term Investment Fund 1,498,625 $ 1,499
==============
PARTICIPANT LOANS (5.25%-10.5%) - $ 18,957
==============
$ 1,087,311
==============
*Party in interest transaction not prohibited by ERISA.
- 16 -