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SUPPLEMENT DATED APRIL 26, 1996
TO
STATEMENT OF ADDITIONAL INFORMATION
DATED MARCH 1, 1996
OF
AON ASSET MANAGEMENT FUND, INC.
On April 1, 1996, Aon Corporation ("Aon") completed the sale of all of the
common stock of Forth Financial Resources, Ltd., of which Forth Financial
Securities Corporation ("FFSC") is a wholly-owned subsidiary, to General
Electric Capital Corporation. FFSC has served as the principal underwriter of
the shares of Aon Asset Management Fund, Inc. (the "Fund") and as the Fund's
Administrator.
At a meeting of shareholders of the Fund held on April 24, 1996, the
shareholders of the Fund elected a new Board of Directors. The following table
shows the new directors of the Fund and their principal occupations which,
unless specific dates are shown, are of more than five years' duration,
although the titles held may not have been the same throughout.
Name and Address Position Business Experience
- ----------------------- -------------- -----------------------------------
Michael A. Cavataio Director Director and Vice-Chairman and
3125 Ramsgate Road Advisor, Pioneer Financial Services.
Rockford, IL 61114 President, Rockford Lillian's Inc.,
1984 to 1995. Real estate developer.
Director, Today's Bancorp. Director,
Today's Bank East.
Michael A. Conway* Director President, Aon Advisors, Inc.,
123 North Wacker Drive Senior Vice President and Senior
29th Floor Investment Officer, Aon Corporation
Chicago, IL 60606
Donald W. Phillips Director Chairman, Equity Institutional
2 North Riverside Plaza Investors, Inc. and Executive Vice
Chicago, IL 60606 President, Equity Group Investments,
Inc. Director, Capsure, Inc.
Director, Sit Mutual Funds Group.
Carleton D. Pearl Director Senior Vice President & Treasurer,
McDonald's Corporation McDonald's Corporation
McDonald's Plaza
Oak Brook, IL 60521
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Richard J. Peters Director Vice President, Treasurer and
13400 W. Outer Drive Director, Penske Corporation.
Detroit, MI 48239 President and Director, Penske
Motorsports, Inc.
* These directors are "interested persons" of the Fund, as defined in the
Investment Company Act of 1940, as amended (the "1940 Act").
Directors of the Fund who are interested persons of the Fund do not receive any
compensation from the Fund for their services to the Fund. Directors of the
Fund who are not interested persons of the Fund receive compensation at a rate
of $10,000 annually, plus $500 per board or committee meeting attended. In
addition, directors who are not interested persons of the Fund are reimbursed
for any out-of-pocket expenses incurred in connection with affairs of the Fund.
On April 26, 1996, the Board of Directors of the Fund (as reconstituted)
elected new officers of the Fund. The following table shows the new officers
of the Fund and their principal occupations which, unless specific dates are
shown, are of more than five years' duration, although the titles held may not
have been the same throughout. The address of each such person is 123 North
Wacker Drive, 29th Floor, Chicago, Illinois 60606.
<TABLE>
<CAPTION>
Name Position Age Business Experience
- ----------------- ------------ --- ---------------------------------------------------------------------------------------
<S> <C> <C> <C>
Michael A. Conway Chairman and 49 President, Aon Advisors, Inc., Senior Vice President and Senior Investment Officer,
President Aon Corporation
Karl W. Krause Secretary 47 Counsel, Aon Corporation, Secretary, Aon Securities Corporation and Aon Asset Management
Funds, Inc.
Paul Rabin Treasurer 57 Treasurer, Aon Advisors, Inc., Combined Insurance Company of America, and Assistant
Treasurer of Aon Corporation
Andrew Kubeck Controller 43 Assistant Vice President- Finance, Controller, Aon Asset Management Funds,
Project Manager, Aon Corporation in 1987 and 1985, Manager, Investment
Accounting Department, Aon Corporation since 1992
</TABLE>
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All of the officers are interested persons of the Fund and do not receive
any compensation from the Fund for their services to the Fund.
Also, on April 26, 1996, the Board of Directors of the Fund approved
certain changes in the administration of the Fund, as follows:
- The Board of Directors has approved the appointment of Aon
Securities Corporation ("ASC"), a wholly-owned subsidiary of Aon,
as the Fund's administrator in replacement of FFSC. This change
will be implemented during a transition period and is expected to
be effective no later than June 30, 1996.
- The Board of Directors has approved the appointment of ASC
as the Fund's Distributor and principal underwriter in replacement
of FFSC. This change is expected to become effective on or about
May 10, 1996.
The Board of Directors of the Fund believes that these changes, when fully
implemented, will result in better focus on service to the Fund's shareholders
by having the Administrator and Distributor functions remain with an affiliate
of Aon. The changes are not expected to result in any changes in the
investment management of the Fund's portfolios.
