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072 M000600 2
072 N000600 9
072 O000600 0
072 P000600 0
072 Q000600 71
072 R000600 3
072 S000600 3
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 0
072 X000600 900
072 Y000600 210
072 Z000600 755
072AA000600 5019
072BB000600 6396
072CC010600 3255
072CC020600 0
072DD010600 2001
<PAGE> PAGE 21
072DD020600 0
072EE000600 563
073 A010600 0.4280
073 A020600 0.0000
073 B000600 0.1205
073 C000600 0.0000
074 A000600 1124
074 B000600 0
074 C000600 680
074 D000600 0
074 E000600 0
074 F000600 59859
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 604
074 K000600 0
074 L000600 139
074 M000600 0
074 N000600 62406
074 O000600 628
074 P000600 32
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 203
074 S000600 0
074 T000600 61543
074 U010600 5416
074 U020600 0
074 V010600 11.36
074 V020600 0.00
074 W000600 0.0000
074 X000600 129
074 Y000600 0
075 A000600 0
075 B000600 59554
076 000600 0.00
SIGNATURE BRIAN LAWRENCE
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> MONEY MARKET FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 694,930
<INVESTMENTS-AT-VALUE> 694,930
<RECEIVABLES> 2,593
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 697,523
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,856
<TOTAL-LIABILITIES> 3,856
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 693,667
<SHARES-COMMON-STOCK> 693,667
<SHARES-COMMON-PRIOR> 766,356
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 693,667
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 45,566
<OTHER-INCOME> 0
<EXPENSES-NET> 1,615
<NET-INVESTMENT-INCOME> 43,951
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 43,951
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 43,951
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,411,667
<NUMBER-OF-SHARES-REDEEMED> 7,503,821
<SHARES-REINVESTED> 19,465
<NET-CHANGE-IN-ASSETS> (72,689)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,442
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,243
<AVERAGE-NET-ASSETS> 813,986
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> ASSET ALLOCATION FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 179,294
<INVESTMENTS-AT-VALUE> 209,844
<RECEIVABLES> 1,281
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 211,125
<PAYABLE-FOR-SECURITIES> 1,395
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 100
<TOTAL-LIABILITIES> 1,495
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 179,855
<SHARES-COMMON-STOCK> 13,337
<SHARES-COMMON-PRIOR> 9,934
<ACCUMULATED-NII-CURRENT> 849
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,624)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 30,550
<NET-ASSETS> 209,630
<DIVIDEND-INCOME> 2,009
<INTEREST-INCOME> 4,122
<OTHER-INCOME> 1
<EXPENSES-NET> 824
<NET-INVESTMENT-INCOME> 5,308
<REALIZED-GAINS-CURRENT> (1,757)
<APPREC-INCREASE-CURRENT> (8,185)
<NET-CHANGE-FROM-OPS> (4,634)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,730
<DISTRIBUTIONS-OF-GAINS> 6,046
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,730
<NUMBER-OF-SHARES-REDEEMED> 3,974
<SHARES-REINVESTED> 647
<NET-CHANGE-IN-ASSETS> 44,745
<ACCUMULATED-NII-PRIOR> 271
<ACCUMULATED-GAINS-PRIOR> 6,179
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,472
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,728
<AVERAGE-NET-ASSETS> 227,549
<PER-SHARE-NAV-BEGIN> 16.60
<PER-SHARE-NII> 0.39
<PER-SHARE-GAIN-APPREC> (0.32)
<PER-SHARE-DIVIDEND> 0.35
<PER-SHARE-DISTRIBUTIONS> 0.60
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 15.72
<EXPENSE-RATIO> 0.36
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> GOVERNMENT SECURITIES FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 148,796
<INVESTMENTS-AT-VALUE> 154,101
<RECEIVABLES> 2,930
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 157,031
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 719
<TOTAL-LIABILITIES> 719
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 145,715
<SHARES-COMMON-STOCK> 14,092
<SHARES-COMMON-PRIOR> 9,954
<ACCUMULATED-NII-CURRENT> 29
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,263
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,305
<NET-ASSETS> 156,312
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,748
<OTHER-INCOME> 0
<EXPENSES-NET> 308
<NET-INVESTMENT-INCOME> 7,440
<REALIZED-GAINS-CURRENT> 5,706
<APPREC-INCREASE-CURRENT> 2,243
<NET-CHANGE-FROM-OPS> 15,389
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,420
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,161
<NUMBER-OF-SHARES-REDEEMED> 714
<SHARES-REINVESTED> 691
<NET-CHANGE-IN-ASSETS> 51,927
<ACCUMULATED-NII-PRIOR> 9
<ACCUMULATED-GAINS-PRIOR> (443)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 586
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 760
<AVERAGE-NET-ASSETS> 134,229
<PER-SHARE-NAV-BEGIN> 10.49
<PER-SHARE-NII> 0.59
<PER-SHARE-GAIN-APPREC> 0.60
<PER-SHARE-DIVIDEND> 0.59
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.09
<EXPENSE-RATIO> 0.23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> S&P 500 INDEX FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 171,740
<INVESTMENTS-AT-VALUE> 224,818
<RECEIVABLES> 305
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 225,123
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 123
<TOTAL-LIABILITIES> 123
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 167,143
<SHARES-COMMON-STOCK> 13,663
<SHARES-COMMON-PRIOR> 8,382
<ACCUMULATED-NII-CURRENT> 2,846
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,899
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 53,112
<NET-ASSETS> 225,000
<DIVIDEND-INCOME> 3,066
<INTEREST-INCOME> 593
<OTHER-INCOME> 1
<EXPENSES-NET> 439
<NET-INVESTMENT-INCOME> 3,221
<REALIZED-GAINS-CURRENT> 1,815
<APPREC-INCREASE-CURRENT> 32,865
<NET-CHANGE-FROM-OPS> 37,901
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,957
<DISTRIBUTIONS-OF-GAINS> 4,165
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,597
<NUMBER-OF-SHARES-REDEEMED> 3,743
<SHARES-REINVESTED> 427
<NET-CHANGE-IN-ASSETS> 106,388
<ACCUMULATED-NII-PRIOR> 1,582
<ACCUMULATED-GAINS-PRIOR> 4,249
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 638
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 891
<AVERAGE-NET-ASSETS> 213,156
<PER-SHARE-NAV-BEGIN> 14.15
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 2.78
<PER-SHARE-DIVIDEND> 0.23
<PER-SHARE-DISTRIBUTIONS> 0.48
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 16.47
<EXPENSE-RATIO> 0.21
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> REIT INDEX FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 60,941
<INVESTMENTS-AT-VALUE> 60,336
<RECEIVABLES> 671
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 61,007
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17
<TOTAL-LIABILITIES> 17
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 59,114
<SHARES-COMMON-STOCK> 5,340
<SHARES-COMMON-PRIOR> 7,299
<ACCUMULATED-NII-CURRENT> 2,894
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (413)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (605)
<NET-ASSETS> 60,990
<DIVIDEND-INCOME> 4,127
<INTEREST-INCOME> 15
<OTHER-INCOME> 0
<EXPENSES-NET> 200
<NET-INVESTMENT-INCOME> 3,942
<REALIZED-GAINS-CURRENT> (317)
<APPREC-INCREASE-CURRENT> (13,803)
<NET-CHANGE-FROM-OPS> (10,178)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,370
<DISTRIBUTIONS-OF-GAINS> 690
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,068
<NUMBER-OF-SHARES-REDEEMED> 3,323
<SHARES-REINVESTED> 296
<NET-CHANGE-IN-ASSETS> (38,909)
<ACCUMULATED-NII-PRIOR> 2,322
<ACCUMULATED-GAINS-PRIOR> 594
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 492
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 610
<AVERAGE-NET-ASSETS> 82,155
<PER-SHARE-NAV-BEGIN> 13.69
<PER-SHARE-NII> 0.68
<PER-SHARE-GAIN-APPREC> (2.40)
<PER-SHARE-DIVIDEND> 0.46
<PER-SHARE-DISTRIBUTIONS> 0.09
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.42
<EXPENSE-RATIO> 0.24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> INTERNATIONAL EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 55,810
<INVESTMENTS-AT-VALUE> 60,539
<RECEIVABLES> 743
<ASSETS-OTHER> 1,124
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 62,406
<PAYABLE-FOR-SECURITIES> 628
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 235
<TOTAL-LIABILITIES> 863
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 57,967
<SHARES-COMMON-STOCK> 5,416
<SHARES-COMMON-PRIOR> 4,687
<ACCUMULATED-NII-CURRENT> 446
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,491)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,621
<NET-ASSETS> 61,543
<DIVIDEND-INCOME> 1,252
<INTEREST-INCOME> 193
<OTHER-INCOME> 0
<EXPENSES-NET> 690
<NET-INVESTMENT-INCOME> 755
<REALIZED-GAINS-CURRENT> (1,377)
<APPREC-INCREASE-CURRENT> 3,255
<NET-CHANGE-FROM-OPS> 2,633
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,001
<DISTRIBUTIONS-OF-GAINS> 563
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,657
<NUMBER-OF-SHARES-REDEEMED> 2,166
<SHARES-REINVESTED> 238
<NET-CHANGE-IN-ASSETS> 8,400
<ACCUMULATED-NII-PRIOR> 1,577
<ACCUMULATED-GAINS-PRIOR> 564
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 571
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 900
<AVERAGE-NET-ASSETS> 60,199
<PER-SHARE-NAV-BEGIN> 11.34
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> 0.40
<PER-SHARE-DIVIDEND> 0.43
<PER-SHARE-DISTRIBUTIONS> 0.12
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.36
<EXPENSE-RATIO> 1.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
Report of Independent Auditors
The Board of Trustees
Aon Funds
In planning and performing our audit of the financial statements of each of the
Aon Funds consisting of the Money Market Fund, Government Securities Fund, Asset
Allocation Fund, S&P 500 Index Fund, International Equity Fund and REIT Index
Fund for the year ended October 31, 1998, we considered their internal control,
including control activities for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR, not to
provide assurance on the internal control.
The management of the Aon Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the specific internal control components does not reduce to a relatively low
level the risk that errors or fraud in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal control and
its operation, including controls for safeguarding securities, that we consider
to be material weaknesses as defined above at October 31, 1998.
This report is intended solely for the information and use of the board of
trustees and management of the Aon Funds and Securities and Exchange Commission
and is not intended to be and should not be used by anyone other than these
specified parties.
/s/ Ernst & Young
Chicago, Illinois
December 11, 1998
