<PAGE> PAGE 1
000 B000000 10/31/99
000 C000000 0000879752
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 AON FUNDS
001 B000000 811-6422
001 C000000 8002663637
002 A000000 123 NORTH WACKER DRIVE
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60606
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 MONEY MARKET FUND
007 C030100 N
007 C010200 2
007 C020200 ASSET ALLOCATION FUND
007 C030200 N
007 C010300 3
007 C020300 GOVERNMENT SECURITIES FUND
007 C030300 N
007 C010400 4
007 C020400 S&P 500 INDEX FUND
007 C030400 Y
007 C010500 5
007 C020500 REIT INDEX FUND
007 C030500 N
007 C010600 6
007 C020600 INTERNATIONAL EQUITY FUND
007 C030600 Y
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
<PAGE> PAGE 2
007 C011800 18
007 C011900 19
007 C012000 20
020 A000001 DONALDSON LUFKIN JENSON - PERSHING
020 B000001 13-2741729
020 C000001 110
020 A000002 DRESDNER SECURITIES (USA) INC
020 B000002 13-3894311
020 C000002 92
020 A000003 BRIDGE
020 C000003 44
020 A000004 LEHMAN BROTHERS
020 B000004 13-2726611
020 C000004 34
020 A000005 ALEX BROWN & SONS
020 B000005 52-1319768
020 C000005 26
020 A000006 MORGAN STANLEY DEAN WITTER
020 B000006 13-2655998
020 C000006 21
020 A000007 MERRILL LYNCH
020 B000007 13-5674085
020 C000007 20
020 A000008 INSTINET
020 C000008 20
020 A000009 HSBC SECURITIES
020 B000009 13-5108880
020 C000009 19
020 A000010 DEUTSCHE MORGAN GRENFELL
020 C000010 19
021 000000 594
022 A000001 FIRST CHICAGO CAPITAL MARKETS
022 B000001 36-3595942
022 C000001 3210678
022 D000001 176829
022 A000002 MERRILL LYNCH
022 B000002 13-5674085
022 C000002 2751041
022 D000002 58485
022 A000003 GOLDMAN SACHS
022 B000003 13-5108880
022 C000003 1876744
022 D000003 0
022 A000004 CHASE MANHATTAN
022 B000004 13-4994650
022 C000004 1193245
022 D000004 174760
022 A000005 MORGAN STANLEY DEAN WITTER
022 B000005 13-2655998
022 C000005 853413
022 D000005 27371
<PAGE> PAGE 3
022 A000006 AMERICAN EXPRESS
022 B000006 11-1988350
022 C000006 478540
022 D000006 0
022 A000007 HARRIS-NESBITT THOMAS
022 B000007 13-2620737
022 C000007 472693
022 D000007 0
022 A000008 HOUSEHOLD FINANCE CORP
022 B000008 36-1239445
022 C000008 285908
022 D000008 0
022 A000009 FORD MOTOR CREDIT
022 B000009 36-1612444
022 C000009 185836
022 D000009 690
022 A000010 NESBITT BURNS SECURITIES
022 C000010 258697
022 D000010 0
023 C000000 13817589
023 D000000 633655
027 000000 Y
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
080 A00AA00 CONTINENTAL CASUALTY COMPANY
080 C00AA00 2500
081 A00AA00 N
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
<PAGE> PAGE 4
085 A00AA00 Y
085 B00AA00 N
025 A000101 AMERICAN EXPRESS
025 B000101 11-1988350
025 C000101 D
025 D000101 39915
025 A000102 HOUSEHOLD FINANCE
025 B000102 36-1239445
025 C000102 D
025 D000102 24821
025 A000103 FIRST CHICAGO FINANCIAL CORP
025 B000103 36-3595942
025 C000103 D
025 D000103 5913
025 A000104 FORD MOTOR CREDIT
025 B000104 38-1612444
025 C000104 D
025 D000104 33730
025 A000105 BANC ONE FINANCIAL
025 C000105 D
025 D000105 9854
025 A000106 NESBITT BURNS SECURITIES
025 C000106 D
025 D000106 3836
025 D000107 0
025 D000108 0
028 A010100 533870
028 A020100 0
028 A030100 0
028 A040100 496962
028 B010100 584800
028 B020100 1393
028 B030100 0
028 B040100 597500
028 C010100 779660
028 C020100 1568
028 C030100 0
028 C040100 704639
028 D010100 807425
028 D020100 2057
028 D030100 0
028 D040100 685157
028 E010100 618484
028 E020100 2461
028 E030100 0
028 E040100 697918
028 F010100 838478
028 F020100 5551
028 F030100 0
028 F040100 485375
028 G010100 4162717
<PAGE> PAGE 5
028 G020100 13030
028 G030100 0
028 G040100 3667551
028 H000100 0
062 A000100 Y
062 B000100 0.0
062 C000100 11.4
062 D000100 0.3
062 E000100 0.0
062 F000100 0.4
062 G000100 0.0
062 H000100 0.0
062 I000100 88.1
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 42
063 B000100 0.0
066 A000100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 12
072 B000100 40309
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 2361
072 G000100 394
072 H000100 0
072 I000100 20
072 J000100 67
072 K000100 0
072 L000100 4
072 M000100 35
072 N000100 13
072 O000100 0
072 P000100 0
072 Q000100 72
072 R000100 43
072 S000100 43
072 T000100 0
072 U000100 0
072 V000100 0
<PAGE> PAGE 6
072 W000100 0
072 X000100 3052
072 Y000100 1574
072 Z000100 38831
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 38831
072DD020100 0
072EE000100 0
073 A010100 0.0492
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 3836
074 C000100 1142801
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 3580
074 M000100 0
074 N000100 1150217
074 O000100 0
074 P000100 374
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 5001
074 S000100 0
074 T000100 1144842
074 U010100 1144842
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 0.9997
074 X000100 472
074 Y000100 0
075 A000100 787151
075 B000100 0
076 000100 0.00
025 A000201 FORD MOTOR CREDIT
025 B000201 38-1612444
025 C000201 D
<PAGE> PAGE 7
025 D000201 1100
025 A000202 CITIGROUP
025 B000202 13-3082694
025 C000202 E
025 D000202 893
025 A000203 DELETE
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 1550
028 A020200 0
028 A030200 0
028 A040200 1599
028 B010200 129
028 B020200 0
028 B030200 0
028 B040200 2225
028 C010200 99
028 C020200 931
028 C030200 0
028 C040200 5431
028 D010200 742
028 D020200 0
028 D030200 0
028 D040200 9386
028 E010200 979
028 E020200 0
028 E030200 0
028 E040200 14295
028 F010200 437
028 F020200 954
028 F030200 0
028 F040200 3786
028 G010200 3936
028 G020200 1885
028 G030200 0
028 G040200 36722
028 H000200 0
055 A000200 Y
055 B000200 N
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
<PAGE> PAGE 8
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
066 A000200 Y
066 G000200 Y
071 A000200 82137
071 B000200 165513
071 C000200 177424
071 D000200 46
072 A000200 12
072 B000200 3114
072 C000200 1669
072 D000200 0
072 E000200 7
072 F000200 1248
072 G000200 96
072 H000200 0
072 I000200 15
072 J000200 20
072 K000200 0
072 L000200 0
072 M000200 0
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 47
072 R000200 11
072 S000200 10
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 0
072 X000200 1450
072 Y000200 768
072 Z000200 4108
072AA000200 33541
072BB000200 10366
072CC010200 414
072CC020200 0
072DD010200 4660
072DD020200 0
072EE000200 0
073 A010200 0.4298
073 A020200 0.0000
<PAGE> PAGE 9
073 B000200 0.0000
073 C000200 0.0000
074 A000200 76
074 B000200 0
074 C000200 27751
074 D000200 27284
074 E000200 0
074 F000200 109615
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 711
074 K000200 0
074 L000200 535
074 M000200 0
074 N000200 165972
074 O000200 1140
074 P000200 115
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 288
074 S000200 0
074 T000200 164429
074 U010200 9332
074 U020200 0
074 V010200 17.62
074 V020200 0.00
074 W000200 0.0000
074 X000200 260
074 Y000200 0
075 A000200 0
075 B000200 191561
076 000200 0.00
028 A010300 35
028 A020300 0
028 A030300 0
028 A040300 6
028 B010300 16
028 B020300 720
028 B030300 0
028 B040300 6524
028 C010300 8
028 C020300 899
028 C030300 0
028 C040300 2779
028 D010300 1488
028 D020300 690
028 D030300 0
028 D040300 12
<PAGE> PAGE 10
028 E010300 932
028 E020300 719
028 E030300 0
028 E040300 6
028 F010300 419
028 F020300 1429
028 F030300 0
028 F040300 4162
028 G010300 2898
028 G020300 4457
028 G030300 0
028 G040300 13489
028 H000300 0
062 A000300 Y
062 B000300 0.0
062 C000300 3.7
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 49.7
062 N000300 44.9
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 13.5
066 A000300 N
071 A000300 130341
071 B000300 116443
071 C000300 150892
071 D000300 77
072 A000300 12
072 B000300 9082
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 698
072 G000300 81
072 H000300 0
072 I000300 13
072 J000300 13
072 K000300 0
072 L000300 0
072 M000300 7
<PAGE> PAGE 11
072 N000300 13
072 O000300 0
072 P000300 0
072 Q000300 53
072 R000300 9
072 S000300 8
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 1
072 X000300 896
072 Y000300 535
072 Z000300 8721
072AA000300 2443
072BB000300 794
072CC010300 0
072CC020300 14607
072DD010300 8695
072DD020300 0
072EE000300 5263
073 A010300 0.5578
073 A020300 0.0000
073 B000300 0.3613
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 5670
074 D000300 146651
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 3560
074 M000300 0
074 N000300 155881
074 O000300 0
074 P000300 66
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 811
074 S000300 0
074 T000300 155004
074 U010300 15637
074 U020300 0
074 V010300 9.91
074 V020300 0.00
<PAGE> PAGE 12
074 W000300 0.0000
074 X000300 65
074 Y000300 0
075 A000300 0
075 B000300 160071
076 000300 0.00
028 A010400 2250
028 A020400 0
028 A030400 0
028 A040400 310
028 B010400 22
028 B020400 0
028 B030400 0
028 B040400 6605
028 C010400 1
028 C020400 0
028 C030400 0
028 C040400 291003
028 D010400 0
028 D020400 0
028 D030400 0
028 D040400 0
028 E010400 0
028 E020400 0
028 E030400 0
028 E040400 0
028 F010400 0
028 F020400 0
028 F030400 0
028 F040400 0
028 G010400 2273
028 G020400 0
028 G030400 0
028 G040400 297918
028 H000400 0
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
<PAGE> PAGE 13
062 Q000400 0.0
062 R000400 0.0
066 A000400 Y
066 E000400 Y
071 A000400 12630
071 B000400 283933
071 C000400 261695
071 D000400 5
072 A000400 9
072 B000400 348
072 C000400 2657
072 D000400 0
072 E000400 0
072 F000400 614
072 G000400 102
072 H000400 0
072 I000400 11
072 J000400 28
072 K000400 0
072 L000400 0
072 M000400 9
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 49
072 R000400 1
072 S000400 13
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 0
072 X000400 827
072 Y000400 512
072 Z000400 2690
072AA000400 109343
072BB000400 8165
072CC010400 0
072CC020400 53112
072DD010400 3405
072DD020400 0
072EE000400 2035
073 A010400 0.2478
073 A020400 0.0000
073 B000400 0.1481
073 C000400 19.6560
074 A000400 0
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 0
<PAGE> PAGE 14
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 0
074 M000400 0
074 N000400 0
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 0
074 S000400 0
074 T000400 0
074 U010400 0
074 U020400 0
074 V010400 0.00
074 V020400 0.00
074 W000400 0.0000
074 X000400 0
074 Y000400 0
075 A000400 0
075 B000400 269820
076 000400 0.00
025 D000501 0
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 3
028 A020500 0
028 A030500 0
028 A040500 15
028 B010500 22
028 B020500 0
028 B030500 0
028 B040500 20115
028 C010500 9
028 C020500 0
028 C030500 0
028 C040500 742
028 D010500 254
028 D020500 0
028 D030500 0
028 D040500 5000
<PAGE> PAGE 15
028 E010500 130
028 E020500 0
028 E030500 0
028 E040500 5202
028 F010500 361
028 F020500 0
028 F030500 0
028 F040500 3401
028 G010500 779
028 G020500 0
028 G030500 0
028 G040500 34475
028 H000500 0
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
066 A000500 Y
066 E000500 Y
071 A000500 16532
071 B000500 47433
071 C000500 50138
071 D000500 33
072 A000500 12
072 B000500 27
072 C000500 2985
072 D000500 0
072 E000500 0
072 F000500 315
072 G000500 26
072 H000500 0
072 I000500 13
072 J000500 13
072 K000500 0
072 L000500 0
072 M000500 2
072 N000500 5
<PAGE> PAGE 16
072 O000500 0
072 P000500 0
072 Q000500 25
072 R000500 2
072 S000500 3
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 1
072 X000500 405
072 Y000500 263
072 Z000500 2870
072AA000500 2351
072BB000500 7916
072CC010500 642
072CC020500 0
072DD010500 3441
072DD020500 0
072EE000500 0
073 A010500 0.6598
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 325
074 D000500 0
074 E000500 0
074 F000500 23484
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 861
074 K000500 0
074 L000500 80
074 M000500 0
074 N000500 24750
074 O000500 0
074 P000500 19
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 1044
074 S000500 0
074 T000500 23687
074 U010500 2349
074 U020500 0
074 V010500 10.08
074 V020500 0.00
074 W000500 0.0000
<PAGE> PAGE 17
074 X000500 122
074 Y000500 0
075 A000500 0
075 B000500 50471
076 000500 0.00
028 A010600 1005
028 A020600 0
028 A030600 0
028 A040600 87
028 B010600 4
028 B020600 0
028 B030600 0
028 B040600 24830
028 C010600 0
028 C020600 0
028 C030600 0
028 C040600 30485
028 D010600 0
028 D020600 0
028 D030600 0
028 D040600 0
028 E010600 0
028 E020600 0
028 E030600 0
028 E040600 0
028 F010600 0
028 F020600 0
028 F030600 0
028 F040600 0
028 G010600 1009
028 G020600 0
028 G030600 0
028 G040600 55402
028 H000600 0
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
<PAGE> PAGE 18
062 R000600 0.0
066 A000600 Y
066 C000600 Y
071 A000600 20711
071 B000600 87319
071 C000600 44268
071 D000600 47
072 A000600 9
072 B000600 42
072 C000600 929
072 D000600 0
072 E000600 0
072 F000600 350
072 G000600 18
072 H000600 0
072 I000600 9
072 J000600 177
072 K000600 0
072 L000600 0
072 M000600 2
072 N000600 3
072 O000600 0
072 P000600 0
072 Q000600 38
072 R000600 0
072 S000600 3
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 0
072 X000600 600
072 Y000600 129
072 Z000600 500
072AA000600 18556
072BB000600 7045
072CC010600 0
072CC020600 4621
072DD010600 443
072DD020600 0
072EE000600 0
073 A010600 0.1027
073 A020600 0.0000
073 B000600 0.0000
073 C000600 13.1766
074 A000600 0
074 B000600 0
074 C000600 0
074 D000600 0
074 E000600 0
074 F000600 0
074 G000600 0
<PAGE> PAGE 19
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 0
074 L000600 0
074 M000600 0
074 N000600 0
074 O000600 0
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 0
074 S000600 0
074 T000600 0
074 U010600 0
074 U020600 0
074 V010600 0.00
074 V020600 0.00
074 W000600 0.0000
074 X000600 0
074 Y000600 0
075 A000600 0
075 B000600 45994
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-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 1,146,637
<INVESTMENTS-AT-VALUE> 1,146,637
<RECEIVABLES> 3,580
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,150,217
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,375
<TOTAL-LIABILITIES> 5,375
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,144,842
<SHARES-COMMON-STOCK> 1,144,842
<SHARES-COMMON-PRIOR> 693,667
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,144,842
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 40,309
<OTHER-INCOME> 0
<EXPENSES-NET> 1,478
<NET-INVESTMENT-INCOME> 38,831
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 38,831
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 38,831
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,682,976
<NUMBER-OF-SHARES-REDEEMED> 7,254,448
<SHARES-REINVESTED> 22,647
<NET-CHANGE-IN-ASSETS> 451,175
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,361
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,052
<AVERAGE-NET-ASSETS> 787,151
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.19
</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-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 133,686
<INVESTMENTS-AT-VALUE> 164,650
<RECEIVABLES> 1,246
<ASSETS-OTHER> 76
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 165,972
<PAYABLE-FOR-SECURITIES> 1,140
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 403
<TOTAL-LIABILITIES> 1,543
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 111,617
<SHARES-COMMON-STOCK> 9,332
<SHARES-COMMON-PRIOR> 13,337
<ACCUMULATED-NII-CURRENT> 297
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 21,551
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 30,964
<NET-ASSETS> 164,429
<DIVIDEND-INCOME> 1,669
<INTEREST-INCOME> 3,114
<OTHER-INCOME> 7
<EXPENSES-NET> 682
<NET-INVESTMENT-INCOME> 4,108
<REALIZED-GAINS-CURRENT> 23,175
<APPREC-INCREASE-CURRENT> 414
<NET-CHANGE-FROM-OPS> 27,697
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,660
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 777
<NUMBER-OF-SHARES-REDEEMED> 5,052
<SHARES-REINVESTED> 270
<NET-CHANGE-IN-ASSETS> (45,201)
<ACCUMULATED-NII-PRIOR> 849
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,624)
<GROSS-ADVISORY-FEES> 1,248
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,450
<AVERAGE-NET-ASSETS> 191,981
<PER-SHARE-NAV-BEGIN> 15.72
<PER-SHARE-NII> 0.40
<PER-SHARE-GAIN-APPREC> 1.93
<PER-SHARE-DIVIDEND> 0.43
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.62
<EXPENSE-RATIO> 0.36
</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-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 161,623
<INVESTMENTS-AT-VALUE> 152,321
<RECEIVABLES> 3,560
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 155,881
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 877
<TOTAL-LIABILITIES> 877
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 162,602
<SHARES-COMMON-STOCK> 15,637
<SHARES-COMMON-PRIOR> 14,092
<ACCUMULATED-NII-CURRENT> 55
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,649
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (9,302)
<NET-ASSETS> 155,004
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,082
<OTHER-INCOME> 0
<EXPENSES-NET> 361
<NET-INVESTMENT-INCOME> 8,721
<REALIZED-GAINS-CURRENT> 1,649
<APPREC-INCREASE-CURRENT> (14,607)
<NET-CHANGE-FROM-OPS> (4,237)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,695
<DISTRIBUTIONS-OF-GAINS> 5,263
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,639
<NUMBER-OF-SHARES-REDEEMED> 1,432
<SHARES-REINVESTED> 1,338
<NET-CHANGE-IN-ASSETS> (1,308)
<ACCUMULATED-NII-PRIOR> 29
<ACCUMULATED-GAINS-PRIOR> 5,263
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 698
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 896
<AVERAGE-NET-ASSETS> 161,988
<PER-SHARE-NAV-BEGIN> 11.09
<PER-SHARE-NII> 0.56
<PER-SHARE-GAIN-APPREC> (0.82)
<PER-SHARE-DIVIDEND> 0.56
<PER-SHARE-DISTRIBUTIONS> 0.36
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.91
<EXPENSE-RATIO> 0.22
</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-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 13,663
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 2,657
<INTEREST-INCOME> 348
<OTHER-INCOME> 0
<EXPENSES-NET> 315
<NET-INVESTMENT-INCOME> 2,690
<REALIZED-GAINS-CURRENT> 101,178
<APPREC-INCREASE-CURRENT> (53,112)
<NET-CHANGE-FROM-OPS> 50,756
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,405
<DISTRIBUTIONS-OF-GAINS> 2,035
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,296
<NUMBER-OF-SHARES-REDEEMED> 15,261
<SHARES-REINVESTED> 301
<NET-CHANGE-IN-ASSETS> (225,000)
<ACCUMULATED-NII-PRIOR> 2,846
<ACCUMULATED-GAINS-PRIOR> 1,899
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 614
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 827
<AVERAGE-NET-ASSETS> 274,368
<PER-SHARE-NAV-BEGIN> 16.47
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> 3.40
<PER-SHARE-DIVIDEND> 0.25
<PER-SHARE-DISTRIBUTIONS> 19.81
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0.15
</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-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 23,772
<INVESTMENTS-AT-VALUE> 23,809
<RECEIVABLES> 941
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24,750
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,063
<TOTAL-LIABILITIES> 1,063
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,305
<SHARES-COMMON-STOCK> 2,349
<SHARES-COMMON-PRIOR> 5,340
<ACCUMULATED-NII-CURRENT> 2,323
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (5,978)
<ACCUM-APPREC-OR-DEPREC> 37
<NET-ASSETS> 23,687
<DIVIDEND-INCOME> 2,985
<INTEREST-INCOME> 27
<OTHER-INCOME> 0
<EXPENSES-NET> 142
<NET-INVESTMENT-INCOME> 2,870
<REALIZED-GAINS-CURRENT> (5,565)
<APPREC-INCREASE-CURRENT> 642
<NET-CHANGE-FROM-OPS> (2,053)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,441
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,039
<NUMBER-OF-SHARES-REDEEMED> 4,351
<SHARES-REINVESTED> 321
<NET-CHANGE-IN-ASSETS> (37,303)
<ACCUMULATED-NII-PRIOR> 2,894
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (413)
<GROSS-ADVISORY-FEES> 315
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 405
<AVERAGE-NET-ASSETS> 52,448
<PER-SHARE-NAV-BEGIN> 11.42
<PER-SHARE-NII> 1.11
<PER-SHARE-GAIN-APPREC> (1.79)
<PER-SHARE-DIVIDEND> 0.66
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.08
<EXPENSE-RATIO> 0.27
</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-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 5,416
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 929
<INTEREST-INCOME> 42
<OTHER-INCOME> 0
<EXPENSES-NET> 471
<NET-INVESTMENT-INCOME> 500
<REALIZED-GAINS-CURRENT> 11,511
<APPREC-INCREASE-CURRENT> (4,621)
<NET-CHANGE-FROM-OPS> 7,390
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 443
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 5,135
<NUMBER-OF-SHARES-SOLD> 1,039
<NUMBER-OF-SHARES-REDEEMED> 6,491
<SHARES-REINVESTED> 36
<NET-CHANGE-IN-ASSETS> (61,543)
<ACCUMULATED-NII-PRIOR> 446
<ACCUMULATED-GAINS-PRIOR> (1,491)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 350
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 600
<AVERAGE-NET-ASSETS> 48,865
<PER-SHARE-NAV-BEGIN> 11.36
<PER-SHARE-NII> 0.20
<PER-SHARE-GAIN-APPREC> 1.72
<PER-SHARE-DIVIDEND> 0.10
<PER-SHARE-DISTRIBUTIONS> 13.18
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 1.37
</TABLE>
Exhibit 99
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, and REIT Index Fund for the year ended October 31, 1999, 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, 1999.
This report is intended solely for the information and use of the board of
trustees and management of the Aon Funds and the 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 LLP
Chicago, Illinois
December 10, 1999
