Credit-Enhanced Corts Trust Aon

What they do

The registrant is a Delaware trust that issued Credit-Enhanced Corporate-Backed Trust Securities (Credit-Enhanced CorTS) Certificates under a Base Trust Agreement dated December 15, 2000 and CorTS Supplement 2000-1 with U.S. Bank Trust National Association as Trustee. The trust's underlying securities relate to Aon plc, which files its own periodic reports with the SEC under Exchange Act file number 001-07933. The trust has no operations, employees, properties or financial statements of its own; its Item 8 Financial Statements and Supplementary Data is marked 'None.' The Certificates are held through Cede & Co. as DTC nominee and do not represent obligations of or interests in the Depositor or the Trustee, and all common stock of the Depositor is held by Citigroup Global Markets Holdings Inc.

Revenue drivers

• Credit-Enhanced CorTS Certificates (KTN) — The trust's only source of cash flow to holders is the underlying security issued or guaranteed by Aon plc; the 10-K discloses no separate revenue-generating business lines or segment reporting.
• Underlying Aon plc security — Payments on the underlying security fund distributions on the certificates; Aon plc's own SEC filings are the only source for information on that underlying credit.
• Trust structure — MD&A, financial statements and market-risk disclosures are all reported as Not Applicable or None, confirming there is no operating revenue line for the trust itself.
• Depositor activity — The Depositor holds the trust arrangement and files the Exchange Act reports; no product, customer or fee revenue is described in the excerpt.

Recent performance

The 10-K filed 2026-03-19 for fiscal year ended December 31, 2025 reports no financial statements and marks Item 7 Management's Discussion and Analysis 'Not Applicable.' Item 8 Financial Statements and Supplementary Data is 'None,' and Item 7A market-risk disclosure is 'None.' The filing states the issuer of the underlying securities is subject to Exchange Act reporting and directs readers to Aon plc's (file no. 001-07933) periodic and current reports for information on the underlying credit. No distribution amounts, certificate balances or trust performance figures are disclosed in the provided excerpts.

Strategy

The filing describes no business strategy, investments or operating priorities; its stated purpose is limited to the trust's issuance of Credit-Enhanced CorTS Certificates. The Depositor's only described activity is filing the annual report and incorporating by reference the Form 8-K distribution reports filed with security holders during the fiscal year. There is no disclosed capital program, product roadmap or acquisition plan. The 10-K repeats that the Depositor and Trustee have not participated in preparing and have not verified the accuracy of the underlying issuer's reporting documents.

Risks

• Concentration in Aon plc credit — The trust's cash flow depends entirely on the underlying Aon plc security, and holders are exposed to Aon plc's credit and business performance.
• No independent trust disclosures — Item 8 is 'None' and MD&A is 'Not Applicable,' so investors cannot assess the trust's own financial condition from the 10-K.
• Unverified underlying information — The filing states neither the Depositor nor the Trustee has made due diligence on, or verified, the underlying issuer's public documents, and that undisclosed events could affect them.
• Structural limitations on recourse — Certificates are not obligations of the Depositor or Trustee, so holders have no direct claim on Citigroup Global Markets Holdings Inc. or U.S. Bank Trust National Association.

Outlook

The filing provides no forward-looking outlook; Item 7 is 'Not Applicable' and no management guidance is included. The only forward-looking statement is procedural: the trust will continue filing Exchange Act reports, and information about the underlying issuer will come from Aon plc's own filings (Exchange Act file no. 001-07933). Holders' outcomes therefore depend on disclosures made by Aon plc and the terms of the underlying security rather than on any stated plan by the trust.