AAM Top Equity Holdings
December 31, 2022
| Company Name | Industry | Percent Invested |
| UnitedHealth Group Inc. | Health Care Plans | 4.9 |
| Microsoft Corp. | Business Software & Services | 3.3 |
| Elevance Health Inc. | Health Care Plans | 2.9 |
| Philip Morris International | Tobacco | 2.5 |
| CVS Health Corp. | Health Care Plans | 1.8 |
| Kroger Co. | Grocery Stores | 1.6 |
| Pepsico Inc. | Beverages – Non-Alcoholic | 1.5 |
| The Travelers Companies Inc. | Insurance – Property & Casualty | 1.5 |
| Home Depot Inc. | Home Improvement – Retail | 1.4 |
| Johnson & Johnson | Drug Manufacturers – General | 1.3 |
The companies identified and discussed in materials on this website do not represent all of the investments made or recommended by AAM. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of securities discussed on this website. A list of all recommendations made within the immediately preceding 12 months is available on request.