AAM Top Equity Holdings
December 30, 2021
| Company Name | Industry | Percent Invested |
| UnitedHealth Group Inc. | Health Care Plans | 5.6 |
| Microsoft Corp. | Business Software & Services | 5.2 |
| Anthem, Inc. | Health Care Plans | 2.8 |
| Philip Morris International | Tobacco | 2.5 |
| Kroger Co. | Grocery Stores | 2.2 |
| Mastercard Inc. | Credit Services | 2.1 |
| Bank of America Corp | Banks – Diversified | 1.9 |
| PepsiCo Inc. | Beverages – Soft Drinks | 1.9 |
| Medtronic PLC | Medical Devices | 1.9 |
| Johnson & Johnson | Drug Manufacturers – Major | 1.8 |
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.