AAM Top Equity Holdings
January 31, 2020
| Company Name | Industry | Percent Invested |
| UnitedHealth Group Inc. | Health Care Plans | 3.1 |
| Microsoft Corp. | Business Software & Services | 2.8 |
| Philip Morris International | Tobacco | 2.3 |
| Anthem, Inc. | Health Care Plans | 1.8 |
| Medtronic PLC | Medical Devices | 1.7 |
| PepsiCo Inc. | Beverages – Soft Drinks | 1.5 |
| Johnson & Johnson | Drug Manufacturers – Major | 1.5 |
| Zimmer Biomet Holdings | Health Care | 1.3 |
| The Travelers Companies Inc. | Insurance Property & Casualty | 1.3 |
| Home Depot Inc. | Home Improvement Retail | 1.2 |
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.