F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VZ	VERIZON COMMUNICATIONS INC	78,356	$3,833	2.8%	$26.80	0.0%	COM	92343V104
CVX	CHEVRON CORP NEW	24,605	$3,212	2.4%	$75.91	0.0%	COM	166764100
ATI	ALLEGHENY TECHNOLOGIES INC	58,810	$2,652	2.0%	$38.68	0.0%	COM	01741R102
—	GANNETT CO INC	18,880	$591	0.4%	$31.30	—	COM	364730101
—	HOUSTON WIRE & CABLE CO	41,475	$514	0.4%	$12.39	—	COM	44244K109
—	DONNELLEY R R & SONS CO	29,870	$506	0.4%	$16.94	—	COM	257867101
EOG	EOG RES INC	3,220	$376	0.3%	$76.67	0.0%	COM	26875P101
—	GOOGLE INC	651	$374	0.3%	$574.50	—	CL C	38259P706
—	MEDIVATION INC	4,120	$317	0.2%	$76.94	—	COM	58501N101
—	BP PRUDHOE BAY RTY TR	2,050	$202	0.1%	$98.54	—	UNIT BEN INT	055630107

Increased Positions (23)

— CELGENE CORP 4.0%

Value ($000) $5,469 (+20.8%) Shares 63,690 (+96.4%) Est. Cost $107.37 Unrealized —

MLI MUELLER INDUSTRIES INC 1.9%

Value ($000) $2,525 (+43.5%) Shares 85,860 (+46.3%) Est. Cost $10.88 Unrealized +6.2%

DHI D R HORTON INC 2.1%

Value ($000) $2,854 (+17.5%) Shares 116,135 (+3.5%) Est. Cost $19.88 Unrealized +1.2%

HOG HARLEY DAVIDSON INC 3.5%

Value ($000) $4,779 (+8.3%) Shares 68,425 (+3.3%) Est. Cost $54.71 Unrealized +28.8%

SLB SCHLUMBERGER LTD 0.4%

Value ($000) $542 (+106.1%) Shares 4,597 (+70.4%) Est. Cost $61.97 Unrealized +20.8%

EBAY EBAY INC 2.7%

Value ($000) $3,681 (-6.8%) Shares 73,535 (+2.8%) Est. Cost $20.15 Unrealized -3.8%

— FRONTIER COMMUNICATIONS CORP 0.2%

Value ($000) $337 (+243.9%) Shares 57,800 (+234.1%) Est. Cost $5.78 Unrealized —

KMB KIMBERLY CLARK CORP 3.0%

Value ($000) $4,012 (+5.8%) Shares 36,075 (+4.9%) Est. Cost $63.48 Unrealized +13.0%

NEM NEWMONT MINING CORP 1.6%

Value ($000) $2,111 (+11.6%) Shares 83,005 (+2.8%) Est. Cost $23.61 Unrealized -20.5%

AAPL APPLE INC 0.9%

Value ($000) $1,153 (+20.1%) Shares 12,530 (+600.0%) Est. Cost $17.87 Unrealized +4.4%

BDX BECTON DICKINSON & CO 2.7%

Value ($000) $3,661 (+5.4%) Shares 30,955 (+4.4%) Est. Cost $78.81 Unrealized +20.2%

BIDU BAIDU INC 0.5%

Value ($000) $739 (+27.4%) Shares 3,960 (+3.9%) Est. Cost $100.18 Unrealized —

PSX PHILLIPS 66 1.8%

Value ($000) $2,485 (+5.7%) Shares 30,899 (+1.2%) Est. Cost $40.67 Unrealized +33.3%

MRK MERCK & CO INC 3.2%

Value ($000) $4,267 (+3.1%) Shares 73,760 (+1.2%) Est. Cost $30.14 Unrealized +25.9%

HIG HARTFORD FINANCIAL SERVICES 1.5%

Value ($000) $1,969 (+6.4%) Shares 54,995 (+4.8%) Est. Cost $26.78 Unrealized +2.9%

JPM JPMORGAN CHASE & CO 2.6%

Value ($000) $3,480 (-3.0%) Shares 60,400 (+2.2%) Est. Cost $36.42 Unrealized +13.1%

AVY AVERY DENNISON CORP 3.1%

Value ($000) $4,136 (+2.6%) Shares 80,705 (+1.4%) Est. Cost $33.75 Unrealized +17.1%

AMGN AMGEN INC 3.7%

Value ($000) $5,014 (+2.0%) Shares 42,365 (+6.3%) Est. Cost $74.13 Unrealized +12.5%

EWW ISHARES INC 0.4%

Value ($000) $565 (+20.2%) Shares 8,335 (+13.2%) Est. Cost $65.50 Unrealized —

— VARIAN MEDICAL SYSTEMS INC 2.4%

Value ($000) $3,305 (+2.2%) Shares 39,760 (+3.2%) Est. Cost $68.20 Unrealized —

SNY SANOFI 0.3%

Value ($000) $453 (+9.4%) Shares 8,530 (+7.6%) Est. Cost $51.58 Unrealized —

DXJ WISDOMTREE TRUST 0.5%

Value ($000) $719 (+5.4%) Shares 14,575 (+1.0%) Est. Cost $47.30 Unrealized —

SCZ ISHARES TR 0.2%

Value ($000) $289 (+2.8%) Shares 5,470 (+1.6%) Est. Cost $51.15 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CELGENE CORP	63,690 (+96.4%)	$5,469 (+20.8%)	4.0%	$107.37	—	COM	151020104
MLI	MUELLER INDUSTRIES INC	85,860 (+46.3%)	$2,525 (+43.5%)	1.9%	$10.88	+6.2%	COM	624756102
DHI	D R HORTON INC	116,135 (+3.5%)	$2,854 (+17.5%)	2.1%	$19.88	+1.2%	COM	23331A109
HOG	HARLEY DAVIDSON INC	68,425 (+3.3%)	$4,779 (+8.3%)	3.5%	$54.71	+28.8%	COM	412822108
SLB	SCHLUMBERGER LTD	4,597 (+70.4%)	$542 (+106.1%)	0.4%	$61.97	+20.8%	COM	806857108
EBAY	EBAY INC	73,535 (+2.8%)	$3,681 (-6.8%)	2.7%	$20.15	-3.8%	COM	278642103
—	FRONTIER COMMUNICATIONS CORP	57,800 (+234.1%)	$337 (+243.9%)	0.2%	$5.78	—	COM	35906A108
KMB	KIMBERLY CLARK CORP	36,075 (+4.9%)	$4,012 (+5.8%)	3.0%	$63.48	+13.0%	COM	494368103
NEM	NEWMONT MINING CORP	83,005 (+2.8%)	$2,111 (+11.6%)	1.6%	$23.61	-20.5%	COM	651639106
AAPL	APPLE INC	12,530 (+600.0%)	$1,153 (+20.1%)	0.9%	$17.87	+4.4%	COM	037833100
BDX	BECTON DICKINSON & CO	30,955 (+4.4%)	$3,661 (+5.4%)	2.7%	$78.81	+20.2%	COM	075887109
BIDU	BAIDU INC	3,960 (+3.9%)	$739 (+27.4%)	0.5%	$100.18	—	SPON ADR REP A	056752108
PSX	PHILLIPS 66	30,899 (+1.2%)	$2,485 (+5.7%)	1.8%	$40.67	+33.3%	COM	718546104
MRK	MERCK & CO INC	73,760 (+1.2%)	$4,267 (+3.1%)	3.2%	$30.14	+25.9%	COM	58933Y105
HIG	HARTFORD FINANCIAL SERVICES	54,995 (+4.8%)	$1,969 (+6.4%)	1.5%	$26.78	+2.9%	COM	416515104
JPM	JPMORGAN CHASE & CO	60,400 (+2.2%)	$3,480 (-3.0%)	2.6%	$36.42	+13.1%	COM	46625H100
AVY	AVERY DENNISON CORP	80,705 (+1.4%)	$4,136 (+2.6%)	3.1%	$33.75	+17.1%	COM	053611109
AMGN	AMGEN INC	42,365 (+6.3%)	$5,014 (+2.0%)	3.7%	$74.13	+12.5%	COM	031162100
EWW	ISHARES INC	8,335 (+13.2%)	$565 (+20.2%)	0.4%	$65.50	—	MSCI MEXICO CAP	464286822
—	VARIAN MEDICAL SYSTEMS INC	39,760 (+3.2%)	$3,305 (+2.2%)	2.4%	$68.20	—	COM	92220P105
SNY	SANOFI	8,530 (+7.6%)	$453 (+9.4%)	0.3%	$51.58	—	SPONSORED ADR	80105N105
DXJ	WISDOMTREE TRUST	14,575 (+1.0%)	$719 (+5.4%)	0.5%	$47.30	—	JAPN HEDGE EQT	97717W851
SCZ	ISHARES TR	5,470 (+1.6%)	$289 (+2.8%)	0.2%	$51.15	—	MSCI EAFE SMALL CAP	464288273

Exited Positions (4)

T AT&T INC 3.1%

Value ($000) $4,217 Shares 120,250 Est. Cost $11.34 Unrealized +3.8%

— YAHOO INC 2.2%

Value ($000) $3,025 Shares 84,270 Est. Cost $25.27 Unrealized —

EXPE EXPEDIA INC 1.9%

Value ($000) $2,596 Shares 35,820 Est. Cost $54.93 Unrealized +24.4%

— ENBRIDGE ENERGY PARTNERS L P 0.3%

Value ($000) $350 Shares 12,778 Est. Cost $30.44 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
T	AT&T INC	120,250	$4,217	3.1%	$11.34	+3.8%	—	00206R102
—	YAHOO INC	84,270	$3,025	2.2%	$25.27	—	—	984332106
EXPE	EXPEDIA INC	35,820	$2,596	1.9%	$54.93	+24.4%	—	30212P303
—	ENBRIDGE ENERGY PARTNERS L P	12,778	$350	0.3%	$30.44	—	—	29250R106

Decreased Positions (14)

— HESS CORPORATION 4.1%

Value ($000) $5,549 (+10.0%) Shares 56,120 (-7.8%) Est. Cost $70.51 Unrealized —

— TRIQUINT SEMICONDUCTOR INC 2.0%

Value ($000) $2,681 (-13.9%) Shares 169,580 (-27.1%) Est. Cost $8.96 Unrealized —

COP CONOCOPHILLIPS 2.5%

Value ($000) $3,346 (+8.4%) Shares 39,040 (-11.1%) Est. Cost $40.35 Unrealized +32.2%

— ALCOA INC 2.0%

Value ($000) $2,767 (+10.2%) Shares 185,850 (-4.8%) Est. Cost $7.83 Unrealized —

AEP AMERICAN ELEC PWR INC 3.3%

Value ($000) $4,418 (+5.5%) Shares 79,235 (-4.2%) Est. Cost $29.80 Unrealized +17.1%

— EMC CORP-MASS 2.7%

Value ($000) $3,705 (-5.6%) Shares 140,695 (-1.7%) Est. Cost $23.69 Unrealized —

— BAKER HUGHES INC 2.4%

Value ($000) $3,183 (+7.0%) Shares 42,755 (-6.6%) Est. Cost $46.41 Unrealized —

MS MORGAN STANLEY 2.9%

Value ($000) $3,930 (+2.5%) Shares 121,576 (-1.1%) Est. Cost $17.66 Unrealized +28.7%

PHM PULTE GROUP INC 0.7%

Value ($000) $900 (-6.9%) Shares 44,660 (-11.4%) Est. Cost $16.76 Unrealized -1.1%

ARW ARROW ELECTRS INC 0.3%

Value ($000) $436 (-10.7%) Shares 7,232 (-12.1%) Est. Cost $38.94 Unrealized +49.6%

— MAG SILVER CORP 0.1%

Value ($000) $94 (-31.9%) Shares 10,000 (-50.0%) Est. Cost $6.90 Unrealized —

— BLACKSTONE GROUP L P 0.3%

Value ($000) $421 (-5.8%) Shares 12,600 (-6.5%) Est. Cost $24.92 Unrealized —

ALL ALLSTATE CORP 2.6%

Value ($000) $3,528 (-0.5%) Shares 60,090 (-4.1%) Est. Cost $37.29 Unrealized +20.4%

ADM ARCHER-DANIELS-MIDLAND CO 4.3%

Value ($000) $5,815 (-0.1%) Shares 131,845 (-1.7%) Est. Cost $23.42 Unrealized +35.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	HESS CORPORATION	56,120 (-7.8%)	$5,549 (+10.0%)	4.1%	$70.51	—	COM	42809H107
—	TRIQUINT SEMICONDUCTOR INC	169,580 (-27.1%)	$2,681 (-13.9%)	2.0%	$8.96	—	COM	89674K103
COP	CONOCOPHILLIPS	39,040 (-11.1%)	$3,346 (+8.4%)	2.5%	$40.35	+32.2%	COM	20825C104
—	ALCOA INC	185,850 (-4.8%)	$2,767 (+10.2%)	2.0%	$7.83	—	COM	013817101
AEP	AMERICAN ELEC PWR INC	79,235 (-4.2%)	$4,418 (+5.5%)	3.3%	$29.80	+17.1%	COM	025537101
—	EMC CORP-MASS	140,695 (-1.7%)	$3,705 (-5.6%)	2.7%	$23.69	—	COM	268648102
—	BAKER HUGHES INC	42,755 (-6.6%)	$3,183 (+7.0%)	2.4%	$46.41	—	COM	057224107
MS	MORGAN STANLEY	121,576 (-1.1%)	$3,930 (+2.5%)	2.9%	$17.66	+28.7%	COM NEW	617446448
PHM	PULTE GROUP INC	44,660 (-11.4%)	$900 (-6.9%)	0.7%	$16.76	-1.1%	COM	745867101
ARW	ARROW ELECTRS INC	7,232 (-12.1%)	$436 (-10.7%)	0.3%	$38.94	+49.6%	COM	042735100
—	MAG SILVER CORP	10,000 (-50.0%)	$94 (-31.9%)	0.1%	$6.90	—	COM	55903Q104
—	BLACKSTONE GROUP L P	12,600 (-6.5%)	$421 (-5.8%)	0.3%	$24.92	—	COM UNIT LTD	09253U108
ALL	ALLSTATE CORP	60,090 (-4.1%)	$3,528 (-0.5%)	2.6%	$37.29	+20.4%	COM	020002101
ADM	ARCHER-DANIELS-MIDLAND CO	131,845 (-1.7%)	$5,815 (-0.1%)	4.3%	$23.42	+35.0%	COM	039483102

Unchanged Positions (20)

FDX FEDEX CORP 3.6%

Value ($000) $4,823 Shares 31,865 Est. Cost $82.12 Unrealized +44.3%

GLW CORNING INC 3.7%

Value ($000) $4,985 Shares 227,120 Est. Cost $10.55 Unrealized +48.6%

ROP ROPER INDUSTRIES INC NEW 1.2%

Value ($000) $1,642 Shares 11,250 Est. Cost $113.55 Unrealized +14.6%

VMI VALMONT INDUSTRIES INC 1.3%

Value ($000) $1,692 Shares 11,140 Est. Cost $146.61 Unrealized +5.0%

— ARM HLDGS PLC 0.3%

Value ($000) $384 Shares 8,490 Est. Cost $36.52 Unrealized —

IBB ISHARES TR 0.4%

Value ($000) $551 Shares 2,146 Est. Cost $173.69 Unrealized —

ALV AUTOLIV INC 0.5%

Value ($000) $693 Shares 6,508 Est. Cost $40.38 Unrealized +41.8%

MET METLIFE INC 0.6%

Value ($000) $803 Shares 14,470 Est. Cost $24.43 Unrealized +30.3%

ADI ANALOG DEVICES INC 2.1%

Value ($000) $2,902 Shares 53,685 Est. Cost $34.45 Unrealized +20.4%

FCX FREEPORT MCMORAN COPPER & GOLD 0.2%

Value ($000) $335 Shares 9,205 Est. Cost $24.49 Unrealized +20.7%

JNJ JOHNSON & JOHNSON 0.3%

Value ($000) $458 Shares 4,387 Est. Cost $59.66 Unrealized +22.6%

PEP PEPSICO INC 0.3%

Value ($000) $368 Shares 4,125 Est. Cost $56.00 Unrealized +8.8%

— GOOGLE INC 0.3%

Value ($000) $380 Shares 651 Est. Cost $880.77 Unrealized —

EWY ISHARES TR 0.2%

Value ($000) $298 Shares 4,585 Est. Cost $61.50 Unrealized —

TM TOYOTA MOTOR CORPORATION 0.2%

Value ($000) $285 Shares 2,390 Est. Cost $112.97 Unrealized —

PM PHILIP MORRIS INTL INC 0.2%

Value ($000) $313 Shares 3,730 Est. Cost $49.85 Unrealized -3.2%

ORCL ORACLE CORP 0.5%

Value ($000) $656 Shares 16,210 Est. Cost $27.58 Unrealized +25.7%

AIZ ASSURANT INC 0.8%

Value ($000) $1,105 Shares 16,865 Est. Cost $37.94 Unrealized +40.2%

QCOM QUALCOMM INC 0.4%

Value ($000) $506 Shares 6,400 Est. Cost $45.06 Unrealized +27.2%

— WESTERN ASSET HIGH INCM FD I 0.1%

Value ($000) $128 Shares 13,637 Est. Cost $9.22 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FDX	FEDEX CORP	31,865	$4,823	3.6%	$82.12	+44.3%	COM	31428X106
GLW	CORNING INC	227,120	$4,985	3.7%	$10.55	+48.6%	COM	219350105
ROP	ROPER INDUSTRIES INC NEW	11,250	$1,642	1.2%	$113.55	+14.6%	COM	776696106
VMI	VALMONT INDUSTRIES INC	11,140	$1,692	1.3%	$146.61	+5.0%	COM	920253101
—	ARM HLDGS PLC	8,490	$384	0.3%	$36.52	—	SPONSORED ADR	042068106
IBB	ISHARES TR	2,146	$551	0.4%	$173.69	—	NASDQ BIO INDX	464287556
ALV	AUTOLIV INC	6,508	$693	0.5%	$40.38	+41.8%	COM	052800109
MET	METLIFE INC	14,470	$803	0.6%	$24.43	+30.3%	COM	59156R108
ADI	ANALOG DEVICES INC	53,685	$2,902	2.1%	$34.45	+20.4%	COM	032654105
FCX	FREEPORT MCMORAN COPPER & GOLD	9,205	$335	0.2%	$24.49	+20.7%	COM	35671D857
JNJ	JOHNSON & JOHNSON	4,387	$458	0.3%	$59.66	+22.6%	COM	478160104
PEP	PEPSICO INC	4,125	$368	0.3%	$56.00	+8.8%	COM	713448108
—	GOOGLE INC	651	$380	0.3%	$880.77	—	CL A	38259P508
EWY	ISHARES TR	4,585	$298	0.2%	$61.50	—	MSCI STH KOR ETF	464286772
TM	TOYOTA MOTOR CORPORATION	2,390	$285	0.2%	$112.97	—	SP ADR REP2COM	892331307
PM	PHILIP MORRIS INTL INC	3,730	$313	0.2%	$49.85	-3.2%	COM	718172109
ORCL	ORACLE CORP	16,210	$656	0.5%	$27.58	+25.7%	COM	68389X105
AIZ	ASSURANT INC	16,865	$1,105	0.8%	$37.94	+40.2%	COM	04621X108
QCOM	QUALCOMM INC	6,400	$506	0.4%	$45.06	+27.2%	COM	747525103
—	WESTERN ASSET HIGH INCM FD I	13,637	$128	0.1%	$9.22	—	COM	95766J102