F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HOG	HARLEY DAVIDSON INC	71,765 (+4.9%)	$4,176 (-12.6%)	3.1%	$55.14	+16.0%	COM	412822108
DHI	D R HORTON INC	117,945 (+1.6%)	$2,420 (-15.2%)	1.8%	$19.87	-2.2%	COM	23331A109
FDX	FEDEX CORP	32,535 (+2.1%)	$5,252 (+8.9%)	3.9%	$83.08	+55.3%	COM	31428X106
—	BAKER HUGHES INC	43,735 (+2.3%)	$2,845 (-10.6%)	2.1%	$46.82	—	COM	057224107
COP	CONOCOPHILLIPS	39,540 (+1.3%)	$3,025 (-9.6%)	2.2%	$40.55	+39.8%	COM	20825C104
—	ALCOA INC	188,185 (+1.3%)	$3,027 (+9.4%)	2.2%	$7.94	—	COM	013817101
JPM	JPMORGAN CHASE & CO	61,660 (+2.1%)	$3,714 (+6.7%)	2.8%	$36.55	+18.0%	COM	46625H100
CVX	CHEVRON CORP NEW	25,075 (+1.9%)	$2,991 (-6.9%)	2.2%	$75.96	+3.4%	COM	166764100
ALL	ALLSTATE CORP	60,845 (+1.3%)	$3,734 (+5.8%)	2.8%	$37.41	+25.5%	COM	020002101
ADI	ANALOG DEVICES INC	54,615 (+1.7%)	$2,702 (-6.9%)	2.0%	$34.55	+17.1%	COM	032654105
ATI	ALLEGHENY TECHNOLOGIES INC	76,775 (+30.5%)	$2,848 (+7.4%)	2.1%	$38.97	+2.4%	COM	01741R102
EOG	EOG RES INC	5,520 (+71.4%)	$546 (+45.2%)	0.4%	$77.78	+2.0%	COM	26875P101
HIG	HARTFORD FINANCIAL SERVICES	56,290 (+2.4%)	$2,096 (+6.4%)	1.6%	$26.82	+6.2%	COM	416515104
PSX	PHILLIPS 66	31,947 (+3.4%)	$2,597 (+4.5%)	1.9%	$41.14	+34.0%	COM	718546104
VMI	VALMONT INDUSTRIES INC	11,815 (+6.1%)	$1,594 (-5.8%)	1.2%	$146.44	-2.0%	COM	920253101
MLI	MUELLER INDUSTRIES INC	88,695 (+3.3%)	$2,531 (+0.2%)	1.9%	$10.90	+5.9%	COM	624756102
—	BLACKSTONE GROUP L P	13,470 (+6.9%)	$424 (+0.7%)	0.3%	$25.35	—	COM UNIT LTD	09253U108
SCZ	ISHARES TR	5,970 (+9.1%)	$289 (0.0%)	0.2%	$50.92	—	MSCI EAFE SMALL CAP	464288273

Exited Positions (2)

SNY SANOFI 0.3%

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

— BP PRUDHOE BAY RTY TR 0.1%

Value ($000) $202 Shares 2,050 Est. Cost $98.54 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SNY	SANOFI	8,530	$453	0.3%	$51.58	—	—	80105N105
—	BP PRUDHOE BAY RTY TR	2,050	$202	0.1%	$98.54	—	—	055630107

Decreased Positions (19)

— HESS CORPORATION 2.7%

Value ($000) $3,676 (-33.8%) Shares 38,975 (-30.6%) Est. Cost $70.51 Unrealized —

ADM ARCHER-DANIELS-MIDLAND CO 4.8%

Value ($000) $6,485 (+11.5%) Shares 126,920 (-3.7%) Est. Cost $23.42 Unrealized +50.6%

AMGN AMGEN INC 4.1%

Value ($000) $5,565 (+11.0%) Shares 39,620 (-6.5%) Est. Cost $74.13 Unrealized +27.5%

— TRIQUINT SEMICONDUCTOR INC 2.4%

Value ($000) $3,179 (+18.6%) Shares 166,710 (-1.7%) Est. Cost $8.96 Unrealized —

— VARIAN MEDICAL SYSTEMS INC 2.1%

Value ($000) $2,863 (-13.4%) Shares 35,740 (-10.1%) Est. Cost $68.20 Unrealized —

EBAY EBAY INC 3.0%

Value ($000) $4,068 (+10.5%) Shares 71,835 (-2.3%) Est. Cost $20.15 Unrealized -1.8%

BDX BECTON DICKINSON & CO 2.5%

Value ($000) $3,343 (-8.7%) Shares 29,375 (-5.1%) Est. Cost $78.81 Unrealized +21.4%

PHM PULTE GROUP INC 0.5%

Value ($000) $703 (-21.9%) Shares 39,830 (-10.8%) Est. Cost $16.76 Unrealized -2.7%

KMB KIMBERLY CLARK CORP 2.8%

Value ($000) $3,824 (-4.7%) Shares 35,550 (-1.5%) Est. Cost $63.48 Unrealized +11.6%

BIDU BAIDU INC 0.6%

Value ($000) $831 (+12.4%) Shares 3,810 (-3.8%) Est. Cost $100.18 Unrealized —

— DONNELLEY R R & SONS CO 0.3%

Value ($000) $452 (-10.7%) Shares 27,510 (-7.9%) Est. Cost $16.94 Unrealized —

— GANNETT CO INC 0.4%

Value ($000) $539 (-8.8%) Shares 18,180 (-3.7%) Est. Cost $31.30 Unrealized —

MET METLIFE INC 0.6%

Value ($000) $755 (-6.0%) Shares 14,070 (-2.8%) Est. Cost $24.43 Unrealized +36.2%

MRK MERCK & CO INC 3.1%

Value ($000) $4,237 (-0.7%) Shares 71,490 (-3.1%) Est. Cost $30.14 Unrealized +30.6%

EWW ISHARES INC 0.4%

Value ($000) $538 (-4.8%) Shares 7,835 (-6.0%) Est. Cost $65.50 Unrealized —

VZ VERIZON COMMUNICATIONS INC 2.9%

Value ($000) $3,849 (+0.4%) Shares 77,006 (-1.7%) Est. Cost $26.80 Unrealized +3.7%

TM TOYOTA MOTOR CORPORATION 0.2%

Value ($000) $275 (-3.5%) Shares 2,345 (-1.9%) Est. Cost $112.97 Unrealized —

— GOOGLE INC 0.3%

Value ($000) $371 (-0.8%) Shares 644 (-1.1%) Est. Cost $574.50 Unrealized —

— FRONTIER COMMUNICATIONS CORP 0.2%

Value ($000) $335 (-0.6%) Shares 51,500 (-10.9%) Est. Cost $5.78 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	HESS CORPORATION	38,975 (-30.6%)	$3,676 (-33.8%)	2.7%	$70.51	—	COM	42809H107
ADM	ARCHER-DANIELS-MIDLAND CO	126,920 (-3.7%)	$6,485 (+11.5%)	4.8%	$23.42	+50.6%	COM	039483102
AMGN	AMGEN INC	39,620 (-6.5%)	$5,565 (+11.0%)	4.1%	$74.13	+27.5%	COM	031162100
—	TRIQUINT SEMICONDUCTOR INC	166,710 (-1.7%)	$3,179 (+18.6%)	2.4%	$8.96	—	COM	89674K103
—	VARIAN MEDICAL SYSTEMS INC	35,740 (-10.1%)	$2,863 (-13.4%)	2.1%	$68.20	—	COM	92220P105
EBAY	EBAY INC	71,835 (-2.3%)	$4,068 (+10.5%)	3.0%	$20.15	-1.8%	COM	278642103
BDX	BECTON DICKINSON & CO	29,375 (-5.1%)	$3,343 (-8.7%)	2.5%	$78.81	+21.4%	COM	075887109
PHM	PULTE GROUP INC	39,830 (-10.8%)	$703 (-21.9%)	0.5%	$16.76	-2.7%	COM	745867101
KMB	KIMBERLY CLARK CORP	35,550 (-1.5%)	$3,824 (-4.7%)	2.8%	$63.48	+11.6%	COM	494368103
BIDU	BAIDU INC	3,810 (-3.8%)	$831 (+12.4%)	0.6%	$100.18	—	SPON ADR REP A	056752108
—	DONNELLEY R R & SONS CO	27,510 (-7.9%)	$452 (-10.7%)	0.3%	$16.94	—	COM	257867101
—	GANNETT CO INC	18,180 (-3.7%)	$539 (-8.8%)	0.4%	$31.30	—	COM	364730101
MET	METLIFE INC	14,070 (-2.8%)	$755 (-6.0%)	0.6%	$24.43	+36.2%	COM	59156R108
MRK	MERCK & CO INC	71,490 (-3.1%)	$4,237 (-0.7%)	3.1%	$30.14	+30.6%	COM	58933Y105
EWW	ISHARES INC	7,835 (-6.0%)	$538 (-4.8%)	0.4%	$65.50	—	MSCI MEXICO CAP	464286822
VZ	VERIZON COMMUNICATIONS INC	77,006 (-1.7%)	$3,849 (+0.4%)	2.9%	$26.80	+3.7%	COM	92343V104
TM	TOYOTA MOTOR CORPORATION	2,345 (-1.9%)	$275 (-3.5%)	0.2%	$112.97	—	SP ADR REP2COM	892331307
—	GOOGLE INC	644 (-1.1%)	$371 (-0.8%)	0.3%	$574.50	—	CL C	38259P706
—	FRONTIER COMMUNICATIONS CORP	51,500 (-10.9%)	$335 (-0.6%)	0.2%	$5.78	—	COM	35906A108

Unchanged Positions (28)

GLW CORNING INC 3.2%

Value ($000) $4,360 Shares 225,455 Est. Cost $10.55 Unrealized +46.7%

— CELGENE CORP 4.5%

Value ($000) $6,093 Shares 64,295 Est. Cost $107.37 Unrealized —

AVY AVERY DENNISON CORP 2.7%

Value ($000) $3,618 Shares 81,050 Est. Cost $33.75 Unrealized +15.8%

— EMC CORP-MASS 3.1%

Value ($000) $4,152 Shares 141,915 Est. Cost $23.69 Unrealized —

MS MORGAN STANLEY 3.1%

Value ($000) $4,217 Shares 122,006 Est. Cost $17.66 Unrealized +39.5%

AEP AMERICAN ELEC PWR INC 3.1%

Value ($000) $4,147 Shares 79,430 Est. Cost $29.80 Unrealized +18.5%

NEM NEWMONT MINING CORP 1.4%

Value ($000) $1,901 Shares 82,475 Est. Cost $23.61 Unrealized -15.8%

AAPL APPLE INC 0.9%

Value ($000) $1,262 Shares 12,530 Est. Cost $17.87 Unrealized +21.0%

ALV AUTOLIV INC 0.4%

Value ($000) $596 Shares 6,488 Est. Cost $40.38 Unrealized +40.1%

— MEDIVATION INC 0.3%

Value ($000) $406 Shares 4,110 Est. Cost $76.94 Unrealized —

SLB SCHLUMBERGER LTD 0.3%

Value ($000) $467 Shares 4,597 Est. Cost $61.97 Unrealized +28.3%

DXJ WISDOMTREE TRUST 0.6%

Value ($000) $758 Shares 14,495 Est. Cost $47.30 Unrealized —

ORCL ORACLE CORP 0.5%

Value ($000) $620 Shares 16,210 Est. Cost $27.58 Unrealized +24.0%

IBB ISHARES TR 0.4%

Value ($000) $587 Shares 2,146 Est. Cost $173.69 Unrealized —

ARW ARROW ELECTRS INC 0.3%

Value ($000) $400 Shares 7,232 Est. Cost $38.94 Unrealized +54.9%

FCX FREEPORT MCMORAN COPPER & GOLD 0.2%

Value ($000) $300 Shares 9,205 Est. Cost $24.49 Unrealized +29.2%

QCOM QUALCOMM INC 0.4%

Value ($000) $478 Shares 6,400 Est. Cost $45.06 Unrealized +23.0%

AIZ ASSURANT INC 0.8%

Value ($000) $1,084 Shares 16,865 Est. Cost $37.94 Unrealized +37.8%

EWY ISHARES TR 0.2%

Value ($000) $277 Shares 4,585 Est. Cost $61.50 Unrealized —

— MAG SILVER CORP 0.1%

Value ($000) $74 Shares 10,000 Est. Cost $6.90 Unrealized —

— HOUSTON WIRE & CABLE CO 0.4%

Value ($000) $498 Shares 41,585 Est. Cost $12.39 Unrealized —

— ARM HLDGS PLC 0.3%

Value ($000) $368 Shares 8,440 Est. Cost $36.52 Unrealized —

PEP PEPSICO INC 0.3%

Value ($000) $381 Shares 4,095 Est. Cost $56.00 Unrealized +15.9%

JNJ JOHNSON & JOHNSON 0.3%

Value ($000) $467 Shares 4,387 Est. Cost $59.66 Unrealized +26.7%

— WESTERN ASSET HIGH INCM FD I 0.1%

Value ($000) $122 Shares 13,637 Est. Cost $9.22 Unrealized —

ROP ROPER INDUSTRIES INC NEW 1.2%

Value ($000) $1,645 Shares 11,250 Est. Cost $113.55 Unrealized +20.9%

— GOOGLE INC 0.3%

Value ($000) $383 Shares 651 Est. Cost $880.77 Unrealized —

PM PHILIP MORRIS INTL INC 0.2%

Value ($000) $311 Shares 3,730 Est. Cost $49.85 Unrealized -3.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLW	CORNING INC	225,455	$4,360	3.2%	$10.55	+46.7%	COM	219350105
—	CELGENE CORP	64,295	$6,093	4.5%	$107.37	—	COM	151020104
AVY	AVERY DENNISON CORP	81,050	$3,618	2.7%	$33.75	+15.8%	COM	053611109
—	EMC CORP-MASS	141,915	$4,152	3.1%	$23.69	—	COM	268648102
MS	MORGAN STANLEY	122,006	$4,217	3.1%	$17.66	+39.5%	COM NEW	617446448
AEP	AMERICAN ELEC PWR INC	79,430	$4,147	3.1%	$29.80	+18.5%	COM	025537101
NEM	NEWMONT MINING CORP	82,475	$1,901	1.4%	$23.61	-15.8%	COM	651639106
AAPL	APPLE INC	12,530	$1,262	0.9%	$17.87	+21.0%	COM	037833100
ALV	AUTOLIV INC	6,488	$596	0.4%	$40.38	+40.1%	COM	052800109
—	MEDIVATION INC	4,110	$406	0.3%	$76.94	—	COM	58501N101
SLB	SCHLUMBERGER LTD	4,597	$467	0.3%	$61.97	+28.3%	COM	806857108
DXJ	WISDOMTREE TRUST	14,495	$758	0.6%	$47.30	—	JAPN HEDGE EQT	97717W851
ORCL	ORACLE CORP	16,210	$620	0.5%	$27.58	+24.0%	COM	68389X105
IBB	ISHARES TR	2,146	$587	0.4%	$173.69	—	NASDQ BIO INDX	464287556
ARW	ARROW ELECTRS INC	7,232	$400	0.3%	$38.94	+54.9%	COM	042735100
FCX	FREEPORT MCMORAN COPPER & GOLD	9,205	$300	0.2%	$24.49	+29.2%	COM	35671D857
QCOM	QUALCOMM INC	6,400	$478	0.4%	$45.06	+23.0%	COM	747525103
AIZ	ASSURANT INC	16,865	$1,084	0.8%	$37.94	+37.8%	COM	04621X108
EWY	ISHARES TR	4,585	$277	0.2%	$61.50	—	MSCI STH KOR ETF	464286772
—	MAG SILVER CORP	10,000	$74	0.1%	$6.90	—	COM	55903Q104
—	HOUSTON WIRE & CABLE CO	41,585	$498	0.4%	$12.39	—	COM	44244K109
—	ARM HLDGS PLC	8,440	$368	0.3%	$36.52	—	SPONSORED ADR	042068106
PEP	PEPSICO INC	4,095	$381	0.3%	$56.00	+15.9%	COM	713448108
JNJ	JOHNSON & JOHNSON	4,387	$467	0.3%	$59.66	+26.7%	COM	478160104
—	WESTERN ASSET HIGH INCM FD I	13,637	$122	0.1%	$9.22	—	COM	95766J102
ROP	ROPER INDUSTRIES INC NEW	11,250	$1,645	1.2%	$113.55	+20.9%	COM	776696106
—	GOOGLE INC	651	$383	0.3%	$880.77	—	CL A	38259P508
PM	PHILIP MORRIS INTL INC	3,730	$311	0.2%	$49.85	-3.9%	COM	718172109