F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
INTC	INTEL CORP	123,385	$4,477	3.0%	$26.63	0.0%	COM	458140100
MSFT	MICROSOFT CORP	86,530	$4,019	2.7%	$39.88	0.0%	COM	594918104
CAG	CONAGRA FOODS INC	81,330	$2,950	2.0%	$18.73	0.0%	COM	205887102
—	MEDTRONIC INC	31,345	$2,263	1.5%	$72.20	—	COM	585055106
SPY	SPDR S&P 500 ETF TR	1,994	$409	0.3%	$205.12	—	TR UNIT	78462F103
DIS	DISNEY WALT CO	4,200	$395	0.3%	$81.30	0.0%	COM DISNEY	254687106

Increased Positions (26)

GLW CORNING INC 4.8%

Value ($000) $7,058 (+61.9%) Shares 307,840 (+36.5%) Est. Cost $11.79 Unrealized +28.9%

HOG HARLEY DAVIDSON INC 3.9%

Value ($000) $5,706 (+36.6%) Shares 86,580 (+20.6%) Est. Cost $56.76 Unrealized +13.8%

AMGN AMGEN INC 4.6%

Value ($000) $6,783 (+21.9%) Shares 42,585 (+7.5%) Est. Cost $76.86 Unrealized +47.4%

MS MORGAN STANLEY 3.6%

Value ($000) $5,219 (+23.8%) Shares 134,529 (+10.3%) Est. Cost $18.47 Unrealized +42.8%

BDX BECTON DICKINSON & CO 3.0%

Value ($000) $4,343 (+29.9%) Shares 31,210 (+6.2%) Est. Cost $80.51 Unrealized +33.9%

AVY AVERY DENNISON CORP 3.1%

Value ($000) $4,565 (+26.2%) Shares 88,010 (+8.6%) Est. Cost $34.12 Unrealized +12.6%

DHI D R HORTON INC 2.2%

Value ($000) $3,231 (+33.5%) Shares 127,770 (+8.3%) Est. Cost $19.94 Unrealized +3.8%

FDX FEDEX CORP 4.1%

Value ($000) $6,062 (+15.4%) Shares 34,910 (+7.3%) Est. Cost $87.22 Unrealized +65.0%

ALL ALLSTATE CORP 3.1%

Value ($000) $4,540 (+21.6%) Shares 64,635 (+6.2%) Est. Cost $38.24 Unrealized +35.2%

AEP AMERICAN ELEC PWR INC 3.3%

Value ($000) $4,879 (+17.7%) Shares 80,360 (+1.2%) Est. Cost $29.91 Unrealized +29.0%

ADM ARCHER-DANIELS-MIDLAND CO 4.8%

Value ($000) $7,120 (+9.8%) Shares 136,935 (+7.9%) Est. Cost $24.34 Unrealized +47.9%

HIG HARTFORD FINANCIAL SERVICES 1.8%

Value ($000) $2,690 (+28.3%) Shares 64,535 (+14.6%) Est. Cost $27.39 Unrealized +14.2%

ADI ANALOG DEVICES INC 2.2%

Value ($000) $3,224 (+19.3%) Shares 58,080 (+6.3%) Est. Cost $34.91 Unrealized +16.3%

JPM JPMORGAN CHASE & CO 2.9%

Value ($000) $4,224 (+13.7%) Shares 67,510 (+9.5%) Est. Cost $37.26 Unrealized +20.0%

— VARIAN MEDICAL SYSTEMS INC 2.2%

Value ($000) $3,295 (+15.1%) Shares 38,090 (+6.6%) Est. Cost $69.33 Unrealized —

KMB KIMBERLY CLARK CORP 2.8%

Value ($000) $4,162 (+8.8%) Shares 36,025 (+1.3%) Est. Cost $63.65 Unrealized +19.6%

VZ VERIZON COMMUNICATIONS INC 2.8%

Value ($000) $4,162 (+8.1%) Shares 88,987 (+15.6%) Est. Cost $26.92 Unrealized +2.8%

EBAY EBAY INC 2.9%

Value ($000) $4,324 (+6.3%) Shares 77,055 (+7.3%) Est. Cost $20.16 Unrealized +0.2%

COP CONOCOPHILLIPS 1.9%

Value ($000) $2,780 (-8.1%) Shares 40,260 (+1.8%) Est. Cost $40.70 Unrealized +20.0%

ATI ALLEGHENY TECHNOLOGIES INC 2.0%

Value ($000) $3,009 (+5.7%) Shares 86,560 (+12.7%) Est. Cost $38.13 Unrealized -17.4%

MRK MERCK & CO INC 3.0%

Value ($000) $4,376 (+3.3%) Shares 77,060 (+7.8%) Est. Cost $30.81 Unrealized +27.7%

CVX CHEVRON CORP NEW 2.1%

Value ($000) $3,108 (+3.9%) Shares 27,710 (+10.5%) Est. Cost $75.45 Unrealized -6.5%

VMI VALMONT INDUSTRIES INC 1.1%

Value ($000) $1,677 (+5.2%) Shares 13,210 (+11.8%) Est. Cost $145.07 Unrealized -8.0%

— HOUSTON WIRE & CABLE CO 0.4%

Value ($000) $559 (+12.2%) Shares 46,805 (+12.6%) Est. Cost $12.34 Unrealized —

TEX TEREX CORP NEW 1.4%

Value ($000) $2,121 (+1.3%) Shares 76,095 (+15.5%) Est. Cost $35.49 Unrealized -19.4%

SCZ ISHARES TR 0.2%

Value ($000) $302 (+4.5%) Shares 6,470 (+8.4%) Est. Cost $50.59 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLW	CORNING INC	307,840 (+36.5%)	$7,058 (+61.9%)	4.8%	$11.79	+28.9%	COM	219350105
HOG	HARLEY DAVIDSON INC	86,580 (+20.6%)	$5,706 (+36.6%)	3.9%	$56.76	+13.8%	COM	412822108
AMGN	AMGEN INC	42,585 (+7.5%)	$6,783 (+21.9%)	4.6%	$76.86	+47.4%	COM	031162100
MS	MORGAN STANLEY	134,529 (+10.3%)	$5,219 (+23.8%)	3.6%	$18.47	+42.8%	COM NEW	617446448
BDX	BECTON DICKINSON & CO	31,210 (+6.2%)	$4,343 (+29.9%)	3.0%	$80.51	+33.9%	COM	075887109
AVY	AVERY DENNISON CORP	88,010 (+8.6%)	$4,565 (+26.2%)	3.1%	$34.12	+12.6%	COM	053611109
DHI	D R HORTON INC	127,770 (+8.3%)	$3,231 (+33.5%)	2.2%	$19.94	+3.8%	COM	23331A109
FDX	FEDEX CORP	34,910 (+7.3%)	$6,062 (+15.4%)	4.1%	$87.22	+65.0%	COM	31428X106
ALL	ALLSTATE CORP	64,635 (+6.2%)	$4,540 (+21.6%)	3.1%	$38.24	+35.2%	COM	020002101
AEP	AMERICAN ELEC PWR INC	80,360 (+1.2%)	$4,879 (+17.7%)	3.3%	$29.91	+29.0%	COM	025537101
ADM	ARCHER-DANIELS-MIDLAND CO	136,935 (+7.9%)	$7,120 (+9.8%)	4.8%	$24.34	+47.9%	COM	039483102
HIG	HARTFORD FINANCIAL SERVICES	64,535 (+14.6%)	$2,690 (+28.3%)	1.8%	$27.39	+14.2%	COM	416515104
ADI	ANALOG DEVICES INC	58,080 (+6.3%)	$3,224 (+19.3%)	2.2%	$34.91	+16.3%	COM	032654105
JPM	JPMORGAN CHASE & CO	67,510 (+9.5%)	$4,224 (+13.7%)	2.9%	$37.26	+20.0%	COM	46625H100
—	VARIAN MEDICAL SYSTEMS INC	38,090 (+6.6%)	$3,295 (+15.1%)	2.2%	$69.33	—	COM	92220P105
KMB	KIMBERLY CLARK CORP	36,025 (+1.3%)	$4,162 (+8.8%)	2.8%	$63.65	+19.6%	COM	494368103
VZ	VERIZON COMMUNICATIONS INC	88,987 (+15.6%)	$4,162 (+8.1%)	2.8%	$26.92	+2.8%	COM	92343V104
EBAY	EBAY INC	77,055 (+7.3%)	$4,324 (+6.3%)	2.9%	$20.16	+0.2%	COM	278642103
COP	CONOCOPHILLIPS	40,260 (+1.8%)	$2,780 (-8.1%)	1.9%	$40.70	+20.0%	COM	20825C104
ATI	ALLEGHENY TECHNOLOGIES INC	86,560 (+12.7%)	$3,009 (+5.7%)	2.0%	$38.13	-17.4%	COM	01741R102
MRK	MERCK & CO INC	77,060 (+7.8%)	$4,376 (+3.3%)	3.0%	$30.81	+27.7%	COM	58933Y105
CVX	CHEVRON CORP NEW	27,710 (+10.5%)	$3,108 (+3.9%)	2.1%	$75.45	-6.5%	COM	166764100
VMI	VALMONT INDUSTRIES INC	13,210 (+11.8%)	$1,677 (+5.2%)	1.1%	$145.07	-8.0%	COM	920253101
—	HOUSTON WIRE & CABLE CO	46,805 (+12.6%)	$559 (+12.2%)	0.4%	$12.34	—	COM	44244K109
TEX	TEREX CORP NEW	76,095 (+15.5%)	$2,121 (+1.3%)	1.4%	$35.49	-19.4%	COM	880779103
SCZ	ISHARES TR	6,470 (+8.4%)	$302 (+4.5%)	0.2%	$50.59	—	MSCI EAFE SMALL CAP	464288273

Exited Positions (5)

— TRIQUINT SEMICONDUCTOR INC 2.2%

Value ($000) $3,179 Shares 166,710 Est. Cost $8.96 Unrealized —

— ALCOA INC 2.1%

Value ($000) $3,027 Shares 188,185 Est. Cost $7.94 Unrealized —

— BAKER HUGHES INC 1.9%

Value ($000) $2,845 Shares 43,735 Est. Cost $46.82 Unrealized —

PSX PHILLIPS 66 1.8%

Value ($000) $2,597 Shares 31,947 Est. Cost $41.14 Unrealized +19.5%

— MAG SILVER CORP 0.1%

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

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	TRIQUINT SEMICONDUCTOR INC	166,710	$3,179	2.2%	$8.96	—	—	89674K103
—	ALCOA INC	188,185	$3,027	2.1%	$7.94	—	—	013817101
—	BAKER HUGHES INC	43,735	$2,845	1.9%	$46.82	—	—	057224107
PSX	PHILLIPS 66	31,947	$2,597	1.8%	$41.14	+19.5%	—	718546104
—	MAG SILVER CORP	10,000	$74	0.1%	$6.90	—	—	55903Q104

Decreased Positions (18)

— HESS CORPORATION 0.2%

Value ($000) $225 (-93.9%) Shares 3,050 (-92.2%) Est. Cost $70.51 Unrealized —

— CELGENE CORP 3.3%

Value ($000) $4,915 (-19.3%) Shares 43,945 (-31.7%) Est. Cost $107.37 Unrealized —

DXJ WISDOMTREE TRUST 0.1%

Value ($000) $203 (-73.2%) Shares 4,125 (-71.5%) Est. Cost $47.30 Unrealized —

NEM NEWMONT MINING CORP 1.0%

Value ($000) $1,532 (-19.4%) Shares 81,075 (-1.7%) Est. Cost $23.61 Unrealized -33.5%

MLI MUELLER INDUSTRIES INC 1.5%

Value ($000) $2,262 (-10.6%) Shares 66,275 (-25.3%) Est. Cost $10.90 Unrealized +16.0%

PHM PULTE GROUP INC 0.3%

Value ($000) $468 (-33.4%) Shares 21,830 (-45.2%) Est. Cost $16.76 Unrealized +3.3%

FCX FREEPORT MCMORAN COPPER & GOLD 0.1%

Value ($000) $209 (-30.3%) Shares 8,985 (-2.4%) Est. Cost $24.49 Unrealized -0.9%

PM PHILIP MORRIS INTL INC 0.2%

Value ($000) $231 (-25.7%) Shares 2,840 (-23.9%) Est. Cost $49.85 Unrealized -1.3%

EOG EOG RES INC 0.3%

Value ($000) $485 (-11.2%) Shares 5,270 (-4.5%) Est. Cost $77.78 Unrealized -12.5%

AAPL APPLE INC 0.9%

Value ($000) $1,311 (+3.9%) Shares 11,880 (-5.2%) Est. Cost $17.87 Unrealized +34.8%

— GOOGLE INC 0.2%

Value ($000) $334 (-12.8%) Shares 631 (-3.1%) Est. Cost $880.77 Unrealized —

ROP ROPER INDUSTRIES INC NEW 1.1%

Value ($000) $1,608 (-2.2%) Shares 10,290 (-8.5%) Est. Cost $113.55 Unrealized +26.2%

BIDU BAIDU INC 0.5%

Value ($000) $794 (-4.5%) Shares 3,485 (-8.5%) Est. Cost $100.18 Unrealized —

— GANNETT CO INC 0.4%

Value ($000) $573 (+6.3%) Shares 17,960 (-1.2%) Est. Cost $31.30 Unrealized —

— BLACKSTONE GROUP L P 0.3%

Value ($000) $405 (-4.5%) Shares 12,000 (-10.9%) Est. Cost $25.35 Unrealized —

TM TOYOTA MOTOR CORPORATION 0.2%

Value ($000) $290 (+5.5%) Shares 2,315 (-1.3%) Est. Cost $112.97 Unrealized —

— EMC CORP-MASS 2.8%

Value ($000) $4,159 (+0.2%) Shares 139,850 (-1.5%) Est. Cost $23.69 Unrealized —

— DONNELLEY R R & SONS CO 0.3%

Value ($000) $455 (+0.7%) Shares 27,110 (-1.5%) Est. Cost $16.94 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	HESS CORPORATION	3,050 (-92.2%)	$225 (-93.9%)	0.2%	$70.51	—	COM	42809H107
—	CELGENE CORP	43,945 (-31.7%)	$4,915 (-19.3%)	3.3%	$107.37	—	COM	151020104
DXJ	WISDOMTREE TRUST	4,125 (-71.5%)	$203 (-73.2%)	0.1%	$47.30	—	JAPN HEDGE EQT	97717W851
NEM	NEWMONT MINING CORP	81,075 (-1.7%)	$1,532 (-19.4%)	1.0%	$23.61	-33.5%	COM	651639106
MLI	MUELLER INDUSTRIES INC	66,275 (-25.3%)	$2,262 (-10.6%)	1.5%	$10.90	+16.0%	COM	624756102
PHM	PULTE GROUP INC	21,830 (-45.2%)	$468 (-33.4%)	0.3%	$16.76	+3.3%	COM	745867101
FCX	FREEPORT MCMORAN COPPER & GOLD	8,985 (-2.4%)	$209 (-30.3%)	0.1%	$24.49	-0.9%	COM	35671D857
PM	PHILIP MORRIS INTL INC	2,840 (-23.9%)	$231 (-25.7%)	0.2%	$49.85	-1.3%	COM	718172109
EOG	EOG RES INC	5,270 (-4.5%)	$485 (-11.2%)	0.3%	$77.78	-12.5%	COM	26875P101
AAPL	APPLE INC	11,880 (-5.2%)	$1,311 (+3.9%)	0.9%	$17.87	+34.8%	COM	037833100
—	GOOGLE INC	631 (-3.1%)	$334 (-12.8%)	0.2%	$880.77	—	CL A	38259P508
ROP	ROPER INDUSTRIES INC NEW	10,290 (-8.5%)	$1,608 (-2.2%)	1.1%	$113.55	+26.2%	COM	776696106
BIDU	BAIDU INC	3,485 (-8.5%)	$794 (-4.5%)	0.5%	$100.18	—	SPON ADR REP A	056752108
—	GANNETT CO INC	17,960 (-1.2%)	$573 (+6.3%)	0.4%	$31.30	—	COM	364730101
—	BLACKSTONE GROUP L P	12,000 (-10.9%)	$405 (-4.5%)	0.3%	$25.35	—	COM UNIT LTD	09253U108
TM	TOYOTA MOTOR CORPORATION	2,315 (-1.3%)	$290 (+5.5%)	0.2%	$112.97	—	SP ADR REP2COM	892331307
—	EMC CORP-MASS	139,850 (-1.5%)	$4,159 (+0.2%)	2.8%	$23.69	—	COM	268648102
—	DONNELLEY R R & SONS CO	27,110 (-1.5%)	$455 (+0.7%)	0.3%	$16.94	—	COM	257867101

Unchanged Positions (17)

ORCL ORACLE CORP 0.5%

Value ($000) $728 Shares 16,210 Est. Cost $27.58 Unrealized +25.1%

ALV AUTOLIV INC 0.5%

Value ($000) $693 Shares 6,538 Est. Cost $40.38 Unrealized +34.3%

SLB SCHLUMBERGER LTD 0.3%

Value ($000) $392 Shares 4,597 Est. Cost $61.97 Unrealized +8.7%

EWW ISHARES INC 0.3%

Value ($000) $465 Shares 7,835 Est. Cost $65.50 Unrealized —

AIZ ASSURANT INC 0.8%

Value ($000) $1,150 Shares 16,820 Est. Cost $37.94 Unrealized +40.7%

IBB ISHARES TR 0.4%

Value ($000) $649 Shares 2,141 Est. Cost $173.69 Unrealized —

— GOOGLE INC 0.2%

Value ($000) $339 Shares 644 Est. Cost $574.50 Unrealized —

EWY ISHARES TR 0.2%

Value ($000) $251 Shares 4,555 Est. Cost $61.50 Unrealized —

— ARM HLDGS PLC 0.3%

Value ($000) $390 Shares 8,440 Est. Cost $36.52 Unrealized —

ARW ARROW ELECTRS INC 0.3%

Value ($000) $418 Shares 7,232 Est. Cost $38.94 Unrealized +42.8%

— FRONTIER COMMUNICATIONS CORP 0.2%

Value ($000) $345 Shares 51,800 Est. Cost $5.78 Unrealized —

JNJ JOHNSON & JOHNSON 0.3%

Value ($000) $458 Shares 4,387 Est. Cost $59.66 Unrealized +29.6%

— WESTERN ASSET HIGH INCM FD I 0.1%

Value ($000) $113 Shares 13,637 Est. Cost $9.22 Unrealized —

PEP PEPSICO INC 0.3%

Value ($000) $387 Shares 4,095 Est. Cost $56.00 Unrealized +22.5%

QCOM QUALCOMM INC 0.3%

Value ($000) $475 Shares 6,400 Est. Cost $45.06 Unrealized +18.4%

— MEDIVATION INC 0.3%

Value ($000) $409 Shares 4,110 Est. Cost $76.94 Unrealized —

MET METLIFE INC 0.5%

Value ($000) $753 Shares 13,935 Est. Cost $24.43 Unrealized +34.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORCL	ORACLE CORP	16,210	$728	0.5%	$27.58	+25.1%	COM	68389X105
ALV	AUTOLIV INC	6,538	$693	0.5%	$40.38	+34.3%	COM	052800109
SLB	SCHLUMBERGER LTD	4,597	$392	0.3%	$61.97	+8.7%	COM	806857108
EWW	ISHARES INC	7,835	$465	0.3%	$65.50	—	MSCI MEXICO CAP	464286822
AIZ	ASSURANT INC	16,820	$1,150	0.8%	$37.94	+40.7%	COM	04621X108
IBB	ISHARES TR	2,141	$649	0.4%	$173.69	—	NASDQ BIO INDX	464287556
—	GOOGLE INC	644	$339	0.2%	$574.50	—	CL C	38259P706
EWY	ISHARES TR	4,555	$251	0.2%	$61.50	—	MSCI STH KOR ETF	464286772
—	ARM HLDGS PLC	8,440	$390	0.3%	$36.52	—	SPONSORED ADR	042068106
ARW	ARROW ELECTRS INC	7,232	$418	0.3%	$38.94	+42.8%	COM	042735100
—	FRONTIER COMMUNICATIONS CORP	51,800	$345	0.2%	$5.78	—	COM	35906A108
JNJ	JOHNSON & JOHNSON	4,387	$458	0.3%	$59.66	+29.6%	COM	478160104
—	WESTERN ASSET HIGH INCM FD I	13,637	$113	0.1%	$9.22	—	COM	95766J102
PEP	PEPSICO INC	4,095	$387	0.3%	$56.00	+22.5%	COM	713448108
QCOM	QUALCOMM INC	6,400	$475	0.3%	$45.06	+18.4%	COM	747525103
—	MEDIVATION INC	4,110	$409	0.3%	$76.94	—	COM	58501N101
MET	METLIFE INC	13,935	$753	0.5%	$24.43	+34.1%	COM	59156R108