F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	8,922	$6,941	5.1%	$36.73	0.0%	CAP STK CL A	02079K305
GOOG	ALPHABET INC	584	$443	0.3%	$35.61	0.0%	CAP STK CL C	02079K107
ILMN	ILLUMINA INC	1,568	$300	0.2%	$161.39	0.0%	COM	452327109
MCD	MCDONALDS CORP	1,855	$219	0.2%	$87.24	0.0%	COM	580135101
AIG	AMERICAN INTL GROUP INC	3,500	$216	0.2%	$47.33	0.0%	COM NEW	026874784
—	ARM HLDGS PLC	4,540	$205	0.1%	$45.15	—	SPONSORED ADR	042068106
MU	MICRON TECHNOLOGY INC	13,110	$185	0.1%	$15.60	0.0%	COM	595112103

Increased Positions (8)

MRK MERCK & CO INC 3.3%

Value ($000) $4,478 (+10.0%) Shares 84,780 (+2.9%) Est. Cost $31.49 Unrealized +16.7%

FDX FEDEX CORP 4.0%

Value ($000) $5,540 (+5.4%) Shares 37,190 (+1.9%) Est. Cost $91.46 Unrealized +44.7%

HELE HELEN OF TROY CORP LTD 0.6%

Value ($000) $885 (+46.8%) Shares 9,390 (+38.9%) Est. Cost $92.09 Unrealized +8.6%

GILD GILEAD SCIENCES INC 4.6%

Value ($000) $6,267 (+4.3%) Shares 61,940 (+1.2%) Est. Cost $72.99 Unrealized -0.1%

CSCO CISCO SYS INC 2.4%

Value ($000) $3,237 (+6.8%) Shares 119,235 (+3.3%) Est. Cost $20.45 Unrealized -1.4%

ALV AUTOLIV INC 0.4%

Value ($000) $537 (+24.3%) Shares 4,308 (+8.6%) Est. Cost $42.65 Unrealized +62.2%

DES WISDOMTREE TR 0.2%

Value ($000) $241 (+7.6%) Shares 3,720 (+4.2%) Est. Cost $70.66 Unrealized —

— ALEXCO RESOURCE CORP 0.0%

Value ($000) $10 (+25.0%) Shares 30,000 (+50.0%) Est. Cost $0.38 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MRK	MERCK & CO INC	84,780 (+2.9%)	$4,478 (+10.0%)	3.3%	$31.49	+16.7%	COM	58933Y105
FDX	FEDEX CORP	37,190 (+1.9%)	$5,540 (+5.4%)	4.0%	$91.46	+44.7%	COM	31428X106
HELE	HELEN OF TROY CORP LTD	9,390 (+38.9%)	$885 (+46.8%)	0.6%	$92.09	+8.6%	COM	G4388N106
GILD	GILEAD SCIENCES INC	61,940 (+1.2%)	$6,267 (+4.3%)	4.6%	$72.99	-0.1%	COM	375558103
CSCO	CISCO SYS INC	119,235 (+3.3%)	$3,237 (+6.8%)	2.4%	$20.45	-1.4%	COM	17275R102
ALV	AUTOLIV INC	4,308 (+8.6%)	$537 (+24.3%)	0.4%	$42.65	+62.2%	COM	052800109
DES	WISDOMTREE TR	3,720 (+4.2%)	$241 (+7.6%)	0.2%	$70.66	—	SMALLCAP DIVID	97717W604
—	ALEXCO RESOURCE CORP	30,000 (+50.0%)	$10 (+25.0%)	0.0%	$0.38	—	COM	01535P106

Exited Positions (11)

— GOOGLE INC 4.2%

Value ($000) $5,815 Shares 9,110 Est. Cost $655.10 Unrealized —

BDX BECTON DICKINSON & CO 3.2%

Value ($000) $4,384 Shares 33,050 Est. Cost $82.57 Unrealized +49.5%

COP CONOCOPHILLIPS 1.6%

Value ($000) $2,217 Shares 46,245 Est. Cost $40.89 Unrealized -6.2%

ATI ALLEGHENY TECHNOLOGIES INC 1.4%

Value ($000) $1,932 Shares 136,265 Est. Cost $35.59 Unrealized -62.2%

— GOOGLE INC 0.3%

Value ($000) $391 Shares 644 Est. Cost $574.50 Unrealized —

EWW ISHARES INC 0.2%

Value ($000) $317 Shares 6,155 Est. Cost $65.50 Unrealized —

— HESS CORPORATION 0.2%

Value ($000) $278 Shares 5,564 Est. Cost $62.32 Unrealized —

EOG EOG RES INC 0.2%

Value ($000) $252 Shares 3,465 Est. Cost $77.78 Unrealized -23.1%

SLB SCHLUMBERGER LTD 0.1%

Value ($000) $204 Shares 2,967 Est. Cost $61.97 Unrealized -9.5%

FCX FREEPORT-MCMORAN INC 0.1%

Value ($000) $190 Shares 19,701 Est. Cost $10.82 Unrealized -20.2%

— WESTERN ASSET HIGH INCM FD I 0.1%

Value ($000) $88 Shares 13,637 Est. Cost $9.22 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	GOOGLE INC	9,110	$5,815	4.2%	$655.10	—	—	38259P508
BDX	BECTON DICKINSON & CO	33,050	$4,384	3.2%	$82.57	+49.5%	—	075887109
COP	CONOCOPHILLIPS	46,245	$2,217	1.6%	$40.89	-6.2%	—	20825C104
ATI	ALLEGHENY TECHNOLOGIES INC	136,265	$1,932	1.4%	$35.59	-62.2%	—	01741R102
—	GOOGLE INC	644	$391	0.3%	$574.50	—	—	38259P706
EWW	ISHARES INC	6,155	$317	0.2%	$65.50	—	—	464286822
—	HESS CORPORATION	5,564	$278	0.2%	$62.32	—	—	42809H107
EOG	EOG RES INC	3,465	$252	0.2%	$77.78	-23.1%	—	26875P101
SLB	SCHLUMBERGER LTD	2,967	$204	0.1%	$61.97	-9.5%	—	806857108
FCX	FREEPORT-MCMORAN INC	19,701	$190	0.1%	$10.82	-20.2%	—	35671D857
—	WESTERN ASSET HIGH INCM FD I	13,637	$88	0.1%	$9.22	—	—	95766J102

Decreased Positions (34)

HOG HARLEY DAVIDSON INC 1.4%

Value ($000) $1,890 (-65.1%) Shares 41,650 (-57.7%) Est. Cost $57.00 Unrealized -13.6%

MSFT MICROSOFT CORP 5.4%

Value ($000) $7,386 (+21.8%) Shares 133,135 (-2.8%) Est. Cost $38.98 Unrealized +17.8%

AMGN AMGEN INC 5.4%

Value ($000) $7,428 (+16.2%) Shares 45,760 (-1.0%) Est. Cost $79.69 Unrealized +46.2%

INTC INTEL CORP 4.8%

Value ($000) $6,575 (+13.0%) Shares 190,875 (-1.2%) Est. Cost $25.35 Unrealized +5.1%

KMB KIMBERLY CLARK CORP 3.7%

Value ($000) $5,087 (+13.0%) Shares 39,965 (-3.2%) Est. Cost $65.30 Unrealized +30.2%

— MEDTRONIC INC 2.6%

Value ($000) $3,626 (+12.5%) Shares 47,150 (-2.1%) Est. Cost $71.67 Unrealized —

ALL ALLSTATE CORP 4.0%

Value ($000) $5,462 (+4.7%) Shares 87,980 (-1.8%) Est. Cost $41.98 Unrealized +18.5%

EBAY EBAY INC 1.6%

Value ($000) $2,221 (+11.1%) Shares 80,825 (-1.3%) Est. Cost $20.33 Unrealized +20.9%

ROP ROPER INDUSTRIES INC NEW 1.3%

Value ($000) $1,807 (+13.4%) Shares 9,522 (-6.4%) Est. Cost $113.55 Unrealized +51.8%

MLI MUELLER INDUSTRIES INC 1.4%

Value ($000) $1,853 (-9.7%) Shares 68,405 (-1.3%) Est. Cost $11.06 Unrealized +10.4%

— HOUSTON WIRE & CABLE CO 0.1%

Value ($000) $119 (-62.3%) Shares 22,660 (-54.7%) Est. Cost $12.16 Unrealized —

CVX CHEVRON CORP NEW 2.1%

Value ($000) $2,855 (+5.7%) Shares 31,744 (-7.3%) Est. Cost $72.31 Unrealized -19.2%

VMI VALMONT INDUSTRIES INC 1.1%

Value ($000) $1,459 (+9.4%) Shares 13,765 (-2.1%) Est. Cost $142.43 Unrealized -23.9%

AAPL APPLE INC 0.7%

Value ($000) $971 (-10.8%) Shares 9,230 (-6.6%) Est. Cost $17.87 Unrealized +44.0%

— EMC CORP-MASS 2.9%

Value ($000) $3,978 (+3.0%) Shares 154,930 (-3.1%) Est. Cost $23.93 Unrealized —

NEM NEWMONT MINING CORP 1.1%

Value ($000) $1,500 (+7.7%) Shares 83,395 (-3.8%) Est. Cost $23.35 Unrealized -38.3%

— DONNELLEY R R & SONS CO 0.2%

Value ($000) $325 (-17.9%) Shares 22,090 (-18.8%) Est. Cost $16.96 Unrealized —

— BLACKSTONE GROUP L P 0.2%

Value ($000) $308 (-18.1%) Shares 10,560 (-11.3%) Est. Cost $25.35 Unrealized —

ARW ARROW ELECTRS INC 0.2%

Value ($000) $283 (-17.7%) Shares 5,232 (-16.0%) Est. Cost $38.94 Unrealized +46.4%

AIZ ASSURANT INC 0.9%

Value ($000) $1,277 (-4.4%) Shares 15,860 (-6.2%) Est. Cost $37.94 Unrealized +77.4%

QCOM QUALCOMM INC 0.2%

Value ($000) $287 (-15.8%) Shares 5,750 (-9.4%) Est. Cost $45.06 Unrealized -11.2%

PHM PULTE GROUP INC 0.3%

Value ($000) $361 (-12.2%) Shares 20,290 (-7.1%) Est. Cost $16.76 Unrealized -1.9%

JNJ JOHNSON & JOHNSON 0.3%

Value ($000) $440 (+7.6%) Shares 4,287 (-2.3%) Est. Cost $59.66 Unrealized +27.3%

AEP AMERICAN ELEC PWR INC 3.3%

Value ($000) $4,538 (+0.6%) Shares 77,885 (-1.8%) Est. Cost $32.16 Unrealized +23.3%

MET METLIFE INC 0.5%

Value ($000) $634 (-4.2%) Shares 13,160 (-6.4%) Est. Cost $24.43 Unrealized +27.7%

— CELGENE CORP 0.5%

Value ($000) $682 (+3.8%) Shares 5,695 (-6.3%) Est. Cost $107.37 Unrealized —

DIS DISNEY WALT CO 0.2%

Value ($000) $283 (-7.5%) Shares 2,700 (-10.0%) Est. Cost $81.30 Unrealized +25.7%

TM TOYOTA MOTOR CORPORATION 0.2%

Value ($000) $256 (-4.8%) Shares 2,081 (-9.6%) Est. Cost $112.97 Unrealized —

SPY SPDR S&P 500 ETF TR 0.2%

Value ($000) $281 (-4.1%) Shares 1,379 (-9.8%) Est. Cost $203.09 Unrealized —

PEP PEPSICO INC 0.3%

Value ($000) $375 (-2.8%) Shares 3,760 (-8.2%) Est. Cost $56.00 Unrealized +31.2%

— MEDIVATION INC 0.2%

Value ($000) $297 (-2.9%) Shares 6,160 (-14.7%) Est. Cost $61.43 Unrealized —

C CITIGROUP INC 0.3%

Value ($000) $379 (-1.6%) Shares 7,330 (-5.7%) Est. Cost $40.76 Unrealized -2.8%

PM PHILIP MORRIS INTL INC 0.2%

Value ($000) $222 (+0.5%) Shares 2,535 (-9.1%) Est. Cost $49.85 Unrealized +4.9%

IBB ISHARES TR 0.5%

Value ($000) $649 (0.0%) Shares 1,921 (-10.3%) Est. Cost $173.69 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HOG	HARLEY DAVIDSON INC	41,650 (-57.7%)	$1,890 (-65.1%)	1.4%	$57.00	-13.6%	COM	412822108
MSFT	MICROSOFT CORP	133,135 (-2.8%)	$7,386 (+21.8%)	5.4%	$38.98	+17.8%	COM	594918104
AMGN	AMGEN INC	45,760 (-1.0%)	$7,428 (+16.2%)	5.4%	$79.69	+46.2%	COM	031162100
INTC	INTEL CORP	190,875 (-1.2%)	$6,575 (+13.0%)	4.8%	$25.35	+5.1%	COM	458140100
KMB	KIMBERLY CLARK CORP	39,965 (-3.2%)	$5,087 (+13.0%)	3.7%	$65.30	+30.2%	COM	494368103
—	MEDTRONIC INC	47,150 (-2.1%)	$3,626 (+12.5%)	2.6%	$71.67	—	COM	585055106
ALL	ALLSTATE CORP	87,980 (-1.8%)	$5,462 (+4.7%)	4.0%	$41.98	+18.5%	COM	020002101
EBAY	EBAY INC	80,825 (-1.3%)	$2,221 (+11.1%)	1.6%	$20.33	+20.9%	COM	278642103
ROP	ROPER INDUSTRIES INC NEW	9,522 (-6.4%)	$1,807 (+13.4%)	1.3%	$113.55	+51.8%	COM	776696106
MLI	MUELLER INDUSTRIES INC	68,405 (-1.3%)	$1,853 (-9.7%)	1.4%	$11.06	+10.4%	COM	624756102
—	HOUSTON WIRE & CABLE CO	22,660 (-54.7%)	$119 (-62.3%)	0.1%	$12.16	—	COM	44244K109
CVX	CHEVRON CORP NEW	31,744 (-7.3%)	$2,855 (+5.7%)	2.1%	$72.31	-19.2%	COM	166764100
VMI	VALMONT INDUSTRIES INC	13,765 (-2.1%)	$1,459 (+9.4%)	1.1%	$142.43	-23.9%	COM	920253101
AAPL	APPLE INC	9,230 (-6.6%)	$971 (-10.8%)	0.7%	$17.87	+44.0%	COM	037833100
—	EMC CORP-MASS	154,930 (-3.1%)	$3,978 (+3.0%)	2.9%	$23.93	—	COM	268648102
NEM	NEWMONT MINING CORP	83,395 (-3.8%)	$1,500 (+7.7%)	1.1%	$23.35	-38.3%	COM	651639106
—	DONNELLEY R R & SONS CO	22,090 (-18.8%)	$325 (-17.9%)	0.2%	$16.96	—	COM	257867101
—	BLACKSTONE GROUP L P	10,560 (-11.3%)	$308 (-18.1%)	0.2%	$25.35	—	COM UNIT LTD	09253U108
ARW	ARROW ELECTRS INC	5,232 (-16.0%)	$283 (-17.7%)	0.2%	$38.94	+46.4%	COM	042735100
AIZ	ASSURANT INC	15,860 (-6.2%)	$1,277 (-4.4%)	0.9%	$37.94	+77.4%	COM	04621X108
QCOM	QUALCOMM INC	5,750 (-9.4%)	$287 (-15.8%)	0.2%	$45.06	-11.2%	COM	747525103
PHM	PULTE GROUP INC	20,290 (-7.1%)	$361 (-12.2%)	0.3%	$16.76	-1.9%	COM	745867101
JNJ	JOHNSON & JOHNSON	4,287 (-2.3%)	$440 (+7.6%)	0.3%	$59.66	+27.3%	COM	478160104
AEP	AMERICAN ELEC PWR INC	77,885 (-1.8%)	$4,538 (+0.6%)	3.3%	$32.16	+23.3%	COM	025537101
MET	METLIFE INC	13,160 (-6.4%)	$634 (-4.2%)	0.5%	$24.43	+27.7%	COM	59156R108
—	CELGENE CORP	5,695 (-6.3%)	$682 (+3.8%)	0.5%	$107.37	—	COM	151020104
DIS	DISNEY WALT CO	2,700 (-10.0%)	$283 (-7.5%)	0.2%	$81.30	+25.7%	COM DISNEY	254687106
TM	TOYOTA MOTOR CORPORATION	2,081 (-9.6%)	$256 (-4.8%)	0.2%	$112.97	—	SP ADR REP2COM	892331307
SPY	SPDR S&P 500 ETF TR	1,379 (-9.8%)	$281 (-4.1%)	0.2%	$203.09	—	TR UNIT	78462F103
PEP	PEPSICO INC	3,760 (-8.2%)	$375 (-2.8%)	0.3%	$56.00	+31.2%	COM	713448108
—	MEDIVATION INC	6,160 (-14.7%)	$297 (-2.9%)	0.2%	$61.43	—	COM	58501N101
C	CITIGROUP INC	7,330 (-5.7%)	$379 (-1.6%)	0.3%	$40.76	-2.8%	COM NEW	172967424
PM	PHILIP MORRIS INTL INC	2,535 (-9.1%)	$222 (+0.5%)	0.2%	$49.85	+4.9%	COM	718172109
IBB	ISHARES TR	1,921 (-10.3%)	$649 (0.0%)	0.5%	$173.69	—	NASDQ BIO INDX	464287556

Unchanged Positions (12)

ADM ARCHER-DANIELS-MIDLAND CO 2.5%

Value ($000) $3,418 Shares 93,210 Est. Cost $25.15 Unrealized +17.7%

DHI D R HORTON INC 4.2%

Value ($000) $5,736 Shares 179,105 Est. Cost $21.51 Unrealized +29.6%

PYPL PAYPAL HLDGS INC 2.1%

Value ($000) $2,899 Shares 80,100 Est. Cost $35.85 Unrealized -1.8%

GLW CORNING INC 4.5%

Value ($000) $6,218 Shares 340,165 Est. Cost $12.15 Unrealized +14.1%

AVY AVERY DENNISON CORP 2.6%

Value ($000) $3,553 Shares 56,710 Est. Cost $34.52 Unrealized +51.8%

VZ VERIZON COMMUNICATIONS INC 3.9%

Value ($000) $5,316 Shares 115,023 Est. Cost $26.95 Unrealized -0.1%

CAG CONAGRA FOODS INC 4.1%

Value ($000) $5,640 Shares 133,790 Est. Cost $19.08 Unrealized +17.6%

HIG HARTFORD FINANCIAL SERVICES 2.3%

Value ($000) $3,154 Shares 72,585 Est. Cost $28.08 Unrealized +31.4%

MS MORGAN STANLEY 3.4%

Value ($000) $4,692 Shares 147,514 Est. Cost $19.22 Unrealized +30.0%

TGNA TEGNA INC 0.2%

Value ($000) $246 Shares 9,670 Est. Cost $18.83 Unrealized -10.2%

— FRONTIER COMMUNICATIONS CORP 0.2%

Value ($000) $258 Shares 55,350 Est. Cost $5.86 Unrealized —

— DISCOVER FINL SVCS 0.2%

Value ($000) $207 Shares 3,872 Est. Cost $51.91 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ADM	ARCHER-DANIELS-MIDLAND CO	93,210	$3,418	2.5%	$25.15	+17.7%	COM	039483102
DHI	D R HORTON INC	179,105	$5,736	4.2%	$21.51	+29.6%	COM	23331A109
PYPL	PAYPAL HLDGS INC	80,100	$2,899	2.1%	$35.85	-1.8%	COM	70450Y103
GLW	CORNING INC	340,165	$6,218	4.5%	$12.15	+14.1%	COM	219350105
AVY	AVERY DENNISON CORP	56,710	$3,553	2.6%	$34.52	+51.8%	COM	053611109
VZ	VERIZON COMMUNICATIONS INC	115,023	$5,316	3.9%	$26.95	-0.1%	COM	92343V104
CAG	CONAGRA FOODS INC	133,790	$5,640	4.1%	$19.08	+17.6%	COM	205887102
HIG	HARTFORD FINANCIAL SERVICES	72,585	$3,154	2.3%	$28.08	+31.4%	COM	416515104
MS	MORGAN STANLEY	147,514	$4,692	3.4%	$19.22	+30.0%	COM NEW	617446448
TGNA	TEGNA INC	9,670	$246	0.2%	$18.83	-10.2%	COM	87901J105
—	FRONTIER COMMUNICATIONS CORP	55,350	$258	0.2%	$5.86	—	COM	35906A108
—	DISCOVER FINL SVCS	3,872	$207	0.2%	$51.91	—	COM	254709108