F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	BAKER HUGHES INC	54,850	$3,564	2.2%	$64.98	—	COM	057224107
—	TWENTY FIRST CENTY FOX INC	104,180	$2,839	1.8%	$27.25	—	CL B	90130A200
BAC	BANK AMER CORP	123,115	$2,721	1.7%	$15.68	0.0%	COM	060505104
SPY	SPDR S&P 500 ETF TR	5,399	$1,207	0.8%	$223.56	—	TR UNIT	78462F103
EWG	ISHARES	22,300	$591	0.4%	$26.50	—	MSCI GERMANY ETF	464286806
C	CITIGROUP INC	5,890	$350	0.2%	$40.63	0.0%	COM NEW	172967424
—	APACHE CORP	5,090	$323	0.2%	$63.46	—	COM	037411105
EWJ	ISHARES INC	6,280	$307	0.2%	$48.89	—	MSCI JPN ETF NEW	46434G822
—	RAYTHEON CO	1,912	$272	0.2%	$142.26	—	COM NEW	755111507
—	DISCOVER FINL SVCS	3,372	$243	0.2%	$72.06	—	COM	254709108
—	RED HAT INC	3,355	$234	0.1%	$69.75	—	COM	756577102

Increased Positions (28)

INTC INTEL CORP 3.6%

Value ($000) $5,795 (+34.4%) Shares 159,785 (+39.9%) Est. Cost $26.44 Unrealized +10.3%

HOG HARLEY DAVIDSON INC 3.2%

Value ($000) $5,101 (+33.3%) Shares 87,440 (+20.2%) Est. Cost $53.01 Unrealized +7.6%

PYPL PAYPAL HLDGS INC 2.6%

Value ($000) $4,196 (+42.4%) Shares 106,315 (+47.8%) Est. Cost $37.25 Unrealized +7.7%

— LASALLE HOTEL PPTYS 2.6%

Value ($000) $4,066 (+30.8%) Shares 133,445 (+2.5%) Est. Cost $24.03 Unrealized —

MSFT MICROSOFT CORP 5.0%

Value ($000) $8,016 (+12.5%) Shares 129,003 (+4.2%) Est. Cost $39.59 Unrealized +36.3%

CVX CHEVRON CORP NEW 2.7%

Value ($000) $4,236 (+23.9%) Shares 35,987 (+8.3%) Est. Cost $71.88 Unrealized +2.7%

NEM NEWMONT MINING CORP 3.8%

Value ($000) $6,013 (-11.5%) Shares 176,485 (+2.0%) Est. Cost $21.57 Unrealized +24.6%

AMGN AMGEN INC 4.1%

Value ($000) $6,566 (-9.4%) Shares 44,910 (+3.3%) Est. Cost $80.81 Unrealized +41.5%

MLI MUELLER INDUSTRIES INC 1.8%

Value ($000) $2,833 (+31.2%) Shares 70,885 (+6.4%) Est. Cost $11.26 Unrealized +27.7%

ALL ALLSTATE CORP 3.9%

Value ($000) $6,135 (+11.3%) Shares 82,765 (+3.9%) Est. Cost $42.86 Unrealized +34.1%

MDT MEDTRONIC INC 2.0%

Value ($000) $3,165 (-15.2%) Shares 44,435 (+2.9%) Est. Cost $58.99 Unrealized +5.7%

FDX FEDEX CORP 4.4%

Value ($000) $6,930 (+8.2%) Shares 37,220 (+1.5%) Est. Cost $93.28 Unrealized +69.7%

ADM ARCHER-DANIELS-MIDLAND CO 2.7%

Value ($000) $4,279 (+12.8%) Shares 93,745 (+4.2%) Est. Cost $25.50 Unrealized +32.5%

VMI VALMONT INDUSTRIES INC 1.4%

Value ($000) $2,210 (+25.6%) Shares 15,683 (+20.0%) Est. Cost $141.83 Unrealized -2.1%

GLW CORNING INC 5.1%

Value ($000) $8,052 (+4.9%) Shares 331,755 (+2.2%) Est. Cost $12.29 Unrealized +51.7%

VZ VERIZON COMMUNICATIONS INC 5.2%

Value ($000) $8,285 (+4.4%) Shares 155,213 (+1.7%) Est. Cost $27.86 Unrealized +11.2%

DHI D R HORTON INC 3.0%

Value ($000) $4,815 (-6.0%) Shares 176,165 (+3.9%) Est. Cost $21.84 Unrealized +18.2%

— MARATHON OIL CORP 1.8%

Value ($000) $2,836 (+10.7%) Shares 163,810 (+1.1%) Est. Cost $15.07 Unrealized —

KMB KIMBERLY CLARK CORP 2.9%

Value ($000) $4,565 (-5.4%) Shares 40,005 (+4.6%) Est. Cost $66.56 Unrealized +27.0%

GOOGL ALPHABET INC 4.6%

Value ($000) $7,275 (+3.3%) Shares 9,180 (+4.8%) Est. Cost $36.87 Unrealized +7.6%

AMZN AMAZON COM INC 0.3%

Value ($000) $421 (+42.7%) Shares 562 (+59.7%) Est. Cost $38.61 Unrealized +1.5%

EBAY EBAY INC 1.5%

Value ($000) $2,457 (-4.7%) Shares 82,765 (+5.6%) Est. Cost $20.64 Unrealized +27.3%

MET METLIFE INC 0.2%

Value ($000) $349 (+23.3%) Shares 6,470 (+1.6%) Est. Cost $24.57 Unrealized +37.2%

CSCO CISCO SYS INC 2.4%

Value ($000) $3,797 (+1.1%) Shares 125,640 (+6.1%) Est. Cost $20.65 Unrealized +11.6%

AAPL APPLE INC 0.7%

Value ($000) $1,092 (+3.5%) Shares 9,430 (+1.1%) Est. Cost $18.01 Unrealized +44.9%

AEP AMERICAN ELEC PWR INC 3.1%

Value ($000) $4,871 (-0.6%) Shares 77,370 (+1.4%) Est. Cost $32.74 Unrealized +36.5%

MRK MERCK & CO INC 3.3%

Value ($000) $5,184 (+0.6%) Shares 88,050 (+6.6%) Est. Cost $32.41 Unrealized +36.0%

— HOUSTON WIRE & CABLE CO 0.1%

Value ($000) $130 (+23.8%) Shares 20,000 (+17.6%) Est. Cost $11.31 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
INTC	INTEL CORP	159,785 (+39.9%)	$5,795 (+34.4%)	3.6%	$26.44	+10.3%	COM	458140100
HOG	HARLEY DAVIDSON INC	87,440 (+20.2%)	$5,101 (+33.3%)	3.2%	$53.01	+7.6%	COM	412822108
PYPL	PAYPAL HLDGS INC	106,315 (+47.8%)	$4,196 (+42.4%)	2.6%	$37.25	+7.7%	COM	70450Y103
—	LASALLE HOTEL PPTYS	133,445 (+2.5%)	$4,066 (+30.8%)	2.6%	$24.03	—	COM SH BEN INT	517942108
MSFT	MICROSOFT CORP	129,003 (+4.2%)	$8,016 (+12.5%)	5.0%	$39.59	+36.3%	COM	594918104
CVX	CHEVRON CORP NEW	35,987 (+8.3%)	$4,236 (+23.9%)	2.7%	$71.88	+2.7%	COM	166764100
NEM	NEWMONT MINING CORP	176,485 (+2.0%)	$6,013 (-11.5%)	3.8%	$21.57	+24.6%	COM	651639106
AMGN	AMGEN INC	44,910 (+3.3%)	$6,566 (-9.4%)	4.1%	$80.81	+41.5%	COM	031162100
MLI	MUELLER INDUSTRIES INC	70,885 (+6.4%)	$2,833 (+31.2%)	1.8%	$11.26	+27.7%	COM	624756102
ALL	ALLSTATE CORP	82,765 (+3.9%)	$6,135 (+11.3%)	3.9%	$42.86	+34.1%	COM	020002101
MDT	MEDTRONIC INC	44,435 (+2.9%)	$3,165 (-15.2%)	2.0%	$58.99	+5.7%	SHS	G5960L103
FDX	FEDEX CORP	37,220 (+1.5%)	$6,930 (+8.2%)	4.4%	$93.28	+69.7%	COM	31428X106
ADM	ARCHER-DANIELS-MIDLAND CO	93,745 (+4.2%)	$4,279 (+12.8%)	2.7%	$25.50	+32.5%	COM	039483102
VMI	VALMONT INDUSTRIES INC	15,683 (+20.0%)	$2,210 (+25.6%)	1.4%	$141.83	-2.1%	COM	920253101
GLW	CORNING INC	331,755 (+2.2%)	$8,052 (+4.9%)	5.1%	$12.29	+51.7%	COM	219350105
VZ	VERIZON COMMUNICATIONS INC	155,213 (+1.7%)	$8,285 (+4.4%)	5.2%	$27.86	+11.2%	COM	92343V104
DHI	D R HORTON INC	176,165 (+3.9%)	$4,815 (-6.0%)	3.0%	$21.84	+18.2%	COM	23331A109
—	MARATHON OIL CORP	163,810 (+1.1%)	$2,836 (+10.7%)	1.8%	$15.07	—	COM	565849106
KMB	KIMBERLY CLARK CORP	40,005 (+4.6%)	$4,565 (-5.4%)	2.9%	$66.56	+27.0%	COM	494368103
GOOGL	ALPHABET INC	9,180 (+4.8%)	$7,275 (+3.3%)	4.6%	$36.87	+7.6%	CAP STK CL A	02079K305
AMZN	AMAZON COM INC	562 (+59.7%)	$421 (+42.7%)	0.3%	$38.61	+1.5%	COM	023135106
EBAY	EBAY INC	82,765 (+5.6%)	$2,457 (-4.7%)	1.5%	$20.64	+27.3%	COM	278642103
MET	METLIFE INC	6,470 (+1.6%)	$349 (+23.3%)	0.2%	$24.57	+37.2%	COM	59156R108
CSCO	CISCO SYS INC	125,640 (+6.1%)	$3,797 (+1.1%)	2.4%	$20.65	+11.6%	COM	17275R102
AAPL	APPLE INC	9,430 (+1.1%)	$1,092 (+3.5%)	0.7%	$18.01	+44.9%	COM	037833100
AEP	AMERICAN ELEC PWR INC	77,370 (+1.4%)	$4,871 (-0.6%)	3.1%	$32.74	+36.5%	COM	025537101
MRK	MERCK & CO INC	88,050 (+6.6%)	$5,184 (+0.6%)	3.3%	$32.41	+36.0%	COM	58933Y105
—	HOUSTON WIRE & CABLE CO	20,000 (+17.6%)	$130 (+23.8%)	0.1%	$11.31	—	COM	44244K109

Exited Positions (4)

AVY AVERY DENNISON CORP 2.5%

Value ($000) $3,919 Shares 50,380 Est. Cost $34.52 Unrealized +78.4%

HELE HELEN OF TROY CORP LTD 0.5%

Value ($000) $819 Shares 9,500 Est. Cost $92.09 Unrealized -9.2%

ILMN ILLUMINA INC 0.2%

Value ($000) $285 Shares 1,568 Est. Cost $161.39 Unrealized -16.5%

— BLACKSTONE GROUP L P 0.2%

Value ($000) $280 Shares 10,975 Est. Cost $25.37 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AVY	AVERY DENNISON CORP	50,380	$3,919	2.5%	$34.52	+78.4%	—	053611109
HELE	HELEN OF TROY CORP LTD	9,500	$819	0.5%	$92.09	-9.2%	—	G4388N106
ILMN	ILLUMINA INC	1,568	$285	0.2%	$161.39	-16.5%	—	452327109
—	BLACKSTONE GROUP L P	10,975	$280	0.2%	$25.37	—	—	09253U108

Decreased Positions (5)

GILD GILEAD SCIENCES INC 3.5%

Value ($000) $5,516 (-11.1%) Shares 77,025 (-1.8%) Est. Cost $70.57 Unrealized -24.6%

ROP ROPER TECHNOLOGIES INC 0.6%

Value ($000) $953 (-22.3%) Shares 5,208 (-22.5%) Est. Cost $113.55 Unrealized +49.5%

MU MICRON TECHNOLOGY INC 0.2%

Value ($000) $397 (+15.4%) Shares 18,110 (-6.4%) Est. Cost $13.85 Unrealized +32.3%

QCOM QUALCOMM INC 0.2%

Value ($000) $349 (-11.4%) Shares 5,360 (-6.8%) Est. Cost $45.06 Unrealized +16.0%

ARW ARROW ELECTRS INC 0.1%

Value ($000) $230 (-15.1%) Shares 3,232 (-23.6%) Est. Cost $38.94 Unrealized +69.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GILD	GILEAD SCIENCES INC	77,025 (-1.8%)	$5,516 (-11.1%)	3.5%	$70.57	-24.6%	COM	375558103
ROP	ROPER TECHNOLOGIES INC	5,208 (-22.5%)	$953 (-22.3%)	0.6%	$113.55	+49.5%	COM	776696106
MU	MICRON TECHNOLOGY INC	18,110 (-6.4%)	$397 (+15.4%)	0.2%	$13.85	+32.3%	COM	595112103
QCOM	QUALCOMM INC	5,360 (-6.8%)	$349 (-11.4%)	0.2%	$45.06	+16.0%	COM	747525103
ARW	ARROW ELECTRS INC	3,232 (-23.6%)	$230 (-15.1%)	0.1%	$38.94	+69.8%	COM	042735100

Unchanged Positions (18)

CAG CONAGRA FOODS INC 3.1%

Value ($000) $4,990 Shares 126,175 Est. Cost $19.23 Unrealized +39.7%

MOS MOSAIC CO NEW 2.5%

Value ($000) $3,992 Shares 136,090 Est. Cost $22.22 Unrealized +3.0%

META FACEBOOK 0.4%

Value ($000) $618 Shares 5,375 Est. Cost $111.78 Unrealized +9.1%

— CELGENE CORP 0.4%

Value ($000) $685 Shares 5,915 Est. Cost $107.10 Unrealized —

IBB ISHARES TR 0.3%

Value ($000) $519 Shares 1,956 Est. Cost $175.18 Unrealized —

PHM PULTE GROUP INC 0.3%

Value ($000) $398 Shares 21,680 Est. Cost $16.68 Unrealized +2.3%

DIS DISNEY WALT CO 0.2%

Value ($000) $281 Shares 2,700 Est. Cost $81.30 Unrealized +11.6%

ALV AUTOLIV INC 0.3%

Value ($000) $493 Shares 4,353 Est. Cost $42.86 Unrealized +39.8%

AIG AMERICAN INTL GROUP INC 0.1%

Value ($000) $229 Shares 3,500 Est. Cost $45.06 Unrealized +10.5%

SLB SCHLUMBERGER LTD 0.2%

Value ($000) $280 Shares 3,337 Est. Cost $53.41 Unrealized +18.0%

— ALEXCO RESOURCE CORP 0.0%

Value ($000) $54 Shares 40,000 Est. Cost $0.69 Unrealized —

AIZ ASSURANT INC 0.6%

Value ($000) $1,028 Shares 11,067 Est. Cost $37.94 Unrealized +92.8%

JNJ JOHNSON & JOHNSON 0.3%

Value ($000) $520 Shares 4,512 Est. Cost $61.10 Unrealized +46.8%

MCD MCDONALDS CORP 0.1%

Value ($000) $231 Shares 1,895 Est. Cost $87.38 Unrealized +7.9%

PEP PEPSICO INC 0.2%

Value ($000) $285 Shares 2,723 Est. Cost $56.66 Unrealized +40.1%

— NOVAVAX INC 0.0%

Value ($000) $13 Shares 10,000 Est. Cost $7.30 Unrealized —

GOOG ALPHABET INC 0.3%

Value ($000) $441 Shares 571 Est. Cost $35.61 Unrealized +8.6%

— WESTERN ASSET HIGH INCM FD I 0.1%

Value ($000) $97 Shares 13,637 Est. Cost $6.60 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CAG	CONAGRA FOODS INC	126,175	$4,990	3.1%	$19.23	+39.7%	COM	205887102
MOS	MOSAIC CO NEW	136,090	$3,992	2.5%	$22.22	+3.0%	COM	61945C103
META	FACEBOOK	5,375	$618	0.4%	$111.78	+9.1%	CL A	30303M102
—	CELGENE CORP	5,915	$685	0.4%	$107.10	—	COM	151020104
IBB	ISHARES TR	1,956	$519	0.3%	$175.18	—	NASDQ BIOTEC ETF	464287556
PHM	PULTE GROUP INC	21,680	$398	0.3%	$16.68	+2.3%	COM	745867101
DIS	DISNEY WALT CO	2,700	$281	0.2%	$81.30	+11.6%	COM DISNEY	254687106
ALV	AUTOLIV INC	4,353	$493	0.3%	$42.86	+39.8%	COM	052800109
AIG	AMERICAN INTL GROUP INC	3,500	$229	0.1%	$45.06	+10.5%	COM NEW	026874784
SLB	SCHLUMBERGER LTD	3,337	$280	0.2%	$53.41	+18.0%	COM	806857108
—	ALEXCO RESOURCE CORP	40,000	$54	0.0%	$0.69	—	COM	01535P106
AIZ	ASSURANT INC	11,067	$1,028	0.6%	$37.94	+92.8%	COM	04621X108
JNJ	JOHNSON & JOHNSON	4,512	$520	0.3%	$61.10	+46.8%	COM	478160104
MCD	MCDONALDS CORP	1,895	$231	0.1%	$87.38	+7.9%	COM	580135101
PEP	PEPSICO INC	2,723	$285	0.2%	$56.66	+40.1%	COM	713448108
—	NOVAVAX INC	10,000	$13	0.0%	$7.30	—	COM	670002104
GOOG	ALPHABET INC	571	$441	0.3%	$35.61	+8.6%	CAP STK CL C	02079K107
—	WESTERN ASSET HIGH INCM FD I	13,637	$97	0.1%	$6.60	—	COM	95766J102