F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VGK	VANGUARD INTL EQUITY INDEX F	28,715 (+39.9%)	$1,675 (+48.0%)	1.0%	$53.48	—	FTSE EUROPE ETF	922042874
SPY	SPDR S&P 500 ETF TR	8,954 (+25.6%)	$2,250 (+30.5%)	1.3%	$231.83	—	TR UNIT	78462F103
EWG	ISHARES	27,465 (+21.9%)	$891 (+30.6%)	0.5%	$27.59	—	MSCI GERMANY ETF	464286806
VWO	VANGUARD INTL EQUITY INDEX F	12,265 (+41.0%)	$534 (+50.4%)	0.3%	$40.87	—	FTSE EMR MKT ETF	922042858
EWJ	ISHARES INC	9,200 (+44.9%)	$513 (+50.4%)	0.3%	$51.04	—	MSCI JPN ETF NEW	46434G822

Exited Positions (4)

— BAKER HUGHES INC 1.8%

Value ($000) $3,102 Shares 56,915 Est. Cost $64.83 Unrealized —

MOS MOSAIC CO NEW 0.1%

Value ($000) $235 Shares 10,300 Est. Cost $22.37 Unrealized -15.4%

AIG AMERICAN INTL GROUP INC 0.1%

Value ($000) $219 Shares 3,500 Est. Cost $45.06 Unrealized +11.3%

— BARRICK GOLD CORP 0.1%

Value ($000) $161 Shares 10,100 Est. Cost $15.94 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	BAKER HUGHES INC	56,915	$3,102	1.8%	$64.83	—	—	057224107
MOS	MOSAIC CO NEW	10,300	$235	0.1%	$22.37	-15.4%	—	61945C103
AIG	AMERICAN INTL GROUP INC	3,500	$219	0.1%	$45.06	+11.3%	—	026874784
—	BARRICK GOLD CORP	10,100	$161	0.1%	$15.94	—	—	067901108

Decreased Positions (23)

BAC BANK AMER CORP 0.3%

Value ($000) $567 (-89.9%) Shares 22,370 (-90.3%) Est. Cost $17.41 Unrealized +14.6%

GOOGL ALPHABET INC 3.3%

Value ($000) $5,575 (-32.9%) Shares 5,725 (-35.9%) Est. Cost $36.87 Unrealized +27.7%

PYPL PAYPAL HLDGS INC 4.0%

Value ($000) $6,870 (+16.0%) Shares 107,290 (-2.8%) Est. Cost $37.43 Unrealized +59.7%

DHI D R HORTON INC 4.1%

Value ($000) $7,079 (+13.6%) Shares 177,285 (-1.7%) Est. Cost $21.98 Unrealized +51.3%

NEM NEWMONT MINING CORP 3.7%

Value ($000) $6,292 (+14.2%) Shares 167,740 (-1.4%) Est. Cost $21.57 Unrealized +33.1%

VZ VERIZON COMMUNICATIONS INC 4.7%

Value ($000) $7,988 (+8.4%) Shares 161,401 (-2.2%) Est. Cost $28.06 Unrealized +7.7%

GILD GILEAD SCIENCES INC 3.6%

Value ($000) $6,237 (+10.7%) Shares 76,980 (-3.3%) Est. Cost $69.96 Unrealized -20.0%

INTC INTEL CORP 3.5%

Value ($000) $5,990 (+11.1%) Shares 157,310 (-1.5%) Est. Cost $26.56 Unrealized +11.4%

— GENERAL ELECTRIC CO 2.0%

Value ($000) $3,388 (-11.9%) Shares 140,125 (-1.6%) Est. Cost $27.01 Unrealized —

CSCO CISCO SYS INC 4.0%

Value ($000) $6,767 (+5.8%) Shares 201,210 (-1.6%) Est. Cost $22.35 Unrealized +10.6%

MSFT MICROSOFT CORP 5.4%

Value ($000) $9,282 (+3.9%) Shares 124,603 (-3.9%) Est. Cost $39.90 Unrealized +67.1%

CAG CONAGRA FOODS INC 2.6%

Value ($000) $4,361 (-7.0%) Shares 129,260 (-1.4%) Est. Cost $19.53 Unrealized +27.1%

AMGN AMGEN INC 3.3%

Value ($000) $5,707 (+5.9%) Shares 30,611 (-2.1%) Est. Cost $80.81 Unrealized +70.1%

EBAY EBAY INC 2.1%

Value ($000) $3,514 (+8.6%) Shares 91,360 (-1.4%) Est. Cost $21.54 Unrealized +50.2%

FDX FEDEX CORP 5.2%

Value ($000) $8,900 (+2.5%) Shares 39,455 (-1.3%) Est. Cost $99.04 Unrealized +86.7%

GLW CORNING INC 5.2%

Value ($000) $8,972 (-1.6%) Shares 299,855 (-1.2%) Est. Cost $12.29 Unrealized +92.0%

AMZN AMAZON COM INC 0.3%

Value ($000) $540 (-15.8%) Shares 562 (-15.1%) Est. Cost $39.99 Unrealized +22.8%

VMI VALMONT INDUSTRIES INC 1.5%

Value ($000) $2,593 (+3.6%) Shares 16,403 (-2.0%) Est. Cost $142.20 Unrealized +6.0%

GOOG ALPHABET INC 0.3%

Value ($000) $447 (-14.5%) Shares 466 (-19.1%) Est. Cost $35.70 Unrealized +29.5%

MRK MERCK & CO INC 3.3%

Value ($000) $5,706 (-1.2%) Shares 89,118 (-1.1%) Est. Cost $32.78 Unrealized +42.4%

AAPL APPLE INC 0.7%

Value ($000) $1,152 (-5.6%) Shares 7,472 (-11.8%) Est. Cost $18.01 Unrealized +100.8%

AEP AMERICAN ELEC PWR INC 1.9%

Value ($000) $3,219 (-0.4%) Shares 45,825 (-1.5%) Est. Cost $32.74 Unrealized +62.0%

IJR ISHARES TR 0.2%

Value ($000) $263 (-3.7%) Shares 3,550 (-9.0%) Est. Cost $69.23 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BAC	BANK AMER CORP	22,370 (-90.3%)	$567 (-89.9%)	0.3%	$17.41	+14.6%	COM	060505104
GOOGL	ALPHABET INC	5,725 (-35.9%)	$5,575 (-32.9%)	3.3%	$36.87	+27.7%	CAP STK CL A	02079K305
PYPL	PAYPAL HLDGS INC	107,290 (-2.8%)	$6,870 (+16.0%)	4.0%	$37.43	+59.7%	COM	70450Y103
DHI	D R HORTON INC	177,285 (-1.7%)	$7,079 (+13.6%)	4.1%	$21.98	+51.3%	COM	23331A109
NEM	NEWMONT MINING CORP	167,740 (-1.4%)	$6,292 (+14.2%)	3.7%	$21.57	+33.1%	COM	651639106
VZ	VERIZON COMMUNICATIONS INC	161,401 (-2.2%)	$7,988 (+8.4%)	4.7%	$28.06	+7.7%	COM	92343V104
GILD	GILEAD SCIENCES INC	76,980 (-3.3%)	$6,237 (+10.7%)	3.6%	$69.96	-20.0%	COM	375558103
INTC	INTEL CORP	157,310 (-1.5%)	$5,990 (+11.1%)	3.5%	$26.56	+11.4%	COM	458140100
—	GENERAL ELECTRIC CO	140,125 (-1.6%)	$3,388 (-11.9%)	2.0%	$27.01	—	COM	369604103
CSCO	CISCO SYS INC	201,210 (-1.6%)	$6,767 (+5.8%)	4.0%	$22.35	+10.6%	COM	17275R102
MSFT	MICROSOFT CORP	124,603 (-3.9%)	$9,282 (+3.9%)	5.4%	$39.90	+67.1%	COM	594918104
CAG	CONAGRA FOODS INC	129,260 (-1.4%)	$4,361 (-7.0%)	2.6%	$19.53	+27.1%	COM	205887102
AMGN	AMGEN INC	30,611 (-2.1%)	$5,707 (+5.9%)	3.3%	$80.81	+70.1%	COM	031162100
EBAY	EBAY INC	91,360 (-1.4%)	$3,514 (+8.6%)	2.1%	$21.54	+50.2%	COM	278642103
FDX	FEDEX CORP	39,455 (-1.3%)	$8,900 (+2.5%)	5.2%	$99.04	+86.7%	COM	31428X106
GLW	CORNING INC	299,855 (-1.2%)	$8,972 (-1.6%)	5.2%	$12.29	+92.0%	COM	219350105
AMZN	AMAZON COM INC	562 (-15.1%)	$540 (-15.8%)	0.3%	$39.99	+22.8%	COM	023135106
VMI	VALMONT INDUSTRIES INC	16,403 (-2.0%)	$2,593 (+3.6%)	1.5%	$142.20	+6.0%	COM	920253101
GOOG	ALPHABET INC	466 (-19.1%)	$447 (-14.5%)	0.3%	$35.70	+29.5%	CAP STK CL C	02079K107
MRK	MERCK & CO INC	89,118 (-1.1%)	$5,706 (-1.2%)	3.3%	$32.78	+42.4%	COM	58933Y105
AAPL	APPLE INC	7,472 (-11.8%)	$1,152 (-5.6%)	0.7%	$18.01	+100.8%	COM	037833100
AEP	AMERICAN ELEC PWR INC	45,825 (-1.5%)	$3,219 (-0.4%)	1.9%	$32.74	+62.0%	COM	025537101
IJR	ISHARES TR	3,550 (-9.0%)	$263 (-3.7%)	0.2%	$69.23	—	CORE S&P SCP ETF	464287804

Unchanged Positions (33)

MDT MEDTRONIC INC 3.3%

Value ($000) $5,568 Shares 71,600 Est. Cost $60.28 Unrealized +11.1%

HOG HARLEY DAVIDSON INC 2.6%

Value ($000) $4,455 Shares 92,400 Est. Cost $53.36 Unrealized -8.8%

CVX CHEVRON CORP NEW 2.6%

Value ($000) $4,415 Shares 37,577 Est. Cost $72.15 Unrealized +5.6%

KMB KIMBERLY CLARK CORP 2.8%

Value ($000) $4,777 Shares 40,595 Est. Cost $66.94 Unrealized +35.9%

QRVO QORVO INC 2.1%

Value ($000) $3,586 Shares 50,740 Est. Cost $71.50 Unrealized -2.4%

— MARATHON OIL CORP 1.4%

Value ($000) $2,399 Shares 176,890 Est. Cost $15.13 Unrealized —

— TWENTY FIRST CENTY FOX INC 1.6%

Value ($000) $2,751 Shares 106,655 Est. Cost $27.34 Unrealized —

ALL ALLSTATE CORP 3.9%

Value ($000) $6,680 Shares 72,680 Est. Cost $43.30 Unrealized +73.6%

— LASALLE HOTEL PPTYS 2.4%

Value ($000) $4,022 Shares 138,605 Est. Cost $24.25 Unrealized —

ADM ARCHER-DANIELS-MIDLAND CO 2.4%

Value ($000) $4,180 Shares 98,325 Est. Cost $25.92 Unrealized +26.8%

META FACEBOOK 0.5%

Value ($000) $918 Shares 5,375 Est. Cost $111.78 Unrealized +48.3%

— CELGENE CORP 0.5%

Value ($000) $863 Shares 5,915 Est. Cost $107.10 Unrealized —

AIZ ASSURANT INC 0.6%

Value ($000) $1,054 Shares 11,037 Est. Cost $37.94 Unrealized +124.0%

ULTA ULTA BEAUTY INC 0.2%

Value ($000) $267 Shares 1,183 Est. Cost $291.85 Unrealized -17.5%

PHM PULTE GROUP INC 0.3%

Value ($000) $593 Shares 21,680 Est. Cost $16.68 Unrealized +38.0%

ROP ROPER TECHNOLOGIES INC 0.7%

Value ($000) $1,240 Shares 5,096 Est. Cost $113.55 Unrealized +96.9%

ALV AUTOLIV INC 0.3%

Value ($000) $538 Shares 4,353 Est. Cost $42.86 Unrealized +55.3%

C CITIGROUP INC 0.4%

Value ($000) $691 Shares 9,500 Est. Cost $42.17 Unrealized +23.1%

NTES NETEASE INC 0.2%

Value ($000) $360 Shares 1,365 Est. Cost $300.37 Unrealized —

IBB ISHARES TR 0.4%

Value ($000) $688 Shares 2,061 Est. Cost $182.05 Unrealized —

— RED HAT INC 0.2%

Value ($000) $359 Shares 3,240 Est. Cost $70.18 Unrealized —

— RAYTHEON CO 0.2%

Value ($000) $357 Shares 1,912 Est. Cost $142.26 Unrealized —

MET METLIFE INC 0.3%

Value ($000) $528 Shares 10,160 Est. Cost $28.48 Unrealized +28.6%

QCOM QUALCOMM INC 0.2%

Value ($000) $275 Shares 5,310 Est. Cost $45.06 Unrealized -6.1%

DIS DISNEY WALT CO 0.2%

Value ($000) $265 Shares 2,686 Est. Cost $81.30 Unrealized +19.2%

SLB SCHLUMBERGER LTD 0.1%

Value ($000) $233 Shares 3,337 Est. Cost $53.41 Unrealized -2.9%

PEP PEPSICO INC 0.2%

Value ($000) $303 Shares 2,723 Est. Cost $56.66 Unrealized +57.8%

JNJ JOHNSON & JOHNSON 0.3%

Value ($000) $564 Shares 4,337 Est. Cost $61.10 Unrealized +71.8%

— DISCOVER FINL SVCS 0.1%

Value ($000) $217 Shares 3,372 Est. Cost $72.06 Unrealized —

— ALEXCO RESOURCE CORP 0.0%

Value ($000) $58 Shares 40,000 Est. Cost $0.69 Unrealized —

— HOUSTON WIRE & CABLE CO 0.1%

Value ($000) $105 Shares 20,000 Est. Cost $11.31 Unrealized —

— WESTERN ASSET HIGH INCM FD I 0.1%

Value ($000) $98 Shares 13,637 Est. Cost $6.60 Unrealized —

— NOVAVAX INC 0.0%

Value ($000) $17 Shares 15,000 Est. Cost $5.29 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MDT	MEDTRONIC INC	71,600	$5,568	3.3%	$60.28	+11.1%	SHS	G5960L103
HOG	HARLEY DAVIDSON INC	92,400	$4,455	2.6%	$53.36	-8.8%	COM	412822108
CVX	CHEVRON CORP NEW	37,577	$4,415	2.6%	$72.15	+5.6%	COM	166764100
KMB	KIMBERLY CLARK CORP	40,595	$4,777	2.8%	$66.94	+35.9%	COM	494368103
QRVO	QORVO INC	50,740	$3,586	2.1%	$71.50	-2.4%	COM	74736K101
—	MARATHON OIL CORP	176,890	$2,399	1.4%	$15.13	—	COM	565849106
—	TWENTY FIRST CENTY FOX INC	106,655	$2,751	1.6%	$27.34	—	CL B	90130A200
ALL	ALLSTATE CORP	72,680	$6,680	3.9%	$43.30	+73.6%	COM	020002101
—	LASALLE HOTEL PPTYS	138,605	$4,022	2.4%	$24.25	—	COM SH BEN INT	517942108
ADM	ARCHER-DANIELS-MIDLAND CO	98,325	$4,180	2.4%	$25.92	+26.8%	COM	039483102
META	FACEBOOK	5,375	$918	0.5%	$111.78	+48.3%	CL A	30303M102
—	CELGENE CORP	5,915	$863	0.5%	$107.10	—	COM	151020104
AIZ	ASSURANT INC	11,037	$1,054	0.6%	$37.94	+124.0%	COM	04621X108
ULTA	ULTA BEAUTY INC	1,183	$267	0.2%	$291.85	-17.5%	COM	90384S303
PHM	PULTE GROUP INC	21,680	$593	0.3%	$16.68	+38.0%	COM	745867101
ROP	ROPER TECHNOLOGIES INC	5,096	$1,240	0.7%	$113.55	+96.9%	COM	776696106
ALV	AUTOLIV INC	4,353	$538	0.3%	$42.86	+55.3%	COM	052800109
C	CITIGROUP INC	9,500	$691	0.4%	$42.17	+23.1%	COM NEW	172967424
NTES	NETEASE INC	1,365	$360	0.2%	$300.37	—	SPONSORED ADR	64110W102
IBB	ISHARES TR	2,061	$688	0.4%	$182.05	—	NASDQ BIOTEC ETF	464287556
—	RED HAT INC	3,240	$359	0.2%	$70.18	—	COM	756577102
—	RAYTHEON CO	1,912	$357	0.2%	$142.26	—	COM NEW	755111507
MET	METLIFE INC	10,160	$528	0.3%	$28.48	+28.6%	COM	59156R108
QCOM	QUALCOMM INC	5,310	$275	0.2%	$45.06	-6.1%	COM	747525103
DIS	DISNEY WALT CO	2,686	$265	0.2%	$81.30	+19.2%	COM DISNEY	254687106
SLB	SCHLUMBERGER LTD	3,337	$233	0.1%	$53.41	-2.9%	COM	806857108
PEP	PEPSICO INC	2,723	$303	0.2%	$56.66	+57.8%	COM	713448108
JNJ	JOHNSON & JOHNSON	4,337	$564	0.3%	$61.10	+71.8%	COM	478160104
—	DISCOVER FINL SVCS	3,372	$217	0.1%	$72.06	—	COM	254709108
—	ALEXCO RESOURCE CORP	40,000	$58	0.0%	$0.69	—	COM	01535P106
—	HOUSTON WIRE & CABLE CO	20,000	$105	0.1%	$11.31	—	COM	44244K109
—	WESTERN ASSET HIGH INCM FD I	13,637	$98	0.1%	$6.60	—	COM	95766J102
—	NOVAVAX INC	15,000	$17	0.0%	$5.29	—	COM	670002104