F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLW	CORNING INC	303,562 (+1.5%)	$8,463 (-11.6%)	4.6%	$12.47	+99.0%	COM	219350105
DHI	D R HORTON INC	174,995 (+2.5%)	$7,672 (-12.0%)	4.2%	$22.49	+90.2%	COM	23331A109
—	GENERAL ELECTRIC CO	285,970 (+2.4%)	$3,855 (-20.9%)	2.1%	$22.04	—	COM	369604103
SPY	SPDR S&P 500 ETF TR	12,526 (+36.1%)	$3,296 (+34.2%)	1.8%	$240.83	—	TR UNIT	78462F103
HOG	HARLEY DAVIDSON INC	92,795 (+2.3%)	$3,979 (-13.8%)	2.2%	$53.23	-10.1%	COM	412822108
ALL	ALLSTATE CORP	72,880 (+1.9%)	$6,909 (-7.8%)	3.8%	$43.99	+83.5%	COM	020002101
NEM	NEWMONT MINING CORP	170,560 (+1.9%)	$6,664 (+6.1%)	3.6%	$21.73	+41.0%	COM	651639106
ADM	ARCHER-DANIELS-MIDLAND CO	97,662 (+1.0%)	$4,236 (+9.3%)	2.3%	$26.00	+28.3%	COM	039483102
—	DISCOVER FINL SVCS	7,992 (+137.0%)	$575 (+122.0%)	0.3%	$72.00	—	COM	254709108
CVX	CHEVRON CORP NEW	57,757 (+5.4%)	$6,587 (-4.0%)	3.6%	$76.21	+11.6%	COM	166764100
CMI	CUMMINS INC	3,970 (+82.9%)	$643 (+67.9%)	0.4%	$138.91	+0.6%	COM	231021106
IVV	ISHARES TR	1,850 (+54.2%)	$491 (+52.0%)	0.3%	$267.85	—	CORE S&P500 ETF	464287200
AEP	AMERICAN ELEC PWR INC	46,942 (+2.2%)	$3,220 (-4.7%)	1.8%	$33.12	+53.9%	COM	025537101
—	MARATHON OIL CORP	312,620 (+2.1%)	$5,043 (-2.7%)	2.8%	$15.89	—	COM	565849106
—	RED HAT INC	3,390 (+3.0%)	$507 (+28.4%)	0.3%	$73.26	—	COM	756577102
EWJ	ISHARES INC	10,290 (+5.6%)	$624 (+14.7%)	0.3%	$51.80	—	MSCI JPN ETF NEW	46434G822
EWG	ISHARES	36,050 (+9.7%)	$1,155 (+6.5%)	0.6%	$28.79	—	MSCI GERMANY ETF	464286806
VGK	VANGUARD INTL EQUITY INDEX F	32,010 (+5.7%)	$1,861 (+3.9%)	1.0%	$54.01	—	FTSE EUROPE ETF	922042874
VWO	VANGUARD INTL EQUITY INDEX F	13,595 (+4.9%)	$639 (+7.4%)	0.3%	$41.41	—	FTSE EMR MKT ETF	922042858
IJR	ISHARES TR	4,385 (+9.2%)	$338 (+9.7%)	0.2%	$70.69	—	CORE S&P SCP ETF	464287804
AMGN	AMGEN INC	31,359 (+1.7%)	$5,346 (-0.3%)	2.9%	$81.85	+76.4%	COM	031162100
—	ALEXCO RESOURCE CORP	46,000 (+15.0%)	$62 (-3.1%)	0.0%	$0.78	—	COM	01535P106

Exited Positions (2)

INTC INTEL CORP 3.9%

Value ($000) $7,158 Shares 155,070 Est. Cost $26.56 Unrealized +50.8%

— LASALLE HOTEL PPTYS 2.1%

Value ($000) $3,884 Shares 138,360 Est. Cost $24.25 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
INTC	INTEL CORP	155,070	$7,158	3.9%	$26.56	+50.8%	—	458140100
—	LASALLE HOTEL PPTYS	138,360	$3,884	2.1%	$24.25	—	—	517942108

Decreased Positions (8)

FDX FEDEX CORP 4.7%

Value ($000) $8,532 (-11.4%) Shares 35,535 (-7.9%) Est. Cost $99.04 Unrealized +122.6%

AIZ ASSURANT INC 0.3%

Value ($000) $616 (-43.1%) Shares 6,738 (-37.2%) Est. Cost $37.94 Unrealized +107.3%

ROP ROPER TECHNOLOGIES INC 0.5%

Value ($000) $994 (-23.2%) Shares 3,542 (-29.1%) Est. Cost $113.55 Unrealized +132.0%

MRK MERCK & CO INC 2.7%

Value ($000) $4,912 (-4.2%) Shares 90,186 (-1.1%) Est. Cost $33.01 Unrealized +28.0%

PYPL PAYPAL HLDGS INC 3.8%

Value ($000) $6,976 (+1.9%) Shares 91,945 (-1.1%) Est. Cost $37.43 Unrealized +111.4%

GOOG ALPHABET INC 0.2%

Value ($000) $376 (-18.8%) Shares 364 (-17.6%) Est. Cost $35.70 Unrealized +53.5%

AAPL APPLE INC 0.7%

Value ($000) $1,235 (-2.3%) Shares 7,362 (-1.5%) Est. Cost $18.01 Unrealized +124.5%

IBB ISHARES TR 0.4%

Value ($000) $644 (-2.4%) Shares 6,033 (-2.4%) Est. Cost $131.85 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FDX	FEDEX CORP	35,535 (-7.9%)	$8,532 (-11.4%)	4.7%	$99.04	+122.6%	COM	31428X106
AIZ	ASSURANT INC	6,738 (-37.2%)	$616 (-43.1%)	0.3%	$37.94	+107.3%	COM	04621X108
ROP	ROPER TECHNOLOGIES INC	3,542 (-29.1%)	$994 (-23.2%)	0.5%	$113.55	+132.0%	COM	776696106
MRK	MERCK & CO INC	90,186 (-1.1%)	$4,912 (-4.2%)	2.7%	$33.01	+28.0%	COM	58933Y105
PYPL	PAYPAL HLDGS INC	91,945 (-1.1%)	$6,976 (+1.9%)	3.8%	$37.43	+111.4%	COM	70450Y103
GOOG	ALPHABET INC	364 (-17.6%)	$376 (-18.8%)	0.2%	$35.70	+53.5%	CAP STK CL C	02079K107
AAPL	APPLE INC	7,362 (-1.5%)	$1,235 (-2.3%)	0.7%	$18.01	+124.5%	COM	037833100
IBB	ISHARES TR	6,033 (-2.4%)	$644 (-2.4%)	0.4%	$131.85	—	NASDQ BIOTEC ETF	464287556

Unchanged Positions (29)

CSCO CISCO SYS INC 4.6%

Value ($000) $8,466 Shares 197,390 Est. Cost $22.35 Unrealized +49.7%

VZ VERIZON COMMUNICATIONS INC 4.5%

Value ($000) $8,203 Shares 171,549 Est. Cost $28.25 Unrealized +16.9%

MSFT MICROSOFT CORP 6.2%

Value ($000) $11,275 Shares 123,533 Est. Cost $39.90 Unrealized +111.3%

KMB KIMBERLY CLARK CORP 2.4%

Value ($000) $4,479 Shares 40,672 Est. Cost $66.94 Unrealized +28.8%

VMI VALMONT INDUSTRIES INC 1.3%

Value ($000) $2,370 Shares 16,203 Est. Cost $142.20 Unrealized +9.9%

GILD GILEAD SCIENCES INC 3.2%

Value ($000) $5,925 Shares 78,592 Est. Cost $69.71 Unrealized -15.5%

QRVO QORVO INC 2.6%

Value ($000) $4,817 Shares 68,380 Est. Cost $71.85 Unrealized +4.9%

— TWENTY FIRST CENTY FOX INC 2.1%

Value ($000) $3,842 Shares 105,640 Est. Cost $27.34 Unrealized —

EBAY EBAY INC 2.0%

Value ($000) $3,732 Shares 92,745 Est. Cost $21.68 Unrealized +69.9%

AMZN AMAZON COM INC 0.4%

Value ($000) $821 Shares 567 Est. Cost $39.99 Unrealized +78.8%

ORCL ORACLE CORP 2.3%

Value ($000) $4,163 Shares 90,990 Est. Cost $43.49 Unrealized +1.8%

GOOGL ALPHABET INC 3.3%

Value ($000) $5,982 Shares 5,768 Est. Cost $36.87 Unrealized +49.3%

— CELGENE CORP 0.3%

Value ($000) $614 Shares 6,880 Est. Cost $106.71 Unrealized —

META FACEBOOK 0.5%

Value ($000) $852 Shares 5,335 Est. Cost $111.78 Unrealized +59.5%

NTES NETEASE INC 0.2%

Value ($000) $383 Shares 1,365 Est. Cost $300.37 Unrealized —

PHM PULTE GROUP INC 0.3%

Value ($000) $635 Shares 21,540 Est. Cost $16.68 Unrealized +70.2%

ALV AUTOLIV INC 0.3%

Value ($000) $602 Shares 4,128 Est. Cost $42.86 Unrealized +99.0%

C CITIGROUP INC 0.3%

Value ($000) $641 Shares 9,500 Est. Cost $42.17 Unrealized +36.7%

CAG CONAGRA FOODS INC 2.6%

Value ($000) $4,790 Shares 129,885 Est. Cost $19.53 Unrealized +39.5%

— RAYTHEON CO 0.2%

Value ($000) $413 Shares 1,912 Est. Cost $142.26 Unrealized —

JNJ JOHNSON & JOHNSON 0.3%

Value ($000) $556 Shares 4,337 Est. Cost $61.10 Unrealized +77.4%

MET METLIFE INC 0.3%

Value ($000) $466 Shares 10,160 Est. Cost $28.48 Unrealized +30.1%

ULTA ULTA BEAUTY INC 0.2%

Value ($000) $336 Shares 1,645 Est. Cost $269.31 Unrealized -19.7%

PEP PEPSICO INC 0.2%

Value ($000) $297 Shares 2,723 Est. Cost $56.66 Unrealized +57.5%

DIS DISNEY WALT CO 0.1%

Value ($000) $270 Shares 2,686 Est. Cost $81.30 Unrealized +24.2%

BAC BANK AMER CORP 0.4%

Value ($000) $671 Shares 22,370 Est. Cost $17.41 Unrealized +49.7%

MDT MEDTRONIC INC 3.0%

Value ($000) $5,541 Shares 69,070 Est. Cost $60.28 Unrealized +11.7%

— WESTERN ASSET HIGH INCM FD I 0.0%

Value ($000) $89 Shares 13,637 Est. Cost $6.60 Unrealized —

— HOUSTON WIRE & CABLE CO 0.1%

Value ($000) $146 Shares 20,000 Est. Cost $11.31 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CSCO	CISCO SYS INC	197,390	$8,466	4.6%	$22.35	+49.7%	COM	17275R102
VZ	VERIZON COMMUNICATIONS INC	171,549	$8,203	4.5%	$28.25	+16.9%	COM	92343V104
MSFT	MICROSOFT CORP	123,533	$11,275	6.2%	$39.90	+111.3%	COM	594918104
KMB	KIMBERLY CLARK CORP	40,672	$4,479	2.4%	$66.94	+28.8%	COM	494368103
VMI	VALMONT INDUSTRIES INC	16,203	$2,370	1.3%	$142.20	+9.9%	COM	920253101
GILD	GILEAD SCIENCES INC	78,592	$5,925	3.2%	$69.71	-15.5%	COM	375558103
QRVO	QORVO INC	68,380	$4,817	2.6%	$71.85	+4.9%	COM	74736K101
—	TWENTY FIRST CENTY FOX INC	105,640	$3,842	2.1%	$27.34	—	CL B	90130A200
EBAY	EBAY INC	92,745	$3,732	2.0%	$21.68	+69.9%	COM	278642103
AMZN	AMAZON COM INC	567	$821	0.4%	$39.99	+78.8%	COM	023135106
ORCL	ORACLE CORP	90,990	$4,163	2.3%	$43.49	+1.8%	COM	68389X105
GOOGL	ALPHABET INC	5,768	$5,982	3.3%	$36.87	+49.3%	CAP STK CL A	02079K305
—	CELGENE CORP	6,880	$614	0.3%	$106.71	—	COM	151020104
META	FACEBOOK	5,335	$852	0.5%	$111.78	+59.5%	CL A	30303M102
NTES	NETEASE INC	1,365	$383	0.2%	$300.37	—	SPONSORED ADR	64110W102
PHM	PULTE GROUP INC	21,540	$635	0.3%	$16.68	+70.2%	COM	745867101
ALV	AUTOLIV INC	4,128	$602	0.3%	$42.86	+99.0%	COM	052800109
C	CITIGROUP INC	9,500	$641	0.3%	$42.17	+36.7%	COM NEW	172967424
CAG	CONAGRA FOODS INC	129,885	$4,790	2.6%	$19.53	+39.5%	COM	205887102
—	RAYTHEON CO	1,912	$413	0.2%	$142.26	—	COM NEW	755111507
JNJ	JOHNSON & JOHNSON	4,337	$556	0.3%	$61.10	+77.4%	COM	478160104
MET	METLIFE INC	10,160	$466	0.3%	$28.48	+30.1%	COM	59156R108
ULTA	ULTA BEAUTY INC	1,645	$336	0.2%	$269.31	-19.7%	COM	90384S303
PEP	PEPSICO INC	2,723	$297	0.2%	$56.66	+57.5%	COM	713448108
DIS	DISNEY WALT CO	2,686	$270	0.1%	$81.30	+24.2%	COM DISNEY	254687106
BAC	BANK AMER CORP	22,370	$671	0.4%	$17.41	+49.7%	COM	060505104
MDT	MEDTRONIC INC	69,070	$5,541	3.0%	$60.28	+11.7%	SHS	G5960L103
—	WESTERN ASSET HIGH INCM FD I	13,637	$89	0.0%	$6.60	—	COM	95766J102
—	HOUSTON WIRE & CABLE CO	20,000	$146	0.1%	$11.31	—	COM	44244K109