F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	GENERAL ELECTRIC CO	285,970	$3,855	2.2%	$22.04	—	—	369604103
CMI	CUMMINS INC	3,970	$643	0.4%	$138.91	-11.7%	—	231021106
ALV	AUTOLIV INC	4,128	$602	0.3%	$42.86	+107.3%	—	052800109
DIS	DISNEY WALT CO	2,686	$270	0.2%	$81.30	+19.5%	—	254687106

Decreased Positions (33)

MSFT MICROSOFT CORP 5.3%

Value ($000) $9,187 (-18.5%) Shares 93,163 (-24.6%) Est. Cost $39.90 Unrealized +124.9%

RIG TRANSOCEAN LTD 3.7%

Value ($000) $6,503 (+26.9%) Shares 483,875 (-6.5%) Est. Cost $10.30 Unrealized +19.5%

PYPL PAYPAL HLDGS INC 3.3%

Value ($000) $5,791 (-17.0%) Shares 69,545 (-24.4%) Est. Cost $37.43 Unrealized +112.4%

— MARATHON OIL CORP 3.5%

Value ($000) $6,166 (+22.3%) Shares 295,605 (-5.4%) Est. Cost $15.89 Unrealized —

— TWENTY FIRST CENTY FOX INC 2.8%

Value ($000) $4,924 (+28.2%) Shares 99,940 (-5.4%) Est. Cost $27.34 Unrealized —

FDX FEDEX CORP 4.4%

Value ($000) $7,641 (-10.4%) Shares 33,650 (-5.3%) Est. Cost $99.04 Unrealized +118.5%

DHI D R HORTON INC 3.9%

Value ($000) $6,877 (-10.4%) Shares 167,735 (-4.1%) Est. Cost $22.49 Unrealized +76.4%

ALL ALLSTATE CORP 3.6%

Value ($000) $6,312 (-8.6%) Shares 69,160 (-5.1%) Est. Cost $43.99 Unrealized +81.0%

GILD GILEAD SCIENCES INC 3.1%

Value ($000) $5,431 (-8.3%) Shares 76,665 (-2.5%) Est. Cost $69.71 Unrealized -24.4%

NEM NEWMONT MINING CORP 3.6%

Value ($000) $6,205 (-6.9%) Shares 164,540 (-3.5%) Est. Cost $21.73 Unrealized +44.2%

EBAY EBAY INC 1.9%

Value ($000) $3,278 (-12.2%) Shares 90,415 (-2.5%) Est. Cost $21.68 Unrealized +59.7%

QRVO QORVO INC 3.0%

Value ($000) $5,199 (+7.9%) Shares 64,850 (-5.2%) Est. Cost $71.85 Unrealized +7.6%

GLW CORNING INC 4.6%

Value ($000) $8,087 (-4.4%) Shares 293,975 (-3.2%) Est. Cost $12.47 Unrealized +79.5%

CAG CONAGRA FOODS INC 2.5%

Value ($000) $4,441 (-7.3%) Shares 124,290 (-4.3%) Est. Cost $19.53 Unrealized +41.7%

— CELGENE CORP 0.2%

Value ($000) $273 (-55.5%) Shares 3,439 (-50.0%) Est. Cost $106.71 Unrealized —

CSCO CISCO SYS INC 4.7%

Value ($000) $8,127 (-4.0%) Shares 188,875 (-4.3%) Est. Cost $22.35 Unrealized +55.5%

CVX CHEVRON CORP NEW 4.0%

Value ($000) $6,894 (+4.7%) Shares 54,532 (-5.6%) Est. Cost $76.21 Unrealized +17.0%

GOOGL ALPHABET INC 3.6%

Value ($000) $6,272 (+4.8%) Shares 5,554 (-3.7%) Est. Cost $36.87 Unrealized +46.4%

MRK MERCK & CO INC 3.0%

Value ($000) $5,179 (+5.4%) Shares 85,318 (-5.4%) Est. Cost $33.01 Unrealized +34.9%

KMB KIMBERLY CLARK CORP 2.4%

Value ($000) $4,230 (-5.6%) Shares 40,155 (-1.3%) Est. Cost $66.94 Unrealized +18.6%

BAC BANK AMER CORP 0.2%

Value ($000) $428 (-36.2%) Shares 15,200 (-32.1%) Est. Cost $17.41 Unrealized +42.7%

HOG HARLEY DAVIDSON INC 2.1%

Value ($000) $3,739 (-6.0%) Shares 88,845 (-4.3%) Est. Cost $53.23 Unrealized -20.8%

AEP AMERICAN ELEC PWR INC 1.8%

Value ($000) $3,071 (-4.6%) Shares 44,350 (-5.5%) Est. Cost $33.12 Unrealized +55.4%

AMZN AMAZON COM INC 0.5%

Value ($000) $954 (+16.2%) Shares 561 (-1.1%) Est. Cost $39.99 Unrealized +98.5%

VZ VERIZON COMMUNICATIONS INC 4.8%

Value ($000) $8,311 (+1.3%) Shares 165,196 (-3.7%) Est. Cost $28.25 Unrealized +14.0%

AMGN AMGEN INC 3.1%

Value ($000) $5,441 (+1.8%) Shares 29,476 (-6.0%) Est. Cost $81.85 Unrealized +71.3%

— RED HAT INC 0.2%

Value ($000) $433 (-14.6%) Shares 3,220 (-5.0%) Est. Cost $73.26 Unrealized —

MDT MEDTRONIC INC 3.2%

Value ($000) $5,612 (+1.3%) Shares 65,555 (-5.1%) Est. Cost $60.28 Unrealized +13.7%

— DISCOVER FINL SVCS 0.3%

Value ($000) $533 (-7.3%) Shares 7,572 (-5.3%) Est. Cost $72.00 Unrealized —

VMI VALMONT INDUSTRIES INC 1.4%

Value ($000) $2,388 (+0.8%) Shares 15,838 (-2.3%) Est. Cost $142.20 Unrealized +2.8%

ADM ARCHER-DANIELS-MIDLAND CO 2.4%

Value ($000) $4,222 (-0.3%) Shares 92,115 (-5.7%) Est. Cost $26.00 Unrealized +37.9%

IJR ISHARES TR 0.2%

Value ($000) $347 (+2.7%) Shares 4,155 (-5.2%) Est. Cost $70.69 Unrealized —

SPY SPDR S&P 500 ETF TR 1.9%

Value ($000) $3,290 (-0.2%) Shares 12,126 (-3.2%) Est. Cost $240.83 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	93,163 (-24.6%)	$9,187 (-18.5%)	5.3%	$39.90	+124.9%	COM	594918104
RIG	TRANSOCEAN LTD	483,875 (-6.5%)	$6,503 (+26.9%)	3.7%	$10.30	+19.5%	REG SHS	H8817H100
PYPL	PAYPAL HLDGS INC	69,545 (-24.4%)	$5,791 (-17.0%)	3.3%	$37.43	+112.4%	COM	70450Y103
—	MARATHON OIL CORP	295,605 (-5.4%)	$6,166 (+22.3%)	3.5%	$15.89	—	COM	565849106
—	TWENTY FIRST CENTY FOX INC	99,940 (-5.4%)	$4,924 (+28.2%)	2.8%	$27.34	—	CL B	90130A200
FDX	FEDEX CORP	33,650 (-5.3%)	$7,641 (-10.4%)	4.4%	$99.04	+118.5%	COM	31428X106
DHI	D R HORTON INC	167,735 (-4.1%)	$6,877 (-10.4%)	3.9%	$22.49	+76.4%	COM	23331A109
ALL	ALLSTATE CORP	69,160 (-5.1%)	$6,312 (-8.6%)	3.6%	$43.99	+81.0%	COM	020002101
GILD	GILEAD SCIENCES INC	76,665 (-2.5%)	$5,431 (-8.3%)	3.1%	$69.71	-24.4%	COM	375558103
NEM	NEWMONT MINING CORP	164,540 (-3.5%)	$6,205 (-6.9%)	3.6%	$21.73	+44.2%	COM	651639106
EBAY	EBAY INC	90,415 (-2.5%)	$3,278 (-12.2%)	1.9%	$21.68	+59.7%	COM	278642103
QRVO	QORVO INC	64,850 (-5.2%)	$5,199 (+7.9%)	3.0%	$71.85	+7.6%	COM	74736K101
GLW	CORNING INC	293,975 (-3.2%)	$8,087 (-4.4%)	4.6%	$12.47	+79.5%	COM	219350105
CAG	CONAGRA FOODS INC	124,290 (-4.3%)	$4,441 (-7.3%)	2.5%	$19.53	+41.7%	COM	205887102
—	CELGENE CORP	3,439 (-50.0%)	$273 (-55.5%)	0.2%	$106.71	—	COM	151020104
CSCO	CISCO SYS INC	188,875 (-4.3%)	$8,127 (-4.0%)	4.7%	$22.35	+55.5%	COM	17275R102
CVX	CHEVRON CORP NEW	54,532 (-5.6%)	$6,894 (+4.7%)	4.0%	$76.21	+17.0%	COM	166764100
GOOGL	ALPHABET INC	5,554 (-3.7%)	$6,272 (+4.8%)	3.6%	$36.87	+46.4%	CAP STK CL A	02079K305
MRK	MERCK & CO INC	85,318 (-5.4%)	$5,179 (+5.4%)	3.0%	$33.01	+34.9%	COM	58933Y105
KMB	KIMBERLY CLARK CORP	40,155 (-1.3%)	$4,230 (-5.6%)	2.4%	$66.94	+18.6%	COM	494368103
BAC	BANK AMER CORP	15,200 (-32.1%)	$428 (-36.2%)	0.2%	$17.41	+42.7%	COM	060505104
HOG	HARLEY DAVIDSON INC	88,845 (-4.3%)	$3,739 (-6.0%)	2.1%	$53.23	-20.8%	COM	412822108
AEP	AMERICAN ELEC PWR INC	44,350 (-5.5%)	$3,071 (-4.6%)	1.8%	$33.12	+55.4%	COM	025537101
AMZN	AMAZON COM INC	561 (-1.1%)	$954 (+16.2%)	0.5%	$39.99	+98.5%	COM	023135106
VZ	VERIZON COMMUNICATIONS INC	165,196 (-3.7%)	$8,311 (+1.3%)	4.8%	$28.25	+14.0%	COM	92343V104
AMGN	AMGEN INC	29,476 (-6.0%)	$5,441 (+1.8%)	3.1%	$81.85	+71.3%	COM	031162100
—	RED HAT INC	3,220 (-5.0%)	$433 (-14.6%)	0.2%	$73.26	—	COM	756577102
MDT	MEDTRONIC INC	65,555 (-5.1%)	$5,612 (+1.3%)	3.2%	$60.28	+13.7%	SHS	G5960L103
—	DISCOVER FINL SVCS	7,572 (-5.3%)	$533 (-7.3%)	0.3%	$72.00	—	COM	254709108
VMI	VALMONT INDUSTRIES INC	15,838 (-2.3%)	$2,388 (+0.8%)	1.4%	$142.20	+2.8%	COM	920253101
ADM	ARCHER-DANIELS-MIDLAND CO	92,115 (-5.7%)	$4,222 (-0.3%)	2.4%	$26.00	+37.9%	COM	039483102
IJR	ISHARES TR	4,155 (-5.2%)	$347 (+2.7%)	0.2%	$70.69	—	CORE S&P SCP ETF	464287804
SPY	SPDR S&P 500 ETF TR	12,126 (-3.2%)	$3,290 (-0.2%)	1.9%	$240.83	—	TR UNIT	78462F103

Unchanged Positions (22)

META FACEBOOK 0.6%

Value ($000) $1,037 Shares 5,335 Est. Cost $111.78 Unrealized +60.5%

AAPL APPLE INC 0.8%

Value ($000) $1,363 Shares 7,362 Est. Cost $18.01 Unrealized +137.4%

AIZ ASSURANT INC 0.4%

Value ($000) $697 Shares 6,738 Est. Cost $37.94 Unrealized +114.7%

EWG ISHARES 0.6%

Value ($000) $1,081 Shares 36,050 Est. Cost $28.79 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 0.3%

Value ($000) $574 Shares 13,595 Est. Cost $41.41 Unrealized —

VGK VANGUARD INTL EQUITY INDEX F 1.0%

Value ($000) $1,797 Shares 32,010 Est. Cost $54.01 Unrealized —

ULTA ULTA BEAUTY INC 0.2%

Value ($000) $384 Shares 1,645 Est. Cost $269.31 Unrealized -10.3%

— RAYTHEON CO 0.2%

Value ($000) $369 Shares 1,912 Est. Cost $142.26 Unrealized —

NTES NETEASE INC 0.2%

Value ($000) $345 Shares 1,365 Est. Cost $300.37 Unrealized —

JNJ JOHNSON & JOHNSON 0.3%

Value ($000) $526 Shares 4,337 Est. Cost $61.10 Unrealized +64.8%

GOOG ALPHABET INC 0.2%

Value ($000) $406 Shares 364 Est. Cost $35.70 Unrealized +50.2%

EWJ ISHARES INC 0.3%

Value ($000) $596 Shares 10,290 Est. Cost $51.80 Unrealized —

— HOUSTON WIRE & CABLE CO 0.1%

Value ($000) $170 Shares 20,000 Est. Cost $11.31 Unrealized —

MET METLIFE INC 0.3%

Value ($000) $443 Shares 10,160 Est. Cost $28.48 Unrealized +26.1%

IBB ISHARES TR 0.4%

Value ($000) $663 Shares 6,033 Est. Cost $131.85 Unrealized —

ROP ROPER TECHNOLOGIES INC 0.6%

Value ($000) $977 Shares 3,542 Est. Cost $113.55 Unrealized +132.3%

PHM PULTE GROUP INC 0.4%

Value ($000) $619 Shares 21,540 Est. Cost $16.68 Unrealized +65.7%

IVV ISHARES TR 0.3%

Value ($000) $505 Shares 1,850 Est. Cost $267.85 Unrealized —

C CITIGROUP INC 0.4%

Value ($000) $636 Shares 9,500 Est. Cost $42.17 Unrealized +25.8%

PEP PEPSICO INC 0.2%

Value ($000) $296 Shares 2,723 Est. Cost $56.66 Unrealized +44.2%

— WESTERN ASSET HIGH INCM FD I 0.1%

Value ($000) $88 Shares 13,637 Est. Cost $6.60 Unrealized —

— ALEXCO RESOURCE CORP 0.0%

Value ($000) $61 Shares 46,000 Est. Cost $0.78 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
META	FACEBOOK	5,335	$1,037	0.6%	$111.78	+60.5%	CL A	30303M102
AAPL	APPLE INC	7,362	$1,363	0.8%	$18.01	+137.4%	COM	037833100
AIZ	ASSURANT INC	6,738	$697	0.4%	$37.94	+114.7%	COM	04621X108
EWG	ISHARES	36,050	$1,081	0.6%	$28.79	—	MSCI GERMANY ETF	464286806
VWO	VANGUARD INTL EQUITY INDEX F	13,595	$574	0.3%	$41.41	—	FTSE EMR MKT ETF	922042858
VGK	VANGUARD INTL EQUITY INDEX F	32,010	$1,797	1.0%	$54.01	—	FTSE EUROPE ETF	922042874
ULTA	ULTA BEAUTY INC	1,645	$384	0.2%	$269.31	-10.3%	COM	90384S303
—	RAYTHEON CO	1,912	$369	0.2%	$142.26	—	COM NEW	755111507
NTES	NETEASE INC	1,365	$345	0.2%	$300.37	—	SPONSORED ADR	64110W102
JNJ	JOHNSON & JOHNSON	4,337	$526	0.3%	$61.10	+64.8%	COM	478160104
GOOG	ALPHABET INC	364	$406	0.2%	$35.70	+50.2%	CAP STK CL C	02079K107
EWJ	ISHARES INC	10,290	$596	0.3%	$51.80	—	MSCI JPN ETF NEW	46434G822
—	HOUSTON WIRE & CABLE CO	20,000	$170	0.1%	$11.31	—	COM	44244K109
MET	METLIFE INC	10,160	$443	0.3%	$28.48	+26.1%	COM	59156R108
IBB	ISHARES TR	6,033	$663	0.4%	$131.85	—	NASDQ BIOTEC ETF	464287556
ROP	ROPER TECHNOLOGIES INC	3,542	$977	0.6%	$113.55	+132.3%	COM	776696106
PHM	PULTE GROUP INC	21,540	$619	0.4%	$16.68	+65.7%	COM	745867101
IVV	ISHARES TR	1,850	$505	0.3%	$267.85	—	CORE S&P500 ETF	464287200
C	CITIGROUP INC	9,500	$636	0.4%	$42.17	+25.8%	COM NEW	172967424
PEP	PEPSICO INC	2,723	$296	0.2%	$56.66	+44.2%	COM	713448108
—	WESTERN ASSET HIGH INCM FD I	13,637	$88	0.1%	$6.60	—	COM	95766J102
—	ALEXCO RESOURCE CORP	46,000	$61	0.0%	$0.78	—	COM	01535P106