F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IDEV	SHARES TR	20,365	$1,112	0.7%	$54.60	—	CORE MSCI INTL	46435G326
—	ISHARES TR	8,045	$427	0.3%	$53.08	—	MSCI GERMNY ETF	46429B465
GLD	SPDR GOLD TRUST	3,060	$425	0.3%	$138.89	—	GOLD SHS	78463V107
GDX	VANECK VECTORS ETF TR	13,325	$356	0.2%	$26.72	—	GOLD MINERS ETF	92189F106
—	BARRICK GOLD CORPORATION	16,368	$284	0.2%	$17.35	—	COM	067901108
ULTA	ULTA BEAUTY INC	980	$246	0.2%	$306.82	0.0%	COM	90384S303

Increased Positions (3)

CAG CONAGRA FOODS INC 5.2%

Value ($000) $8,375 (+34.6%) Shares 272,985 (+16.3%) Est. Cost $19.10 Unrealized +16.1%

SPY SPDR S&P 500 ETF TR 1.4%

Value ($000) $2,244 (+3.8%) Shares 7,562 (+2.5%) Est. Cost $242.19 Unrealized —

— ALEXCO RESOURCE CORP 0.1%

Value ($000) $93 (+78.8%) Shares 54,000 (+17.4%) Est. Cost $0.92 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CAG	CONAGRA FOODS INC	272,985 (+16.3%)	$8,375 (+34.6%)	5.2%	$19.10	+16.1%	COM	205887102
SPY	SPDR S&P 500 ETF TR	7,562 (+2.5%)	$2,244 (+3.8%)	1.4%	$242.19	—	TR UNIT	78462F103
—	ALEXCO RESOURCE CORP	54,000 (+17.4%)	$93 (+78.8%)	0.1%	$0.92	—	COM	01535P106

Exited Positions (1)

C CITIGROUP INC 0.5%

Value ($000) $775 Shares 11,062 Est. Cost $43.98 Unrealized +23.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
C	CITIGROUP INC	11,062	$775	0.5%	$43.98	+23.1%	—	172967424

Decreased Positions (19)

MSFT MICROSOFT CORP 5.5%

Value ($000) $8,893 (-23.1%) Shares 63,963 (-25.9%) Est. Cost $39.90 Unrealized +225.6%

MRK MERCK & CO INC 2.9%

Value ($000) $4,734 (-28.3%) Shares 56,238 (-28.6%) Est. Cost $33.65 Unrealized +94.6%

EBAY EBAY INC 2.8%

Value ($000) $4,452 (-21.2%) Shares 114,210 (-20.1%) Est. Cost $25.45 Unrealized +41.5%

GOOGL ALPHABET INC 3.3%

Value ($000) $5,347 (-12.9%) Shares 4,379 (-22.8%) Est. Cost $38.97 Unrealized +50.8%

FDX FEDEX CORP 3.0%

Value ($000) $4,824 (-13.3%) Shares 33,140 (-2.2%) Est. Cost $103.14 Unrealized +38.9%

— MARATHON OIL CORP 2.1%

Value ($000) $3,385 (-17.4%) Shares 275,865 (-4.4%) Est. Cost $15.89 Unrealized —

CVX CHEVRON CORP NEW 3.4%

Value ($000) $5,566 (-10.5%) Shares 46,927 (-6.1%) Est. Cost $76.41 Unrealized +19.8%

HPQ HP INC 2.8%

Value ($000) $4,543 (-10.4%) Shares 240,115 (-1.6%) Est. Cost $18.24 Unrealized -13.7%

EWG ISHARES INC 0.3%

Value ($000) $424 (-54.2%) Shares 15,755 (-52.2%) Est. Cost $28.79 Unrealized —

VGK VANGUARD INTL EQUITY INDEX F 0.6%

Value ($000) $1,042 (-32.4%) Shares 19,440 (-30.7%) Est. Cost $54.01 Unrealized —

ADM ARCHER-DANIELS-MIDLAND CO 3.5%

Value ($000) $5,715 (-7.5%) Shares 139,145 (-8.1%) Est. Cost $30.65 Unrealized +7.8%

QRVO QORVO INC 3.7%

Value ($000) $6,026 (+7.9%) Shares 81,285 (-3.1%) Est. Cost $74.19 Unrealized -2.1%

ALL ALLSTATE CORP 4.2%

Value ($000) $6,822 (+4.2%) Shares 62,770 (-2.6%) Est. Cost $44.71 Unrealized +100.5%

EWJ ISHARES INC 0.2%

Value ($000) $243 (-52.3%) Shares 4,285 (-54.0%) Est. Cost $51.69 Unrealized —

NEM NEWMONT GOLDCORP CORPORATION 3.7%

Value ($000) $5,895 (-3.6%) Shares 155,465 (-2.2%) Est. Cost $21.73 Unrealized +49.0%

AEP AMERICAN ELEC PWR INC 2.2%

Value ($000) $3,591 (+5.2%) Shares 38,330 (-1.2%) Est. Cost $33.12 Unrealized +118.7%

VWO VANGUARD INTL EQUITY INDEX F 0.3%

Value ($000) $408 (-20.9%) Shares 10,125 (-16.5%) Est. Cost $41.41 Unrealized —

HOG HARLEY DAVIDSON INC 2.1%

Value ($000) $3,365 (-1.7%) Shares 93,560 (-2.1%) Est. Cost $51.95 Unrealized -34.0%

NVDA NVIDIA CORP 0.3%

Value ($000) $444 (-6.9%) Shares 2,553 (-12.1%) Est. Cost $5.62 Unrealized -25.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	63,963 (-25.9%)	$8,893 (-23.1%)	5.5%	$39.90	+225.6%	COM	594918104
MRK	MERCK & CO INC	56,238 (-28.6%)	$4,734 (-28.3%)	2.9%	$33.65	+94.6%	COM	58933Y105
EBAY	EBAY INC	114,210 (-20.1%)	$4,452 (-21.2%)	2.8%	$25.45	+41.5%	COM	278642103
GOOGL	ALPHABET INC	4,379 (-22.8%)	$5,347 (-12.9%)	3.3%	$38.97	+50.8%	CAP STK CL A	02079K305
FDX	FEDEX CORP	33,140 (-2.2%)	$4,824 (-13.3%)	3.0%	$103.14	+38.9%	COM	31428X106
—	MARATHON OIL CORP	275,865 (-4.4%)	$3,385 (-17.4%)	2.1%	$15.89	—	COM	565849106
CVX	CHEVRON CORP NEW	46,927 (-6.1%)	$5,566 (-10.5%)	3.4%	$76.41	+19.8%	COM	166764100
HPQ	HP INC	240,115 (-1.6%)	$4,543 (-10.4%)	2.8%	$18.24	-13.7%	COM	40434L105
EWG	ISHARES INC	15,755 (-52.2%)	$424 (-54.2%)	0.3%	$28.79	—	MSCI GERMANY ETF	464286806
VGK	VANGUARD INTL EQUITY INDEX F	19,440 (-30.7%)	$1,042 (-32.4%)	0.6%	$54.01	—	FTSE EUROPE ETF	922042874
ADM	ARCHER-DANIELS-MIDLAND CO	139,145 (-8.1%)	$5,715 (-7.5%)	3.5%	$30.65	+7.8%	COM	039483102
QRVO	QORVO INC	81,285 (-3.1%)	$6,026 (+7.9%)	3.7%	$74.19	-2.1%	COM	74736K101
ALL	ALLSTATE CORP	62,770 (-2.6%)	$6,822 (+4.2%)	4.2%	$44.71	+100.5%	COM	020002101
EWJ	ISHARES INC	4,285 (-54.0%)	$243 (-52.3%)	0.2%	$51.69	—	MSCI JPN ETF NEW	46434G822
NEM	NEWMONT GOLDCORP CORPORATION	155,465 (-2.2%)	$5,895 (-3.6%)	3.7%	$21.73	+49.0%	COM	651639106
AEP	AMERICAN ELEC PWR INC	38,330 (-1.2%)	$3,591 (+5.2%)	2.2%	$33.12	+118.7%	COM	025537101
VWO	VANGUARD INTL EQUITY INDEX F	10,125 (-16.5%)	$408 (-20.9%)	0.3%	$41.41	—	FTSE EMR MKT ETF	922042858
HOG	HARLEY DAVIDSON INC	93,560 (-2.1%)	$3,365 (-1.7%)	2.1%	$51.95	-34.0%	COM	412822108
NVDA	NVIDIA CORP	2,553 (-12.1%)	$444 (-6.9%)	0.3%	$5.62	-25.6%	COM	67066G104

Unchanged Positions (32)

DHI D R HORTON INC 2.7%

Value ($000) $4,355 Shares 82,620 Est. Cost $22.74 Unrealized +96.4%

GLW CORNING INC 3.0%

Value ($000) $4,777 Shares 167,500 Est. Cost $12.47 Unrealized +100.4%

PYPL PAYPAL HLDGS INC 4.0%

Value ($000) $6,492 Shares 62,673 Est. Cost $39.23 Unrealized +180.2%

MDT MEDTRONIC INC 4.1%

Value ($000) $6,671 Shares 61,420 Est. Cost $60.28 Unrealized +45.2%

CSCO CISCO SYS INC 3.6%

Value ($000) $5,786 Shares 117,105 Est. Cost $22.67 Unrealized +88.7%

VZ VERIZON COMMUNICATIONS INC 5.8%

Value ($000) $9,280 Shares 153,736 Est. Cost $28.25 Unrealized +43.1%

FOX FOX CORP 1.6%

Value ($000) $2,650 Shares 84,010 Est. Cost $32.96 Unrealized -4.3%

GILD GILEAD SCIENCES INC 2.9%

Value ($000) $4,704 Shares 74,225 Est. Cost $69.01 Unrealized -26.1%

KMB KIMBERLY CLARK CORP 3.0%

Value ($000) $4,912 Shares 34,580 Est. Cost $66.94 Unrealized +63.9%

AMGN AMGEN INC 3.3%

Value ($000) $5,389 Shares 27,851 Est. Cost $81.85 Unrealized +93.0%

ORCL ORACLE CORP 3.4%

Value ($000) $5,439 Shares 98,835 Est. Cost $43.17 Unrealized +16.7%

VMI VALMONT INDUSTRIES INC 1.4%

Value ($000) $2,285 Shares 16,505 Est. Cost $141.86 Unrealized -5.4%

AAPL APPLE INC 0.7%

Value ($000) $1,140 Shares 5,091 Est. Cost $20.06 Unrealized +150.4%

AIZ ASSURANT INC 0.5%

Value ($000) $758 Shares 6,028 Est. Cost $37.94 Unrealized +178.8%

EOG EOG RES INC 0.2%

Value ($000) $379 Shares 5,100 Est. Cost $80.67 Unrealized -23.8%

AMZN AMAZON COM INC 0.5%

Value ($000) $781 Shares 450 Est. Cost $43.99 Unrealized +110.8%

IBB ISHARES TR 0.4%

Value ($000) $641 Shares 6,443 Est. Cost $128.29 Unrealized —

JNJ JOHNSON & JOHNSON 0.4%

Value ($000) $645 Shares 4,989 Est. Cost $74.30 Unrealized +48.1%

META FACEBOOK 0.3%

Value ($000) $537 Shares 3,015 Est. Cost $111.78 Unrealized +68.9%

— RAYTHEON CO 0.2%

Value ($000) $321 Shares 1,637 Est. Cost $142.26 Unrealized —

ROP ROPER TECHNOLOGIES INC 0.6%

Value ($000) $1,013 Shares 2,840 Est. Cost $113.55 Unrealized +208.0%

— CELGENE CORP 0.2%

Value ($000) $341 Shares 3,429 Est. Cost $102.49 Unrealized —

MET METLIFE INC 0.3%

Value ($000) $424 Shares 8,997 Est. Cost $28.48 Unrealized +35.1%

ET ENERGY TRANSFER LP 0.1%

Value ($000) $239 Shares 18,265 Est. Cost $14.07 Unrealized —

— DISCOVER FINL SVCS 0.2%

Value ($000) $379 Shares 4,677 Est. Cost $72.81 Unrealized —

NTES NETEASE INC 0.2%

Value ($000) $296 Shares 1,111 Est. Cost $300.37 Unrealized —

MS MORGAN STANLEY 0.2%

Value ($000) $381 Shares 8,939 Est. Cost $35.01 Unrealized +0.0%

— HOUSTON WIRE & CABLE CO 0.1%

Value ($000) $96 Shares 20,400 Est. Cost $11.19 Unrealized —

IVV ISHARES TR 0.3%

Value ($000) $552 Shares 1,850 Est. Cost $267.85 Unrealized —

— WESTERN ASSET HIGH INCM FD I 0.1%

Value ($000) $92 Shares 13,637 Est. Cost $6.60 Unrealized —

— TREVENA INC 0.0%

Value ($000) $21 Shares 22,000 Est. Cost $0.41 Unrealized —

QCOM QUALCOMM INC 0.2%

Value ($000) $299 Shares 3,920 Est. Cost $62.71 Unrealized +3.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DHI	D R HORTON INC	82,620	$4,355	2.7%	$22.74	+96.4%	COM	23331A109
GLW	CORNING INC	167,500	$4,777	3.0%	$12.47	+100.4%	COM	219350105
PYPL	PAYPAL HLDGS INC	62,673	$6,492	4.0%	$39.23	+180.2%	COM	70450Y103
MDT	MEDTRONIC INC	61,420	$6,671	4.1%	$60.28	+45.2%	SHS	G5960L103
CSCO	CISCO SYS INC	117,105	$5,786	3.6%	$22.67	+88.7%	COM	17275R102
VZ	VERIZON COMMUNICATIONS INC	153,736	$9,280	5.8%	$28.25	+43.1%	COM	92343V104
FOX	FOX CORP	84,010	$2,650	1.6%	$32.96	-4.3%	CL B COM	35137L204
GILD	GILEAD SCIENCES INC	74,225	$4,704	2.9%	$69.01	-26.1%	COM	375558103
KMB	KIMBERLY CLARK CORP	34,580	$4,912	3.0%	$66.94	+63.9%	COM	494368103
AMGN	AMGEN INC	27,851	$5,389	3.3%	$81.85	+93.0%	COM	031162100
ORCL	ORACLE CORP	98,835	$5,439	3.4%	$43.17	+16.7%	COM	68389X105
VMI	VALMONT INDUSTRIES INC	16,505	$2,285	1.4%	$141.86	-5.4%	COM	920253101
AAPL	APPLE INC	5,091	$1,140	0.7%	$20.06	+150.4%	COM	037833100
AIZ	ASSURANT INC	6,028	$758	0.5%	$37.94	+178.8%	COM	04621X108
EOG	EOG RES INC	5,100	$379	0.2%	$80.67	-23.8%	COM	26875P101
AMZN	AMAZON COM INC	450	$781	0.5%	$43.99	+110.8%	COM	023135106
IBB	ISHARES TR	6,443	$641	0.4%	$128.29	—	NASDAQ BIOTECH	464287556
JNJ	JOHNSON & JOHNSON	4,989	$645	0.4%	$74.30	+48.1%	COM	478160104
META	FACEBOOK	3,015	$537	0.3%	$111.78	+68.9%	CL A	30303M102
—	RAYTHEON CO	1,637	$321	0.2%	$142.26	—	COM NEW	755111507
ROP	ROPER TECHNOLOGIES INC	2,840	$1,013	0.6%	$113.55	+208.0%	COM	776696106
—	CELGENE CORP	3,429	$341	0.2%	$102.49	—	COM	151020104
MET	METLIFE INC	8,997	$424	0.3%	$28.48	+35.1%	COM	59156R108
ET	ENERGY TRANSFER LP	18,265	$239	0.1%	$14.07	—	COM UT LTD PTN	29273V100
—	DISCOVER FINL SVCS	4,677	$379	0.2%	$72.81	—	COM	254709108
NTES	NETEASE INC	1,111	$296	0.2%	$300.37	—	SPONSORED ADR	64110W102
MS	MORGAN STANLEY	8,939	$381	0.2%	$35.01	+0.0%	COM NEW	617446448
—	HOUSTON WIRE & CABLE CO	20,400	$96	0.1%	$11.19	—	COM	44244K109
IVV	ISHARES TR	1,850	$552	0.3%	$267.85	—	CORE S&P500 ETF	464287200
—	WESTERN ASSET HIGH INCM FD I	13,637	$92	0.1%	$6.60	—	COM	95766J102
—	TREVENA INC	22,000	$21	0.0%	$0.41	—	COM	89532E109
QCOM	QUALCOMM INC	3,920	$299	0.2%	$62.71	+3.6%	COM	747525103