F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	3,313	$631	0.4%	$190.46	—	UNIT SER 1	46090E103
MO	ALTRIA GROUP INC	10,730	$415	0.3%	$27.56	0.0%	COM	02209S103
C	CITIGROUP INC	7,960	$335	0.2%	$54.19	0.0%	COM NEW	172967424
URI	UNITED RENTALS INC	2,670	$275	0.2%	$128.39	0.0%	COM	911363109
—	GASLOG PARTNERS LP	36,000	$80	0.1%	$2.22	—	UNIT LTD PTNRP	Y2687W108
—	MALLINCKRODT PUB LTD CO	10,000	$20	0.0%	$2.00	—	SHS	G5785G107

Increased Positions (25)

— MARATHON OIL CORP 0.8%

Value ($000) $1,245 (-69.8%) Shares 378,410 (+24.5%) Est. Cost $13.24 Unrealized —

QRVO QORVO INC 4.2%

Value ($000) $6,641 (-27.3%) Shares 82,370 (+4.8%) Est. Cost $75.38 Unrealized +32.7%

GILD GILEAD SCIENCES INC 4.5%

Value ($000) $7,149 (+48.6%) Shares 95,620 (+29.1%) Est. Cost $65.83 Unrealized -16.6%

DHI D R HORTON INC 1.8%

Value ($000) $2,841 (-32.9%) Shares 83,570 (+4.1%) Est. Cost $23.76 Unrealized +105.9%

AMAT APPLIED MATLS INC 3.1%

Value ($000) $4,801 (-20.0%) Shares 104,780 (+6.5%) Est. Cost $53.09 Unrealized +2.4%

CAG CONAGRA FOODS INC 5.1%

Value ($000) $8,060 (-12.6%) Shares 274,725 (+2.0%) Est. Cost $19.18 Unrealized +22.7%

MDT MEDTRONIC INC 3.6%

Value ($000) $5,721 (-16.9%) Shares 63,440 (+4.6%) Est. Cost $61.59 Unrealized +46.4%

FDX FEDEX CORP 3.7%

Value ($000) $5,797 (+23.2%) Shares 47,805 (+53.7%) Est. Cost $111.16 Unrealized +13.5%

ALL ALLSTATE CORP 3.5%

Value ($000) $5,451 (-14.7%) Shares 59,420 (+4.6%) Est. Cost $46.89 Unrealized +101.0%

VZ VERIZON COMMUNICATIONS INC 5.4%

Value ($000) $8,446 (-9.9%) Shares 157,197 (+3.0%) Est. Cost $28.63 Unrealized +43.3%

AMGN AMGEN INC 3.6%

Value ($000) $5,705 (-13.1%) Shares 28,140 (+3.3%) Est. Cost $85.06 Unrealized +114.2%

CSCO CISCO SYS INC 3.4%

Value ($000) $5,356 (-9.7%) Shares 136,255 (+10.2%) Est. Cost $24.73 Unrealized +48.3%

FOX FOX CORP 1.6%

Value ($000) $2,505 (-17.4%) Shares 109,465 (+31.3%) Est. Cost $32.18 Unrealized -7.7%

PYPL PAYPAL HLDGS INC 4.0%

Value ($000) $6,267 (-7.0%) Shares 65,458 (+5.1%) Est. Cost $42.66 Unrealized +158.2%

GLD SPDR GOLD TRUST 0.6%

Value ($000) $911 (+46.2%) Shares 6,150 (+41.1%) Est. Cost $142.42 Unrealized —

AMZN AMAZON COM INC 0.7%

Value ($000) $1,080 (+23.9%) Shares 554 (+17.4%) Est. Cost $53.58 Unrealized +80.7%

SPY SPDR S&P 500 ETF TR 1.5%

Value ($000) $2,330 (-7.9%) Shares 9,038 (+15.0%) Est. Cost $246.86 Unrealized —

ORCL ORACLE CORP 3.4%

Value ($000) $5,398 (-3.2%) Shares 111,690 (+6.1%) Est. Cost $43.84 Unrealized +8.4%

— RAYTHEON CO 0.1%

Value ($000) $227 (-37.1%) Shares 1,730 (+5.2%) Est. Cost $141.72 Unrealized —

META FACEBOOK 0.3%

Value ($000) $506 (-17.3%) Shares 3,035 (+1.8%) Est. Cost $113.27 Unrealized +71.6%

KMB KIMBERLY CLARK CORP 3.0%

Value ($000) $4,681 (-2.0%) Shares 36,610 (+5.4%) Est. Cost $69.27 Unrealized +61.8%

ULTA ULTA BEAUTY INC 0.2%

Value ($000) $279 (-24.0%) Shares 1,586 (+9.3%) Est. Cost $283.37 Unrealized -12.0%

MS MORGAN STANLEY 0.2%

Value ($000) $382 (-16.4%) Shares 11,229 (+25.6%) Est. Cost $35.86 Unrealized +9.2%

EWG ISHARES INC 0.3%

Value ($000) $403 (-13.0%) Shares 18,755 (+19.0%) Est. Cost $27.62 Unrealized —

GOOGL ALPHABET INC 3.7%

Value ($000) $5,748 (+0.2%) Shares 4,947 (+15.5%) Est. Cost $42.77 Unrealized +57.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	MARATHON OIL CORP	378,410 (+24.5%)	$1,245 (-69.8%)	0.8%	$13.24	—	COM	565849106
QRVO	QORVO INC	82,370 (+4.8%)	$6,641 (-27.3%)	4.2%	$75.38	+32.7%	COM	74736K101
GILD	GILEAD SCIENCES INC	95,620 (+29.1%)	$7,149 (+48.6%)	4.5%	$65.83	-16.6%	COM	375558103
DHI	D R HORTON INC	83,570 (+4.1%)	$2,841 (-32.9%)	1.8%	$23.76	+105.9%	COM	23331A109
AMAT	APPLIED MATLS INC	104,780 (+6.5%)	$4,801 (-20.0%)	3.1%	$53.09	+2.4%	COM	038222105
CAG	CONAGRA FOODS INC	274,725 (+2.0%)	$8,060 (-12.6%)	5.1%	$19.18	+22.7%	COM	205887102
MDT	MEDTRONIC INC	63,440 (+4.6%)	$5,721 (-16.9%)	3.6%	$61.59	+46.4%	SHS	G5960L103
FDX	FEDEX CORP	47,805 (+53.7%)	$5,797 (+23.2%)	3.7%	$111.16	+13.5%	COM	31428X106
ALL	ALLSTATE CORP	59,420 (+4.6%)	$5,451 (-14.7%)	3.5%	$46.89	+101.0%	COM	020002101
VZ	VERIZON COMMUNICATIONS INC	157,197 (+3.0%)	$8,446 (-9.9%)	5.4%	$28.63	+43.3%	COM	92343V104
AMGN	AMGEN INC	28,140 (+3.3%)	$5,705 (-13.1%)	3.6%	$85.06	+114.2%	COM	031162100
CSCO	CISCO SYS INC	136,255 (+10.2%)	$5,356 (-9.7%)	3.4%	$24.73	+48.3%	COM	17275R102
FOX	FOX CORP	109,465 (+31.3%)	$2,505 (-17.4%)	1.6%	$32.18	-7.7%	CL B COM	35137L204
PYPL	PAYPAL HLDGS INC	65,458 (+5.1%)	$6,267 (-7.0%)	4.0%	$42.66	+158.2%	COM	70450Y103
GLD	SPDR GOLD TRUST	6,150 (+41.1%)	$911 (+46.2%)	0.6%	$142.42	—	GOLD SHS	78463V107
AMZN	AMAZON COM INC	554 (+17.4%)	$1,080 (+23.9%)	0.7%	$53.58	+80.7%	COM	023135106
SPY	SPDR S&P 500 ETF TR	9,038 (+15.0%)	$2,330 (-7.9%)	1.5%	$246.86	—	TR UNIT	78462F103
ORCL	ORACLE CORP	111,690 (+6.1%)	$5,398 (-3.2%)	3.4%	$43.84	+8.4%	COM	68389X105
—	RAYTHEON CO	1,730 (+5.2%)	$227 (-37.1%)	0.1%	$141.72	—	COM NEW	755111507
META	FACEBOOK	3,035 (+1.8%)	$506 (-17.3%)	0.3%	$113.27	+71.6%	CL A	30303M102
KMB	KIMBERLY CLARK CORP	36,610 (+5.4%)	$4,681 (-2.0%)	3.0%	$69.27	+61.8%	COM	494368103
ULTA	ULTA BEAUTY INC	1,586 (+9.3%)	$279 (-24.0%)	0.2%	$283.37	-12.0%	COM	90384S303
MS	MORGAN STANLEY	11,229 (+25.6%)	$382 (-16.4%)	0.2%	$35.86	+9.2%	COM NEW	617446448
EWG	ISHARES INC	18,755 (+19.0%)	$403 (-13.0%)	0.3%	$27.62	—	MSCI GERMANY ETF	464286806
GOOGL	ALPHABET INC	4,947 (+15.5%)	$5,748 (+0.2%)	3.7%	$42.77	+57.3%	CAP STK CL A	02079K305

Exited Positions (3)

AIZ ASSURANT INC 0.5%

Value ($000) $797 Shares 6,078 Est. Cost $37.94 Unrealized +192.4%

BMY BRISTOL MYERS SQUIBB CO 0.1%

Value ($000) $220 Shares 3,429 Est. Cost $45.19 Unrealized +7.5%

— BARRICK GOLD CORPORATION 0.1%

Value ($000) $186 Shares 10,000 Est. Cost $17.35 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AIZ	ASSURANT INC	6,078	$797	0.5%	$37.94	+192.4%	—	04621X108
BMY	BRISTOL MYERS SQUIBB CO	3,429	$220	0.1%	$45.19	+7.5%	—	110122108
—	BARRICK GOLD CORPORATION	10,000	$186	0.1%	$17.35	—	—	067901108

Decreased Positions (8)

GLW CORNING INC 1.9%

Value ($000) $2,956 (-39.1%) Shares 143,930 (-13.6%) Est. Cost $12.47 Unrealized +77.2%

NEM NEWMONT GOLDCORP CORPORATION 3.3%

Value ($000) $5,228 (-18.5%) Shares 115,455 (-21.8%) Est. Cost $21.73 Unrealized +74.4%

HPQ HP INC 2.6%

Value ($000) $4,023 (-16.4%) Shares 231,765 (-1.0%) Est. Cost $18.24 Unrealized -9.6%

EBAY EBAY INC 2.2%

Value ($000) $3,386 (-18.3%) Shares 112,650 (-1.9%) Est. Cost $25.45 Unrealized +23.8%

VMI VALMONT INDUSTRIES INC 1.1%

Value ($000) $1,711 (-30.4%) Shares 16,145 (-1.7%) Est. Cost $141.86 Unrealized -8.6%

AAPL APPLE INC 0.6%

Value ($000) $979 (-34.5%) Shares 3,851 (-24.4%) Est. Cost $20.06 Unrealized +254.3%

— DISCOVER FINL SVCS 0.2%

Value ($000) $266 (-62.3%) Shares 7,461 (-10.2%) Est. Cost $78.06 Unrealized —

ROP ROPER TECHNOLOGIES INC 0.5%

Value ($000) $812 (-19.3%) Shares 2,605 (-8.3%) Est. Cost $113.55 Unrealized +201.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLW	CORNING INC	143,930 (-13.6%)	$2,956 (-39.1%)	1.9%	$12.47	+77.2%	COM	219350105
NEM	NEWMONT GOLDCORP CORPORATION	115,455 (-21.8%)	$5,228 (-18.5%)	3.3%	$21.73	+74.4%	COM	651639106
HPQ	HP INC	231,765 (-1.0%)	$4,023 (-16.4%)	2.6%	$18.24	-9.6%	COM	40434L105
EBAY	EBAY INC	112,650 (-1.9%)	$3,386 (-18.3%)	2.2%	$25.45	+23.8%	COM	278642103
VMI	VALMONT INDUSTRIES INC	16,145 (-1.7%)	$1,711 (-30.4%)	1.1%	$141.86	-8.6%	COM	920253101
AAPL	APPLE INC	3,851 (-24.4%)	$979 (-34.5%)	0.6%	$20.06	+254.3%	COM	037833100
—	DISCOVER FINL SVCS	7,461 (-10.2%)	$266 (-62.3%)	0.2%	$78.06	—	COM	254709108
ROP	ROPER TECHNOLOGIES INC	2,605 (-8.3%)	$812 (-19.3%)	0.5%	$113.55	+201.3%	COM	776696106

Unchanged Positions (25)

CVX CHEVRON CORP NEW 2.2%

Value ($000) $3,437 Shares 47,427 Est. Cost $76.62 Unrealized -0.8%

HOG HARLEY DAVIDSON INC 1.1%

Value ($000) $1,697 Shares 89,620 Est. Cost $51.95 Unrealized -41.7%

ADM ARCHER-DANIELS-MIDLAND CO 3.0%

Value ($000) $4,698 Shares 133,535 Est. Cost $30.65 Unrealized +12.7%

CVS CVS HEALTH CORP 2.7%

Value ($000) $4,176 Shares 70,385 Est. Cost $57.78 Unrealized -4.3%

MRK MERCK & CO INC 2.7%

Value ($000) $4,232 Shares 54,998 Est. Cost $33.65 Unrealized +93.4%

AEP AMERICAN ELEC PWR INC 2.0%

Value ($000) $3,131 Shares 39,150 Est. Cost $33.67 Unrealized +127.3%

VGK VANGUARD INTL EQUITY INDEX F 0.5%

Value ($000) $841 Shares 19,440 Est. Cost $54.01 Unrealized —

IDEV SHARES TR 0.6%

Value ($000) $902 Shares 20,365 Est. Cost $54.60 Unrealized —

MET METLIFE INC 0.2%

Value ($000) $274 Shares 8,965 Est. Cost $28.48 Unrealized +28.0%

ET ENERGY TRANSFER LP 0.1%

Value ($000) $85 Shares 18,425 Est. Cost $14.07 Unrealized —

— ISHARES TR 0.2%

Value ($000) $354 Shares 8,045 Est. Cost $53.08 Unrealized —

IVV ISHARES TR 0.3%

Value ($000) $468 Shares 1,810 Est. Cost $267.85 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 0.2%

Value ($000) $340 Shares 10,125 Est. Cost $41.41 Unrealized —

GDX VANECK VECTORS ETF TR 0.3%

Value ($000) $396 Shares 17,170 Est. Cost $27.29 Unrealized —

IBB ISHARES TR 0.4%

Value ($000) $694 Shares 6,443 Est. Cost $128.29 Unrealized —

QCOM QUALCOMM INC 0.2%

Value ($000) $269 Shares 3,970 Est. Cost $62.83 Unrealized +14.5%

NVDA NVIDIA CORP 0.4%

Value ($000) $679 Shares 2,577 Est. Cost $5.62 Unrealized +11.8%

JNJ JOHNSON & JOHNSON 0.4%

Value ($000) $655 Shares 4,994 Est. Cost $74.30 Unrealized +61.7%

— ALEXCO RESOURCE CORP 0.0%

Value ($000) $66 Shares 54,000 Est. Cost $0.92 Unrealized —

— HOUSTON WIRE & CABLE CO 0.0%

Value ($000) $45 Shares 20,400 Est. Cost $11.19 Unrealized —

EWJ ISHARES INC 0.1%

Value ($000) $212 Shares 4,285 Est. Cost $51.69 Unrealized —

NTES NETEASE INC 0.3%

Value ($000) $548 Shares 1,708 Est. Cost $302.61 Unrealized —

— WESTERN ASSET HIGH INCM FD I 0.0%

Value ($000) $68 Shares 13,637 Est. Cost $6.60 Unrealized —

MSFT MICROSOFT CORP 6.3%

Value ($000) $9,937 Shares 63,008 Est. Cost $39.90 Unrealized +291.8%

— TREVENA INC 0.0%

Value ($000) $12 Shares 22,000 Est. Cost $0.41 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CVX	CHEVRON CORP NEW	47,427	$3,437	2.2%	$76.62	-0.8%	COM	166764100
HOG	HARLEY DAVIDSON INC	89,620	$1,697	1.1%	$51.95	-41.7%	COM	412822108
ADM	ARCHER-DANIELS-MIDLAND CO	133,535	$4,698	3.0%	$30.65	+12.7%	COM	039483102
CVS	CVS HEALTH CORP	70,385	$4,176	2.7%	$57.78	-4.3%	COM	126650100
MRK	MERCK & CO INC	54,998	$4,232	2.7%	$33.65	+93.4%	COM	58933Y105
AEP	AMERICAN ELEC PWR INC	39,150	$3,131	2.0%	$33.67	+127.3%	COM	025537101
VGK	VANGUARD INTL EQUITY INDEX F	19,440	$841	0.5%	$54.01	—	FTSE EUROPE ETF	922042874
IDEV	SHARES TR	20,365	$902	0.6%	$54.60	—	CORE MSCI INTL	46435G326
MET	METLIFE INC	8,965	$274	0.2%	$28.48	+28.0%	COM	59156R108
ET	ENERGY TRANSFER LP	18,425	$85	0.1%	$14.07	—	COM UT LTD PTN	29273V100
—	ISHARES TR	8,045	$354	0.2%	$53.08	—	MSCI GERMNY ETF	46429B465
IVV	ISHARES TR	1,810	$468	0.3%	$267.85	—	CORE S&P500 ETF	464287200
VWO	VANGUARD INTL EQUITY INDEX F	10,125	$340	0.2%	$41.41	—	FTSE EMR MKT ETF	922042858
GDX	VANECK VECTORS ETF TR	17,170	$396	0.3%	$27.29	—	GOLD MINERS ETF	92189F106
IBB	ISHARES TR	6,443	$694	0.4%	$128.29	—	NASDAQ BIOTECH	464287556
QCOM	QUALCOMM INC	3,970	$269	0.2%	$62.83	+14.5%	COM	747525103
NVDA	NVIDIA CORP	2,577	$679	0.4%	$5.62	+11.8%	COM	67066G104
JNJ	JOHNSON & JOHNSON	4,994	$655	0.4%	$74.30	+61.7%	COM	478160104
—	ALEXCO RESOURCE CORP	54,000	$66	0.0%	$0.92	—	COM	01535P106
—	HOUSTON WIRE & CABLE CO	20,400	$45	0.0%	$11.19	—	COM	44244K109
EWJ	ISHARES INC	4,285	$212	0.1%	$51.69	—	MSCI JPN ETF NEW	46434G822
NTES	NETEASE INC	1,708	$548	0.3%	$302.61	—	SPONSORED ADR	64110W102
—	WESTERN ASSET HIGH INCM FD I	13,637	$68	0.0%	$6.60	—	COM	95766J102
MSFT	MICROSOFT CORP	63,008	$9,937	6.3%	$39.90	+291.8%	COM	594918104
—	TREVENA INC	22,000	$12	0.0%	$0.41	—	COM	89532E109