F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
URI	UNITED RENTALS INC	24,940 (+834.1%)	$4,352 (+993.5%)	2.1%	$159.13	+2.3%	COM	911363109
MU	MICRON TECHNOLOGY INC	106,330 (+57.5%)	$4,993 (+43.6%)	2.4%	$46.45	+1.7%	COM	595112103
VZ	VERIZON COMMUNICATIONS INC	158,607 (+2.5%)	$9,436 (+10.6%)	4.6%	$28.96	+47.0%	COM	92343V104
CVS	CVS HEALTH CORP	79,465 (+4.1%)	$4,641 (-6.5%)	2.3%	$57.18	-8.4%	COM	126650100
SPY	SPDR S&P 500 ETF TR	7,743 (+2.0%)	$2,593 (+10.8%)	1.3%	$248.63	—	TR UNIT	78462F103
META	FACEBOOK	3,372 (+11.1%)	$883 (+28.2%)	0.4%	$127.55	+100.8%	CL A	30303M102
RTX	RAYTHEON TECHNOLOGIES CORP	60,362 (+9.5%)	$3,473 (+2.2%)	1.7%	$54.53	-1.5%	COM	75513E101
AAPL	APPLE INC	12,584 (+226.8%)	$1,457 (+3.7%)	0.7%	$79.68	+33.0%	COM	037833100
AMAT	APPLIED MATLS INC	144,590 (+1.5%)	$8,596 (-0.2%)	4.2%	$52.69	+11.7%	COM	038222105

Decreased Positions (17)

FDX FEDEX CORP 6.0%

Value ($000) $12,345 (+75.7%) Shares 49,080 (-2.1%) Est. Cost $111.26 Unrealized +62.6%

KMB KIMBERLY CLARK CORP 1.3%

Value ($000) $2,636 (-48.7%) Shares 17,855 (-50.8%) Est. Cost $69.27 Unrealized +78.3%

PYPL PAYPAL HLDGS INC 3.6%

Value ($000) $7,501 (-21.0%) Shares 38,071 (-30.1%) Est. Cost $42.66 Unrealized +340.5%

ADM ARCHER-DANIELS-MIDLAND CO 4.3%

Value ($000) $8,936 (+15.0%) Shares 192,215 (-1.3%) Est. Cost $31.05 Unrealized +21.1%

GOOGL ALPHABET INC 2.7%

Value ($000) $5,456 (-16.6%) Shares 3,723 (-19.3%) Est. Cost $42.77 Unrealized +76.8%

MSFT MICROSOFT CORP 5.9%

Value ($000) $12,144 (-6.8%) Shares 57,738 (-9.9%) Est. Cost $42.07 Unrealized +377.1%

— MARATHON OIL CORP 0.7%

Value ($000) $1,523 (-36.9%) Shares 372,330 (-5.5%) Est. Cost $12.96 Unrealized —

GLW CORNING INC 2.3%

Value ($000) $4,671 (+22.8%) Shares 144,115 (-1.9%) Est. Cost $12.61 Unrealized +111.4%

AMGN AMGEN INC 3.3%

Value ($000) $6,833 (+5.4%) Shares 26,885 (-2.2%) Est. Cost $85.06 Unrealized +146.3%

VMI VALMONT INDUSTRIES INC 1.4%

Value ($000) $2,806 (+6.0%) Shares 22,600 (-2.9%) Est. Cost $132.40 Unrealized -7.1%

EBAY EBAY INC 3.1%

Value ($000) $6,383 (-1.9%) Shares 122,510 (-1.2%) Est. Cost $26.64 Unrealized +88.5%

GLD SPDR GOLD TRUST 0.3%

Value ($000) $634 (-12.7%) Shares 3,580 (-17.5%) Est. Cost $142.42 Unrealized —

ROP ROPER TECHNOLOGIES INC 0.5%

Value ($000) $958 (-5.2%) Shares 2,425 (-6.9%) Est. Cost $113.55 Unrealized +254.7%

AMZN AMAZON COM INC 0.6%

Value ($000) $1,206 (-3.8%) Shares 383 (-15.6%) Est. Cost $53.58 Unrealized +194.3%

QQQ INVESCO QQQ TR 0.7%

Value ($000) $1,518 (-1.6%) Shares 5,463 (-12.4%) Est. Cost $217.21 Unrealized —

CAG CONAGRA FOODS INC 3.3%

Value ($000) $6,863 (-0.2%) Shares 192,180 (-1.7%) Est. Cost $19.18 Unrealized +50.9%

GDX VANECK VECTORS ETF TR 0.3%

Value ($000) $534 (-0.7%) Shares 13,642 (-7.0%) Est. Cost $27.29 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FDX	FEDEX CORP	49,080 (-2.1%)	$12,345 (+75.7%)	6.0%	$111.26	+62.6%	COM	31428X106
KMB	KIMBERLY CLARK CORP	17,855 (-50.8%)	$2,636 (-48.7%)	1.3%	$69.27	+78.3%	COM	494368103
PYPL	PAYPAL HLDGS INC	38,071 (-30.1%)	$7,501 (-21.0%)	3.6%	$42.66	+340.5%	COM	70450Y103
ADM	ARCHER-DANIELS-MIDLAND CO	192,215 (-1.3%)	$8,936 (+15.0%)	4.3%	$31.05	+21.1%	COM	039483102
GOOGL	ALPHABET INC	3,723 (-19.3%)	$5,456 (-16.6%)	2.7%	$42.77	+76.8%	CAP STK CL A	02079K305
MSFT	MICROSOFT CORP	57,738 (-9.9%)	$12,144 (-6.8%)	5.9%	$42.07	+377.1%	COM	594918104
—	MARATHON OIL CORP	372,330 (-5.5%)	$1,523 (-36.9%)	0.7%	$12.96	—	COM	565849106
GLW	CORNING INC	144,115 (-1.9%)	$4,671 (+22.8%)	2.3%	$12.61	+111.4%	COM	219350105
AMGN	AMGEN INC	26,885 (-2.2%)	$6,833 (+5.4%)	3.3%	$85.06	+146.3%	COM	031162100
VMI	VALMONT INDUSTRIES INC	22,600 (-2.9%)	$2,806 (+6.0%)	1.4%	$132.40	-7.1%	COM	920253101
EBAY	EBAY INC	122,510 (-1.2%)	$6,383 (-1.9%)	3.1%	$26.64	+88.5%	COM	278642103
GLD	SPDR GOLD TRUST	3,580 (-17.5%)	$634 (-12.7%)	0.3%	$142.42	—	GOLD SHS	78463V107
ROP	ROPER TECHNOLOGIES INC	2,425 (-6.9%)	$958 (-5.2%)	0.5%	$113.55	+254.7%	COM	776696106
AMZN	AMAZON COM INC	383 (-15.6%)	$1,206 (-3.8%)	0.6%	$53.58	+194.3%	COM	023135106
QQQ	INVESCO QQQ TR	5,463 (-12.4%)	$1,518 (-1.6%)	0.7%	$217.21	—	UNIT SER 1	46090E103
CAG	CONAGRA FOODS INC	192,180 (-1.7%)	$6,863 (-0.2%)	3.3%	$19.18	+50.9%	COM	205887102
GDX	VANECK VECTORS ETF TR	13,642 (-7.0%)	$534 (-0.7%)	0.3%	$27.29	—	GOLD MINERS ETF	92189F106

Unchanged Positions (37)

GILD GILEAD SCIENCES INC 3.1%

Value ($000) $6,299 Shares 99,685 Est. Cost $65.68 Unrealized -14.6%

QRVO QORVO INC 4.2%

Value ($000) $8,694 Shares 67,390 Est. Cost $75.38 Unrealized +64.5%

CSCO CISCO SYS INC 2.7%

Value ($000) $5,603 Shares 142,255 Est. Cost $25.24 Unrealized +46.9%

CVX CHEVRON CORP NEW 1.7%

Value ($000) $3,584 Shares 49,777 Est. Cost $76.26 Unrealized -12.8%

MDT MEDTRONIC INC 3.3%

Value ($000) $6,733 Shares 64,790 Est. Cost $62.21 Unrealized +38.6%

ORCL ORACLE CORP 3.1%

Value ($000) $6,471 Shares 108,395 Est. Cost $43.84 Unrealized +20.3%

NVDA NVIDIA CORP 0.7%

Value ($000) $1,377 Shares 2,544 Est. Cost $5.62 Unrealized +106.4%

HPQ HP INC 2.2%

Value ($000) $4,602 Shares 242,320 Est. Cost $18.00 Unrealized -15.7%

MRK MERCK & CO INC 2.5%

Value ($000) $5,081 Shares 61,258 Est. Cost $36.65 Unrealized +79.9%

FOX FOX CORP 2.8%

Value ($000) $5,726 Shares 204,710 Est. Cost $28.61 Unrealized -14.0%

NEM NEWMONT CORP 3.5%

Value ($000) $7,104 Shares 111,970 Est. Cost $21.73 Unrealized +153.7%

ALL ALLSTATE CORP 2.8%

Value ($000) $5,787 Shares 61,475 Est. Cost $47.88 Unrealized +70.8%

QCOM QUALCOMM INC 0.2%

Value ($000) $471 Shares 4,005 Est. Cost $62.83 Unrealized +51.4%

AEP AMERICAN ELEC PWR INC 1.7%

Value ($000) $3,433 Shares 42,005 Est. Cost $35.74 Unrealized +89.7%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.2%

Value ($000) $459 Shares 2,155 Est. Cost $182.62 Unrealized +12.0%

C CITIGROUP INC 0.2%

Value ($000) $343 Shares 7,960 Est. Cost $54.19 Unrealized -24.3%

IDEV ISHARES TR 0.6%

Value ($000) $1,144 Shares 21,195 Est. Cost $54.47 Unrealized —

— DISCOVER FINL SVCS 0.2%

Value ($000) $431 Shares 7,461 Est. Cost $78.06 Unrealized —

— ISHARES TR 0.3%

Value ($000) $607 Shares 9,675 Est. Cost $53.76 Unrealized —

EWG ISHARES INC 0.4%

Value ($000) $742 Shares 25,485 Est. Cost $27.49 Unrealized —

IVV ISHARES TR 0.3%

Value ($000) $642 Shares 1,910 Est. Cost $270.05 Unrealized —

VGK VANGUARD INTL EQUITY INDEX F 0.6%

Value ($000) $1,234 Shares 23,545 Est. Cost $53.37 Unrealized —

NTES NETEASE INC 0.4%

Value ($000) $777 Shares 1,708 Est. Cost $302.61 Unrealized —

JNJ JOHNSON & JOHNSON 0.4%

Value ($000) $744 Shares 4,994 Est. Cost $74.30 Unrealized +70.9%

VWO VANGUARD INTL EQUITY INDEX F 0.2%

Value ($000) $438 Shares 10,125 Est. Cost $41.41 Unrealized —

— TREVENA INC 0.0%

Value ($000) $66 Shares 22,000 Est. Cost $0.41 Unrealized —

ULTA ULTA BEAUTY INC 0.2%

Value ($000) $355 Shares 1,586 Est. Cost $283.37 Unrealized -24.1%

ET ENERGY TRANSFER LP 0.0%

Value ($000) $100 Shares 18,425 Est. Cost $14.07 Unrealized —

EWJ ISHARES INC 0.2%

Value ($000) $410 Shares 6,935 Est. Cost $52.93 Unrealized —

— GASLOG PARTNERS LP 0.1%

Value ($000) $121 Shares 36,000 Est. Cost $2.22 Unrealized —

— ALEXCO RESOURCE CORP 0.1%

Value ($000) $143 Shares 54,000 Est. Cost $0.92 Unrealized —

IBB ISHARES TR 0.4%

Value ($000) $872 Shares 6,443 Est. Cost $128.29 Unrealized —

MO ALTRIA GROUP INC 0.2%

Value ($000) $415 Shares 10,730 Est. Cost $27.56 Unrealized -1.4%

MET METLIFE INC 0.2%

Value ($000) $333 Shares 8,965 Est. Cost $28.48 Unrealized +12.4%

— HOUSTON WIRE & CABLE CO 0.0%

Value ($000) $51 Shares 20,400 Est. Cost $11.19 Unrealized —

— WESTERN ASSET HIGH INCM FD I 0.0%

Value ($000) $87 Shares 13,637 Est. Cost $6.60 Unrealized —

MS MORGAN STANLEY 0.3%

Value ($000) $543 Shares 11,229 Est. Cost $35.86 Unrealized +18.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GILD	GILEAD SCIENCES INC	99,685	$6,299	3.1%	$65.68	-14.6%	COM	375558103
QRVO	QORVO INC	67,390	$8,694	4.2%	$75.38	+64.5%	COM	74736K101
CSCO	CISCO SYS INC	142,255	$5,603	2.7%	$25.24	+46.9%	COM	17275R102
CVX	CHEVRON CORP NEW	49,777	$3,584	1.7%	$76.26	-12.8%	COM	166764100
MDT	MEDTRONIC INC	64,790	$6,733	3.3%	$62.21	+38.6%	SHS	G5960L103
ORCL	ORACLE CORP	108,395	$6,471	3.1%	$43.84	+20.3%	COM	68389X105
NVDA	NVIDIA CORP	2,544	$1,377	0.7%	$5.62	+106.4%	COM	67066G104
HPQ	HP INC	242,320	$4,602	2.2%	$18.00	-15.7%	COM	40434L105
MRK	MERCK & CO INC	61,258	$5,081	2.5%	$36.65	+79.9%	COM	58933Y105
FOX	FOX CORP	204,710	$5,726	2.8%	$28.61	-14.0%	CL B COM	35137L204
NEM	NEWMONT CORP	111,970	$7,104	3.5%	$21.73	+153.7%	COM	651639106
ALL	ALLSTATE CORP	61,475	$5,787	2.8%	$47.88	+70.8%	COM	020002101
QCOM	QUALCOMM INC	4,005	$471	0.2%	$62.83	+51.4%	COM	747525103
AEP	AMERICAN ELEC PWR INC	42,005	$3,433	1.7%	$35.74	+89.7%	COM	025537101
BRK/B	BERKSHIRE HATHAWAY INC DEL	2,155	$459	0.2%	$182.62	+12.0%	CL B NEW	084670702
C	CITIGROUP INC	7,960	$343	0.2%	$54.19	-24.3%	COM NEW	172967424
IDEV	ISHARES TR	21,195	$1,144	0.6%	$54.47	—	CORE MSCI INTL	46435G326
—	DISCOVER FINL SVCS	7,461	$431	0.2%	$78.06	—	COM	254709108
—	ISHARES TR	9,675	$607	0.3%	$53.76	—	MSCI GERMNY ETF	46429B465
EWG	ISHARES INC	25,485	$742	0.4%	$27.49	—	MSCI GERMANY ETF	464286806
IVV	ISHARES TR	1,910	$642	0.3%	$270.05	—	CORE S&P500 ETF	464287200
VGK	VANGUARD INTL EQUITY INDEX F	23,545	$1,234	0.6%	$53.37	—	FTSE EUROPE ETF	922042874
NTES	NETEASE INC	1,708	$777	0.4%	$302.61	—	SPONSORED ADS	64110W102
JNJ	JOHNSON & JOHNSON	4,994	$744	0.4%	$74.30	+70.9%	COM	478160104
VWO	VANGUARD INTL EQUITY INDEX F	10,125	$438	0.2%	$41.41	—	FTSE EMR MKT ETF	922042858
—	TREVENA INC	22,000	$66	0.0%	$0.41	—	COM	89532E109
ULTA	ULTA BEAUTY INC	1,586	$355	0.2%	$283.37	-24.1%	COM	90384S303
ET	ENERGY TRANSFER LP	18,425	$100	0.0%	$14.07	—	COM UT LTD PTN	29273V100
EWJ	ISHARES INC	6,935	$410	0.2%	$52.93	—	MSCI JPN ETF NEW	46434G822
—	GASLOG PARTNERS LP	36,000	$121	0.1%	$2.22	—	UNIT LTD PTNRP	Y2687W108
—	ALEXCO RESOURCE CORP	54,000	$143	0.1%	$0.92	—	COM	01535P106
IBB	ISHARES TR	6,443	$872	0.4%	$128.29	—	NASDAQ BIOTECH	464287556
MO	ALTRIA GROUP INC	10,730	$415	0.2%	$27.56	-1.4%	COM	02209S103
MET	METLIFE INC	8,965	$333	0.2%	$28.48	+12.4%	COM	59156R108
—	HOUSTON WIRE & CABLE CO	20,400	$51	0.0%	$11.19	—	COM	44244K109
—	WESTERN ASSET HIGH INCM FD I	13,637	$87	0.0%	$6.60	—	COM	95766J102
MS	MORGAN STANLEY	11,229	$543	0.3%	$35.86	+18.6%	COM NEW	617446448