F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CVX	CHEVRON CORP NEW	96,617 (+94.1%)	$8,159 (+127.7%)	3.5%	$70.81	-8.2%	COM	166764100
—	MARATHON OIL CORP	699,840 (+88.0%)	$4,668 (+206.5%)	2.0%	$10.01	—	COM	565849106
URI	UNITED RENTALS INC	32,135 (+28.8%)	$7,452 (+71.2%)	3.2%	$169.31	+20.8%	COM	911363109
RTX	RAYTHEON TECHNOLOGIES CORP	91,657 (+51.8%)	$6,554 (+88.7%)	2.8%	$55.86	+4.6%	COM	75513E101
PYPL	PAYPAL HLDGS INC	42,691 (+12.1%)	$9,998 (+33.3%)	4.3%	$60.41	+242.2%	COM	70450Y103
HPQ	HP INC	247,325 (+2.1%)	$6,082 (+32.2%)	2.6%	$17.99	-2.1%	COM	40434L105
CVS	CVS HEALTH CORP	86,675 (+9.1%)	$5,920 (+27.6%)	2.6%	$57.01	-3.1%	COM	126650100
ALL	ALLSTATE CORP	62,135 (+1.1%)	$6,831 (+18.0%)	2.9%	$48.29	+79.4%	COM	020002101
ADM	ARCHER DANIELS MIDLAND CO	197,495 (+2.7%)	$9,956 (+11.4%)	4.3%	$31.36	+36.5%	COM	039483102
CSCO	CISCO SYS INC	147,570 (+3.7%)	$6,604 (+17.9%)	2.9%	$25.60	+37.8%	COM	17275R102
MDT	MEDTRONIC INC	65,660 (+1.3%)	$7,691 (+14.2%)	3.3%	$62.64	+51.8%	SHS	G5960L103
ORCL	ORACLE CORP	112,205 (+3.5%)	$7,259 (+12.2%)	3.1%	$44.24	+25.5%	COM	68389X105
QQQ	INVESCO QQQ TR	6,353 (+16.3%)	$1,993 (+31.3%)	0.9%	$230.73	—	UNIT SER 1	46090E103
CAG	CONAGRA FOODS INC	200,318 (+4.2%)	$7,264 (+5.8%)	3.1%	$19.58	+47.5%	COM	205887102
QCOM	QUALCOMM INC	5,595 (+39.7%)	$852 (+80.9%)	0.4%	$80.42	+55.1%	COM	747525103
AEP	AMERICAN ELEC PWR INC	44,575 (+6.1%)	$3,712 (+8.1%)	1.6%	$37.83	+90.3%	COM	025537101
FOX	FOX CORP	207,550 (+1.4%)	$5,994 (+4.7%)	2.6%	$28.57	-9.6%	CL B COM	35137L204
BMY	BRISTOL MYERS SQUIBB CO	7,304 (+119.4%)	$453 (+125.4%)	0.2%	$49.37	+1.3%	COM	110122108
EBAY	EBAY INC	124,230 (+1.4%)	$6,243 (-2.2%)	2.7%	$26.92	+73.4%	COM	278642103
IBB	ISHARES TR	6,608 (+2.6%)	$1,001 (+14.8%)	0.4%	$128.87	—	NASDAQ BIOTECH	464287556
EWJ	ISHARES INC	7,335 (+5.8%)	$496 (+21.0%)	0.2%	$53.73	—	MSCI JPN ETF NEW	46434G822
VZ	VERIZON COMMUNICATIONS INC	161,435 (+1.8%)	$9,484 (+0.5%)	4.1%	$29.23	+50.5%	COM	92343V104
NTES	NETEASE INC	8,595 (+403.2%)	$823 (+5.9%)	0.4%	$136.86	—	SPONSORED ADS	64110W102
MRK	MERCK & CO INC	62,328 (+1.7%)	$5,098 (+0.3%)	2.2%	$37.13	+74.6%	COM	58933Y105

Exited Positions (6)

KMB KIMBERLY CLARK CORP 1.1%

Value ($000) $2,636 Shares 17,855 Est. Cost $69.27 Unrealized +67.4%

GDX VANECK VECTORS ETF TR 0.2%

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

— DISCOVER FINL SVCS 0.2%

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

ULTA ULTA BEAUTY INC 0.2%

Value ($000) $355 Shares 1,586 Est. Cost $283.37 Unrealized -10.7%

ET ENERGY TRANSFER LP 0.0%

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

— WESTERN ASSET HIGH INCM FD I 0.0%

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

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KMB	KIMBERLY CLARK CORP	17,855	$2,636	1.1%	$69.27	+67.4%	—	494368103
GDX	VANECK VECTORS ETF TR	13,642	$534	0.2%	$27.29	—	—	92189F106
—	DISCOVER FINL SVCS	7,461	$431	0.2%	$78.06	—	—	254709108
ULTA	ULTA BEAUTY INC	1,586	$355	0.2%	$283.37	-10.7%	—	90384S303
ET	ENERGY TRANSFER LP	18,425	$100	0.0%	$14.07	—	—	29273V100
—	WESTERN ASSET HIGH INCM FD I	13,637	$87	0.0%	$6.60	—	—	95766J102

Decreased Positions (13)

FDX FEDEX CORP 4.0%

Value ($000) $9,271 (-24.9%) Shares 35,710 (-27.2%) Est. Cost $111.26 Unrealized +125.7%

MU MICRON TECHNOLOGY INC 3.4%

Value ($000) $7,889 (+58.0%) Shares 104,940 (-1.3%) Est. Cost $46.45 Unrealized +26.7%

GILD GILEAD SCIENCES INC 2.3%

Value ($000) $5,252 (-16.6%) Shares 90,140 (-9.6%) Est. Cost $65.68 Unrealized -24.9%

GOOGL ALPHABET INC 2.8%

Value ($000) $6,436 (+18.0%) Shares 3,672 (-1.4%) Est. Cost $42.77 Unrealized +95.2%

GLD SPDR GOLD TRUST 0.1%

Value ($000) $341 (-46.2%) Shares 1,910 (-46.6%) Est. Cost $142.42 Unrealized —

AMAT APPLIED MATLS INC 3.6%

Value ($000) $8,350 (-2.9%) Shares 96,755 (-33.1%) Est. Cost $52.69 Unrealized +34.2%

MSFT MICROSOFT CORP 5.2%

Value ($000) $11,935 (-1.7%) Shares 53,658 (-7.1%) Est. Cost $42.07 Unrealized +389.7%

AAPL APPLE INC 0.7%

Value ($000) $1,623 (+11.4%) Shares 12,234 (-2.8%) Est. Cost $79.68 Unrealized +46.9%

META FACEBOOK 0.3%

Value ($000) $757 (-14.3%) Shares 2,772 (-17.8%) Est. Cost $127.55 Unrealized +113.4%

C CITIGROUP INC 0.2%

Value ($000) $469 (+36.7%) Shares 7,605 (-4.5%) Est. Cost $54.19 Unrealized -21.8%

NVDA NVIDIA CORP 0.6%

Value ($000) $1,312 (-4.7%) Shares 2,513 (-1.2%) Est. Cost $5.62 Unrealized +137.6%

MO ALTRIA GROUP INC 0.2%

Value ($000) $358 (-13.7%) Shares 8,730 (-18.6%) Est. Cost $27.56 Unrealized -3.1%

AMZN AMAZON COM INC 0.5%

Value ($000) $1,231 (+2.1%) Shares 378 (-1.3%) Est. Cost $53.58 Unrealized +197.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FDX	FEDEX CORP	35,710 (-27.2%)	$9,271 (-24.9%)	4.0%	$111.26	+125.7%	COM	31428X106
MU	MICRON TECHNOLOGY INC	104,940 (-1.3%)	$7,889 (+58.0%)	3.4%	$46.45	+26.7%	COM	595112103
GILD	GILEAD SCIENCES INC	90,140 (-9.6%)	$5,252 (-16.6%)	2.3%	$65.68	-24.9%	COM	375558103
GOOGL	ALPHABET INC	3,672 (-1.4%)	$6,436 (+18.0%)	2.8%	$42.77	+95.2%	CAP STK CL A	02079K305
GLD	SPDR GOLD TRUST	1,910 (-46.6%)	$341 (-46.2%)	0.1%	$142.42	—	GOLD SHS	78463V107
AMAT	APPLIED MATLS INC	96,755 (-33.1%)	$8,350 (-2.9%)	3.6%	$52.69	+34.2%	COM	038222105
MSFT	MICROSOFT CORP	53,658 (-7.1%)	$11,935 (-1.7%)	5.2%	$42.07	+389.7%	COM	594918104
AAPL	APPLE INC	12,234 (-2.8%)	$1,623 (+11.4%)	0.7%	$79.68	+46.9%	COM	037833100
META	FACEBOOK	2,772 (-17.8%)	$757 (-14.3%)	0.3%	$127.55	+113.4%	CL A	30303M102
C	CITIGROUP INC	7,605 (-4.5%)	$469 (+36.7%)	0.2%	$54.19	-21.8%	COM NEW	172967424
NVDA	NVIDIA CORP	2,513 (-1.2%)	$1,312 (-4.7%)	0.6%	$5.62	+137.6%	COM	67066G104
MO	ALTRIA GROUP INC	8,730 (-18.6%)	$358 (-13.7%)	0.2%	$27.56	-3.1%	COM	02209S103
AMZN	AMAZON COM INC	378 (-1.3%)	$1,231 (+2.1%)	0.5%	$53.58	+197.9%	COM	023135106

Unchanged Positions (21)

QRVO QORVO INC 4.9%

Value ($000) $11,316 Shares 68,060 Est. Cost $75.38 Unrealized +95.3%

VMI VALMONT INDUSTRIES INC 1.7%

Value ($000) $3,984 Shares 22,773 Est. Cost $132.40 Unrealized +17.6%

AMGN AMGEN INC 2.7%

Value ($000) $6,201 Shares 26,970 Est. Cost $85.06 Unrealized +130.8%

GLW CORNING INC 2.3%

Value ($000) $5,234 Shares 145,390 Est. Cost $12.61 Unrealized +144.8%

NEM NEWMONT CORP 2.9%

Value ($000) $6,770 Shares 113,040 Est. Cost $21.73 Unrealized +140.9%

SPY SPDR S&P 500 ETF TR 1.3%

Value ($000) $2,905 Shares 7,769 Est. Cost $248.63 Unrealized —

MS MORGAN STANLEY 0.3%

Value ($000) $770 Shares 11,229 Est. Cost $35.86 Unrealized +36.1%

VGK VANGUARD INTL EQUITY INDEX F 0.6%

Value ($000) $1,406 Shares 23,345 Est. Cost $53.37 Unrealized —

IDEV ISHARES TR 0.6%

Value ($000) $1,306 Shares 21,195 Est. Cost $54.47 Unrealized —

— ISHARES TR 0.3%

Value ($000) $729 Shares 9,675 Est. Cost $53.76 Unrealized —

MET METLIFE INC 0.2%

Value ($000) $421 Shares 8,965 Est. Cost $28.48 Unrealized +30.0%

ROP ROPER TECHNOLOGIES INC 0.5%

Value ($000) $1,045 Shares 2,425 Est. Cost $113.55 Unrealized +250.7%

IVV ISHARES TR 0.3%

Value ($000) $717 Shares 1,910 Est. Cost $270.05 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 0.2%

Value ($000) $507 Shares 10,125 Est. Cost $41.41 Unrealized —

EWG ISHARES INC 0.3%

Value ($000) $810 Shares 25,485 Est. Cost $27.49 Unrealized —

JNJ JOHNSON & JOHNSON 0.3%

Value ($000) $788 Shares 5,009 Est. Cost $74.30 Unrealized +71.6%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.2%

Value ($000) $500 Shares 2,155 Est. Cost $182.62 Unrealized +20.6%

— ALEXCO RESOURCE CORP 0.1%

Value ($000) $171 Shares 54,000 Est. Cost $0.92 Unrealized —

— GASLOG PARTNERS LP 0.0%

Value ($000) $98 Shares 36,000 Est. Cost $2.22 Unrealized —

— TREVENA INC 0.0%

Value ($000) $47 Shares 22,000 Est. Cost $0.41 Unrealized —

— HOUSTON WIRE & CABLE CO 0.0%

Value ($000) $57 Shares 20,400 Est. Cost $11.19 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QRVO	QORVO INC	68,060	$11,316	4.9%	$75.38	+95.3%	COM	74736K101
VMI	VALMONT INDUSTRIES INC	22,773	$3,984	1.7%	$132.40	+17.6%	COM	920253101
AMGN	AMGEN INC	26,970	$6,201	2.7%	$85.06	+130.8%	COM	031162100
GLW	CORNING INC	145,390	$5,234	2.3%	$12.61	+144.8%	COM	219350105
NEM	NEWMONT CORP	113,040	$6,770	2.9%	$21.73	+140.9%	COM	651639106
SPY	SPDR S&P 500 ETF TR	7,769	$2,905	1.3%	$248.63	—	TR UNIT	78462F103
MS	MORGAN STANLEY	11,229	$770	0.3%	$35.86	+36.1%	COM NEW	617446448
VGK	VANGUARD INTL EQUITY INDEX F	23,345	$1,406	0.6%	$53.37	—	FTSE EUROPE ETF	922042874
IDEV	ISHARES TR	21,195	$1,306	0.6%	$54.47	—	CORE MSCI INTL	46435G326
—	ISHARES TR	9,675	$729	0.3%	$53.76	—	MSCI GERMNY ETF	46429B465
MET	METLIFE INC	8,965	$421	0.2%	$28.48	+30.0%	COM	59156R108
ROP	ROPER TECHNOLOGIES INC	2,425	$1,045	0.5%	$113.55	+250.7%	COM	776696106
IVV	ISHARES TR	1,910	$717	0.3%	$270.05	—	CORE S&P500 ETF	464287200
VWO	VANGUARD INTL EQUITY INDEX F	10,125	$507	0.2%	$41.41	—	FTSE EMR MKT ETF	922042858
EWG	ISHARES INC	25,485	$810	0.3%	$27.49	—	MSCI GERMANY ETF	464286806
JNJ	JOHNSON & JOHNSON	5,009	$788	0.3%	$74.30	+71.6%	COM	478160104
BRK/B	BERKSHIRE HATHAWAY INC DEL	2,155	$500	0.2%	$182.62	+20.6%	CL B NEW	084670702
—	ALEXCO RESOURCE CORP	54,000	$171	0.1%	$0.92	—	COM	01535P106
—	GASLOG PARTNERS LP	36,000	$98	0.0%	$2.22	—	UNIT LTD PTNRP	Y2687W108
—	TREVENA INC	22,000	$47	0.0%	$0.41	—	COM	89532E109
—	HOUSTON WIRE & CABLE CO	20,400	$57	0.0%	$11.19	—	COM	44244K109