F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LITE	LUMENTUM HLDGS INC	77,750	$7,102	2.7%	$92.56	0.0%	COM	55024U109
CMI	CUMMINS INC	15,785	$4,090	1.5%	$221.90	0.0%	COM	231021106
CNYA	ISHARES TR	7,100	$292	0.1%	$41.13	—	MSCI CHINA A	46434V514
BIDU	BAIDU INC	1,000	$218	0.1%	$218.00	—	SPON ADR REP A	056752108
—	BARRICK GOLD CORP	11,000	$218	0.1%	$19.82	—	COM	067901108
DES	WISDOMTREE TR	6,625	$206	0.1%	$31.09	—	US SMALLCAP DIVD	97717W604

Increased Positions (21)

AMAT APPLIED MATLS INC 5.0%

Value ($000) $13,487 (+61.5%) Shares 100,950 (+4.3%) Est. Cost $54.89 Unrealized +92.6%

BMY BRISTOL MYERS SQUIBB CO 1.9%

Value ($000) $5,077 (+1020.8%) Shares 80,425 (+1001.1%) Est. Cost $50.88 Unrealized +0.3%

CVX CHEVRON CORP NEW 3.9%

Value ($000) $10,392 (+27.4%) Shares 99,172 (+2.6%) Est. Cost $71.03 Unrealized +12.0%

MU MICRON TECHNOLOGY INC 3.7%

Value ($000) $9,883 (+25.3%) Shares 112,045 (+6.8%) Est. Cost $48.75 Unrealized +69.8%

EBAY EBAY INC 3.0%

Value ($000) $7,945 (+27.3%) Shares 129,730 (+4.4%) Est. Cost $28.03 Unrealized +89.8%

GILD GILEAD SCIENCES INC 2.6%

Value ($000) $6,854 (+30.5%) Shares 106,050 (+17.7%) Est. Cost $63.83 Unrealized -16.4%

FOX FOX CORP 2.8%

Value ($000) $7,595 (+26.7%) Shares 217,435 (+4.8%) Est. Cost $28.69 Unrealized +9.1%

ADM ARCHER DANIELS MIDLAND CO 4.3%

Value ($000) $11,431 (+14.8%) Shares 200,540 (+1.5%) Est. Cost $31.61 Unrealized +51.7%

FDX FEDEX CORP 4.0%

Value ($000) $10,698 (+15.4%) Shares 37,665 (+5.5%) Est. Cost $117.64 Unrealized +99.1%

CSCO CISCO SYS INC 3.0%

Value ($000) $7,909 (+19.8%) Shares 152,955 (+3.6%) Est. Cost $26.13 Unrealized +55.5%

QRVO QORVO INC 4.7%

Value ($000) $12,618 (+11.5%) Shares 69,065 (+1.5%) Est. Cost $76.84 Unrealized +128.5%

GLW CORNING INC 2.4%

Value ($000) $6,423 (+22.7%) Shares 147,615 (+1.5%) Est. Cost $12.93 Unrealized +159.9%

ALL ALLSTATE CORP 2.9%

Value ($000) $7,674 (+12.3%) Shares 66,790 (+7.5%) Est. Cost $51.73 Unrealized +88.8%

ORCL ORACLE CORP 3.0%

Value ($000) $8,027 (+10.6%) Shares 114,400 (+2.0%) Est. Cost $44.55 Unrealized +36.1%

CVS CVS HEALTH CORP 2.5%

Value ($000) $6,688 (+13.0%) Shares 88,899 (+2.6%) Est. Cost $57.15 Unrealized +9.0%

RTX RAYTHEON TECHNOLOGIES CORP 2.7%

Value ($000) $7,154 (+9.2%) Shares 92,590 (+1.0%) Est. Cost $55.95 Unrealized +16.6%

PYPL PAYPAL HLDGS INC 3.9%

Value ($000) $10,543 (+5.5%) Shares 43,417 (+1.7%) Est. Cost $63.62 Unrealized +296.0%

VWO VANGUARD INTL EQUITY INDEX F 0.3%

Value ($000) $744 (+46.7%) Shares 14,289 (+41.1%) Est. Cost $44.52 Unrealized —

VZ VERIZON COMMUNICATIONS INC 3.6%

Value ($000) $9,714 (+2.4%) Shares 167,048 (+3.5%) Est. Cost $29.66 Unrealized +42.4%

MDT MEDTRONIC INC 2.9%

Value ($000) $7,849 (+2.1%) Shares 66,445 (+1.2%) Est. Cost $63.11 Unrealized +61.2%

EWG ISHARES INC 0.3%

Value ($000) $876 (+8.1%) Shares 26,200 (+2.8%) Est. Cost $27.65 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMAT	APPLIED MATLS INC	100,950 (+4.3%)	$13,487 (+61.5%)	5.0%	$54.89	+92.6%	COM	038222105
BMY	BRISTOL MYERS SQUIBB CO	80,425 (+1001.1%)	$5,077 (+1020.8%)	1.9%	$50.88	+0.3%	COM	110122108
CVX	CHEVRON CORP NEW	99,172 (+2.6%)	$10,392 (+27.4%)	3.9%	$71.03	+12.0%	COM	166764100
MU	MICRON TECHNOLOGY INC	112,045 (+6.8%)	$9,883 (+25.3%)	3.7%	$48.75	+69.8%	COM	595112103
EBAY	EBAY INC	129,730 (+4.4%)	$7,945 (+27.3%)	3.0%	$28.03	+89.8%	COM	278642103
GILD	GILEAD SCIENCES INC	106,050 (+17.7%)	$6,854 (+30.5%)	2.6%	$63.83	-16.4%	COM	375558103
FOX	FOX CORP	217,435 (+4.8%)	$7,595 (+26.7%)	2.8%	$28.69	+9.1%	CL B COM	35137L204
ADM	ARCHER DANIELS MIDLAND CO	200,540 (+1.5%)	$11,431 (+14.8%)	4.3%	$31.61	+51.7%	COM	039483102
FDX	FEDEX CORP	37,665 (+5.5%)	$10,698 (+15.4%)	4.0%	$117.64	+99.1%	COM	31428X106
CSCO	CISCO SYS INC	152,955 (+3.6%)	$7,909 (+19.8%)	3.0%	$26.13	+55.5%	COM	17275R102
QRVO	QORVO INC	69,065 (+1.5%)	$12,618 (+11.5%)	4.7%	$76.84	+128.5%	COM	74736K101
GLW	CORNING INC	147,615 (+1.5%)	$6,423 (+22.7%)	2.4%	$12.93	+159.9%	COM	219350105
ALL	ALLSTATE CORP	66,790 (+7.5%)	$7,674 (+12.3%)	2.9%	$51.73	+88.8%	COM	020002101
ORCL	ORACLE CORP	114,400 (+2.0%)	$8,027 (+10.6%)	3.0%	$44.55	+36.1%	COM	68389X105
CVS	CVS HEALTH CORP	88,899 (+2.6%)	$6,688 (+13.0%)	2.5%	$57.15	+9.0%	COM	126650100
RTX	RAYTHEON TECHNOLOGIES CORP	92,590 (+1.0%)	$7,154 (+9.2%)	2.7%	$55.95	+16.6%	COM	75513E101
PYPL	PAYPAL HLDGS INC	43,417 (+1.7%)	$10,543 (+5.5%)	3.9%	$63.62	+296.0%	COM	70450Y103
VWO	VANGUARD INTL EQUITY INDEX F	14,289 (+41.1%)	$744 (+46.7%)	0.3%	$44.52	—	FTSE EMR MKT ETF	922042858
VZ	VERIZON COMMUNICATIONS INC	167,048 (+3.5%)	$9,714 (+2.4%)	3.6%	$29.66	+42.4%	COM	92343V104
MDT	MEDTRONIC INC	66,445 (+1.2%)	$7,849 (+2.1%)	2.9%	$63.11	+61.2%	SHS	G5960L103
EWG	ISHARES INC	26,200 (+2.8%)	$876 (+8.1%)	0.3%	$27.65	—	MSCI GERMANY ETF	464286806

Exited Positions (4)

AMGN AMGEN INC 2.3%

Value ($000) $6,201 Shares 26,970 Est. Cost $85.06 Unrealized +140.6%

MET METLIFE INC 0.2%

Value ($000) $421 Shares 8,965 Est. Cost $28.48 Unrealized +67.2%

GLD SPDR GOLD TRUST 0.1%

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

KGC KINROSS GOLD CORP 0.0%

Value ($000) $110 Shares 15,000 Est. Cost $7.97 Unrealized -12.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMGN	AMGEN INC	26,970	$6,201	2.3%	$85.06	+140.6%	—	031162100
MET	METLIFE INC	8,965	$421	0.2%	$28.48	+67.2%	—	59156R108
GLD	SPDR GOLD TRUST	1,910	$341	0.1%	$142.42	—	—	78463V107
KGC	KINROSS GOLD CORP	15,000	$110	0.0%	$7.97	-12.8%	—	496902404

Decreased Positions (23)

CAG CONAGRA FOODS INC 1.4%

Value ($000) $3,691 (-49.2%) Shares 98,153 (-51.0%) Est. Cost $19.58 Unrealized +45.0%

URI UNITED RENTALS INC 3.9%

Value ($000) $10,337 (+38.7%) Shares 31,390 (-2.3%) Est. Cost $169.31 Unrealized +62.0%

HPQ HP INC 2.9%

Value ($000) $7,640 (+25.6%) Shares 240,635 (-2.7%) Est. Cost $17.99 Unrealized +29.7%

GOOGL ALPHABET INC 2.8%

Value ($000) $7,483 (+16.3%) Shares 3,628 (-1.2%) Est. Cost $42.77 Unrealized +129.0%

AAPL APPLE INC 0.3%

Value ($000) $814 (-49.8%) Shares 6,664 (-45.5%) Est. Cost $79.68 Unrealized +57.0%

ROP ROPER TECHNOLOGIES INC 0.1%

Value ($000) $242 (-76.8%) Shares 601 (-75.2%) Est. Cost $113.55 Unrealized +243.2%

NVDA NVIDIA CORP 0.3%

Value ($000) $677 (-48.4%) Shares 1,268 (-49.5%) Est. Cost $5.62 Unrealized +138.6%

IBB ISHARES TR 0.2%

Value ($000) $527 (-47.4%) Shares 3,498 (-47.1%) Est. Cost $128.87 Unrealized —

AMZN AMAZON COM INC 0.3%

Value ($000) $770 (-37.4%) Shares 249 (-34.1%) Est. Cost $53.58 Unrealized +195.9%

NTES NETEASE INC 0.1%

Value ($000) $381 (-53.7%) Shares 3,690 (-57.1%) Est. Cost $136.86 Unrealized —

MRK MERCK & CO INC 1.8%

Value ($000) $4,699 (-7.8%) Shares 60,955 (-2.2%) Est. Cost $37.13 Unrealized +69.8%

QCOM QUALCOMM INC 0.2%

Value ($000) $457 (-46.4%) Shares 3,450 (-38.3%) Est. Cost $80.42 Unrealized +61.3%

JNJ JOHNSON & JOHNSON 0.2%

Value ($000) $460 (-41.6%) Shares 2,797 (-44.2%) Est. Cost $74.30 Unrealized +89.5%

MSFT MICROSOFT CORP 4.6%

Value ($000) $12,177 (+2.0%) Shares 51,649 (-3.7%) Est. Cost $42.07 Unrealized +429.8%

MS MORGAN STANLEY 0.2%

Value ($000) $549 (-28.7%) Shares 7,064 (-37.1%) Est. Cost $35.86 Unrealized +82.9%

META FACEBOOK 0.2%

Value ($000) $581 (-23.2%) Shares 1,972 (-28.9%) Est. Cost $127.55 Unrealized +109.6%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.1%

Value ($000) $324 (-35.2%) Shares 1,270 (-41.1%) Est. Cost $182.62 Unrealized +33.0%

NEM NEWMONT CORP 2.5%

Value ($000) $6,617 (-2.3%) Shares 109,785 (-2.9%) Est. Cost $21.73 Unrealized +135.9%

C CITIGROUP INC 0.1%

Value ($000) $367 (-21.7%) Shares 5,050 (-33.6%) Est. Cost $54.19 Unrealized +3.7%

— ISHARES TR 0.2%

Value ($000) $649 (-11.0%) Shares 8,380 (-13.4%) Est. Cost $53.76 Unrealized —

QQQ INVESCO QQQ TR 0.7%

Value ($000) $1,951 (-2.1%) Shares 6,113 (-3.8%) Est. Cost $230.73 Unrealized —

MO ALTRIA GROUP INC 0.1%

Value ($000) $322 (-10.1%) Shares 6,300 (-27.8%) Est. Cost $27.56 Unrealized +10.3%

VGK VANGUARD INTL EQUITY INDEX F 0.5%

Value ($000) $1,426 (+1.4%) Shares 22,630 (-3.1%) Est. Cost $53.37 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CAG	CONAGRA FOODS INC	98,153 (-51.0%)	$3,691 (-49.2%)	1.4%	$19.58	+45.0%	COM	205887102
URI	UNITED RENTALS INC	31,390 (-2.3%)	$10,337 (+38.7%)	3.9%	$169.31	+62.0%	COM	911363109
HPQ	HP INC	240,635 (-2.7%)	$7,640 (+25.6%)	2.9%	$17.99	+29.7%	COM	40434L105
GOOGL	ALPHABET INC	3,628 (-1.2%)	$7,483 (+16.3%)	2.8%	$42.77	+129.0%	CAP STK CL A	02079K305
AAPL	APPLE INC	6,664 (-45.5%)	$814 (-49.8%)	0.3%	$79.68	+57.0%	COM	037833100
ROP	ROPER TECHNOLOGIES INC	601 (-75.2%)	$242 (-76.8%)	0.1%	$113.55	+243.2%	COM	776696106
NVDA	NVIDIA CORP	1,268 (-49.5%)	$677 (-48.4%)	0.3%	$5.62	+138.6%	COM	67066G104
IBB	ISHARES TR	3,498 (-47.1%)	$527 (-47.4%)	0.2%	$128.87	—	NASDAQ BIOTECH	464287556
AMZN	AMAZON COM INC	249 (-34.1%)	$770 (-37.4%)	0.3%	$53.58	+195.9%	COM	023135106
NTES	NETEASE INC	3,690 (-57.1%)	$381 (-53.7%)	0.1%	$136.86	—	SPONSORED ADS	64110W102
MRK	MERCK & CO INC	60,955 (-2.2%)	$4,699 (-7.8%)	1.8%	$37.13	+69.8%	COM	58933Y105
QCOM	QUALCOMM INC	3,450 (-38.3%)	$457 (-46.4%)	0.2%	$80.42	+61.3%	COM	747525103
JNJ	JOHNSON & JOHNSON	2,797 (-44.2%)	$460 (-41.6%)	0.2%	$74.30	+89.5%	COM	478160104
MSFT	MICROSOFT CORP	51,649 (-3.7%)	$12,177 (+2.0%)	4.6%	$42.07	+429.8%	COM	594918104
MS	MORGAN STANLEY	7,064 (-37.1%)	$549 (-28.7%)	0.2%	$35.86	+82.9%	COM NEW	617446448
META	FACEBOOK	1,972 (-28.9%)	$581 (-23.2%)	0.2%	$127.55	+109.6%	CL A	30303M102
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,270 (-41.1%)	$324 (-35.2%)	0.1%	$182.62	+33.0%	CL B NEW	084670702
NEM	NEWMONT CORP	109,785 (-2.9%)	$6,617 (-2.3%)	2.5%	$21.73	+135.9%	COM	651639106
C	CITIGROUP INC	5,050 (-33.6%)	$367 (-21.7%)	0.1%	$54.19	+3.7%	COM NEW	172967424
—	ISHARES TR	8,380 (-13.4%)	$649 (-11.0%)	0.2%	$53.76	—	MSCI GERMNY ETF	46429B465
QQQ	INVESCO QQQ TR	6,113 (-3.8%)	$1,951 (-2.1%)	0.7%	$230.73	—	UNIT SER 1	46090E103
MO	ALTRIA GROUP INC	6,300 (-27.8%)	$322 (-10.1%)	0.1%	$27.56	+10.3%	COM	02209S103
VGK	VANGUARD INTL EQUITY INDEX F	22,630 (-3.1%)	$1,426 (+1.4%)	0.5%	$53.37	—	FTSE EUROPE ETF	922042874

Unchanged Positions (11)

— MARATHON OIL CORP 2.8%

Value ($000) $7,463 Shares 698,755 Est. Cost $10.01 Unrealized —

VMI VALMONT INDUSTRIES INC 2.0%

Value ($000) $5,434 Shares 22,863 Est. Cost $132.40 Unrealized +67.5%

SPY SPDR S&P 500 ETF TR 1.1%

Value ($000) $3,055 Shares 7,709 Est. Cost $248.63 Unrealized —

AEP AMERICAN ELEC PWR INC 1.4%

Value ($000) $3,785 Shares 44,690 Est. Cost $37.83 Unrealized +78.4%

IDEV ISHARES TR 0.5%

Value ($000) $1,359 Shares 21,030 Est. Cost $54.47 Unrealized —

— HOUSTON WIRE & CABLE CO 0.0%

Value ($000) $106 Shares 20,400 Est. Cost $11.19 Unrealized —

IVV ISHARES TR 0.3%

Value ($000) $760 Shares 1,910 Est. Cost $270.05 Unrealized —

— ALEXCO RESOURCE CORP 0.1%

Value ($000) $136 Shares 54,000 Est. Cost $0.92 Unrealized —

— TREVENA INC 0.0%

Value ($000) $39 Shares 22,000 Est. Cost $0.41 Unrealized —

EWJ ISHARES INC 0.2%

Value ($000) $498 Shares 7,265 Est. Cost $53.73 Unrealized —

— GASLOG PARTNERS LP 0.0%

Value ($000) $96 Shares 36,000 Est. Cost $2.22 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	MARATHON OIL CORP	698,755	$7,463	2.8%	$10.01	—	COM	565849106
VMI	VALMONT INDUSTRIES INC	22,863	$5,434	2.0%	$132.40	+67.5%	COM	920253101
SPY	SPDR S&P 500 ETF TR	7,709	$3,055	1.1%	$248.63	—	TR UNIT	78462F103
AEP	AMERICAN ELEC PWR INC	44,690	$3,785	1.4%	$37.83	+78.4%	COM	025537101
IDEV	ISHARES TR	21,030	$1,359	0.5%	$54.47	—	CORE MSCI INTL	46435G326
—	HOUSTON WIRE & CABLE CO	20,400	$106	0.0%	$11.19	—	COM	44244K109
IVV	ISHARES TR	1,910	$760	0.3%	$270.05	—	CORE S&P500 ETF	464287200
—	ALEXCO RESOURCE CORP	54,000	$136	0.1%	$0.92	—	COM	01535P106
—	TREVENA INC	22,000	$39	0.0%	$0.41	—	COM	89532E109
EWJ	ISHARES INC	7,265	$498	0.2%	$53.73	—	MSCI JPN ETF NEW	46434G822
—	GASLOG PARTNERS LP	36,000	$96	0.0%	$2.22	—	UNIT LTD PTNRP	Y2687W108