F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MLI	MUELLER INDS INC	130,115 (+123.7%)	$5,348 (+112.3%)	2.1%	$20.61	-2.4%	COM	624756102
FDX	FEDEX CORP	39,570 (+4.9%)	$8,677 (-22.9%)	3.5%	$123.70	+100.5%	COM	31428X106
QRVO	QORVO INC	71,835 (+1.9%)	$12,010 (-12.9%)	4.8%	$81.01	+129.4%	COM	74736K101
NEM	NEWMONT CORP	159,305 (+2.9%)	$8,650 (-11.8%)	3.5%	$32.80	+56.6%	COM	651639106
BMY	BRISTOL MYERS SQUIBB CO	129,553 (+1.5%)	$7,666 (-10.1%)	3.1%	$52.03	+5.4%	COM	110122108
PYPL	PAYPAL HLDGS INC	21,289 (+1.2%)	$5,540 (-9.6%)	2.2%	$66.30	+327.0%	COM	70450Y103
NVDA	NVIDIA CORPORATION	3,412 (+254.3%)	$707 (-8.2%)	0.3%	$16.46	+25.9%	COM	67066G104
IVV	ISHARES TR	2,029 (+6.8%)	$874 (+7.0%)	0.3%	$280.27	—	CORE S&P500 ETF	464287200
EWJ	ISHARES INC	7,917 (+5.7%)	$556 (+9.9%)	0.2%	$55.01	—	MSCI JPN ETF NEW	46434G822
SPY	SPDR S&P 500 ETF TR	7,769 (+1.2%)	$3,334 (+1.4%)	1.3%	$250.72	—	TR UNIT	78462F103
EWG	ISHARES INC	26,665 (+1.8%)	$878 (-3.2%)	0.4%	$27.74	—	MSCI GERMANY ETF	464286806
VGK	VANGUARD INTL EQUITY INDEX F	23,100 (+2.1%)	$1,516 (-0.4%)	0.6%	$53.62	—	FTSE EUROPE ETF	922042874
CAG	CONAGRA FOODS INC	110,833 (+7.4%)	$3,754 (-0.0%)	1.5%	$20.62	+33.9%	COM	205887102

Exited Positions (4)

CMI CUMMINS INC 3.3%

Value ($000) $8,348 Shares 34,240 Est. Cost $225.35 Unrealized -6.6%

GLW CORNING INC 2.4%

Value ($000) $5,985 Shares 146,335 Est. Cost $12.93 Unrealized +173.0%

NTES NETEASE INC 0.1%

Value ($000) $291 Shares 2,525 Est. Cost $136.86 Unrealized —

— EBANG INTL HLDGS INC 0.0%

Value ($000) $31 Shares 10,000 Est. Cost $3.10 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CMI	CUMMINS INC	34,240	$8,348	3.3%	$225.35	-6.6%	—	231021106
GLW	CORNING INC	146,335	$5,985	2.4%	$12.93	+173.0%	—	219350105
NTES	NETEASE INC	2,525	$291	0.1%	$136.86	—	—	64110W102
—	EBANG INTL HLDGS INC	10,000	$31	0.0%	$3.10	—	—	G3R33A106

Decreased Positions (17)

HPQ HP INC 2.7%

Value ($000) $6,629 (-11.7%) Shares 242,300 (-2.6%) Est. Cost $18.29 Unrealized +34.5%

EBAY EBAY INC 3.3%

Value ($000) $8,217 (-9.4%) Shares 117,935 (-8.7%) Est. Cost $28.03 Unrealized +135.9%

URI UNITED RENTALS INC 4.4%

Value ($000) $10,937 (+7.9%) Shares 31,167 (-1.9%) Est. Cost $171.06 Unrealized +90.1%

GOOGL ALPHABET INC 3.9%

Value ($000) $9,617 (+7.9%) Shares 3,597 (-1.5%) Est. Cost $42.77 Unrealized +215.8%

VZ VERIZON COMMUNICATIONS INC 3.5%

Value ($000) $8,681 (-7.3%) Shares 160,733 (-3.8%) Est. Cost $29.66 Unrealized +42.7%

— MARATHON OIL CORP 3.6%

Value ($000) $8,916 (-6.2%) Shares 652,255 (-6.5%) Est. Cost $10.01 Unrealized —

ADM ARCHER DANIELS MIDLAND CO 4.6%

Value ($000) $11,567 (-4.0%) Shares 192,755 (-3.1%) Est. Cost $31.61 Unrealized +67.6%

CVS CVS HEALTH CORP 2.8%

Value ($000) $7,011 (-5.4%) Shares 82,614 (-7.0%) Est. Cost $57.15 Unrealized +26.9%

AEP AMERICAN ELEC PWR INC 1.4%

Value ($000) $3,488 (-8.9%) Shares 42,965 (-5.1%) Est. Cost $38.28 Unrealized +94.2%

GILD GILEAD SCIENCES INC 3.0%

Value ($000) $7,432 (-3.2%) Shares 106,400 (-4.6%) Est. Cost $63.44 Unrealized -6.4%

MSFT MICROSOFT CORP 3.8%

Value ($000) $9,427 (+1.7%) Shares 33,439 (-2.3%) Est. Cost $42.07 Unrealized +567.2%

RTX RAYTHEON TECHNOLOGIES CORP 4.2%

Value ($000) $10,429 (-1.0%) Shares 121,323 (-1.8%) Est. Cost $60.90 Unrealized +27.1%

AAPL APPLE INC 0.3%

Value ($000) $824 (-9.7%) Shares 5,820 (-12.7%) Est. Cost $79.68 Unrealized +80.6%

AMZN AMAZON COM INC 0.3%

Value ($000) $719 (-10.7%) Shares 219 (-6.4%) Est. Cost $53.58 Unrealized +222.0%

MS MORGAN STANLEY 0.2%

Value ($000) $580 (-10.5%) Shares 5,964 (-15.6%) Est. Cost $35.86 Unrealized +139.0%

META FACEBOOK 0.2%

Value ($000) $618 (-7.5%) Shares 1,822 (-5.2%) Est. Cost $127.55 Unrealized +180.4%

CSCO CISCO SYS INC 3.2%

Value ($000) $8,113 (+0.1%) Shares 149,055 (-2.5%) Est. Cost $26.13 Unrealized +88.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HPQ	HP INC	242,300 (-2.6%)	$6,629 (-11.7%)	2.7%	$18.29	+34.5%	COM	40434L105
EBAY	EBAY INC	117,935 (-8.7%)	$8,217 (-9.4%)	3.3%	$28.03	+135.9%	COM	278642103
URI	UNITED RENTALS INC	31,167 (-1.9%)	$10,937 (+7.9%)	4.4%	$171.06	+90.1%	COM	911363109
GOOGL	ALPHABET INC	3,597 (-1.5%)	$9,617 (+7.9%)	3.9%	$42.77	+215.8%	CAP STK CL A	02079K305
VZ	VERIZON COMMUNICATIONS INC	160,733 (-3.8%)	$8,681 (-7.3%)	3.5%	$29.66	+42.7%	COM	92343V104
—	MARATHON OIL CORP	652,255 (-6.5%)	$8,916 (-6.2%)	3.6%	$10.01	—	COM	565849106
ADM	ARCHER DANIELS MIDLAND CO	192,755 (-3.1%)	$11,567 (-4.0%)	4.6%	$31.61	+67.6%	COM	039483102
CVS	CVS HEALTH CORP	82,614 (-7.0%)	$7,011 (-5.4%)	2.8%	$57.15	+26.9%	COM	126650100
AEP	AMERICAN ELEC PWR INC	42,965 (-5.1%)	$3,488 (-8.9%)	1.4%	$38.28	+94.2%	COM	025537101
GILD	GILEAD SCIENCES INC	106,400 (-4.6%)	$7,432 (-3.2%)	3.0%	$63.44	-6.4%	COM	375558103
MSFT	MICROSOFT CORP	33,439 (-2.3%)	$9,427 (+1.7%)	3.8%	$42.07	+567.2%	COM	594918104
RTX	RAYTHEON TECHNOLOGIES CORP	121,323 (-1.8%)	$10,429 (-1.0%)	4.2%	$60.90	+27.1%	COM	75513E101
AAPL	APPLE INC	5,820 (-12.7%)	$824 (-9.7%)	0.3%	$79.68	+80.6%	COM	037833100
AMZN	AMAZON COM INC	219 (-6.4%)	$719 (-10.7%)	0.3%	$53.58	+222.0%	COM	023135106
MS	MORGAN STANLEY	5,964 (-15.6%)	$580 (-10.5%)	0.2%	$35.86	+139.0%	COM NEW	617446448
META	FACEBOOK	1,822 (-5.2%)	$618 (-7.5%)	0.2%	$127.55	+180.4%	CL A	30303M102
CSCO	CISCO SYS INC	149,055 (-2.5%)	$8,113 (+0.1%)	3.2%	$26.13	+88.4%	COM	17275R102

Unchanged Positions (23)

AMAT APPLIED MATLS INC 5.3%

Value ($000) $13,112 Shares 101,860 Est. Cost $54.89 Unrealized +137.9%

ORCL ORACLE CORP 4.0%

Value ($000) $9,867 Shares 113,240 Est. Cost $44.55 Unrealized +87.1%

FOX FOX CORP 3.3%

Value ($000) $8,242 Shares 222,025 Est. Cost $28.76 Unrealized +12.0%

CVX CHEVRON CORP NEW 4.1%

Value ($000) $10,278 Shares 101,312 Est. Cost $71.37 Unrealized +16.7%

ALL ALLSTATE CORP 3.4%

Value ($000) $8,480 Shares 66,610 Est. Cost $51.73 Unrealized +129.4%

MDT MEDTRONIC INC 3.4%

Value ($000) $8,467 Shares 67,550 Est. Cost $63.65 Unrealized +78.2%

LITE LUMENTUM HLDGS INC 2.6%

Value ($000) $6,512 Shares 77,945 Est. Cost $92.48 Unrealized -9.3%

VWO VANGUARD INTL EQUITY INDEX F 0.3%

Value ($000) $752 Shares 15,034 Est. Cost $45.00 Unrealized —

— ALEXCO RESOURCE CORP 0.0%

Value ($000) $81 Shares 54,000 Est. Cost $0.92 Unrealized —

QCOM QUALCOMM INC 0.2%

Value ($000) $445 Shares 3,450 Est. Cost $80.42 Unrealized +60.2%

— GASLOG PARTNERS LP 0.1%

Value ($000) $174 Shares 36,000 Est. Cost $2.22 Unrealized —

CNYA ISHARES TR 0.2%

Value ($000) $577 Shares 13,570 Est. Cost $42.67 Unrealized —

QQQ INVESCO QQQ TR 0.8%

Value ($000) $2,093 Shares 5,848 Est. Cost $230.73 Unrealized —

ROP ROPER TECHNOLOGIES INC 0.1%

Value ($000) $268 Shares 601 Est. Cost $113.55 Unrealized +310.8%

IDEV ISHARES TR 0.6%

Value ($000) $1,432 Shares 21,430 Est. Cost $54.71 Unrealized —

VMI VALMONT INDS INC 1.5%

Value ($000) $3,819 Shares 16,242 Est. Cost $132.40 Unrealized +79.5%

DES WISDOMTREE TR 0.1%

Value ($000) $278 Shares 9,020 Est. Cost $31.32 Unrealized —

— TREVENA INC 0.0%

Value ($000) $27 Shares 22,000 Est. Cost $0.41 Unrealized —

JNJ JOHNSON & JOHNSON 0.2%

Value ($000) $452 Shares 2,797 Est. Cost $74.30 Unrealized +102.2%

IJR ISHARES TR 0.1%

Value ($000) $268 Shares 2,450 Est. Cost $113.06 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.1%

Value ($000) $347 Shares 1,270 Est. Cost $182.62 Unrealized +53.8%

— ISHARES TR 0.3%

Value ($000) $686 Shares 8,445 Est. Cost $53.76 Unrealized —

IBB ISHARES TR 0.1%

Value ($000) $347 Shares 2,148 Est. Cost $128.87 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMAT	APPLIED MATLS INC	101,860	$13,112	5.3%	$54.89	+137.9%	COM	038222105
ORCL	ORACLE CORP	113,240	$9,867	4.0%	$44.55	+87.1%	COM	68389X105
FOX	FOX CORP	222,025	$8,242	3.3%	$28.76	+12.0%	CL B COM	35137L204
CVX	CHEVRON CORP NEW	101,312	$10,278	4.1%	$71.37	+16.7%	COM	166764100
ALL	ALLSTATE CORP	66,610	$8,480	3.4%	$51.73	+129.4%	COM	020002101
MDT	MEDTRONIC INC	67,550	$8,467	3.4%	$63.65	+78.2%	SHS	G5960L103
LITE	LUMENTUM HLDGS INC	77,945	$6,512	2.6%	$92.48	-9.3%	COM	55024U109
VWO	VANGUARD INTL EQUITY INDEX F	15,034	$752	0.3%	$45.00	—	FTSE EMR MKT ETF	922042858
—	ALEXCO RESOURCE CORP	54,000	$81	0.0%	$0.92	—	COM	01535P106
QCOM	QUALCOMM INC	3,450	$445	0.2%	$80.42	+60.2%	COM	747525103
—	GASLOG PARTNERS LP	36,000	$174	0.1%	$2.22	—	UNIT LTD PTNRP	Y2687W108
CNYA	ISHARES TR	13,570	$577	0.2%	$42.67	—	MSCI CHINA A	46434V514
QQQ	INVESCO QQQ TR	5,848	$2,093	0.8%	$230.73	—	UNIT SER 1	46090E103
ROP	ROPER TECHNOLOGIES INC	601	$268	0.1%	$113.55	+310.8%	COM	776696106
IDEV	ISHARES TR	21,430	$1,432	0.6%	$54.71	—	CORE MSCI INTL	46435G326
VMI	VALMONT INDS INC	16,242	$3,819	1.5%	$132.40	+79.5%	COM	920253101
DES	WISDOMTREE TR	9,020	$278	0.1%	$31.32	—	US SMALLCAP DIVD	97717W604
—	TREVENA INC	22,000	$27	0.0%	$0.41	—	COM	89532E109
JNJ	JOHNSON & JOHNSON	2,797	$452	0.2%	$74.30	+102.2%	COM	478160104
IJR	ISHARES TR	2,450	$268	0.1%	$113.06	—	CORE S&P SCP ETF	464287804
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,270	$347	0.1%	$182.62	+53.8%	CL B NEW	084670702
—	ISHARES TR	8,445	$686	0.3%	$53.76	—	MSCI GERMNY ETF	46429B465
IBB	ISHARES TR	2,148	$347	0.1%	$128.87	—	ISHARES BIOTECH	464287556