F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EPD	ENTERPRISE PRODS PARTNERS L	53,959	$1,185	0.4%	$21.96	—	COM	293792107
ENB	ENBRIDGE INC	19,858	$776	0.3%	$30.66	0.0%	COM	29250N105
—	TEEKAY LNG PARTNERS L P	36,638	$620	0.2%	$16.92	—	PRTNRSP UNITS	Y8564M105
ET	ENERGY TRANSFER L P	51,047	$420	0.1%	$8.23	—	COM UT LTD PTN	29273V100
SPH	SUBURBAN PROPANE PARTNERS L	22,093	$324	0.1%	$14.67	—	UNIT LTD PARTN	864482104
—	NUSTAR ENERGY LP	18,678	$297	0.1%	$15.90	—	UNIT COM	67058H102
—	CRESTWOOD EQUITY PARTNERS LP	10,391	$287	0.1%	$27.62	—	UNIT LTD PARTNER	226344208
NUE	NUCOR CORP	2,240	$256	0.1%	$102.52	0.0%	COM	670346105
DK	DELEK US HLDGS INC NEW	14,160	$212	0.1%	$15.14	0.0%	COM	24665A103
GORO	GOLD RESOURCE CORP	10,000	$16	0.0%	$1.82	0.0%	COM	38068T105

Increased Positions (31)

FDX FEDEX CORP 4.8%

Value ($000) $14,335 (+65.2%) Shares 55,424 (+40.1%) Est. Cost $151.22 Unrealized +45.4%

AMAT APPLIED MATLS INC 5.8%

Value ($000) $17,377 (+32.5%) Shares 110,431 (+8.4%) Est. Cost $61.47 Unrealized +127.1%

ADM ARCHER DANIELS MIDLAND CO 5.2%

Value ($000) $15,623 (+35.1%) Shares 231,145 (+19.9%) Est. Cost $35.90 Unrealized +59.9%

HPQ HP INC 3.3%

Value ($000) $9,786 (+47.6%) Shares 259,775 (+7.2%) Est. Cost $18.96 Unrealized +48.7%

— MARATHON OIL CORP 4.0%

Value ($000) $11,943 (+34.0%) Shares 727,324 (+11.5%) Est. Cost $10.68 Unrealized —

MSFT MICROSOFT CORP 4.1%

Value ($000) $12,343 (+30.9%) Shares 36,699 (+9.7%) Est. Cost $66.18 Unrealized +373.6%

MLI MUELLER INDS INC 2.8%

Value ($000) $8,215 (+53.6%) Shares 138,390 (+6.4%) Est. Cost $20.90 Unrealized +22.0%

CVX CHEVRON CORP NEW 4.3%

Value ($000) $12,782 (+24.4%) Shares 108,922 (+7.5%) Est. Cost $73.10 Unrealized +31.5%

LITE LUMENTUM HLDGS INC 2.9%

Value ($000) $8,713 (+33.8%) Shares 82,380 (+5.7%) Est. Cost $92.40 Unrealized -1.5%

NEM NEWMONT CORP 3.6%

Value ($000) $10,845 (+25.4%) Shares 174,855 (+9.8%) Est. Cost $34.31 Unrealized +45.2%

CSCO CISCO SYS INC 3.4%

Value ($000) $10,257 (+26.4%) Shares 161,865 (+8.6%) Est. Cost $28.05 Unrealized +79.9%

GOOGL ALPHABET INC 3.9%

Value ($000) $11,759 (+22.3%) Shares 4,059 (+12.8%) Est. Cost $54.17 Unrealized +163.9%

CVS CVS HEALTH CORP 3.0%

Value ($000) $8,969 (+27.9%) Shares 86,939 (+5.2%) Est. Cost $58.31 Unrealized +38.0%

GILD GILEAD SCIENCES INC 3.0%

Value ($000) $8,907 (+19.8%) Shares 122,670 (+15.3%) Est. Cost $62.83 Unrealized -6.4%

BMY BRISTOL MYERS SQUIBB CO 3.0%

Value ($000) $8,851 (+15.5%) Shares 141,958 (+9.6%) Est. Cost $51.79 Unrealized -4.9%

EBAY EBAY INC 3.1%

Value ($000) $9,327 (+13.5%) Shares 140,260 (+18.9%) Est. Cost $34.08 Unrealized +93.7%

ORCL ORACLE CORP 3.7%

Value ($000) $10,976 (+11.2%) Shares 125,855 (+11.1%) Est. Cost $49.00 Unrealized +81.5%

RTX RAYTHEON TECHNOLOGIES CORP 3.9%

Value ($000) $11,493 (+10.2%) Shares 133,552 (+10.1%) Est. Cost $62.59 Unrealized +26.7%

AEP AMERICAN ELEC PWR INC 1.4%

Value ($000) $4,262 (+22.2%) Shares 47,900 (+11.5%) Est. Cost $41.80 Unrealized +73.4%

VZ VERIZON COMMUNICATIONS INC 3.1%

Value ($000) $9,350 (+7.7%) Shares 179,953 (+12.0%) Est. Cost $30.81 Unrealized +31.1%

VMI VALMONT INDS INC 1.5%

Value ($000) $4,367 (+14.3%) Shares 17,432 (+7.3%) Est. Cost $140.09 Unrealized +74.9%

MDT MEDTRONIC INC 2.7%

Value ($000) $7,932 (-6.3%) Shares 76,670 (+13.5%) Est. Cost $68.22 Unrealized +49.6%

QRVO QORVO INC 4.2%

Value ($000) $12,528 (+4.3%) Shares 80,107 (+11.5%) Est. Cost $89.06 Unrealized +78.5%

URI UNITED RENTALS INC 3.8%

Value ($000) $11,407 (+4.3%) Shares 34,327 (+10.1%) Est. Cost $187.10 Unrealized +84.5%

CAG CONAGRA FOODS INC 1.4%

Value ($000) $4,184 (+11.5%) Shares 122,523 (+10.5%) Est. Cost $21.22 Unrealized +27.1%

ALL ALLSTATE CORP 3.0%

Value ($000) $8,895 (+4.9%) Shares 75,605 (+13.5%) Est. Cost $58.30 Unrealized +83.4%

QQQ INVESCO QQQ TR 0.8%

Value ($000) $2,389 (+14.1%) Shares 6,006 (+2.7%) Est. Cost $235.12 Unrealized —

FOX FOX CORP 2.8%

Value ($000) $8,392 (+1.8%) Shares 244,885 (+10.3%) Est. Cost $29.30 Unrealized +18.0%

IDEV ISHARES TR 0.5%

Value ($000) $1,526 (+6.6%) Shares 22,590 (+5.4%) Est. Cost $55.37 Unrealized —

EWG ISHARES INC 0.3%

Value ($000) $912 (+3.9%) Shares 27,835 (+4.4%) Est. Cost $27.95 Unrealized —

DES WISDOMTREE TR 0.1%

Value ($000) $312 (+12.2%) Shares 9,510 (+5.4%) Est. Cost $31.39 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FDX	FEDEX CORP	55,424 (+40.1%)	$14,335 (+65.2%)	4.8%	$151.22	+45.4%	COM	31428X106
AMAT	APPLIED MATLS INC	110,431 (+8.4%)	$17,377 (+32.5%)	5.8%	$61.47	+127.1%	COM	038222105
ADM	ARCHER DANIELS MIDLAND CO	231,145 (+19.9%)	$15,623 (+35.1%)	5.2%	$35.90	+59.9%	COM	039483102
HPQ	HP INC	259,775 (+7.2%)	$9,786 (+47.6%)	3.3%	$18.96	+48.7%	COM	40434L105
—	MARATHON OIL CORP	727,324 (+11.5%)	$11,943 (+34.0%)	4.0%	$10.68	—	COM	565849106
MSFT	MICROSOFT CORP	36,699 (+9.7%)	$12,343 (+30.9%)	4.1%	$66.18	+373.6%	COM	594918104
MLI	MUELLER INDS INC	138,390 (+6.4%)	$8,215 (+53.6%)	2.8%	$20.90	+22.0%	COM	624756102
CVX	CHEVRON CORP NEW	108,922 (+7.5%)	$12,782 (+24.4%)	4.3%	$73.10	+31.5%	COM	166764100
LITE	LUMENTUM HLDGS INC	82,380 (+5.7%)	$8,713 (+33.8%)	2.9%	$92.40	-1.5%	COM	55024U109
NEM	NEWMONT CORP	174,855 (+9.8%)	$10,845 (+25.4%)	3.6%	$34.31	+45.2%	COM	651639106
CSCO	CISCO SYS INC	161,865 (+8.6%)	$10,257 (+26.4%)	3.4%	$28.05	+79.9%	COM	17275R102
GOOGL	ALPHABET INC	4,059 (+12.8%)	$11,759 (+22.3%)	3.9%	$54.17	+163.9%	CAP STK CL A	02079K305
CVS	CVS HEALTH CORP	86,939 (+5.2%)	$8,969 (+27.9%)	3.0%	$58.31	+38.0%	COM	126650100
GILD	GILEAD SCIENCES INC	122,670 (+15.3%)	$8,907 (+19.8%)	3.0%	$62.83	-6.4%	COM	375558103
BMY	BRISTOL MYERS SQUIBB CO	141,958 (+9.6%)	$8,851 (+15.5%)	3.0%	$51.79	-4.9%	COM	110122108
EBAY	EBAY INC	140,260 (+18.9%)	$9,327 (+13.5%)	3.1%	$34.08	+93.7%	COM	278642103
ORCL	ORACLE CORP	125,855 (+11.1%)	$10,976 (+11.2%)	3.7%	$49.00	+81.5%	COM	68389X105
RTX	RAYTHEON TECHNOLOGIES CORP	133,552 (+10.1%)	$11,493 (+10.2%)	3.9%	$62.59	+26.7%	COM	75513E101
AEP	AMERICAN ELEC PWR INC	47,900 (+11.5%)	$4,262 (+22.2%)	1.4%	$41.80	+73.4%	COM	025537101
VZ	VERIZON COMMUNICATIONS INC	179,953 (+12.0%)	$9,350 (+7.7%)	3.1%	$30.81	+31.1%	COM	92343V104
VMI	VALMONT INDS INC	17,432 (+7.3%)	$4,367 (+14.3%)	1.5%	$140.09	+74.9%	COM	920253101
MDT	MEDTRONIC INC	76,670 (+13.5%)	$7,932 (-6.3%)	2.7%	$68.22	+49.6%	SHS	G5960L103
QRVO	QORVO INC	80,107 (+11.5%)	$12,528 (+4.3%)	4.2%	$89.06	+78.5%	COM	74736K101
URI	UNITED RENTALS INC	34,327 (+10.1%)	$11,407 (+4.3%)	3.8%	$187.10	+84.5%	COM	911363109
CAG	CONAGRA FOODS INC	122,523 (+10.5%)	$4,184 (+11.5%)	1.4%	$21.22	+27.1%	COM	205887102
ALL	ALLSTATE CORP	75,605 (+13.5%)	$8,895 (+4.9%)	3.0%	$58.30	+83.4%	COM	020002101
QQQ	INVESCO QQQ TR	6,006 (+2.7%)	$2,389 (+14.1%)	0.8%	$235.12	—	UNIT SER 1	46090E103
FOX	FOX CORP	244,885 (+10.3%)	$8,392 (+1.8%)	2.8%	$29.30	+18.0%	CL B COM	35137L204
IDEV	ISHARES TR	22,590 (+5.4%)	$1,526 (+6.6%)	0.5%	$55.37	—	CORE MSCI INTL	46435G326
EWG	ISHARES INC	27,835 (+4.4%)	$912 (+3.9%)	0.3%	$27.95	—	MSCI GERMANY ETF	464286806
DES	WISDOMTREE TR	9,510 (+5.4%)	$312 (+12.2%)	0.1%	$31.39	—	US SMALLCAP DIVD	97717W604

Exited Positions (2)

PYPL PAYPAL HLDGS INC 1.9%

Value ($000) $5,540 Shares 21,289 Est. Cost $66.30 Unrealized +225.6%

IJR ISHARES TR 0.1%

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

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PYPL	PAYPAL HLDGS INC	21,289	$5,540	1.9%	$66.30	+225.6%	—	70450Y103
IJR	ISHARES TR	2,450	$268	0.1%	$113.06	—	—	464287804

Decreased Positions (6)

AAPL APPLE INC 0.3%

Value ($000) $959 (+16.4%) Shares 5,400 (-7.2%) Est. Cost $79.68 Unrealized +94.2%

IVV ISHARES TR 0.3%

Value ($000) $949 (+8.6%) Shares 1,989 (-2.0%) Est. Cost $280.27 Unrealized —

NVDA NVIDIA CORPORATION 0.3%

Value ($000) $752 (+6.4%) Shares 2,557 (-25.1%) Est. Cost $16.46 Unrealized +66.9%

EWJ ISHARES INC 0.2%

Value ($000) $515 (-7.4%) Shares 7,690 (-2.9%) Est. Cost $55.01 Unrealized —

META META PLATFORMS INC 0.2%

Value ($000) $589 (-4.7%) Shares 1,752 (-3.8%) Est. Cost $127.55 Unrealized +158.5%

AMZN AMAZON COM INC 0.2%

Value ($000) $717 (-0.3%) Shares 215 (-1.8%) Est. Cost $53.58 Unrealized +219.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC	5,400 (-7.2%)	$959 (+16.4%)	0.3%	$79.68	+94.2%	COM	037833100
IVV	ISHARES TR	1,989 (-2.0%)	$949 (+8.6%)	0.3%	$280.27	—	CORE S&P500 ETF	464287200
NVDA	NVIDIA CORPORATION	2,557 (-25.1%)	$752 (+6.4%)	0.3%	$16.46	+66.9%	COM	67066G104
EWJ	ISHARES INC	7,690 (-2.9%)	$515 (-7.4%)	0.2%	$55.01	—	MSCI JPN ETF NEW	46434G822
META	META PLATFORMS INC	1,752 (-3.8%)	$589 (-4.7%)	0.2%	$127.55	+158.5%	CL A	30303M102
AMZN	AMAZON COM INC	215 (-1.8%)	$717 (-0.3%)	0.2%	$53.58	+219.4%	COM	023135106

Unchanged Positions (14)

SPY SPDR S&P 500 ETF TR 1.2%

Value ($000) $3,701 Shares 7,792 Est. Cost $250.72 Unrealized —

QCOM QUALCOMM INC 0.2%

Value ($000) $631 Shares 3,450 Est. Cost $80.42 Unrealized +81.6%

VGK VANGUARD INTL EQUITY INDEX F 0.5%

Value ($000) $1,587 Shares 23,260 Est. Cost $53.62 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.1%

Value ($000) $380 Shares 1,270 Est. Cost $182.62 Unrealized +56.8%

ROP ROPER TECHNOLOGIES INC 0.1%

Value ($000) $296 Shares 601 Est. Cost $113.55 Unrealized +308.6%

JNJ JOHNSON & JOHNSON 0.2%

Value ($000) $478 Shares 2,797 Est. Cost $74.30 Unrealized +95.3%

— GASLOG PARTNERS LP 0.1%

Value ($000) $153 Shares 36,000 Est. Cost $2.22 Unrealized —

IBB ISHARES TR 0.1%

Value ($000) $328 Shares 2,148 Est. Cost $128.87 Unrealized —

— ISHARES TR 0.2%

Value ($000) $671 Shares 8,445 Est. Cost $53.76 Unrealized —

CNYA ISHARES TR 0.2%

Value ($000) $592 Shares 13,570 Est. Cost $42.67 Unrealized —

— TREVENA INC 0.0%

Value ($000) $13 Shares 22,000 Est. Cost $0.41 Unrealized —

— ALEXCO RESOURCE CORP 0.0%

Value ($000) $94 Shares 54,000 Est. Cost $0.92 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 0.2%

Value ($000) $744 Shares 15,034 Est. Cost $45.00 Unrealized —

MS MORGAN STANLEY 0.2%

Value ($000) $585 Shares 5,964 Est. Cost $35.86 Unrealized +142.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	7,792	$3,701	1.2%	$250.72	—	TR UNIT	78462F103
QCOM	QUALCOMM INC	3,450	$631	0.2%	$80.42	+81.6%	COM	747525103
VGK	VANGUARD INTL EQUITY INDEX F	23,260	$1,587	0.5%	$53.62	—	FTSE EUROPE ETF	922042874
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,270	$380	0.1%	$182.62	+56.8%	CL B NEW	084670702
ROP	ROPER TECHNOLOGIES INC	601	$296	0.1%	$113.55	+308.6%	COM	776696106
JNJ	JOHNSON & JOHNSON	2,797	$478	0.2%	$74.30	+95.3%	COM	478160104
—	GASLOG PARTNERS LP	36,000	$153	0.1%	$2.22	—	UNIT LTD PTNRP	Y2687W108
IBB	ISHARES TR	2,148	$328	0.1%	$128.87	—	ISHARES BIOTECH	464287556
—	ISHARES TR	8,445	$671	0.2%	$53.76	—	MSCI GERMNY ETF	46429B465
CNYA	ISHARES TR	13,570	$592	0.2%	$42.67	—	MSCI CHINA A	46434V514
—	TREVENA INC	22,000	$13	0.0%	$0.41	—	COM	89532E109
—	ALEXCO RESOURCE CORP	54,000	$94	0.0%	$0.92	—	COM	01535P106
VWO	VANGUARD INTL EQUITY INDEX F	15,034	$744	0.2%	$45.00	—	FTSE EMR MKT ETF	922042858
MS	MORGAN STANLEY	5,964	$585	0.2%	$35.86	+142.0%	COM NEW	617446448