F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PSX	PHILLIPS 66	117,400	$10,142	3.1%	$72.84	0.0%	COM	718546104
CLF	CLEVELAND-CLIFFS INC NEW	196,620	$6,333	1.9%	$22.79	0.0%	COM	185899101
BKR	BAKER HUGHES COMPANY	173,260	$6,308	1.9%	$27.68	0.0%	CL A	05722G100
MOS	MOSAIC CO NEW	6,400	$426	0.1%	$45.45	0.0%	COM	61945C103
IJR	ISHARES TR	2,010	$217	0.1%	$107.96	—	CORE S&P SCP ETF	464287804
EWU	ISHARES TR	5,990	$202	0.1%	$33.72	—	MSCI UK ETF NEW	46435G334
KGC	KINROSS GOLD CORP	10,000	$59	0.0%	$5.58	0.0%	COM	496902404

Increased Positions (22)

CAG CONAGRA FOODS INC 3.1%

Value ($000) $10,341 (+147.2%) Shares 308,054 (+151.4%) Est. Cost $25.50 Unrealized +11.1%

RTX RAYTHEON TECHNOLOGIES CORP 4.1%

Value ($000) $13,443 (+17.0%) Shares 135,687 (+1.6%) Est. Cost $62.97 Unrealized +37.8%

QRVO QORVO INC 3.2%

Value ($000) $10,583 (-15.5%) Shares 85,278 (+6.5%) Est. Cost $91.87 Unrealized +47.3%

GILD GILEAD SCIENCES INC 2.3%

Value ($000) $7,582 (-14.9%) Shares 127,530 (+4.0%) Est. Cost $62.53 Unrealized -11.8%

FDX FEDEX CORP 4.0%

Value ($000) $13,133 (-8.4%) Shares 56,757 (+2.4%) Est. Cost $152.74 Unrealized +41.4%

EBAY EBAY INC 2.5%

Value ($000) $8,276 (-11.3%) Shares 144,540 (+3.1%) Est. Cost $34.67 Unrealized +55.8%

MSFT MICROSOFT CORP 3.5%

Value ($000) $11,493 (-6.9%) Shares 37,276 (+1.6%) Est. Cost $69.66 Unrealized +318.3%

MDT MEDTRONIC INC 2.6%

Value ($000) $8,662 (+9.2%) Shares 78,075 (+1.8%) Est. Cost $68.68 Unrealized +36.4%

FOX FOX CORP 2.7%

Value ($000) $9,042 (+7.7%) Shares 249,240 (+1.8%) Est. Cost $29.41 Unrealized +19.7%

MLI MUELLER INDS INC 2.3%

Value ($000) $7,658 (-6.8%) Shares 141,365 (+2.1%) Est. Cost $21.02 Unrealized +27.4%

GOOGL ALPHABET INC 3.5%

Value ($000) $11,456 (-2.6%) Shares 4,119 (+1.5%) Est. Cost $55.35 Unrealized +143.6%

ORCL ORACLE CORP 3.3%

Value ($000) $10,751 (-2.0%) Shares 129,950 (+3.3%) Est. Cost $49.88 Unrealized +54.3%

CVS CVS HEALTH CORP 2.8%

Value ($000) $9,137 (+1.9%) Shares 90,279 (+3.8%) Est. Cost $59.55 Unrealized +54.5%

DES WISDOMTREE TR 0.1%

Value ($000) $437 (+40.1%) Shares 13,725 (+44.3%) Est. Cost $31.53 Unrealized —

LITE LUMENTUM HLDGS INC 2.6%

Value ($000) $8,589 (-1.4%) Shares 88,000 (+6.8%) Est. Cost $92.75 Unrealized +5.5%

EWG ISHARES INC 0.3%

Value ($000) $844 (-7.5%) Shares 29,740 (+6.8%) Est. Cost $27.98 Unrealized —

VMI VALMONT INDS INC 1.3%

Value ($000) $4,306 (-1.4%) Shares 18,046 (+3.5%) Est. Cost $143.06 Unrealized +58.9%

EWJ ISHARES INC 0.1%

Value ($000) $479 (-7.0%) Shares 7,770 (+1.0%) Est. Cost $55.08 Unrealized —

VZ VERIZON COMMUNICATIONS INC 2.8%

Value ($000) $9,320 (-0.3%) Shares 182,959 (+1.7%) Est. Cost $30.99 Unrealized +33.9%

GORO GOLD RESOURCE CORP 0.0%

Value ($000) $45 (+181.3%) Shares 20,000 (+100.0%) Est. Cost $1.83 Unrealized +1.0%

CNYA ISHARES TR 0.2%

Value ($000) $597 (+0.8%) Shares 16,185 (+19.3%) Est. Cost $41.74 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 0.2%

Value ($000) $746 (+0.3%) Shares 16,179 (+7.6%) Est. Cost $45.08 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CAG	CONAGRA FOODS INC	308,054 (+151.4%)	$10,341 (+147.2%)	3.1%	$25.50	+11.1%	COM	205887102
RTX	RAYTHEON TECHNOLOGIES CORP	135,687 (+1.6%)	$13,443 (+17.0%)	4.1%	$62.97	+37.8%	COM	75513E101
QRVO	QORVO INC	85,278 (+6.5%)	$10,583 (-15.5%)	3.2%	$91.87	+47.3%	COM	74736K101
GILD	GILEAD SCIENCES INC	127,530 (+4.0%)	$7,582 (-14.9%)	2.3%	$62.53	-11.8%	COM	375558103
FDX	FEDEX CORP	56,757 (+2.4%)	$13,133 (-8.4%)	4.0%	$152.74	+41.4%	COM	31428X106
EBAY	EBAY INC	144,540 (+3.1%)	$8,276 (-11.3%)	2.5%	$34.67	+55.8%	COM	278642103
MSFT	MICROSOFT CORP	37,276 (+1.6%)	$11,493 (-6.9%)	3.5%	$69.66	+318.3%	COM	594918104
MDT	MEDTRONIC INC	78,075 (+1.8%)	$8,662 (+9.2%)	2.6%	$68.68	+36.4%	SHS	G5960L103
FOX	FOX CORP	249,240 (+1.8%)	$9,042 (+7.7%)	2.7%	$29.41	+19.7%	CL B COM	35137L204
MLI	MUELLER INDS INC	141,365 (+2.1%)	$7,658 (-6.8%)	2.3%	$21.02	+27.4%	COM	624756102
GOOGL	ALPHABET INC	4,119 (+1.5%)	$11,456 (-2.6%)	3.5%	$55.35	+143.6%	CAP STK CL A	02079K305
ORCL	ORACLE CORP	129,950 (+3.3%)	$10,751 (-2.0%)	3.3%	$49.88	+54.3%	COM	68389X105
CVS	CVS HEALTH CORP	90,279 (+3.8%)	$9,137 (+1.9%)	2.8%	$59.55	+54.5%	COM	126650100
DES	WISDOMTREE TR	13,725 (+44.3%)	$437 (+40.1%)	0.1%	$31.53	—	US SMALLCAP DIVD	97717W604
LITE	LUMENTUM HLDGS INC	88,000 (+6.8%)	$8,589 (-1.4%)	2.6%	$92.75	+5.5%	COM	55024U109
EWG	ISHARES INC	29,740 (+6.8%)	$844 (-7.5%)	0.3%	$27.98	—	MSCI GERMANY ETF	464286806
VMI	VALMONT INDS INC	18,046 (+3.5%)	$4,306 (-1.4%)	1.3%	$143.06	+58.9%	COM	920253101
EWJ	ISHARES INC	7,770 (+1.0%)	$479 (-7.0%)	0.1%	$55.08	—	MSCI JPN ETF NEW	46434G822
VZ	VERIZON COMMUNICATIONS INC	182,959 (+1.7%)	$9,320 (-0.3%)	2.8%	$30.99	+33.9%	COM	92343V104
GORO	GOLD RESOURCE CORP	20,000 (+100.0%)	$45 (+181.3%)	0.0%	$1.83	+1.0%	COM	38068T105
CNYA	ISHARES TR	16,185 (+19.3%)	$597 (+0.8%)	0.2%	$41.74	—	MSCI CHINA A	46434V514
VWO	VANGUARD INTL EQUITY INDEX F	16,179 (+7.6%)	$746 (+0.3%)	0.2%	$45.08	—	FTSE EMR MKT ETF	922042858

Exited Positions (5)

ENB ENBRIDGE INC 0.2%

Value ($000) $776 Shares 19,858 Est. Cost $30.66 Unrealized +8.6%

— TEEKAY LNG PARTNERS L P 0.2%

Value ($000) $620 Shares 36,638 Est. Cost $16.92 Unrealized —

META META PLATFORMS INC 0.2%

Value ($000) $589 Shares 1,752 Est. Cost $127.55 Unrealized +94.6%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.1%

Value ($000) $380 Shares 1,270 Est. Cost $182.62 Unrealized +77.1%

DK DELEK US HLDGS INC NEW 0.1%

Value ($000) $212 Shares 14,160 Est. Cost $15.14 Unrealized +2.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ENB	ENBRIDGE INC	19,858	$776	0.2%	$30.66	+8.6%	—	29250N105
—	TEEKAY LNG PARTNERS L P	36,638	$620	0.2%	$16.92	—	—	Y8564M105
META	META PLATFORMS INC	1,752	$589	0.2%	$127.55	+94.6%	—	30303M102
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,270	$380	0.1%	$182.62	+77.1%	—	084670702
DK	DELEK US HLDGS INC NEW	14,160	$212	0.1%	$15.14	+2.7%	—	24665A103

Decreased Positions (17)

AMAT APPLIED MATLS INC 2.1%

Value ($000) $6,950 (-60.0%) Shares 52,731 (-52.2%) Est. Cost $61.47 Unrealized +116.2%

— MARATHON OIL CORP 5.5%

Value ($000) $18,026 (+50.9%) Shares 717,872 (-1.3%) Est. Cost $10.68 Unrealized —

ADM ARCHER DANIELS MIDLAND CO 6.3%

Value ($000) $20,638 (+32.1%) Shares 228,649 (-1.1%) Est. Cost $35.90 Unrealized +94.0%

NEM NEWMONT CORP 4.1%

Value ($000) $13,656 (+25.9%) Shares 171,880 (-1.7%) Est. Cost $34.31 Unrealized +75.0%

QQQ INVESCO QQQ TR 0.5%

Value ($000) $1,620 (-32.2%) Shares 4,468 (-25.6%) Est. Cost $235.12 Unrealized —

NVDA NVIDIA CORPORATION 0.1%

Value ($000) $225 (-70.1%) Shares 825 (-67.7%) Est. Cost $16.46 Unrealized +52.1%

AEP AMERICAN ELEC PWR INC 1.4%

Value ($000) $4,714 (+10.6%) Shares 47,245 (-1.4%) Est. Cost $41.80 Unrealized +89.5%

SPY SPDR S&P 500 ETF TR 1.0%

Value ($000) $3,273 (-11.6%) Shares 7,247 (-7.0%) Est. Cost $250.72 Unrealized —

MS MORGAN STANLEY 0.1%

Value ($000) $204 (-65.1%) Shares 2,339 (-60.8%) Est. Cost $35.86 Unrealized +136.0%

VGK VANGUARD INTL EQUITY INDEX F 0.4%

Value ($000) $1,366 (-13.9%) Shares 21,930 (-5.7%) Est. Cost $53.62 Unrealized —

IDEV ISHARES TR 0.4%

Value ($000) $1,359 (-10.9%) Shares 21,365 (-5.4%) Est. Cost $55.37 Unrealized —

AAPL APPLE INC 0.2%

Value ($000) $796 (-17.0%) Shares 4,560 (-15.6%) Est. Cost $79.68 Unrealized +106.9%

QCOM QUALCOMM INC 0.1%

Value ($000) $489 (-22.5%) Shares 3,200 (-7.2%) Est. Cost $80.42 Unrealized +91.0%

JNJ JOHNSON & JOHNSON 0.1%

Value ($000) $407 (-14.9%) Shares 2,297 (-17.9%) Est. Cost $74.30 Unrealized +104.3%

IBB ISHARES TR 0.1%

Value ($000) $272 (-17.1%) Shares 2,088 (-2.8%) Est. Cost $128.87 Unrealized —

ROP ROPER TECHNOLOGIES INC 0.1%

Value ($000) $243 (-17.9%) Shares 514 (-14.5%) Est. Cost $113.55 Unrealized +286.8%

AMZN AMAZON COM INC 0.2%

Value ($000) $681 (-5.0%) Shares 209 (-2.8%) Est. Cost $53.58 Unrealized +188.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMAT	APPLIED MATLS INC	52,731 (-52.2%)	$6,950 (-60.0%)	2.1%	$61.47	+116.2%	COM	038222105
—	MARATHON OIL CORP	717,872 (-1.3%)	$18,026 (+50.9%)	5.5%	$10.68	—	COM	565849106
ADM	ARCHER DANIELS MIDLAND CO	228,649 (-1.1%)	$20,638 (+32.1%)	6.3%	$35.90	+94.0%	COM	039483102
NEM	NEWMONT CORP	171,880 (-1.7%)	$13,656 (+25.9%)	4.1%	$34.31	+75.0%	COM	651639106
QQQ	INVESCO QQQ TR	4,468 (-25.6%)	$1,620 (-32.2%)	0.5%	$235.12	—	UNIT SER 1	46090E103
NVDA	NVIDIA CORPORATION	825 (-67.7%)	$225 (-70.1%)	0.1%	$16.46	+52.1%	COM	67066G104
AEP	AMERICAN ELEC PWR INC	47,245 (-1.4%)	$4,714 (+10.6%)	1.4%	$41.80	+89.5%	COM	025537101
SPY	SPDR S&P 500 ETF TR	7,247 (-7.0%)	$3,273 (-11.6%)	1.0%	$250.72	—	TR UNIT	78462F103
MS	MORGAN STANLEY	2,339 (-60.8%)	$204 (-65.1%)	0.1%	$35.86	+136.0%	COM NEW	617446448
VGK	VANGUARD INTL EQUITY INDEX F	21,930 (-5.7%)	$1,366 (-13.9%)	0.4%	$53.62	—	FTSE EUROPE ETF	922042874
IDEV	ISHARES TR	21,365 (-5.4%)	$1,359 (-10.9%)	0.4%	$55.37	—	CORE MSCI INTL	46435G326
AAPL	APPLE INC	4,560 (-15.6%)	$796 (-17.0%)	0.2%	$79.68	+106.9%	COM	037833100
QCOM	QUALCOMM INC	3,200 (-7.2%)	$489 (-22.5%)	0.1%	$80.42	+91.0%	COM	747525103
JNJ	JOHNSON & JOHNSON	2,297 (-17.9%)	$407 (-14.9%)	0.1%	$74.30	+104.3%	COM	478160104
IBB	ISHARES TR	2,088 (-2.8%)	$272 (-17.1%)	0.1%	$128.87	—	ISHARES BIOTECH	464287556
ROP	ROPER TECHNOLOGIES INC	514 (-14.5%)	$243 (-17.9%)	0.1%	$113.55	+286.8%	COM	776696106
AMZN	AMAZON COM INC	209 (-2.8%)	$681 (-5.0%)	0.2%	$53.58	+188.4%	COM	023135106

Unchanged Positions (17)

CVX CHEVRON CORP NEW 5.4%

Value ($000) $17,769 Shares 109,128 Est. Cost $73.10 Unrealized +67.9%

BMY BRISTOL-MYERS SQUIBB CO 3.1%

Value ($000) $10,378 Shares 142,108 Est. Cost $51.79 Unrealized +9.7%

ALL ALLSTATE CORP 3.2%

Value ($000) $10,406 Shares 75,130 Est. Cost $58.30 Unrealized +96.0%

CSCO CISCO SYS INC 2.8%

Value ($000) $9,104 Shares 163,265 Est. Cost $28.05 Unrealized +79.2%

URI UNITED RENTALS INC 3.7%

Value ($000) $12,307 Shares 34,647 Est. Cost $187.10 Unrealized +69.0%

HPQ HP INC 2.9%

Value ($000) $9,405 Shares 259,104 Est. Cost $18.96 Unrealized +69.1%

EPD ENTERPRISE PRODS PARTNERS L 0.4%

Value ($000) $1,393 Shares 53,959 Est. Cost $21.96 Unrealized —

ET ENERGY TRANSFER L P 0.2%

Value ($000) $571 Shares 51,047 Est. Cost $8.23 Unrealized —

NUE NUCOR CORP 0.1%

Value ($000) $333 Shares 2,240 Est. Cost $102.52 Unrealized +12.7%

— ISHARES TR 0.2%

Value ($000) $612 Shares 8,520 Est. Cost $53.76 Unrealized —

— GASLOG PARTNERS LP 0.1%

Value ($000) $207 Shares 36,000 Est. Cost $2.22 Unrealized —

IVV ISHARES TR 0.3%

Value ($000) $902 Shares 1,989 Est. Cost $280.27 Unrealized —

SPH SUBURBAN PROPANE PARTNERS L 0.1%

Value ($000) $356 Shares 22,093 Est. Cost $14.67 Unrealized —

— NUSTAR ENERGY LP 0.1%

Value ($000) $269 Shares 18,678 Est. Cost $15.90 Unrealized —

— CRESTWOOD EQUITY PARTNERS LP 0.1%

Value ($000) $311 Shares 10,391 Est. Cost $27.62 Unrealized —

— ALEXCO RESOURCE CORP 0.0%

Value ($000) $84 Shares 54,000 Est. Cost $0.92 Unrealized —

— TREVENA INC 0.0%

Value ($000) $12 Shares 22,000 Est. Cost $0.41 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CVX	CHEVRON CORP NEW	109,128	$17,769	5.4%	$73.10	+67.9%	COM	166764100
BMY	BRISTOL-MYERS SQUIBB CO	142,108	$10,378	3.1%	$51.79	+9.7%	COM	110122108
ALL	ALLSTATE CORP	75,130	$10,406	3.2%	$58.30	+96.0%	COM	020002101
CSCO	CISCO SYS INC	163,265	$9,104	2.8%	$28.05	+79.2%	COM	17275R102
URI	UNITED RENTALS INC	34,647	$12,307	3.7%	$187.10	+69.0%	COM	911363109
HPQ	HP INC	259,104	$9,405	2.9%	$18.96	+69.1%	COM	40434L105
EPD	ENTERPRISE PRODS PARTNERS L	53,959	$1,393	0.4%	$21.96	—	COM	293792107
ET	ENERGY TRANSFER L P	51,047	$571	0.2%	$8.23	—	COM UT LTD PTN	29273V100
NUE	NUCOR CORP	2,240	$333	0.1%	$102.52	+12.7%	COM	670346105
—	ISHARES TR	8,520	$612	0.2%	$53.76	—	MSCI GERMNY ETF	46429B465
—	GASLOG PARTNERS LP	36,000	$207	0.1%	$2.22	—	UNIT LTD PTNRP	Y2687W108
IVV	ISHARES TR	1,989	$902	0.3%	$280.27	—	CORE S&P500 ETF	464287200
SPH	SUBURBAN PROPANE PARTNERS L	22,093	$356	0.1%	$14.67	—	UNIT LTD PARTN	864482104
—	NUSTAR ENERGY LP	18,678	$269	0.1%	$15.90	—	UNIT COM	67058H102
—	CRESTWOOD EQUITY PARTNERS LP	10,391	$311	0.1%	$27.62	—	UNIT LTD PARTNER	226344208
—	ALEXCO RESOURCE CORP	54,000	$84	0.0%	$0.92	—	COM	01535P106
—	TREVENA INC	22,000	$12	0.0%	$0.41	—	COM	89532E109