F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
URI	UNITED RENTALS INC	35,237 (+1.7%)	$8,559 (-30.5%)	3.0%	$188.74	+51.0%	COM	911363109
CLF	CLEVELAND-CLIFFS INC NEW	208,565 (+6.1%)	$3,206 (-49.4%)	1.1%	$22.85	+4.6%	COM	185899101
GOOGL	ALPHABET INC	4,180 (+1.5%)	$9,109 (-20.5%)	3.2%	$56.24	+107.8%	CAP STK CL A	02079K305
QRVO	QORVO INC	87,813 (+3.0%)	$8,283 (-21.7%)	2.9%	$92.33	+16.8%	COM	74736K101
NEM	NEWMONT CORP	191,065 (+11.2%)	$11,401 (-16.5%)	4.1%	$37.22	+70.0%	COM	651639106
EBAY	EBAY INC	150,620 (+4.2%)	$6,276 (-24.2%)	2.2%	$35.11	+29.4%	COM	278642103
CSCO	CISCO SYS INC	168,845 (+3.4%)	$7,200 (-20.9%)	2.6%	$28.54	+50.0%	COM	17275R102
AMAT	APPLIED MATLS INC	55,871 (+6.0%)	$5,083 (-26.9%)	1.8%	$63.97	+65.8%	COM	038222105
CVX	CHEVRON CORP NEW	112,478 (+3.1%)	$16,285 (-8.4%)	5.8%	$75.17	+89.8%	COM	166764100
MDT	MEDTRONIC INC	80,390 (+3.0%)	$7,215 (-16.7%)	2.6%	$69.30	+30.4%	SHS	G5960L103
ORCL	ORACLE CORP	133,735 (+2.9%)	$9,344 (-13.1%)	3.3%	$50.44	+38.5%	COM	68389X105
LITE	LUMENTUM HLDGS INC	91,255 (+3.7%)	$7,247 (-15.6%)	2.6%	$92.48	-7.6%	COM	55024U109
FOX	FOX CORP	260,575 (+4.5%)	$7,739 (-14.4%)	2.8%	$29.47	+4.8%	CL B COM	35137L204
BKR	BAKER HUGHES COMPANY	183,795 (+6.1%)	$5,306 (-15.9%)	1.9%	$27.87	+11.1%	CL A	05722G100
BMY	BRISTOL-MYERS SQUIBB CO	147,393 (+3.7%)	$11,349 (+9.4%)	4.0%	$52.26	+24.3%	COM	110122108
HPQ	HP INC	267,089 (+3.1%)	$8,755 (-6.9%)	3.1%	$19.35	+65.7%	COM	40434L105
GILD	GILEAD SCIENCES INC	132,835 (+4.2%)	$8,211 (+8.3%)	2.9%	$62.20	-13.0%	COM	375558103
ALL	ALLSTATE CORP	78,135 (+4.0%)	$9,902 (-4.8%)	3.5%	$60.67	+97.8%	COM	020002101
AMZN	AMAZON COM INC	2,840 (+1258.9%)	$302 (-55.7%)	0.1%	$119.87	+4.4%	COM	023135106
VZ	VERIZON COMMUNICATIONS INC	188,985 (+3.3%)	$9,591 (+2.9%)	3.4%	$31.28	+28.2%	COM	92343V104
CVS	CVS HEALTH CORP	96,654 (+7.1%)	$8,956 (-2.0%)	3.2%	$61.29	+40.2%	COM	126650100
PSX	PHILLIPS 66	121,990 (+3.9%)	$10,002 (-1.4%)	3.6%	$73.14	+10.7%	COM	718546104
FDX	FEDEX CORP	57,462 (+1.2%)	$13,027 (-0.8%)	4.6%	$153.28	+28.3%	COM	31428X106
DES	WISDOMTREE TR	18,960 (+38.1%)	$535 (+22.4%)	0.2%	$30.62	—	US SMALLCAP DIVD	97717W604
MLI	MUELLER INDS INC	142,855 (+1.1%)	$7,613 (-0.6%)	2.7%	$21.07	+22.2%	COM	624756102
AEP	AMERICAN ELEC PWR INC	49,085 (+3.9%)	$4,709 (-0.1%)	1.7%	$43.48	+99.2%	COM	025537101
RTX	RAYTHEON TECHNOLOGIES CORP	139,902 (+3.1%)	$13,446 (+0.0%)	4.8%	$63.74	+38.9%	COM	75513E101

Exited Positions (12)

MOS MOSAIC CO NEW 0.2%

Value ($000) $426 Shares 6,400 Est. Cost $45.45 Unrealized +22.7%

JNJ JOHNSON & JOHNSON 0.1%

Value ($000) $407 Shares 2,297 Est. Cost $74.30 Unrealized +115.3%

NUE NUCOR CORP 0.1%

Value ($000) $333 Shares 2,240 Est. Cost $102.52 Unrealized +24.7%

IBB ISHARES TR 0.1%

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

ROP ROPER TECHNOLOGIES INC 0.1%

Value ($000) $243 Shares 514 Est. Cost $113.55 Unrealized +274.2%

NVDA NVIDIA CORPORATION 0.1%

Value ($000) $225 Shares 825 Est. Cost $16.46 Unrealized +14.5%

IJR ISHARES TR 0.1%

Value ($000) $217 Shares 2,010 Est. Cost $107.96 Unrealized —

MS MORGAN STANLEY 0.1%

Value ($000) $204 Shares 2,339 Est. Cost $35.86 Unrealized +102.0%

EWU ISHARES TR 0.1%

Value ($000) $202 Shares 5,990 Est. Cost $33.72 Unrealized —

— ALEXCO RESOURCE CORP 0.0%

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

KGC KINROSS GOLD CORP 0.0%

Value ($000) $59 Shares 10,000 Est. Cost $5.58 Unrealized -13.2%

— 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
MOS	MOSAIC CO NEW	6,400	$426	0.2%	$45.45	+22.7%	—	61945C103
JNJ	JOHNSON & JOHNSON	2,297	$407	0.1%	$74.30	+115.3%	—	478160104
NUE	NUCOR CORP	2,240	$333	0.1%	$102.52	+24.7%	—	670346105
IBB	ISHARES TR	2,088	$272	0.1%	$128.87	—	—	464287556
ROP	ROPER TECHNOLOGIES INC	514	$243	0.1%	$113.55	+274.2%	—	776696106
NVDA	NVIDIA CORPORATION	825	$225	0.1%	$16.46	+14.5%	—	67066G104
IJR	ISHARES TR	2,010	$217	0.1%	$107.96	—	—	464287804
MS	MORGAN STANLEY	2,339	$204	0.1%	$35.86	+102.0%	—	617446448
EWU	ISHARES TR	5,990	$202	0.1%	$33.72	—	—	46435G334
—	ALEXCO RESOURCE CORP	54,000	$84	0.0%	$0.92	—	—	01535P106
KGC	KINROSS GOLD CORP	10,000	$59	0.0%	$5.58	-13.2%	—	496902404
—	TREVENA INC	22,000	$12	0.0%	$0.41	—	—	89532E109

Decreased Positions (9)

ADM ARCHER DANIELS MIDLAND CO 4.7%

Value ($000) $13,323 (-35.4%) Shares 171,684 (-24.9%) Est. Cost $35.90 Unrealized +118.6%

— MARATHON OIL CORP 4.2%

Value ($000) $11,787 (-34.6%) Shares 524,327 (-27.0%) Est. Cost $10.68 Unrealized —

SPY SPDR S&P 500 ETF TR 0.9%

Value ($000) $2,669 (-18.5%) Shares 7,076 (-2.4%) Est. Cost $250.72 Unrealized —

AAPL APPLE INC 0.1%

Value ($000) $335 (-57.9%) Shares 2,450 (-46.3%) Est. Cost $79.68 Unrealized +86.6%

EWG ISHARES INC 0.2%

Value ($000) $615 (-27.1%) Shares 26,740 (-10.1%) Est. Cost $27.98 Unrealized —

QCOM QUALCOMM INC 0.1%

Value ($000) $272 (-44.4%) Shares 2,130 (-33.4%) Est. Cost $80.42 Unrealized +55.3%

— GASLOG PARTNERS LP 0.0%

Value ($000) $56 (-72.9%) Shares 10,000 (-72.2%) Est. Cost $2.22 Unrealized —

EWJ ISHARES INC 0.1%

Value ($000) $350 (-26.9%) Shares 6,620 (-14.8%) Est. Cost $55.08 Unrealized —

ET ENERGY TRANSFER L P 0.2%

Value ($000) $494 (-13.5%) Shares 49,547 (-2.9%) Est. Cost $8.23 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ADM	ARCHER DANIELS MIDLAND CO	171,684 (-24.9%)	$13,323 (-35.4%)	4.7%	$35.90	+118.6%	COM	039483102
—	MARATHON OIL CORP	524,327 (-27.0%)	$11,787 (-34.6%)	4.2%	$10.68	—	COM	565849106
SPY	SPDR S&P 500 ETF TR	7,076 (-2.4%)	$2,669 (-18.5%)	0.9%	$250.72	—	TR UNIT	78462F103
AAPL	APPLE INC	2,450 (-46.3%)	$335 (-57.9%)	0.1%	$79.68	+86.6%	COM	037833100
EWG	ISHARES INC	26,740 (-10.1%)	$615 (-27.1%)	0.2%	$27.98	—	MSCI GERMANY ETF	464286806
QCOM	QUALCOMM INC	2,130 (-33.4%)	$272 (-44.4%)	0.1%	$80.42	+55.3%	COM	747525103
—	GASLOG PARTNERS LP	10,000 (-72.2%)	$56 (-72.9%)	0.0%	$2.22	—	UNIT LTD PTNRP	Y2687W108
EWJ	ISHARES INC	6,620 (-14.8%)	$350 (-26.9%)	0.1%	$55.08	—	MSCI JPN ETF NEW	46434G822
ET	ENERGY TRANSFER L P	49,547 (-2.9%)	$494 (-13.5%)	0.2%	$8.23	—	COM UT LTD PTN	29273V100

Unchanged Positions (15)

MSFT MICROSOFT CORP 3.4%

Value ($000) $9,541 Shares 37,151 Est. Cost $69.66 Unrealized +278.1%

QQQ INVESCO QQQ TR 0.4%

Value ($000) $1,243 Shares 4,435 Est. Cost $235.12 Unrealized —

CAG CONAGRA FOODS INC 3.8%

Value ($000) $10,601 Shares 309,604 Est. Cost $25.50 Unrealized +12.0%

VMI VALMONT INDS INC 1.5%

Value ($000) $4,078 Shares 18,156 Est. Cost $143.06 Unrealized +71.2%

IDEV ISHARES TR 0.4%

Value ($000) $1,148 Shares 21,365 Est. Cost $55.37 Unrealized —

VGK VANGUARD INTL EQUITY INDEX F 0.4%

Value ($000) $1,158 Shares 21,930 Est. Cost $53.62 Unrealized —

IVV ISHARES TR 0.3%

Value ($000) $754 Shares 1,989 Est. Cost $280.27 Unrealized —

— ISHARES TR 0.2%

Value ($000) $470 Shares 8,520 Est. Cost $53.76 Unrealized —

EPD ENTERPRISE PRODS PARTNERS L 0.5%

Value ($000) $1,315 Shares 53,959 Est. Cost $21.96 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 0.2%

Value ($000) $674 Shares 16,179 Est. Cost $45.08 Unrealized —

— CRESTWOOD EQUITY PARTNERS LP 0.1%

Value ($000) $250 Shares 10,391 Est. Cost $27.62 Unrealized —

CNYA ISHARES TR 0.2%

Value ($000) $616 Shares 16,185 Est. Cost $41.74 Unrealized —

SPH SUBURBAN PROPANE PARTNERS L 0.1%

Value ($000) $337 Shares 22,093 Est. Cost $14.67 Unrealized —

GORO GOLD RESOURCE CORP 0.0%

Value ($000) $33 Shares 20,000 Est. Cost $1.83 Unrealized +7.1%

— NUSTAR ENERGY LP 0.1%

Value ($000) $261 Shares 18,678 Est. Cost $15.90 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	37,151	$9,541	3.4%	$69.66	+278.1%	COM	594918104
QQQ	INVESCO QQQ TR	4,435	$1,243	0.4%	$235.12	—	UNIT SER 1	46090E103
CAG	CONAGRA FOODS INC	309,604	$10,601	3.8%	$25.50	+12.0%	COM	205887102
VMI	VALMONT INDS INC	18,156	$4,078	1.5%	$143.06	+71.2%	COM	920253101
IDEV	ISHARES TR	21,365	$1,148	0.4%	$55.37	—	CORE MSCI INTL	46435G326
VGK	VANGUARD INTL EQUITY INDEX F	21,930	$1,158	0.4%	$53.62	—	FTSE EUROPE ETF	922042874
IVV	ISHARES TR	1,989	$754	0.3%	$280.27	—	CORE S&P500 ETF	464287200
—	ISHARES TR	8,520	$470	0.2%	$53.76	—	MSCI GERMNY ETF	46429B465
EPD	ENTERPRISE PRODS PARTNERS L	53,959	$1,315	0.5%	$21.96	—	COM	293792107
VWO	VANGUARD INTL EQUITY INDEX F	16,179	$674	0.2%	$45.08	—	FTSE EMR MKT ETF	922042858
—	CRESTWOOD EQUITY PARTNERS LP	10,391	$250	0.1%	$27.62	—	UNIT LTD PARTNER	226344208
CNYA	ISHARES TR	16,185	$616	0.2%	$41.74	—	MSCI CHINA A	46434V514
SPH	SUBURBAN PROPANE PARTNERS L	22,093	$337	0.1%	$14.67	—	UNIT LTD PARTN	864482104
GORO	GOLD RESOURCE CORP	20,000	$33	0.0%	$1.83	+7.1%	COM	38068T105
—	NUSTAR ENERGY LP	18,678	$261	0.1%	$15.90	—	UNIT COM	67058H102