F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MDT	MEDTRONIC INC	164,390 (+107.7%)	$13 (+115.4%)	4.4%	$72.03	+3.5%	SHS	G5960L103
LITE	LUMENTUM HLDGS INC	144,825 (+58.0%)	$8 (+63.6%)	2.6%	$79.01	-29.4%	COM	55024U109
MLI	MUELLER INDS INC	149,170 (+3.1%)	$11 (+28.4%)	3.6%	$21.45	+56.5%	COM	624756102
URI	UNITED RENTALS INC	36,897 (+4.9%)	$15 (+16.8%)	4.8%	$198.94	+104.9%	COM	911363109
ORCL	ORACLE CORP	144,175 (+3.2%)	$13 (+17.4%)	4.4%	$52.40	+61.8%	COM	68389X105
—	MARATHON OIL CORP	549,437 (+1.9%)	$13 (-9.8%)	4.4%	$10.51	—	COM	565849106
QRVO	QORVO INC	88,848 (+5.5%)	$9 (+18.2%)	3.0%	$92.80	+9.3%	COM	74736K101
CVX	CHEVRON CORP NEW	119,566 (+3.6%)	$20 (-5.9%)	6.5%	$79.40	+87.0%	COM	166764100
CSCO	CISCO SYS INC	176,295 (+4.7%)	$9 (+14.9%)	3.1%	$29.28	+53.2%	COM	17275R102
HPQ	HP INC	291,994 (+6.1%)	$9 (+15.9%)	2.8%	$19.88	+29.4%	COM	40434L105
FOX	FOX CORP	271,760 (+1.7%)	$9 (+11.9%)	2.8%	$29.44	+2.2%	CL B COM	35137L204
EBAY	EBAY INC	151,360 (+3.1%)	$7 (+10.3%)	2.2%	$35.35	+22.5%	COM	278642103
NEM	NEWMONT CORP	207,480 (+1.9%)	$10 (+5.9%)	3.4%	$37.62	+19.1%	COM	651639106
PSX	PHILLIPS 66	130,780 (+6.3%)	$13 (+3.6%)	4.4%	$74.26	+23.4%	COM	718546104
DES	WISDOMTREE TR	35,435 (+47.7%)	$1 (+48.4%)	0.3%	$17.85	—	US SMALLCAP DIVD	97717W604
AEP	AMERICAN ELEC PWR INC	53,765 (+9.5%)	$5 (+5.0%)	1.6%	$46.84	+75.1%	COM	025537101
CAG	CONAGRA BRANDS INC	336,609 (+4.6%)	$13 (+1.6%)	4.2%	$25.95	+23.1%	COM	205887102
GILD	GILEAD SCIENCES INC	137,800 (+4.8%)	$11 (+1.3%)	3.8%	$62.77	+19.0%	COM	375558103
IVV	ISHARES TR	2,519 (+8.2%)	$1 (+15.8%)	0.3%	$269.72	—	CORE S&P500 ETF	464287200
BMY	BRISTOL-MYERS SQUIBB CO	157,098 (+4.5%)	$11 (+0.7%)	3.6%	$52.83	+16.4%	COM	110122108
VMI	VALMONT INDS INC	18,967 (+2.6%)	$6 (-0.9%)	2.0%	$150.11	+112.5%	COM	920253101

Exited Positions (4)

CLF CLEVELAND-CLIFFS INC NEW 1.9%

Value ($000) $6 Shares 355,835 Est. Cost $19.66 Unrealized +0.7%

JNJ JOHNSON & JOHNSON 0.1%

Value ($000) $0 Shares 2,507 Est. Cost $152.90 Unrealized -3.3%

— CRESTWOOD EQUITY PARTNERS LP 0.1%

Value ($000) $0 Shares 10,391 Est. Cost $27.62 Unrealized —

KNOP KNOT OFFSHORE PARTNERS LP 0.0%

Value ($000) $0 Shares 14,000 Est. Cost $15.11 Unrealized -59.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CLF	CLEVELAND-CLIFFS INC NEW	355,835	$6	1.9%	$19.66	+0.7%	—	185899101
JNJ	JOHNSON & JOHNSON	2,507	$0	0.1%	$152.90	-3.3%	—	478160104
—	CRESTWOOD EQUITY PARTNERS LP	10,391	$0	0.1%	$27.62	—	—	226344208
KNOP	KNOT OFFSHORE PARTNERS LP	14,000	$0	0.0%	$15.11	-59.6%	—	Y48125101

Decreased Positions (7)

ADM ARCHER DANIELS MIDLAND CO 3.0%

Value ($000) $9 (-44.7%) Shares 113,059 (-35.6%) Est. Cost $36.84 Unrealized +102.0%

GOOGL ALPHABET INC 0.2%

Value ($000) $1 (-90.4%) Shares 6,920 (-91.8%) Est. Cost $107.09 Unrealized -11.1%

BKR BAKER HUGHES COMPANY 1.8%

Value ($000) $6 (-3.9%) Shares 192,195 (-1.7%) Est. Cost $27.68 Unrealized +2.2%

SPY SPDR S&P 500 ETF TR 0.9%

Value ($000) $3 (+5.7%) Shares 6,966 (-1.3%) Est. Cost $246.11 Unrealized —

AAPL APPLE INC 0.1%

Value ($000) $0 (-15.1%) Shares 1,875 (-33.2%) Est. Cost $96.54 Unrealized +50.7%

AMZN AMAZON COM INC 0.1%

Value ($000) $0 (+2.6%) Shares 2,320 (-16.5%) Est. Cost $119.87 Unrealized -19.4%

QCOM QUALCOMM INC 0.1%

Value ($000) $0 (+0.9%) Shares 1,715 (-13.2%) Est. Cost $80.42 Unrealized +44.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ADM	ARCHER DANIELS MIDLAND CO	113,059 (-35.6%)	$9 (-44.7%)	3.0%	$36.84	+102.0%	COM	039483102
GOOGL	ALPHABET INC	6,920 (-91.8%)	$1 (-90.4%)	0.2%	$107.09	-11.1%	CAP STK CL A	02079K305
BKR	BAKER HUGHES COMPANY	192,195 (-1.7%)	$6 (-3.9%)	1.8%	$27.68	+2.2%	CL A	05722G100
SPY	SPDR S&P 500 ETF TR	6,966 (-1.3%)	$3 (+5.7%)	0.9%	$246.11	—	TR UNIT	78462F103
AAPL	APPLE INC	1,875 (-33.2%)	$0 (-15.1%)	0.1%	$96.54	+50.7%	COM	037833100
AMZN	AMAZON COM INC	2,320 (-16.5%)	$0 (+2.6%)	0.1%	$119.87	-19.4%	COM	023135106
QCOM	QUALCOMM INC	1,715 (-13.2%)	$0 (+0.9%)	0.1%	$80.42	+44.7%	COM	747525103

Unchanged Positions (25)

FDX FEDEX CORP 4.4%

Value ($000) $13 Shares 58,352 Est. Cost $154.12 Unrealized +23.7%

CVS CVS HEALTH CORP 3.4%

Value ($000) $10 Shares 137,649 Est. Cost $68.93 Unrealized +9.1%

ALL ALLSTATE CORP 3.0%

Value ($000) $9 Shares 80,464 Est. Cost $62.60 Unrealized +88.7%

AMAT APPLIED MATLS INC 2.3%

Value ($000) $7 Shares 56,066 Est. Cost $63.97 Unrealized +74.9%

RTX RAYTHEON TECHNOLOGIES CORP 4.7%

Value ($000) $14 Shares 143,294 Est. Cost $64.13 Unrealized +43.9%

PYPL PAYPAL HLDGS INC 1.6%

Value ($000) $5 Shares 64,620 Est. Cost $88.17 Unrealized -12.9%

QQQ INVESCO QQQ TR 0.3%

Value ($000) $1 Shares 2,780 Est. Cost $235.12 Unrealized —

VGK VANGUARD INTL EQUITY INDEX F 0.5%

Value ($000) $1 Shares 23,755 Est. Cost $51.44 Unrealized —

EPD ENTERPRISE PRODS PARTNERS L 0.5%

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

IDEV ISHARES TR 0.4%

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

EWG ISHARES INC 0.2%

Value ($000) $1 Shares 24,100 Est. Cost $27.98 Unrealized —

VZ VERIZON COMMUNICATIONS INC 2.6%

Value ($000) $8 Shares 201,801 Est. Cost $31.25 Unrealized +4.6%

— ISHARES TR 0.2%

Value ($000) $1 Shares 8,520 Est. Cost $53.76 Unrealized —

ET ENERGY TRANSFER L P 0.2%

Value ($000) $1 Shares 49,547 Est. Cost $8.23 Unrealized —

EWJ ISHARES INC 0.1%

Value ($000) $0 Shares 6,195 Est. Cost $55.08 Unrealized —

CNYA ISHARES TR 0.2%

Value ($000) $1 Shares 16,185 Est. Cost $41.74 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 0.2%

Value ($000) $1 Shares 16,179 Est. Cost $45.08 Unrealized —

BSM BLACK STONE MINERALS L P 0.1%

Value ($000) $0 Shares 15,000 Est. Cost $11.67 Unrealized —

PAA PLAINS ALL AMERN PIPELINE L 0.1%

Value ($000) $0 Shares 14,000 Est. Cost $0.01 Unrealized —

GORO GOLD RESOURCE CORP 0.0%

Value ($000) $0 Shares 20,000 Est. Cost $1.83 Unrealized -30.3%

HESM HESS MIDSTREAM LP 0.1%

Value ($000) $0 Shares 8,000 Est. Cost $22.03 Unrealized +3.9%

— NUSTAR ENERGY LP 0.1%

Value ($000) $0 Shares 14,600 Est. Cost $15.90 Unrealized —

IJR ISHARES TR 0.1%

Value ($000) $0 Shares 2,425 Est. Cost $0.09 Unrealized —

SUN SUNOCO LP/SUNOCO FIN CORP 0.1%

Value ($000) $0 Shares 6,000 Est. Cost $0.04 Unrealized —

SPH SUBURBAN PROPANE PARTNERS L 0.1%

Value ($000) $0 Shares 22,093 Est. Cost $14.67 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FDX	FEDEX CORP	58,352	$13	4.4%	$154.12	+23.7%	COM	31428X106
CVS	CVS HEALTH CORP	137,649	$10	3.4%	$68.93	+9.1%	COM	126650100
ALL	ALLSTATE CORP	80,464	$9	3.0%	$62.60	+88.7%	COM	020002101
AMAT	APPLIED MATLS INC	56,066	$7	2.3%	$63.97	+74.9%	COM	038222105
RTX	RAYTHEON TECHNOLOGIES CORP	143,294	$14	4.7%	$64.13	+43.9%	COM	75513E101
PYPL	PAYPAL HLDGS INC	64,620	$5	1.6%	$88.17	-12.9%	COM	70450Y103
QQQ	INVESCO QQQ TR	2,780	$1	0.3%	$235.12	—	UNIT SER 1	46090E103
VGK	VANGUARD INTL EQUITY INDEX F	23,755	$1	0.5%	$51.44	—	FTSE EUROPE ETF	922042874
EPD	ENTERPRISE PRODS PARTNERS L	53,959	$1	0.5%	$21.96	—	COM	293792107
IDEV	ISHARES TR	21,365	$1	0.4%	$55.37	—	CORE MSCI INTL	46435G326
EWG	ISHARES INC	24,100	$1	0.2%	$27.98	—	MSCI GERMANY ETF	464286806
VZ	VERIZON COMMUNICATIONS INC	201,801	$8	2.6%	$31.25	+4.6%	COM	92343V104
—	ISHARES TR	8,520	$1	0.2%	$53.76	—	MSCI GERMNY ETF	46429B465
ET	ENERGY TRANSFER L P	49,547	$1	0.2%	$8.23	—	COM UT LTD PTN	29273V100
EWJ	ISHARES INC	6,195	$0	0.1%	$55.08	—	MSCI JPN ETF NEW	46434G822
CNYA	ISHARES TR	16,185	$1	0.2%	$41.74	—	MSCI CHINA A	46434V514
VWO	VANGUARD INTL EQUITY INDEX F	16,179	$1	0.2%	$45.08	—	FTSE EMR MKT ETF	922042858
BSM	BLACK STONE MINERALS L P	15,000	$0	0.1%	$11.67	—	COM UNIT	09225M101
PAA	PLAINS ALL AMERN PIPELINE L	14,000	$0	0.1%	$0.01	—	UNIT LTD PARTN	726503105
GORO	GOLD RESOURCE CORP	20,000	$0	0.0%	$1.83	-30.3%	COM	38068T105
HESM	HESS MIDSTREAM LP	8,000	$0	0.1%	$22.03	+3.9%	CL A SHS	428103105
—	NUSTAR ENERGY LP	14,600	$0	0.1%	$15.90	—	UNIT COM	67058H102
IJR	ISHARES TR	2,425	$0	0.1%	$0.09	—	CORE S&P SCP ETF	464287804
SUN	SUNOCO LP/SUNOCO FIN CORP	6,000	$0	0.1%	$0.04	—	COM UT REP LP	86765K109
SPH	SUBURBAN PROPANE PARTNERS L	22,093	$0	0.1%	$14.67	—	UNIT LTD PARTN	864482104