F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AEP	AMERICAN ELEC PWR INC	95,430 (+77.7%)	$7 (+58.8%)	2.5%	$58.88	+26.3%	COM	025537101
ORCL	ORACLE CORP	143,840 (+2.0%)	$15 (-9.3%)	5.2%	$53.56	+110.6%	COM	68389X105
SUN	SUNOCO LP/SUNOCO FIN CORP	7,500 (+25.0%)	$0 (+40.6%)	0.1%	$0.04	—	COM UT REP LP	86765K109
PAA	PLAINS ALL AMERN PIPELINE L	19,600 (+40.0%)	$0 (+52.3%)	0.1%	$0.01	—	UNIT LTD PARTN	726503105
—	NUSTAR ENERGY LP	19,850 (+36.0%)	$0 (+38.4%)	0.1%	$11.70	—	UNIT COM	67058H102
BSM	BLACK STONE MINERALS L P	18,300 (+22.0%)	$0 (+31.8%)	0.1%	$9.57	—	COM UNIT	09225M101
HESM	HESS MIDSTREAM LP	9,000 (+12.5%)	$0 (+6.9%)	0.1%	$22.32	+10.4%	CL A SHS	428103105

Decreased Positions (19)

MLI MUELLER INDS INC 2.1%

Value ($000) $6 (-51.7%) Shares 82,445 (-43.9%) Est. Cost $21.45 Unrealized +79.0%

RTX RAYTHEON TECHNOLOGIES CORP 3.6%

Value ($000) $10 (-27.4%) Shares 144,194 (-1.2%) Est. Cost $64.63 Unrealized +25.7%

PSX PHILLIPS 66 5.2%

Value ($000) $15 (+23.2%) Shares 127,095 (-2.2%) Est. Cost $74.26 Unrealized +39.1%

— MARATHON OIL CORP 4.9%

Value ($000) $14 (+13.9%) Shares 539,902 (-2.0%) Est. Cost $10.51 Unrealized —

LITE LUMENTUM HLDGS INC 2.2%

Value ($000) $6 (-21.5%) Shares 142,050 (-1.4%) Est. Cost $79.01 Unrealized -35.7%

HPQ HP INC 2.7%

Value ($000) $8 (-17.5%) Shares 306,789 (-1.4%) Est. Cost $20.33 Unrealized +37.5%

VZ VERIZON COMMUNICATIONS INC 2.4%

Value ($000) $7 (-13.8%) Shares 216,971 (-1.0%) Est. Cost $31.25 Unrealized -7.2%

CVX CHEVRON CORP NEW 6.8%

Value ($000) $20 (+5.9%) Shares 116,861 (-1.2%) Est. Cost $79.40 Unrealized +83.6%

BMY BRISTOL-MYERS SQUIBB CO 3.1%

Value ($000) $9 (-10.3%) Shares 153,603 (-1.2%) Est. Cost $52.83 Unrealized +2.9%

FOX FOX CORP 2.6%

Value ($000) $8 (-10.7%) Shares 264,585 (-1.3%) Est. Cost $29.44 Unrealized +0.7%

QRVO QORVO INC 2.8%

Value ($000) $8 (-8.0%) Shares 87,003 (-1.7%) Est. Cost $92.80 Unrealized +10.0%

BKR BAKER HUGHES COMPANY 2.3%

Value ($000) $7 (+10.5%) Shares 192,290 (-1.1%) Est. Cost $27.68 Unrealized +21.1%

GILD GILEAD SCIENCES INC 3.5%

Value ($000) $10 (-4.1%) Shares 135,615 (-1.3%) Est. Cost $62.77 Unrealized +12.6%

URI UNITED RENTALS INC 5.5%

Value ($000) $16 (-2.2%) Shares 35,872 (-2.0%) Est. Cost $198.94 Unrealized +125.0%

EBAY EBAY INC 2.2%

Value ($000) $7 (-2.9%) Shares 148,030 (-1.6%) Est. Cost $35.35 Unrealized +20.7%

DES WISDOMTREE TR 0.3%

Value ($000) $1 (-17.5%) Shares 30,295 (-15.8%) Est. Cost $17.59 Unrealized —

SPY SPDR S&P 500 ETF TR 1.0%

Value ($000) $3 (-5.2%) Shares 6,846 (-1.7%) Est. Cost $246.11 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 0.2%

Value ($000) $1 (-17.3%) Shares 13,885 (-14.2%) Est. Cost $45.08 Unrealized —

CVS CVS HEALTH CORP 3.2%

Value ($000) $9 (-0.6%) Shares 134,039 (-1.6%) Est. Cost $68.93 Unrealized -6.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MLI	MUELLER INDS INC	82,445 (-43.9%)	$6 (-51.7%)	2.1%	$21.45	+79.0%	COM	624756102
RTX	RAYTHEON TECHNOLOGIES CORP	144,194 (-1.2%)	$10 (-27.4%)	3.6%	$64.63	+25.7%	COM	75513E101
PSX	PHILLIPS 66	127,095 (-2.2%)	$15 (+23.2%)	5.2%	$74.26	+39.1%	COM	718546104
—	MARATHON OIL CORP	539,902 (-2.0%)	$14 (+13.9%)	4.9%	$10.51	—	COM	565849106
LITE	LUMENTUM HLDGS INC	142,050 (-1.4%)	$6 (-21.5%)	2.2%	$79.01	-35.7%	COM	55024U109
HPQ	HP INC	306,789 (-1.4%)	$8 (-17.5%)	2.7%	$20.33	+37.5%	COM	40434L105
VZ	VERIZON COMMUNICATIONS INC	216,971 (-1.0%)	$7 (-13.8%)	2.4%	$31.25	-7.2%	COM	92343V104
CVX	CHEVRON CORP NEW	116,861 (-1.2%)	$20 (+5.9%)	6.8%	$79.40	+83.6%	COM	166764100
BMY	BRISTOL-MYERS SQUIBB CO	153,603 (-1.2%)	$9 (-10.3%)	3.1%	$52.83	+2.9%	COM	110122108
FOX	FOX CORP	264,585 (-1.3%)	$8 (-10.7%)	2.6%	$29.44	+0.7%	CL B COM	35137L204
QRVO	QORVO INC	87,003 (-1.7%)	$8 (-8.0%)	2.8%	$92.80	+10.0%	COM	74736K101
BKR	BAKER HUGHES COMPANY	192,290 (-1.1%)	$7 (+10.5%)	2.3%	$27.68	+21.1%	CL A	05722G100
GILD	GILEAD SCIENCES INC	135,615 (-1.3%)	$10 (-4.1%)	3.5%	$62.77	+12.6%	COM	375558103
URI	UNITED RENTALS INC	35,872 (-2.0%)	$16 (-2.2%)	5.5%	$198.94	+125.0%	COM	911363109
EBAY	EBAY INC	148,030 (-1.6%)	$7 (-2.9%)	2.2%	$35.35	+20.7%	COM	278642103
DES	WISDOMTREE TR	30,295 (-15.8%)	$1 (-17.5%)	0.3%	$17.59	—	US SMALLCAP DIVD	97717W604
SPY	SPDR S&P 500 ETF TR	6,846 (-1.7%)	$3 (-5.2%)	1.0%	$246.11	—	TR UNIT	78462F103
VWO	VANGUARD INTL EQUITY INDEX F	13,885 (-14.2%)	$1 (-17.3%)	0.2%	$45.08	—	FTSE EMR MKT ETF	922042858
CVS	CVS HEALTH CORP	134,039 (-1.6%)	$9 (-0.6%)	3.2%	$68.93	-6.3%	COM	126650100

Unchanged Positions (25)

CAG CONAGRA BRANDS INC 3.1%

Value ($000) $9 Shares 334,489 Est. Cost $25.95 Unrealized +4.3%

MDT MEDTRONIC INC 4.4%

Value ($000) $13 Shares 162,820 Est. Cost $72.03 Unrealized +8.0%

NEM NEWMONT CORP 2.6%

Value ($000) $8 Shares 207,030 Est. Cost $37.62 Unrealized +1.9%

PYPL PAYPAL HLDGS INC 2.6%

Value ($000) $8 Shares 129,095 Est. Cost $78.02 Unrealized -16.7%

VMI VALMONT INDS INC 1.6%

Value ($000) $5 Shares 19,382 Est. Cost $152.94 Unrealized +68.1%

FDX FEDEX CORP 5.3%

Value ($000) $15 Shares 57,997 Est. Cost $154.12 Unrealized +60.1%

AMAT APPLIED MATLS INC 2.8%

Value ($000) $8 Shares 59,651 Est. Cost $67.81 Unrealized +107.1%

CSCO CISCO SYS INC 3.3%

Value ($000) $10 Shares 178,840 Est. Cost $29.63 Unrealized +69.8%

ALL ALLSTATE CORP 3.1%

Value ($000) $9 Shares 80,784 Est. Cost $62.60 Unrealized +65.5%

VGK VANGUARD INTL EQUITY INDEX F 0.5%

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

ADM ARCHER DANIELS MIDLAND CO 2.9%

Value ($000) $8 Shares 111,624 Est. Cost $36.84 Unrealized +102.5%

ET ENERGY TRANSFER L P 0.2%

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

IDEV ISHARES TR 0.4%

Value ($000) $1 Shares 21,515 Est. Cost $55.37 Unrealized —

EWG ISHARES INC 0.2%

Value ($000) $1 Shares 24,330 Est. Cost $27.98 Unrealized —

EPD ENTERPRISE PRODS PARTNERS L 0.5%

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

— ISHARES TR 0.2%

Value ($000) $0 Shares 8,520 Est. Cost $53.76 Unrealized —

AAPL APPLE INC 0.1%

Value ($000) $0 Shares 1,875 Est. Cost $96.54 Unrealized +87.8%

IVV ISHARES TR 0.4%

Value ($000) $1 Shares 2,519 Est. Cost $269.72 Unrealized —

QQQ INVESCO QQQ TR 0.3%

Value ($000) $1 Shares 2,790 Est. Cost $235.12 Unrealized —

SPH SUBURBAN PROPANE PARTNERS L 0.1%

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

INTC INTEL CORP 0.1%

Value ($000) $0 Shares 8,000 Est. Cost $30.72 Unrealized +11.4%

CNYA ISHARES TR 0.2%

Value ($000) $0 Shares 16,185 Est. Cost $41.74 Unrealized —

IJR ISHARES TR 0.1%

Value ($000) $0 Shares 2,440 Est. Cost $0.09 Unrealized —

EWJ ISHARES INC 0.1%

Value ($000) $0 Shares 6,295 Est. Cost $54.21 Unrealized —

GORO GOLD RESOURCE CORP 0.0%

Value ($000) $0 Shares 20,000 Est. Cost $1.83 Unrealized -70.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CAG	CONAGRA BRANDS INC	334,489	$9	3.1%	$25.95	+4.3%	COM	205887102
MDT	MEDTRONIC INC	162,820	$13	4.4%	$72.03	+8.0%	SHS	G5960L103
NEM	NEWMONT CORP	207,030	$8	2.6%	$37.62	+1.9%	COM	651639106
PYPL	PAYPAL HLDGS INC	129,095	$8	2.6%	$78.02	-16.7%	COM	70450Y103
VMI	VALMONT INDS INC	19,382	$5	1.6%	$152.94	+68.1%	COM	920253101
FDX	FEDEX CORP	57,997	$15	5.3%	$154.12	+60.1%	COM	31428X106
AMAT	APPLIED MATLS INC	59,651	$8	2.8%	$67.81	+107.1%	COM	038222105
CSCO	CISCO SYS INC	178,840	$10	3.3%	$29.63	+69.8%	COM	17275R102
ALL	ALLSTATE CORP	80,784	$9	3.1%	$62.60	+65.5%	COM	020002101
VGK	VANGUARD INTL EQUITY INDEX F	23,755	$1	0.5%	$51.44	—	FTSE EUROPE ETF	922042874
ADM	ARCHER DANIELS MIDLAND CO	111,624	$8	2.9%	$36.84	+102.5%	COM	039483102
ET	ENERGY TRANSFER L P	49,547	$1	0.2%	$8.23	—	COM UT LTD PTN	29273V100
IDEV	ISHARES TR	21,515	$1	0.4%	$55.37	—	CORE MSCI INTL	46435G326
EWG	ISHARES INC	24,330	$1	0.2%	$27.98	—	MSCI GERMANY ETF	464286806
EPD	ENTERPRISE PRODS PARTNERS L	53,959	$1	0.5%	$21.96	—	COM	293792107
—	ISHARES TR	8,520	$0	0.2%	$53.76	—	MSCI GERMNY ETF	46429B465
AAPL	APPLE INC	1,875	$0	0.1%	$96.54	+87.8%	COM	037833100
IVV	ISHARES TR	2,519	$1	0.4%	$269.72	—	CORE S&P500 ETF	464287200
QQQ	INVESCO QQQ TR	2,790	$1	0.3%	$235.12	—	UNIT SER 1	46090E103
SPH	SUBURBAN PROPANE PARTNERS L	22,093	$0	0.1%	$14.67	—	UNIT LTD PARTN	864482104
INTC	INTEL CORP	8,000	$0	0.1%	$30.72	+11.4%	COM	458140100
CNYA	ISHARES TR	16,185	$0	0.2%	$41.74	—	MSCI CHINA A	46434V514
IJR	ISHARES TR	2,440	$0	0.1%	$0.09	—	CORE S&P SCP ETF	464287804
EWJ	ISHARES INC	6,295	$0	0.1%	$54.21	—	MSCI JPN ETF NEW	46434G822
GORO	GOLD RESOURCE CORP	20,000	$0	0.0%	$1.83	-70.8%	COM	38068T105