F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NEM	NEWMONT CORP	341,205 (+46.8%)	$18 (+87.4%)	4.7%	$40.92	+18.3%	COM	651639106
CAG	CONAGRA BRANDS INC	520,526 (+47.1%)	$17 (+68.3%)	4.4%	$26.73	+5.6%	COM	205887102
ORCL	ORACLE CORP	163,905 (+2.7%)	$28 (+23.9%)	7.2%	$62.01	+130.7%	COM	68389X105
VMI	VALMONT INDS INC	36,177 (+76.5%)	$10 (+86.5%)	2.7%	$210.74	+32.9%	COM	920253101
GILD	GILEAD SCIENCES INC	155,970 (+6.7%)	$13 (+30.4%)	3.4%	$63.78	+14.6%	COM	375558103
ALL	ALLSTATE CORP	91,739 (+1.3%)	$17 (+20.3%)	4.5%	$74.35	+132.5%	COM	020002101
BMY	BRISTOL-MYERS SQUIBB CO	170,558 (+1.8%)	$9 (+26.9%)	2.3%	$51.85	-15.8%	COM	110122108
AMAT	APPLIED MATLS INC	64,615 (+2.3%)	$13 (-12.5%)	3.4%	$84.92	+138.3%	COM	038222105
CVS	CVS HEALTH CORP	140,624 (+1.0%)	$9 (+7.6%)	2.3%	$68.39	-19.3%	COM	126650100
HPQ	HP INC	324,339 (+1.2%)	$12 (+3.7%)	3.0%	$20.82	+59.7%	COM	40434L105
BKR	BAKER HUGHES COMPANY	229,670 (+2.0%)	$8 (+4.8%)	2.1%	$28.23	+20.9%	CL A	05722G100
VTI	VANGUARD INDEX FUNDS	2,110 (+1.9%)	$1 (+7.8%)	0.2%	$0.27	—	TOTAL STK MKT	922908769
VPL	VANGUARD INTERNATIONAL EQUITY	3,520 (+3.5%)	$0 (+9.5%)	0.1%	$0.07	—	FTSE PACIFIC ETF	922042866

Decreased Positions (5)

SPY SPDR S&P 500 ETF TR 0.9%

Value ($000) $4 (+3.7%) Shares 6,226 (-1.6%) Est. Cost $246.11 Unrealized —

QQQ INVESCO QQQ TR 0.5%

Value ($000) $2 (-4.4%) Shares 3,603 (-6.1%) Est. Cost $167.99 Unrealized —

URI UNITED RENTALS INC 6.2%

Value ($000) $24 (+0.2%) Shares 29,718 (-20.0%) Est. Cost $214.91 Unrealized +230.7%

EWG ISHARES INC 0.1%

Value ($000) $1 (+7.3%) Shares 15,630 (-2.9%) Est. Cost $27.98 Unrealized —

AMZN AMAZON COM INC 0.1%

Value ($000) $0 (-11.0%) Shares 1,301 (-7.7%) Est. Cost $167.96 Unrealized +8.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	6,226 (-1.6%)	$4 (+3.7%)	0.9%	$246.11	—	TR UNIT	78462F103
QQQ	INVESCO QQQ TR	3,603 (-6.1%)	$2 (-4.4%)	0.5%	$167.99	—	UNIT SER 1	46090E103
URI	UNITED RENTALS INC	29,718 (-20.0%)	$24 (+0.2%)	6.2%	$214.91	+230.7%	COM	911363109
EWG	ISHARES INC	15,630 (-2.9%)	$1 (+7.3%)	0.1%	$27.98	—	MSCI GERMANY ETF	464286806
AMZN	AMAZON COM INC	1,301 (-7.7%)	$0 (-11.0%)	0.1%	$167.96	+8.6%	COM	023135106

Unchanged Positions (34)

PYPL PAYPAL HLDGS INC 4.5%

Value ($000) $17 Shares 223,140 Est. Cost $71.11 Unrealized -6.2%

RTX RAYTHEON TECHNOLOGIES CORP 4.8%

Value ($000) $19 Shares 154,689 Est. Cost $67.07 Unrealized +65.6%

MLI MUELLER INDS INC 3.3%

Value ($000) $13 Shares 172,275 Est. Cost $31.24 Unrealized +111.1%

MDT MEDTRONIC INC 4.1%

Value ($000) $16 Shares 177,175 Est. Cost $72.44 Unrealized +11.6%

FOX FOX CORP 2.8%

Value ($000) $11 Shares 284,255 Est. Cost $29.36 Unrealized +21.0%

AEP AMERICAN ELEC PWR INC 3.5%

Value ($000) $13 Shares 131,185 Est. Cost $63.01 Unrealized +47.7%

FDX FEDEX CORP 4.5%

Value ($000) $17 Shares 63,517 Est. Cost $161.62 Unrealized +74.0%

PSX PHILLIPS 66 4.5%

Value ($000) $18 Shares 133,685 Est. Cost $77.43 Unrealized +65.8%

— MARATHON OIL CORP 4.1%

Value ($000) $16 Shares 593,562 Est. Cost $9.55 Unrealized —

QRVO QORVO INC 2.4%

Value ($000) $9 Shares 90,203 Est. Cost $93.89 Unrealized +19.6%

CVX CHEVRON CORP NEW 4.8%

Value ($000) $19 Shares 126,866 Est. Cost $84.70 Unrealized +65.3%

CSCO CISCO SYS INC 2.6%

Value ($000) $10 Shares 190,800 Est. Cost $30.46 Unrealized +53.6%

VZ VERIZON COMMUNICATIONS INC 2.7%

Value ($000) $11 Shares 235,696 Est. Cost $31.68 Unrealized +21.2%

DES WISDOMTREE TR 0.3%

Value ($000) $1 Shares 31,190 Est. Cost $12.02 Unrealized —

IVV ISHARES TR 0.5%

Value ($000) $2 Shares 3,304 Est. Cost $190.29 Unrealized —

VGK VANGUARD INTL EQUITY INDEX F 0.4%

Value ($000) $2 Shares 22,557 Est. Cost $51.44 Unrealized —

CNYA ISHARES TR 0.2%

Value ($000) $1 Shares 19,320 Est. Cost $34.97 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 0.3%

Value ($000) $1 Shares 22,580 Est. Cost $27.74 Unrealized —

IDEV ISHARES TR 0.3%

Value ($000) $1 Shares 17,110 Est. Cost $55.37 Unrealized —

AAPL APPLE INC 0.1%

Value ($000) $0 Shares 1,555 Est. Cost $96.54 Unrealized +129.9%

SPH SUBURBAN PROPANE PARTNERS L 0.1%

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

IJR ISHARES TR 0.1%

Value ($000) $0 Shares 2,125 Est. Cost $0.10 Unrealized —

EWJ ISHARES INC 0.1%

Value ($000) $0 Shares 6,705 Est. Cost $50.90 Unrealized —

EMXC ISHARES INC 0.1%

Value ($000) $1 Shares 9,135 Est. Cost $0.06 Unrealized —

MPLX MPLX LP 0.1%

Value ($000) $0 Shares 7,750 Est. Cost $0.04 Unrealized —

FLIN FRANKIN TEMPLETON ETF TRUST 0.1%

Value ($000) $0 Shares 6,700 Est. Cost $0.04 Unrealized —

HESM HESS MIDSTREAM LP 0.1%

Value ($000) $0 Shares 10,500 Est. Cost $23.23 Unrealized +39.3%

WES WESTERN MIDSTREAM PARTNERS L 0.1%

Value ($000) $0 Shares 8,000 Est. Cost $0.04 Unrealized —

BSM BLACK STONE MINERALS L P 0.1%

Value ($000) $0 Shares 20,200 Est. Cost $8.67 Unrealized —

PAA PLAINS ALL AMERN PIPELINE L 0.1%

Value ($000) $0 Shares 22,000 Est. Cost $0.01 Unrealized —

ET ENERGY TRANSFER L P 0.2%

Value ($000) $1 Shares 53,687 Est. Cost $7.59 Unrealized —

EPD ENTERPRISE PRODS PARTNERS L 0.4%

Value ($000) $2 Shares 53,959 Est. Cost $21.96 Unrealized —

VGT VANGUARD WORLD FD 0.1%

Value ($000) $0 Shares 500 Est. Cost $0.58 Unrealized —

GORO GOLD RESOURCE CORP 0.0%

Value ($000) $0 Shares 13,000 Est. Cost $1.83 Unrealized -78.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PYPL	PAYPAL HLDGS INC	223,140	$17	4.5%	$71.11	-6.2%	COM	70450Y103
RTX	RAYTHEON TECHNOLOGIES CORP	154,689	$19	4.8%	$67.07	+65.6%	COM	75513E101
MLI	MUELLER INDS INC	172,275	$13	3.3%	$31.24	+111.1%	COM	624756102
MDT	MEDTRONIC INC	177,175	$16	4.1%	$72.44	+11.6%	SHS	G5960L103
FOX	FOX CORP	284,255	$11	2.8%	$29.36	+21.0%	CL B COM	35137L204
AEP	AMERICAN ELEC PWR INC	131,185	$13	3.5%	$63.01	+47.7%	COM	025537101
FDX	FEDEX CORP	63,517	$17	4.5%	$161.62	+74.0%	COM	31428X106
PSX	PHILLIPS 66	133,685	$18	4.5%	$77.43	+65.8%	COM	718546104
—	MARATHON OIL CORP	593,562	$16	4.1%	$9.55	—	COM	565849106
QRVO	QORVO INC	90,203	$9	2.4%	$93.89	+19.6%	COM	74736K101
CVX	CHEVRON CORP NEW	126,866	$19	4.8%	$84.70	+65.3%	COM	166764100
CSCO	CISCO SYS INC	190,800	$10	2.6%	$30.46	+53.6%	COM	17275R102
VZ	VERIZON COMMUNICATIONS INC	235,696	$11	2.7%	$31.68	+21.2%	COM	92343V104
DES	WISDOMTREE TR	31,190	$1	0.3%	$12.02	—	US SMALLCAP DIVD	97717W604
IVV	ISHARES TR	3,304	$2	0.5%	$190.29	—	CORE S&P500 ETF	464287200
VGK	VANGUARD INTL EQUITY INDEX F	22,557	$2	0.4%	$51.44	—	FTSE EUROPE ETF	922042874
CNYA	ISHARES TR	19,320	$1	0.2%	$34.97	—	MSCI CHINA A	46434V514
VWO	VANGUARD INTL EQUITY INDEX F	22,580	$1	0.3%	$27.74	—	FTSE EMR MKT ETF	922042858
IDEV	ISHARES TR	17,110	$1	0.3%	$55.37	—	CORE MSCI INTL	46435G326
AAPL	APPLE INC	1,555	$0	0.1%	$96.54	+129.9%	COM	037833100
SPH	SUBURBAN PROPANE PARTNERS L	22,093	$0	0.1%	$14.67	—	UNIT LTD PARTN	864482104
IJR	ISHARES TR	2,125	$0	0.1%	$0.10	—	CORE S&P SCP ETF	464287804
EWJ	ISHARES INC	6,705	$0	0.1%	$50.90	—	MSCI JPN ETF NEW	46434G822
EMXC	ISHARES INC	9,135	$1	0.1%	$0.06	—	MSCI EMRG CHN	46434G764
MPLX	MPLX LP	7,750	$0	0.1%	$0.04	—	COM UNIT REP LTD	55336V100
FLIN	FRANKIN TEMPLETON ETF TRUST	6,700	$0	0.1%	$0.04	—	FRANKLIN INDIA	35473P769
HESM	HESS MIDSTREAM LP	10,500	$0	0.1%	$23.23	+39.3%	CL A SHS	428103105
WES	WESTERN MIDSTREAM PARTNERS L	8,000	$0	0.1%	$0.04	—	COM UNIT LP INT	958669103
BSM	BLACK STONE MINERALS L P	20,200	$0	0.1%	$8.67	—	COM UNIT	09225M101
PAA	PLAINS ALL AMERN PIPELINE L	22,000	$0	0.1%	$0.01	—	UNIT LTD PARTN	726503105
ET	ENERGY TRANSFER L P	53,687	$1	0.2%	$7.59	—	COM UT LTD PTN	29273V100
EPD	ENTERPRISE PRODS PARTNERS L	53,959	$2	0.4%	$21.96	—	COM	293792107
VGT	VANGUARD WORLD FD	500	$0	0.1%	$0.58	—	INF TECH ETF	92204A702
GORO	GOLD RESOURCE CORP	13,000	$0	0.0%	$1.83	-78.5%	COM	38068T105