F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DHI	D R HORTON INC	62,270	$8	2.1%	$122.31	0.0%	COM	23331A109
LEA	LEAR CORP	83,835	$8	2.0%	$86.13	0.0%	COM NEW	521865204
USFR	WISDOMTREE TR	90,990	$5	1.2%	$0.05	—	FLOATNG RAT TREA	97717Y527
AFRM	AFFIRM HLDGS INC	11,835	$1	0.2%	$51.85	0.0%	COM CL A	00827B106
AVEM	AMERICAN CENTY ETF TR	10,950	$1	0.2%	$0.07	—	AVANTIS EMGMKT	025072604
NFLX	NETFLIX INC	156	$0	0.1%	$113.07	0.0%	COM	64110L106
IJH	ISHARES TR	3,350	$0	0.1%	$0.06	—	CORE S&P MCP ETF	464287507

Increased Positions (6)

META META PLATFORMS INC 5.5%

Value ($000) $22 (+97.3%) Shares 29,219 (+54.1%) Est. Cost $612.44 Unrealized +0.7%

QRVO QORVO INC 3.4%

Value ($000) $13 (+98.2%) Shares 157,062 (+69.0%) Est. Cost $84.75 Unrealized -14.8%

MSFT MICROSOFT CORP 0.1%

Value ($000) $0 (+84.0%) Shares 855 (+38.8%) Est. Cost $412.72 Unrealized +4.8%

PSX PHILLIPS 66 4.2%

Value ($000) $16 (-1.1%) Shares 136,142 (+2.4%) Est. Cost $78.17 Unrealized +40.0%

IJR ISHARES TR 0.1%

Value ($000) $0 (+5.9%) Shares 3,770 (+1.3%) Est. Cost $0.11 Unrealized —

USAC USA COMPRESSION PARTNERS LP 0.1%

Value ($000) $0 (-5.0%) Shares 11,750 (+5.4%) Est. Cost $0.03 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS INC	29,219 (+54.1%)	$22 (+97.3%)	5.5%	$612.44	+0.7%	CL A	30303M102
QRVO	QORVO INC	157,062 (+69.0%)	$13 (+98.2%)	3.4%	$84.75	-14.8%	COM	74736K101
MSFT	MICROSOFT CORP	855 (+38.8%)	$0 (+84.0%)	0.1%	$412.72	+4.8%	COM	594918104
PSX	PHILLIPS 66	136,142 (+2.4%)	$16 (-1.1%)	4.2%	$78.17	+40.0%	COM	718546104
IJR	ISHARES TR	3,770 (+1.3%)	$0 (+5.9%)	0.1%	$0.11	—	CORE S&P SCP ETF	464287804
USAC	USA COMPRESSION PARTNERS LP	11,750 (+5.4%)	$0 (-5.0%)	0.1%	$0.03	—	COMUNIT LTDPAR	90290N109

Exited Positions (8)

EPD ENTERPRISE PRODS PARTNERS L 0.5%

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

MPLX MPLX LP 0.2%

Value ($000) $1 Shares 12,250 Est. Cost $0.04 Unrealized —

CNYA ISHARES TR 0.1%

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

SPH SUBURBAN PROPANE PARTNERS L 0.1%

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

HESM HESS MIDSTREAM LP 0.1%

Value ($000) $0 Shares 10,500 Est. Cost $23.23 Unrealized +52.9%

PAA PLAINS ALL AMERN PIPELINE L 0.1%

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

WES WESTERN MIDSTREAM PARTNERS L 0.1%

Value ($000) $0 Shares 9,050 Est. Cost $0.04 Unrealized —

BSM BLACK STONE MINERALS L P 0.1%

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

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EPD	ENTERPRISE PRODS PARTNERS L	53,959	$2	0.5%	$21.96	—	—	293792107
MPLX	MPLX LP	12,250	$1	0.2%	$0.04	—	—	55336V100
CNYA	ISHARES TR	19,320	$1	0.1%	$34.97	—	—	46434V514
SPH	SUBURBAN PROPANE PARTNERS L	22,093	$0	0.1%	$14.67	—	—	864482104
HESM	HESS MIDSTREAM LP	10,500	$0	0.1%	$23.23	+52.9%	—	428103105
PAA	PLAINS ALL AMERN PIPELINE L	22,000	$0	0.1%	$0.01	—	—	726503105
WES	WESTERN MIDSTREAM PARTNERS L	9,050	$0	0.1%	$0.04	—	—	958669103
BSM	BLACK STONE MINERALS L P	20,200	$0	0.1%	$8.67	—	—	09225M101

Decreased Positions (8)

GILD GILEAD SCIENCES INC 0.2%

Value ($000) $1 (-96.0%) Shares 6,200 (-96.0%) Est. Cost $63.78 Unrealized +63.7%

COP CONOCOPHILLIPS 0.2%

Value ($000) $1 (-95.2%) Shares 8,587 (-94.3%) Est. Cost $102.31 Unrealized -14.0%

BKR BAKER HUGHES COMPANY 0.1%

Value ($000) $0 (-96.5%) Shares 9,100 (-96.0%) Est. Cost $28.23 Unrealized +32.0%

MDT MEDTRONIC PLC 4.0%

Value ($000) $16 (-4.0%) Shares 177,970 (-1.1%) Est. Cost $72.68 Unrealized +14.9%

DES WISDOMTREE TR 0.3%

Value ($000) $1 (-29.8%) Shares 35,190 (-29.4%) Est. Cost $7.20 Unrealized —

SPY SPDR S&P 500 ETF TR 0.9%

Value ($000) $4 (+6.7%) Shares 6,013 (-3.4%) Est. Cost $246.11 Unrealized —

AMZN AMAZON COM INC 0.1%

Value ($000) $0 (-18.3%) Shares 1,525 (-29.2%) Est. Cost $186.18 Unrealized +6.3%

IVV ISHARES TR 0.5%

Value ($000) $2 (0.0%) Shares 3,194 (-9.5%) Est. Cost $178.19 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GILD	GILEAD SCIENCES INC	6,200 (-96.0%)	$1 (-96.0%)	0.2%	$63.78	+63.7%	COM	375558103
COP	CONOCOPHILLIPS	8,587 (-94.3%)	$1 (-95.2%)	0.2%	$102.31	-14.0%	COM	20825C104
BKR	BAKER HUGHES COMPANY	9,100 (-96.0%)	$0 (-96.5%)	0.1%	$28.23	+32.0%	CL A	05722G100
MDT	MEDTRONIC PLC	177,970 (-1.1%)	$16 (-4.0%)	4.0%	$72.68	+14.9%	SHS	G5960L103
DES	WISDOMTREE TR	35,190 (-29.4%)	$1 (-29.8%)	0.3%	$7.20	—	US SMALLCAP DIVD	97717W604
SPY	SPDR S&P 500 ETF TR	6,013 (-3.4%)	$4 (+6.7%)	0.9%	$246.11	—	TR UNIT	78462F103
AMZN	AMAZON COM INC	1,525 (-29.2%)	$0 (-18.3%)	0.1%	$186.18	+6.3%	COM	023135106
IVV	ISHARES TR	3,194 (-9.5%)	$2 (0.0%)	0.5%	$178.19	—	CORE S&P500 ETF	464287200

Unchanged Positions (33)

ORCL ORACLE CORP 6.4%

Value ($000) $25 Shares 114,305 Est. Cost $62.01 Unrealized +159.3%

URI UNITED RENTALS INC 5.7%

Value ($000) $22 Shares 29,796 Est. Cost $224.09 Unrealized +196.9%

NEM NEWMONT CORP 5.0%

Value ($000) $20 Shares 335,505 Est. Cost $40.92 Unrealized +29.3%

CAG CONAGRA BRANDS INC 2.7%

Value ($000) $11 Shares 515,468 Est. Cost $26.73 Unrealized -16.0%

CVX CHEVRON CORP NEW 4.5%

Value ($000) $18 Shares 124,271 Est. Cost $84.70 Unrealized +61.8%

BMY BRISTOL-MYERS SQUIBB CO 2.0%

Value ($000) $8 Shares 170,971 Est. Cost $51.85 Unrealized -9.0%

AMAT APPLIED MATLS INC 3.0%

Value ($000) $12 Shares 64,216 Est. Cost $84.92 Unrealized +85.4%

RTX RTX CORPORATION 5.7%

Value ($000) $22 Shares 151,999 Est. Cost $67.07 Unrealized +96.4%

PYPL PAYPAL HLDGS INC 4.3%

Value ($000) $17 Shares 225,205 Est. Cost $71.32 Unrealized -4.2%

VMI VALMONT INDS INC 3.0%

Value ($000) $12 Shares 35,514 Est. Cost $210.74 Unrealized +45.5%

CSCO CISCO SYS INC 3.4%

Value ($000) $13 Shares 191,663 Est. Cost $30.83 Unrealized +95.9%

FDX FEDEX CORP 3.7%

Value ($000) $14 Shares 63,182 Est. Cost $161.62 Unrealized +33.2%

HPQ HP INC 2.1%

Value ($000) $8 Shares 332,221 Est. Cost $21.01 Unrealized +17.6%

AEP AMERICAN ELEC PWR INC 3.5%

Value ($000) $14 Shares 130,257 Est. Cost $63.32 Unrealized +61.0%

ALL ALLSTATE CORP 4.6%

Value ($000) $18 Shares 89,669 Est. Cost $74.35 Unrealized +164.8%

MLI MUELLER INDS INC 3.5%

Value ($000) $14 Shares 172,790 Est. Cost $31.82 Unrealized +135.5%

VZ VERIZON COMMUNICATIONS INC 2.6%

Value ($000) $10 Shares 232,491 Est. Cost $31.68 Unrealized +32.0%

FOX FOX CORP 3.7%

Value ($000) $14 Shares 279,108 Est. Cost $29.36 Unrealized +65.0%

QQQ INVESCO QQQ TR 0.5%

Value ($000) $2 Shares 3,863 Est. Cost $156.31 Unrealized —

VGK VANGUARD INTL EQUITY INDEX F 0.4%

Value ($000) $2 Shares 22,427 Est. Cost $51.44 Unrealized —

CVS CVS HEALTH CORP 2.5%

Value ($000) $10 Shares 142,869 Est. Cost $67.83 Unrealized -5.4%

IDEV ISHARES TR 0.3%

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

VTI VANGUARD INDEX FUNDS 0.3%

Value ($000) $1 Shares 3,815 Est. Cost $0.28 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 0.3%

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

EWG ISHARES INC 0.2%

Value ($000) $1 Shares 15,630 Est. Cost $27.98 Unrealized —

EMXC ISHARES INC 0.1%

Value ($000) $0 Shares 7,820 Est. Cost $0.06 Unrealized —

VGT VANGUARD WORLD FD 0.1%

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

EWJ ISHARES INC 0.1%

Value ($000) $1 Shares 7,205 Est. Cost $47.37 Unrealized —

AAPL APPLE INC 0.1%

Value ($000) $0 Shares 2,215 Est. Cost $148.66 Unrealized +35.5%

VPL VANGUARD INTERNATIONAL EQUITY 0.1%

Value ($000) $0 Shares 3,630 Est. Cost $0.07 Unrealized —

EFA ISHARES TR 0.1%

Value ($000) $0 Shares 3,500 Est. Cost $0.08 Unrealized —

FLIN FRANKLIN TEMPLETON ETF TR 0.1%

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

COST COSTCO WHSL CORP NEW 0.1%

Value ($000) $0 Shares 250 Est. Cost $970.56 Unrealized +2.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORCL	ORACLE CORP	114,305	$25	6.4%	$62.01	+159.3%	COM	68389X105
URI	UNITED RENTALS INC	29,796	$22	5.7%	$224.09	+196.9%	COM	911363109
NEM	NEWMONT CORP	335,505	$20	5.0%	$40.92	+29.3%	COM	651639106
CAG	CONAGRA BRANDS INC	515,468	$11	2.7%	$26.73	-16.0%	COM	205887102
CVX	CHEVRON CORP NEW	124,271	$18	4.5%	$84.70	+61.8%	COM	166764100
BMY	BRISTOL-MYERS SQUIBB CO	170,971	$8	2.0%	$51.85	-9.0%	COM	110122108
AMAT	APPLIED MATLS INC	64,216	$12	3.0%	$84.92	+85.4%	COM	038222105
RTX	RTX CORPORATION	151,999	$22	5.7%	$67.07	+96.4%	COM	75513E101
PYPL	PAYPAL HLDGS INC	225,205	$17	4.3%	$71.32	-4.2%	COM	70450Y103
VMI	VALMONT INDS INC	35,514	$12	3.0%	$210.74	+45.5%	COM	920253101
CSCO	CISCO SYS INC	191,663	$13	3.4%	$30.83	+95.9%	COM	17275R102
FDX	FEDEX CORP	63,182	$14	3.7%	$161.62	+33.2%	COM	31428X106
HPQ	HP INC	332,221	$8	2.1%	$21.01	+17.6%	COM	40434L105
AEP	AMERICAN ELEC PWR INC	130,257	$14	3.5%	$63.32	+61.0%	COM	025537101
ALL	ALLSTATE CORP	89,669	$18	4.6%	$74.35	+164.8%	COM	020002101
MLI	MUELLER INDS INC	172,790	$14	3.5%	$31.82	+135.5%	COM	624756102
VZ	VERIZON COMMUNICATIONS INC	232,491	$10	2.6%	$31.68	+32.0%	COM	92343V104
FOX	FOX CORP	279,108	$14	3.7%	$29.36	+65.0%	CL B COM	35137L204
QQQ	INVESCO QQQ TR	3,863	$2	0.5%	$156.31	—	UNIT SER 1	46090E103
VGK	VANGUARD INTL EQUITY INDEX F	22,427	$2	0.4%	$51.44	—	FTSE EUROPE ETF	922042874
CVS	CVS HEALTH CORP	142,869	$10	2.5%	$67.83	-5.4%	COM	126650100
IDEV	ISHARES TR	17,110	$1	0.3%	$55.37	—	CORE MSCI INTL	46435G326
VTI	VANGUARD INDEX FUNDS	3,815	$1	0.3%	$0.28	—	TOTAL STK MKT	922908769
VWO	VANGUARD INTL EQUITY INDEX F	22,580	$1	0.3%	$27.74	—	FTSE EMR MKT ETF	922042858
EWG	ISHARES INC	15,630	$1	0.2%	$27.98	—	MSCI GERMANY ETF	464286806
EMXC	ISHARES INC	7,820	$0	0.1%	$0.06	—	MSCI EMRG CHN	46434G764
VGT	VANGUARD WORLD FD	500	$0	0.1%	$0.58	—	INF TECH ETF	92204A702
EWJ	ISHARES INC	7,205	$1	0.1%	$47.37	—	MSCI JPN ETF NEW	46434G822
AAPL	APPLE INC	2,215	$0	0.1%	$148.66	+35.5%	COM	037833100
VPL	VANGUARD INTERNATIONAL EQUITY	3,630	$0	0.1%	$0.07	—	FTSE PACIFIC ETF	922042866
EFA	ISHARES TR	3,500	$0	0.1%	$0.08	—	MSCI EAFE ETF	464287465
FLIN	FRANKLIN TEMPLETON ETF TR	6,700	$0	0.1%	$0.04	—	FRANKLIN INDIA	35473P769
COST	COSTCO WHSL CORP NEW	250	$0	0.1%	$970.56	+2.1%	COM	22160K105