F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMAT	APPLIED MATLS INC	93,451 (+45.5%)	$19 (+62.8%)	4.3%	$114.91	+57.3%	COM	038222105
CAG	CONAGRA BRANDS INC	892,829 (+73.2%)	$16 (+54.9%)	3.7%	$23.33	-19.9%	COM	205887102
DHI	D R HORTON INC	64,050 (+2.9%)	$11 (+35.2%)	2.4%	$123.27	+27.1%	COM	23331A109
CSCO	CISCO SYS INC	230,733 (+20.4%)	$16 (+18.7%)	3.5%	$37.02	+82.0%	COM	17275R102
FOX	FOX CORP	287,963 (+3.2%)	$16 (+14.5%)	3.7%	$30.07	+74.9%	CL B COM	35137L204
ALL	ALLSTATE CORP	91,574 (+2.1%)	$20 (+8.9%)	4.4%	$76.97	+160.1%	COM	020002101
CVS	CVS HEALTH CORP	144,854 (+1.4%)	$11 (+10.8%)	2.5%	$67.83	-0.0%	COM	126650100
FDX	FEDEX CORP	64,804 (+2.6%)	$15 (+6.4%)	3.4%	$163.29	+39.8%	COM	31428X106
LEA	LEAR CORP	86,250 (+2.9%)	$9 (+9.0%)	1.9%	$86.59	+18.5%	COM NEW	521865204
SPY	SPDR S&P 500 ETF TR	6,116 (+1.7%)	$4 (+9.7%)	0.9%	$241.97	—	TR UNIT	78462F103
USFR	WISDOMTREE TR	97,650 (+7.3%)	$5 (+7.2%)	1.1%	$0.05	—	FLOATNG RAT TREA	97717Y527
BMY	BRISTOL-MYERS SQUIBB CO	173,215 (+1.3%)	$8 (-1.3%)	1.8%	$51.77	-12.1%	COM	110122108
AFRM	AFFIRM HLDGS INC	11,965 (+1.1%)	$1 (+6.8%)	0.2%	$52.12	+46.0%	COM CL A	00827B106
EWG	ISHARES INC	16,630 (+6.4%)	$1 (+4.7%)	0.2%	$26.30	—	MSCI GERMANY ETF	464286806

Exited Positions (2)

EFA ISHARES TR 0.1%

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

NFLX NETFLIX INC 0.0%

Value ($000) $0 Shares 156 Est. Cost $113.07 Unrealized +7.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EFA	ISHARES TR	3,500	$0	0.1%	$0.08	—	—	464287465
NFLX	NETFLIX INC	156	$0	0.0%	$113.07	+7.9%	—	64110L106

Decreased Positions (5)

ORCL ORACLE CORP 4.9%

Value ($000) $22 (-13.0%) Shares 77,310 (-32.4%) Est. Cost $62.01 Unrealized +309.9%

QRVO QORVO INC 3.2%

Value ($000) $14 (+6.0%) Shares 155,155 (-1.2%) Est. Cost $84.75 Unrealized +5.1%

AAPL APPLE INC 0.1%

Value ($000) $1 (+18.7%) Shares 2,115 (-4.5%) Est. Cost $148.66 Unrealized +51.7%

AMZN AMAZON COM INC 0.1%

Value ($000) $0 (-25.4%) Shares 1,140 (-25.2%) Est. Cost $186.18 Unrealized +21.6%

MSFT MICROSOFT CORP 0.1%

Value ($000) $0 (-6.6%) Shares 767 (-10.3%) Est. Cost $412.72 Unrealized +23.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORCL	ORACLE CORP	77,310 (-32.4%)	$22 (-13.0%)	4.9%	$62.01	+309.9%	COM	68389X105
QRVO	QORVO INC	155,155 (-1.2%)	$14 (+6.0%)	3.2%	$84.75	+5.1%	COM	74736K101
AAPL	APPLE INC	2,115 (-4.5%)	$1 (+18.7%)	0.1%	$148.66	+51.7%	COM	037833100
AMZN	AMAZON COM INC	1,140 (-25.2%)	$0 (-25.4%)	0.1%	$186.18	+21.6%	COM	023135106
MSFT	MICROSOFT CORP	767 (-10.3%)	$0 (-6.6%)	0.1%	$412.72	+23.3%	COM	594918104

Unchanged Positions (33)

NEM NEWMONT CORP 6.4%

Value ($000) $28 Shares 335,575 Est. Cost $40.92 Unrealized +69.6%

URI UNITED RENTALS INC 6.4%

Value ($000) $28 Shares 29,716 Est. Cost $224.09 Unrealized +296.5%

MLI MUELLER INDS INC 3.9%

Value ($000) $17 Shares 171,310 Est. Cost $31.82 Unrealized +187.3%

RTX RTX CORPORATION 5.7%

Value ($000) $25 Shares 150,716 Est. Cost $67.07 Unrealized +130.0%

PSX PHILLIPS 66 4.2%

Value ($000) $19 Shares 136,507 Est. Cost $78.17 Unrealized +61.7%

VMI VALMONT INDS INC 3.1%

Value ($000) $14 Shares 35,705 Est. Cost $210.74 Unrealized +72.6%

MDT MEDTRONIC PLC 3.8%

Value ($000) $17 Shares 178,761 Est. Cost $72.68 Unrealized +25.6%

PYPL PAYPAL HLDGS INC 3.4%

Value ($000) $15 Shares 227,275 Est. Cost $71.32 Unrealized -1.4%

CVX CHEVRON CORP NEW 4.3%

Value ($000) $19 Shares 124,141 Est. Cost $84.70 Unrealized +79.8%

AEP AMERICAN ELEC PWR INC 3.3%

Value ($000) $15 Shares 130,012 Est. Cost $63.32 Unrealized +70.9%

HPQ HP INC 2.0%

Value ($000) $9 Shares 334,316 Est. Cost $21.01 Unrealized +24.4%

QQQ INVESCO QQQ TR 0.5%

Value ($000) $2 Shares 3,868 Est. Cost $156.31 Unrealized —

VZ VERIZON COMMUNICATIONS INC 2.3%

Value ($000) $10 Shares 232,796 Est. Cost $31.68 Unrealized +34.1%

IVV ISHARES TR 0.5%

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

VWO VANGUARD INTL EQUITY INDEX F 0.3%

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

VTI VANGUARD INDEX FUNDS 0.3%

Value ($000) $1 Shares 3,831 Est. Cost $0.28 Unrealized —

BKR BAKER HUGHES COMPANY 0.1%

Value ($000) $0 Shares 9,100 Est. Cost $28.23 Unrealized +55.3%

IDEV ISHARES TR 0.3%

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

AVEM AMERICAN CENTY ETF TR 0.2%

Value ($000) $1 Shares 10,950 Est. Cost $0.07 Unrealized —

DES WISDOMTREE TR 0.3%

Value ($000) $1 Shares 35,045 Est. Cost $7.20 Unrealized —

VGK VANGUARD INTL EQUITY INDEX F 0.4%

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

META META PLATFORMS INC 4.8%

Value ($000) $22 Shares 29,311 Est. Cost $612.44 Unrealized +21.4%

COP CONOCOPHILLIPS 0.2%

Value ($000) $1 Shares 8,585 Est. Cost $102.31 Unrealized -8.8%

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 —

IJR ISHARES TR 0.1%

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

EMXC ISHARES INC 0.1%

Value ($000) $1 Shares 7,820 Est. Cost $0.06 Unrealized —

VPL VANGUARD INTERNATIONAL EQUITY 0.1%

Value ($000) $0 Shares 3,630 Est. Cost $0.07 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 -1.4%

IJH ISHARES TR 0.0%

Value ($000) $0 Shares 3,350 Est. Cost $0.06 Unrealized —

USAC USA COMPRESSION PARTNERS LP 0.1%

Value ($000) $0 Shares 11,750 Est. Cost $0.03 Unrealized —

GILD GILEAD SCIENCES INC 0.2%

Value ($000) $1 Shares 6,200 Est. Cost $63.78 Unrealized +76.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NEM	NEWMONT CORP	335,575	$28	6.4%	$40.92	+69.6%	COM	651639106
URI	UNITED RENTALS INC	29,716	$28	6.4%	$224.09	+296.5%	COM	911363109
MLI	MUELLER INDS INC	171,310	$17	3.9%	$31.82	+187.3%	COM	624756102
RTX	RTX CORPORATION	150,716	$25	5.7%	$67.07	+130.0%	COM	75513E101
PSX	PHILLIPS 66	136,507	$19	4.2%	$78.17	+61.7%	COM	718546104
VMI	VALMONT INDS INC	35,705	$14	3.1%	$210.74	+72.6%	COM	920253101
MDT	MEDTRONIC PLC	178,761	$17	3.8%	$72.68	+25.6%	SHS	G5960L103
PYPL	PAYPAL HLDGS INC	227,275	$15	3.4%	$71.32	-1.4%	COM	70450Y103
CVX	CHEVRON CORP NEW	124,141	$19	4.3%	$84.70	+79.8%	COM	166764100
AEP	AMERICAN ELEC PWR INC	130,012	$15	3.3%	$63.32	+70.9%	COM	025537101
HPQ	HP INC	334,316	$9	2.0%	$21.01	+24.4%	COM	40434L105
QQQ	INVESCO QQQ TR	3,868	$2	0.5%	$156.31	—	UNIT SER 1	46090E103
VZ	VERIZON COMMUNICATIONS INC	232,796	$10	2.3%	$31.68	+34.1%	COM	92343V104
IVV	ISHARES TR	3,194	$2	0.5%	$178.19	—	CORE S&P500 ETF	464287200
VWO	VANGUARD INTL EQUITY INDEX F	22,580	$1	0.3%	$27.74	—	FTSE EMR MKT ETF	922042858
VTI	VANGUARD INDEX FUNDS	3,831	$1	0.3%	$0.28	—	TOTAL STK MKT	922908769
BKR	BAKER HUGHES COMPANY	9,100	$0	0.1%	$28.23	+55.3%	CL A	05722G100
IDEV	ISHARES TR	17,110	$1	0.3%	$55.37	—	CORE MSCI INTL	46435G326
AVEM	AMERICAN CENTY ETF TR	10,950	$1	0.2%	$0.07	—	AVANTIS EMGMKT	025072604
DES	WISDOMTREE TR	35,045	$1	0.3%	$7.20	—	US SMALLCAP DIVD	97717W604
VGK	VANGUARD INTL EQUITY INDEX F	22,427	$2	0.4%	$51.44	—	FTSE EUROPE ETF	922042874
META	META PLATFORMS INC	29,311	$22	4.8%	$612.44	+21.4%	CL A	30303M102
COP	CONOCOPHILLIPS	8,585	$1	0.2%	$102.31	-8.8%	COM	20825C104
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
IJR	ISHARES TR	3,770	$0	0.1%	$0.11	—	CORE S&P SCP ETF	464287804
EMXC	ISHARES INC	7,820	$1	0.1%	$0.06	—	MSCI EMRG CHN	46434G764
VPL	VANGUARD INTERNATIONAL EQUITY	3,630	$0	0.1%	$0.07	—	FTSE PACIFIC ETF	922042866
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	-1.4%	COM	22160K105
IJH	ISHARES TR	3,350	$0	0.0%	$0.06	—	CORE S&P MCP ETF	464287507
USAC	USA COMPRESSION PARTNERS LP	11,750	$0	0.1%	$0.03	—	COMUNIT LTDPAR	90290N109
GILD	GILEAD SCIENCES INC	6,200	$1	0.2%	$63.78	+76.1%	COM	375558103