F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PLTR	PALANTIR TECHNOLOGIES INC	1,171	$208	30.7%	$181.03	0.0%	COM	69608A108
ON	ON SEMICONDUCTOR CORP	278,390	$15	2.2%	$51.30	0.0%	COM	682189105
AXGN	AXOGEN INC	176,995	$6	0.9%	$24.59	0.0%	COM	05463X106
VRTX	VERTEX PHARMACEUTICALS INC	3,645	$2	0.2%	$431.03	0.0%	COM	92532F100
PSQ	PROSHARES TR	15,000	$0	0.1%	$0.03	—	SHORT QQQ	74349Y837
VTWO	VANGUARD RUSSELL 2000	4,123	$0	0.1%	$0.10	—	VNG RUS2000IDX	92206C664

Increased Positions (10)

BMY BRISTOL-MYERS SQUIBB CO 2.2%

Value ($000) $15 (+93.4%) Shares 280,131 (+61.7%) Est. Cost $50.15 Unrealized -5.2%

GOOGL ALPHABET INC 1.1%

Value ($000) $7 (+2652.7%) Shares 22,867 (+2037.1%) Est. Cost $282.02 Unrealized +1.3%

AMAT APPLIED MATLS INC 3.6%

Value ($000) $24 (+27.9%) Shares 95,196 (+1.9%) Est. Cost $117.19 Unrealized +104.4%

VTI VANGUARD INDEX FUNDS 0.5%

Value ($000) $3 (+175.1%) Shares 10,315 (+169.3%) Est. Cost $0.31 Unrealized —

VT VANGUARD INTL EQUITY INDEX FD 0.1%

Value ($000) $1 (+57.2%) Shares 6,485 (+53.7%) Est. Cost $0.14 Unrealized —

DES WISDOMTREE TR 0.2%

Value ($000) $1 (+8.8%) Shares 38,395 (+9.6%) Est. Cost $6.57 Unrealized —

AAPL APPLE INC 0.1%

Value ($000) $1 (+15.4%) Shares 2,289 (+8.2%) Est. Cost $157.75 Unrealized +70.1%

AFRM AFFIRM HLDGS INC 0.1%

Value ($000) $1 (+6.3%) Shares 12,476 (+4.3%) Est. Cost $52.93 Unrealized +36.0%

VPL VANGUARD INTERNATIONAL EQUITY 0.1%

Value ($000) $0 (+8.5%) Shares 3,832 (+5.6%) Est. Cost $0.08 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 0.2%

Value ($000) $1 (+0.8%) Shares 22,933 (+1.6%) Est. Cost $27.31 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BMY	BRISTOL-MYERS SQUIBB CO	280,131 (+61.7%)	$15 (+93.4%)	2.2%	$50.15	-5.2%	COM	110122108
GOOGL	ALPHABET INC	22,867 (+2037.1%)	$7 (+2652.7%)	1.1%	$282.02	+1.3%	CAP STK CL A	02079K305
AMAT	APPLIED MATLS INC	95,196 (+1.9%)	$24 (+27.9%)	3.6%	$117.19	+104.4%	COM	038222105
VTI	VANGUARD INDEX FUNDS	10,315 (+169.3%)	$3 (+175.1%)	0.5%	$0.31	—	TOTAL STK MKT	922908769
VT	VANGUARD INTL EQUITY INDEX FD	6,485 (+53.7%)	$1 (+57.2%)	0.1%	$0.14	—	TT WRLD ST ETF	922042742
DES	WISDOMTREE TR	38,395 (+9.6%)	$1 (+8.8%)	0.2%	$6.57	—	US SMALLCAP DIVD	97717W604
AAPL	APPLE INC	2,289 (+8.2%)	$1 (+15.4%)	0.1%	$157.75	+70.1%	COM	037833100
AFRM	AFFIRM HLDGS INC	12,476 (+4.3%)	$1 (+6.3%)	0.1%	$52.93	+36.0%	COM CL A	00827B106
VPL	VANGUARD INTERNATIONAL EQUITY	3,832 (+5.6%)	$0 (+8.5%)	0.1%	$0.08	—	FTSE PACIFIC ETF	922042866
VWO	VANGUARD INTL EQUITY INDEX F	22,933 (+1.6%)	$1 (+0.8%)	0.2%	$27.31	—	FTSE EMR MKT ETF	922042858

Decreased Positions (8)

NEM NEWMONT CORP 2.4%

Value ($000) $16 (-42.6%) Shares 162,715 (-51.5%) Est. Cost $40.92 Unrealized +120.4%

META META PLATFORMS INC 2.8%

Value ($000) $19 (-11.2%) Shares 28,947 (-1.2%) Est. Cost $612.44 Unrealized +9.0%

CAG CONAGRA BRANDS INC 2.2%

Value ($000) $15 (-6.8%) Shares 880,644 (-1.4%) Est. Cost $23.33 Unrealized -24.4%

USFR WISDOMTREE TR 0.7%

Value ($000) $5 (-5.2%) Shares 92,446 (-5.3%) Est. Cost $0.05 Unrealized —

AEP AMERICAN ELEC PWR INC 2.2%

Value ($000) $15 (+1.2%) Shares 128,348 (-1.3%) Est. Cost $63.32 Unrealized +85.9%

COP CONOCOPHILLIPS 0.1%

Value ($000) $1 (-15.0%) Shares 7,376 (-14.1%) Est. Cost $102.31 Unrealized -12.0%

MDT MEDTRONIC PLC 2.5%

Value ($000) $17 (-0.4%) Shares 176,552 (-1.2%) Est. Cost $72.68 Unrealized +33.6%

MSFT MICROSOFT CORP 0.0%

Value ($000) $0 (-15.4%) Shares 695 (-9.4%) Est. Cost $412.72 Unrealized +21.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NEM	NEWMONT CORP	162,715 (-51.5%)	$16 (-42.6%)	2.4%	$40.92	+120.4%	COM	651639106
META	META PLATFORMS INC	28,947 (-1.2%)	$19 (-11.2%)	2.8%	$612.44	+9.0%	CL A	30303M102
CAG	CONAGRA BRANDS INC	880,644 (-1.4%)	$15 (-6.8%)	2.2%	$23.33	-24.4%	COM	205887102
USFR	WISDOMTREE TR	92,446 (-5.3%)	$5 (-5.2%)	0.7%	$0.05	—	FLOATNG RAT TREA	97717Y527
AEP	AMERICAN ELEC PWR INC	128,348 (-1.3%)	$15 (+1.2%)	2.2%	$63.32	+85.9%	COM	025537101
COP	CONOCOPHILLIPS	7,376 (-14.1%)	$1 (-15.0%)	0.1%	$102.31	-12.0%	COM	20825C104
MDT	MEDTRONIC PLC	176,552 (-1.2%)	$17 (-0.4%)	2.5%	$72.68	+33.6%	SHS	G5960L103
MSFT	MICROSOFT CORP	695 (-9.4%)	$0 (-15.4%)	0.0%	$412.72	+21.3%	COM	594918104

Unchanged Positions (36)

ORCL ORACLE CORP 2.2%

Value ($000) $15 Shares 77,415 Est. Cost $62.01 Unrealized +283.9%

URI UNITED RENTALS INC 3.5%

Value ($000) $24 Shares 29,635 Est. Cost $224.09 Unrealized +286.9%

FDX FEDEX CORP 2.7%

Value ($000) $19 Shares 64,399 Est. Cost $163.29 Unrealized +60.2%

MLI MUELLER INDS INC 2.9%

Value ($000) $20 Shares 172,716 Est. Cost $31.82 Unrealized +237.4%

RTX RTX CORPORATION 4.0%

Value ($000) $27 Shares 149,410 Est. Cost $67.07 Unrealized +158.4%

CSCO CISCO SYS INC 2.6%

Value ($000) $18 Shares 231,525 Est. Cost $37.02 Unrealized +99.3%

FOX FOX CORP 2.7%

Value ($000) $19 Shares 285,570 Est. Cost $30.07 Unrealized +94.1%

PYPL PAYPAL HLDGS INC 2.0%

Value ($000) $13 Shares 226,805 Est. Cost $71.32 Unrealized -9.1%

HPQ HP INC 1.1%

Value ($000) $7 Shares 333,201 Est. Cost $21.01 Unrealized +20.2%

DHI D R HORTON INC 1.4%

Value ($000) $9 Shares 64,345 Est. Cost $123.27 Unrealized +23.3%

LEA LEAR CORP 1.5%

Value ($000) $10 Shares 86,020 Est. Cost $86.59 Unrealized +22.7%

QRVO QORVO INC 1.9%

Value ($000) $13 Shares 154,529 Est. Cost $84.75 Unrealized +4.1%

VZ VERIZON COMMUNICATIONS INC 1.4%

Value ($000) $9 Shares 231,190 Est. Cost $31.68 Unrealized +27.8%

PSX PHILLIPS 66 2.6%

Value ($000) $18 Shares 137,782 Est. Cost $78.17 Unrealized +71.4%

CVS CVS HEALTH CORP 1.7%

Value ($000) $12 Shares 145,552 Est. Cost $67.83 Unrealized +16.0%

ALL ALLSTATE CORP 2.8%

Value ($000) $19 Shares 91,646 Est. Cost $76.97 Unrealized +165.1%

VMI VALMONT INDS INC 2.1%

Value ($000) $14 Shares 35,787 Est. Cost $210.74 Unrealized +93.1%

CVX CHEVRON CORP NEW 2.8%

Value ($000) $19 Shares 124,226 Est. Cost $84.70 Unrealized +78.8%

VGK VANGUARD INTL EQUITY INDEX F 0.3%

Value ($000) $2 Shares 22,502 Est. Cost $51.44 Unrealized —

GILD GILEAD SCIENCES INC 0.1%

Value ($000) $1 Shares 6,200 Est. Cost $63.78 Unrealized +89.5%

SPY SPDR S&P 500 ETF TR 0.6%

Value ($000) $4 Shares 6,069 Est. Cost $241.97 Unrealized —

IVV ISHARES TR 0.3%

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

QQQ INVESCO QQQ TR 0.3%

Value ($000) $2 Shares 3,851 Est. Cost $156.31 Unrealized —

EMXC ISHARES INC 0.1%

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

IDEV ISHARES TR 0.2%

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

BKR BAKER HUGHES COMPANY 0.1%

Value ($000) $0 Shares 9,100 Est. Cost $28.23 Unrealized +67.7%

AVEM AMERICAN CENTY ETF TR 0.1%

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

EWG ISHARES INC 0.1%

Value ($000) $1 Shares 16,630 Est. Cost $26.30 Unrealized —

COST COSTCO WHSL CORP NEW 0.0%

Value ($000) $0 Shares 250 Est. Cost $970.56 Unrealized -6.7%

AMZN AMAZON COM INC 0.0%

Value ($000) $0 Shares 1,140 Est. Cost $186.18 Unrealized +22.9%

USAC USA COMPRESSION PARTNERS LP 0.0%

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

FLIN FRANKLIN TEMPLETON ETF TR 0.0%

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

IJR ISHARES TR 0.1%

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

EWJ ISHARES INC 0.1%

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

VGT VANGUARD WORLD FD 0.1%

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

IJH ISHARES TR 0.0%

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

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORCL	ORACLE CORP	77,415	$15	2.2%	$62.01	+283.9%	COM	68389X105
URI	UNITED RENTALS INC	29,635	$24	3.5%	$224.09	+286.9%	COM	911363109
FDX	FEDEX CORP	64,399	$19	2.7%	$163.29	+60.2%	COM	31428X106
MLI	MUELLER INDS INC	172,716	$20	2.9%	$31.82	+237.4%	COM	624756102
RTX	RTX CORPORATION	149,410	$27	4.0%	$67.07	+158.4%	COM	75513E101
CSCO	CISCO SYS INC	231,525	$18	2.6%	$37.02	+99.3%	COM	17275R102
FOX	FOX CORP	285,570	$19	2.7%	$30.07	+94.1%	CL B COM	35137L204
PYPL	PAYPAL HLDGS INC	226,805	$13	2.0%	$71.32	-9.1%	COM	70450Y103
HPQ	HP INC	333,201	$7	1.1%	$21.01	+20.2%	COM	40434L105
DHI	D R HORTON INC	64,345	$9	1.4%	$123.27	+23.3%	COM	23331A109
LEA	LEAR CORP	86,020	$10	1.5%	$86.59	+22.7%	COM NEW	521865204
QRVO	QORVO INC	154,529	$13	1.9%	$84.75	+4.1%	COM	74736K101
VZ	VERIZON COMMUNICATIONS INC	231,190	$9	1.4%	$31.68	+27.8%	COM	92343V104
PSX	PHILLIPS 66	137,782	$18	2.6%	$78.17	+71.4%	COM	718546104
CVS	CVS HEALTH CORP	145,552	$12	1.7%	$67.83	+16.0%	COM	126650100
ALL	ALLSTATE CORP	91,646	$19	2.8%	$76.97	+165.1%	COM	020002101
VMI	VALMONT INDS INC	35,787	$14	2.1%	$210.74	+93.1%	COM	920253101
CVX	CHEVRON CORP NEW	124,226	$19	2.8%	$84.70	+78.8%	COM	166764100
VGK	VANGUARD INTL EQUITY INDEX F	22,502	$2	0.3%	$51.44	—	FTSE EUROPE ETF	922042874
GILD	GILEAD SCIENCES INC	6,200	$1	0.1%	$63.78	+89.5%	COM	375558103
SPY	SPDR S&P 500 ETF TR	6,069	$4	0.6%	$241.97	—	TR UNIT	78462F103
IVV	ISHARES TR	3,194	$2	0.3%	$178.19	—	CORE S&P500 ETF	464287200
QQQ	INVESCO QQQ TR	3,851	$2	0.3%	$156.31	—	UNIT SER 1	46090E103
EMXC	ISHARES INC	7,820	$1	0.1%	$0.06	—	MSCI EMRG CHN	46434G764
IDEV	ISHARES TR	17,110	$1	0.2%	$55.37	—	CORE MSCI INTL	46435G326
BKR	BAKER HUGHES COMPANY	9,100	$0	0.1%	$28.23	+67.7%	CL A	05722G100
AVEM	AMERICAN CENTY ETF TR	10,950	$1	0.1%	$0.07	—	AVANTIS EMGMKT	025072604
EWG	ISHARES INC	16,630	$1	0.1%	$26.30	—	MSCI GERMANY ETF	464286806
COST	COSTCO WHSL CORP NEW	250	$0	0.0%	$970.56	-6.7%	COM	22160K105
AMZN	AMAZON COM INC	1,140	$0	0.0%	$186.18	+22.9%	COM	023135106
USAC	USA COMPRESSION PARTNERS LP	11,750	$0	0.0%	$0.03	—	COMUNIT LTDPAR	90290N109
FLIN	FRANKLIN TEMPLETON ETF TR	6,700	$0	0.0%	$0.04	—	FRANKLIN INDIA	35473P769
IJR	ISHARES TR	3,770	$0	0.1%	$0.11	—	CORE S&P SCP ETF	464287804
EWJ	ISHARES INC	7,205	$1	0.1%	$47.37	—	MSCI JPN ETF NEW	46434G822
VGT	VANGUARD WORLD FD	500	$0	0.1%	$0.58	—	INF TECH ETF	92204A702
IJH	ISHARES TR	3,350	$0	0.0%	$0.06	—	CORE S&P MCP ETF	464287507