F&V Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DHI	D R HORTON INC	112,190	$2,428	1.9%	—	—	COM	23331A109
DXJ	WISDOMTREE TRUST	14,425	$682	0.5%	—	—	JAPN HEDGE EQT	97717W851
EWY	ISHARES TR	4,585	$282	0.2%	—	—	MSCI STH KOR ETF	464286772
TM	TOYOTA MOTOR CORPORATION	2,390	$270	0.2%	—	—	SP ADR REP2COM	892331307
—	MAG SILVER CORP	20,000	$138	0.1%	—	—	COM	55903Q104
—	FRONTIER COMMUNICATIONS CORP	17,300	$98	0.1%	—	—	COM	35906A108

Increased Positions (12)

— TRIQUINT SEMICONDUCTOR INC 2.5%

Value ($000) $3,115 (+83.0%) Shares 232,650 (+14.0%) Est. Cost — Unrealized —

MLI MUELLER INDUSTRIES INC 1.4%

Value ($000) $1,759 (-42.4%) Shares 58,670 (+21.1%) Est. Cost — Unrealized —

— HESS CORPORATION 4.0%

Value ($000) $5,045 (+21.8%) Shares 60,880 (+22.0%) Est. Cost — Unrealized —

NEM NEWMONT MINING CORP 1.5%

Value ($000) $1,892 (+11.8%) Shares 80,725 (+9.9%) Est. Cost — Unrealized —

ALL ALLSTATE CORP 2.8%

Value ($000) $3,546 (+5.9%) Shares 62,680 (+2.1%) Est. Cost — Unrealized —

COP CONOCOPHILLIPS 2.4%

Value ($000) $3,088 (+3.8%) Shares 43,900 (+4.2%) Est. Cost — Unrealized —

SCZ ISHARES TR 0.2%

Value ($000) $281 (+35.1%) Shares 5,385 (+31.5%) Est. Cost — Unrealized —

MS MORGAN STANLEY 3.0%

Value ($000) $3,833 (+1.9%) Shares 122,976 (+2.5%) Est. Cost — Unrealized —

BIDU BAIDU INC 0.5%

Value ($000) $580 (-10.9%) Shares 3,810 (+4.1%) Est. Cost — Unrealized —

VMI VALMONT INDUSTRIES INC 1.3%

Value ($000) $1,643 (+2.6%) Shares 11,040 (+2.7%) Est. Cost — Unrealized —

FCX FREEPORT MCMORAN COPPER & GOLD 0.2%

Value ($000) $304 (-11.4%) Shares 9,205 (+1.1%) Est. Cost — Unrealized —

— BLACKSTONE GROUP L P 0.4%

Value ($000) $447 (+6.7%) Shares 13,470 (+1.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	TRIQUINT SEMICONDUCTOR INC	232,650 (+14.0%)	$3,115 (+83.0%)	2.5%	—	—	COM	89674K103
MLI	MUELLER INDUSTRIES INC	58,670 (+21.1%)	$1,759 (-42.4%)	1.4%	—	—	COM	624756102
—	HESS CORPORATION	60,880 (+22.0%)	$5,045 (+21.8%)	4.0%	—	—	COM	42809H107
NEM	NEWMONT MINING CORP	80,725 (+9.9%)	$1,892 (+11.8%)	1.5%	—	—	COM	651639106
ALL	ALLSTATE CORP	62,680 (+2.1%)	$3,546 (+5.9%)	2.8%	—	—	COM	020002101
COP	CONOCOPHILLIPS	43,900 (+4.2%)	$3,088 (+3.8%)	2.4%	—	—	COM	20825C104
SCZ	ISHARES TR	5,385 (+31.5%)	$281 (+35.1%)	0.2%	—	—	MSCI EAFE SMALL CAP	464288273
MS	MORGAN STANLEY	122,976 (+2.5%)	$3,833 (+1.9%)	3.0%	—	—	COM NEW	617446448
BIDU	BAIDU INC	3,810 (+4.1%)	$580 (-10.9%)	0.5%	—	—	SPON ADR REP A	056752108
VMI	VALMONT INDUSTRIES INC	11,040 (+2.7%)	$1,643 (+2.6%)	1.3%	—	—	COM	920253101
FCX	FREEPORT MCMORAN COPPER & GOLD	9,205 (+1.1%)	$304 (-11.4%)	0.2%	—	—	COM	35671D857
—	BLACKSTONE GROUP L P	13,470 (+1.1%)	$447 (+6.7%)	0.4%	—	—	COM UNIT LTD	09253U108

Exited Positions (5)

— WISDOMTREE TRUST 0.6%

Value ($000) $726 Shares 14,295 Est. Cost — Unrealized —

— COACH INC 0.3%

Value ($000) $363 Shares 6,480 Est. Cost — Unrealized —

— NOBLE CORPORATION BAAR 0.2%

Value ($000) $288 Shares 7,698 Est. Cost — Unrealized —

— ORGANOVO HOLDINGS INC 0.1%

Value ($000) $125 Shares 11,300 Est. Cost — Unrealized —

— OCZ TECHNOLOGY GROUP INC 0.0%

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

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	WISDOMTREE TRUST	14,295	$726	0.6%	—	—	—	97717W901
—	COACH INC	6,480	$363	0.3%	—	—	—	189754104
—	NOBLE CORPORATION BAAR	7,698	$288	0.2%	—	—	—	G65431101
—	ORGANOVO HOLDINGS INC	11,300	$125	0.1%	—	—	—	68620A104
—	OCZ TECHNOLOGY GROUP INC	17,000	$1	0.0%	—	—	—	67086E303

Decreased Positions (23)

— CELGENE CORP 3.6%

Value ($000) $4,527 (-20.3%) Shares 32,435 (-3.5%) Est. Cost — Unrealized —

FDX FEDEX CORP 3.3%

Value ($000) $4,228 (-9.7%) Shares 31,895 (-2.1%) Est. Cost — Unrealized —

GLW CORNING INC 3.8%

Value ($000) $4,758 (+8.2%) Shares 228,550 (-7.4%) Est. Cost — Unrealized —

— BAKER HUGHES INC 2.4%

Value ($000) $2,975 (+11.5%) Shares 45,770 (-5.3%) Est. Cost — Unrealized —

ADM ARCHER-DANIELS-MIDLAND CO 4.6%

Value ($000) $5,819 (-4.6%) Shares 134,115 (-4.6%) Est. Cost — Unrealized —

ALV AUTOLIV INC 0.5%

Value ($000) $653 (-29.8%) Shares 6,508 (-35.8%) Est. Cost — Unrealized —

HOG HARLEY DAVIDSON INC 3.5%

Value ($000) $4,414 (-5.6%) Shares 66,265 (-1.9%) Est. Cost — Unrealized —

EBAY EBAY INC 3.1%

Value ($000) $3,950 (-6.0%) Shares 71,510 (-6.6%) Est. Cost — Unrealized —

AVY AVERY DENNISON CORP 3.2%

Value ($000) $4,032 (-4.8%) Shares 79,590 (-5.7%) Est. Cost — Unrealized —

ADI ANALOG DEVICES INC 2.3%

Value ($000) $2,869 (-4.5%) Shares 53,990 (-8.5%) Est. Cost — Unrealized —

— ALCOA INC 2.0%

Value ($000) $2,512 (+5.3%) Shares 195,215 (-13.0%) Est. Cost — Unrealized —

BDX BECTON DICKINSON & CO 2.7%

Value ($000) $3,472 (-3.0%) Shares 29,655 (-8.5%) Est. Cost — Unrealized —

T AT&T INC 3.3%

Value ($000) $4,217 (-2.1%) Shares 120,250 (-1.8%) Est. Cost — Unrealized —

PHM PULTE GROUP INC 0.8%

Value ($000) $967 (-8.4%) Shares 50,400 (-2.9%) Est. Cost — Unrealized —

— EMC CORP-MASS 3.1%

Value ($000) $3,923 (+2.3%) Shares 143,140 (-6.2%) Est. Cost — Unrealized —

AEP AMERICAN ELECTRIC POWER CO INC 3.3%

Value ($000) $4,189 (+1.5%) Shares 82,690 (-6.4%) Est. Cost — Unrealized —

MRK MERCK & CO INC 3.3%

Value ($000) $4,137 (-1.4%) Shares 72,890 (-13.1%) Est. Cost — Unrealized —

AMGN AMGEN INC 3.9%

Value ($000) $4,914 (+1.2%) Shares 39,845 (-6.4%) Est. Cost — Unrealized —

EWW ISHARES INC 0.4%

Value ($000) $470 (-8.4%) Shares 7,365 (-2.5%) Est. Cost — Unrealized —

PSX PHILLIPS 66 1.9%

Value ($000) $2,351 (-1.2%) Shares 30,519 (-1.1%) Est. Cost — Unrealized —

— VARIAN MEDICAL SYSTEMS INC 2.6%

Value ($000) $3,234 (+0.8%) Shares 38,510 (-6.8%) Est. Cost — Unrealized —

EXPE EXPEDIA INC 2.1%

Value ($000) $2,596 (-0.2%) Shares 35,820 (-4.0%) Est. Cost — Unrealized —

KMB KIMBERLY CLARK CORP 3.0%

Value ($000) $3,793 (+0.1%) Shares 34,405 (-5.2%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CELGENE CORP	32,435 (-3.5%)	$4,527 (-20.3%)	3.6%	—	—	COM	151020104
FDX	FEDEX CORP	31,895 (-2.1%)	$4,228 (-9.7%)	3.3%	—	—	COM	31428X106
GLW	CORNING INC	228,550 (-7.4%)	$4,758 (+8.2%)	3.8%	—	—	COM	219350105
—	BAKER HUGHES INC	45,770 (-5.3%)	$2,975 (+11.5%)	2.4%	—	—	COM	057224107
ADM	ARCHER-DANIELS-MIDLAND CO	134,115 (-4.6%)	$5,819 (-4.6%)	4.6%	—	—	COM	039483102
ALV	AUTOLIV INC	6,508 (-35.8%)	$653 (-29.8%)	0.5%	—	—	COM	052800109
HOG	HARLEY DAVIDSON INC	66,265 (-1.9%)	$4,414 (-5.6%)	3.5%	—	—	COM	412822108
EBAY	EBAY INC	71,510 (-6.6%)	$3,950 (-6.0%)	3.1%	—	—	COM	278642103
AVY	AVERY DENNISON CORP	79,590 (-5.7%)	$4,032 (-4.8%)	3.2%	—	—	COM	053611109
ADI	ANALOG DEVICES INC	53,990 (-8.5%)	$2,869 (-4.5%)	2.3%	—	—	COM	032654105
—	ALCOA INC	195,215 (-13.0%)	$2,512 (+5.3%)	2.0%	—	—	COM	013817101
BDX	BECTON DICKINSON & CO	29,655 (-8.5%)	$3,472 (-3.0%)	2.7%	—	—	COM	075887109
T	AT&T INC	120,250 (-1.8%)	$4,217 (-2.1%)	3.3%	—	—	COM	00206R102
PHM	PULTE GROUP INC	50,400 (-2.9%)	$967 (-8.4%)	0.8%	—	—	COM	745867101
—	EMC CORP-MASS	143,140 (-6.2%)	$3,923 (+2.3%)	3.1%	—	—	COM	268648102
AEP	AMERICAN ELECTRIC POWER CO INC	82,690 (-6.4%)	$4,189 (+1.5%)	3.3%	—	—	COM	025537101
MRK	MERCK & CO INC	72,890 (-13.1%)	$4,137 (-1.4%)	3.3%	—	—	COM	58933Y105
AMGN	AMGEN INC	39,845 (-6.4%)	$4,914 (+1.2%)	3.9%	—	—	COM	031162100
EWW	ISHARES INC	7,365 (-2.5%)	$470 (-8.4%)	0.4%	—	—	MSCI MEXICO CAP	464286822
PSX	PHILLIPS 66	30,519 (-1.1%)	$2,351 (-1.2%)	1.9%	—	—	COM	718546104
—	VARIAN MEDICAL SYSTEMS INC	38,510 (-6.8%)	$3,234 (+0.8%)	2.6%	—	—	COM	92220P105
EXPE	EXPEDIA INC	35,820 (-4.0%)	$2,596 (-0.2%)	2.1%	—	—	COM	30212P303
KMB	KIMBERLY CLARK CORP	34,405 (-5.2%)	$3,793 (+0.1%)	3.0%	—	—	COM	494368103

Unchanged Positions (20)

— YAHOO INC 2.4%

Value ($000) $3,025 Shares 84,270 Est. Cost — Unrealized —

— GOOGLE INC 0.3%

Value ($000) $362 Shares 651 Est. Cost — Unrealized —

JPM JPMORGAN CHASE & CO 2.8%

Value ($000) $3,587 Shares 59,095 Est. Cost — Unrealized —

ROP ROPER INDUSTRIES INC NEW 1.2%

Value ($000) $1,501 Shares 11,250 Est. Cost — Unrealized —

AAPL APPLE INC 0.8%

Value ($000) $960 Shares 1,790 Est. Cost — Unrealized —

ORCL ORACLE CORP 0.5%

Value ($000) $663 Shares 16,210 Est. Cost — Unrealized —

ARW ARROW ELECTRS INC 0.4%

Value ($000) $488 Shares 8,232 Est. Cost — Unrealized —

HIG HARTFORD FINANCIAL SERVICES 1.5%

Value ($000) $1,850 Shares 52,470 Est. Cost — Unrealized —

QCOM QUALCOMM INC 0.4%

Value ($000) $504 Shares 6,400 Est. Cost — Unrealized —

— ARM HOLDINGS PLC 0.3%

Value ($000) $432 Shares 8,490 Est. Cost — Unrealized —

JNJ JOHNSON & JOHNSON 0.3%

Value ($000) $430 Shares 4,387 Est. Cost — Unrealized —

— ENBRIDGE ENERGY PARTNERS L P 0.3%

Value ($000) $350 Shares 12,778 Est. Cost — Unrealized —

SLB SCHLUMBERGER LTD 0.2%

Value ($000) $263 Shares 2,697 Est. Cost — Unrealized —

IBB ISHARES TR 0.4%

Value ($000) $504 Shares 2,136 Est. Cost — Unrealized —

AIZ ASSURANT INC 0.9%

Value ($000) $1,100 Shares 16,945 Est. Cost — Unrealized —

PM PHILIP MORRIS INTL INC 0.2%

Value ($000) $305 Shares 3,730 Est. Cost — Unrealized —

MET METLIFE INC 0.6%

Value ($000) $764 Shares 14,470 Est. Cost — Unrealized —

SNY SANOFI 0.3%

Value ($000) $414 Shares 7,930 Est. Cost — Unrealized —

— WESTERN ASSET HIGH INCM FD I 0.1%

Value ($000) $127 Shares 13,637 Est. Cost — Unrealized —

PEP PEPSICO INC 0.3%

Value ($000) $344 Shares 4,125 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	YAHOO INC	84,270	$3,025	2.4%	—	—	COM	984332106
—	GOOGLE INC	651	$362	0.3%	—	—	CL A	38259P508
JPM	JPMORGAN CHASE & CO	59,095	$3,587	2.8%	—	—	COM	46625H100
ROP	ROPER INDUSTRIES INC NEW	11,250	$1,501	1.2%	—	—	COM	776696106
AAPL	APPLE INC	1,790	$960	0.8%	—	—	COM	037833100
ORCL	ORACLE CORP	16,210	$663	0.5%	—	—	COM	68389X105
ARW	ARROW ELECTRS INC	8,232	$488	0.4%	—	—	COM	042735100
HIG	HARTFORD FINANCIAL SERVICES	52,470	$1,850	1.5%	—	—	COM	416515104
QCOM	QUALCOMM INC	6,400	$504	0.4%	—	—	COM	747525103
—	ARM HOLDINGS PLC	8,490	$432	0.3%	—	—	SPONSORED ADR	042068106
JNJ	JOHNSON & JOHNSON	4,387	$430	0.3%	—	—	COM	478160104
—	ENBRIDGE ENERGY PARTNERS L P	12,778	$350	0.3%	—	—	COM	29250R106
SLB	SCHLUMBERGER LTD	2,697	$263	0.2%	—	—	COM	806857108
IBB	ISHARES TR	2,136	$504	0.4%	—	—	NASDQ BIO INDX	464287556
AIZ	ASSURANT INC	16,945	$1,100	0.9%	—	—	COM	04621X108
PM	PHILIP MORRIS INTL INC	3,730	$305	0.2%	—	—	COM	718172109
MET	METLIFE INC	14,470	$764	0.6%	—	—	COM	59156R108
SNY	SANOFI	7,930	$414	0.3%	—	—	SPONSORED ADR	80105N105
—	WESTERN ASSET HIGH INCM FD I	13,637	$127	0.1%	—	—	COM	95766J102
PEP	PEPSICO INC	4,125	$344	0.3%	—	—	COM	713448108