Global Wealth Management Investment Advisory, Inc.

Name: Global Wealth Management Investment Advisory, Inc. 13F holdings, Q4 2025
Creator: Global Wealth Management Investment Advisory, Inc.
Published: 2026-02-04

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 4, 2026), Global Wealth Management Investment Advisory, Inc. reported 151 stock positions worth $624.0 million. Its top holding was Vanguard Short-Term Treasury (VGSH) at 3.7% of the portfolio, followed by Vanguard Int-Term Corporate (VCIT, 3.6%) and Nvidia (NVDA, 3.4%). Compared with Q3 2025, it opened 8 new positions, sold out of 9, added to 99 and reduced 37. The biggest buy was a new position in McKesson (MCK) and the biggest sale an exit from Eaton (ETN).

Most Recent 13F: Q2 2026
Location: FORT LAUDERDALE, FL
CIK: 0001767855
Portfolio Value: $624.0M (Q4 2025)
SEC Filing: 0001767855-26-000001 ↗ filed Feb 4, 2026

Holdings Value

Holdings 151 stocks · $624.0M


VGSH Vanguard Short-Term Treasury	3.66%	389,123	$22.9M	Add +9.6%
VCIT Vanguard Int-Term Corporate	3.61%	269,149	$22.5M	Add +7.0%
NVDA Nvidia Corp.	3.41%	114,239	$21.3M	Add +1.7%
JEPI JPMorgan Equity Premium Inco	3.41%	371,626	$21.3M	Add +7.8%
QQQ Invesco QQQ Trust Series 1	3.20%	32,466	$19.9M	Add +1.7%
AAPL Apple Inc.	3.19%	73,329	$19.9M	Reduce -0.3%
IVV iShares Core S&P 500 ETF	2.97%	27,050	$18.5M	Add +3.5%
IEFA iShares Core MSCI Eafe ETF	2.88%	200,827	$18.0M	Add +5.9%
MSFT Microsoft Corp.	2.52%	32,471	$15.7M	Add +8.0%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui	2.33%	180,649	$14.6M	Add +8.2%
VYM Vanguard High DVD Yield ETF	2.26%	98,270	$14.1M	Add +5.3%
SLQD iShares 0-5 YR Inv GRD Corp.	2.10%	258,597	$13.1M	Add +8.6%
JPM JPMorgan Chase & Co.	2.09%	40,432	$13.0M	Add +2.8%
BAC Bank of America Corp. filed as BANK AMERICA CORP	2.07%	235,200	$12.9M	Add +1.6%
CVX Chevron Corp.	1.87%	76,596	$11.7M	Add +5.5%
GOOGL Alphabet Inc. Class A	1.72%	34,275	$10.7M	Add +1.3%
IJH iShares Core S&P Midcap ETF	1.67%	158,028	$10.4M	Add +5.5%
ABBV Abbvie Inc.	1.66%	45,251	$10.3M	Reduce -0.7%
AMZN Amazon.com Inc.	1.50%	40,559	$9.4M	Add +1.5%
IJR iShares Core S&P Small-Cap E	1.16%	60,184	$7.2M	Add +6.0%
MS Morgan Stanley	1.15%	40,459	$7.2M	Add +0.4%
XOM Exxon Mobil Corp.	1.12%	58,317	$7.0M	Add +4.2%
JNJ Johnson & Johnson	1.08%	32,523	$6.7M	Add +4.0%
TFC Truist Financial Corp.	1.07%	135,408	$6.7M	Add +4.9%
CAPITOL SER TR	1.05%	258,993	$6.6M	Reduce -2.3%
VZ Verizon Communications Inc.	1.03%	157,849	$6.4M	Add +16.3%
CAT Caterpillar Inc.	1.02%	11,060	$6.3M	Reduce -7.3%
IEMG iShares Core MSCI Emerging	0.97%	89,896	$6.0M	Add +3.8%
LLY Eli Lilly & Co.	0.97%	5,617	$6.0M	Reduce -7.0%
PG The Procter & Gamble Co.	0.95%	41,325	$5.9M	Add +28.7%
VICI Vici Properties Inc. filed as VICI PPTYS INC	0.92%	204,881	$5.8M	Add +45.9%
DCRE DBL Comm Real Est Debt	0.92%	110,036	$5.7M	Add +7.6%
D Dominion Energy Inc.	0.91%	96,667	$5.7M	Add +23.6%
KMB Kimberly-Clark Corp.	0.90%	55,967	$5.6M	Add +81.0%
CCI Crown Castle Inc.	0.89%	62,798	$5.6M	Add +16.5%
CSCO Cisco Systems Inc.	0.89%	72,238	$5.6M	Reduce -1.4%
META Meta Platforms Inc. Class A	0.89%	8,419	$5.6M	Add +18.9%
WMT Walmart Inc.	0.88%	49,271	$5.5M	Add +1.8%
DLR Digital Realty Trust Inc.	0.87%	35,276	$5.5M	Add +18.3%
AXP American Express Co.	0.86%	14,550	$5.4M	Add +2.1%
RTX RTX Corp.	0.83%	28,084	$5.2M	Add +3.2%
CVS CVS Health Corp.	0.82%	64,101	$5.1M	Add +5.2%
AMGN Amgen Inc.	0.81%	15,504	$5.1M	Add +18.8%
ORCL Oracle Corp.	0.81%	25,870	$5.0M	Add +0.6%
DUK Duke Energy Corp.	0.78%	41,622	$4.9M	Add +6.4%
CTRA Coterra Energy Inc.	0.78%	183,990	$4.8M	Add +4.5%
HD Home Depot Inc.	0.77%	13,951	$4.8M	Add +9.9%
MCD McDonald's Corp.	0.76%	15,570	$4.8M	Add +11.1%
SO The Southern Co.	0.75%	53,961	$4.7M	Add +7.0%
MDT Medtronic PLC	0.71%	46,411	$4.5M	Add +5.8%
GD General Dynamics Corp.	0.71%	13,164	$4.4M	Add +1.0%
CRWD CrowdStrike Holdings Inc. Class A	0.70%	9,327	$4.4M	Add +2.7%
VGIT Vanguard Intermediate-Term T	0.70%	72,618	$4.4M	Add +7.3%
KO The Coca-Cola Co.	0.69%	61,545	$4.3M	Add +28.7%
NEE Nextera Energy Inc.	0.67%	51,841	$4.2M	Add +3.3%
PEP Pepsico Inc.	0.66%	28,825	$4.1M	Add +30.5%
UBER Uber Technologies Inc.	0.65%	49,546	$4.0M	Add +3.7%
DAL Delta Air Lines Inc.	0.64%	57,383	$4.0M	Add +2.7%
NFLX Netflix Inc.	0.63%	42,070	$3.9M	Add +5.8%
COST Costco Wholesale Corp.	0.63%	4,533	$3.9M	Add +4.6%
MAR Marriott International Class A	0.59%	11,935	$3.7M	Add +4.1%
IWY iShares Russell Top 200 Grow	0.59%	13,309	$3.7M	Reduce -7.1%
PANW Palo Alto Networks Inc.	0.57%	19,417	$3.6M	Add +2.9%
GLDM SPDR Gold Minishares Trust	0.57%	41,887	$3.6M	Reduce -9.7%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.57%	23,121	$3.6M	Add +4.3%
MCK McKesson Corp.	0.57%	4,312	$3.5M	New
SHOP Shopify Inc. Class A	0.56%	21,731	$3.5M	Add +3.3%
DMBS Doubleline Mortgage ETF	0.52%	65,631	$3.3M	Add +7.5%
VUG Vanguard Mrngstar GR ETF-Sui	0.50%	6,372	$3.1M	Reduce -2.9%
TMUS T-Mobile US Inc.	0.49%	14,956	$3.0M	Add +25.3%
NET Cloudflare Inc. Class A	0.48%	15,227	$3.0M	Add +5.6%
VTV Vanguard Mrngstr Val ETF-Aui	0.47%	15,471	$3.0M	Reduce -0.1%
VEA Vanguard Ftse Developed ETF	0.43%	42,537	$2.7M	Add +0.9%
MLPA Global X MLP ETF	0.37%	48,126	$2.3M	Add +9.0%
IWX iShares Russell Top 200 Valu	0.33%	22,477	$2.1M	Reduce -7.3%
DGRO iShares Core Dividend Growth	0.29%	25,793	$1.8M	Add +6.8%
VOO Vanguard S&P 500 ETF	0.27%	2,657	$1.7M	Add +0.2%
VB Vanguard Most SM-Cap ETF-Usd	0.26%	6,267	$1.6M	Add +1.4%
BSV Vanguard Short-Term Bond ETF	0.26%	20,427	$1.6M	Add +1.6%
KMI Kinder Morgan Inc.	0.26%	57,978	$1.6M	Add +3.0%
BIV Vanguard Intermediate-Term B	0.25%	20,103	$1.6M	Add +1.5%
XLK SS Technology Select Sector	0.25%	10,698	$1.5M	Add +5.0%
DCMT Doubleline Commodity ETF	0.23%	55,489	$1.4M	Add +3.8%
GOOG Alphabet Inc. Class C	0.23%	4,594	$1.4M	Add +2.1%
CELH Celsius Holdings Inc.	0.23%	31,028	$1.4M	Add +0.6%
TSLA Tesla Inc.	0.23%	3,150	$1.4M	Add +1.0%
VMBS Vanguard Mortgage-Backed Sec	0.22%	28,897	$1.4M	Add +6.3%
EFV iShares MSCI Eafe Value ETF	0.20%	17,566	$1.3M	Reduce -7.7%
BRK.B Berkshire Hathaway Inc. Class B	0.19%	2,389	$1.2M	Reduce -7.4%
ARCC Ares Capital Corp.	0.19%	57,301	$1.2M	Add +9.1%
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL	0.18%	18,311	$1.2M	Add +20.2%
FSK FS KKR Capital Corp.	0.18%	77,498	$1.1M	Add +39.8%
GBDC Golub Capital BDC Inc.	0.18%	83,653	$1.1M	Add +5.7%
IWS iShares Russell Mid-Cap Valu	0.18%	8,017	$1.1M	Reduce -7.2%
EFG iShares MSCI Eafe Growth ETF	0.18%	9,837	$1.1M	Reduce -7.0%
MFIC Midcap Financial Investment	0.18%	97,234	$1.1M	Add +6.9%
OBDC Blue Owl Capital Corp.	0.17%	87,868	$1.1M	Add +15.1%
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F	0.17%	18,782	$1.1M	Add +49.2%
BX Blackstone Inc.	0.16%	6,595	$1.0M	Reduce -29.4%
VTR Ventas Inc.	0.16%	12,942	$1.0M	Reduce -13.7%
PSA Public Storage	0.16%	3,840	$996K	Add +9.1%
KKR KKR & Co. Inc.	0.16%	7,801	$995K	Reduce -13.0%
MUB iShares National Muni Bond E	0.16%	9,236	$989K	Add +5.4%
VWO Vanguard Ftse Emerging Marke	0.16%	18,203	$979K	Add +0.8%
PLD Prologis Inc.	0.15%	7,333	$936K	Add +1.3%
BLV Vanguard Long-Term Bond ETF	0.15%	13,226	$919K	Add +1.9%
SPTM SS SPDR P S&P 1500 Comp ETF	0.15%	11,135	$919K	Reduce -0.5%
SPY SS SPDR S&P 500 ETF Trust-US	0.14%	1,306	$891K	Reduce -2.5%
O Realty Income Corp.	0.14%	15,735	$887K	Reduce -3.0%
WTMF Wisdomtree MGD Futures Strat	0.14%	22,612	$860K	New
GCC Wisdomtree Enhanced Commodit	0.14%	40,385	$854K	New
ICSH iShares Ultra Short Duration	0.13%	16,089	$814K	Reduce -37.4%
VONG Vanguard Russell 1000 Growth	0.13%	6,454	$786K	Add +5.6%
AVGO Broadcom Inc.	0.12%	2,179	$754K	Add +3.8%
ENB Enbridge Inc.	0.11%	14,386	$688K	Add +0.4%
BNDX Vanguard Total Intl Bond ETF	0.10%	12,960	$626K	Add +0.4%
VTEB Vanguard Tax-Exempt Bond ETF	0.10%	12,204	$614K	Add +9.6%
IWF iShares Russell 1000 Growth	0.10%	1,258	$596K	Reduce -8.0%
VTWO Vanguard Russell 2000 ETF	0.09%	5,953	$592K	Reduce -5.6%
SPMO Invesco S&P 500 Momentum ETF	0.09%	4,789	$571K	New
V Visa Inc. Class A	0.07%	1,283	$450K	Reduce -0.2%
MA Mastercard Inc. Class A	0.07%	783	$447K	Reduce -1.0%
CRM Salesforce Inc.	0.06%	1,414	$375K	Reduce -89.5%
BA The Boeing Co.	0.06%	1,725	$375K	Add +0.9%
AMD Advanced Micro Devices	0.06%	1,698	$364K	Reduce -0.4%
IVW iShares S&P 500 Growth ETF	0.06%	2,830	$349K	Reduce -4.6%
SUB iShares Short-Term National	0.05%	2,929	$313K	Add +9.4%
VIG Vanguard Dividend Apprec ETF	0.05%	1,376	$302K	Add +1.9%
CMI Cummins Inc.	0.05%	586	$299K	No change
T AT&T Inc.	0.05%	11,514	$286K	Add +35.3%
DVY iShares Select Dividend ETF	0.04%	1,950	$275K	Reduce -1.3%
SPYM Ste STR SPDR PT S&P 500 ETF	0.04%	3,405	$273K	Reduce -2.0%
ORLY O'reilly Automotive Inc.	0.04%	2,941	$268K	No change
AON Aon PLC Class A	0.04%	757	$267K	No change
IWP iShares Russell Mid-Cap Grow	0.04%	1,935	$265K	Reduce -12.2%
WRB WR Berkley Corp. filed as BERKLEY W R CORP	0.04%	3,630	$255K	No change
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX	0.04%	3,420	$252K	No change
GS Goldman Sachs Group Inc.	0.04%	282	$248K	Add +6.8%
VT Vanguard Tot World STK ETF	0.04%	1,729	$244K	Add +8.6%
IWM iShares Russell 2000 ETF	0.04%	966	$238K	Reduce -11.9%
PECO Phillips Edison & Company Inc.	0.04%	6,653	$237K	Reduce -18.3%
TSM Taiwan Semiconductor-SP ADR	0.04%	777	$236K	No change
GLD SPDR Gold Shares	0.04%	579	$229K	New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.04%	764	$226K	Reduce -1.0%
LOW Lowe's Cos Inc.	0.03%	890	$215K	Add +9.3%
PLTR Palantir Technologies Inc. Class A	0.03%	1,202	$214K	New
C Citigroup Inc.	0.03%	1,798	$210K	New
SHM SS SPDR N Ice St Muni ETF	0.03%	4,318	$207K	New
MO Altria Group Inc.	0.03%	3,593	$207K	Reduce -1.4%
SMH Vaneck Semiconductor ETF	0.03%	570	$205K	Reduce -32.4%
FARM Farmer Bros Co.	0.01%	24,508	$36K	No change

Portfolio Sells Q3 2025 → Q4 2025


ETN Eaton Corp. PLC	Sold out	0.00%	−0.75
HON Honeywell International Inc.	Sold out	0.00%	−0.67
CI The Cigna Group	Sold out	0.00%	−0.58
CRM Salesforce Inc.	Reduce -89.5%	0.06%	−0.48
INVH Invitation Homes Inc.	Sold out	0.00%	−0.12
ABBV Abbvie Inc.	Reduce -0.7%	1.66%	−0.11
BX Blackstone Inc.	Reduce -29.4%	0.16%	−0.10
ICSH iShares Ultra Short Duration	Reduce -37.4%	0.13%	−0.09
UPS United Parcel Service Class B	Sold out	0.00%	−0.09
CAPITOL SER TR	Reduce -2.3%	1.05%	−0.08
IWY iShares Russell Top 200 Grow	Reduce -7.1%	0.59%	−0.07
FELV Fidelity Enh LRG Cap Val ETF	Sold out	0.00%	−0.04
BPRN Princeton Bancorp Inc.	Sold out	0.00%	−0.04
KKR KKR & Co. Inc.	Reduce -13.0%	0.16%	−0.04
CTAS Cintas Corp.	Sold out	0.00%	−0.04
PM Philip Morris International	Sold out	0.00%	−0.03
VUG Vanguard Mrngstar GR ETF-Sui	Reduce -2.9%	0.50%	−0.03
IWX iShares Russell Top 200 Valu	Reduce -7.3%	0.33%	−0.03
BRK.B Berkshire Hathaway Inc. Class B	Reduce -7.4%	0.19%	−0.03
O Realty Income Corp.	Reduce -3.0%	0.14%	−0.02
EFG iShares MSCI Eafe Growth ETF	Reduce -7.0%	0.18%	−0.02
GLDM SPDR Gold Minishares Trust	Reduce -9.7%	0.57%	−0.02
IWS iShares Russell Mid-Cap Valu	Reduce -7.2%	0.18%	−0.02
EFV iShares MSCI Eafe Value ETF	Reduce -7.7%	0.20%	−0.02
VTR Ventas Inc.	Reduce -13.7%	0.16%	−0.02
SMH Vaneck Semiconductor ETF	Reduce -32.4%	0.03%	−0.01
IWF iShares Russell 1000 Growth	Reduce -8.0%	0.10%	−0.01
VTV Vanguard Mrngstr Val ETF-Aui	Reduce -0.1%	0.47%	−0.01
IWP iShares Russell Mid-Cap Grow	Reduce -12.2%	0.04%	−0.01
PECO Phillips Edison & Company Inc.	Reduce -18.3%	0.04%	−0.01
VTWO Vanguard Russell 2000 ETF	Reduce -5.6%	0.09%	−0.01
MO Altria Group Inc.	Reduce -1.4%	0.03%	−0.01
SPY SS SPDR S&P 500 ETF Trust-US	Reduce -2.5%	0.14%	−0.01
IWM iShares Russell 2000 ETF	Reduce -11.9%	0.04%	−0.01
IVW iShares S&P 500 Growth ETF	Reduce -4.6%	0.06%	−0.00
SPTM SS SPDR P S&P 1500 Comp ETF	Reduce -0.5%	0.15%	−0.00
MA Mastercard Inc. Class A	Reduce -1.0%	0.07%	−0.00
DVY iShares Select Dividend ETF	Reduce -1.3%	0.04%	−0.00
SPYM Ste STR SPDR PT S&P 500 ETF	Reduce -2.0%	0.04%	−0.00
V Visa Inc. Class A	Reduce -0.2%	0.07%	−0.00
IBM Intl Business Machines Corp.	Reduce -1.0%	0.04%	−0.00
AMD Advanced Micro Devices	Reduce -0.4%	0.06%	+0.01
CSCO Cisco Systems Inc.	Reduce -1.4%	0.89%	+0.05
AAPL Apple Inc.	Reduce -0.3%	3.19%	+0.05
CAT Caterpillar Inc.	Reduce -7.3%	1.02%	+0.06
LLY Eli Lilly & Co.	Reduce -7.0%	0.97%	+0.19

Portfolio Buys Q3 2025 → Q4 2025


MCK McKesson Corp.	New	0.57%	+0.57
GOOGL Alphabet Inc. Class A	Add +1.3%	1.72%	+0.34
KMB Kimberly-Clark Corp.	Add +81.0%	0.90%	+0.26
AMGN Amgen Inc.	Add +18.8%	0.81%	+0.20
VGSH Vanguard Short-Term Treasury	Add +9.6%	3.66%	+0.16
KO The Coca-Cola Co.	Add +28.7%	0.69%	+0.16
VICI Vici Properties Inc.	Add +45.9%	0.92%	+0.16
PEP Pepsico Inc.	Add +30.5%	0.66%	+0.14
WTMF Wisdomtree MGD Futures Strat	New	0.14%	+0.14
GCC Wisdomtree Enhanced Commodit	New	0.14%	+0.14
PG The Procter & Gamble Co.	Add +28.7%	0.95%	+0.12
JEPI JPMorgan Equity Premium Inco	Add +7.8%	3.41%	+0.11
JNJ Johnson & Johnson	Add +4.0%	1.08%	+0.11
DAL Delta Air Lines Inc.	Add +2.7%	0.64%	+0.11
D Dominion Energy Inc.	Add +23.6%	0.91%	+0.11
IEFA iShares Core MSCI Eafe ETF	Add +5.9%	2.88%	+0.10
MAR Marriott International Class A	Add +4.1%	0.59%	+0.09
SPMO Invesco S&P 500 Momentum ETF	New	0.09%	+0.09
TFC Truist Financial Corp.	Add +4.9%	1.07%	+0.08
CTRA Coterra Energy Inc.	Add +4.5%	0.78%	+0.08
MS Morgan Stanley	Add +0.4%	1.15%	+0.08
SLQD iShares 0-5 YR Inv GRD Corp.	Add +8.6%	2.10%	+0.07
BAC Bank of America Corp.	Add +1.6%	2.07%	+0.07
AXP American Express Co.	Add +2.1%	0.86%	+0.07
XOM Exxon Mobil Corp.	Add +4.2%	1.12%	+0.07
VCIT Vanguard Int-Term Corporate	Add +7.0%	3.61%	+0.06
RTX RTX Corp.	Add +3.2%	0.83%	+0.06
HYG Ishr Ibx Usd Hiyld CB ETF-Ui	Add +8.2%	2.33%	+0.06
VYM Vanguard High DVD Yield ETF	Add +5.3%	2.26%	+0.06
JEPQ JPM Nasdaq Equity Premium	Add +49.2%	0.17%	+0.05
MCD McDonald's Corp.	Add +11.1%	0.76%	+0.05
GOOG Alphabet Inc. Class C	Add +2.1%	0.23%	+0.05
FSK FS KKR Capital Corp.	Add +39.8%	0.18%	+0.05
CVS CVS Health Corp.	Add +5.2%	0.82%	+0.04
WMT Walmart Inc.	Add +1.8%	0.88%	+0.04
GLD SPDR Gold Shares	New	0.04%	+0.04
SHOP Shopify Inc. Class A	Add +3.3%	0.56%	+0.04
IVV iShares Core S&P 500 ETF	Add +3.5%	2.97%	+0.04
PLTR Palantir Technologies Inc. Class A	New	0.03%	+0.03
C Citigroup Inc.	New	0.03%	+0.03
SHM SS SPDR N Ice St Muni ETF	New	0.03%	+0.03
TJX TJX Companies Inc.	Add +4.3%	0.57%	+0.03
IJH iShares Core S&P Midcap ETF	Add +5.5%	1.67%	+0.03
NEE Nextera Energy Inc.	Add +3.3%	0.67%	+0.03
VZ Verizon Communications Inc.	Add +16.3%	1.03%	+0.03
AMZN Amazon.com Inc.	Add +1.5%	1.50%	+0.03
IJR iShares Core S&P Small-Cap E	Add +6.0%	1.16%	+0.03
DCRE DBL Comm Real Est Debt	Add +7.6%	0.92%	+0.02
CCI Crown Castle Inc.	Add +16.5%	0.89%	+0.02
VMRK Vivmark Residential	Add +20.2%	0.18%	+0.02

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	160	$702.7M	VCIT, JEPI, VGSH, QQQ, NVDA
Q1 2026	158	$638.4M	VCIT, JEPI, VGSH, NVDA, IEFA
Q4 2025	151	$624.0M	VGSH, VCIT, NVDA, JEPI, QQQ
Q3 2025	152	$596.5M	VCIT, NVDA, VGSH, JEPI, QQQ
Q2 2025	143	$532.9M	VCIT, VGSH, JEPI, QQQ, IVV
Q1 2025	139	$500.0M	VGSH, JEPI, VCIT, AAPL, QQQ
Q4 2024	140	$485.0M	VGSH, VCIT, JEPI, AAPL, QQQ
Q3 2024	135	$463.4M	VGSH, VCIT, JEPI, AAPL, QQQ
Q2 2024	131	$429.8M	VGSH, VCIT, JEPI, QQQ, AAPL
Q1 2024	133	$408.2M	VGSH, QQQ, VCIT, JEPI, IVV