Studio Investment Management LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Studio Investment Management LLC reported 314 stock positions worth $470.3 million. Its top holding was Vanguard Short-Term Tips (VTIP) at 10.6% of the portfolio, followed by Vanguard Dividend Apprec ETF (VIG, 5.9%) and Vanguard Mrngstr Val ETF-Aui (VTV, 5.9%). Compared with Q3 2024, it opened 57 new positions, sold out of 19, added to 81 and reduced 120. The biggest buy was Vanguard Short-Term Tips (VTIP, shares +20%) and the biggest sale Schwab Short-Term US Treas (SCHO, shares −86%).
- Most Recent 13F
- Q2 2026
- Location
- CHICAGO, IL
- CIK
- 0001893893
- Portfolio Value
- $470.3M (Q4 2024)
- SEC Filing
- 0001893893-25-000001 ↗ filed Feb 14, 2025
Holdings Value
Holdings 314 stocks · $470.3M
| VTIP Vanguard Short-Term Tips | 10.65% | 1,034,295 | $50.1M | Add +20.4% |
| VIG Vanguard Dividend Apprec ETF | 5.92% | 142,199 | $27.8M | Add +1.3% |
| VTV Vanguard Mrngstr Val ETF-Aui | 5.87% | 162,923 | $27.6M | Reduce -0.6% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 4.30% | 102,045 | $20.2M | Reduce -1.8% |
| DFIC Dimensional International Co. | 3.23% | 588,335 | $15.2M | Add +0.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.97% | 30,813 | $14.0M | Reduce -1.4% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 2.82% | 399,304 | $13.3M | Add +2.4% |
| VGSH Vanguard Short-Term Treasury | 2.28% | 184,346 | $10.7M | Add +51.4% |
| VCSH Vanguard S/T Corp. Bond ETF | 2.16% | 130,252 | $10.2M | Add +0.9% |
| GOOGL Alphabet Inc. Class A | 2.16% | 53,542 | $10.1M | Reduce -1.7% |
| MSFT Microsoft Corp. | 2.00% | 22,320 | $9.4M | Reduce -1.4% |
| AAPL Apple Inc. | 1.98% | 37,150 | $9.3M | Reduce -0.5% |
| DFSD Dimensional Short Duration | 1.68% | 168,454 | $7.9M | New |
| PG The Procter & Gamble Co. | 1.48% | 41,446 | $6.9M | Reduce -1.6% |
| NEE Nextera Energy Inc. | 1.39% | 90,910 | $6.5M | Reduce -2.3% |
| GD General Dynamics Corp. | 1.37% | 24,408 | $6.4M | Reduce -0.0% |
| VIGI Vanguard Int Div App Indx FD | 1.31% | 77,125 | $6.2M | Reduce -0.6% |
| IEI iShares 3-7 Year Treasury Bo | 1.29% | 52,551 | $6.1M | Reduce -10.0% |
| SGOV iShares 0-3 Month Treasury B | 1.29% | 60,468 | $6.1M | Reduce -5.9% |
| DFEM Dimensional Emrg MRKT Core | 1.22% | 218,999 | $5.7M | Add +3.0% |
| JPM JPMorgan Chase & Co. | 1.17% | 22,924 | $5.5M | Reduce -1.8% |
| CAT Caterpillar Inc. | 1.14% | 14,790 | $5.4M | Reduce -3.0% |
| VT Vanguard Tot World STK ETF | 1.10% | 43,938 | $5.2M | Reduce -0.3% |
| AVGO Broadcom Inc. | 1.08% | 21,962 | $5.1M | Reduce -7.0% |
| HON Honeywell International Inc. | 1.06% | 22,125 | $5.0M | Reduce -0.2% |
| VTI VG Morningstar TS MKT ETF-US | 1.02% | 16,480 | $4.8M | Add +1.6% |
| BILS SS Spdrb B 3-12M T-Bill ETF | 0.98% | 46,255 | $4.6M | Add +1.5% |
| RTX RTX Corp. | 0.91% | 37,148 | $4.3M | Reduce -1.2% |
| JNJ Johnson & Johnson | 0.91% | 29,588 | $4.3M | Add +0.1% |
| MRK Merck & Co. Inc. | 0.91% | 42,636 | $4.3M | Reduce -2.2% |
| VONE Vanguard Russell 1000 | 0.89% | 15,676 | $4.2M | Add +0.4% |
| CSCO Cisco Systems Inc. | 0.89% | 70,539 | $4.2M | Reduce -0.3% |
| GIS General Mills Inc. | 0.86% | 63,089 | $4.0M | Reduce -1.3% |
| CGCP Cap Group Core Plus Income | 0.84% | 178,591 | $4.0M | Add +14.3% |
| DFLV Dim US Large Cap Value ETF | 0.78% | 121,739 | $3.7M | Add +21.9% |
| UNH Unitedhealth Group Inc. | 0.78% | 7,218 | $3.7M | Reduce -11.4% |
| ITW Illinois Tool Works | 0.76% | 13,963 | $3.6M | Reduce -0.4% |
| SHM SS SPDR N Ice St Muni ETF | 0.75% | 74,502 | $3.5M | Reduce -15.4% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.74% | 69,602 | $3.5M | Reduce -15.9% |
| DHI D.R. Horton Inc. | 0.70% | 23,414 | $3.3M | Reduce -2.0% |
| AMGN Amgen Inc. | 0.69% | 12,390 | $3.2M | Add +0.9% |
| BIV Vanguard Intermediate-Term B | 0.66% | 41,403 | $3.1M | Reduce -46.6% |
| BLK BlackRock Inc. | 0.66% | 3,018 | $3.1M | Reduce -1.9% |
| CVX Chevron Corp. | 0.62% | 20,290 | $2.9M | Reduce -1.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.62% | 26,128 | $2.9M | Add +0.1% |
| AMZN Amazon.com Inc. | 0.61% | 13,102 | $2.9M | Reduce -1.7% |
| LNT Alliant Energy Corp. | 0.55% | 43,413 | $2.6M | Reduce -3.6% |
| PEP Pepsico Inc. | 0.55% | 16,730 | $2.6M | Add +2.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.54% | 58,252 | $2.6M | Reduce -2.6% |
| SUB iShares Short-Term National | 0.51% | 22,908 | $2.4M | Reduce -43.8% |
| RSPU Invesco S&P 500 Equal Weight | 0.50% | 35,879 | $2.4M | Add +34.3% |
| UNP Union Pacific Corp. | 0.47% | 9,759 | $2.2M | Add +1.0% |
| DE Deere & Co. | 0.47% | 5,226 | $2.2M | Reduce -5.0% |
| ISTB iShares Core 1-5 Year Usd Bo | 0.46% | 45,474 | $2.2M | Reduce -1.6% |
| VIOV Vanguard S&P Small-Cap 600 V | 0.46% | 22,952 | $2.1M | Add +0.2% |
| CTVA Corteva Inc. | 0.44% | 36,301 | $2.1M | Reduce -1.5% |
| NOC Northrop Grumman Corp. | 0.41% | 4,154 | $1.9M | Reduce -5.0% |
| VIOG Vanguard S&P SM Cap 600 GRW | 0.41% | 16,704 | $1.9M | Add +0.2% |
| ZBH Zimmer Biomet Holdings Inc. | 0.40% | 17,964 | $1.9M | Add +3.4% |
| USB US Bancorp | 0.40% | 38,836 | $1.9M | Reduce -2.5% |
| DFAT Dimensional US Target Value | 0.34% | 28,478 | $1.6M | Add +29.9% |
| JCI Johnson Controls Internation | 0.33% | 19,788 | $1.6M | Reduce -5.3% |
| BDX Becton Dickinson and Co. | 0.32% | 6,678 | $1.5M | Add +18.9% |
| PAYX Paychex Inc. | 0.28% | 9,355 | $1.3M | Add +1.0% |
| MCHP Microchip Technology Inc. | 0.27% | 22,096 | $1.3M | Reduce -21.4% |
| CSX CSX Corp. | 0.27% | 39,087 | $1.3M | Reduce -1.5% |
| DUK Duke Energy Corp. | 0.26% | 11,338 | $1.2M | Reduce -16.9% |
| CHRW C.H. Robinson Worldwide Inc. | 0.25% | 11,519 | $1.2M | Reduce -5.5% |
| AFL Aflac Inc. | 0.24% | 11,098 | $1.1M | Reduce -3.6% |
| GQRE NT GLBL Qual Re ETF | 0.24% | 19,713 | $1.1M | Add +0.6% |
| WFC Wells Fargo & Co. | 0.24% | 15,828 | $1.1M | Add +0.5% |
| VWO Vanguard Ftse Emerging Marke | 0.23% | 24,918 | $1.1M | Add +1.9% |
| PDN Inv Rafi Dev MKT US SM-Usdin | 0.23% | 33,862 | $1.1M | Add +2.4% |
| TCAF T Rowe PRC Cap Appreciation | 0.22% | 31,745 | $1.1M | Add +2.3% |
| QLTY GMO U.S. Quality ETF | 0.22% | 32,576 | $1.0M | Add +3.6% |
| TDVG T Rowe Price Dividend Growth | 0.22% | 25,737 | $1.0M | Add +0.5% |
| LOW Lowe's Cos Inc. | 0.20% | 3,813 | $941K | Reduce -12.6% |
| GUNR NT Mstar GLBL NR ETF | 0.20% | 25,745 | $936K | Reduce -4.8% |
| XOM Exxon Mobil Corp. | 0.20% | 8,550 | $920K | Reduce -5.9% |
| ECL Ecolab Inc. | 0.19% | 3,762 | $884K | Reduce -0.8% |
| TXT Textron Inc. | 0.18% | 10,907 | $835K | Reduce -18.6% |
| ENB Enbridge Inc. | 0.18% | 19,473 | $826K | Reduce -1.9% |
| ABT Abbott Laboratories | 0.17% | 7,247 | $820K | Add +3.3% |
| ORCL Oracle Corp. | 0.17% | 4,808 | $801K | Reduce -15.1% |
| CRM Salesforce Inc. | 0.17% | 2,347 | $786K | Reduce -2.3% |
| HLI Houlihan Lokey Inc. | 0.16% | 4,418 | $767K | Reduce -2.8% |
| NTRS Northern Trust Corp. | 0.16% | 7,407 | $765K | Reduce -2.9% |
| APD Air Products & Chemicals Inc. | 0.16% | 2,631 | $763K | Reduce -8.7% |
| MDT Medtronic PLC | 0.15% | 8,915 | $718K | Reduce -13.9% |
| CBRE CBRE Group Inc. Class A | 0.15% | 5,413 | $711K | Reduce -3.3% |
| SCHR Schwab Intermediate-Term US | 0.15% | 29,149 | $708K | New |
| SF Stifel Financial Corp. | 0.15% | 6,617 | $702K | Reduce -4.1% |
| CLX Clorox Company | 0.15% | 4,309 | $700K | Add +67.7% |
| OMC Omnicom Group | 0.15% | 8,054 | $698K | Add +2.8% |
| META Meta Platforms Inc. Class A | 0.15% | 1,190 | $697K | Reduce -3.3% |
| CACI Caci International Inc. Class A | 0.14% | 1,670 | $675K | Add +22.4% |
| UPS United Parcel Service Class B | 0.14% | 5,205 | $656K | Reduce -5.0% |
| BRO Brown & Brown Inc. | 0.14% | 6,368 | $650K | Reduce -2.2% |
| SCHO Schwab Short-Term US Treas | 0.13% | 26,286 | $632K | Reduce -86.0% |
| V Visa Inc. Class A | 0.13% | 1,956 | $618K | Reduce -0.3% |
Other holdings (16): bonds, preferreds, convertibles and warrants · $15K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| CITIGROUP CAPITAL XIII (C V0 10/30/40) | C.PRN | 65 | $2K | No change |
| CHS INC (CHSINC V6.75 PERP 3) | PFD | 67 | $2K | No change |
| CHS INC (CHSINC V7.1 PERP 2) | PREFERRED STOCK | 65 | $2K | No change |
| MORGAN STANLEY (MS 6.875 PERP F) | PFD | 61 | $2K | No change |
| MORGAN STANLEY (MS 6.375 PERP I) | Preferred Stock | 49 | $1K | No change |
| FIFTH THIRD BANCORP (FITB V7.67122 PERP I) | PFD | 46 | $1K | No change |
| MORGAN STANLEY (MS 7.125 PERP E) | PFD | 45 | $1K | No change |
| WINTRUST FINANCIAL CORP (WTFC V6.5 PERP D) | Equity Preference | 41 | $1K | No change |
| GOLDMAN SACHS GROUP INC (GS F PERP D) | Preferred Stock | 33 | $758 | No change |
| ASPEN INSURANCE HLDG LTD (AHL V9.62352 PERP) | G05384154 | 25 | $641 | No change |
| MORGAN STANLEY (MS F PERP +A) | COM | 22 | $532 | No change |
| CHARLES SCHWAB CORP (SCHW 5.95 PERP D) | Common Stock | 17 | $427 | No change |
| VALLEY NATIONAL BANCORP (VLY V6.25 PERP A) | VLYPP | 16 | $411 | No change |
| SCE TRUST V (EIX V5.45 PERP K) | SCEPRK | 16 | $394 | No change |
| SCE TRUST IV (EIX V0 PERP J) | PFD | 8 | $197 | No change |
| AMTRUST FINANCIAL SERVIC (AFSI 7.5 09/15/55) | Equity | 7 | $117 | No change |
Total filed on the 13F, all lines: $470.3M.
Portfolio Sells Q3 2024 → Q4 2024
| SCHO Schwab Short-Term US Treas | Reduce -86.0% | 0.13% | −0.83 |
| BIV Vanguard Intermediate-Term B | Reduce -46.6% | 0.66% | −0.62 |
| SUB iShares Short-Term National | Reduce -43.8% | 0.51% | −0.40 |
| NEE Nextera Energy Inc. | Reduce -2.3% | 1.39% | −0.27 |
| DHI D.R. Horton Inc. | Reduce -2.0% | 0.70% | −0.26 |
| UNH Unitedhealth Group Inc. | Reduce -11.4% | 0.78% | −0.23 |
| MCHP Microchip Technology Inc. | Reduce -21.4% | 0.27% | −0.21 |
| GD General Dynamics Corp. | Reduce -0.0% | 1.37% | −0.18 |
| IEI iShares 3-7 Year Treasury Bo | Reduce -10.0% | 1.29% | −0.18 |
| SBUX Starbucks Corp. | Reduce -66.3% | 0.07% | −0.16 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -15.9% | 0.74% | −0.15 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -0.6% | 5.87% | −0.15 |
| SHM SS SPDR N Ice St Muni ETF | Reduce -15.4% | 0.75% | −0.14 |
| MRK Merck & Co. Inc. | Reduce -2.2% | 0.91% | −0.14 |
| GIS General Mills Inc. | Reduce -1.3% | 0.86% | −0.14 |
| VIGI Vanguard Int Div App Indx FD | Reduce -0.6% | 1.31% | −0.13 |
| CAT Caterpillar Inc. | Reduce -3.0% | 1.14% | −0.11 |
| CVS CVS Health Corp. | Reduce -47.7% | 0.06% | −0.10 |
| PFE Pfizer Inc. | Reduce -55.2% | 0.06% | −0.09 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -1.8% | 4.30% | −0.09 |
| CNQ Canadian Natural Resources | Reduce -51.3% | 0.07% | −0.08 |
| TXT Textron Inc. | Reduce -18.6% | 0.18% | −0.07 |
| NOC Northrop Grumman Corp. | Reduce -5.0% | 0.41% | −0.07 |
| DUK Duke Energy Corp. | Reduce -16.9% | 0.26% | −0.07 |
| SGOV iShares 0-3 Month Treasury B | Reduce -5.9% | 1.29% | −0.07 |
| PG The Procter & Gamble Co. | Reduce -1.6% | 1.48% | −0.06 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.4% | 2.97% | −0.05 |
| LOW Lowe's Cos Inc. | Reduce -12.6% | 0.20% | −0.05 |
| MSFT Microsoft Corp. | Reduce -1.4% | 2.00% | −0.05 |
| MDT Medtronic PLC | Reduce -13.9% | 0.15% | −0.04 |
| RTX RTX Corp. | Reduce -1.2% | 0.91% | −0.04 |
| CMCSA Comcast Corp. Class A | Reduce -27.3% | 0.08% | −0.04 |
| BUSE First Busey Corp. | Reduce -56.5% | 0.03% | −0.04 |
| GUNR NT Mstar GLBL NR ETF | Reduce -4.8% | 0.20% | −0.04 |
| IVV iShares Core S&P 500 ETF | Sold out | 0.00% | −0.03 |
| ORCL Oracle Corp. | Reduce -15.1% | 0.17% | −0.03 |
| CHRW C.H. Robinson Worldwide Inc. | Reduce -5.5% | 0.25% | −0.03 |
| LNT Alliant Energy Corp. | Reduce -3.6% | 0.55% | −0.03 |
| XOM Exxon Mobil Corp. | Reduce -5.9% | 0.20% | −0.03 |
| AFL Aflac Inc. | Reduce -3.6% | 0.24% | −0.03 |
| TMO Thermo Fisher Scientific Inc. | Reduce -7.3% | 0.08% | −0.02 |
| AMAT Applied Materials Inc. | Reduce -0.3% | 0.09% | −0.02 |
| CSX CSX Corp. | Reduce -1.5% | 0.27% | −0.02 |
| BND Vanguard Total Bond Market | Sold out | 0.00% | −0.02 |
| ITW Illinois Tool Works | Reduce -0.4% | 0.76% | −0.02 |
| APD Air Products & Chemicals Inc. | Reduce -8.7% | 0.16% | −0.02 |
| SCHF Schwab Intl Equity ETF | Sold out | 0.00% | −0.02 |
| UPS United Parcel Service Class B | Reduce -5.0% | 0.14% | −0.02 |
| ECL Ecolab Inc. | Reduce -0.8% | 0.19% | −0.02 |
| CTVA Corteva Inc. | Reduce -1.5% | 0.44% | −0.02 |
Portfolio Buys Q3 2024 → Q4 2024
| VTIP Vanguard Short-Term Tips | Add +20.4% | 10.65% | +1.75 |
| DFSD Dimensional Short Duration | New | 1.68% | +1.68 |
| VGSH Vanguard Short-Term Treasury | Add +51.4% | 2.28% | +0.77 |
| SCHR Schwab Intermediate-Term US | New | 0.15% | +0.15 |
| DFLV Dim US Large Cap Value ETF | Add +21.9% | 0.78% | +0.13 |
| RSPU Invesco S&P 500 Equal Weight | Add +34.3% | 0.50% | +0.12 |
| DIS The Walt Disney Co. | Add +0.1% | 0.62% | +0.09 |
| CGCP Cap Group Core Plus Income | Add +14.3% | 0.84% | +0.08 |
| DFAT Dimensional US Target Value | Add +29.9% | 0.34% | +0.08 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | New | 0.08% | +0.08 |
| CLX Clorox Company | Add +67.7% | 0.15% | +0.06 |
| VIG Vanguard Dividend Apprec ETF | Add +1.3% | 5.92% | +0.05 |
| WFC Wells Fargo & Co. | Add +0.5% | 0.24% | +0.05 |
| VTI VG Morningstar TS MKT ETF-US | Add +1.6% | 1.02% | +0.05 |
| EFA iShares MSCI Eafe ETF | Add +1035.1% | 0.05% | +0.04 |
| DUSB Dimension Ultrashort Fi ETF | New | 0.04% | +0.04 |
| BDX Becton Dickinson and Co. | Add +18.9% | 0.32% | +0.04 |
| VONE Vanguard Russell 1000 | Add +0.4% | 0.89% | +0.04 |
| HSY The Hershey Co. | Add +52.8% | 0.11% | +0.03 |
| VOO Vanguard S&P 500 ETF | Add +19.0% | 0.12% | +0.02 |
| BILS SS Spdrb B 3-12M T-Bill ETF | Add +1.5% | 0.98% | +0.02 |
| DFAS Dimensional US Small Cap ETF | New | 0.02% | +0.02 |
| PAYX Paychex Inc. | Add +1.0% | 0.28% | +0.02 |
| AAP Advance Auto Parts Inc. | Add +6.7% | 0.06% | +0.01 |
| OTTR Otter Tail Corp. | New | 0.01% | +0.01 |
| ZBH Zimmer Biomet Holdings Inc. | Add +3.4% | 0.40% | +0.01 |
| TEL Te Connectivity PLC | Add +15.8% | 0.09% | +0.01 |
| DFSV Dimensional US Small Cap Val | New | 0.01% | +0.01 |
| COIN Coinbase Global Inc. Class A | New | 0.01% | +0.01 |
| VIOV Vanguard S&P Small-Cap 600 V | Add +0.2% | 0.46% | +0.01 |
| TCAF T Rowe PRC Cap Appreciation | Add +2.3% | 0.22% | +0.01 |
| VB Vanguard Most SM-Cap ETF-Usd | New | 0.01% | +0.01 |
| GLDM SPDR Gold Minishares Trust | New | 0.01% | +0.01 |
| DFIV Dimensional International Va | Add +13.6% | 0.11% | +0.01 |
| FNDX Schwab Fndmntl US LRG Co. ETF | Add +5.9% | 0.13% | +0.01 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +0.9% | 2.16% | +0.01 |
| CNC Centene Corp. | New | 0.01% | +0.01 |
| ABT Abbott Laboratories | Add +3.3% | 0.17% | +0.01 |
| QLTY GMO U.S. Quality ETF | Add +3.6% | 0.22% | +0.01 |
| AVMC Avantis US Mid Cap Eq ETF | New | 0.00% | +0.00 |
| DFAI Dimensional International Co. | Add +13.4% | 0.09% | +0.00 |
| AVDV Avantis Intl S/C Value ETF | New | 0.00% | +0.00 |
| TDY Teledyne Technologies Inc. | Add +10.1% | 0.03% | +0.00 |
| DOC Healthpeak Properties Inc. | New | 0.00% | +0.00 |
| SO The Southern Co. | New | 0.00% | +0.00 |
| XLE SS Energy Select Sector | Add +43.6% | 0.01% | +0.00 |
| CMG Chipotle Mexican Grill Inc. | New | 0.00% | +0.00 |
| TBI Trueblue Inc. | New | 0.00% | +0.00 |
| GDX Vaneck Gold Miners ETF | Add +35.9% | 0.02% | +0.00 |
| DLTR Dollar Tree Inc. | New | 0.00% | +0.00 |
Notes & Other Activity Q3 2024 → Q4 2024
| ZIONS BANCORP NA (ZION V0 PERP G) | COM | Sold out | 42 | $1Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 181 | $591.7M | VTIP, VIG, VTV, DFIC, FNDF |
| Q1 2026Amended | 184 | $554.6M | VTIP, VIG, VTV, DFIC, FNDF |
| Q4 2025 | 180 | $547.3M | VTIP, VIG, VTV, DFIC, FNDF |
| Q3 2025 | 174 | $529.8M | VTIP, VIG, VTV, DFIC, VBR |
| Q2 2025 | 173 | $498.1M | VTIP, VIG, VTV, VBR, DFIC |
| Q1 2025 | 305 | $483.7M | VTIP, VIG, VTV, VBR, DFIC |
| Q4 2024 | 314 | $470.3M | VTIP, VIG, VTV, VBR, DFIC |
| Q3 2024 | 276 | $475.8M | VTIP, VTV, VIG, VBR, DFIC |
| Q2 2024 | 285 | $439.5M | VTIP, VTV, VIG, VBR, DFIC |
| Q1 2024 | 266 | $421.4M | VTIP, VTV, VIG, VBR, DFIC |