CLIFFORD SWAN INVESTMENT COUNSEL LLC Last Quarter Change: USA ETF, Added

CLIFFORD SWAN INVESTMENT COUNSEL LLC quarter change: USA ETF, Added

In exchange-traded fund shares (known by the fund name on the filing) (listed in the US), from the quarter ended 2026-03-31 to 2026-06-30, CLIFFORD SWAN INVESTMENT COUNSEL LLC opened 18 positions, added to 16, reduced 22, sold out of 19 and left 17 unchanged. The largest increase in value was XLK (+$12,623,093); the largest decrease was XLK (-$8,805,422).

VWO: Country of operation —; Class FTSE EMR MKT ETF; Shares 2026-03-31 11,301; Shares 2026-06-30 40,624.
VGT: Country of operation —; Class INF TECH ETF; Shares 2026-03-31 3,321; Shares 2026-06-30 26,568.
LMBS: Country of operation —; Class FST LOW OPPT EFT; Shares 2026-03-31 291,821; Shares 2026-06-30 303,619.
QQQ: Country of operation —; Class UNIT SER 1; Shares 2026-03-31 1,937; Shares 2026-06-30 1,939.

Two Form 13F-HR filings compared (SEC CIK 1034642): 2026-03-31 (filed 2026-05-06) and 2026-06-30 (filed 2026-08-20). Rows for the same security, class and put/call are added together. Value change is the filed value at each quarter end, so it includes the price move; share change is the position change.

Stock	Class	Shares 2026-03-31	Shares 2026-06-30	Share change	Value 2026-03-31	Value 2026-06-30	Value change
VWO VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	11,301	40,624	+29,323	$610,819	$2,424,847	+$1,814,028
VGT VANGUARD WORLD FD	INF TECH ETF	3,321	26,568	+23,247	$2,317,128	$3,175,407	+$858,279
LMBS FIRST TR EXCHANGE-TRADED FD	FST LOW OPPT EFT	291,821	303,619	+11,798	$14,535,626	$15,114,146	+$578,520
QQQ INVESCO QQQ TR	UNIT SER 1	1,937	1,939	+2	$1,117,772	$1,427,591	+$309,819
BIV VANGUARD BD INDEX FDS	INTERMED TERM	2,782	6,730	+3,948	$214,715	$516,191	+$301,476
VEA VANGUARD TAX-MANAGED FDS	VAN FTSE DEV MKT	35,510	36,069	+559	$2,275,481	$2,569,916	+$294,435
VB VANGUARD INDEX FDS	SMALL CP ETF	5,627	5,654	+27	$1,473,824	$1,713,840	+$240,016
IEFA ISHARES TR	CORE MSCI EAFE	2,746	4,972	+2,226	$248,595	$480,196	+$231,601
DIA STATE STR SPDR DOW JONES IND	UT SER 1	1,002	1,286	+284	$464,217	$671,910	+$207,693
IWM ISHARES TR	RUSSELL 2000 ETF	2,088	2,094	+6	$517,824	$629,142	+$111,318
VNQ VANGUARD INDEX FDS	REAL ESTATE ETF	7,556	7,656	+100	$670,231	$738,284	+$68,053
VBK VANGUARD INDEX FDS	SML CP GRW ETF	910	914	+4	$275,048	$334,250	+$59,202
VO VANGUARD INDEX FDS	MID CAP ETF	1,242	4,979	+3,737	$356,769	$401,157	+$44,388
VOOG VANGUARD ADMIRAL FDS INC	500 GRTH IDX F	584	3,414	+2,830	$238,091	$282,065	+$43,974
MUB ISHARES TR	NATIONAL MUN ETF	2,547	2,741	+194	$270,364	$294,986	+$24,622
HDV ISHARES TR	CORE HIGH DV ETF	10,523	52,615	+42,092	$1,428,182	$1,442,177	+$13,995

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