# EDGAR Filing Document

**Accession Number:** 0001763143
**File Stem:** 0001049169-25-000534
**Filing Date:** 2025-11
**Character Count:** 44748
**Document Hash:** 5b855091c4458b946c21a966e493ffd3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-25-000534.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001049169-25-000534

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** X-Square Balanced Fund, LLC
- **CENTRAL INDEX KEY:** 0001763143

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** PR
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23417
- **FILM NUMBER:** 251474130

**BUSINESS ADDRESS:**
- **STREET 1:** 208 PONCE DE LEON AVE.
- **STREET 2:** STE. 1111
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00918
- **BUSINESS PHONE:** 787-282-1621

**MAIL ADDRESS:**
- **STREET 1:** 208 PONCE DE LEON AVE.
- **STREET 2:** STE. 1111
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00918

## Series and Classes Contracts Data

### X-Square Balanced Fund, LLC (Series ID: S000065136)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000210870 | Institutional Class | SQBIX           |
| C000210871 | Class A             | SQBFX           |
| C000210872 | Class C             | SQCBX           |

## Nport-Ex

X-SQUARE BALANCED FUND

SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| **COMMON STOCKS (64.89%)** | **COMMON STOCKS (64.89%)** | **COMMON STOCKS (64.89%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMUNICATIONS (7.61%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMUNICATIONS (7.61%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMUNICATIONS (7.61%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 5562 | $1354625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp., Class A<sup>(a)</sup> | 2150 | 1544862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 120 | 647912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 3289 | 703024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 1900 | 1395322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class C<sup>(a)</sup> | 2688 | 207110 |
|  |  | 5852855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY (13.14%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 3723 | 817459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 13105 | 513585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart, Inc.<sup>(a)</sup> | 17048 | 766649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 876 | 378178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. | 1789 | 724885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennar Corp., Class A | 5831 | 734939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> | 454 | 1060971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 7635 | 1008813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO, Inc.<sup>(a)</sup> | 16400 | 312584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RH<sup>(a)</sup> | 2199 | 446749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | 2732 | 1214975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 8600 | 1243043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply Co. | 15554 | 884556 |
|  |  | 10107386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CONSUMER STAPLES (6.77%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | 12269 | 810490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 5795 | 540384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corp. | 4376 | 452260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 5085 | 714137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 6479 | 1050894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 15992 | 1648135 |
|  |  | 5216300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ENERGY (4.71%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 4707 | 527749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corp. | 7226 | 767690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.<sup>(a)</sup> | 26678 | 58958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 16800 | 793800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | 35283 | 1475183 |
|  |  | 3623380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FINANCIALS (8.56%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 13681 | 536295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 2121 | 1066312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb, Ltd. | 3161 | 892192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc.<sup>(a)</sup> | 477 | 160983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 2433 | 409912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4115 | 1297995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 1869 | 325673 |

---

X-SQUARE BALANCED FUND

SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 1430 | $813398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OFG Bancorp | 3525 | 153302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.<sup>(a)</sup> | 7381 | 494970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp. | 9624 | 440009 |
|  |  | 6591041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**HEALTH CARE (2.76%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 2571 | 595289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | 2500 | 705500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bausch Health Cos., Inc.<sup>(a)</sup> | 11163 | 72001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 4021 | 745575 |
|  |  | 2118365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INDUSTRIALS (9.15%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Co. | 20478 | 1004241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc.<sup>(a)</sup> | 3953 | 661732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corp. | 3164 | 1078925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 1568 | 782761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RXO, Inc.<sup>(a)</sup> | 14159 | 217765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 644 | 848805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc. | 1622 | 1548459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO, Inc.<sup>(a)</sup> | 6996 | 904373 |
|  |  | 7047061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**MATERIALS (3.26%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 12800 | 502016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glencore PLC, ADR | 72740 | 669208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rio Tinto PLC, ADR | 6928 | 457317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tecnoglass, Inc. | 7263 | 485967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vale SA, ADR | 36250 | 393675 |
|  |  | 2508183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TECHNOLOGY (8.93%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | 6843 | 1107129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.<sup>(a)</sup> | 4685 | 354936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | 2931 | 292953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortinet, Inc.<sup>(a)</sup> | 8038 | 675835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garmin, Ltd. | 4636 | 1141476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 8592 | 1437614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | 3211 | 903061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc., Class A<sup>(a)</sup> | 6468 | 961209 |
|  |  | 6874213 |
| **TOTAL COMMON STOCKS (Cost $36,151,441)** |  | **49938784** |

---

X-SQUARE BALANCED FUND

SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** |<br>**Value** |
| **MORTGAGE-BACKED SECURITIES (24.95%)** |  |  |
| **Residential (24.95%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae II Pool, Series MA6540 - 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/20/50, 2.50% | $1562177 | $1347488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae II Pool, Series MA7312 - 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/20/51, 2.50% | 1663377 | 1433241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae II Pool, Series MA7533 - 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/20/51, 2.00% | 4601499 | 3804175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae II Pool, Series MA7648 - 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/20/51, 2.00% | 4506321 | 3725469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae II Pool, Series MA7704 - 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/20/51, 2.00% | 4010961 | 3315935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae II Pool, Series MA7766 - 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/20/51, 2.00% | 3370010 | 2786036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae II Pool, Series 785221 - 2020 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/20/50, 2.00% | 1101236 | 902953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae II Pool, Series 785657 - 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/20/51, 2.50% | 2201800 | 1887619 |
| **TOTAL MORTGAGE-BACKED SECURITIES (Cost $19,274,270)** |  | **19202916** |
| **GOVERNMENT BONDS (3.10%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/32, 2.75% | 1650000 | 1533920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/31/26, 1.63% | 45600 | 44603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/30/30, 3.88% | 800000 | 805063 |
|  |  | 849666 |
| **TOTAL GOVERNMENT BONDS (Cost $2,377,390)** |  | **2383586** |
| **SHORT-TERM INVESTMENTS (6.59%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/02/25, 0.09% | 4825000 | 4824460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/25/25, 3.91% | 250000 | 248474 |
|  |  | 5072934 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $5,072,917)** |  | **5072934** |

---

X-SQUARE BALANCED FUND

SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** |<br>**Value** |
| **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** |
| **TOTAL INVESTMENTS (99.53%) (Cost $62,876,018)** |  | **76598220** |
| **Other Assets In Excess Of Liabilities (0.47%)** |  | 357998 |
| **NET ASSETS (100.00%)** |  | $**76956218** |

---

*<sup>(a)</sup>* *Non-income producing security.*

NOTE 1 — ORGANIZATION AND REGISTRATION

X-Square Balanced Fund, LLC (the "Fund") is an open-end investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is a non-diversified investment company with an investment objective which seeks conservation of capital, current income and long-term growth of capital and income. The Fund currently offers Class A, Class C and Institutional Class Shares. Each share class of the Fund represents an investment in the same portfolio of securities, but each share class has its own expense structures. The Fund's Investment Adviser is X-Square Capital, LLC.

NOTE 2 — FAIR VALUE MEASUREMENTS

The Fund discloses the classification of their fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of the Fund's investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments.

These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1 – Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 – Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $49938784 | $– | $– | $49938784 |
| Government Bonds | 2383586 |  |  | 2383586 |
| Mortgage-Backed Securities |  | 19202916 |  | 19202916 |
| Short-Term Investments | 5072934 | – | – | 5072934 |
| &nbsp;&nbsp;&nbsp;Total | $57395304 | $19202916 | $– | $76598220 |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(a)*** *For a detailed sector breakdown, see the accompanying Schedule of Investments.* 

There were no Level 3 securities held in the Fund at September 30, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** X-SQUARE BALANCED FUND

- **b. Investment Company Act file number:** 811-23417

- **c. CIK number of Registrant:** 0001763143

- **d. LEI of Registrant:** 549300Y8CI7NR73VZ434

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 90 CARR 165 Suite 803

  - **City:** Guaynabo

  - **State:** PR

  - **Foreign country:** US

  - **Zip / Postal Code:** 00968

  - **Telephone number:** 7872821621

**Item A.2. Information about the Series.**

- **a. Name of Series:** X-Square Balanced Fund

- **b. EDGAR series identifier (if any):** S000065136

- **c. LEI of Series:** 549300Y8CI7NR73VZ434

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $77076569.00

**Total Liabilities:** $152695.27

**Net Assets:** $76923873.73

**Cash Not Reported:** $293060.65

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 2282.13355500 | **10-Year:** 11056.97772200 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000210871 | -3.00%               | -0.95%               | -1.85%               |
| Class ID C000210870 | 0.83%                | 2.92%                | 2.03%                |
| Class ID C000210872 | -0.26%               | 1.81%                | 0.95%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $30563.46                | $552415.08                                 |
| Month 2  | $32942.83                | $2037373.90                                |
| Month 3  | $31435.15                | $1404908.42                                |

### Schedule of Portfolio Investments

| Name                                     | Title                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Micron Technology Inc                    | Micron Technology, Inc.            | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      8592 | NS      | $1437613.44   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc                       | United Rentals, Inc.               | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      1622 | NS      | $1548458.52   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc                       | Domino's Pizza, Inc.               | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |       876 | NS      | $378177.96    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc                       | Ally Financial, Inc.               | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |     13681 | NS      | $536295.20    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                     | Lockheed Martin Corp.              | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      1568 | NS      | $782761.28    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                                | Chubb, Ltd.                        | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |      3161 | NS      | $892192.25    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association | Ginnie Mae II Pool                 | CUSIP: 36179WRZ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4010961 | PA      | $3315934.83   | 4.31%             | 2051-11-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Vale Sa                                  | Vale SA                            | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |     36250 | NS      | $393675.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                      | Coinbase Global, Inc.              | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |       477 | NS      | $160982.73    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association | Ginnie Mae II Pool                 | CUSIP: 36179WLN6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4601499 | PA      | $3804175.39   | 4.95%             | 2051-08-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Pultegroup Inc                           | PulteGroup, Inc.                   | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7635 | NS      | $1008812.55   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Applovin Corp                            | AppLovin Corp.                     | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |      2150 | NS      | $1544861.00   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecnoglass Inc                           | Tecnoglass, Inc.                   | CUSIP: G87264100<br>LEI: 529900YRWTPOC2E6IO67 | Long             | EC               | CORP              | KY        |      7263 | NS      | $485967.33    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Ofg Bancorp                              | OFG Bancorp                        | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |      3525 | NS      | $153302.25    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Rh                                       | RH                                 | CUSIP: 74967X103<br>LEI: 5493008MTS3OGGMHGK69 | Long             | EC               | CORP              | US        |      2199 | NS      | $446748.84    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/the                       | Home Depot, Inc.                   | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      1789 | NS      | $724884.91    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                         | Zillow Group, Inc.                 | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |      2688 | NS      | $207110.40    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp                    | General Dynamics Corp.             | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      3164 | NS      | $1078924.00   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc               | Chipotle Mexican Grill, Inc.       | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13105 | NS      | $513584.95    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                           | Amazon.com, Inc.                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      3723 | NS      | $817459.11    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                        | Johnson & Johnson                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      4021 | NS      | $745573.82    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto Plc                            | Rio Tinto PLC                      | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      6928 | NS      | $457317.28    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-mcmoran Inc                     | Freeport-McMoRan, Inc.             | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     12800 | NS      | $502016.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| New Fortress Energy Inc                  | New Fortress Energy, Inc.          | CUSIP: 644393100<br>LEI: 254900EICTYTCHA5X705 | Long             | EC               | CORP              | US        |     26678 | NS      | $58958.38     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                | Amgen, Inc.                        | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      2500 | NS      | $705500.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Us Treasury N/b                          | U.S. Treasury Note                 | CUSIP: 91282CMZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    800000 | PA      | $805062.50    | 1.05%             | 2030-04-30      | Fixed         | 3.88%                 | No            |                  1 | On Loan: No      |
| Eog Resources Inc                        | EOG Resources, Inc.                | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      4707 | NS      | $527748.84    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association | Ginnie Mae II Pool                 | CUSIP: 3622AAVN1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1101236 | PA      | $902953.02    | 1.17%             | 2050-12-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Booz Allen Hamilton Holding Corp         | Booz Allen Hamilton Holding Corp.  | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |      2931 | NS      | $292953.45    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Treasury Bill                            | United States Treasury Bill        | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4825000 | PA      | $4824461.05   | 6.27%             | 2025-10-02      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Tesla Inc                                | Tesla, Inc.                        | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      2732 | NS      | $1214975.04   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Jpmorgan Chase & Co                      | JPMorgan Chase & Co.               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      4115 | NS      | $1297994.45   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association | Ginnie Mae II Pool                 | CUSIP: 36179VHR4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1562177 | PA      | $1347488.22   | 1.75%             | 2050-03-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Bj's Wholesale Club Holdings Inc         | BJ's Wholesale Club Holdings, Inc. | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |      5795 | NS      | $540383.75    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                              | Oracle Corp.                       | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      3211 | NS      | $903061.64    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association | Ginnie Mae II Pool                 | CUSIP: 36179WTX6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3370010 | PA      | $2786036.18   | 3.62%             | 2051-12-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Qxo Inc                                  | QXO, Inc.                          | CUSIP: 82846H405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16400 | NS      | $312584.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc                        | Suncor Energy, Inc.                | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     35283 | NS      | $1475182.23   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                             | Alphabet, Inc.                     | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      5562 | NS      | $1354625.10   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp                      | Dollar General Corp.               | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      4376 | NS      | $452259.60    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Transdigm Group Inc                      | TransDigm Group, Inc.              | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       644 | NS      | $848804.88    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                              | Lennar Corp.                       | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |      5831 | NS      | $734939.24    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                               | Copart, Inc.                       | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |     17048 | NS      | $766648.56    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc               | Advanced Micro Devices, Inc.       | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      6843 | NS      | $1107128.97   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp                | Occidental Petroleum Corp.         | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |     16800 | NS      | $793800.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                        | Expedia Group, Inc.                | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |      3289 | NS      | $703023.75    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc          | Philip Morris International, Inc.  | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      6479 | NS      | $1050893.80   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc                     | Generac Holdings, Inc.             | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |      3953 | NS      | $661732.20    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                              | Walmart, Inc.                      | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     15992 | NS      | $1648135.52   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Us Treasury N/b                          | U.S. Treasury Bond                 | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1650000 | PA      | $1533919.93   | 1.99%             | 2032-08-15      | Fixed         | 2.75%                 | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                   | Berkshire Hathaway, Inc.           | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      2121 | NS      | $1066311.54   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies Inc                  | Akamai Technologies, Inc.          | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |      4685 | NS      | $354935.60    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                         | Altria Group, Inc.                 | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     12269 | NS      | $810490.14    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Us Treasury N/b                          | U.S. Treasury Note                 | CUSIP: 912828YQ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     45600 | PA      | $44602.50     | 0.06%             | 2026-10-31      | Fixed         | 1.62%                 | No            |                  1 | On Loan: No      |
| Fastenal Co                              | Fastenal Co.                       | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     20478 | NS      | $1004241.12   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                     | Booking Holdings, Inc.             | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       120 | NS      | $647912.40    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                           | Mastercard, Inc.                   | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1430 | NS      | $813398.30    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Inc                      | PayPal Holdings, Inc.              | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      7381 | NS      | $494969.86    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                             | Fortinet, Inc.                     | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      8038 | NS      | $675835.04    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Marketaxess Holdings Inc                 | MarketAxess Holdings, Inc.         | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |      1869 | NS      | $325673.25    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Bausch Health Cos Inc                    | Bausch Health Cos., Inc.           | CUSIP: 071734107<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | EC               | CORP              | CA        |     11163 | NS      | $72001.35     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp                    | Truist Financial Corp.             | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |      9624 | NS      | $440009.28    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Treasury Bill                            | United States Treasury Bill        | CUSIP: 912797RQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $248474.13    | 0.32%             | 2025-11-25      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Tractor Supply Co                        | Tractor Supply Co.                 | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |     15554 | NS      | $884555.98    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Xpo Inc                                  | XPO, Inc.                          | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |      6996 | NS      | $904372.92    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                              | Shopify, Inc.                      | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |      6468 | NS      | $961209.48    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                              | PepsiCo, Inc.                      | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      5085 | NS      | $714137.40    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc            | Intercontinental Exchange, Inc.    | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |      2433 | NS      | $409911.84    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Tjx Cos Inc/the                          | TJX Cos., Inc.                     | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      8600 | NS      | $1243044.00   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association | Ginnie Mae II Pool                 | CUSIP: 3622ABE65<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2201800 | PA      | $1887619.27   | 2.45%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp                       | Expand Energy Corp.                | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |      7226 | NS      | $767690.24    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                       | Meta Platforms, Inc.               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1900 | NS      | $1395322.00   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association | Ginnie Mae II Pool                 | CUSIP: 36179WP93<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4506321 | PA      | $3725468.77   | 4.84%             | 2051-10-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Garmin Ltd                               | Garmin, Ltd.                       | CUSIP: H2906T109<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |      4636 | NS      | $1141475.92   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore Plc                             | Glencore PLC                       | CUSIP: 37827X100<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |     72740 | NS      | $669208.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbvie Inc                               | AbbVie, Inc.                       | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      2571 | NS      | $595289.34    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Rxo Inc                                  | RXO, Inc.                          | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               | CORP              | US        |     14159 | NS      | $217765.42    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association | Ginnie Mae II Pool                 | CUSIP: 36179WDR6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1663377 | PA      | $1433240.79   | 1.86%             | 2051-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Mercadolibre Inc                         | MercadoLibre, Inc.                 | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       454 | NS      | $1060970.76   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** X-SQUARE BALANCED FUND

**Signature:** Cristina Perez

**Name of Signer:** Cristina Perez

**Title:** Chief Compliance Officer