# EDGAR Filing Document

**Accession Number:** 0001763143
**File Stem:** 0001752724-23-032951
**Filing Date:** 2023-2
**Character Count:** 27638
**Document Hash:** 65e997c8a4e42909f22309a991338ac1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-032951.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001752724-23-032951

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** X-Square Balanced Fund, LLC
- **CENTRAL INDEX KEY:** 0001763143
- **IRS NUMBER:** 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:** 23651465

**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           |

## 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:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $34639212.70

**Total Liabilities:** $34254.99

**Net Assets:** $34604957.71

**Cash Not Reported:** $160645.45

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **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 | 2.45%                | 0.44%                | -6.88%               |
| Class ID C000210870 | 6.41%                | 4.38%                | -3.24%               |
| Class ID C000210872 | 5.41%                | 3.24%                | -4.31%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-31889.10               | $2073873.49                                |
| Month 2  | $-6700.06                | $1444963.26                                |
| Month 3  | $0.64                    | $-1144296.89                               |

### 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        |      6917 | NS      | $345711.66    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc                 | United Rentals, Inc.                 | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      1382 | NS      | $491190.44    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc                 | Domino's Pizza, Inc.                 | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |       284 | NS      | $98377.60     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc                 | Ally Financial, Inc.                 | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |     11443 | NS      | $279781.35    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp               | Lockheed Martin Corp.                | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      1188 | NS      | $577950.12    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                          | Chubb, Ltd.                          | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |      2510 | NS      | $553706.00    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale Sa                            | Vale SA                              | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |     16813 | NS      | $285316.61    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp              | Costco Wholesale Corp.               | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      1148 | NS      | $524062.00    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                        | Target Corp.                         | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      2471 | NS      | $368277.84    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Us Treasury N/b                    | U.S. Treasury Note                   | CUSIP: 912828Z52<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    126500 | PA      | $118890.23    | 0.34%             | 2025-01-31      | Fixed         | 1.38%                 | No            |                  1 | On Loan: No      |
| Pultegroup Inc                     | PulteGroup, Inc.                     | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7635 | NS      | $347621.55    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecnoglass Inc                     | Tecnoglass, Inc.                     | CUSIP: G87264100<br>LEI: 529900YRWTPOC2E6IO67 | Long             | EC               | CORP              | KY        |      4779 | NS      | $147049.83    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Ofg Bancorp                        | OFG Bancorp                          | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |      3525 | NS      | $97149.00     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/the                 | Home Depot, Inc.                     | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      1330 | NS      | $420093.80    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                   | Zillow Group, Inc.                   | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |      2688 | NS      | $86580.48     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                        | Popular, Inc.                        | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |      1151 | NS      | $76334.32     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp              | General Dynamics Corp.               | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      2522 | NS      | $625733.42    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc         | Chipotle Mexican Grill, Inc.         | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        88 | NS      | $122099.12    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                     | Amazon.com, Inc.                     | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      3012 | NS      | $253008.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                  | Johnson & Johnson                    | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      2837 | NS      | $501156.05    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto Plc                      | Rio Tinto PLC                        | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      3935 | NS      | $280172.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-mcmoran Inc               | Freeport-McMoRan, Inc.               | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |      8035 | NS      | $305330.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Us Treasury N/b                    | U.S. Treasury Note                   | CUSIP: 91282CDB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1590000 | PA      | $1484848.83   | 4.29%             | 2024-10-15      | Fixed         | 0.62%                 | No            |                  1 | On Loan: No      |
| Amgen Inc                          | Amgen, Inc.                          | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      1932 | NS      | $507420.48    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Vipshop Holdings Ltd               | Vipshop Holdings, Ltd.               | CUSIP: 92763W103<br>LEI: 549300I9F52K06HPZX60 | Long             | EC               | CORP              | KY        |     22355 | NS      | $304922.20    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Eog Resources Inc                  | EOG Resources, Inc.                  | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      3235 | NS      | $418997.20    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Corp   | Booz Allen Hamilton Holding Corp.    | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |      1684 | NS      | $176011.68    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Jpmorgan Chase & Co                | JPMorgan Chase & Co.                 | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      3424 | NS      | $459158.40    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc                  | Suncor Energy, Inc.                  | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     30519 | NS      | $968367.87    | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                       | Alphabet, Inc.                       | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      4711 | NS      | $418007.03    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp                | Dollar General Corp.                 | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      2210 | NS      | $544212.50    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                        | Lennar Corp.                         | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |      4592 | NS      | $415576.00    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                         | Copart, Inc.                         | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |      7128 | NS      | $434023.92    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc         | Advanced Micro Devices, Inc.         | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      5577 | NS      | $361222.29    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc    | Philip Morris International, Inc.    | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      5056 | NS      | $511717.76    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & Mclennan Cos Inc           | Marsh & McLennan Cos., Inc.          | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      3021 | NS      | $499915.08    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                        | Walmart, Inc.                        | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      3307 | NS      | $468899.53    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Us Treasury N/b                    | U.S. Treasury Bond                   | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1100000 | PA      | $1001687.50   | 2.89%             | 2032-08-15      | Fixed         | 2.75%                 | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc             | Diamondback Energy, Inc.             | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      5725 | NS      | $783065.50    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc             | Berkshire Hathaway, Inc.             | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      1760 | NS      | $543664.00    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                          | Apple, Inc.                          | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      2808 | NS      | $364843.44    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies Inc            | Akamai Technologies, Inc.            | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |      2777 | NS      | $234101.10    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola Sa                       | Iberdrola SA                         | CUSIP: 450737101<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |      8054 | NS      | $376605.04    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                   | Altria Group, Inc.                   | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      8800 | NS      | $402248.00    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Us Treasury N/b                    | U.S. Treasury Note                   | CUSIP: 912828YQ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     45600 | PA      | $41622.47     | 0.12%             | 2026-10-31      | Fixed         | 1.62%                 | No            |                  1 | On Loan: No      |
| Calavo Growers Inc                 | Calavo Growers, Inc.                 | CUSIP: 128246105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4002 | NS      | $117658.80    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| N-able Inc                         | N-able, Inc.                         | CUSIP: 62878D100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5242 | NS      | $53887.76     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                        | Fastenal Co.                         | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |      7942 | NS      | $375815.44    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Solarwinds Corp                    | SolarWinds Corp.                     | CUSIP: 83417Q204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15703 | NS      | $146980.08    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Energy Corp             | Chesapeake Energy Corp.              | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |      5305 | NS      | $500632.85    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co                  | General Motors Co.                   | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      8463 | NS      | $284695.32    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                     | Mastercard, Inc.                     | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1089 | NS      | $378677.97    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Inc                | PayPal Holdings, Inc.                | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      2788 | NS      | $198561.36    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                       | Fortinet, Inc.                       | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      5946 | NS      | $290699.94    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Marketaxess Holdings Inc           | MarketAxess Holdings, Inc.           | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |       927 | NS      | $258531.03    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Bausch Health Cos Inc              | Bausch Health Cos., Inc.             | CUSIP: 071734107<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | EC               | CORP              | CA        |     11163 | NS      | $70103.64     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp              | Truist Financial Corp.               | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |      7555 | NS      | $325091.65    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd          | Alibaba Group Holding, Ltd.          | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |      1650 | NS      | $145348.50    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                  | Tractor Supply Co.                   | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |      2467 | NS      | $555000.99    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Xpo Inc                            | XPO, Inc.                            | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |      6096 | NS      | $202935.84    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                        | Shopify, Inc.                        | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |      4631 | NS      | $160742.01    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc      | Intercontinental Exchange, Inc.      | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |      1346 | NS      | $138086.14    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Tjx Cos Inc/the                    | TJX Cos., Inc.                       | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      7193 | NS      | $572562.80    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Mission Produce Inc                | Mission Produce, Inc.                | CUSIP: 60510V108<br>LEI: 54930016JOKVFT59L825 | Long             | EC               | CORP              | US        |     10641 | NS      | $123648.42    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                 | Meta Platforms, Inc.                 | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1760 | NS      | $211798.40    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Activision Blizzard Inc            | Activision Blizzard, Inc.            | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |      8360 | NS      | $639958.00    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Teva Pharmaceutical Industries Ltd | Teva Pharmaceutical Industries, Ltd. | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |     48766 | NS      | $444745.92    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Garmin Ltd                         | Garmin, Ltd.                         | CUSIP: H2906T109<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |      3830 | NS      | $353470.70    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore Plc                       | Glencore PLC                         | CUSIP: 37827X100<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |     51556 | NS      | $686725.92    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Rxo Inc                            | RXO, Inc.                            | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               | CORP              | US        |      6458 | NS      | $111077.60    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Us Treasury N/b                    | U.S. Treasury Note                   | CUSIP: 91282CEG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8095000 | PA      | $7854047.31   | 22.70%            | 2024-03-31      | Fixed         | 2.25%                 | No            |                  1 | On Loan: No      |
| Mercadolibre Inc                   | MercadoLibre, Inc.                   | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       364 | NS      | $308031.36    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

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

**Signature:** Cristina Perez

**Name of Signer:** Cristina Perez

**Title:** Chief Compliance Officer