# EDGAR Filing Document

**Accession Number:** 0001763143
**File Stem:** 0001752724-25-185360
**Filing Date:** 2025-8
**Character Count:** 30237
**Document Hash:** be05192fa38f5b32adda4ac97eec5de8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-185360.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001752724-25-185360

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**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:** 251188125

**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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $71905528.21

**Total Liabilities:** $167193.21

**Net Assets:** $71738335.00

**Cash Not Reported:** $196397.24

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 1315.60021800 | **10-Year:** 11313.83248900 | **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 | -4.29%               | -0.87%               | -0.70%               |
| Class ID C000210870 | -0.50%               | 2.97%                | 3.17%                |
| Class ID C000210872 | -1.60%               | 1.92%                | 2.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $527362.70               | $-821871.09                                |
| Month 2  | $1005648.16              | $951537.17                                 |
| Month 3  | $29407.70                | $2112746.63                                |

### 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      | $1058964.00   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc                       | United Rentals, Inc.               | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      1622 | NS      | $1222014.80   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc                       | Domino's Pizza, Inc.               | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |       876 | NS      | $394725.60    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc                       | Ally Financial, Inc.               | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |     13681 | NS      | $532874.95    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                     | Lockheed Martin Corp.              | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      1568 | NS      | $726203.52    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                                | Chubb, Ltd.                        | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |      3161 | NS      | $915804.92    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association | Ginnie Mae II Pool                 | CUSIP: 36179WRZ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4108388 | PA      | $3347009.85   | 4.67%             | 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      | $351987.50    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                      | Coinbase Global, Inc.              | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |       477 | NS      | $167183.73    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association | Ginnie Mae II Pool                 | CUSIP: 36179WLN6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4722645 | PA      | $3846735.57   | 5.36%             | 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      | $805187.10    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Applovin Corp                            | AppLovin Corp.                     | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |      2150 | NS      | $752672.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecnoglass Inc                           | Tecnoglass, Inc.                   | CUSIP: G87264100<br>LEI: 529900YRWTPOC2E6IO67 | Long             | EC               | CORP              | KY        |      7263 | NS      | $561865.68    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Ofg Bancorp                              | OFG Bancorp                        | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |      3525 | NS      | $150870.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Rh                                       | RH                                 | CUSIP: 74967X103<br>LEI: 5493008MTS3OGGMHGK69 | Long             | EC               | CORP              | US        |      2199 | NS      | $415632.99    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Treasury Bill                            | United States Treasury Bill        | CUSIP: 912797MG9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3200000 | PA      | $3186020.16   | 4.44%             | 2025-08-07      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Home Depot Inc/the                       | Home Depot, Inc.                   | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      1789 | NS      | $655918.96    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                         | Zillow Group, Inc.                 | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |      2688 | NS      | $188294.40    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp                    | General Dynamics Corp.             | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      3164 | NS      | $922812.24    | 1.29%             |  |  |  | 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      | $735845.75    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                           | Amazon.com, Inc.                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      3723 | NS      | $816788.97    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                        | Johnson & Johnson                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      4021 | NS      | $614207.75    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto Plc                            | Rio Tinto PLC                      | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      6928 | NS      | $404110.24    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-mcmoran Inc                     | Freeport-McMoRan, Inc.             | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     12800 | NS      | $554880.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| New Fortress Energy Inc                  | New Fortress Energy, Inc.          | CUSIP: 644393100<br>LEI: 254900EICTYTCHA5X705 | Long             | EC               | CORP              | US        |     26678 | NS      | $88570.96     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                | Amgen, Inc.                        | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      2500 | NS      | $698025.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Us Treasury N/b                          | U.S. Treasury Note                 | CUSIP: 91282CMZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    800000 | PA      | $803125.00    | 1.12%             | 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      | $563004.27    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association | Ginnie Mae II Pool                 | CUSIP: 3622AAVN1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1131755 | PA      | $906115.82    | 1.26%             | 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      | $305205.03    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                | Tesla, Inc.                        | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      2732 | NS      | $867847.12    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Jpmorgan Chase & Co                      | JPMorgan Chase & Co.               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      4115 | NS      | $1192979.65   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association | Ginnie Mae II Pool                 | CUSIP: 36179VHR4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1604558 | PA      | $1363921.78   | 1.90%             | 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      | $624874.85    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                              | Oracle Corp.                       | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      3211 | NS      | $702020.93    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association | Ginnie Mae II Pool                 | CUSIP: 36179WTX6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3458939 | PA      | $2817363.18   | 3.93%             | 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      | $353256.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc                        | Suncor Energy, Inc.                | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     35283 | NS      | $1321348.35   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                             | Alphabet, Inc.                     | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      5562 | NS      | $986643.18    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp                      | Dollar General Corp.               | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      4376 | NS      | $500526.88    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Treasury Bill                            | United States Treasury Bill        | CUSIP: 912797LW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1805000 | PA      | $1803108.50   | 2.51%             | 2025-07-10      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| Transdigm Group Inc                      | TransDigm Group, Inc.              | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       644 | NS      | $979292.16    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                              | Lennar Corp.                       | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |      5831 | NS      | $644966.91    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                               | Copart, Inc.                       | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |     17048 | NS      | $836545.36    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc               | Advanced Micro Devices, Inc.       | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      6843 | NS      | $971021.70    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp                | Occidental Petroleum Corp.         | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |     16800 | NS      | $705768.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                        | Expedia Group, Inc.                | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |      3289 | NS      | $554788.52    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc          | Philip Morris International, Inc.  | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      6479 | NS      | $1180020.27   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc                     | Generac Holdings, Inc.             | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |      3953 | NS      | $566109.13    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                              | Walmart, Inc.                      | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     15992 | NS      | $1563697.76   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Us Treasury N/b                          | U.S. Treasury Bond                 | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1650000 | PA      | $1522125.00   | 2.12%             | 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      | $1030318.17   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies Inc                  | Akamai Technologies, Inc.          | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |      4685 | NS      | $373675.60    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                         | Altria Group, Inc.                 | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     12269 | NS      | $719331.47    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Us Treasury N/b                          | U.S. Treasury Note                 | CUSIP: 912828YQ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     45600 | PA      | $44272.97     | 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      | $860076.00    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                     | Booking Holdings, Inc.             | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       120 | NS      | $694708.80    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                           | Mastercard, Inc.                   | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1430 | NS      | $803574.20    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Inc                      | PayPal Holdings, Inc.              | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      7381 | NS      | $548555.92    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                             | Fortinet, Inc.                     | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      8038 | NS      | $849777.36    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Marketaxess Holdings Inc                 | MarketAxess Holdings, Inc.         | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |      1869 | NS      | $417422.46    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Bausch Health Cos Inc                    | Bausch Health Cos., Inc.           | CUSIP: 071734107<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | EC               | CORP              | CA        |     11163 | NS      | $74345.58     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp                    | Truist Financial Corp.             | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |      9624 | NS      | $413735.76    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                        | Tractor Supply Co.                 | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |     15554 | NS      | $820784.58    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Xpo Inc                                  | XPO, Inc.                          | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |      6996 | NS      | $883524.84    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                              | Shopify, Inc.                      | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |      6468 | NS      | $746083.80    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                              | PepsiCo, Inc.                      | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      5085 | NS      | $671423.40    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc            | Intercontinental Exchange, Inc.    | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |      2433 | NS      | $446382.51    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Tjx Cos Inc/the                          | TJX Cos., Inc.                     | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      8600 | NS      | $1062014.00   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association | Ginnie Mae II Pool                 | CUSIP: 3622ABE65<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2254372 | PA      | $1904769.03   | 2.66%             | 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      | $845008.44    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                       | Meta Platforms, Inc.               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1900 | NS      | $1402371.00   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association | Ginnie Mae II Pool                 | CUSIP: 36179WP93<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4624663 | PA      | $3766904.27   | 5.25%             | 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      | $967625.92    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore Plc                             | Glencore PLC                       | CUSIP: 37827X100<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |     72740 | NS      | $565917.20    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbvie Inc                               | AbbVie, Inc.                       | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      2571 | NS      | $477229.02    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Rxo Inc                                  | RXO, Inc.                          | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               | CORP              | US        |     14159 | NS      | $222579.48    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercadolibre Inc                         | MercadoLibre, Inc.                 | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       454 | NS      | $1186588.02   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

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

**Signature:** Cristina Perez

**Name of Signer:** Cristina Perez

**Title:** Chief Compliance Officer