X-SQUARE BALANCED FUND
SCHEDULE OF INVESTMENTS
March 31, 2024 (Unaudited)
| Description | Shares | Value | ||||||
| COMMON STOCKS (61.79%) | ||||||||
| COMMUNICATIONS (3.72%) | ||||||||
| Alphabet, Inc., Class C(a) | 4,464 | $ | 679,689 | |||||
| Booking Holdings, Inc. | 47 | 170,510 | ||||||
| Expedia Group, Inc.(a) | 1,137 | 156,622 | ||||||
| Meta Platforms, Inc., Class A | 1,556 | 755,562 | ||||||
| Zillow Group, Inc., Class C(a) | 2,688 | 131,121 | ||||||
| 1,893,504 | ||||||||
| CONSUMER DISCRETIONARY (14.09%) | ||||||||
| Alibaba Group Holding, Ltd., Sponsored ADR | 1,650 | 119,394 | ||||||
| Amazon.com, Inc.(a) | 2,762 | 498,210 | ||||||
| Chipotle Mexican Grill, Inc.(a) | 191 | 555,193 | ||||||
| Copart, Inc. | 13,535 | 783,948 | ||||||
| Domino's Pizza, Inc. | 224 | 111,301 | ||||||
| Home Depot, Inc. | 1,263 | 484,487 | ||||||
| Lennar Corp., Class A | 4,345 | 747,253 | ||||||
| MercadoLibre, Inc.(a) | 346 | 523,138 | ||||||
| PulteGroup, Inc. | 7,635 | 920,934 | ||||||
| RH(a) | 1,450 | 504,977 | ||||||
| Skechers USA, Inc., Class A(a) | 9,727 | 595,876 | ||||||
| TJX Cos., Inc. | 6,945 | 704,362 | ||||||
| Tractor Supply Co. | 2,390 | 625,511 | ||||||
| 7,174,584 | ||||||||
| CONSUMER STAPLES (5.48%) | ||||||||
| Altria Group, Inc. | 8,464 | 369,200 | ||||||
| Costco Wholesale Corp. | 1,102 | 807,358 | ||||||
| Dollar General Corp. | 2,216 | 345,829 | ||||||
| Philip Morris International, Inc. | 4,922 | 450,953 | ||||||
| Walmart, Inc. | 13,644 | 820,958 | ||||||
| 2,794,298 | ||||||||
| ENERGY (6.66%) | ||||||||
| Chesapeake Energy Corp. | 5,142 | 456,764 | ||||||
| Diamondback Energy, Inc. | 5,611 | 1,111,932 | ||||||
| EOG Resources, Inc. | 3,150 | 402,696 | ||||||
| New Fortress Energy, Inc. | 10,051 | 307,460 | ||||||
| Suncor Energy, Inc. | 30,106 | 1,111,212 | ||||||
| 3,390,064 | ||||||||
| FINANCIALS (7.19%) | ||||||||
| Ally Financial, Inc. | 10,226 | 415,073 | ||||||
| Berkshire Hathaway, Inc., Class B(a) | 1,692 | 711,520 | ||||||
| Chubb, Ltd. | 2,431 | 629,945 | ||||||
| Intercontinental Exchange, Inc. | 1,154 | 158,594 | ||||||
| JPMorgan Chase & Co. | 3,273 | 655,581 | ||||||
| Marsh & McLennan Cos., Inc. | 2,906 | 598,578 | ||||||
| OFG Bancorp | 3,525 | 129,755 | ||||||
| Popular, Inc. | 1,151 | 101,392 | ||||||
| Description | Shares | Value | ||||||
| FINANCIALS (continued) | ||||||||
| Truist Financial Corp. | 6,725 | $ | 262,141 | |||||
| 3,662,579 | ||||||||
| HEALTH CARE (3.95%) | ||||||||
| AbbVie, Inc. | 1,486 | 270,601 | ||||||
| Amgen, Inc. | 1,846 | 524,855 | ||||||
| Bausch Health Cos., Inc. | 11,163 | 118,439 | ||||||
| Johnson & Johnson | 2,739 | 433,282 | ||||||
| Teva Pharmaceutical Industries, Ltd., Sponsored ADR(a) | 46,920 | 662,042 | ||||||
| 2,009,219 | ||||||||
| INDUSTRIALS (8.72%) | ||||||||
| Fastenal Co. | 7,467 | 576,004 | ||||||
| Generac Holdings, Inc. | 2,513 | 316,990 | ||||||
| General Dynamics Corp. | 2,435 | 687,864 | ||||||
| Lockheed Martin Corp. | 1,150 | 523,101 | ||||||
| RXO, Inc.(a) | 5,223 | 114,227 | ||||||
| TransDigm Group, Inc. | 494 | 608,410 | ||||||
| United Rentals, Inc. | 1,331 | 959,798 | ||||||
| XPO, Inc.(a) | 5,314 | 648,467 | ||||||
| 4,434,861 | ||||||||
| MATERIALS (3.10%) | ||||||||
| Freeport-McMoRan, Inc. | 7,771 | 365,392 | ||||||
| Glencore PLC, ADR | 50,816 | 556,436 | ||||||
| Rio Tinto PLC, ADR | 3,779 | 240,873 | ||||||
| Tecnoglass, Inc. | 4,126 | 214,676 | ||||||
| Vale SA, ADR | 16,424 | 200,209 | ||||||
| 1,577,586 | ||||||||
| TECHNOLOGY (8.88%) | ||||||||
| Advanced Micro Devices, Inc.(a) | 5,182 | 935,299 | ||||||
| Akamai Technologies, Inc.(a) | 2,508 | 272,770 | ||||||
| Booz Allen Hamilton Holding Corp. | 1,439 | 213,605 | ||||||
| Fortinet, Inc.(a) | 5,572 | 380,623 | ||||||
| Garmin, Ltd. | 3,604 | 536,527 | ||||||
| MarketAxess Holdings, Inc. | 913 | 200,175 | ||||||
| Mastercard, Inc., Class A | 1,036 | 498,907 | ||||||
| Micron Technology, Inc. | 6,562 | 773,594 | ||||||
| N-able, Inc.(a) | 5,242 | 68,513 | ||||||
| PayPal Holdings, Inc.(a) | 2,653 | 177,724 | ||||||
| Shopify, Inc., Class A(a) | 4,131 | 318,789 | ||||||
| SolarWinds Corp. | 11,606 | 146,468 | ||||||
| 4,522,994 | ||||||||
| TOTAL COMMON STOCKS (Cost $23,841,937) | 31,459,689 | |||||||
| Principal | ||||||||
| Amount | Value | |||||||
| MORTGAGE-BACKED SECURITIES (15.90%) | ||||||||
| Residential (15.90%) | ||||||||
| Ginnie Mae II Pool, Series MA7533 - 2021 | ||||||||
| 08/20/51, 2.00% | $ | 5,286,442 | $ | 4,331,087 | ||||
| Ginnie Mae II Pool, Series MA7704 - 2021 | ||||||||
| 11/20/51, 2.00% | 4,593,225 | 3,763,117 | ||||||
| TOTAL MORTGAGE-BACKED SECURITIES (Cost $8,275,051) | 8,094,204 | |||||||
| GOVERNMENT BONDS (6.28%) | ||||||||
| U.S. Treasury Bond | ||||||||
| 08/15/32, 2.75% | 1,650,000 | 1,479,908 | ||||||
| U.S. Treasury Notes | ||||||||
| 10/15/24, 0.63% | 1,590,000 | 1,551,461 | ||||||
| 01/31/25, 1.38% | 126,500 | 122,665 | ||||||
| 10/31/26, 1.63% | 45,600 | 42,445 | ||||||
| 1,716,571 | ||||||||
| TOTAL GOVERNMENT BONDS (Cost $3,272,959) | 3,196,479 | |||||||
| SHORT-TERM INVESTMENTS (8.51%) | ||||||||
| U.S. Treasury Bills | ||||||||
| 05/30/24, 5.18%(b) | 460,000 | 456,033 | ||||||
| 04/25/24, 5.19%(b) | 2,295,000 | 2,286,958 | ||||||
| 06/13/24, 5.19%(b) | 1,605,000 | 1,588,026 | ||||||
| 4,331,017 | ||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $4,331,229) | 4,331,017 | |||||||
| TOTAL INVESTMENTS (92.48%) (Cost $39,721,176) | 47,081,389 | |||||||
| Other Assets In Excess Of Liabilities (7.52%) | 3,826,638 | |||||||
| NET ASSETS (100.00%) | $ | 50,908,027 | ||||||
| (a) | Non-income producing security. |
| (b) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
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 March 31, 2024:
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks(a) | $ | 31,459,689 | $ | – | $ | – | $ | 31,459,689 | ||||||||
| Mortgaged-Backed Securities | – | 8,094,204 | – | 8,094,204 | ||||||||||||
| Government Bonds | 3,196,479 | – | – | 3,196,479 | ||||||||||||
| Short-Term Investments | 4,331,017 | – | – | 4,331,017 | ||||||||||||
| Total | $ | 38,987,185 | $ | 8,094,204 | $ | – | $ | 47,081,389 | ||||||||
| (a) | For a detailed sector breakdown, see the accompanying Schedule of Investments. |
There were no Level 3 securities held in the Fund at March 31, 2024.
