X-Square Balanced Fund (SQBFX) NPORT-P X-Square Balanced Fund (Sep 2022 report)

X-SQUARE BALANCED FUND

SCHEDULE OF INVESTMENTS

September 30, 2022 (Unaudited)

Description	Shares		Value
COMMON STOCKS (66.34%)
COMMUNICATIONS (4.35%)
Activision Blizzard, Inc.		8,212	$	610,480
Alphabet, Inc., Class C(a)		4,590		441,328
Meta Platforms, Inc., Class A(a)		1,668		226,314
Zillow Group, Inc., Class C(a)		2,688		76,904
				1,355,026
CONSUMER DISCRETIONARY (11.67%)
Alibaba Group Holding, Ltd., Sponsored ADR(a)		1,650		131,984
Amazon.com, Inc.(a)		2,882		325,665
Chipotle Mexican Grill, Inc.(a)		80		120,221
Copart, Inc.(a)		3,473		369,528
Domino's Pizza, Inc.		254		78,791
General Motors Co.		8,148		261,469
Home Depot, Inc.		1,296		357,618
Lennar Corp., Class A		4,468		333,089
MercadoLibre, Inc., Sponsored ADR(a)		352		291,379
PulteGroup, Inc.		7,635		286,313
TJX Cos., Inc.		7,052		438,070
Tractor Supply Co.		2,415		448,900
Vipshop Holdings, Ltd., ADR(a)		22,355		188,006
				3,631,033
CONSUMER STAPLES (9.19%)
Altria Group, Inc.		8,555		345,451
Calavo Growers, Inc.		4,002		127,064
Costco Wholesale Corp.		1,125		531,303
Dollar General Corp.		2,168		520,016
Mission Produce, Inc.(a)		10,641		153,868
Philip Morris International, Inc.		4,947		410,650
Target Corp.		2,394		355,246
Walmart, Inc.		3,229		418,801
				2,862,399
ENERGY (7.61%)
Chesapeake Energy Corp.		5,187		488,667
Diamondback Energy, Inc.		5,641		679,515
EOG Resources, Inc.		3,146		351,503
Suncor Energy, Inc.		30,179		849,539
				2,369,224
FINANCIALS (8.36%)
Ally Financial, Inc.		10,981		305,601
Berkshire Hathaway, Inc., Class B(a)		1,725		460,609
Chubb, Ltd.		2,458		447,061
Intercontinental Exchange, Inc.		1,236		111,673
JPMorgan Chase & Co.		3,337		348,716

Description	Shares		Value
FINANCIALS (continued)
Marsh & McLennan Cos., Inc.		2,954	$	441,003
OFG Bancorp		3,525		88,583
Popular, Inc.		1,151		82,941
Truist Financial Corp.		7,288		317,320
				2,603,507
HEALTH CARE (4.31%)
Amgen, Inc.		1,890		426,006
Bausch Health Cos., Inc.		11,163		76,913
Johnson & Johnson		2,774		453,161
Teva Pharmaceutical Industries, Ltd., Sponsored ADR(a)		47,616		384,261
				1,340,341
INDUSTRIALS (6.27%)
Fastenal Co.		7,708		354,876
General Dynamics Corp.		2,476		525,333
Lockheed Martin Corp.		1,166		450,414
United Rentals, Inc.(a)		1,351		364,933
XPO Logistics, Inc.(a)		5,786		257,593
				1,953,149
MATERIALS (4.04%)
Freeport-McMoRan, Inc.		7,745		211,671
Glencore PLC, ADR		50,696		531,293
Rio Tinto PLC, ADR		3,778		208,017
Tecnoglass, Inc.		4,436		93,112
Vale SA, ADR		16,134		214,905
				1,258,998
TECHNOLOGY (9.61%)
Advanced Micro Devices, Inc.(a)		5,411		342,841
Akamai Technologies, Inc.(a)		2,647		212,607
Apple, Inc.		2,726		376,733
Booz Allen Hamilton Holding Corp.		1,575		145,451
Fortinet, Inc.(a)		5,730		281,515
Garmin, Ltd.		3,710		297,950
MarketAxess Holdings, Inc.		886		197,126
Mastercard, Inc., Class A		1,055		299,979
Micron Technology, Inc.		6,699		335,620
N-able, Inc.(a)		5,242		48,384
PayPal Holdings, Inc.(a)		2,627		226,106
Shopify, Inc., Class A(a)		4,321		116,408
SolarWinds Corp.(a)		14,427		111,809
				2,992,529
UTILITIES (0.93%)
Iberdrola SA, Sponsored ADR		7,812		290,685
TOTAL COMMON STOCKS (Cost $24,010,810)				20,656,891

	Principal Amount		Value
GOVERNMENT BONDS (32.62%)
U.S. Treasury Notes
10/15/24, 0.63%	$	1,590,000	$	1,478,079
01/31/25, 1.38%		126,500		118,485
10/31/26, 1.63%		45,600		41,305
03/31/24, 2.25%		8,783,000		8,519,511
TOTAL GOVERNMENT BONDS (Cost $10,491,844)				10,157,380
SHORT-TERM INVESTMENTS (0.32%)
U.S. Treasury Bills
02/16/23, 0.00%(b)		100,000		98,669
TOTAL SHORT-TERM INVESTMENTS (Cost $98,858)				98,669
TOTAL INVESTMENTS (99.28%) (Cost $34,601,512)				30,912,940
Other Assets In Excess Of Liabilities (0.72%)				224,052
NET ASSETS (100.00%)			$	31,136,992

(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 September 30, 2022:

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	20,656,891	$	–	$	–	$	20,656,891
Government Bonds		10,157,380		–		–		10,157,380
Short-Term Investments		98,669		–		–		98,669
Total	$	30,912,940	$	–	$	–	$	30,912,940

(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, 2022.