X-Square Balanced Fund (SQBFX) NPORT-P X-Square Balanced Fund (Mar 2023 report)

X-SQUARE BALANCED FUND

SCHEDULE OF INVESTMENTS

March 31, 2023 (Unaudited)

Description	Shares		Value
COMMON STOCKS (61.85%)
COMMUNICATIONS (4.26%)
Activision Blizzard, Inc.		7,810	$	668,458
Alphabet, Inc., Class C(a)		4,300		447,201
Meta Platforms, Inc., Class A(a)		1,494		316,638
Zillow Group, Inc., Class C(a)		2,688		119,535
				1,551,832
CONSUMER DISCRETIONARY (13.46%)
Alibaba Group Holding, Ltd., Sponsored ADR(a)		1,650		168,597
Amazon.com, Inc.(a)		2,607		269,277
Chipotle Mexican Grill, Inc.(a)		63		107,622
Copart, Inc.(a)		6,519		490,294
Domino's Pizza, Inc.		167		55,088
General Motors Co.		7,354		269,745
Home Depot, Inc.		1,197		353,259
Lennar Corp., Class A		4,185		439,885
MercadoLibre, Inc., Sponsored ADR(a)		332		437,596
PulteGroup, Inc.		7,635		444,968
Skechers USA, Inc., Class A(a)		9,350		444,312
TJX Cos., Inc.		6,691		524,307
Tractor Supply Co.		2,285		537,066
Vipshop Holdings, Ltd., ADR(a)		22,355		339,349
				4,881,365
CONSUMER STAPLES (6.52%)
Altria Group, Inc.		7,863		350,847
Calavo Growers, Inc.		4,002		115,138
Costco Wholesale Corp.		1,067		530,160
Dollar General Corp.		2,033		427,865
Mission Produce, Inc.(a)		10,641		118,221
Philip Morris International, Inc.		4,659		453,088
Target Corp.		2,229		369,189
				2,364,508
ENERGY (7.23%)
Chesapeake Energy Corp.		4,824		366,817
Diamondback Energy, Inc.		5,452		736,947
EOG Resources, Inc.		2,930		335,866
New Fortress Energy, Inc.		9,300		273,699
Suncor Energy, Inc.		29,339		910,976
				2,624,305
FINANCIALS (7.09%)
Ally Financial, Inc.		10,226		260,661
Berkshire Hathaway, Inc., Class B(a)		1,626		502,060
Chubb, Ltd.		2,330		452,439
Intercontinental Exchange, Inc.		963		100,431

Description	Shares		Value
FINANCIALS (continued)
JPMorgan Chase & Co.		3,131	$	408,000
Marsh & McLennan Cos., Inc.		2,785		463,842
OFG Bancorp		3,525		87,914
Popular, Inc.		1,151		66,079
Truist Financial Corp.		6,725		229,323
				2,570,749
HEALTH CARE (3.63%)
Amgen, Inc.		1,767		427,172
Bausch Health Cos., Inc.(a)		11,163		90,420
Johnson & Johnson		2,589		401,295
Teva Pharmaceutical Industries, Ltd., Sponsored ADR(a)		44,770		396,215
				1,315,102
INDUSTRIALS (6.03%)
Fastenal Co.		7,118		383,945
General Dynamics Corp.		2,338		533,555
Lockheed Martin Corp.		1,097		518,585
RXO, Inc.(a)		4,132		81,152
United Rentals, Inc.		1,289		510,134
XPO, Inc.(a)		5,034		160,585
				2,187,956
MATERIALS (4.03%)
Freeport-McMoRan, Inc.		7,145		292,302
Glencore PLC, ADR		48,494		554,771
Rio Tinto PLC, ADR		3,425		234,955
Tecnoglass, Inc.		3,574		149,965
Vale SA, ADR		14,665		231,414
				1,463,407
TECHNOLOGY (9.60%)
Advanced Micro Devices, Inc.(a)		5,043		494,264
Akamai Technologies, Inc.(a)		2,305		180,482
Apple, Inc.		2,527		416,702
Booz Allen Hamilton Holding Corp.		1,251		115,955
Fortinet, Inc.(a)		5,176		343,997
Garmin, Ltd.		3,412		344,339
MarketAxess Holdings, Inc.		820		320,858
Mastercard, Inc., Class A		980		356,142
Micron Technology, Inc.		6,285		379,237
N-able, Inc.(a)		5,242		69,194
PayPal Holdings, Inc.(a)		2,282		173,295
Shopify, Inc., Class A(a)		3,827		183,466
SolarWinds Corp.(a)		11,606		99,812
				3,477,743
TOTAL COMMON STOCKS (Cost $22,521,920)				22,436,967

	Principal
	Amount		Value
GOVERNMENT BONDS (29.25%)
U.S. Treasury Bond
08/15/32, 2.75%	$	1,100,000	$	1,035,203
U.S. Treasury Notes
10/15/24, 0.63%		1,590,000		1,503,792
01/31/25, 1.38%		126,500		120,387
10/31/26, 1.63%		45,600		42,360
03/31/24, 2.25%		8,095,000		7,908,120
				9,574,659
TOTAL GOVERNMENT BONDS (Cost $10,814,089)				10,609,862
SHORT-TERM INVESTMENTS (8.66%)
United States Treasury Bills
09/28/23, 4.61%(b)		375,000		366,288
08/17/23, 4.78%(b)		2,825,000		2,774,921
				3,141,209
TOTAL SHORT-TERM INVESTMENTS (Cost $3,139,562)				3,141,209
TOTAL INVESTMENTS (99.76%) (Cost $36,475,571)				36,188,038
Other Assets In Excess Of Liabilities (0.24%)				88,030
NET ASSETS (100.00%)			$	36,276,068

(a)	Non-income producing security.
(b)	Rate shown represents the bond equivalent yield to maturity at date of purchase.

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Common Stocks(a)	$	22,436,967	$	–	$	–	$	22,436,967
Government Bonds		10,609,862		–		–		10,609,862
Short-Term Investments		3,141,209		–		–		3,141,209
Total	$	36,188,038	$	–	$	–	$	36,188,038

(a) For a detailed sector breakdown, see the accompanying Schedule of Investments.