Form NPORT-P X-Square Balanced Fund, For: Mar 31

May 25, 2022 1:08 PM EDT

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    NPORT-P
    false
    
      
      
        
          0001763143
          XXXXXXXX
        
      
      
      
      
        S000065136
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        C000210870
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      X-SQUARE BALANCED FUND
      811-23417
      0001763143
      549300Y8CI7NR73VZ434
      208 PONCE DE LEON AVE. STE. 1111
      SAN JUAN
      
      00918
      7872821621
      X-Square Balanced Fund
      S000065136
      549300Y8CI7NR73VZ434
      2022-12-31
      2022-03-31
      N
    
    
      34576204.00
      142302.52
      34433901.48
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      145658.44000000
      
        
          USD
          
          
        
      
      
      
      N
      
        
          
          
          
        
        
        
        
      
      
      
      
      
    
    
      
        Micron Technology Inc
        B3DXGBC8GAIYWI2Z0172
        Micron Technology, Inc.
        595112103
        
          
        
        6166.00000000
        NS
        USD
        480269.74000000
        1.394758419341
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United Rentals Inc
        5323X5O7RN0NKFCDRY08
        United Rentals, Inc.
        911363109
        
          
        
        1231.00000000
        NS
        USD
        437263.51000000
        1.269863393940
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Meta Platforms Inc
        BQ4BKCS1HXDV9HN80Z93
        Meta Platforms, Inc.
        30303M102
        
          
        
        1477.00000000
        NS
        USD
        328425.72000000
        0.953785966399
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Domino's Pizza Inc
        25490005ZWM1IF9UXU57
        Domino's Pizza, Inc.
        25754A201
        
          
        
        160.00000000
        NS
        USD
        65121.60000000
        0.189120596856
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ally Financial Inc
        549300JBN1OSM8YNAI90
        Ally Financial, Inc.
        02005N100
        
          
        
        10058.00000000
        NS
        USD
        437321.84000000
        1.270032790951
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lockheed Martin Corp
        DPRBOZP0K5RM2YE8UU08
        Lockheed Martin Corp.
        539830109
        
          
        
        1086.00000000
        NS
        USD
        479360.40000000
        1.392117591665
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chubb Ltd
        E0JAN6VLUDI1HITHT809
        Chubb, Ltd.
        H1467J104
        
          
        
        2285.00000000
        NS
        USD
        488761.50000000
        1.419419464517
        Long
        EC
        CORP
        CH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Vale Sa
        254900SMTWBX7RU2SR20
        Vale SA
        91912E105
        
          
        
        13988.00000000
        NS
        USD
        279620.12000000
        0.812048905240
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        Costco Wholesale Corp
        29DX7H14B9S6O3FD6V18
        Costco Wholesale Corp.
        22160K105
        
          
        
        1057.00000000
        NS
        USD
        608673.45000000
        1.767657523076
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Target Corp
        8WDDFXB5T1Z6J0XC1L66
        Target Corp.
        87612E106
        
          
        
        2203.00000000
        NS
        USD
        467520.66000000
        1.357733628504
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Us Treasury N/b
        254900HROIFWPRGM1V77
        U.S. Treasury Note
        912828Z52
        
          
        
        126500.00000000
        PA
        USD
        122606.17000000
        0.356062382507
        Long
        DBT
        UST
        US
        N
        
        1
        
          2025-01-31
          Fixed
          1.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pultegroup Inc
        N/A
        PulteGroup, Inc.
        745867101
        
          
        
        7280.00000000
        NS
        USD
        305032.00000000
        0.885847919897
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ofg Bancorp
        549300Q4QEXJ37LEXQ06
        OFG Bancorp
        67103X102
        
          
        
        3525.00000000
        NS
        USD
        93906.00000000
        0.272713796473
        Long
        EC
        CORP
        PR
        N
        
        1
        
          N
          N
          N
        
      
      
        Home Depot Inc/the
        QEKMOTMBBKA8I816DO57
        Home Depot, Inc.
        437076102
        
          
        
        1175.00000000
        NS
        USD
        351712.75000000
        1.021414172902
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zillow Group Inc
        2549002XEELQDIR6FU05
        Zillow Group, Inc.
        98954M200
        
          
        
        2688.00000000
        NS
        USD
        132491.52000000
        0.384770572910
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Popular Inc
        5493008CARDZMVQ3LO89
        Popular, Inc.
        733174700
        
          
        
        1151.00000000
        NS
        USD
        94082.74000000
        0.273227069708
        Long
        EC
        CORP
        PR
        N
        
        1
        
          N
          N
          N
        
      
      
        General Dynamics Corp
        9C1X8XOOTYY2FNYTVH06
        General Dynamics Corp.
        369550108
        
          
        
        2323.00000000
        NS
        USD
        560261.14000000
        1.627062621194
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chipotle Mexican Grill Inc
        N/A
        Chipotle Mexican Grill, Inc.
        169656105
        
          
        
        57.00000000
        NS
        USD
        90175.71000000
        0.261880606391
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amazon.com Inc
        ZXTILKJKG63JELOEG630
        Amazon.com, Inc.
        023135106
        
          
        
        130.00000000
        NS
        USD
        423793.50000000
        1.230744939681
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Johnson & Johnson
        549300G0CFPGEF6X2043
        Johnson & Johnson
        478160104
        
          
        
        2575.00000000
        NS
        USD
        456367.25000000
        1.325342846395
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rio Tinto Plc
        213800YOEO5OQ72G2R82
        Rio Tinto PLC
        767204100
        
          
        
        3267.00000000
        NS
        USD
        262666.80000000
        0.762814519152
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Freeport-mcmoran Inc
        549300IRDTHJQ1PVET45
        Freeport-McMoRan, Inc.
        35671D857
        
          
        
        6811.00000000
        NS
        USD
        338779.14000000
        0.983853485777
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Us Treasury N/b
        254900HROIFWPRGM1V77
        U.S. Treasury Note
        91282CDB4
        
          
        
        1590000.00000000
        PA
        USD
        1517766.79000000
        4.407768869529
        Long
        DBT
        UST
        US
        N
        
        1
        
          2024-10-15
          Fixed
          0.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Amgen Inc
        62QBXGPJ34PQ72Z12S66
        Amgen, Inc.
        031162100
        
          
        
        1748.00000000
        NS
        USD
        422701.36000000
        1.227573239836
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vipshop Holdings Ltd
        549300I9F52K06HPZX60
        Vipshop Holdings, Ltd.
        92763W103
        
          
        
        22355.00000000
        NS
        USD
        201195.00000000
        0.584293360184
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Eog Resources Inc
        XWTZDRYZPBUHIQBKDB46
        EOG Resources, Inc.
        26875P101
        
          
        
        2855.00000000
        NS
        USD
        340401.65000000
        0.988565440944
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Booz Allen Hamilton Holding Corp
        529900JPV47PIUWMA015
        Booz Allen Hamilton Holding Corp.
        099502106
        
          
        
        1176.00000000
        NS
        USD
        103299.84000000
        0.299994585452
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jpmorgan Chase & Co
        8I5DZWZKVSZI1NUHU748
        JPMorgan Chase & Co.
        46625H100
        
          
        
        3050.00000000
        NS
        USD
        415776.00000000
        1.207461199949
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Us Treasury N/b
        254900HROIFWPRGM1V77
        U.S. Treasury Note
        91282CAC5
        
          
        
        4259500.00000000
        PA
        USD
        4249849.59000000
        12.34205073296
        Long
        DBT
        UST
        US
        N
        
        1
        
          2022-07-31
          Fixed
          0.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Suncor Energy Inc
        549300W70ZOQDVLCHY06
        Suncor Energy, Inc.
        867224107
        
          
        
        29134.00000000
        NS
        USD
        949477.06000000
        2.757390301971
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Alphabet Inc
        5493006MHB84DD0ZWV18
        Alphabet, Inc.
        02079K107
        
          
        
        215.00000000
        NS
        USD
        600492.85000000
        1.743900122235
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dollar General Corp
        OPX52SQVOZI8IVSWYU66
        Dollar General Corp.
        256677105
        
          
        
        2017.00000000
        NS
        USD
        449044.71000000
        1.304077350226
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lennar Corp
        529900G61XVRLX5TJX09
        Lennar Corp.
        526057104
        
          
        
        4008.00000000
        NS
        USD
        325329.36000000
        0.944793781758
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Copart Inc
        549300KVYX3JWMYEHU61
        Copart, Inc.
        217204106
        
          
        
        3169.00000000
        NS
        USD
        397614.43000000
        1.154717917256
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Advanced Micro Devices Inc
        R2I72C950HOYXII45366
        Advanced Micro Devices, Inc.
        007903107
        
          
        
        5010.00000000
        NS
        USD
        547793.40000000
        1.590854873991
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Philip Morris International Inc
        HL3H1H2BGXWVG3BSWR90
        Philip Morris International, Inc.
        718172109
        
          
        
        4589.00000000
        NS
        USD
        431090.66000000
        1.251936729418
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marsh & Mclennan Cos Inc
        549300XMP3KDCKJXIU47
        Marsh & McLennan Cos., Inc.
        571748102
        
          
        
        2738.00000000
        NS
        USD
        466609.96000000
        1.355088851232
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Walmart Inc
        Y87794H0US1R65VBXU25
        Walmart, Inc.
        931142103
        
          
        
        2976.00000000
        NS
        USD
        443185.92000000
        1.287062751972
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Diamondback Energy Inc
        549300R22LSX6OHWEN64
        Diamondback Energy, Inc.
        25278X109
        
          
        
        5380.00000000
        NS
        USD
        737490.40000000
        2.141756723176
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Berkshire Hathaway Inc
        5493000C01ZX7D35SD85
        Berkshire Hathaway, Inc.
        084670702
        
          
        
        1614.00000000
        NS
        USD
        569596.74000000
        1.654174274532
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Apple Inc
        HWUPKR0MPOU8FGXBT394
        Apple, Inc.
        037833100
        
          
        
        2496.00000000
        NS
        USD
        435826.56000000
        1.265690326299
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Akamai Technologies Inc
        OC1LZNN2LF5WTJ5RIL89
        Akamai Technologies, Inc.
        00971T101
        
          
        
        2301.00000000
        NS
        USD
        274716.39000000
        0.797807910786
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Iberdrola Sa
        5QK37QC7NWOJ8D7WVQ45
        Iberdrola SA
        450737101
        
          
        
        7005.00000000
        NS
        USD
        305838.30000000
        0.888189507592
        Long
        EC
        CORP
        ES
        N
        
        1
        
          N
          N
          N
        
      
      
        Altria Group Inc
        XSGZFLO9YTNO9VCQV219
        Altria Group, Inc.
        02209S103
        
          
        
        7850.00000000
        NS
        USD
        410162.50000000
        1.191158951994
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Us Treasury N/b
        254900HROIFWPRGM1V77
        U.S. Treasury Note
        912828YQ7
        
          
        
        45600.00000000
        PA
        USD
        43897.13000000
        0.127482301201
        Long
        DBT
        UST
        US
        N
        
        1
        
          2026-10-31
          Fixed
          1.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Calavo Growers Inc
        N/A
        Calavo Growers, Inc.
        128246105
        
          
        
        4002.00000000
        NS
        USD
        145872.90000000
        0.423631635482
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        N-able Inc
        N/A
        N-able, Inc.
        62878D100
        
          
        
        5242.00000000
        NS
        USD
        47702.20000000
        0.138532660981
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fastenal Co
        529900PP0C7H2HHPSJ32
        Fastenal Co.
        311900104
        
          
        
        7047.00000000
        NS
        USD
        418591.80000000
        1.215638606165
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Solarwinds Corp
        N/A
        SolarWinds Corp.
        83417Q204
        
          
        
        11261.00000000
        NS
        USD
        149883.91000000
        0.435280068647
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chesapeake Energy Corp
        X2MT1W32SPAZ9WSKLE78
        Chesapeake Energy Corp.
        165167735
        
          
        
        4799.00000000
        NS
        USD
        417513.00000000
        1.212505647210
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        General Motors Co
        54930070NSV60J38I987
        General Motors Co.
        37045V100
        
          
        
        7220.00000000
        NS
        USD
        315802.80000000
        0.917127558674
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mastercard Inc
        AR5L2ODV9HN37376R084
        Mastercard, Inc.
        57636Q104
        
          
        
        952.00000000
        NS
        USD
        340225.76000000
        0.988054636206
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Paypal Holdings Inc
        5493005X2GO78EFZ3E94
        PayPal Holdings, Inc.
        70450Y103
        
          
        
        2232.00000000
        NS
        USD
        258130.80000000
        0.749641454802
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fortinet Inc
        549300O0QJWDBAS0QX03
        Fortinet, Inc.
        34959E109
        
          
        
        1026.00000000
        NS
        USD
        350625.24000000
        1.018255919108
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marketaxess Holdings Inc
        5493002U1CA1XJOVID83
        MarketAxess Holdings, Inc.
        57060D108
        
          
        
        757.00000000
        NS
        USD
        257531.40000000
        0.747900728442
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bausch Health Cos Inc
        B3BS7ACMDUWISF18KY76
        Bausch Health Cos., Inc.
        071734107
        
          
        
        11163.00000000
        NS
        USD
        255074.55000000
        0.740765754203
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Truist Financial Corp
        549300DRQQI75D2JP341
        Truist Financial Corp.
        89832Q109
        
          
        
        6573.00000000
        NS
        USD
        372689.10000000
        1.082331899614
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alibaba Group Holding Ltd
        5493001NTNQJDH60PM02
        Alibaba Group Holding, Ltd.
        01609W102
        
          
        
        1650.00000000
        NS
        USD
        179520.00000000
        0.521346673725
        Long
        EC
        CORP
        CN
        N
        
        1
        
          N
          N
          N
        
      
      
        Tractor Supply Co
        549300OJ9VZHZRO6I137
        Tractor Supply Co.
        892356106
        
          
        
        2240.00000000
        NS
        USD
        522748.80000000
        1.518122482587
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Xpo Logistics Inc
        54930096DB9LCLPN7H13
        XPO Logistics, Inc.
        983793100
        
          
        
        5134.00000000
        NS
        USD
        373755.20000000
        1.085427976313
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Shopify Inc
        549300HGQ43STJLLP808
        Shopify, Inc.
        82509L107
        
          
        
        347.00000000
        NS
        USD
        234558.12000000
        0.681183687931
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Tjx Cos Inc/the
        V167QI9I69W364E2DY52
        TJX Cos., Inc.
        872540109
        
          
        
        6474.00000000
        NS
        USD
        392194.92000000
        1.138979038514
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Treasury Bill
        254900HROIFWPRGM1V77
        United States Treasury Bill
        912796U23
        
          
        
        1400000.00000000
        PA
        USD
        1399872.39000000
        4.065390007615
        Long
        DBT
        UST
        US
        N
        
        1
        
          2022-04-26
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mission Produce Inc
        54930016JOKVFT59L825
        Mission Produce, Inc.
        60510V108
        
          
        
        10641.00000000
        NS
        USD
        134608.65000000
        0.390918961298
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Activision Blizzard Inc
        549300TPQQDBP9GNOF40
        Activision Blizzard, Inc.
        00507V109
        
          
        
        7760.00000000
        NS
        USD
        621653.60000000
        1.805353367700
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Teva Pharmaceutical Industries Ltd
        549300BAFGM4RC74ZJ94
        Teva Pharmaceutical Industries, Ltd.
        881624209
        
          
        
        28065.00000000
        NS
        USD
        263530.35000000
        0.765322367414
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          N
        
      
      
        Garmin Ltd
        2549001E0HIPIJQ0W046
        Garmin, Ltd.
        H2906T109
        
          
        
        3366.00000000
        NS
        USD
        399241.26000000
        1.159442418199
        Long
        EC
        CORP
        CH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Glencore Plc
        2138002658CPO9NBH955
        Glencore PLC
        37827X100
        
          
        
        47748.00000000
        NS
        USD
        623111.40000000
        1.809586986133
        Long
        EC
        CORP
        JE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Us Treasury N/b
        254900HROIFWPRGM1V77
        U.S. Treasury Note
        91282CEG2
        
          
        
        3550000.00000000
        PA
        USD
        3545146.48000000
        10.29551206115
        Long
        DBT
        UST
        US
        N
        
        1
        
          2024-03-31
          Fixed
          2.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mercadolibre Inc
        549300DKPDN9M5S8GB14
        MercadoLibre, Inc.
        58733R102
        
          
        
        311.00000000
        NS
        USD
        369928.28000000
        1.074314161626
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-04-30
      X-SQUARE BALANCED FUND
      Ruben Tapia
      Ruben Tapia
      Treasurer
    
  
  XXXX



X-SQUARE BALANCED FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)

 

Description  Shares   Value 
COMMON STOCKS (67.88%)
COMMUNICATIONS (4.86%)
Activision Blizzard, Inc.   7,760   $621,654 
Alphabet, Inc., Class C(a)   215    600,492 
Meta Platforms, Inc., Class A(a)   1,477    328,426 
Zillow Group, Inc., Class C(a)   2,688    132,492 
         1,683,064 
           
CONSUMER DISCRETIONARY (11.40%)          
Alibaba Group Holding, Ltd., Sponsored ADR(a)   1,650    179,520 
Amazon.com, Inc.(a)   130    423,794 
Chipotle Mexican Grill, Inc.(a)   57    90,176 
Copart, Inc.(a)   3,169    397,614 
Domino's Pizza, Inc.   160    65,122 
General Motors Co.(a)   7,220    315,803 
Home Depot, Inc.   1,175    351,713 
Lennar Corp., Class A   4,008    325,329 
MercadoLibre, Inc.(a)   311    369,928 
PulteGroup, Inc.   7,280    305,032 
TJX Cos., Inc.   6,474    392,195 
Tractor Supply Co.   2,240    522,749 
Vipshop Holdings, Ltd., ADR(a)   22,355    201,195 
         3,940,170 
           
CONSUMER STAPLES (8.93%)          
Altria Group, Inc.   7,850    410,163 
Calavo Growers, Inc.   4,002    145,873 
Costco Wholesale Corp.   1,057    608,672 
Dollar General Corp.   2,017    449,045 
Mission Produce, Inc.(a)   10,641    134,609 
Philip Morris International, Inc.   4,589    431,090 
Target Corp.   2,203    467,521 
Walmart, Inc.   2,976    443,186 
         3,090,159 
           
ENERGY (7.08%)          
Chesapeake Energy Corp.   4,799    417,513 
Diamondback Energy, Inc.   5,380    737,490 
EOG Resources, Inc.   2,855    340,402 
Suncor Energy, Inc.   29,134    949,477 
         2,444,882 
           
FINANCIALS (8.51%)          
Ally Financial, Inc.   10,058    437,322 
Berkshire Hathaway, Inc., Class B(a)   1,614    569,596 
Chubb, Ltd.   2,285    488,762 
JPMorgan Chase & Co.   3,050    415,776 
Marsh & McLennan Cos., Inc.   2,738    466,610 

 

 

 

Description  Shares   Value 
FINANCIALS (continued)          
OFG Bancorp   3,525   $93,906 
Popular, Inc.   1,151    94,083 
Truist Financial Corp.   6,573    372,689 
         2,938,744 
           
HEALTH CARE (4.04%)          
Amgen, Inc.   1,748    422,701 
Bausch Health Cos., Inc.(a)   11,163    255,075 
Johnson & Johnson   2,575    456,367 
Teva Pharmaceutical Industries, Ltd., Sponsored ADR(a)   28,065    263,530 
         1,397,673 
           
INDUSTRIALS (6.57%)          
Fastenal Co.   7,047    418,592 
General Dynamics Corp.   2,323    560,262 
Lockheed Martin Corp.   1,086    479,360 
United Rentals, Inc.(a)   1,231    437,264 
XPO Logistics, Inc.(a)   5,134    373,755 
         2,269,233 
           
MATERIALS (4.35%)          
Freeport-McMoRan, Inc.   6,811    338,779 
Glencore PLC, ADR   47,748    623,111 
Rio Tinto PLC, ADR   3,267    262,667 
Vale SA, ADR   13,988    279,620 
         1,504,177 
           
TECHNOLOGY (11.25%)          
Advanced Micro Devices, Inc.(a)   5,010    547,793 
Akamai Technologies, Inc.(a)   2,301    274,716 
Apple, Inc.   2,496    435,827 
Booz Allen Hamilton Holding Corp.   1,176    103,300 
Fortinet, Inc.(a)   1,026    350,625 
Garmin, Ltd.   3,366    399,241 
MarketAxess Holdings, Inc.   757    257,531 
Mastercard, Inc., Class A   952    340,226 
Micron Technology, Inc.   6,166    480,270 
N-able, Inc.(a)   5,242    47,702 
PayPal Holdings, Inc.(a)   2,232    258,131 
Shopify, Inc., Class A(a)   347    234,558 
SolarWinds Corp.   11,261    149,884 
         3,879,804 
           
UTILITIES (0.89%)          
Iberdrola SA, Sponsored ADR   7,005    305,838 
           
TOTAL COMMON STOCKS (Cost $21,757,710)        23,453,744 

 

 

 

 

   Principal    
   Amount   Value
GOVERNMENT BONDS (27.44%)         
U.S. Treasury Notes         
07/31/22, 0.13%  $4,259,500   $4,249,851
10/15/24, 0.63%   1,590,000    1,517,767
01/31/25, 1.38%   126,500    122,606
10/31/26, 1.63%   45,600    43,897
03/31/24, 2.25%   3,550,000    3,545,146
          
          
TOTAL GOVERNMENT BONDS (Cost $9,556,943)        9,479,267
          
SHORT-TERM INVESTMENTS (4.05%)         
U.S. Treasury Bills         
04/26/22, 0.00%(b)   1,400,000    1,399,872
          
          
TOTAL SHORT-TERM INVESTMENTS (Cost $1,399,844)        1,399,872
          
TOTAL INVESTMENTS (99.37%) (Cost $32,714,497)        34,332,883
Other Assets In Excess Of Liabilities (0.63%)        218,648
NET ASSETS (100.00%)       $34,551,531

 

(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, 2022:

 

Investments in Securities at Value  Level 1   Level 2   Level 3   Total 
Common Stocks(a)  $23,453,744   $   $   $23,453,744 
Government Bonds   9,479,267            9,479,267 
Short-Term Investments   1,399,872            1,399,872 
Total  $34,332,883   $   $   $34,332,883 

 

(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, 2022.



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