Overview of the Firm X-Square Capital, LLC (“X-Square” or the “Firm”) was founded in January 2013. The Firm is entirely owned by Mr. Ignacio Canto and has its principal place of business located in Guaynabo, Puerto Rico. Investment Services X-Square provides investment advisory services for individual and institutional clients through separately managed accounts. X-Square also provides advisory services to the X2 Alternative Dividend Alpha Fund, Inc., X2 Opportunistic Debt Fund, LLC, the X-Square Balanced Fund, LLC, and the X-Square Series Trust (the “Funds”). The separately managed accounts (described further below) and the Funds are X-Square’s “clients.” Investors in the Funds are not X-Square’s clients. The X2 Alternative Dividend Alpha Fund, Inc. is an investment company organized under the laws of Puerto Rico and is not registered as an investment company under the Investment Company Act of 1940. The X2 Opportunistic Debt Fund, LLC is a Private Fund organized under the laws of Delaware. The X-Square Balanced Fund, LLC is an investment company organized under the laws of Puerto Rico and is registered as an investment company under the Investment Company Act of 1940. The X-Square Series Trust is a Delaware Statutory Trust organized under the laws of Delaware to conduct, operate and carry on the business of an investment company registered under the 1940 Act through one or more Series (including exchange-traded funds) investing primarily in securities. The services available for separately managed accounts generally include an analysis of a client’s overall financial condition and investment needs; an analysis of net worth, asset distribution, asset growth and cash flow; estate, education, retirement, and other pertinent situations; asset allocation strategies; investment portfolio valuation and planning. In certain circumstances, X-Square may be retained as a sub-adviser to another registered investment adviser. In such situations, the client’s other professional advisers often play an integral role in the services provided. With regards to investments in the X2 Alternative Dividend Alpha Fund, investors must purchase shares through the Fund’s distributors, which are registered broker-dealers. In such situations, the investors’ other professional advisers often play an integral role in the determining the suitability of the Fund given the investors’ profile. Managed Account Program X-Square offers investment advice to clients

through our managed account program. These programs are offered directly by X-Square or through an intermediary in cases were X-Square acts as a sub-adviser to the account. If an investment adviser select X-Square as a sub-adviser, X-Square receives a portion of the fee charged by the adviser. In this program, the X-Square will assist the client in determining the appropriate allocation of the client’s account among different asset classes, and will directly manage the investment portfolio selected for the client, on a discretionary or non-discretionary basis, as selected by the client. Investments in this program are not limited to any specific product or service offered by any one issuer, broker-dealer or company, and may include mutual funds, individual exchange-listed securities or securities traded over-the- counter, foreign issuer securities, corporate debt securities, commercial paper, certificates of deposit, municipal and U.S. government securities, and other securities individually approved by X-Square. If appropriate for the client, the account may include the use of options and other financial derivatives. The assets selected for the account will be determined by the client's stated objectives (i.e., maximum capital appreciation, growth, income, or growth and income), as well as tax considerations. Clients may impose reasonable restrictions on investing in certain securities, types of securities, or industry sectors. To ensure that the initial determination of an appropriate portfolio remains suitable and that the account continues to be managed in a manner consistent with the client's financial circumstances, X-Square will: 1. At least annually, contact each participating client to determine whether there have been any changes in the client's financial situation or investment objectives, and whether the client wishes to impose investment restrictions or modify existing restrictions; 2. Be reasonably available to consult with the client; and 3. Maintain client suitability information, in the form of an Investment Policy Statement (“IPS”) in each client's file. Assets under Management As of December 31, 2023, X-Square had $317,285,828 in discretionary regulatory assets under management. Furthermore, X-Square had $106,350,222 in non-discretionary regulatory assets under management as of the same date. Discretionary assets are those over which we have full authority to make investment decisions.