DBC Ballast — Treasury Sleeve Addendum (2026-07-12)

BIL treasury/cash sleeve added: $99,912.54 (1,092 sh across 3 tranches), bringing Ballast into compliance with the IPS's 5–35% treasury/cash band that the fund's original 10-name seed book lacked entirely (see prior Seed Book Summary gap note).

New est. net exposure ~89.8% of $1,000,851 fund equity (within the 60–95% policy band) across 11 positions — SCHD, JNJ, PG, KO, PEP, VZ, HD, ABBV, XLU, XLP, BIL — recomputed from actual order-book totals (filled + resting). Note this figure still includes VZ's ~$35.4k duplicate-order excess (2 of its 3 tranches are a back-to-back retry duplicate); once that excess is cancelled per the Treasurer's consolidated duplicate-cancel list, net exposure resolves to ~86.3%, still within band.