Cabot-Wellington, LLC

2. Key Holdings

The portfolio is currently split between two major iShares ETFs, which together represent 100% of the total assets:

• IEFA (iShares Core MSCI EAFE): This is the dominant position, valued at $65.48 million and comprising 76.35% of the portfolio. Holding 750,000 shares, this fund provides exposure to large and mid-cap stocks in developed markets outside of the U.S. and Canada. The heavy weighting suggests a strong conviction in international developed market performance relative to U.S. equities.
• IEMG (iShares Core MSCI Emerging Markets): The second position, valued at $20.28 million, makes up the remaining 23.65% of the portfolio with 308,000 shares. This fund tracks emerging market equities. Combined with IEFA, these two funds offer exposure to the global equity market ex-USA.