Naval War College Foundation, Inc.

SGC seeks to protect and enhance their clients' capital over time in a conservative and prudent manner. The management of each account is based on its own unique set of investment guidelines and objectives. Fundamental decisions are made about the working list of securities followed by the firm, and then each account is reviewed for the purchase or sale of those securities on an individual basis. The mix of common and preferred stocks, convertible bonds, cash equivalents, government, corporate or agency bonds or (if applicable) tax-exempt bonds is tailored to reflect their assessment of the capital markets as well as each client's specific portfolio objectives. SGC’s investment process utilizes a number of methods for security selection including: fundamental analysis of macroeconomic and company-specific data, use of computer databases for security screening, attendance at industry and company analyst conferences, as well as a variety of other published research reports.