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In Defense of Animals’ (IDA) Board of Directors, Investment Committee and designated investment managers work in conjunction with financial advisors to ensure IDA’s social investment objectives integrate its social values with its overall investment strategy. IDA’s portfolio is managed with the overall goal of preservation of capital and minimal risk. IDA recognizes its responsibility does not end with maximizing return while minimizing risk. IDA is committed to protecting the community, the environment and animal welfare by abstaining from investing in funds that exploit or threaten these issues. IDA’s assets are invested with care, skill, prudence, diligence and diversification. IDA will also not invest in speculative activities, such as options, short selling or margin transactions. IDA has a formal investment policy used as a guideline for investments made on behalf of IDA.