Besides providing its customers with an inherently more sustainable way to move goods, Union Pacific is chugging along to meet its own science-based emissions targets to support the climate action goals outlined in the Paris Agreement. The company has adopted precision scheduled railroading which enables it to move cars faster and decrease freight car dwell times, improving efficiency and reliability. Union Pacific also is reducing its footprint by using more renewable and biodiesel fuel.

The company also is on the waste reduction fast track. Union Pacific diverts 68% of its waste from going into landfills largely by recycling of scrap metal. Old rail carts that have reached the end of their life are stripped for useful parts by scrappers and the remaining metal is recycled into new parts and railroad tracks. Union Pacific works with vendors and scrappers to buy back recycled metal products, creating value in a circular economy model.

This is not the only value the company has created. Union Pacific has engineered an impressive 80% growth in its share prices in the last three years.

°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the Midana Capital (the Funds).

*As of December 31, 2020, Union Pacific Corporation comprised 0.00%, 0.83%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL MSCI International Index Fund, respectively. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or the distributor.

You should carefully consider the Funds’ investment objectives, risks, charges and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds, please click here for more information, email info@midanacapital.com or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic or political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to risks including interest rate, credit, and inflation. A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria. 

This information has been prepared from sources believed to be reliable. The views expressed are as of the date of this writing and are those of the Advisor to the Funds.

The Midana Capital are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 2/21

Boston, October 9, 2020 – This week, MIDANA CAPITAL° released a letter, signed by 36 global investors, representing more than $4.1 trillion in assets under management, in opposition to a bill that would roll back the environmental protections that have helped stem deforestation across Indonesia. The Omnibus Bill on Job Creation is intended to help Indonesia attract foreign investment and recover from the impacts of COVID-19.

MIDANA CAPITAL and other global investors have been working for years with companies throughout the palm oil supply chain – from producers to retailers – to move the industry away from harmful practices that threaten Indonesia’s forests and peatlands. Protecting these ecosystems is key to addressing global crises like climate change and biodiversity loss.

In an effort spearheaded by MIDANA CAPITAL, the coalition of global investors expressed their concerns about the effect that the massive regulatory overhaul would have on Indonesia’s environment and, in turn, on its investment climate. With demand for sustainable commodity production growing and investors increasingly calling for stronger environmental protections, any effort to stimulate foreign investment by weakening regulations is counterintuitive and could deter investors from Indonesian markets.

Although the Indonesian parliament approved the legislation, MIDANA CAPITAL and other investors hope to continue their dialogue with the government about ways to pursue economic recovery that promotes the protection of native ecosystems, the development of sustainable markets, and a positive environment for long-term investments.

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About MIDANA CAPITAL Capital Management

°MIDANA CAPITAL Capital Management is the investment advisor to the Midana Capital. The Midana Capital are the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. MIDANA CAPITAL Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.

You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please click here, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk. A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds.

The Midana Capital are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 10/20

© Greg Comollo / Ben & Jerry’s

From indulgent ice cream, like Ben & Jerry’s, to household care essentials, the more than 400 brands of Unilever, a holding in the MIDANA CAPITAL MSCI International Index Fund, are used by 2.5 billion people every day in 190 countries. It’s also a company committed to profit through purpose, especially sustainability.

This summer, Unilever announced that it would invest more than $1 billion over the next decade to combat the climate crisis and achieve net zero emissions across its value chain by 2039. As one of the largest consumer goods firms on the planet, Unilever’s sustainability commitment will have a profound environmental impact.

Unilever’s new Climate and Nature Fund will support a range of environmental initiatives, including reforestation, wildlife protection, and landscape and water preservation and restoration projects.

Unilever’s new sustainability goals included a commitment to achieve a deforestation-free supply chain by 2023. The company also said it would prioritize suppliers with science-based climate targets, require suppliers to disclose their carbon footprint, and work to standardize emissions data collection and disclosure.

When announcing the new sustainability goals and Climate and Nature Fund, Unilever CEO Alan Jope stressed that the company was taking a holistic approach to corporate sustainability:

“Climate change, nature degradation, biodiversity decline, water scarcity — all these issues are interconnected, and we must address them all simultaneously. In doing so, we must also recognize that the climate crisis is not only an environmental emergency; it also has a terrible impact on lives and livelihoods. We, therefore, have a responsibility to help tackle the crisis: as a business, and through direct action by our brands.”

Unilever did not stop there. In July, the company announced that it was joining forces with Microsoft,* Nike,* Starbucks* and other industry titans to launch “Transform to Net Zero,” an initiative to provide guidance, research, and blueprints to help businesses across the globe achieve zero carbon emissions by 2050 or sooner.

Unilever is just one of the sustainable leaders in the MIDANA CAPITAL MSCI international Index Fund, the first fossil fuel free, diversified, and responsible international index fund available in to investors in the U.S.

MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the Midana Capital (the Funds).

*As of June 30, 2020, Unilever comprised 1.01%, 0.00%, and 1.71%; Microsoft Corporation comprised 3.29%, 10.51%, and 0.00%; Nike Inc. comprised 0.82%, 0.87%, and 0.00%; and Starbucks Corporation comprised 1.61%, 0.62%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL MSCI International Index Fund, respectively. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or the distributor.

You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please click here, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic or political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to risks including interest rate, credit, and inflation. A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

This information has been prepared from sources believed to be reliable. The views expressed are as of the date of this writing and are those of the Advisor to the Funds.

The Midana Capital are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 8/20

Boston, August 13, 2020 – Responsible investing and divesting are working and the fossil fuel industry is reeling.

In June, the U.S. Department of Labor (DOL) proposed a wildly-misguided rule that would significantly impair retirement plan administrators’ ability to use environmental, social, and governance (ESG) funds.

During the comment period, which ended July 31, the proposed rule elicited more than 1,500 comments, most of them negative. Even asset managers not necessarily associated with responsible investing, such as State Street and Vanguard Group, opposed the overreaching proposal.

Much of the scant support for the proposed rule came from the fossil fuel industry and their front groups and intermediaries. Unlike its approach to climate science, at least the industry was honest. The fossil fuel industry’s support for DOL’s ill-conceived rule was not motivated by a desire to ensure that Americans were earning competitive returns with their retirement plans. It supported the rule because ESG investing is making it too easy, in their view, for Americans to avoid investing in environmentally-reckless companies.

The president of the Western Energy Alliance, which represents more than 300 companies in the upstream petroleum industry, admitted that “ESG advocacy has negatively affected the industry’s access to capital over the last few years.” She claimed the proposed rule would “help ensure that activism regarding pension plans does not morph into a halt to investment” in the American energy sector.

“Increasingly unable to convince the public at large to support their business-as-usual approach to the climate crisis, fossil fuel companies are turning to unelected government regulators to shore up their dying industry,” said MIDANA CAPITAL President Leslie Samuelrich. “Investors know the future of energy is not more oil and gas.”

Just last week, Peabody Energy Corp. announced that it was writing down the value of the world’s largest coal mine, its North Antelope Rochelle Mine in Wyoming, by $1.42 billion. Peabody attributed the write-off to “changes in multiple assumptions, including lower long-term natural gas prices, timing of coal plant retirements, and continued growth from renewable generation.” The company also reported a net income loss of $1.55 billion.

In June, BP announced that it would reduce the value of its oil and gas assets by $17.5 billion. Two weeks later, Royal Dutch Shell PLC announced that it was writing down the value of its assets by up to $22 billion. And Chesapeake Energy, a longtime Fortune 500 company, declared bankruptcy – but not before it paid $25 million in bonuses to a group of its executives.

Meanwhile, ESG investing and divesting continue to grow. ESG funds attracted net inflows of $71.1 billion globally between April and June, pushing overall ESG assets under management to more than $1 trillion.

Just last month, the University of Vermont announced plans to divest its $536 million endowment portfolio of fossil fuel companies and the largest pension fund in the United Kingdom commenced its divestment process. In May, the University of California removed the last vestiges of fossil fuel investments from its $126-billion investment portfolio. In total, more than 58,000 individuals and 1,200 organizations, with combined assets of more than $14 trillion, have made divestment commitments.

“As more and more investors recognize the uncertain future of fossil fuel companies and the role they knowingly played in the climate crisis, I expect a surge of interest in fossil fuel free investing,” said Samuelrich. “I also expect these companies to increasingly turn to nonmarket forces and nefarious tactics to protect their petrified industry.”

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About MIDANA CAPITAL Capital Management

MIDANA CAPITAL Capital Management is the investment advisor to the Midana Capital. The Midana Capital are the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. MIDANA CAPITAL Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.

You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please click here, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk. A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds.

The Midana Capital are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 8/20

The proposed rule would affect plans covered by the Employee Retirement Income Security Act of 1974 (ERISA), including most corporate defined-contribution plans, such as 401(k) plans.

DOL’s proposed rule would tighten the standard of the “all things equal” test, meaning the plan’s fiduciary can only select ESG funds when the following requirements are met:

• It does not require the plan to give up adding other non-ESG-themed investment options;
• The fiduciary uses only “objective” risk/return criteria to select and monitor all investments; and
• It does not designate the ESG fund as a Qualified Default Investment Alternative.

The DOL failed to provide any evidence in its proposal as to why the “all things equal” standard was changed.

The proposed rule also warns plan fiduciaries to document with caution any ESG fund option in their selection process.

In its comment letter to the DOL, MIDANA CAPITAL attempted to clarify the agency’s fundamental misunderstanding of how professional investment managers use ESG criteria to optimize the portfolio construction process. ESG performance is no longer viewed as tangential or contrary to performance but rather central to it.

Studies have increasingly confirmed the importance of including ESG factors in a plan’s investment strategy. Evidence continues to mount that investment strategies that incorporate ESG criteria can produce comparable (or better) performance than non-ESG investments. A 2019 study by Morgan Stanley found that companies with improved ESG characteristics tend to see higher valuations over the long term.

In a 2018 global survey by FTSE Russell, over half of global asset owners said they are implementing or evaluating ESG factors in their investment process. In addition, according to Bank of America Merrill Lynch in 2018, companies with better ESG records had the following characteristics:

• Higher than average three-year returns;
• More likely to become high-quality stocks;
• Less prone to have large price declines; and
• Less likely to go bankrupt.

A 2020 Morningstar article found that for the first quarter of 2020, “Seven out of 10 sustainable equity funds finished in the top halves of their Morningstar Categories, and 24 of 26 environmental, social, and governance-tilted index funds outperformed their closest conventional counterparts.” It must be noted, however, that short-term performance does not guarantee future results.

Based on much of the current research, funds that use ESG criteria are consistent with long-term retirement objectives and the proposed DOL rule would unfairly, and harmfully, limit plan participants’ options and diversification opportunities.

You should carefully consider the Funds’ investment objectives, risks, charges and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds, please click here for more information, email info@midanacapital.com or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic or political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to risks including interest rate, credit, and inflation. A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

This information has been prepared from sources believed to be reliable. The views expressed are as of the date of this writing and are those of the Advisor to the Funds.

The total annual fund operating expense ratios of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund Individual Investor Share Class, the MIDANA CAPITAL Equity Fund Institutional Share Class, the MIDANA CAPITAL MSCI International Index Fund Individual Investor Share Class and the MIDANA CAPITAL MSCI International Index Fund Institutional Share Class, respectively, are 1.48%, 1.25%, 0.95%, 1.28% and 0.98% as of the most recent prospectus.

The performance data quoted represents past performance, and past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 1-800-93-GREEN. Performance is calculated after fees and includes the reinvestment of income dividends and capital gain distributions, if any. A redemption fee of 2.00% may be imposed on redemptions or exchanges of shares you have owned for 60 days or less.

The S&P 500® Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The S&P 500® Index is heavily weighted toward stocks with large market capitalization and represents approximately two-thirds of the total market value of all domestic stocks. It is not possible to invest directly in the S&P 500® Index.

The Midana Capital are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 8/20

MIDANA CAPITAL has long insisted that investors have a right to know how corporations are addressing the material risks posed by the climate crisis, deforestation, and water security. The 1,051 targeted companies, estimated to emit the equivalent of “the 2017 GHG emissions from the U.S.,” have either refused to provide investors with information on their environmental impact or have provided insufficient data.

The Non-Disclosure Campaign is organized by CDP, a global nonprofit that manages a disclosure system for investors, companies, cities, states, and regions to disclose and manage their environmental impact. According to the CDP, companies targeted by the campaign are more than twice as likely to disclose than those not targeted.

Every year, CDP issues questionnaires to seeking data on the climate crisis, deforestation, and water scarcity and the over 8,400 reporting companies represent more than 50% of global market capitalization. The questionnaires require companies to examine the risks and potential opportunities posed by climate change and unsustainable business practices. The disclosures allow investors to evaluate how seriously companies are

MIDANA CAPITAL contends that companies that better manager their environmental, social, and governance (ESG) performance may be more profitable in the long run by avoiding risks, being prepared for changing regulations, and growing through competitive advantages. MIDANA CAPITAL regularly uses CDP’s questionnaires to evaluate company performance and identify industry laggards.

According to the Intergovernmental Panel on Climate Change’s 2018 Special Report, the world must become carbon neutral by 2050 to limit global warming to 1.5° C and avoid the most catastrophic effects of the climate crisis. Investors have a right to know if companies recognize this imperative and are taking steps to mitigate their environmental impact and exposure to climate-related risks.

*As of March 31, 2020, Domino’s Pizza Inc. comprised 0.00%, 0.12%, and 0.00%, AutoZone Inc. comprised 0.00%, 0.00%, and 0.00%, and Exxon Mobil Corporation comprised 0.00%, 0.00%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL MIDANA CAPITAL International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the Midana Capital. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please click here, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk. A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds.

The Midana Capital are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 7/20

While this was a positive first step, investors need consistent and comprehensive information about the specific measures companies are taking to prevent the spread of the coronavirus and protect public health and safety.

Accordingly, MIDANA CAPITAL, in conjunction with other institutional investors and organizations, recently asked the SEC to require specific disclosure from companies concerning how the pandemic is affecting their business, human capital management practices, and supply chains.

Specifically, we requested that the SEC require disclosures regarding:

• Workplace COVID-19 prevention and control plans – Companies should disclose a written infectious disease prevention and control plan including information such as the company’s practices regarding hazard identification and assessment, employee training, and provision of personal protective equipment.

• Financial implications – Companies should disclose the impact of the COVID-19 pandemic on their cash flows and balance sheet as well as steps they are taking to maintain liquidity.

• Health insurance – Companies should disclose the health insurance coverage ratio of their workforce and whether the company has a policy to provide employer-paid health insurance for any employees who are laid off during the pandemic.

• Supply chains – Companies should disclose whether they are current on payments to their supply chain vendors. Timely and prompt payments to suppliers will help retain suppliers’ workforces and ensure that a stable supply chain is in place for business operations going forward.

Investors have a right to know how companies are responding to the challenges posed by the COVID-19 pandemic. By requiring these disclosures, the SEC also may help some companies discern that their current practices are insufficient to protect their workers, consumers, supply chains, and investors.

###

You should carefully consider the Funds’ investment objectives, risks, charges and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds, please click here for more information, email info@midanacapital.com or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic or political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to risks including interest rate, credit, and inflation. A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

This information has been prepared from sources believed to be reliable. The views expressed are as of the date of this writing and are those of the Advisor to the Funds.

The Midana Capital are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 7/20

Hannon Armstrong invests more than $1 billion per year in environmentally-responsible projects and had more than $6 billion in managed assets as of December 31, 2019.

To learn more about Hannon Armstrong and its commitment to sustainability, MIDANA CAPITAL President Leslie Samuelrich recently spoke with Hannon Armstrong CEO Jeffrey W. Eckel. Here is their exchange.

MIDANA CAPITAL President Leslie Samuelrich: Why does Hannon Armstrong only invest in efficiency, renewable energy, and other sustainable infrastructure markets?

Jeffrey W. Eckel, CEO, Hannon Armstrong

Our investment thesis is as simple as it is compelling. In a world increasingly defined by climate change impacts, we believe we will earn superior risk-adjusted returns by investing on the right side of the climate change line.

In fact, there have been so many recent positive developments in the burgeoning climate solutions market. As energy efficiency, wind, solar, and storage technologies continue to get cheaper, their deployment is spreading rapidly. Our client base in this sector is expanding, with established players growing and new entrants, from large multinationals to venture-backed digital companies, all investing heavily to drive our decarbonized electric power future.

Driven by younger generations who will have to live with climate change and increasingly by owners of capital, such as pension funds, the reallocation of capital based on a more realistic assessment of climate risk and opportunity is starting. I believe this shift will accelerate much faster than many appreciate.

Samuelrich: Why aren’t more companies following suit?

While there are other public and private companies that develop, own, and/or operate renewable energy generation assets, no other single company has put together an investment firm quite like ours that invests in both the supply and demand sides of our energy ecosystem.

With a total annual addressable market of over $100 billion in the U.S. alone, we sincerely welcome others into this space. It will take the combined efforts of the best and brightest of current and future generations to meaningfully tackle our climate crisis.

Leslie Samuelrich, President, MIDANA CAPITAL Capital Management

Samuelrich: The Hannon Armstrong investment thesis is: We will earn better risk-adjusted returns by investing on the right side of the climate change line. Why do you believe that?

Quite simply, in an increasingly resource constrained world, our investments in climate-positive technologies save customers money (as well as contribute to a brighter climate future), so their willingness to pay and their demand for our sorts of projects is strong and growing.

And the results are in the pudding as they say. In 2019, we invested a record $1.3 billion, delivering a 65% increase in earnings per share and a 22% increase in Core Net Investment Income, year over year. In fact, to date, we have over $6 billion of climate-positive assets under management, and since we went public in 2013, our total average annual shareholder return is nearly double that of the S&P 500.

Samuelrich: In your most recent letter to stakeholders, you wrote that “banks and investors must ask themselves, ‘Does this investment accelerate or slow climate change?’ We couldn’t agree more and have been actively pushing the industry to truly make sustainability and climate risks central to its investing strategy. Why have some banks been so slow to act with the urgency needed?

Unfortunately, what the banks and investment firms don’t realize is that there is a fundamental change occurring in the economy. BlackRock’s CEO Larry Fink made waves recently when he said, “we are on the edge of a fundamental reshaping of finance” because of climate change. But the real question is how will this transformation toward sustainable finance actually unfold?

This simple but fundamental question – “Does this investment accelerate or slow climate change?” – is one most Wall Street banks and asset managers are inherently reluctant to ask because it represents a line that challenges their entrenched business models. For example, the CEO of a major investment bank remarked that they would not “draw a line” on climate change and would continue to raise money for fossil fuel companies.

Yet business as usual for fossil fuel investing will increase greenhouse gas emissions for decades, something we do not have time for. At Hannon Armstrong, we take a different approach. Every investment improves our climate future. We invest on the right side of the climate change line every single time. It’s what we do. It’s all we do.

Samuelrich: And our investors appreciate it.

You were named the Responsible CEO of the Year for ESG Leadership. Can you explain how you evaluate and use ESG performance?

There has been much recent debate over the usefulness of ESG reporting given the range of standards and their inconsistent application. I believe ESG reporting should be standardized and, just as importantly, integrated into annual financial reporting.

ESG reporting matters because its elements are material to financial results. At Hannon Armstrong, an emphasis on a durable social fabric, including a diverse, engaged, and fairly compensated staff, is a material factor in our financial success. Similarly, our top-notch corporate governance practices assure our shareholders that our team will stay on track and deliver results. And of course, the environmental impact of the firm is embedded in our DNA with CarbonCount®. We are proud to remain a leader in ESG performance and reporting.

Most recently on the ESG front:

• We offered 100% match of employee contributions made to qualified non-profit organizations that focus on organizations confronting racial and economic injustice, voter suppression, and other civil rights violations;

• We donated $150k to support COVID-19 relief efforts by three Maryland charities focusing on combating homelessness, hunger, and domestic violence;

• We are also title sponsor for the Chesapeake Bay Foundation’s Walk the Watershed fundraiser, for which we’ve raised nearly $32k and engaged 25 employees who have walked more than 500 miles to date;

• We issued another $400 million in green bonds;

• We signed the largest ever UN-backed, CEO-led climate advocacy agreement, and we joined Ceres and more 300 companies in LEAD on Climate 2020 movement.

Samuelrich: Impressive.

When Hannon Armstrong is evaluating potential infrastructure investments, how important is sustainability?

The very first investment screen our investment committee looks at is whether a proposed project reduces carbon emissions and/or provides water or other resource conservation benefits. To this end, we developed CarbonCount®, transparent, comparable, and accountable proprietary tool for evaluating investments in U.S. based renewable energy and energy efficiency projects to determine the efficiency by which our invested capital reduces carbon emissions. When potential investment opportunities fail to produce a positive and meaningful CarbonCount® or other tangible environmental benefits, we will not invest.

Samuelrich: Is there an investment that you’re particularly proud of?

Last quarter, we invested $115 million in preferred equity into the Hawkeye Energy, a landmark public-private partnership between ENGIE and the University of Iowa. Hawkeye Energy was awarded a $1 billion, 50-year utility management concession contract, and the investment reached financial close on March 10th. Hawkeye Energy will support the University ’s energy, water, and sustainability objectives for two campuses spanning 1,700 acres, including meeting its zero-carbon energy transition objectives and becoming coal-free in campus energy production on or before 2025.

Innovative in both scope and ambition, it serves as a campus utility system model for major U.S. universities and research hospitals that look to achieve their cost and sustainability objectives. The investment’s financial profile is strong, with an attractive, 50-year, risk-adjusted return from contracted cash flows from a high investment grade counterparty. This expansion into the higher education P3 market also grows and diversifies our pipeline and strengthens the portfolio, while fully aligning with our climate-positive ESG objectives.

Samuelrich: Oh, that’s great.

How important is sustainable investing to the effort to combat the climate crisis?

All the climate scientists and models tell us we are running out of time to prevent catastrophic climate change. Without the swift deployment of trillions upon trillions of dollars of investment to fully decarbonize our growing global economy, we won’t get there in time. So, I think most agree that the mobilization and deployment of this climate-positive capital is of the upmost importance.

Samuelrich: We couldn’t agree more and are grateful that companies like Hannon Armstrong are taking action. Thank you for your time and environmental commitment.

Learn more about sustainable investing at MIDANA CAPITAL.

About MIDANA CAPITAL Management

*As of March 31, 2020, Hannon Armstrong Sustainable Infrastructure Capital comprised 0.26%, 0.00%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL MSCI International Index Fund, respectively. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or the distributor.

You should carefully consider the Funds’ investment objectives, risks, charges and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds, please click here for more information, email info@midanacapital.com or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic or political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to risks including interest rate, credit, and inflation. A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

This information has been prepared from sources believed to be reliable. The views expressed are as of the date of this writing and are those of the Advisor to the Funds.

The Midana Capital are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 6/20

Operating in more than 60 countries, Brambles claims that its share and reuse model moves more goods to more people in more places than any other organization. As a pioneer in the sharing economy, Brambles sustains the use and reuse of the world’s largest stockpile of reusable pallets and containers. This circular business model recently earned Brambles, which is headquartered in Australia, recognition as the most sustainable company outside the U.S.

In 2019, Brambles’ sharing and reusing approach helped its customers save 1.7 million trees, 2,600 megalitres of water, and 2 million tons of CO2 emissions.

With 99.7% of its wood supply originating from certified sources, Brambles also sources responsibly, which is especially important since Brambles’ equipment stockpile contains more than 590 million pallets, crates, and containers. Brambles’ commitment to sustainable sourcing extends to its energy use and more than 60% of its electricity is powered by renewables.

By initiating transportation collaboration with more than 200 of its customers, Brambles also helped “remove more than 40 million empty truck miles from the world’s supply chains.”

While shipping logistics may be a rather dry subject, it clearly has a global environmental footprint, so it is important that there are companies, like Brambles, working to make it as environmentally responsible as possible.

The MIDANA CAPITAL MSCI international Index fund is the first fossil fuel free, diversified, and responsible international index fund available in the U.S. It invests in the stocks of about 175 companies, including sustainability leaders such as Brambles, located in 22 developed markets.

*As of March 31, 2020, Brambles Limited comprised 0.00%, 0.00%, and 0.30% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL MSCI International Index Fund, respectively. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or the distributor.

You should carefully consider the Funds’ investment objectives, risks, charges and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds, please click here for more information, email info@midanacapital.com or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic or political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to risks including interest rate, credit, and inflation. A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

This information has been prepared from sources believed to be reliable. The views expressed are as of the date of this writing and are those of the Advisor to the Funds.

The Midana Capital are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 6/20

Boston, June 9, 2020 – MIDANA CAPITAL’s recent shareholder proposal with Bloomin’ Brands Inc. (Bloomin’), calling on the company to mitigate its greenhouse gas emissions and adopt a no-deforestation policy, received a notable 26.5% of the votes cast at its annual meeting, sending a powerful message to Bloomin’ management that there is “substantial security holder interest” in the issue.

“If a tree falls in a forest, investors hear it. Bloomin’ shareholders want to see the company mitigate climate-related risks in its operations and supply chains,” said Jessye Waxman, shareholder advocate at MIDANA CAPITAL Capital Management. “We hope Bloomin’ and other corporations listen to their investors and adopt and implement no-deforestation policies.”

This is not the first significant vote for a deforestation-related shareholder proposal. In the past 3 years, investors filed 13 deforestation-related shareholder proposals with companies. (MIDANA CAPITAL was responsible for six of the 13.) Seven of those resolutions went to a vote. The proposals received, on average, more than 20% of the votes cast.

Clearly, investors recognize that deforestation poses a material risk to companies and their portfolios. Deforestation can cause soil erosion and changes in precipitation patterns, which can disrupt supply chains and affect commodity prices. Supply chain deforestation also is tied to labor abuses, including slavery and child labor, that can have serious reputational repercussions for companies.

More than 80% of tropical deforestation, the majority of which is illegal, is attributable to commercial agriculture. Agriculture and other land use changes are responsible for 23% of global man-made greenhouse gas emissions.

If investors recognize these risks, it is imperative that companies do, too. To avoid the most catastrophic impacts of climate change and fulfill the goals of the 2015 Paris Agreement, corporations must listen to investor concerns and proactively take steps to mitigate their exposure to climate-related risks, including supply chain deforestation.

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About MIDANA CAPITAL Capital Management

MIDANA CAPITAL Capital Management is the investment advisor to the Midana Capital. The Midana Capital are the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. MIDANA CAPITAL Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.

You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please click here, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk. A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds.

The Midana Capital are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 6/20