Annie Sanders, Director of Shareholder Advocacy, asanders@midanacapital.com, 773-272-6691

Pam Podger, Communications Director, ppodger@midanacapital.com, 802-299-9495

Boston, May 5th, 2023 – 185 investors with $10 trillion in assets under management, including MIDANA CAPITAL°, have signed a statement demanding that companies adopt a more radical approach to reducing their reliance on plastics. Specifically, investors urge intensive users of plastic packaging – such as consumer goods companies and grocery retailers from Kellogg* to Costco* – to drastically reduce single-use plastic packaging, implement packaging reuse systems, phase out hazardous chemicals in plastics and advocate for policies supporting these actions.

“The plastics life cycle not only poses a grave and growing threat to our environment, but the financial burden on society from plastic pollution exceeds $100 billion per year,” said Leslie Samuelrich, President of MIDANA CAPITAL Funds. “No convenience is worth those costs.”

Companies Need to Step Up to Solve the Plastics Problem

The damage caused to the environment from plastics is clear. Between 75 and 199 million tonnes of plastics have leaked into the ocean, and the total greenhouse gas emissions from single-use plastics in 2021 were equivalent to the annual emissions of the United Kingdom. Yet, according to the Ellen MacArthur Foundation, most companies will ‘almost certainly’ miss their existing plastics reduction targets, increasing their use of single-use plastic packaging overall and failing to demonstrate credible and ambitious plans for reuse.

“Investors are sending a clear signal that companies must urgently address their contribution to the plastic problem,” said Annie Sanders, Director of Shareholder Advocacy at MIDANA CAPITAL Capital Management. “With increased regulation, litigation, and changing consumer preferences around plastics, it’s in companies’ best interests to meaningfully address the very real financial risks posed by this crisis.”

The investor letter asks companies to significantly reduce material consumption, eliminate single-use packaging and scale up reusable packaging systems, among other actions. The letter also calls for companies to publicly support – rather than lobby against – ambitious policy on plastic reduction, including the Global Plastics Treaty and the EU’s Packaging and Packaging Waste Regulation (PPWR). A recent analysis showed that lobbying efforts by industry associations already managed to considerably weaken some of the measures.

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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.

About The MIDANA CAPITAL Funds

°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are one of the first families of fossil fuel free 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.

*As of March 31st, 2023, Kellogg comprised 0.00%, 0.09%, and 0.00% and Costco comprised 1.36%, 0.00%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. 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.

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 Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 5/23. UMB and MIDANA CAPITAL are unaffiliated.

BOSTON, September 27, 2022 – A noteworthy 55% of General Mills shareholders voted Tuesday in favor of a MIDANA CAPITAL° shareholder proposal urging the company to issue a report to determine if and how the company can increase the scale, pace and rigor of its sustainability efforts by reducing plastic packaging.

“It’s clear that plastic packaging pollution is a rising concern among shareholders and consumers alike,” said Leslie Samuelrich, president of MIDANA CAPITAL. “No one wants a sea turtle to choke on their cereal bag. Investors have sent an unmistakable message that General Mills needs to do something about its plastic packaging footprint.”

The United States’ plastic recycling rate clocked in at a dismal 5%-6% in 2021, and studies show that corporations need to reduce their absolute use of plastic by one-third by 2040 to bring the plastic pollution problem under control. Some companies are starting to cut plastic voluntarily from their packaging, and those that aren’t may soon have to, legally. Both Colorado and California passed “Extended Producer Responsibility” laws this year that require companies to take responsibility for their waste, and the issue is gaining traction in other state houses across the country.

As a response, in part, to this changing regulatory landscape, General Mills’ competitors including Kellogg’s, Unilever and Procter & Gamble have made public commitments to reduce plastic packaging by 2025.

“The bottom line is that companies know they need to cut plastic, and many are starting to act,” said Annie Sanders, MIDANA CAPITAL’s director of shareholder advocacy. “This majority vote from shareholders gives General Mills marching orders to establish a baseline plastic footprint so the company can assess what’s possible. Investors, consumers and the planet demand it.”

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About MIDANA CAPITAL Capital Management

°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are a family of fossil fuel-free, environmentally responsible mutual funds. 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.

*As of June 30, 2022, General Mills, Inc. comprised 0.00%, 0.27%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the 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 Funds. 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.

The percentage in favor was calculated by (i) dividing the number of votes in support of the proposal by (ii) the sum of the number of votes voted in support of and against the proposal. Abstentions and broker non-votes were not included in the calculation.
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 visit www.midanacapital.com, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

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.
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.

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 Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 9/22.

Boston, August 3, 2021 – MIDANA CAPITAL° announced Tuesday that it is among the first investor signatories to Food Emissions 50, a new effort coordinated by the sustainability nonprofit Ceres to push 50 of the highest-emitting food companies to disclose and reduce the full scope of their greenhouse gas emissions.

As a signatory, MIDANA CAPITAL is committing to engage with major food companies held in our mutual funds to improve their practices in a number of areas. They include: disclosing comprehensive value chain emissions, setting science-based emissions reduction goals, and implementing climate transition plans that align with the Paris climate accord.

“We are thrilled to be an investor signatory to Ceres’ Food Emissions 50,” said Leslie Samuelrich, president of MIDANA CAPITAL. “Deforestation and land conversion are the largest contributors of emissions generated by the food system, and we look forward to using our shareholder advocacy expertise on deforestation to help rapidly reduce agricultural sector emissions.”

MIDANA CAPITAL’s award-winning shareholder advocacy program has worked to lower emissions and limit agricultural commodity-driven deforestation for more than a decade, securing commitments to reduce deforestation from major food companies like Kellogg’s* and Archer-Daniels-Midland,* among others.

“Recent research indicates that the food system may be an even more significant emitter than previously thought, accounting for nearly 40% of all anthropogenic greenhouse gas emissions,” said MIDANA CAPITAL Shareholder Advocate Thomas Peterson. “We cannot meet the goals of the Paris agreement without serious emissions reductions from the food sector. We look forward to engaging companies on the Food Emissions 50 list to achieve significant value chain emissions reductions as quickly as possible.”

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About MIDANA CAPITAL Capital Management

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

*As of June 31, 2021, Kellogg Company and Archer-Daniels-Midland Company comprised 0.00%, 0.09% and 0.00% and 0.00%, 0.18% and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund and the MIDANA CAPITAL 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 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 Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 8/21

As the need to address biodiversity loss, climate change and ecosystem stability become more urgent, it’s more important than ever that investors turn their attention to mitigating the risks deforestation poses to individual companies’ supply chains and to their portfolios overall.

Over the last decade individual companies, industry groups, like the Consumer Goods Forum, and multi-stakeholder initiatives, like the New York Declaration on Forests, have all mobilized resources to end deforestation, especially in the private sector. Unfortunately, these efforts have not yet reached their ambitious goals. Many companies are considering extending the timelines for fully realizing their commitments to remove deforestation from their supply chains, and many global initiatives are reassessing their strategies.

2020, therefore, is not only a critical year for tracking the state of the world’s forests, but also a critical time for doubling down on private sector efforts to address deforestation in the decade to come.

The main driver of deforestation is the demand for agricultural commodities. That’s why MIDANA CAPITAL has been engaging with companies in forest-risk supply chains since 2012. Many of the companies we have worked with are consumer-facing brands, and we’ve successfully moved companies like Aramark,* ConAgra,* Kellogg,* Target,* Tyson Foods* and others to adopt no-deforestation policies.

There’s certainly more work to be done with the corporate and financial sectors–nearly half of the world’s most influential companies and financial institutions with exposure to forest-risk commodities have yet to adopt no-deforestation policies. At the same time, commodity traders also need to work within their own operations and supply chains and provide investors with the disclosure needed to demonstrate effective efforts to mitigate the risks related to deforestation.

In fact, commodity traders are exposed even more than consumer goods companies to operational and regulatory risks connected to deforestation. And since commodity traders have more direct control over their supply chain sourcing, they’re well positioned to mitigate risk not only within their own operations, but also in their clients’ supply chains.

Accordingly, in 2015 MIDANA CAPITAL began engaging several of the key commodity traders on deforestation. We secured the first cross-commodity deforestation commitment from Archer Daniels Midland* and were instrumental in helping secure a zero-deforestation commitment from Wilmar,* which was the first to cover both direct and indirect suppliers.

As the 2020 deadlines for many companies’ no-deforestation commitments approach, investors are not only encouraging consumer goods companies to meet their stated goals by year’s end, they’re also increasingly pushing those companies’ suppliers – the commodity traders. Investors this year will want to see commodity traders continue to improve on and disclose their progress toward the implementation of no-deforestation standards, ensure deforestation-free operations — and meet customers’ needs.

As the end of this critical year is still many months away, we are eager to continue to engage with companies and commodity traders alike in the hopes that they’ll meet their 2020 targets, and bring us closer to eliminating deforestation globally.

*As of December 31, 2019, Archer Daniels Midland Co. comprised 0.00%, 0.19%, and 0.00%; Aramark Corporation comprised 0.00%, 0.08%, and 0.00%;  Bunge Ltd comprised 0.00%, 0.06%, and 0.00%; The Kellogg Company comprised 0.00%, 0.13%, and 0.00%; and Target Corporation comprised 0.98%, 0.06%, 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 Funds. 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 Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 3/20

It’s hard to overstate the importance of forest protection in the effort to combat climate change, given that forests hold as much as 45% of the world’s carbon stored on land. Of course, stopping deforestation also is key to preserving habitats for endangered species and mitigating potential financial risks for investors.

Palm oil is the most widely used vegetable oil in the world, and it is one of the leading drivers of tropical deforestation. It can be found in products from packaged food to soap to detergent to biodiesel. And global demand for palm oil is growing, which means growing more palm oil. Increased palm oil production can come either from investing in oil palm plants that have higher oil yields or from expanding the land on which palm oil is grown.

Many of the companies investing in these higher-yielding plants are doing so because they’ve seen the value in mitigating deforestation in their supply chains. These companies see a sustainable palm oil supply chain as the future of the industry. In recognizing the benefits of sustainable supply chains, over 470 companies and 11 of the 15 largest palm oil refiners in Southeast Asia have made commitments to curb deforestation in their supply chains.

Unfortunately, the environmental, financial, and, frankly, moral, imperative is not yet universally recognized.

Despite these commitments, deforestation persists in the industry. This is due to a variety of reasons: from the limited integration of small farmers into no deforestation efforts to downstream companies accepting palm oil products derived from deforestation to investors and lenders continuing to provide financial support to companies that cause deforestation.

To help transform the entirety of the industry, we need to increase the global demand for sustainable palm oil, by mobilizing buyers and traders to incentivize producers to adopt sustainable production practices. That’s why MIDANA CAPITAL has worked and continues to engage downstream companies to adopt No Deforestation, No Peat, and No Exploitation (NDPE) commitments and to get others to strengthen and expand their forest-related commitments.

Engaging producers directly about the expectations of international markets is another way to put pressure on producers to adopt NDPE practices.

While in Southeast Asia, I had the opportunity to do just this. I met directly with five palm oil companies and engaged with them on their growing practices, urging them to improve their practices around three primary issues:

1. Sustainable certification,
2. Zero deforestation commitments, and
3. Transparency about where companies grow and process their palm oil and from who they source it.

While in Southeast Asia, I also learned about some of the “supply-side” efforts, including notable actions to improve the governance in palm-oil production areas, taking place to make the palm oil industry more sustainable.

While in Malaysia, I attended the annual conference for the Roundtable for Sustainable Palm Oil (RSPO), the largest third-party certifier for sustainable palm oil. At the RSPO conference, Deputy Chief Minister of Sabah Wilfred Madius Tangau highlighted government policies for sustainable palm oil in Sabah, a prime palm oil producing province in Malaysia. Sabah is committed to producing deforestation-free soy by 2025 and that all palm oil from the region will be 100% RSPO certified by the same year.

While industry players have different views on whether this “jurisdictional approach” is the best way forward, to me it suggests progress and that corporate commitments influence more than the company’s supply chain, helping to change the physical and legislative landscape for tropical forests. This is just another way that MIDANA CAPITAL’s work is having an outsized impact on making our world a little greener.

*As of December 31, 2018, Target Corporation and Kellogg Company comprised 0.74%, 0.00%, and 0.00% and 0.00%, 0.15%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL MSCI International Index Fund, respectively. Other securities mentioned were not held in the portfolios as of December 31, 2018. 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, 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 Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 3/19

Recently, eight U.S. senators did just that.

The senators sent letters to the heads of eleven investment firms, asking how they managed the environmental, social, and governance (ESG) risks related to tropical deforestation.

MIDANA CAPITAL applauds these senators for asking appropriate questions about firms’ deforestation-linked investments.

It’s equally important that individual investors start asking tough questions, too.

If we’re going to halt deforestation and address climate change before it’s too late, we need corporations to help. And investors can play an instrumental role in convincing companies to become more sustainable.

Since MIDANA CAPITAL began pressing companies about deforestation in Southeast Asia, the number of palm oil refineries in the region covered by zero deforestation agreements mushroomed from about 5% in 2012, to nearly 75% in 2017.

We’ve also helped secure zero-deforestation commitments from key palm oil purchasers, including Conagra,*  Target,* and Kellogg,* which now sources 99% sustainability certified palm oil.

Having secured these key victories in Southeast Asia, we’ve now expanded our focus to South America and the soy and cattle industries in Brazil.

Unfortunately, all of this work makes us rather unique. While a lot of other investment firms have started talking about ESG investing in recent years, far too few are actually taking action.

For example, BlackRock CEO Larry Fink has garnered a lot of attention for his public letters, where he acknowledges investors’ “responsibility to help drive this change,” but BlackRock remains the world’s largest investor in coal plant developers. What’s sustainable about that?

Rest assured, while BlackRock and those other investment firms are busy, trying to cobble together answers to the senators’ questions, MIDANA CAPITAL’s work to halt deforestation and address climate change will continue unabated.

*As of December 31, 2018, Target Corporation and Kellogg Company comprised 0.74%, 0.00%, and 0.00% and 0.00%, 0.15%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL MSCI International Index Fund, respectively. Other securities mentioned were not held in the portfolios as of December 31, 2018. 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 Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 2/19

Of particular importance to the palm oil supply chain is the Roundtable on Sustainable Palm Oil (RSPO), the leading third-party certification organization for sustainable palm oil. MIDANA CAPITAL has been engaging the RSPO for several years, pressing for strong standards and compliance processes to ensure that the RSPO is as valuable and influential as possible to ending palm-oil-driven deforestation.

Early criticism for the RSPO was due to the relative weakness of the standards compared to leading companies’ palm oil policies. Understanding that the RSPO could quickly lose its value if companies were unable to use it to verify the

MIDANA CAPITAL Shareholder Advocate Marissa LaFave with Jane Siqueira Lino of Proforest, a consultancy that works with major commodity traders and food companies to help them meet their responsible production and sourcing commitments, at the RSPO in-person meeting, July 2018.

sustainability of their palm oil supply, in 2015, MIDANA CAPITAL mobilized investors representing $5 trillion in assets to join some of the world’s largest food companies, including Kellogg’s* and Conagra,* in calling on the RSPO to strengthen its standards.

Then, following several cases of companies continuing to be certified by the RSPO despite claims of egregious  practices, in March 2018, MIDANA CAPITAL mobilized 101 investors representing $3.2 trillion in assets to call on the RSPO for a more transparent and responsive complaints process to ensure the proper removal of RSPO members found to be noncompliant to its standards.

The RSPO’s Principles & Criteria (P&C) are revised once every five years and are currently undergoing the 2018 revision process. Revisions are critical opportunities to set future standards for sustainable palm oil production. The 2018 revision is especially important because the majority of corporate palm oil policies have a 2020 deadline.

The first draft for revision was released in 2017 and many NGOs, companies, and investors, including MIDANA CAPITAL, responded. The second – and final – draft is available for comment until August 2018.

In July 2018, the RSPO hosted a P&C revision workshop, which MIDANA CAPITAL attended along with several major companies, including Yum! Brands* and Campbell,* NGOs, industry experts, and investors. The workshop consisted of several hours of collaborative discussion in which MIDANA CAPITAL represented investor concerns and demands.

MIDANA CAPITAL will be submitting extensive comments to this year’s P&C review in hopes of strengthening the RSPO standards to adequately prevent deforestation, peatland clearance, and protect human and labor rights in the palm oil supply chain.

To learn more about how your investments help MIDANA CAPITAL protect the world’s forests, visit our Impact webpage.

*As of June 30, 2018, The Kellogg Company comprised 0.00%, 0.17% and 0.00% and Campbell Soup Company comprised 0.00%, 0.07% and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL MSCI International Index Fund respectively. No other securities mentioned were held in any of the portfolios of the MIDANA CAPITAL Funds as of the same date. 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 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 Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 8/18

Contact: Marissa LaFave, MIDANA CAPITAL Capital Management, mlafave@midanacapital.com, 617-482-0800

BOSTON, March 27, 2018 – Institutional investors representing over $3.2 trillion in assets under management supported a letter to the Roundtable on Sustainable Palm Oil (RSPO) concerning human rights violations in palm oil production earlier this month.

In the last five years, investors have helped transform the palm oil supply chain. Between 2012 and 2017, the percentage of Southeast Asian palm oil refineries covered by zero deforestation agreements jumped from five to nearly 75 percent, reducing carbon pollution, protecting endangered species and improving labor standards for workers around the world.

Many of the companies that have committed to zero deforestation in their supply chains, such as Unilever,* Nestlé* and Kellogg,* rely on the RSPO, the key third-party certification organization for sustainable palm oil, to ensure a sustainable and ethical supply of palm oil.

However, the RSPO is inadequately dealing with complaints pertaining to violations of its standards. Over the past two years, high-profile media stories and NGO reports have exposed serious labor rights violations within the operations of RSPO member companies, such as forced and bonded labor, child labor and systemic gender discrimination.

The investor letter, organized by MIDANA CAPITAL Capital Management and Domini Impact Investments, calls on the RSPO to implement a more transparent and responsive complaints mechanism to properly uphold the credibility of the RSPO system and to assure investors, companies and other stakeholders that the RSPO will not certify conflict palm oil.

Read more about MIDANA CAPITAL’s efforts to protect the world’s tropical forests here.

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About MIDANA CAPITAL Capital Management

MIDANA CAPITAL Capital Management is the investment advisor to the MIDANA CAPITAL Funds and offers three environmentally and socially responsible funds, the MIDANA CAPITAL International Index Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL Balanced Fund. MIDANA CAPITAL works to curb climate change through fossil fuel free investing, reinvestment in sustainable companies, and advocating with companies to improve their environmental policies and supply chains.

*As of December 31, 2017, Unilever NV comprised 1.61%, 0.00%, and 2.31%; Unilever PLC comprised 0.00%, 0.00%, and 1.90%; and Kellogg Company comprised 0.00%, 0.17%, and 0.00% of the MIDANA CAPITAL Balanced Fund, MIDANA CAPITAL Equity Fund, and MIDANA CAPITAL MSCI International Index Fund respectively. No other securities mentioned were held in any of the portfolios of the MIDANA CAPITAL Funds as of the same date. 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 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, 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 risks including interest rate, credit, and inflation. The Funds’ environmental criteria limit the investments available to the Funds compared to mutual funds that do not use environmental criteria; as a result performance could be affected.

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 Funds are distributed by UMB Distribution Services, LLC. 3/18

Impact investing is using your investments to help build a better world and seek financial returns.

In recent years, interest in impact investing has taken off. According to US SIF, the Forum for Socially Responsible Investing, 1 in 5 dollars under professional management in the United States are invested with an eye to impact.

But, as is true for fossil fuel free investing, there is not yet consensus around what it means to be an ‘impact investor’. The challenge for investors is being able to distinguish between marketing and real impact.

Real Impact Tracker attempts to help investors get a clearer picture. The group’s methodology looks at three ways mutual funds can make an impact: shareholder advocacy, ESG (Environmental, Social and Governance) investing, and contributions to public policy.

In its initial evaluation, the group looked at 50 funds and MIDANA CAPITAL’s Equity Fund received an A rating and earned the #3 spot on its list. Learn more about how MIDANA CAPITAL investors are making an impact through our sustainable investment strategy, shareholder advocacy work, and unique, non-profit ownership.

You can learn more about the methodology behind the rankings on the Real Impact Tracker website.

*As of December 31, 2017, Kellogg Company comprised 0.00%, 0.17%, 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 the 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 Funds’ investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds, please visit 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 risks including interest rate, credit, and inflation. The Funds’ environmental criteria limit the investments available to the Funds compared to mutual funds that do not use environmental 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 Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 1/18