Boston, September 24, 2020 – The world’s largest asset managers continue to fail the world’s forests.

A new Friends of the Earth report – Doubling Down on Deforestation: How the Big Three Asset Managers Enable Consumer Goods Companies to Destroy the World’s Forests – exposes the complicity of BlackRock, Vanguard,* and State Street* in global deforestation.

In 2010, the Consumer Goods Forum (CGF), a consortium of the world’s largest retail companies, committed to achieving zero-net deforestation in its members’ supply chains by the end of the decade.  It is clear that most CGF companies will not meet this deadline, although MIDANA CAPITAL° has continued to press individual CGF companies, including Procter & Gamble* and Kroger,* to do so.

The repercussions of this dereliction are staggering: global deforestation increased 43% between 2014 and 2019. And BlackRock, Vanguard, and State Street did next to nothing to stop it.

The report found that BlackRock, Vanguard, and State Street, which collectively hold $698 billion in stocks and bonds of CGF companies, failed to provide specific and substantial policies regarding deforestation to guide investments. They failed to hold companies accountable for indirect emissions in their value chains. And they failed to effectively and transparently engage with companies to improve their forest commodities supply chains.

The Big Three even failed to support shareholder resolutions aimed at ending deforestation. None of The Big Three managed to support a single one of the 16 deforestation-related shareholder resolutions that have gone to a vote since 2012.

“It is imperative that large asset managers, especially BlackRock, Vanguard, and State Street, recognize the material risk posed by deforestation,” said MIDANA CAPITAL President Leslie Samuelrich. “Frankly, it’s stunning that they did not support a single deforestation-related shareholder proposal in eight years, and that must change.”

Tropical deforestation accounts for annual carbon emissions equal to the amount produced by the entire European Union. Deforestation is also tied to other material risks, including soil erosion, biodiversity loss, and disrupted rainfall patterns.

“Asset managers can’t be said to be comprehensively addressing climate risk if they aren’t addressing the source of almost a quarter of all anthropogenic emissions – deforestation and land use change,” said Jessye Waxman, the shareholder advocate focused on forest protection at MIDANA CAPITAL. “Voting proxies is one way that financial institutions can demonstrate their commitment to addressing climate risk. I hope that at least one of the Big Three start to recognize that and vote in favor of our resolution with Procter & Gamble in October.”

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About MIDANA CAPITAL Capital Management

°MIDANA CAPITAL Capital Management is the investment advisor to the MIDANA CAPITAL 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 30, 2020, BlackRock, Inc. comprised 0.00%, 0.59%, and 0.00%; State Street Corporation comprised 0.72%, 016%, and 0.00%; Procter & Gamble comprised 0.7%, 2.11%, and 0.00%; and The Kroger Company comprised 0.00%, 0.19%, 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. 9/20

Boston, July 24, 2020 – In June, MIDANA CAPITAL warned that it was too soon to praise BlackRock for its support for climate-related shareholder proposals at two oil and gas giants. Our concern has proved prescient.

BlackRock recently released its Investment Stewardship Report, which included part of its proxy voting record for the 2020 shareholder season. The report revealed that BlackRock voted against the management of only 22% of the companies it had identified as making insufficient progress on climate, despite claiming in its climate action plan that it was “increasingly disposed to vote against management when companies have not made sufficient progress.” Other companies were put “on watch” for next year.

“BlackRock has been watching companies make insufficient progress for long enough,” said MIDANA CAPITAL President Leslie Samuelrich. “It’s time for it to act. With its size, BlackRock has the ability to really push many of the publicly-traded companies in the world to become more sustainable, but this won’t happen if the company continues to mostly stay on the sidelines.”

The 53 companies that BlackRock voted against were rather obvious targets: 37 were energy corporations and the rest were utilities or corporations in the material, industrial, and financial sectors. Notably absent were companies with agricultural supply chains. The failure to address deforestation and commercial agriculture in BlackRock’s voting priorities demonstrates a glaring oversight in its approach to climate risk management.

Deforestation poses a material risk to companies, investors, and the planet. Deforestation can alter precipitation patterns and cause soil to erode, disrupting supply chains and affecting commodity prices. Supply chain deforestation also is tied to labor abuses, including slavery and child labor, that can have serious reputational repercussions for companies.

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

“Combatting deforestation in the agricultural industry is essential to mitigating climate risk,” said MIDANA CAPITAL Shareholder Advocate Jessye Waxman. “The world has watched enough tropical forests burn. It’s time for BlackRock to recognize deforestation for the climate risk it is and push companies to end deforestation in their supply chains.”

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About MIDANA CAPITAL Capital Management

MIDANA CAPITAL Capital Management is the investment advisor to the MIDANA CAPITAL 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 30, 2020, BlackRock comprised 0.00%, 0.59%, 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. 7/20

Boston, June 16, 2020 – It is too soon to praise BlackRock. BlackRock’s recent support for climate-related shareholder proposals at two oil and gas giants represents progress of a sort, but these steps do not provide enough evidence to determine if the company is finally taking action on the climate crisis and the risk it poses to investors and the world.

In May, BlackRock voted in support of a shareholder resolution that would split the role of chief executive and chairman at ExxonMobil* and against the reelection of two of its directors. It also supported a resolution urging Chevron* to report on how its lobbying aligns with the Paris Climate Agreement goals.

“BlackRock’s recent votes are encouraging – but ExxonMobil and Chevron are the lowest hanging fruit imaginable,” said MIDANA CAPITAL President Leslie Samuelrich. “They’re literally responsible for more greenhouse gas emissions than any other non-state-owned company in the world, these resolutions reflect steps they should have taken years ago. We need to see how BlackRock is voting on the many lower-profile climate-related resolutions.”

In December 2019, MIDANA CAPITAL filed a shareholder resolution with BlackRock regarding the company’s failure to act in accordance with its public pronouncements about the climate crisis and the risk it poses to corporations and investors.

While BlackRock CEO Larry Fink publicly expressed a shift in the company’s approach to environmental risks, the company’s voting record on climate-related shareholder proposals was abysmal. In the 2018 proxy season, BlackRock voted in favor of only 10% of climate-related resolutions, one of the worst voting records among in its industry.

MIDANA CAPITAL withdrew the resolution after BlackRock announced a climate action plan, which included being “increasingly disposed to vote against management when companies have not made sufficient progress.”

Although BlackRock’s vote at Exxon and Chevron are public, the rest of its voting record is a black box. So far, the company has only disclosed its proxy votes at 22 of the 2,200 companies at which it voted this year. This is a black mark on the BlackRock’s public commitment to support resolutions at companies making insufficient progress.

“BlackRock has disclosed how it voted at some fossil fuel giants, but deforestation and land use change are responsible for almost a quarter of anthropogenic greenhouse gas emissions,” said MIDANA CAPITAL Shareholder Advocate Jessye Waxman. “BlackRock can’t claim to comprehensively address climate-related risk unless it votes in favor of resolutions that urge companies to reduce their emissions and adopt no-deforestation commitments across their supply chains. We need to see how the company is voting on resolutions at companies other than Exxon and Chevron.”

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About MIDANA CAPITAL Capital Management

MIDANA CAPITAL Capital Management is the investment advisor to the MIDANA CAPITAL 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 March 31, 2020, BlackRock comprised 0.00%, 0.45%, 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. 6/20

Boston, December 20, 2019 – MIDANA CAPITAL has filed a shareholder resolution with BlackRock regarding the company’s failure to act in accordance with its public pronouncements about the climate crisis and the risk it poses to corporations and investors.

“There’s a disturbing disconnect between BlackRock’s public posturing and its proxy voting and deficient corporate engagement,” said MIDANA CAPITAL President Leslie Samuelrich. “Investors cannot ignore the risk posed to corporations, investors, and the planet by the climate crisis. It’s time for BlackRock’s action to match its rhetoric.”

For several years, BlackRock has publicly acknowledged the impacts of climate change on portfolios. In 2016, BlackRock issued a white paper that concluded that “all investors should incorporate climate change awareness into their investment processes.” The following year, BlackRock identified climate risk disclosure as a priority for corporate engagement and, for the first time, voted its proxies on several climate-related shareholder resolutions.

Unfortunately, this action proved short-lived. While other institutional investors – Allianz,* UBS,* and Legal and General* – have supported a majority of climate resolutions, BlackRock supported only 11.5% of resolutions on climate change in 2019. In addition to lagging behind its peers, the dissonance between the company’s public statements and its actions poses potential reputational risk.

BlackRock’s voting record stands in stark contrast not only to BlackRock’s public comments on the risk that climate change poses, but also in contrast to the CEO’s statements about the importance of voting proxies. In his 2018 Letter to CEOs Larry Fink highlighted that BlackRock’s “responsibility to engage and is more important than ever.”

Company shareholders are entitled to vote on shareholder resolutions, proposals from shareholders which often address issues related to corporate responsibility, sustainability, and governance. Although most resolutions are non-binding, they can be effective tools for prodding a company to change its practices, especially when they receive support from a large number of shareholders.

Despite being among the largest shareholders of most publicly-traded companies in the U.S., BlackRock rarely votes in favor of resolutions on climate change. The failure to vote in favor of climate resolutions is widely viewed as “letting companies off the hook.”

The shareholder proposal, which MIDANA CAPITAL filed in conjunction with lead filers Mercy Investment Services and Boston Trust Walden, urges BlackRock to review its climate-related proxy voting record and guidelines and vote accordingly on climate-related resolutions that may impact shareholder value.

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About MIDANA CAPITAL Capital Management

MIDANA CAPITAL Capital Management is the investment advisor to the MIDANA CAPITAL 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 September 30, 2019, BlackRock comprised 0.00%, 0.41%, and 0.00% and Allianz SE comprised 0.00%, 0.00%, and 2.62% 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.

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. 12/19

Boston, February 26, 2019 – Today, MIDANA CAPITAL sent an inquiry letter to BlackRock, Inc. (BlackRock), regarding its strategies and policies to address and mitigate its exposure to deforestation through its financing practices. With nearly $6 trillion in assets under management, BlackRock is the world’s largest asset manager.

“BlackRock’s actions do not seem to match its public pronouncements. Investors have the right to know if BlackRock’s posturing is just bluster, or if it’s actually committed to combating climate change, halting deforestation, and reducing investor risk,” said MIDANA CAPITAL President Leslie Samuelrich.

In his last two annual letters, BlackRock CEO Larry Fink warned the CEOs of the companies that BlackRock invests in that they must do more than make profits, they must be leaders in a divided world and make a “positive contribution to society.”

Meanwhile, BlackRock has increased its coal holdings since the landmark Paris climate agreement, and now owns more thermal coal than anyone else in the world.

The destruction of tropical forests and peatlands for agricultural expansion of commodities, such as palm oil and soy, are leading drivers of climate change, responsible for approximately 10% of global greenhouse gas emissions. Deforestation also threatens biodiversity, soil health, existing precipitation patterns, and crop yield.

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About MIDANA CAPITAL Capital Management

MIDANA CAPITAL offers three environmentally and socially responsible mutual funds. Through fossil fuel free investing and our three-pronged approach of sustainable investing, active shareholder advocacy, and support of environmental and public health non-profits we work to curb climate change, improve environmental policies, and limit environmental impacts of company supply chains.

*As of December 31, 2018, Black Rock comprised 0.00%, 0.47%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL 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 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. 2/19

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