Andrea Ranger, Shareholder Advocacy, aranger@midanacapital.com, 781-349-2813;

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

Boston, June 20, 2023 – General Motors released the results of the shareholder vote on a MIDANA CAPITAL° proposal asking the company to improve the sustainability of its aluminum, steel, rubber, and leather supply chains. Votes cast in favor reached 14.3% for this first-year proposal, which asked the company to disclose the environmental impacts of these key materials, procure more low-carbon aluminum and steel, and eliminate deforestation associated with producing leather and rubber.

In recent years, General Motors has set several aggressive targets – one to achieve carbon neutrality by 2040 and another to make and sell only electric light-duty vehicles by 2035. However, the company has not established clear targets for procuring green steel or aluminum, even though both industries can electrify some of their operations and use renewable energy to do so. Further, GM has yet to join industry associations such as ResponsibleSteel^TM, a coalition which created a certification system for green steel and is working to increase customer demand for green steel manufacturing.

Additionally, GM may be sourcing leather and rubber used for car interiors and tires from areas that are associated with deforestation. For example, in Brazil, which is considered a major source of leather for U.S. auto manufacturers, raising cattle is a leading cause of deforestation. The growth and expansion of rubber plantations in Southeast Asia and West Africa – the two primary areas in the world where latex for car tires is harvested – threatens the destruction of biodiverse ecosystems in those regions. Nevertheless, GM currently lacks public targets, milestones and metrics that would indicate progress toward eliminating its exposure to deforestation from rubber plantation expansion or destruction of tropical forests from cattle ranching.

In response to the vote, MIDANA CAPITAL Funds President Leslie Samuelrich said:

“We believe that even with a full transition to electric cars and trucks by 2035, GM has exposure to significant environmental risks. Ultimately, we don’t think GM wants to be associated with deforestation. If the company wants to clean up its steel and aluminum supply chains, it should invest now in the transition to low-carbon steel and aluminum. Waiting only postpones much needed emissions cuts across the globe.”

Andrea Ranger, MIDANA CAPITAL shareholder advocate, added:  

“As one of the largest auto companies in the world, GM has a leadership role to play in addressing climate and deforestation risk. Many European auto companies, such as BMW, Mercedes, Volkswagen, and Volvo, are making commitments to source low-carbon metals. GM has an opportunity to catch up and lead the way for American manufacturers. Moreover, few manufacturers are addressing deforestation risk within their supply chains. GM could set an industry-wide standard by adopting near-term targets for zero deforestation.”

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

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.

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.

Annie Sanders, Director of Shareholder Advocacy, asanders@midanacapital.com, 773-272-6691; Pam Podger, Director of Communications, ppodger@midanacapital.com, 860-822-3887

Boston, March 23, 2023 – The Cheesecake Factory Incorporated* will announce new standards to combat deforestation in response to a MIDANA CAPITAL Funds° shareholder proposal, co-filed with As You Sow, asking the company to address deforestation in its supply chains. In exchange, MIDANA CAPITAL withdrew its proposal slated for the company’s 2023 annual meeting.

“To achieve a climate-neutral world by mid-century, companies must drastically curtail activities that contribute to deforestation, which accounts for 12% of global climate emissions,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “We commend The Cheesecake Factory for taking steps to protect tropical forests, biodiversity and our climate.”

New guidance requires companies to eliminate deforestation by 2025

In its upcoming Corporate Social Responsibility report due out in May, The Cheesecake Factory plans to announce adherence to the new Forest, Land and Agriculture (FLAG) guidance from the Science-Based Targets initiative (SBTi), which requires companies to eliminate deforestation in their supply chains by 2025. The company will also expand reporting on its deforestation-related activities and reductions, including for land-based proteins such as beef, in future CSR reports. 

Agriculture is the world’s largest contributor to deforestation

The agriculture industry is the world’s largest contributor to deforestation, causing 75 percent of the world’s tropical deforestation, and the beef industry alone is responsible for 41 percent. Some studies show it will be nearly impossible to limit global warming to 1.5 degrees without ending deforestation in this decade.

“Beef, soy, palm oil and wood products drive the majority of global deforestation, all of which are important for The Cheesecake Factory’s meals, desserts and packaging,” said Annie Sanders, MIDANA CAPITAL Funds’ director of shareholder advocacy. “We look forward to seeing the company work toward eliminating deforestation from its supply chains and supporting the resilience of ecosystems on which its business depends.”

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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 December 31st, 2022, no securities mentioned were 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. 3/23. UMB and MIDANA CAPITAL are unaffiliated.

Annie Sanders, Director of Shareholder Advocacy, asanders@midanacapital.com, 773-272-6691; Mark Morgenstein, Media Relations Director, mmorgenstein@midanacapital.com, 678-427-1671

Boston, March 7, 2023 – Morgan Stanley, one of the largest banks in the United States, has committed to strengthening its deforestation policies for clients around the world. In response, MIDANA CAPITAL Funds° withdrew its related shareholder proposal for Morgan Stanley’s 2023 annual meeting.

“We cannot achieve global climate goals without ending deforestation in this decade. To do that, banks must help mitigate the dangers to forests and biodiversity,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “We are encouraged by Morgan Stanley’s steps to address these risks.”

Morgan Stanley will enhance standards for soy, beef, palm oil, and wood products

In exchange for the withdrawal of MIDANA CAPITAL Funds’ shareholder proposal, Morgan Stanley agreed to enhance its existing written standards for palm oil and forestry clients to reflect best practices, as well as create new written policy standards for soy and beef clients operating in regions with high deforestation risk. Beef, soy, palm oil and wood products are responsible for the majority of global deforestation.

“To achieve their climate reduction goals, banks will need to focus on companies that drive deforestation,” said Annie Sanders, MIDANA CAPITAL Funds’ director of shareholder advocacy. “With these new commitments, Morgan Stanley is taking important steps toward meeting its net-zero ambitions.”

New commitment builds on agreements with JPMorgan Chase, Citigroup

This commitment from Morgan Stanley builds on a landmark agreement that MIDANA CAPITAL secured with JPMorgan Chase* in 2021, when JPMorgan became the first U.S.-based bank to require palm oil clients to adopt “No Deforestation, No Peat, No Exploitation” (NDPE) policies, as well as an agreement last year with Citigroup* to strengthen its deforestation policies. Morgan Stanley will align with leading NDPE policies while also surpassing JPMorgan with improved timber sector standards. Notably, Morgan Stanley will require best-practice Forest Stewardship Council (FSC) certification or a time-bound plan to achieve it for clients in high conservation value forests, as well as an enhanced review of beef clients’ no-deforestation policies and practices in high-risk regions.

According to the Intergovernmental Panel on Climate Change, agriculture, forestry and other land use change is responsible for 23 percent of total net anthropogenic greenhouse gas emissions, nearly half of which is attributable to deforestation.

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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 December 31st, 2022, Morgan Stanley comprised 0.00%, 0.65%, and 0.00% and Citigroup, Inc. comprised 1.32%, 0.00%, 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.

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. 3/22. UMB and MIDANA CAPITAL are unaffiliated.

1.Verizon* heeded our call

We withdrew a shareholder proposal with Verizon Communications, Inc. after the company announced a commitment to source the equivalent of 50% of its annual electricity usage from renewable sources by 2025.

Verizon is the largest telecommunications company in the U.S., with more than 147 million wireless subscribers, so this commitment represents a massive reduction in greenhouse gas emissions (GHGs).

According to Verizon, more than 93% of the company’s GHGs come from the electricity used to power its networks, so this ambitious goal will go a long way towards reducing the environmental impact of the company’s operations.

2. Kroger* agreed to protect tropical forests

Kroger Co., the largest grocery chain in the U.S., agreed to develop and implement a no-deforestation policy after we filed a shareholder resolution with the company, urging them to take action. After the announcement, we withdrew our shareholder resolution with the company.

According to our agreement, Kroger will implement a no-deforestation policy in its private label Our Brands products supply chain by 2020. It also will report on the progress it makes toward its goals through reliable third-party questionnaires.

As one of the largest retailers in the world with an extensive supply chain, Kroger’s new commitment is the kind of corporate buy-in we need to preserve the world’s forests.

3. Darden* agreed to reduce antibiotic misuse

Following a multi-year engagement with MIDANA CAPITAL, Darden Restaurants, Inc. (Darden) finally agreed to adopt a policy to phase out the use of medically important antibiotics in its chicken supply chain by 2023. Darden is the largest casual dining operator in the U.S., and this is the first time-bound antibiotics commitment made by a casual, sit-down restaurant chain.

Antibiotic resistance is a global public health crisis, according to the World Health Organization, the U.S. Centers for Disease Control and Prevention, and the General Assembly of the United Nations.

Antibiotic resistant bacteria sicken 2 million Americans each year, and may be responsible for as many as 150,000 annual premature deaths in the U.S., which would make it the third highest cause of death in the country.

Experts attribute the rise of antibiotic-resistant superbugs to the overuse of antibiotics in food-animal production. An astounding 70% of medically important antibiotics in the U.S. are sold for use in livestock, predominantly for prophylactic purposes, rather than for treatment.

4. We asked, and Amazon* delivered

MIDANA CAPITAL withdrew its shareholder proposal with Amazon.com, Inc., following the announcement of its new emission reduction initiative, “Shipment Zero.”

Shipment Zero is Amazon’s first concrete commitment to reducing its carbon footprint. It commits the company to carbon neutrality for half of its package deliveries by 2030, with a broader vision for entirely carbon neutral deliveries in the future. Considering that Amazon shipped more than 5 billion packages in 2017 through its Prime program alone, this commitment represents a significant step forward.

Amazon also announced that it would publicly disclose its company-wide carbon footprint by the end of 2019.

In December 2018, we filed a shareholder proposal with Amazon, asking the company to adopt quantitative goals to manage its greenhouse gas emissions and report on its plans for achieving the targets. We discussed the request with Amazon representatives later that month.

According to a 2018 report by the United Nations Intergovernmental Panel on Climate Change, the world must reduce its greenhouse gas emissions by 45% by 2030 and reach net zero emissions by 2050 in order to limit average global temperature rise to 1.5°C and avoid the most catastrophic impacts of climate change.

5. Food service giant Aramark* agreed to protect tropical forests

We collaborated with Aramark, one of the world’s largest food service providers, to develop a robust no-deforestation commitment that the company will implement by 2025.

Following a meeting in our Boston office, Aramark agreed to develop a “No Deforestation, No Peat, No Exploitation” (NDPE) sourcing policy to protect tropical forests and peatlands, endangered species and biodiversity, and local workforces. Preserving high carbon stock tropical forests and peat is essential for mitigating climate change.

Aramark also explicitly agreed to prohibit legal deforestation in its supply chain. This is especially important for commodities, such as soy, cattle, and coffee, that come from Latin America, where government-sanctioned deforestation is a considerable risk.

Aramark serves nearly 2 billion meals each year in schools, hospitals, sports stadiums (including Boston’s beloved Fenway Park), and more, so the environmental ramifications of this agreement will be substantial.

6. We pressed General Mills* to protect bees

Toxic pesticides are killing bees and other wild pollinators, which are essential to global food production, so we asked General Mills,* owner of brands such as Cheerios, Cascadian Farm, and Nature Valley, to begin tracking and reducing the use of toxic pesticides in its supply chain.

The proposal received the support of nearly a third of shareholder support.

There is a growing scientific consensus that certain pesticides, including neonicotinoids (neonics) and glyphosate, are contributing to a massive pollinator die-off, which jeopardizes food security and ecosystem diversity. More than 40% of global pollinator populations are “highly threatened.” Yet, 75% of global food crops rely on pollinators for reproduction, accounting for up to $577 billion worth of annual food production.

7. Sustainable palm became more sustainable

We helped improve the reliability of sustainable palm oil certification, which is critical to ending deforestation caused by palm production.

We have long pushed the Roundtable on Sustainable Palm Oil (RSPO), the leading third-party certification organization for sustainable palm oil, to adopt stronger standards to ensure that its certifications are as valuable as possible to ending deforestation driven by palm.

This season, we submitted extensive comments to the RSPO during its Principles & Criteria review period. We also organized global investors, representing $6.7 trillion in assets under management, to support a letter urging the RSPO to expand protections for forest and peatlands, require greater transparency of plantation ownership, and enact a variety of measures to protect human rights.

At the organization’s annual meeting in November 2018, RSPO members ratified and adopted the updated certification standards, which incorporated a majority of the suggestions highlighted in the investor letter we sent.

8. Royal Caribbean* agreed to address food waste

Nearly 40% of all food is wasted in the U.S., so it was significant that Royal Caribbean Cruises Ltd. (RCL), the second largest cruise company in the world, agreed to make its food waste management and reduction strategies more public.

Cruise ships are notorious for their bountiful buffets, but this all-you-can-eat abundance comes at a price. Global food waste is responsible for an estimated 3.3 gigatons of greenhouse gas emissions, twice the total greenhouse gas emissions of all vehicles on all roads in the U.S. in 2010.

If global food waste were its own nation, it would be the world’s third-largest greenhouse gas emitter behind China and the U.S.

9. We started targeting the banks that finance corporate forest destruction

Some companies are unreceptive to shareholder pressure. For example, certain palm oil producers remain unconvinced that they need to improve the sustainability of their operations, despite a growing chorus of concern from investors and the public about deforestation.

Since we’ve been unable to persuade these companies to stop destroying tropical forests, we decided to turn our attention to the banks and asset managers that finance them or any corporation that causes, or is exposed to, deforestation.

Initially, we asked 11 major U.S. banks and asset managers how they manage and monitor environmental and social deforestation-related risks in their lending and investing practices, and pushed them to adopt policies that account for deforestation.

Stay tuned for future updates on this effort.

10. We traveled to Southeast Asia and Europe to participate in global discussions about forest protection

To transform the entirety of the palm oil industry, it’s important to mobilize buyers and traders to encourage producers to adopt sustainable production practices.

It’s equally important to engage producers directly about the expectations of international markets. Our forest protection shareholder advocate traveled to Indonesia and Malaysia to directly press palm oil growers, processors, traders, and the banks that finance them to end deforestation.

She met with 5 palm oil companies and urged them to improve their practices regarding sustainability certification, zero deforestation commitments, and transparency about their suppliers.

Our shareholder advocate also recently traveled to Utrecht, the Netherlands, to attend International Sustainability Week, which was focused on deforestation.

Since many corporations have made robust pledges to halt deforestation in their operations and supply chains by 2020, it promises to be an important year for forests. International Sustainability Week was a series of related conferences that provided multiple stakeholders with an opportunity to discuss their perspectives and plans of action ahead of 2020.

We are proud to be the leading global investor in the effort to end deforestation.

11. Our shareholder advocacy team grew

We welcomed a new shareholder advocate to our team. With the addition of Macy Zander, our team of advocates is one of the largest in the industry.

Prior to joining MIDANA CAPITAL, Macy worked for a conservation foundation and was an environmental organizer focused on energy and water issues. She was recently published, too. If you’re interested, you can find her article on Sub-Saharan African cotton supply chain certification here. You can learn more about our whole team here.

*As of June 30, 2019, Verizon Communications, Ltd., Kroger, Co., Darden Restaurants, Inc., Aramark, General Mills, Inc., and Royal Caribbean Cruises Ltd. comprised 1.62%, 1.91%, and 0.00%; 0.00%, 0.14%, and 0.00%; 0.00%, 0.12% and 0.00%; 0.00%, 0.07%, and 0.00%; 0.65%, 0.25% and 0.00%; 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. Other securities mentioned were not held in the portfolios as of June 30, 2019. 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. 7/19

The California Deforestation Free Procurement Act (AB 572) would mandate No Deforestation, No Peat, No Exploitation (NDPE) policies, certification, and public disclosure for state contractors and subcontractors.

It also would help investors mitigate the material risks posed by forest destruction and climate change to the companies in which we invest and help investors identify corporations that are fulfilling their NDPE and zero-deforestation commitments.

You can read our letter of support here.

As one of the leading global investors working to end deforestation, MIDANA CAPITAL was proud to endorse AB 572 last month. Ending the destruction of tropical forests and peatlands is a critical component to combating the climate crisis. Deforestation is the third largest driver of climate change, responsible for approximately 15% of all global greenhouse gas emissions.

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 1-800-93-GREEN. 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 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, 235 W. Galena Street, Milwaukee, WI 53212. 7/19.

(Pictured: Representatives of the signatories of the Cerrado Manifesto Statement of Support in Utrecht, Netherlands in June 2019.)

Since many corporations have made robust pledges to halt deforestation in their operations and supply chains by 2020, next year is an important year for forests.

In 2010, the Consumer Goods Forum made a commitment on behalf of its 400 member companies to help achieve zero net deforestation in key commodity supply chains by 2020. Four years later, many of those companies reaffirmed their commitment to halting tropical forest loss by 2020 by signing the New York Declaration on Forests.

With the critical 2020 deadline looming, MIDANA CAPITAL is ramping up its efforts to push companies to honor their commitments. As part of this effort, I recently traveled to Utrecht, the Netherlands to attend International Sustainability Week, which was focused on deforestation-free, sustainable commodities.

International Sustainability Week – a series of different, but related, conferences – was an opportunity for multiple stakeholders to converse about their perspectives and plans of action going into 2020. It also was an opportunity for us to ascertain the industry perspective on tackling supply chain deforestation as we head into a new shareholder advocacy season. Attendees included investors, corporations, certification bodies, NGOs, and banks.

While I was in Utrecht, I attended three conferences: one was a gathering for signatories of the Cerrado Manifesto and the other two were hosted by the certification bodies for sustainable soy and sustainable palm oil.

The Roundtable for Responsible Soy (RTRS) hosted the first conference. The RTRS oversees the Standard for Responsible Soy Production, which are the requirements – ranging from labor conditions to environmental responsibility – that supply chain actors must follow in order to receive certification.

The RTRS conference included discussions on the responsibilities of each sector to contributing to viable solutions to soy-based deforestation, how jurisdictional and supply chain approaches to ending deforestation could complement each other, and next steps for improving supply chain collaboration.

The following day, the conversation around sustainable soy production intensified at the Cerrado Manifesto Statement of Support Summit. Soy production is a leading driver of deforestation in the Cerrado, a densely forested savannah the size of Mexico and a hub for biodiversity.

The summit was attended by signatories to the Statement of Support for the Cerrado Manifesto, which calls for an end to deforestation and native vegetation conversion in the Brazilian Cerrado. MIDANA CAPITAL was an early signatory to the Statement of Support and is the only U.S. investor on the Cerrado Joint Financial Task Force. The energy in the room was quite different from the RTRS, despite focusing on the same objective – to end deforestation in soy supply chains – and included discussions about alternatives to certification.

The Sustainable Palm Oil Dialogue, hosted by the Roundtable for Responsible Palm Oil (RSPO), honed in on how various stakeholders can work collectively to reach 2020 targets. During this conference, I had the opportunity to meet with the CEO of the RSPO to discuss the organization’s role in working with small farmers and financial institutions, and how all interested parties can work to improve the global perception of sustainable palm oil.

As 2020 approaches, you can rest assured that MIDANA CAPITAL will continue to press companies to stop burning and razing tropical forests (or sourcing from companies that do) and satisfy their commitments to ending deforestation.

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  , 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. 7/19

California Assembly Bill 572 (AB 572) aims to stop it.

AB 572, the California Deforestation Free Procurement Act, would require all companies contracting with California to demonstrate “deforestation-free” supply chains for any products – such as palm oil, soy, cattle, rubber, paper or pulp, and timber – linked to deforestation.

It also would require state contractors dealing with forest-risk commodities to have No Deforestation, No Peat, No Exploitation (NDPE) policies, which are the global standard for sustainable palm oil supply chains.

The bill would go into effect on January 1, 2022.

As one of the leading global investors working to end deforestation, MIDANA CAPITAL is proud to endorse AB 572.

If we are going to successfully combat climate change, we must end the destruction of tropical forests and peatlands.

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 1-800-93-GREEN. 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 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, 235 W. Galena Street, Milwaukee, WI 53212. 6/19.

BOSTON, May 7, 2019 – MIDANA CAPITAL is pleased to announce that Kroger, the largest grocery chain in the U.S., will develop and implement a no-deforestation policy. This new commitment will cover Kroger’s private label Our Brands products.

“Kroger prides itself on ‘nourishing our communities and preserving our planet’ and, as one of the largest retailers in the world, this new commitment certainly will help preserve the world’s forests,” said MIDANA CAPITAL Shareholder Advocate Jessye Waxman. “By listening to our concerns about deforestation risks in its supply chain and agreeing to implement a no-deforestation policy, Kroger is making real progress on this important and material sustainability issue.”

“Kroger’s Zero Hunger | Zero Waste plan reflects Kroger’s commitment to help conserve the natural resources we all share,” said Lisa Zwack, Kroger’s head of sustainability. “As our current sustainability goals near their 2020 timeline, we are shaping new long-term targets that extend our zero-waste approach. We are committed to meaningful stakeholder engagement, and we appreciate MIDANA CAPITAL’s dialogue and feedback during this process.”

In 2019, Kroger will assess its exposure to deforestation and use those findings to inform the development of its no-deforestation commitments. Moving forward, Kroger will also share progress on its commitments to address deforestation in its annual Sustainability Report, by joining the Roundtable for Sustainable Palm Oil (RSPO) and by completing the CDP Forests questionnaire.

“Kroger is a giant company with an immense supply chain, so this new commitment is a big deal,” said MIDANA CAPITAL President Leslie Samuelrich. “I’m pleased that Kroger listened to our concerns and is committing to improving its protection of tropical forests.”

MIDANA CAPITAL was lead on the deforestation resolution filed with Kroger, and worked with Seventh Generation Interfaith and two co-filers, the Sisters of the Presentation of the Blessed Virgin Mary and the School Sisters of Notre Dame Central Pacific Province, on the engagement.

The conversion of tropical forests to agricultural plantations is the primary cause of deforestation, which is a leading contributor to climate change. Forest destruction contributes nearly the same amount of global greenhouse-gas emissions as the entire transportation sector. Deforestation also poses a risk to the preservation of biodiversity and the maintenance of healthy ecosystems.

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About MIDANA CAPITAL Capital Management

MIDANA CAPITAL is the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. MIDANA CAPITAL invests in sustainable companies, 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, 2019, Kroger Co. comprised 0.00%, 0.16%, 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 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. 5/19

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