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

This is the fourth post in a four-part series about Shareholder Advocate Jessye Waxman’s recent trip to Southeast Asia to press companies to end deforestation in the region. If you missed the previous posts, you can find them here: How MIDANA CAPITAL Does Shareholder Advocacy – Tropical Forest Protection in Indonesia and Malaysia, How MIDANA CAPITAL Does Shareholder Advocacy – Financing Sustainable Palm Oil in Indonesia and Malaysia, and How MIDANA CAPITAL Does Shareholder Advocacy – Engaging Indonesian and Malaysian Palm Oil Producers.

In Malaysia, I attended the 15th Annual General Assembly of the Roundtable on Sustainable Palm Oil (RSPO), the world’s largest third-party certifier for sustainable palm oil. It was an important meeting as the RSPO was poised to consider enhanced certification standards.

Every five years, the public is given the opportunity to weigh in on what the future standards for sustainable palm oil production should be, as the RSPO’s Principles & Criteria (aka the certification standards) are reevaluated and revised.

Many companies that buy or trade palm oil rely on the RSPO certification of their suppliers to meet their own no deforestation commitments. In the last five years, however, many of these same companies adopted No Deforestation, No Peat, No Exploitation (NDPE) policies – commitments that require palm oil producers not to deforest, develop plantations on peatlands, or exploit their labor force – that went well beyond what was required for an RSPO certification.

For MIDANA CAPITAL, it was clear that if the RSPO was going to remain an effective and reliable certifier of sustainability, it had to strengthen its standards. So, in March 2018, we mobilized investors for the second time to call on the RSPO to strengthen its standards. We first called on the RSPO to strengthen its standards for certifying the sustainable production of palm oil in 2015.

MIDANA CAPITAL, nongovernmental organizations (NGOs), industry experts, and several major companies attended a Principles and Criteria (P&C) revision workshop, hosted by the RSPO in July 2018. The workshop consisted of several hours of collaborative discussion in which we represented investor concerns and demands.

We also submitted extensive comments to the 2018 P&C review and organized global investors, representing $6.7 trillion in assets under management, to support a letter urging the RSPO to adopt the following elements:

• Protect High Carbon Stock forests and peatlands,
• Offer revised guidance on phasing out development and replanting on peat soils,
• Require the disclosure of concession maps (maps of who owns what plots of land), and
• Enact a variety of measures to protect human rights, including banning the use of paraquat (a toxic chemical used as an herbicide).

In October 2018, the RSPO issued its draft revised P&C, which incorporated the majority of the suggestions highlighted in the investor letter we sent.

At the Annual Meeting, all the RSPO members, including NGOs, financial institutions, and palm oil growers, traders, and users had the opportunity to vote on whether to adopt the new, more stringent standards.

Thankfully, the RSPO ratified and adopted the enhanced certification standards. The updated P&C include several new elements, including the adoption of a “no deforestation through the implementation of the High Carbon Stock Approach” methodology, which uses satellite data and ground survey measurements to stratify the vegetation in an area of land into six different classes to better protect the areas with the most stored carbon.

The new standards are effective immediately, but existing RSPO grower members were granted a one-year transition period.

MIDANA CAPITAL’s unparalleled shareholder advocacy

By the end of the RSPO annual meeting, I was more than ready to return home. It was a tiring week, but it also was very important that American investors continue to press the case to palm oil producers and banks in Indonesia and Malaysia, which produce 85% of the world’s palm oil, that the destruction of tropical forests and peatland must end.

This sort of on-the-ground shareholder advocacy is unique to MIDANA CAPITAL. Most other mutual funds simply do not have in-house shareholder advocates who directly press corporations to improve their environmental practices.

Of course, a desire to make real impacts on corporate sustainability and the environment is exactly why I joined MIDANA CAPITAL in the first place. It’s also why I remain willing to trot off halfway across the world to make the case for improved corporate environmental practices.

The need to end deforestation is too imperative, and too integral to the effort to stave off climate change, to remain idle – and that goes for one’s investments, too. So, I appreciate all of the investors, intent on making an impact with their investments with MIDANA CAPITAL, who make my work possible.

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

Considerable strides have been made in palm oil sustainability in just the past six years. Since MIDANA CAPITAL began pressing palm oil growers and traders to make zero-deforestation commitments in 2012, the percentage of refined palm oil covered by these commitments has ballooned from 5% to 74%.

Securing these commitments has been instrumental in the effort to combat climate change, preserve habitats for endangered species, and mitigate potential financial risks for investors.

While tropical deforestation continues to be a problem globally, Indonesia actually experienced a 60% drop in primary forest loss in 2017. This is enormous progress. From 2007 to 2014, trees in Indonesia were razed at a rate of three acres every minute!

But 74% percent is not 100%, so work remains to be done. There still are markets that accept unsustainable palm oil, still refineries willing to supply it, and, consequently, still incentives for growers to cut down more trees to expand their plantations.

Since conventional methods of corporate engagement have not swayed the remaining market share, investors have started to explore new ways to put pressure on the industry.

The banks that provide loans or equity or underwrite debt to unsustainable palm oil companies have proved to be a ripe target. Since these banks are contributing to the expansion of palm oil production into tropical rainforests, investors in these banks are indirectly exposed to deforestation-related risk.

According to a report by Chain Reaction Research, Southeast Asian banks are the most important lenders to palm oil growers. Unfortunately, only three of the 17 most important banks in the region have adopted strong environmental, social, and governance (ESG) policies regarding palm oil.

Convincing the banking sector to adopt and strengthen their policies toward sustainability criteria, particularly in regard to forests, is seen by many as the next hurdle in tackling the deforestation problems associated with conventional palm oil growth.

Which is why I met with Indonesian and Malaysian banks to discuss strategies for mitigating their exposure to deforestation, as part of the UNPRI (United Nations Principles for Responsible Investment) Investor Working Group on Sustainable Palm Oil.

The UNPRI is the world’s leading proponent of responsible investing and MIDANA CAPITAL is a Firm and Steering Committee member. As the name suggests, the working group is focused on improved sustainability in the palm oil industry.

While I cannot divulge the specifics of what financial institutions we met with or the content of our conversations, I can say that I think there is some recognition of the need for sustainable finance in the palm oil industry in the banking industries in both Indonesia and Malaysia, but there is still a long way to go before socially and environmentally responsible financing becomes the norm.

Rest assured, MIDANA CAPITAL won’t stop until it is. Our planet depends on it.

Want to learn more about MIDANA CAPITAL’s shareholder advocacy work to protect the environment? Sign up for our email newsletter:

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. 12/18

I just returned from Indonesia and Malaysia, where I met with palm oil growers, processors, and traders, and with banks that finance the development of palm oil, to press them to end deforestation. As a shareholder advocate, my job is to engage with companies and pressure them to improve their environmental practices.

MIDANA CAPITAL’s shareholder advocacy is unique. Our version of shareholder advocacy goes well beyond simply voting the proxies of the corporations in our Funds.

As a MIDANA CAPITAL shareholder advocate, I engage in direct dialogues with companies, file shareholder resolutions focused on corporate sustainability, and actively participate in global collaborations, like the Roundtable on Sustainable Palm Oil (RSPO).

And, occasionally, I travel to Indonesia and Malaysia to engage in shareholder advocacy on the ground.

To give our investors a better idea of the unparalleled depth of MIDANA CAPITAL’s shareholder advocacy, I am going to chronicle my trip through a series of blog posts, but first, here is a brief primer on our shareholder advocacy around tropical forest protection.

Tropical forest protection

Dan Strechay, U.S. representative, RSPO; Jessye Waxman, shareholder advocate, MIDANA CAPITAL; and Wathshlah Naidu, senior manager – grievance, RSPO at the RSPO conference in Kota Kinabalu, Sabah, Malaysia.

Protecting tropical forests has been of a central focus of MIDANA CAPITAL for several years and we are a leading investor on the issue both in the United States and globally. We focus on soy and beef supply chains, which are mostly concentrated in South America, and palm oil, which is a leading cause of deforestation in Southeast Asia.

MIDANA CAPITAL focuses on protecting tropical forests to combat climate change, preserve necessary habitat for endangered species – like the orangutan pictured above – and mitigate potential financial risks for investors.

The environmental degradation posed by deforestation is probably pretty clear. Tropical forests are integral to carbon sequestration, the preservation of biodiversity, and the maintenance of healthy ecosystems. And forest destruction contributes nearly the same amount of global greenhouse-gas emissions as the entire transportation sector.

The potential financial risks associated with deforestation might be less obvious. For investors, these may include:

• Reputational risks – consumers may not purchase goods or services from a company responsible for the slashing and burning of tropical forests
• Operational risks – deforestation and climate change are affecting agricultural yields, disrupting natural water systems, and threatening biodiversity
• Regulatory risks – changes in regulations or laws could materially impact companies reliant on unsustainable supply chains by hindering their ability to bring products to market or stranding their assets

As a shareholder advocate, I work to diminish the threat of these risks to investors – and protect the environment – by directly engaging with companies. Here’s a glimpse into how I do it:

Post 1: How MIDANA CAPITAL Does Shareholder Advocacy – Financing Sustainable Palm Oil in Indonesia and Malaysia

Want to learn more about MIDANA CAPITAL’s shareholder advocacy work to protect the environment? Sign up for our email newsletter:

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. 12/18

KOTA KINABALU, MALAYSIA, November 26, 2018 – MIDANA CAPITAL Capital Management commends the Roundtable on Sustainable Palm Oil (RSPO), the world’s largest third-party certifier for sustainable palm oil, for ratifying and adopting enhanced certification standards at its 16th Annual General Assembly. Palm oil is found in an estimated 50 percent of all packaged goods and its production is a leading driver of deforestation.

“Although the majority of palm oil growers, traders, and buyers have dramatically improved their practices and policies in the last five years, new standards were necessary to prevent deforestation and peatland clearance,” said MIDANA CAPITAL Shareholder Advocate Jessye Waxman. “If the RSPO had failed to adopt stronger certification standards, it risked becoming unreliable for investors and irrelevant to the global effort to prevent deforestation. I am happy to have been a part of this significant development.”

Many companies that buy or trade palm oil rely on the RSPO certification of their suppliers in order to help evaluate or meet their own no deforestation commitments. In the last five years, however, an increasing number of palm oil traders and growers had adopted policies that were more stringent than what the previous RSPO standards required.

The RSPO’s Principles & Criteria (P&C) are revised once every five years, and this revision was especially important because the majority of corporate palm oil policies that end deforestation in their supply chains have a 2020 deadline.

MIDANA CAPITAL has been the leading U.S. investment advisory firm working to press companies to address climate risk in their supply chains by stopping the unnecessary burning and razing of tropical forests to create palm oil plantations.

MIDANA CAPITAL submitted extensive comments to the 2018 P&C review and organized global investors, representing $6.7 trillion in assets under management, to support a letter encouraging the RSPO to adopt more stringent sustainability standards, including policies like banning development of high carbon stock forests and requiring the disclosure of land ownership, which makes it easier to track companies that are causing deforestation.

The RSPO hosted a P&C revision workshop in July 2018, which MIDANA CAPITAL, NGOs, industry experts, and several major companies attended. The workshop consisted of several hours of collaborative discussion in which MIDANA CAPITAL represented investor concerns and demands.

In March 2018, MIDANA CAPITAL and other investors representing more than $3.2 trillion organized an investor letter that called for “a more transparent and responsive complainants mechanism,” after a series of media stories and NGO reports exposed serious labor rights violations that had not been addressed through the existing system.

MIDANA CAPITAL first called on the RSPO to strengthen its standards for certifying the sustainable production of palm oil in 2015 and met with RSPO staff leadership and members multiple times to express the concerns of investors.

The updated P&C include several new elements, including the adoption of a “no deforestation through the implementation of the High Carbon Stock Approach,” which uses satellite data and ground survey measurements to stratify the vegetation in an area of land into six different classes.

The new standards are effective immediately, but existing RSPO grower members were granted a one-year transition period.

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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.

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. 11/18