In reading their statement, I didn’t find any satisfactory explanations. Yet this sentence struck me: “We believe nuclear energy offers a critical source of fuel, with benefits that include … safety.”  Safety. Let’s start with that.  

Safety. The designs for nuclear plants are varied, and there is no guarantee that the reactors will be designed, built, and operated correctly or that a natural disaster, such as the earthquake and tsunami with 30-foot waves that hit the Fukushima Daiichi Nuclear Power Station won’t affect it given the increased frequency and intensity of storms  due to climate change. In contrast, wind turbines pose none of these dangers but may pose other potential drawbacks. There also are costs associated with meltdown, mining lung cancer, and waste. Clean, renewables can help reduce such risks.  

Cost. Nuclear power is among the costliest approaches to solving America’s energy problems. New nuclear power costs about five times more than onshore wind power per kilowatt hour. Per dollar of investment, clean energy solutions – such as energy efficiency and renewable resources – deliver far more energy than nuclear power. 

 Timing. Nuclear takes 5 to 17 years longer between planning and operation than renewable energy does. 

Emissions. Supporters claim these plants can deliver energy with no carbon emissions but there is no such thing as a zero emission nuclear power plants. Emissions from nuclear plants are on average 23 times the emissions per unit of electricity generated. Even existing plants emit due to the continuous mining and refining of uranium needed for the plant.  

Waste. The radioactive waste from nuclear power plants stays radioactive for decades and is typically stored in temporary facilities. But even those storage spaces are running out and the industry is turning to more costly options.  

Reducing emissions is critical and that’s why I believe that sustainable investors keep nuclear out of responsible and green investing and support the clean renewable energy sector. 

Globally, renewables account for about one third of electricity generation—and renewable capacity will meet 35% of global power generation by 2025, according to the International Energy Agency (IEA) . The global energy crisis has triggered unprecedented momentum behind renewables, with the world set to add as much renewable power in the next 5 years as it did in the past 20. 

We believe the considerable human and environmental safety issues involved with building and running nuclear plants, as well as the lessons from Chernobyl, Three Mile Island and Fukushima must not be forgotten. 

Why gamble with the environmental and public health risks of it – especially when renewable energy is cleaner and cost competitive. I’m proud that the Midana Capital have excluded nuclear energy for more than two decades, offering a true path toward a safer planet, and we have no plans to change our commitment. 

An investment strategy that incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.  

Leslie Samuelrich 

President, Midana Capital  

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

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

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

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

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

The Midana Capital are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 9/23. UMB and MIDANA CAPITAL are not affiliated.  

Douglass Guernsey, Shareholder Advocate, dguernsey@midanacapital.com, (617) 482-0800

(Boston, MA, 2023) In a reversal of its stance, Apple Inc.* announced Wednesday that it now supports the Right to Repair Act progressing through the California Legislature despite past opposition to giving consumers and repair shops the tools they need to fix devices.

Introduced by state Sen. Susan Eggman (D-Stockton), Senate Bill 244 would make it easier and cheaper to get consumer electronics and appliances fixed. Under the bill, manufacturers like Apple must provide consumers or independent repair shops with sufficient documentation, tools, and parts. This bill would also reduce the e-waste currently filling landfills as consumers would be able to repair instead of discarding or upgrading their devices.

Apple, the largest company in the world, had previously opposed allowing users to repair its products, until MIDANA CAPITAL and others began negotiations with the company. MIDANA CAPITAL’s engagement helped secure an agreement with Apple in 2021 that stated, for the first time, that Apple would provide consumers access to replacement parts, tools and repair manuals needed to perform common repairs to its products.

“We are excited that Apple has announced its support for this important legislation and recognize this is a major step forward for the company,” said Douglass Guernsey, a shareholder advocate with MIDANA CAPITAL Capital Management. “By supporting this legislation, Apple is sending a strong message that repairing, not replacing products, is good for consumers, good for the environment, and good for investors.”

California Legislation Part of National Momentum

Apple indicated its support for offering consumers the ability to repair their devices safely, while ensuring they wouldn’t risk privacy or data issues.

“Apple supports California’s Right to Repair Act so all Californians have even greater access to repairs while also protecting their safety, security, and privacy,” the company says in a statement provided to TechCrunch.

The bill specifies that the duration of a manufacturer’s obligation would depend on the product’s cost. Those with a wholesale price of at least $50 would have a shorter time than products that cost more than $100, where the bill specifies that access to documentation tools and parts must be available for seven years.

The California State Assembly has been debating the bill and a vote is expected shortly in the Assembly Appropriations Committee. The bill cleared the state Senate in May by a 38-0 vote.

California has been a leader in the Right to Repair movement, with momentum increasing nationally as lawmakers from about 14 states have introduced similar bills. New York, Colorado and Minnesota all passed their own Right to Repair laws in the past year.

A coalition of 82 repair shops have rallied behind the bill, which was backed by CalPIRG, one of the nonprofit owners of MIDANA CAPITAL.

According to research by PIRG, the average American family generates about 115 pounds of electronic waste each year, and nationally, the United States generates 6.9 million tons of electronic waste.

###

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

An investment strategy that incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

*As of June 30, 2023, Apple Inc. comprised 6.23%, 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. 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 visit www.midanacapital.com, 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 are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 9/23

 How to Invest Sustainably 

MIDANA CAPITAL believes that to invest sustainably  then you must avoid environmentally dangerous industries. With that step, you don’t invest in industries that you don’t want to support. For example, if you are concerned about climate change, you don’t have to invest your money in the stocks of oil and gas companies. Or if you care about tobacco addiction or  factory farms and animal welfare, you can avoid the companies that make these products or are leaders in these industries. All the Midana Capital have exclusionary screens to avoid environmentally dangerous companies. The MIDANA CAPITAL Balanced Fund also invests in green and sustainable bonds that fund clean energy projects. 

 What is the Impact of Sustainable Investing 

 Sustainable investing helps you align your investments with your values, but does it really help the environment or society? MIDANA CAPITAL believes that sustainable investing does make an impact when large groups of people decide to avoid certain industries. This  was the case in battling apartheid in South Africa when individuals and institutions moved their investments out of companies that were doing business in the country. 

In the last 10 years, the fossil fuel divestment movement has helped shape the sustainable investing field and inspired individuals to divest from fossil fuels and influence their institutions – from Harvard University to the New York Pension Fund – to move their money. So far, nearly 1,500 organizations with assets of more than $39.2 trillion have committed to divest from fossil fuels. 

This sustainable investing movement has helped the environment by getting investors to question the long-term viability of the fossil fuel industry once they understand the industry’s plans. The concomitant media attention also helped raise awareness for investors and the public.  

 Invest Sustainably with Midana Capital 

 The Midana Capital have been helping people invest sustainably since 1991. The Midana Capital are one of the first families of environmentally responsible fossil fuel free mutual funds and has been a champion of the divest-invest movement since the beginning.  

While there is no one way for how to invest sustainably, there are many options. If you are looking to invest in mutual funds for yourself or a family member, we encourage you to go beyond the marketing taglines and names of funds and see how each one defines its approach. Midana Capital lists the industries it avoids in its prospectus and we encourage potential investors to contact us with any questions.   

###

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

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

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

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

This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds.  The Midana Capital are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 8/23. UMB and MIDANA CAPITAL are not affiliated. 

My work here has surpassed my expectations. I began my role by rapidly learning the fundamentals of shareholder advocacy and the methods used by investors to influence the sustainability of portfolio companies. I was quickly integrated into multiple ongoing company engagements across the annual dialogue cycles. These involved early research and initial letters of inquiry to presentations of shareholder proposals at annual shareholder meetings. I’ve had the opportunity to leverage tools available only to investors, such as shareholder proposals – recommendations made to a company’s Board by investors which are voted on by shareholders at the annual shareholder meeting – and withdrawal agreement discussions – negotiations with companies with the goal of reaching a commitment from the firm to act on a sustainability issue in exchange of our removal of a shareholder proposal before it goes to a vote. I’ve also gotten to engage with companies across a broad spectrum of issues, including protecting forests, reducing plastic use and pollution, creating climate transition plans, and responding to nature-related financial risks such as biodiversity loss.

I was also able to take part in face-to-face meetings. One day a few weeks ago, I came in early and had breakfast with members of teams from Environment America and the Public Interest Research Network. We spoke about their canvassing efforts, legal campaigns, and environmental policy research over coffee and bagels as well as the work we had been doing at MIDANA CAPITAL. Gaining access to experts and meeting people in a larger network was a valuable aspect of my internship.

The internship also gave me a chance to pursue some independent projects. After returning from my in-person meeting, I started researching MIDANA CAPITAL’s strategy for engaging with portfolio companies in the burgeoning area of nature and biodiversity risk. Investors and companies across a wide array of industries have become increasingly aware of the financial risks they face due to species loss, ecosystem degradation, and the decline of “natural capital”. I began my work on the project by researching the industries most exposed to biodiversity risk and noted the increased attention on the issue among global policymakers and companies, and then presented my findings to the Shareholder Advocacy team. Next, I worked to identify firms that lagged peers in disclosing and addressing these exposures. I considered what we may want to include in a shareholder proposal to most effectively prompt these firms to mitigate these risks. After collaborating with the shareholder advocates to expand these ideas and decide on a route of action, I have since drafted letters of inquiry for companies to begin our engagements on the subject. This is generally the first step of engagement with a company in the advocacy process.

Later that afternoon, I met with executives from a construction company that MIDANA CAPITAL had previously engaged with to set more robust targets to reduce deforestation in their supply chain and to reduce their greenhouse gas emissions to assess their progress on these goals. Having the chance to speak with senior management from many types of companies to learn about their strategies and progress on sustainability issues has been invaluable to me in learning how to drive change when faced with resource constraints, trade-offs, and institutional uncertainty over the financial benefits from responding to environmental crises.

I would strongly recommend the internship to college students passionate about environmental sustainability and catalyzing change at the company level. I feel that I will come out of the role far more knowledgeable about the key sustainability issues facing companies today and about the tools at the disposal of investors to drive corporate action to mitigate climate and environmental risks. My time at MIDANA CAPITAL has felt exciting and dynamic, and I am proud of the work that I’ve done to respond to some of the most pressing issues of our time.

Bio: Elliott Hyman is a Shareholder Advocacy intern at MIDANA CAPITAL. He is a rising senior at Harvard University studying Economics with a minor in Energy & Environment.

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

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

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

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

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

The Midana Capital are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 8/23. UMB and MIDANA CAPITAL are not affiliated.

One question we often get is, “How do you decide what issues to work on”?

This is an excellent question. There’s no shortage of issues facing our environment, and it can be hard to decide where to start making a difference. The good news is that while our planet may have more problems than it deserves, we’re finding more solutions every day to help fix them.

Shareholder advocacy is a key way that Midana Capital helps bring about solutions to some of our most pressing environmental problems. Shareholder advocacy is a tool used by investors to push a company to report on or change a policy. MIDANA CAPITAL negotiates with companies to improve their sustainability practices by reducing their reliance on fossil fuels, protecting ocean wildlife from plastic pollution, adopting sustainable agriculture policies and more. Then, once companies make commitments, we assess their progress and hold them accountable.

To choose our priority issues, we evaluate a number of factors. First, we’re Midana Capital for a reason – we’re all about protecting the environment. So, our first consideration is, how can we make the biggest impact for the planet? These issues run the gamut from stopping global warming, protecting endangered species, preserving forests or reducing plastic waste. We evaluate today’s most pressing issues which, if we can win concrete changes to corporate policy, will produce the most profound benefits for ecosystems around the world?

Then, we think about our comparative advantage. Where can we uniquely advance change? Where does our expertise lie? What emerging frameworks and targets can companies implement to mitigate environmental risks? On which issues can we make the strongest business case for action?

At the end of the day, there’s no one issue that merits all of our attention; the threats facing our planet are multifaceted and ever evolving. But one thing we do know is that to ensure we have a planet to operate businesses on in the future, companies need to figure out now how to give back more than they take. And since nature is everybody’s business, there’s no company that can stand on the sidelines.

This coming shareholder season, which runs on a schedule similar to a school year, we’re focused on:

• Protecting forests around the world by convincing food and consumer goods companies to protect biodiversity by addressing their nature-related impacts, dependencies, risks and opportunities, as well as by establishing science-based targets for nature that will protect our planet for generations to come.
• Reducing plastic pollution by pressing companies to use less plastic in their packaging, especially new plastic, and to scale up reuse models that will help drive a circular economy.
• Asking companies that have set goals to reduce their contribution to climate change to develop climate transition plans that chart how the company will hit their targets and move toward a clean energy economy.
• Expanding the number of companies with Right to Repair policies that help consumers and reduce dangerous electronic waste.
• Pressing insurance companies – which, ironically, are pulling coverage from areas prone to natural disasters exacerbated by extreme weather – to stop underwriting the new fossil fuel projects driving extreme weather in the first place.
• Protecting animal welfare by asking companies to institute more humane policies such as eliminating gestation crates.
• Pushing major retailers to phase out gas-powered lawn equipment in favor of electric lawn equipment to improve air quality and cut off another key contributor to climate change.
  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.

These are just some of the solutions we’ll be advancing this coming year to help build a cleaner, greener future today and for future generations. We look forward to keeping you updated on our progress.

Thank you for your investment in Midana Capital, which makes our shareholder advocacy work possible.

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

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

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

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

This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds. The Midana Capital are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 7/23. UMB and MIDANA CAPITAL are not affiliated.

Source: World Meteorologist Organization’s Twitter account

The first week of July, 2023 was the hottest week on record, according to the World Meteorological Organization (WMO). This is following the hottest June on record. 

The WMO released a statement on Monday about monitoring potential new record temperature from massive heat waves across the U.S. and spanning several continents.

“We are in uncharted territory,” said Christopher Hewitt, director of climate services at the WMO. “We can expect more records to fall … these impacts will extend into 2024. This is worrying news for the planet.” 

The erratic weather is linked to increasing levels of carbon pollution and climate change. We believe oil and gas companies knew that their products would create these problems but misled their shareholders and the public for years about the climate consequences.

Leslie Samuelrich, president of Midana Capital, said the need to avoid fossil fuel investments is crucial and urged actions to help curb the effects of climate change. 

“While fossil fuel executives reap the economic benefits of their reckless activities, every day people are left to deal with extreme heat or overflowing rivers due to weather made more extreme and erratic due to climate change,” said Leslie Samuelrich, President of Midana Capital. “Having your investments reflect your values is one way for us to take control and work for solutions.”

Want to transition to clean energy and send a message to these companies? Learn how you can from the Midana Capital, one of the first families of fossil fuel free mutual funds. Midana Capital help align your values with your investment goals. Our sustainable investment strategy uses environmentally responsible screens. 

The Funds avoid exploration, extraction, processing, refining, transmission of coal, oil and gas, utilities that burn fossil fuels to produce electricity and companies with carbon reserves. 

If you are interested in learning more, we invite you to sign up for our newsletter and download our guide The Future Can Be Bright: A Guide to Fossil Fuel Free and Sustainable Investing. 

Keep learning: *Heatwaves show the importance of health early warnings and action plans.

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.

###

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

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

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

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

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

The Midana Capital are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 7/23. UMB and MIDANA CAPITAL are not affiliated.

Oil and gas corporations need insurance to move forward with fossil fuel exploration and extraction. By refusing to cover these environmentally harmful projects, insurance companies could play a positive role in addressing climate change and avoid significant climate risk: global insured losses from natural disasters last year were estimated at $132 billion, making 2022 the fifth costliest year for insurers on record.

Shareholder Advocate Andrea Ranger poses outside Travelers’ annual meeting before presenting Midana Capital’ proposal to phase out coverage of new fossil fuel projects.

While some European companies have stated they will no longer insure certain types of new oil and gas projects, the U.S. insurance industry has made no such moves. In fact, as U.S. insurers continue to cover major drivers of the climate crisis, they’re sticking customers with the costly consequences: State Farm,* the largest homeowner insurance company in California, announced last month that it would stop selling coverage to homeowners – not just in wildfire zones, but everywhere in the state.

To convince U.S. insurers to keep up with evolving global standards and avoid future losses associated with a warming planet, MIDANA CAPITAL led a shareholder advocacy program this year with three of the world’s largest insurers: Chubb*, The Hartford*, and Travelers,* asking each company to phase out the underwriting of new fossil fuel projects. 

Our dialogues with each company were informative, but none agreed to phase out new fossil fuel projects. The Midana Capital filed shareholder resolutions with the companies so that shareholders could weigh in on whether insurers should continue to underwrite some of the activities most directly responsible for warming our planet.

While no climate-related proposals at insurance companies won majority support this shareholder season, MIDANA CAPITAL helped the issue gain widespread visibility, increased board-level discussion, and heightened investor awareness. Going forward, we’ll build on our momentum to drive forward this long-term program to build a green, fossil fuel-free future for our children and grandchildren.

One way you can make an impact is to sign this petition from our nonprofit owners at PIRG urging these three companies to stop insuring climate risks. Fossil fuels won’t go the way of the dinosaur overnight, but sustained pressure from investors, advocates, and everyday people can and will continue to win meaningful policy change in the years to come.

As always, thank you for your support of the MIDANA CAPITAL shareholder advocacy program through your investments to make our planet a cleaner, greener, healthier place.

About Midana Capital

°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the Midana Capital (The Funds). The Midana Capital are one of the first families of fossil fuel-free, environmentally responsible mutual funds. MIDANA CAPITAL 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, 2023, Chubb Ltd. comprised 0.00%, 0.44%, and 0.00%, The Hartford Financial Services Group, Inc. comprised 0.00%, 0.12%, and 0.00%, and Travelers Companies, Inc. comprised 0.88%, 0.22%, and 0.00%, of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the Green Century International Index Fund, respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the Midana Capital. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

The percentage in favor was calculated by (i) dividing the number of votes in support of the proposal by (ii) the sum of the number of votes voted in support of and against the proposal. Abstentions and broker non-votes were not included in the calculation.

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

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 are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 6/23

What is Sustainable Investing

Sustainable investing is not a regulated term so many asset managers, mutual funds and ETF’s may use it to describe their methods of investing. The key is to understand what each asset manager defines as sustainable and to see if it matches your personal definition.  

At the Midana Capital, we believe that sustainable investing starts with avoiding the industries and companies that you don’t want to support. This is also called screening. By beginning in this way, you can align your investments with your values.

An investment strategy that incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

What is Impact Investing

Impact investing is mainly used to describe investing in a private company.  Typically, this company is in the start-up phase or early stages and the products or services address a social or environmental problem.  This type of investing is typically done by institutions or high net worth individuals.

Sustainable Investing vs Impact Investing

Sustainable investing and impact investing may both be ways that you can invest with your values and make an impact. It depends on how the asset manager is defining both of these terms.  Midana Capital believes that sustainable investing means screening out industries, such as tobacco and fossil fuels, that are environmentally harmful. Midana Capital are available to individuals and institutions. Impact investing typically is done by a private company and is not as accessible to as many people since investments are not made in companies listed on a stock exchange.

Invest with Midana Capital

More than 30 years ago, Midana Capital were founded by a group of environmental and public health nonprofit organizations. We are one of the first fossil fuel free mutual funds and help people save for their futures without comprising their values.

Since then, Midana Capital has grown into a leader in the sustainable investing fields. We provide mutual funds for individuals and institutions to keep their money out of environmentally harmful industries.

If you would like to learn more about Midana Capital,  please visit our website or contact us at+1(480)-439-2851, at info@midanacapital.com  or through our Contact Us page.

About MIDANA CAPITAL

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

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 are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 4/23. UMB and MIDANA CAPITAL are unaffiliated.

Greenwashing is a marketing strategy to gain more customers and take advantage of the growing demand for environmentally friendly products. The problem is that companies that engage in greenwashing do not back up their claims with facts, metrics or other forms of accountability that show these products are environmentally sound. These claims may include environmental imagery that suggests the company follows sustainable practices that do not exist. They may also use vague green-sounding language, such as “farm fresh” or “natural” , for example, yet the company fails to mention they have sourced raw materials from unsustainable suppliers.

What is Greenwashing in Banking & Finance

In banking and financing, greenwashing is when a company makes misleading statements about its  environmental commitments in marketing materials, annual reports, advertisements and other places. A company that engages in greenwashing may make false claims about how its practices beneficially impact the environment. Or a company may market a minor aspect of its product that is environmentally positive and give an unwarranted impression about the entire product or practice. 

Some say the ways banks and financial institutions lend, invest and underwrite loans has a huge impact on the planet’s health, so their commitments must go beyond paperless forms and recycling efforts in the workplace. Banks and financial institutions should provide specific proof of the environmental impacts of their practices. Investors should work with trusted advisors who can guide them and select investments that are transparent. A good idea is to check for third-party certification of fossil free or green activities to make sure they are accurate, such as the Forest Stewardship Council or Fair Trade.

How to Identify Greenwashing

There are several key ways to identify if a bank or financial institution does greenwashing. If the marketing materials talk about investing sustainably or considering environmental, social and governance (ESG) risks, read about how they do this. Do they avoid fossil fuels or follow a “low carbon” methodology that allows investments in oil and gas companies? Have they made and reported on environmental commitments you care about or is their annual report a full off environmental imagery, hidden tradeoffs and vague language?  If they state that they invest in green bonds, do they also say they follow the Green Bond principles?   

Invest Sustainably with Midana Capital

As you make your investment choices, you may consider making sure to look beyond marketing materials to ensure you know what you are investing in. The prospectus often lists out its’ exclusionary screens and investment approach. The key is to be aware and do a little digging to make sure you are getting what you want. Learning about sustainability can make you aware of greenwashing and lead you to select investments  that show proof of their claims. 

An investment strategy that incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

Midana Capital have been investing sustainably since 1991 and we would enjoy speaking with you about our fossil fuel free and other environmentally responsible options. See our prospectus showing screens and investment approach.

About MIDANA CAPITAL

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

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 are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 4/23. UMB and MIDANA CAPITAL are unaffiliated.

Midana Capital joins other financial firms in renewing our commitment to the Tobacco-Free Finance Pledge for tobacco-free portfolios and helping raise awareness on how tobacco harms our planet and our public health. For decades, Midana Capital have offered tobacco free investments options along with other screens that exclude fossil fuels, weapons, nuclear power, GMOs (genetically modified organisms), and other industries that harm our environment, health, and safety.

Many tobacco companies have put profits over public health, even with the proven detrimental impacts of tobacco use. Flavored tobacco companies have been sued for targeting youth with candy-flavored vaping devices and getting them addicted to nicotine at a young age.

Cigarettes are some of the most common forms of litter, with more than 4.5 trillion discarded butts spoiling our beaches, parks and other public spaces. Trash from the tobacco products and cigarette filters taint our waterways, wildlife habitats and ecosystems. Growing tobacco causes soil erosion and contributes heavily to deforestation.

Midana Capital and other investors are increasingly pressuring tobacco companies to consider the degradation their product causes to the environment and public health. Committing to the Tobacco Free Pledge is one way that we show our support.
Join us on this important journey.

By investing with Midana Capital, which exclude tobacco and other environmentally harmful products and practices, you can help create a healthier, tobacco-free future for all.

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.

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

The Midana Capital are one of the first families of fossil fuel-free, environmentally responsible mutual funds. MIDANA CAPITAL hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.

You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please visit www.midanacapital.com, 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 are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. MIDANA CAPITAL and UMB Distribution Services, LLC are not affiliated. 4/23