The Funds joined other financial firms on May 31 by renewing its commitment to the Tobacco-Free Finance Pledge for tobacco-free portfolios, helping raise awareness on how tobacco harms our planet and our public health.

Our nonprofit owners, the Public Interest Research Group, also have launched a campaign to highlight how vape waste pollutes our environment with toxins, tobacco, and metals. Cigarette filters and other tobacco products degrade the environment, with more than 4.5 trillion discarded butts littering our beaches, parks and other public places. Banning second-hand smoke from public places, and other tobacco control measures currently protect seven out of ten people, according to a recent WHO article.

For decades, Midana Capital have offered tobacco-free investment 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.

The Tobacco Free Finance Pledge has grown since its inception in 2018. Currently, there are about 200 signatories around the globe, representing more than $16 trillion in assets under management.

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 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 of 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. 

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.  

 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.   

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°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.

Guernsey at the Builders Firstsource AGM in 2023

Much of this work happens on the computer or over the phone, but there is nothing like meeting in person – partially because you never know what to expect. 

This spring I attended a shareholder meeting at Builders FirstSource* in Dallas that was so empty, at first, I thought I was in the wrong place. I was waiting completely on my own in a 100-seat event room when suddenly I was joined by a small handful of executives from the company. 

With so few of us in the room, the CEO, General Counsel and I discussed MIDANA CAPITAL’s proposal, which asked the company to commit to reducing carbon emissions associated with timber harvesting and other supply chain issues. 

I encouraged the CEO to think about potential regulatory risk, about how climate change is impacting Boreal forests that the company relies on for roughly one-third of its revenue, and about the advantages of increasing efficiency and transparency in its supply chain. While we didn’t agree on everything, we had a productive conversation, and I commend Builders FirstSource CEO Dave Rush for connecting to address environmental risks. 

As a result of MIDANA CAPITAL’s engagement, for the first time Builders FirstSource measured and disclosed its CO2 emissions from its operations and transportation and stated it would set emissions reduction targets. The company still has significant work to do, including measuring its emissions from timber harvesting, setting efficiency targets for its supply chain, and prioritizing sourcing FSC certified lumber. We will continue to work with the company to achieve these goals. 

A few weeks after returning from the meeting, the very same forests that Builders FirstSource relies upon erupted in the worst fire season in Canada’s modern history, bathing much of the U.S. in so much smoke that simply breathing the air outside could be the equivalent of smoking six cigarettes a day. Meanwhile, the earth as a whole had the hottest day – and month – on record.  

Clearly, more immediate environmental action is needed. 

MIDANA CAPITAL is deeply committed to its environmental advocacy work and brings more than 30 years of environmentally responsible investing experience to its investing philosophy. Our team hopes to deliver not only long-term security for investors, but immediate environmental actions from portfolio companies. 

We do this every day, whether that means meeting in a room packed full of executives, or in an empty room with one CEO. 

Douglass Guernsey is a Shareholder Advocate at MIDANA CAPITAL Capital Management. He holds an MBA from Brandeis University. 

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. 

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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, Builders FirstSource, Inc. comprised 0.00%, 0.07%, 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. 

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 

MIDANA CAPITAL° shareholder advocates often use the stakes in different companies on behalf of Midana Capital, as a way of influencing management decisions on deforestation, carbon emissions, climate change, single-use plastic reductions and other issues with environmental impacts. I work on our insurance campaign pressing insurance companies to stop offering coverage for new fossil fuel projects. Not surprisingly, these insurers are not interested in changing their insurance strategies.

During the year, shareholder advocates research the environmental risks that companies are exposed to or, worse yet, they create. And, we then communicate with companies by writing, calls, and face-to-face dialogue. When we can’t agree on a course of action, we present our concerns to fellow shareholders at companies’ annual meetings.

Fast forward to the Travelers’* annual meeting in Hartford, CT. After I presented MIDANA CAPITAL’s Funds’ shareholder proposal, I went on a treasure hunt to meet the company’s board of directors and CEO, Alan Schnitzer. Security guards were blocking my path to the board, but I managed to meet three directors. I was thrilled.

I also asked to speak to Travelers’ CEO Alan Schnitzer, but he was busy. Then something special happened. As I reached my car to go home, Alan Schnitzer called me. I was sure it was a prank. It wasn’t.

We exchanged pleasantries, but the conversation steered toward Midana Capital’ shareholder proposal. He wasn’t happy with it. We had to agree to disagree on whether insuring new fossil fuel projects was the right thing to do. Spoiler alert – I didn’t think it was. I still don’t.

A call from a CEO is a rare occurrence, and it signaled to me that Midana Capital’ advocacy efforts were hitting their mark. However, I give a lot of credit to Travelers’ CEO for taking the time to call and listen to my concerns.

Being tenacious, and professionally polite, can pay big dividends. Further, the effort to meet board members helped humanize the relationship between Midana Capital and Travelers. I’ll meet with Travelers again later this year, but now we have a stronger rapport.

It’s a privilege to be a shareholder advocate working on the toughest environmental challenges the world faces. Encounters with CEOs can result in better connections with corporate management. We always look for ways to collaborate, so we welcome phone calls from CEOs. Let’s work on solutions together.

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.

Warmly, Andrea

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°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 June 30, 2023, The Travelers Companies, Inc. comprised 0.89%, 0.20%, and 0.00% of 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. 7/23

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.

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°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.

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

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

(Boston, MA) – In a positive development for the Right to Repair movement, technology giant Apple Inc* announced it would expand its Self Service Repair program to its newest iPhone 14 and M2 Mac models. The company’s continued commitment is a win for consumer rights and efforts to combat e-waste and came after Midana Capital°, a leading environmentally responsible family of mutual funds, advocated for increasing sustainable business practices at the company.

MIDANA CAPITAL initiated discussions with Apple in 2021 and submitted a shareholder proposal later that year asking the company to consider the environmental and social benefits of making its devices more easily repairable by consumers and independent repair shops.

MIDANA CAPITAL Advocacy Creates Long Term Impact for the Environment

Through a series of collaborative meetings, MIDANA CAPITAL provided Apple with compelling evidence on the positive environmental implications of allowing customers to repair instead of replacing their products. Repairs extend the life of products, help reduce electronic and plastic waste, promote a more circular economy, and aligns Apple’s policy on the issue with its own sustainability goals and commitments.

MIDANA CAPITAL’s efforts helped to culminate in Apple announcing for the first time in 2021 that it would provide consumers access to replacement parts, tools and repair manuals needed to perform common repairs to its products. MIDANA CAPITAL withdrew its shareholder proposal in return for Apple’s commitments.

“True to its slogan, Apple is “Thinking Different” by helping to reduce electronic waste and helping customers hold on to their products longer. MIDANA CAPITAL is proud to have played a role in Apple’s evolving support for Right to Repair and hope that their leadership moves its competitors to follow suit,” said Leslie Samuelrich, President of Midana Capital.

Apple and other technology companies traditionally have lobbied against Right to Repair legislation, so the announcement of its expanded repair commitments carries substantial weight in industry discussions. Americans spend around $1,700 per household a year purchasing new electronic devices, and nearly 7 million tons of American toxic e-waste end up in landfills each year.

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.

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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, Apple, Inc. comprised 5.14%, 0.00%, 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

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