MIDANA CAPITAL° shareholder advocates often use the stakes in different companies on behalf of MIDANA CAPITAL Funds, 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 Funds’ 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 Funds’ 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 Funds 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

###

°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are one of the first families of fossil fuel-free, 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 Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please 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 Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 7/23

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

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

Boston, June 2, 2023 – Shareholders have weighed in on a shareholder proposal filed by MIDANA CAPITAL° and the Benedictine Sisters of Boerne, Texas, asking McDonald’s to establish a more ambitious policy to eliminate use of medically important antibiotics in its pork and beef supply chains. McDonald’s published the vote tally on Thursday which showed 16.6% of votes cast were in favor of the proposal.

In its opposition statement, McDonald’s acknowledges that antimicrobial resistance “is a critical global public health issue that we believe we and our suppliers have a responsibility to help address.” The term antimicrobial resistance (AMR) is often used interchangeably with antibiotic resistance, but can also describe non-bacterial resistant diseases. The U.S. Centers for Disease Control and Prevention identifies antimicrobial resistance as a global public health crisis that threatens to reverse medical progress, and the World Health Organization (WHO) identifies antimicrobial resistance as “one of the top 10 global public health threats facing humanity.”

Although McDonald’s first publicized that it would address antibiotic resistance in its food animal supply chain in 2003, it didn’t set reduction targets until 2017, which were narrowly focused on its chicken supply chain. Further, the targets aimed to eliminate only the antibiotics that are highly critical to medicine, failing to protect a wide range of other important antibiotics that humans use to fight infections.

The proposal filed by MIDANA CAPITAL and the Benedictine Sisters asked McDonald’s to establish a policy that would not only eliminate routine use of all medically important human antibiotics in its pork and beef supply chains, but push the company to establish timelines, metrics for measuring implementation, third-party verification, and guidelines for enforcement should suppliers fail to meet McDonald’s targets.

In December 2022, McDonald’s did announce reduction, but not elimination, targets that are limited to its beef supply chain in its top 10 markets.

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

“McDonald’s shareholders have signaled that they want to hold McDonald’s responsible for not living up to its commitments, especially when it comes to animal welfare and protecting human health. We’ll continue to work with the company, but we won’t be satisfied until it takes steps necessary to protect the effectiveness of antibiotics, which are crucial to public health. We’re looking for both action and accountability on its part.”

Andrea Ranger, MIDANA CAPITAL Shareholder Advocate, stated:  

“McDonald’s is the largest fast food restaurant in the world. As such, it has the influence to change the way food animals are raised and has the responsibility to protect public health from malicious germs which include dangerous bacteria. When I bite into a Big Mac, I want to know that the beef was sourced responsibly and that it was raised without using antibiotics that I, and society in general, need to stay healthy and whole.”

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 Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are one of the first families of fossil fuel-free, 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, McDonald’s Corporation comprised  0.00%, 1.12%, 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 Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

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

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

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

Boston, May 19, 2023 – – Shareholders of Mondelēz International, Inc., a food company known for its popular snack brands, such as Chips Ahoy!, Cadbury, Ritz, and Oreo, were reluctant to support a MIDANA CAPITAL° proposal, as evidenced by the vote tally released on Friday. The proposal, which asks Mondelēz to disclose interim targets for achieving its goal to source 100% cage-free eggs by 2025, captured 9.8% of the total vote.

Demand for cage-free eggs, and the supply to match it, has grown dramatically in the U.S. and European Union in recent years –driven by consumer awareness of and desire for humanely-raised animal proteins as well as government pressure on manufacturers to switch to producing cage-free eggs. The term “cage-free” was coined in response to farmers’ use of “battery cages,” where hens are housed in spaces that are smaller than the size of a piece of printer paper.

Mondelēz first announced in 2016 that it would source 100% cage-free eggs by 2025. However, recent company disclosures of current sourcing volumes indicate that it is unlikely to meet its goal, which prompted the MIDANA CAPITAL proposal. In recent years, excluding its Russian and Ukrainian egg markets, Mondelēz sourced cage-free eggs at a rate of 27% in 2020, 39% in 2021, and 43% in 2022. Extrapolating from its current progress, Mondelēz would achieve a sourcing rate of only 59% by the end of 2025, far short of its original ambition.

However, Mondelēz peers, General Mills and Conagra, disclose their planned progressions toward their global cage-free egg targets and are further along in achieving their goals than Mondelēz. Further, Target and a wide range of quick service food retailers including Jack in the Box, Denny’s, Bloomin’ Brands (the parent of Olive Garden) have also disclosed similar cage-free egg glide paths to their shareholders.

MIDANA CAPITAL Funds President Leslie Samuelrich responded to the vote result by saying:

 “While we had hoped for greater support for our proposal, this is the first year we’ve brought this issue of cage-free egg goals to Mondelēz shareholders for a vote. Without publishing a clear path for achieving its 2050 cage-free egg sourcing goal, Mondelēz may be inviting unnecessary risk by being seen as not living up to its obligations. This is especially true because we’re talking about a sensitive animal welfare issue that has quite a bit of public support.”

Andrea Ranger, a shareholder advocate at MIDANA CAPITAL commented:

“Disclosure is central to investor decision making, but Mondelēz has told us that disclosing interim targets for its 100% cage-free egg by 2050 goal would be “burdensome, unnecessary…. and could generate confusion among our stakeholders.” Given that it’s now 2023 and Mondelēz committed to reach its goal in 2025, one has to ask, does it really have a plan? If so, why wouldn’t it share it with investors?  For the sake of its investors, customers, and the health of the animals in its supply chain, I hope it does and it will.”

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 Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are one of the first families of fossil fuel-free, 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, Mondelēz International, Inc. comprised 0.00%, 0.52%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund, respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

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 Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 5/23

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

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

Boston, May 26, 2023 – – Shareholders showed less support for a MIDANA CAPITAL° proposal that asked Travelers to establish a deadline for phasing out underwriting new fossil fuel projects. Votes cast in favor reached 8.8%, less than the 2022 vote outcome of 13.2% for a similar MIDANA CAPITAL proposal. MIDANA CAPITAL filed the same proposal seeking underwriting restrictions on fossil fuel projects at a peer company, The Hartford*, earning 8.8% of the vote on May 17th.

MIDANA CAPITAL’s proposals were prompted by concerns that Travelers’ underwriting strategies were not clearly aligned with limiting global temperature rise to 1.5°C. Global climate and energy experts at the Intergovernmental Panel on Climate Change (IPCC)  and the International Energy Agency (IEA) assert that expanding fossil fuel supply will likely push the world beyond the recommended limit of a 1.5°C temperature rise. The IPCC reports explicitly that exceeding the 1.5°C limit will likely result in dangerous physical risks, and, in some cases, irreversible natural resource damage.

While U.S. insurers, Chubb* and The Hartford, announced partial underwriting exclusions on insuring thermal coal mining and coal plant construction and operation in 2019, it took Travelers an extra two years to make a similar commitment. Additionally, it has yet to extend its exclusions to contractors, equipment or projects that support the development of new oil and gas wells, pipelines, and related fossil fuel infrastructure, even as  climate experts declare the use of fossil fuels must dramatically decline.

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

“Regardless of the vote, it’s important to keep this issue front and center for Travelers. We see no reason why it should enable new oil and gas supply in the face of the dire need to transition to a low-carbon economy.  To its credit, Travelers has already started down the right path by underwriting new renewable energy projects, including offshore wind construction. However, it still needs to detour from the path of insuring the expansion of fossil fuels.”

Andrea Ranger, a shareholder advocate at MIDANA CAPITAL commented:

“Covering the liability and casualty risks for owners, contractors, and equipment that will allow new methane gas, a.ka. “natural” gas, to flow or new oil for gasoline will only lock us into carbon emissions for years to come. In my view, Travelers has a duty not only to its shareholders, but to stakeholders in general, to pivot from an industry that’s contributed the most to climate change.”

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 Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are one of the first families of fossil fuel-free, 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 Limited comprised 0.00%, 0.44%, and 0.00%, The Hartford Financial Services Group, Inc. comprised 0.00%, 0.12%, and 0.00%, and The Travelers Companies, Inc. comprised 1.12%, 0.22%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund, respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

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 Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 5/23

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

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

Boston, May 22, 2023 – The Hartford announced the vote results on Friday for a MIDANA CAPITAL° proposal asking the company to establish a deadline for phasing out underwriting new fossil fuel projects. Votes cast in favor reached 8.8%, the same as the 2022 vote outcome of 8.8% for a similar MIDANA CAPITAL proposal. MIDANA CAPITAL filed the same proposal seeking underwriting restrictions on fossil fuel projects at peer company, Travelers, whose annual meeting of shareholders will be held on May 24th.

MIDANA CAPITAL’s proposals were prompted by reports authored by the  Intergovernmental Panel on Climate Change (IPCC)  and the International Energy Agency (IEA) indicating how expanding fossil fuel supply is likely to push the world beyond the recommended limit of a 1.5°C temperature rise. The IPCC explicitly reports that exceeding the 1.5°C limit will likely result in dangerous physical risks, and, in some cases, irreversible natural resource damage.

While The Hartford did adopt partial underwriting exclusions for insuring thermal coal mining, coal plant construction and operation, and tar sands-related risks in 2019, it hasn’t extended its exclusions beyond the most heavily-polluting fuels – even when  climate experts say use of fossil fuels must dramatically decline. In 2022, the company adopted a goal to reach net-zero emissions by 2050, but has yet to launch new initiatives in support of its goal.

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

“Regardless of the vote outcome, MIDANA CAPITAL will continue to press The Hartford to fully address its climate risk. Despite its existing exclusions and its net-zero by 2050 goal, we’d like to see The Hartford extend its underwriting exclusions to other dirty fossil fuels, including new oil and gas projects. Insurance companies have a critical role to play in steering us toward a low-carbon economy, but supporting new oil and gas wells, pipelines, and transportation infrastructure will likely lock us into carbon emissions that we simply can’t afford.”

Andrea Ranger, a shareholder advocate at MIDANA CAPITAL commented:

“Covering the liability and casualty risks of new oil and gas projects is antithetical to protecting the rest of The Hartford’s clients from climate risk. In light of the company’s net-zero goal, I believe MIDANA CAPITAL Funds’ proposal is a reasonable request to phase out underwriting new risks for an industry that’s contributed the most to climate change.”

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 Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are one of the first families of fossil fuel-free, 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, The Hartford Financial Services Group, Inc. comprised 0.00%, 0.12%, and 0.00% and The Travelers Companies, Inc. comprised 1.12%, 0.22%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund, respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

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 Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 5/23

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

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

Boston, May 15, 2023 – MIDANA CAPITAL’s° shareholder proposals filed with The Hartford Financial Services Group, Inc. and The Travelers Companies, Inc. are going to a vote at the companies’ annual general meetings on May 17^th and May 24^th, respectively. MIDANA CAPITAL filed the proposals in December requesting that the companies phase out underwriting new fossil fuel projects in line with the Paris Agreement’s aim to limit global warming to 1.5℃ over pre-industrial temperatures.

MIDANA CAPITAL’s proposals raise concerns that The Hartford and Travelers are exposed to climate risk. Both companies underwrite policies meant to protect customers’ homes and businesses from the impacts of climate-driven catastrophes while simultaneously underwriting policies for the fossil fuel industry, whose emissions amplify the effects of those catastrophes.

“Insurers seem to think developing more gas and oil will somehow ease us into a clean energy transition, but developing new wells, pipelines, and other fossil fuel infrastructure is fundamentally incompatible with protecting people and the planet,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “Insurance should be about protection, not enabling systemic threats like climate change.”

Net-zero goals and insuring new renewables projects are not enough

While both The Hartford and Travelers have adopted partial underwriting exclusions on insuring thermal coal mining, coal plant construction and operation, and tar sands-related risks, neither company has agreed to limit underwriting new oil and gas projects, even in ecologically-sensitive areas like the Arctic. U.S. insurer Chubb*, the largest publicly-traded commercial property and casualty insurer in the world, announced in March that it will no longer underwrite oil and gas extraction projects in government-protected conservation areas and that it will press existing clients to cut methane leaks and emissions from flaring.

Although The Hartford set a goal to achieve net-zero emissions by 2050 across its full range of operations, the company has not announced plans to address how its underwriting strategies support its net-zero commitment. Travelers has neither set a net-zero goal nor has it addressed the incongruency of insuring fossil fuel development with protecting its customers from severe weather enhanced by a warming climate.

“Both The Hartford and Travelers are insuring new renewable energy projects, and we applaud that,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “But developing more renewables is only half the answer. Climate experts tell us that the other half is giving up extracting and burning even more oil and gas. For an industry that relies on science, I hope insurers will extract new oil and gas projects from their underwriting portfolios.”

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 Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are one of the first families of fossil fuel-free, 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 Limited comprised 0.00%, 0.44%, and 0.00%, The Hartford Financial Services Group, Inc. comprised 0.00%, 0.12%, and 0.00%, and The Travelers Companies, Inc. comprised 1.12%, 0.22%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund, respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please 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 Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 5/23

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

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

Boston, May 9, 2023 – Shareholders of the United Parcel Service, Inc. (UPS) showed lower support for a MIDANA CAPITAL° and Trillium Asset Management proposal asking the company to adopt an independently verified science-based greenhouse gas emissions reduction target. Votes in favor reached 20%. By comparison, the same proposal filed last year by MIDANA CAPITAL, Trillium, and a third investor achieved twenty-eight percent of votes cast in favor.

In 2021, UPS announced a goal to become carbon neutral by 2050 for emissions related to its direct operations, e.g. related to package delivery and air freight. Its goal also covers UPS’s indirect emissions, i.e. from third parties, such as the emissions from air freight provided by its vendors or emissions associated with manufacturing the goods that UPS uses, like sorting equipment. Nevertheless, MIDANA CAPITAL remains concerned the company’s commitment may be an empty promise because its goal has not been verified by an independent third party. Nor is it clear whether UPS’s intent to reduce its direct and indirect emissions will align with limiting its greenhouse gas emissions to 1.5 degrees Celsius temperature rise. Climate experts strongly recommend that the world not exceed this temperature in order to avoid the worst impacts of climate change.

By contrast, other companies in the transportation sector, such as passenger airlines Delta, American, Air France, Iberia, KLM, and United have all committed to set science-based targets (SBTs) via Science Based Targets initiative, a global standard setting body and verifier of SBTs. For its land transportation needs, UPS has turned to alternative fuels, such as renewable natural gas (RNG). However, some believe that the production and consumption of RNG could steer efforts away from the electrification of delivery fleets. Unlike UPS, its competitors, Fedex and Amazon, have committed to purchasing 50% EV delivery trucks by 2025 and 100% by 2030 and 100,000 EV trucks by 2030, respectively.

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

“We filed the shareholder proposal for a second year in a row because we believe UPS’s sustainability efforts are not delivering for us, and we felt it was important to bring our concerns in front of all shareholders,” Samuelrich said. “Regardless of the vote, it is our opinion that UPS’s plans for emissions reductions need to be science-based and verified by credible third parties.”

 Andrea Ranger, a shareholder advocate at MIDANA CAPITAL Funds, added:

“Cutting emissions as swiftly and deeply as possible makes sense especially for transportation and logistics companies.  Climate change is contributing to severe weather that will very likely threaten UPS’ operations and profitability,” Ranger said. “Just last summer, brutal heat waves sent UPS drivers to the hospital and, tragically, caused several deaths. We would like to see UPS do its utmost to rein in its emissions in order to protect human health and stabilize the climate.”

 ###

 °MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are one of the first families of fossil fuel-free, 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, comprised 0.71%, 0.77%, and 0.00% of the MIDANA CAPITAL Balanced Fund , the MIDANA CAPITAL Equity Fund , and the MIDANA CAPITAL International Index Fund, respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

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 Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 5/23

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

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

Boston, May 4, 2023 – MIDANA CAPITAL° withdrew a shareholder proposal with tech giant Alphabet after the company agreed to provide greater visibility into its use of carbon offsets.

Alphabet relies on carbon offsets, also known as carbon credits, to neutralize the emissions it’s not able to eliminate through other methods, such as through energy efficiency or renewable energy. Following the MIDANA CAPITAL engagement, the company has now agreed to annually disclose its criteria, approach, and portfolio, including details on project purchases and any relevant certifications related to its purchases of carbon offsets.

Despite earlier commitments and a white paper detailing its strategy for buying “high-quality carbon offsets,” which are known for longevity and verifiability, Alphabet’s full disclosure in 2022 fell short. In a single sentence in its annual environmental report, the company vaguely stated “[We] plan to invest in nature-based and technology-based solutions to neutralize our remaining emissions.”

Relying on carbon offsets to neutralize emissions is currently an area of intense debate. Some academics and NGOs are urging potential buyers to be cautious as research about how different projects absorb carbon, methodology for measuring offsets, and ability to verify the durability of the offsets evolve.  At minimum, more robust disclosure may be advised, and the agreement secured by MIDANA CAPITAL should help investors better assess  Alphabet’s carbon offset purchases.

“I’m pleased that Alphabet sees the value in revisiting its carbon offsets disclosure policy,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “MIDANA CAPITAL, and I expect many, many investors, value insight into how Alphabet is managing its climate risk.  I believe embracing transparency will only help it select offsets wisely and avoid the greenwashing label.”

The U.S. Securities and Exchange Commission (SEC) has weighed in on the issue. In its proposed climate rule, the Enhancement and Standardization of Climate-Related Disclosures, the SEC expresses an interest in learning how companies use carbon offsets to reach their climate-related goals, and the regulator may require companies to disclose their carbon reductions represented by these offsets.

“Alphabet is a leader in many respects – the amount of renewable energy it procures, the energy efficiency it incorporates, and its ability to maintain carbon neutrality. Becoming a leader in carbon offsets seems like a natural step forward,” added Shareholder Advocate Andrea Ranger. “I think our proposal was a wake up call for Alphabet. Investors like us are analyzing corporate climate commitments very closely, and we want to see that claims of emissions reductions using offsets are actually true.”

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 °MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are one of the first families of fossil fuel-free, 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, comprised 3.11%, 6.48%, and 0.00% of the MIDANA CAPITAL Balanced Fund , the MIDANA CAPITAL Equity Fund , and the MIDANA CAPITAL International Index Fund, respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

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 Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 5/23

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

Pam Podger, Communications Director, ppodger@midanacapital.com, 860-822-3887

BOSTON, April 26, 2023 – After filing shareholder proposals with each company, MIDANA CAPITAL° successfully secured commitments with Advanced Micro Devices, Inc.,* Intel Corporation,* NVIDIA Corporation,*  ON Semiconductor Corporation,* and Texas Instruments, Inc.* requesting they publish climate transition plans. Climate transition plans detail companies’ near- and medium-term strategies and future actions deemed necessary to reaching their greenhouse gas emissions reduction goals.

The United Nations describes such plans as an “essential tool” for building public trust, helping companies align “governance and incentive structures, capital expenditures, research and development, skills and human resource development, and public advocacy…” with their targets.

Pressure to plan for and achieve steep emissions cuts comes not only from investors, but from the semiconductor industry itself. The Semiconductor Climate Consortium, which is an initiative of  the microelectronics industry group SEMI, urges its members to set net-zero emissions targets and to transparently report progress. Additionally, semiconductor company customers that have net-zero emissions reduction targets, such as Apple,* Google,* and Microsoft,* are increasingly eyeing their chip suppliers as they look to eliminate their upstream emissions.

Climate Transition Plans Help Investors Assess Companies’ Progress In Limiting Climate Change

“I believe each company recognizes the value of producing climate transition plans for investors and that their leadership will encourage peers and competitors to do the same,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “Investors increasingly need visibility into companies’ assumptions, opportunities, barriers, and emissions reduction pathways as they move toward fulfilling their emissions reduction targets.”

Semiconductor chip manufacturing is energy intensive and relies heavily on electricity to power furnaces, manufacturing equipment, and to maintain clean rooms. As a result, companies like Intel, NVIDIA, and ON Semiconductor are looking to source 100% renewable energy for their operations.  However, semiconductor manufacturing also uses gases that are essential  to completing chip designs, such as perfluorocarbons (PFCs). PFCs have a global warming potential that is thousands of times higher than carbon dioxide, and the gases are currently much more difficult to replace with less potent alternatives.

“The semiconductor industry has some very real challenges to overcome in order to secure a path to net-zero emissions,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger, “The idea of climate transition plans is relatively new, but for MIDANA CAPITAL, they couldn’t come quickly enough. The window of time for limiting devastating climate impacts is so narrow; we need to know that companies are planning and doing their part to ensure a livable future.”

Ranger added, “I want to acknowledge Advanced Micro Devices and ON Semiconductor, especially, for agreeing to create the most comprehensive transition plans I’ve seen yet. All five companies, however, deserve praise for their new commitments.” 

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 Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are one of the first families of fossil fuel-free, 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, Advanced Micro Devices, Inc. comprised 0.00%, 0.86%, and 0.00%, Alphabet, Inc. (Google) comprised  3.11%, 6.48 %, and 0.00%, Apple Inc. comprised 5.14%, 0.00%  and 0.00%, Intel Corporation comprised 0.00%, 0.74%, and 0.00%, MicroSoft Corporation comprised 3.98%, 11.12% and 0.00%, NVIDIA Corporation comprised 1.07%, 3.72%, and 0.00%, ON Semiconductor Corporation comprised 0.00%, 0.19%, and 0.00%, and Texas Instruments, Inc. comprised 0.00%, 0.92%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund, respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please 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 Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 4/23

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

Pam Podger, Communications Director, ppodger@midanacapital.com, 860-822-3887

Boston, April 11, 2023 – A coalition of nonprofits released the Lead the Charge Leaderboard report in early March, which ranks global automotive manufacturers, including General Motors (GM), on the sustainability of their steel and aluminum supply chains. The report evaluates whether manufactures disclose disaggregated data on supply chain greenhouse gas emissions, amounts of recycled metal used in manufacturing, targets to increase recycled metal content by 2030, and targets to procure fossil-free or “green” steel and aluminum. GM scored a ‘0’ in all four categories.

MIDANA CAPITAL Capital Management filed a shareholder proposal with GM at the close of 2022, pressing the largest U.S. automaker to procure at least 10% fossil-free steel and aluminum by 2030 and to eliminate deforestation linked to its leather and rubber supply chains. Although GM has set a greenhouse gas emissions reduction target for its operations and emissions associated with its light-duty vehicles, it has not accounted for supply chain emissions or leather and rubber-associated tropical deforestation in prime sourcing areas such as Africa, southeast Asia or Brazil.

“The Leadership Board’s findings confirm what MIDANA CAPITAL already knew – that there’s a concerning gap between General Motors’ stated intent to address its supply emissions and its actions. We want action, not just words,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “While we strongly support GM’s ambitions to transition its portfolio of light-duty vehicles to zero emissions by 2035, we believe it can do more to facilitate low-carbon solutions for metals production and to ensure that producing rubber and leather for its tires and luxury interiors never results in deforestation.”

In 2021, McKinsey reported that value chain emissions, including supply chain and land use change emissions, accounted for 80% of many companies’ carbon footprints. For auto manufacturers, this occurs in several ways. The mining, smelting and manufacturing of metal parts for cars and trucks is highly energy intensive. Also, forest degradation linked to rubber cultivation and raising cattle creates climate-altering emissions. Leading scientists and international NGOs recommend curbing all sources of greenhouse gas emissions to limit global warming to 1.5⁰C over preindustrial levels and avert the worst impacts of climate change.

“Tackling supply chain emissions is critical to achieving meaningful emissions reductions,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “Two leading EV manufacturers, Polestar and Rivian*, have jointly released a report telling us that neither switching to 100% battery electric vehicles nor powering that fleet with fossil-free energy will be enough to limit temperature rise to 1.5⁰C. But, if auto manufacturers aggressively decarbonize their supply chains, then overshooting the 1.5⁰C target could be prevented.”

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About MIDANA CAPITAL Funds

°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are one of the first families of fossil fuel-free, 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 December 31, 2022, Rivian Automotive, Inc. comprised 0.00%, 0.03%, 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 Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

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

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.

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk.

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

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