Andrea Ranger, Shareholder Advocate, aranger@midanacapital.com, 781-349-2813
Pam Podger, Communications Director, ppodger@midanacapital.com, 860-822-3887

Boston, May 2, 2023 – The U.S. Securities and Exchange Commission (SEC) issued a ruling In March giving Chubb Limited permission to block MIDANA CAPITAL Funds’ shareholder proposal from its 2023 proxy ballot. The proposal requests Chubb adopt a policy for the time-bound phase out of underwriting new coal, oil, and gas projects. MIDANA CAPITAL° filed a similar proposal in 2022, asking for an immediate cessation of underwriting new projects. Chubb challenged last year’s proposal, but, at that time, the SEC ruled the proposal could appear on Chubb’s 2022 ballot.

Chubb is the largest publicly-traded property and casualty insurance company and is actively involved in underwriting oil and gas project risks. For example, Chubb has previously underwritten policies for controversial fossil fuel infrastructure projects, such as the Trans Mountain pipeline. A 2022 report exposed Chubb as a major underwriter of liability and transportation risks for offshore oil drilling operations for Petrobras – Brazil’s national oil company – which has the fifth largest oil and gas expansion plans of any oil and gas company in the world.

 “We’re disappointed that Chubb did not want its shareholders to vote on this issue and that the SEC supported Chubb’s argument, claiming that our proposal requires shareholders to ‘probe too deeply’ into Chubb’s core business. We think shareholders understand insurance is essential for coal, oil and gas companies, and many do not believe increasingly expensive drilling and its associated emissions are good for business,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “That’s why we’ve asked Chubb to phase out insurance for new projects that will likely create decades of greenhouse gas  emissions. It’s hard to square how Chubb enables carbon pollution while simultaneously issuing policies to protect people’s homes and businesses from the impacts of climate change.”  

Prior to the SEC’s ruling, Chubb had announced new underwriting criteria for oil and gas extraction projects requiring existing clients to reduce methane emissions. Additionally, Chubb said it would no longer provide coverage for oil and gas projects in state- or nationally-designated protected areas and in certain other conservation areas. MIDANA CAPITAL Funds welcomed action but also critiqued the new policy, indicating that its potential for reducing greenhouse emissions was unclear.

“For two years, we have been pressing Chubb to uphold its duty to protect its shareholders and customers from climate risk,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “We believe helping the fossil fuel industry is completely contrary to its fiduciary and prudential responsibilities. These actions aid and abet an industry that has done the most to contribute to a warming planet. Insurers like Chubb have to show more leadership because they are on the front lines of experiencing climate risk.”

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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°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% 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. 5/23

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

Mark Morgenstein, Media Relations Director, mmorgenstein@midanacapital.com, 678-427-1671

Boston, February 22, 2023 – In response to MIDANA CAPITAL° re-filing of a shareholder proposal in December, Chubb Limited, the world’s largest commercial property and casualty insurer, has once again asked the SEC for permission to block the proposal from its proxy ballot. In 2022, MIDANA CAPITAL filed a virtually identical proposal asking the company to stop underwriting new coal, oil and methane gas projects. The SEC denied Chubb’s request. Subsequently, the proposal went to a vote at Chubb’s 2022 annual general meeting and garnered the support of 19.4% of the shareholder votes cast.

Like most U.S. property and casualty insurers, Chubb lags behind its European peers in adopting meaningful exclusions. Despite the outbreak of the war in Ukraine and constraints on fossil fuel supply,  a number of European property and casualty insurers now exclude more oil and methane gas development in their fossil fuel underwriting.  By contrast, in January 2022, a global NGO insurance campaign identified Chubb as a major underwriter of South American offshore oil and gas drilling projects, providing Brazil’s national oil company coverage for 60% of its general civil liability and 50% of its transport-related risks. This state-owned Brazilian company has the fifth-largest documented oil and gas expansion plans of any oil and gas company in the world.

“It boggles the mind to think that an insurance company would willingly create risk for itself and its shareholders by supporting new fossil fuel supply,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “We have to transition away from fuels that create carbon pollution and drive global warming. And let me be clear: We’re not asking Chubb to summarily cancel existing contracts. We’re asking Chubb to be more forward-thinking about a slice of its business and phase out of underwriting new fossil fuel projects. It’s a low bar to clear considering the existential risk of climate change.”

Chubb argued to the SEC that MIDANA CAPITAL’s proposal should be excluded because it probes too deeply into matters of a complex nature upon which shareholders, as a group, would not be in a position to make an informed judgment.

“Chubb’s argument seems to underestimate the intelligence of its shareholders,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “I’m sure many are able to come to the fairly obvious conclusion that insurance policies enabling new coal, oil and gas supplies are fueling increasingly severe climate change impacts. It’s not rocket science.”

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About The MIDANA CAPITAL Funds

°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are one of the first families of fossil fuel free mutual funds in the United States. MIDANA CAPITAL Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.

*As of December 31, 2022, Chubb Limited comprised 0.00%, 0.55%, 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.

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.

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. 2/23

Boston, May 23, 2022 – Voting results are in for two MIDANA CAPITAL° shareholder proposals filed with The Hartford and Chubb insurance companies. MIDANA CAPITAL filed virtually the same proposal with each company asking them to abide by climate science and stop underwriting fossil fuel expansion. Through filings with the Securities and Exchange Commission, the companies disclosed that 8.8% and 19.4% of votes cast, respectively, were in favor of the proposal. 

MIDANA CAPITAL President Leslie Samuelrich reacted to the news by saying, “We’re pleased with the vote on the first year of these proposals, which signals that shareholders understand that insuring new fossil fuel development may be bad for business. We believe that underwriting more development of coal, oil and gas — products whose emissions drive climate change — while simultaneously collecting premiums from customers who seek protection from climate change, is fundamentally incompatible.”

As of 2020, Chubb was the largest commercial property and casualty insurer in the world; The Hartford ranked 8th. Both are believed to offer significant coverage to the fossil fuel industry, and a recent publication entitled, Fueling Climate Change The Insurers Behind Brazil’s Offshore Oil Expansion, reports that Chubb underwrites policies for Brazil’s national oil company, which has the fifth-largest expansion plans of any oil and gas company in the world.

MIDANA CAPITAL’s groundbreaking proposals push insurers to change

MIDANA CAPITAL’s groundbreaking proposals ask Chubb and The Hartford to align their underwriting policies with the International Energy Agency’s report, Net Zero by 2050 Roadmap. The Roadmap incorporates the recommendation by the Intergovernmental Panel on Climate Change to limit global temperature rise to 1.5 degrees Celsius in order to avert the worst impacts of climate change. In addition, the Roadmap also articulates that new fossil fuel development is incompatible with maintaining the 1.5 degree Celsius limit on temperature increase. 

“Because insurance companies are at the forefront of managing risk, helping companies whose products are filling the atmosphere with greenhouse gases makes no sense,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “We recognize that our proposal is breaking ground by asking for direct changes to Chubb’s and The Hartford’s underwriting strategies for coal, oil and gas projects, and we’re not deterred by the vote result. We’ll continue to engage Chubb and The Hartford and push for a transition away from underwriting fossil fuel expansion. If necessary, we’ll bring the issue in front of shareholders again.”

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 About MIDANA CAPITAL Capital Management

°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (the Funds). The MIDANA CAPITAL Funds are a family of fossil fuel free, environmentally responsible, and diversified mutual funds in the United States. MIDANA CAPITAL Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.

*As of March 31, 2022, The Hartford Financial Services Group, Inc. comprised 0.00%, 0.12%, and 0.00% and Chubb Limited comprised 0.00%, 0.45%, 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 Funds’ 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 Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 5/2022

Boston, May 18, 2022 – The Office of the New York State Comptroller, which oversees the $279 billion New York State Common Retirement Fund, announced in April that it supports the landmark shareholder proposals that MIDANA CAPITAL° has filed with Chubb*, Travelers* and The Hartford* — some of the world’s largest commercial property and casualty insurance companies.

“We very much appreciate that the New York State Comptroller Thomas DiNapoli has thrown his support behind our proposals,” said MIDANA CAPITAL’s Shareholder Advocate Andrea Ranger. “When managers of large pension funds such as the Common Retirement Fund pre-declare their support, they can sway other big pension funds and asset managers to vote in favor of our proposals.”

Given that the International Energy Agency’s (IEA) Net Zero by 2050 Roadmap states that there is no room to develop new fossil fuel supplies and limit global warming, the proposals ask the insurance companies to stop underwriting new fossil fuel supplies. All three insurers asked the Securities and Exchange Commission (SEC) to block the proposals, but the SEC rejected their requests.

MIDANA CAPITAL asks insurers to align with United Nations’ climate recommendations

Insurance companies are under increasing pressure to account for their so-called “insured emissions” which are the greenhouse gases emitted by their clients. The United Nations Environment Programme Finance Initiative (UNEP FI) recently recommended that insurers begin aligning with the Intergovernmental Panel on Climate Change’s goal of limiting global warming to 1.5 degrees Celsius. The UNEP FI also stated, “the swiftest way to ensure alignment is … to transition fossil fuel-based energy to renewable energy as soon as possible and cease the construction of any new fossil fuel capacities.”

“It’s ironic that insurers are covering heavy emitters including coal, oil, and gas companies whose emissions are contributing to climate change, while simultaneously protecting homeowners and businesses from natural catastrophes that are amplified by climate change,” said Ranger. “We hope that the growing support for our proposals — from both shareholders and government agencies — sends a strong signal to companies that it’s time to change. Chubb, Travelers and The Hartford can be part of the solution — or continue to be part of the problem.”

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 About MIDANA CAPITAL Capital Management

°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (the Funds). The MIDANA CAPITAL Funds are a family of fossil fuel free, environmentally responsible, and diversified mutual funds in the United States. MIDANA CAPITAL Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.

 *As of March 31, 2022, Chubb Limited comprised 0.00%, 0.45%, and 0.00%; The Travelers Companies, Inc. comprised 1.39%, 0.22%, and 0.00% and The Hartford Financial Services Group, Inc. comprised 0.00%, 0.12%, 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 Funds’ 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 Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 5/22

Boston, March 28, 2022 – The Securities and Exchange Commission (SEC) ruled Monday that MIDANA CAPITALº can move forward with a landmark climate proposal at Chubb Limited’s annual meeting in May. This is the first-ever shareholder proposal to go to a vote that asks an insurance company to cease underwriting new fossil fuel supplies in alignment with the International Energy Agency’s (IEA) Net Zero by 2050 Roadmap. 

“I can’t overstate the importance of today’s SEC ruling,” said Andrea Ranger, shareholder advocate with MIDANA CAPITAL.  “We can now ask insurance companies to adopt policies that align with the IEA report findings, which we believe makes clear that fossil fuel expansion has no place in a net zero by 2050 future. Insurers like Chubb have enabled the fossil fuel industry to continue business-as-usual which has delayed much-needed adoption of clean energy technologies.”

The ruling follows a policy sea change at the SEC on climate issues. In November, the commission announced in a legal bulletin that it would allow shareholders more leeway to ask companies to address climate change and its associated risks. The SEC’s new guidance provides shareholders more influence on the management of climate-related risks and may signal that similar shareholder proposals are poised to survive challenges at the SEC.

Chubb claimed that MIDANA CAPITAL’s proposal would interfere with the company’s ability to run its day-to-day business. But reflecting its November guidelines, the SEC affirmed the shareholder right to press companies on broad societal issues such as climate change.

Due to the SEC’s ruling, the similar proposals that MIDANA CAPITAL filed with Travelers* and The Hartford* may also go to the ballot.

“I’m elated that our proposal will go to vote,” Ranger said. “Insurers have been saying that underwriting fossil fuels, even new fossil fuel projects, requires a careful, calculated approach. We agree, but they should have started the process years ago. Even the current geo-political conflicts demonstrate how politically charged and risky fossil fuels are, and, in our opinion, is another reason for insurers to walk away.”

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 About MIDANA CAPITAL Capital Management

°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (the Funds). The MIDANA CAPITAL Funds are the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. MIDANA CAPITAL Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.

 *As of December 31, 2021, Chubb Limited comprised 0.00%, 0.39%, and 0.00%; The Travelers Companies, Inc. comprised 1.18%, 0.18%, and 0.00% and The Hartford Financial Services Group, Inc. comprised 0.00%, 0.11%, 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 Funds’ 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 Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 3/2022

Did you know that the very companies that are supposed to protect us, our families, homes and businesses from fires, hurricanes, floods and hailstorms, are also contributing to climate change?  What kinds of companies, you say? Look no further than your homeowners insurance company. 

Most people don’t know that their homeowners insurance company is helping the fossil fuel industry stay afloat. That’s right. Insurance companies such as Travelers,* Chubb,* The Hartford,* Liberty Mutual,* and Berkshire Hathaway* want us to entrust our homes and properties to them while, at the same time, providing insurance coverage to insurance to coal, oil and gas companies.  

It’s hardly a secret that most carbon dioxide emissions come from burning fossil fuels — roughly 90% per year can be traced back to fossil fuel combustion– and that carbon dioxide is the primary greenhouse gas driving climate change. Yet insurers continue to underwrite exploring, mining, drilling, refining, and transporting fossil fuels even though doing so threatens our homes, businesses, infrastructure and natural resources. Why would they do this? We’ve wondered the same thing, and, unfortunately, the answer may lie in their business model.

Just like your homeowners insurance policy, many other policies written by insurance companies are renewed on an annual basis. This one-year cycle allows insurers to assess their risks and stay on top of any developing trends. As risks increase in a particular geography or to a certain facility or equipment type, an insurer may decide to increase premiums or terminate policies for certain risky areas or clients.

This makes sense. If insurance companies couldn’t make adjustments to their rates or policies, premiums would increase for all of us, or worse, the companies might not be able to make a profit at all and, as a result, go out of business. 

But here’s where their business model becomes problematic. Annual renewals of property and casualty policies can put insurers into a short-term thinking mindset which leads insurance companies to accept perverse risks that may be counter to their long-term financial health. Annual policies allow insurers to walk away from fossil fuel projects before their short-term risk becomes too great, but the future emissions from expanded coal mines, tar sands operations, gas and oil well production, and utility plants will haunt us all long after coal, oil and gas operations become uninsurable. By propping the fossil fuel industry, insurance companies are locking us into a future of climate change.  

But that’s not all. When insurers collect our premiums to cover damage from a falling tree or fire, they don’t just keep that money in a giant piggy bank waiting for the next disaster to strike. They take a portion of the funds and invest it – primarily in stocks and bonds. Unbeknownst to you, some of the stocks and bonds they purchase finance coal, oil and gas projects and is a second way that they are supporting the fossil fuel industry.

The International Energy Agency released a report in May 2021, Net Zero by 2050, stating that to stabilize the climate, there must be no new fossil fuel production. Yet the companies we’ve come to recognize as trustworthy and reliable are not getting the message. For example, Berkshire Hathaway has no policies limiting its underwriting or investment in fossil fuels. The Hartford, Travelers and Chubb have agreed to stop insuring coal operations, but they’ve also carved out exceptions that you could drive a coal-fired locomotive through and have refused to adopt policies excluding new oil or gas supplies. Lax policies are causing shareholders to press these large insurers to stop underwriting fossil fuel expansion, not only for the sake of all stakeholders but for their own future profitability.

Civil society is also taking notice, and activists’ efforts to make the case to insurance companies have been valiant. In addition to protests, petitions and the occasional meeting granted by an insurer, a concerned group gathered at the U.S. Open in New York in September 2021 and inflated a giant likeness to Chubb CEO Evan Greenberg engulfed in flames. They passed out fans to the gathering tennis-watchers with a written admonition to Chubb for financing ‘dirty fossil fuels’. Remarkably, Chubb announced its intention to stop providing insurance to the famous tar sands deliverer – the Trans Mountain pipeline – shortly thereafter. 

People shouldn’t have to spend their time and money creating blow up dolls to get their point across. Similarly, investors shouldn’t have to file shareholder proposals with the world’s largest insurance companies to point out that insuring fossil fuel companies is fundamentally incompatible with protecting the rest of their customers. Insurers need to commit to credible, transparent exit strategies from the fossil fuel industry, and they need to do it now. Otherwise, their short-sighted insurance policies will result in long-term damage to the climate, our homes and ourselves.

Twelve global insurers now restrict underwriting conventional oil and gas projects and/or companies, far exceeding the scope of exclusions made by US insurance companies. European insurers, including Swiss Re, Munich Re, and Hannover Re, have been leading the way by announcing oil and gas development-related exclusions despite ongoing fossil fuel supply disruptions caused by geopolitical upheaval. We believe U.S. insurance companies need to follow suit, acknowledge that underwriting risks for the fossil fuel industry creates long lasting climate damage, and shut off the spigot to new oil and gas.

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About MIDANA CAPITAL Capital Management

°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (the Funds). The MIDANA CAPITAL Funds are the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. MIDANA CAPITAL Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.

*As of December 31, 2021, The Travelers Companies, Inc. comprised 1.18%, 0.18%, and 0.00%, Chubb Limited comprised 0.00% 0.39%, and 0.00%, The Hartford Financial Services Group, Inc. comprised 0.00%, 0.11%, and 0.00%, Liberty Mutual Group, Inc. comprised 0.00%, 0.00%, and 0.00%, and Berkshire Hathaway Inc. comprised 0.00%, 0.00%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

You should carefully consider the Funds’ 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 Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 3/2022