Pam Podger, Communications Director, ppodger@midanacapital.com, 802-299-9495 Douglass Guernsey, Shareholder Advocate, dguernsey@midanacapital.com, (617) 482-0800

(Boston, October 11) The MIDANA CAPITAL° Equity Fund has filed a shareholder resolution with Deere & Company* asking the company to issue a public report assessing the potential damage to the brand’s reputation from opposing Right to Repair legislation.

Deere, the iconic tractor company, has received significant scrutiny for its opposition to “Right to Repair” laws, which allow farmers to access diagnostic software, parts and instructions to repair their own machinery. A class-action lawsuit filed against Deere by farmers alleges that the company violated antitrust laws by restricting repair to dealerships, which increased company profits while hurting farmers.

Shareholders Concerned That Deere Is Not Doing Enough to Support Right to Repair

Recent polls indicate that an overwhelming 84% of Americans support Right to Repair legislation. In April 2023, Colorado became the first state to enact Right to Repair laws specifically targeting farm equipment. To date, 30 additional states have introduced Right to Repair bills, highlighting the growing momentum behind the issue.

While Deere recently signed a “memorandum of understanding” (MOU) with The American Farm Bureau Federation which would allow farmers to buy access to repair information, the agreement has come under scrutiny. According to the MOU, the Farm Bureau would be restricted from advocating for enforceable legislation, and Deere would be allowed to pull out of the agreement if any legislation is passed.

Deere Opposed Right to Repair on Flimsy Grounds

There are also concerns that in its rush to oppose Right to Repair legislation, Deere may have made misleading statements in federal filings regarding the environmental consequences of repair.

Deere claimed that existing EPA regulations and the Clean Air Act were some of the reasons that it would not give independent repair shops access to its diagnostic tools. In August 2023, however, the EPA issued a statement that it had no policy on restricting owners’ repairs of emissions-related components of their products to properly function.

MIDANA CAPITAL previously filed a shareholder proposal with Deere on the same issue in 2021. Shareholders were unable to vote on the measure as Deere petitioned the U.S. Securities and Exchange Commission (SEC) to exclude the proposal from the ballot. At the time, MIDANA CAPITAL° President Leslie Samuelrich said, “Deere seems to be more focused on stifling shareholder concerns than addressing them. Spending time and energy on an SEC challenge could be put to better use by making their products better serve their customers.”

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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 6.30.2023, Deere & Company comprised 0.58%, 0.57%, 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. September/2023

Contact Information:  

Douglass Guernsey, Shareholder Advocate, dguernsey@midanacapital.com, 617-747-4447 

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

(BOSTON, 10/10/23) – MIDANA CAPITAL° reached a deal with Costco Wholesale* which committed to increased plastic footprint disclosures and a new 5-year plastic action plan.  

“We commend Costco for providing the information that investors need and for taking steps to reduce their use of plastic, especially new plastics,” said Leslie Samuelrich, President of MIDANA CAPITAL Funds. “We look forward to working with the company to reduce its contribution to the plastic crisis by setting reduction targets that will meaningfully protect our oceans and wildlife.” 

In response to the growing global crisis of single-use plastic waste, MIDANA CAPITAL Capital Management approached Costco to explore how the retailing giant could expand the scope and scale of its plastic reduction efforts. The outcome of these discussions led to a new commitment by Costco to transparency and action. 

The disclosures, which are expected to be unveiled in July of 2024, include the total plastic footprint of Costco’s in-house brand, Kirkland Signature. The company will also disclose for the first time the total percentage of recycled content in its plastic packaging, an important indicator of environmental plastics commitments.  

In December of 2024, Costco will release its 5-year plastic action plan that will outline the steps the company will take to reduce total plastic in its Kirkland Signature Packaging, as well as report on progress made each year of the plan. 

Costco Takes Action on Plastics, Yet More Work Is Needed 

Despite Costco’s recent commitments, more work is needed to address the company’s exposure to single use plastics. In May of 2023, 185 asset managers with $10 trillion under management, including MIDANA CAPITAL, signed a statement calling for companies to immediately reduce single-use plastic packaging, upscale reusables systems, phase out hazardous chemicals, and advocate for responsible plastics legislation.  

“Companies need to take single-use plastic risk seriously,” said Douglass Guernsey, shareholder advocate at MIDANA CAPITAL. “Single-use plastics cost society an estimated $350 billion per year in emissions, ocean pollution and collection. Increasing regulation and litigation risk means these costs will be returned to companies that produce such excessive, unrecyclable plastic. Frankly, it’s past time to act.”  

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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 6.30.2023, Costco Wholesale comprised 1.45%, 0.00%, 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. September/2023 

Andrea Ranger, Shareholder Advocate, aranger@midanacapital.com, 781-349-2813
Pam Podger, Communications Director, ppodger@midanacapital.com, 802-299-9495

Boston, July 10, 2023 — CarMax, Inc., the largest used vehicle retailer in the U.S., has committed to strengthening its carbon offsets disclosure so that shareholders can assess whether the company is on track to achieve its greenhouse gas emissions reduction targets. In response, MIDANA CAPITAL°, with lead-filer As You Sow, withdrew a shareholder proposal for CarMax’s 2023 annual meeting.

In exchange for the withdrawal, CarMax agreed to several steps. It will publicly disclose any carbon offsets and renewable energy purchased to meet its goal of a 50% reduction by 2025 in emissions generated by its operations.  It will also share its criteria for procuring high-quality carbon offsets. Further, CarMax will disclose details of any projects involving purchases of carbon offsets and renewable energy, including the project names, locations, and third-party verification of the projects’ authenticity.

Leslie Samuelrich, President of MIDANA CAPITAL Funds, stated, “We applaud CarMax’s commitment to disclosing its carbon offsets and renewable energy purchases and see it as an important step toward greater transparency. Investors need this clarity to understand companies’ climate risk and how they plan to address it. We have little time to waste in order to prevent predicted catastrophic impacts from climate change and to transition to a clean energy economy.”

The Science Based Targets initiative (SBTi) has said that on average companies should reduce 90% of their emissions by 2050. Some shareholders believe that companies are relying on carbon offsets to meet their near-term and medium-term greenhouse gas reduction targets. MIDANA CAPITAL’s engagement will help clarify the reasons why CarMax is purchasing carbon offsets and whether the company is on track to make SBTi’s recommended 90% emissions cuts by 2050.

Andrea Ranger, shareholder advocate at MIDANA CAPITAL, said, “It is critical that companies making net-zero or greenhouse gas emissions reduction targets have a viable pathway for achieving those goals. We believe that carbon offsets should only be used to address hard-to-eliminate emissions and that companies should primarily focus on cutting emissions to achieve their emissions reduction goals.”

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, CarMax, Inc. comprised 0.00%, 0.06%, 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 28, 2023 – After discussions with MIDANA CAPITAL°, The New York Times Company (The Times) set a net-zero by 2030 greenhouse gas emissions target covering its scope 1 and 2 emissions. MIDANA CAPITAL had approached the newspaper with concerns about the company’s lack of goals for cutting emissions associated with global warming.

For decades, The Times’ reporters have written extensively about the impacts of climate change. In 2020, the company started hosting an event series called “Netting Zero,” featuring discussions by journalists and climate experts on how to have net-zero emissions in the future. However, at that time, The Times had not set or disclosed its own goals for reducing greenhouse gas emissions.

“This new commitment by The Times is news that’s fit to print — and just in time,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “The Intergovernmental Panel on Climate Change just issued a synthesis report calling for ‘deep, rapid, and sustained greenhouse gas emissions reductions,’ and, in response,  U.N. Secretary General Antonio Guterres, urged immediate action to reduce emissions, saying, ‘the climate time-bomb is ticking.’”

In a statement, The Times noted that it had begun to inventory its scope 1 and scope 2 greenhouse gas emissions and that it would publish its results sometime in 2023. Additionally, The Times said it intends to use its building spaces more efficiently, consume resources responsibly and cut greenhouse gas emissions. It also intends to electrify its delivery fleet, update its New York City headquarters to be more sustainable by cutting waste, and source paper from responsibly managed natural resources.

“Committing to reduce its carbon footprint and overall environmental impact is a first step toward putting The New York Times in line with its global peers, including The Guardian, The Wall Street Journal, and The Financial Times,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “Given The Times’ international prominence and the intense public scrutiny it receives, we believe that by implementing rigorous policies, targets and programs to reduce the company’s climate risk, it will help avoid reputational risk.”

The other media outlets mentioned above have set or committed to set near-term science-based targets for their scopes 1 and 2 greenhouse gas emissions with the Science Based Targets initiative that align with limiting global temperature rise to 1.5 degrees Celsius above pre-industrial levels. In addition, The Wall Street Journal and the Financial Times have committed to reduce at least a portion of their scope 3 emissions by 2030.

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.

###

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 March 31, 2023, The New York Times Company comprised 0.00%, 0.03%, 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. 6/23

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

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

Boston, June 26, 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.”

 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, 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.

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 Advocacy, aranger@midanacapital.com, 781-349-2813;

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

Boston, June 20, 2023 – General Motors released the results of the shareholder vote on a MIDANA CAPITAL° proposal asking the company to improve the sustainability of its aluminum, steel, rubber, and leather supply chains. Votes cast in favor reached 14.3% for this first-year proposal, which asked the company to disclose the environmental impacts of these key materials, procure more low-carbon aluminum and steel, and eliminate deforestation associated with producing leather and rubber.

In recent years, General Motors has set several aggressive targets – one to achieve carbon neutrality by 2040 and another to make and sell only electric light-duty vehicles by 2035. However, the company has not established clear targets for procuring green steel or aluminum, even though both industries can electrify some of their operations and use renewable energy to do so. Further, GM has yet to join industry associations such as ResponsibleSteel^TM, a coalition which created a certification system for green steel and is working to increase customer demand for green steel manufacturing.

Additionally, GM may be sourcing leather and rubber used for car interiors and tires from areas that are associated with deforestation. For example, in Brazil, which is considered a major source of leather for U.S. auto manufacturers, raising cattle is a leading cause of deforestation. The growth and expansion of rubber plantations in Southeast Asia and West Africa – the two primary areas in the world where latex for car tires is harvested – threatens the destruction of biodiverse ecosystems in those regions. Nevertheless, GM currently lacks public targets, milestones and metrics that would indicate progress toward eliminating its exposure to deforestation from rubber plantation expansion or destruction of tropical forests from cattle ranching.

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

“We believe that even with a full transition to electric cars and trucks by 2035, GM has exposure to significant environmental risks. Ultimately, we don’t think GM wants to be associated with deforestation. If the company wants to clean up its steel and aluminum supply chains, it should invest now in the transition to low-carbon steel and aluminum. Waiting only postpones much needed emissions cuts across the globe.”

Andrea Ranger, MIDANA CAPITAL shareholder advocate, added:  

“As one of the largest auto companies in the world, GM has a leadership role to play in addressing climate and deforestation risk. Many European auto companies, such as BMW, Mercedes, Volkswagen, and Volvo, are making commitments to source low-carbon metals. GM has an opportunity to catch up and lead the way for American manufacturers. Moreover, few manufacturers are addressing deforestation risk within their supply chains. GM could set an industry-wide standard by adopting near-term targets for zero deforestation.”

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

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.

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.

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.

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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, 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 – MIDANA CAPITAL° and the Benedictine Sisters of Boerne, Texas, have filed a shareholder proposal with McDonald’s urging it to eliminate routine use of antibiotics that are important to protecting human health on the animals in its supply chains. The proposal goes to a vote on Thursday, May 25.

The Sisters had previously pressed McDonald’s to engage its pork and beef suppliers to phase out use of the types of antibiotics on their animals that people also use. In 2018, the Sisters filed a similar proposal and withdrew it in exchange for McDonald’s promise to announce reduction targets by 2020. McDonald’s failed to meet its promise.

Administering low doses of antibiotics in food and water can spur development of ‘superbugs’ in farm animals and create bacteria so resistant to treatment that even the most potent antibiotics can fail to stop the disease. There are a handful of transmission pathways for antibiotic-resistant bacteria that allow them to jump from farm animals to humans. Infection can happen through handling bacteria-laden meat from the supermarket, drinking water polluted by farm runoff, and direct contact with animals by farm workers and meat processors. In 2021, the United Nations announced that we may soon reach a ‘tipping point’ when antimicrobial resistance becomes the leading cause of death – surpassing heart disease.

McDonald’s new responsible use policy encourages producers and veterinary professionals, among others, to “share responsibility for proactively developing and implementing effective best management strategies to reduce, and where possible eliminate, the need for [medically-important] antibiotic use.”

However, the policy falls short of the proposal’s request. MIDANA CAPITAL and the Benedictine Sisters had asked McDonald’s address use of antibiotics in its pork as well as beef supply chains. Further, the policy does not address the need for elimination targets, timelines, metrics for measuring implementation, third-party verification, or guidelines for enforcement when suppliers fail to meet McDonald’s guidelines.

“The upcoming vote is an opportunity for shareholders to assess the gap between what McDonald’s had stated it would do in the past to its new responsible use policy,” said Leslie Samuelrich, President of MIDANA CAPITAL Funds. “In 2018, McDonald’s promised the nuns that it would announce targets by the end of 2020. It reneged and provided a responsible use policy that has no teeth. In my opinion, it appears to be more aspirational than actionable.”

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.

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