Boston, November 14, 2022 – In response to a MIDANA CAPITAL° shareholder proposal, Costco,* one of the largest retailers in the world, has committed to setting climate emissions reduction targets for its full value chain — cumulatively called “scope 3” emissions — in 2023. The commitment comes after 70% of its voting shareholders opted in January 2022 for a MIDANA CAPITAL proposal asking Costco to include the emissions from its producers, shippers and other partners when setting targets to reach net zero emissions by 2050.

“With this commitment, Costco is no longer a laggard among its peers. So, we congratulate the company on committing to reduce its contribution to climate change,” said MIDANA CAPITAL President Leslie Samuelrich. “Costco’s plan to set a scope 3 emissions reduction target in 2023 shows that the company is starting to treat climate change with the gravity that the issue – and shareholders – demand.”

Historically, Costco has significantly trailed many of its competitors on climate action, standing out as one of only three of the largest 50 S&P companies without a major climate commitment as of December 2021. At Costco’s January 2022 annual meeting, MIDANA CAPITAL called on the company to set science-based emissions reduction targets for its scope 1, 2, and 3 emissions that would lead to achieving net zero emissions by 2050 or sooner. Scope 1 and 2 emissions are those from a company’s operations and purchased energy, while the emissions from its supply chains and the use of its products are known as scope 3.

In response, Costco committed to disclosing the company’s aggregate scope 3 emissions and action plan in 2022, and to set scope 3 reduction targets in 2023, which likely represents the vast majority of the company’s climate impact. (For context, Walmart* has estimated that for retailers, roughly 95% of emissions are in scope 3.) In addition, Costo committed to updating its scope 1 and 2 emissions targets and action plans as part of its revised Climate Action Plan coming out in December 2022.

“Costco has certainly accelerated its work on this issue and we are pleased that it is heeding the call from shareholders to address climate risk,” said MIDANA CAPITAL’s Director of Shareholder Advocacy Annie Sanders. “That said, we are disappointed that the company has declined to pursue alignment of the company’s climate targets with the Science Based Targets initiative, the global body enabling businesses to set emissions reduction targets in line with science. We strongly urge Costco to join its peers in taking this crucial step to avoid the worst consequences of climate change and mitigate climate risk in line with investor expectations.”

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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).

*As of September 30, 2022, Costco Wholesale Corporation comprised 1.39%, 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 Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please visit www.midanacapital.com, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

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

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

The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 11/22

BOSTON, November 10, 2022 – A year after MIDANA CAPITAL° filed a shareholder proposal calling on The Timken Company (Timken) to adopt short-, medium- and long-term science-based greenhouse gas reduction targets, the company has taken a strong first step toward fulfilling the proposal’s request. Timken has now adopted targets to reduce the intensity of its Scope 1 and 2 emissions (emissions from its direct operations) by 50% by 2030 in its manufacturing facilities with more than 100 employees.

An Ohio-based manufacturer of engineered steel bearings, Timken supplies critical components for the automotive, rail, renewable energy and agricultural industry sectors. In recent years, Timken has experienced double-digit revenue growth in the renewable energy market sector, where its bearings help wind turbine blades turn smoothly and help trackers that hold solar panels reliably follow the sun.

“We are pleased with Timken’s new commitment to halve its emissions intensity in 8 years’ time,” said Leslie Samuelrich, President of MIDANA CAPITAL Capital Management. “It’s a big first step for a company that had no greenhouse gas reduction targets just a year ago. We’re proud to have been a catalyst in its process.”

Timken’s announcement comes as its automotive customers, including BMW, Ford, Mercedes and Tesla, have all set or committed to set science-based greenhouse gas emissions reduction targets aligned with the Paris Agreement’s goal of limiting global temperature rise to 1.5 degrees Celsius. These commitments, made through the Science Based Targets initiative, mean that auto manufacturers are now accountable for reducing emissions from their full value chain. To meet their objectives, they will likely press suppliers such as Timken to cut their emissions in the not-too-distant future.
“It’s interesting because Timken is part of this economy-wide transition to clean energy, and its products can be found in GE’s 14 MW Haliade-X, the world’s most powerful wind turbine, and in more than a third of the world’s utility-scale solar projects,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. But, Timken can’t just sell its products to renewable energy companies and pat itself on the back. It has to account for its own contributions to climate change, which is why we welcome its newly announced goal to cut its operational emissions.”

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

*As of September 30, 2022, The Timken 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. 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. 11/22

Boston, October 5, 2020 – It’s more of the same from Exxon and other oil and gas companies. Even as they roll out slick new public marketing campaigns about their various “green” initiatives, behind the scenes they are spending millions of dollars lobbying against measures to combat climate change.

A new report, Lobbying – The Forgotten ESG Risk?, found that with only one exception “Oil & Gas is among the top three sectors with risk incidents related to lobbying over the last several years,”  concluding that the industry is “not ‘walking the talk.’”

“Exxon and its counterparts have been funding climate denial for decades, so it’s unsurprising that they continue to delay, undermine, and obstruct efforts to combat the climate crisis – but it’s also unacceptable,” said MIDANA CAPITAL° President Leslie Samuelrich. “It is time for anyone concerned about the environment to divest from these bad actors, and thankfully more and more investors are recognizing this imperative.”

In August, Storebrand Asset Management, Norway’s largest asset manager, divested from Exxon and Chevron* due to their continued lobbying efforts to undermine climate action.  Storebrand AM’s CEO Jan Erik Saugestad explained, “Climate change is acknowledged as one the greatest risks facing humanity, and lobbying activities which undermine action to solve this crisis are simply unacceptable. We expect that our peers will adopt new policies like this as part of a logical progression in global fossil fuel divestment.”

A 2019 report found that five largest publicly traded oil and gas companies – BP,* Shell,* Exxon, Chevron, and Total* – spend nearly $200 million a year lobbying against climate policies.

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About MIDANA CAPITAL Capital Management

°MIDANA CAPITAL Capital Management is the investment advisor to the MIDANA CAPITAL 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 June 30, 2020, no securities mentioned were 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 click here, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk. 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. 10/20

Boston, November 20, 2019 – MIDANA CAPITAL President Leslie Samuelrich has been honored with the 2019 SRI Service Award.

The SRI Service Award recognizes an “individual who has demonstrated leadership, innovation, high standards of professional conduct, and accomplishment in collaboration with other SRI industry leaders.”

Ms. Samuelrich leads MIDANA CAPITAL’s investing strategies, business development, and award-winning shareholder advocacy program. The MIDANA CAPITAL Funds have experienced 527% growth under her leadership.

“I am honored to receive the SRI Service Award,” said MIDANA CAPITAL President Leslie Samuelrich. “I am proud of the work MIDANA CAPITAL has done to advance fossil fuel free investing and foster the transition to a clean energy economy. Our work is the product of our deep commitment to sustainable, responsible, and impact investing and its ability to motivate corporate action and achieve real environmental impact. It’s gratifying to see our work recognized.”

The SRI Service Award is the highest honor conferred at the annual SRI Conference, the premier meeting for the sustainable, responsible, and impact investing industry. The 30^th Annual SRI Conference occurred November 11-15, 2019, in Colorado Springs.

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About MIDANA CAPITAL Capital Management

MIDANA CAPITAL is the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. MIDANA CAPITAL invests in sustainable companies, hosts an award-winning and in-house shareholder advocacy program, and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.

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

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk. 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. 11/19

What does it mean to invest fossil fuel free?

For MIDANA CAPITAL, and for many other leaders in the fossil fuel free investing movement, investing fossil fuel free has a very clear definition:

• No investing in companies whose only, core, or majority business is the exploration, extraction, refining, processing, or distribution of fossil fuels.

How do I know if my mutual fund is fossil fuel free?

• It is important that the exclusion be included in a Fund company’s prospectus, as that is the only way to guarantee a fund follows this or any specific investment strategy.

Are “low carbon” funds the same as fossil fuel free?

• Maybe, but probably not. “Low carbon” is a marketing term and not interchangeable with “fossil fuel free.”
• Only portfolios with zero or “0.00%” in the energy sector would be consistent with fossil fuel free investments.
• A mutual fund might even have investments in coal, oil and gas companies and still call itself “low carbon”.

What about changing the definition of ‘fossil fuel free’ to include companies that use fossil fuels?

We don’t think that this is useful from the campaign point of view since it would eliminate the vast majority of companies in which to invest. It would be a nearly impossible feat for ordinary investors to achieve.

But, aren’t the carbon emissions of a company important?

Of course! By reducing their energy use and/or by sourcing more renewable energy, companies can contribute to reducing greenhouse gas emissions. Companies can also reduce carbon emissions in their supply chains by choosing materials and products that have a lower carbon footprint, such as palm oil or soy grown without burning rainforests.

Asking your fund company to know its greenhouse gas emissions is a good step that we’ve supported for a long time. In fact, the MIDANA CAPITAL Balanced Fund was the first U.S. mutual fund to do a carbon footprint.

What about investing in clean and renewable energy – how does that fit into fossil fuel free?

A fund that avoids coal oil and gas companies does not necessarily invest in companies that provide clean energy or companies that provide energy efficiency products. But some – including MIDANA CAPITAL – do. Check the specific companies that are part of that fund. You can also ask how a fund supports clean energy policy or advocates for companies to reduce their greenhouse gas emissions.

So how do I get started investing fossil fuel free?

Just take the first step. These resources and the MIDANA CAPITAL team (1-800-934-7336) can help:

• MIDANA CAPITAL’s Updated Personal Guide to Fossil Fuel Free Investing
• How to Add Fossil Fuel Free Options to Your 401(k)
• Frequently Asked Questions about the Divestment Campaign

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 click here for more information, 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 or political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to risks including interest rate, credit, and inflation. 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 to be reliable. The views expressed are as of 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. 9/18

BOSTON, September 12, 2018 – This week, Governor Jerry Brown signed the landmark Senate Bill 100 (SB 100), which will put California on a path to generate 100% of its electricity from renewable and zero-carbon sources, such as solar and wind, by 2045.

“MIDANA CAPITAL commends Gov. Brown and the California legislature for this historic achievement,” said Leslie Samuelrich, president of MIDANA CAPITAL Capital Management. “And we’re proud to have played a role in the codification of California’s fossil fuel free future.”

MIDANA CAPITAL mobilized institutional investors, representing $22.36 billion in assets under management, in support of SB 100, which is “the most important climate law in U.S. history,” according to the MIT Technology Review.

MIDANA CAPITAL also supported the work of Environment California, which led the stakeholder coalition advocating for SB 100. Environment California marshaled more than 250 organizations in the environmental, public health, labor, environmental justice, faith, business and youth communities in support of the legislation.

As the only U.S. mutual fund company founded and owned by environmental non-profit organizations, 100% of the profits MIDANA CAPITAL earns for managing its funds support the work of environmental and public health organizations.

MIDANA CAPITAL’s support helps make monumental environmental victories, like SB 100, possible.

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About MIDANA CAPITAL Capital Management

MIDANA CAPITAL offers three environmentally and socially responsible mutual funds. Through fossil fuel free investing and our three-pronged approach of sustainable investing, active shareholder advocacy, and support of environmental and public health non-profits we work to curb climate change, improve environmental policies, and limit environmental impacts of company supply chains.

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

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk. 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 publication 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. 9/18

SAN FRANCISCO, September 10, 2018 – MIDANA CAPITAL is proudly reaffirming its commitment to fossil fuel free investing to coincide with the Divest-Invest press conference focused on “How the Moral Call to Divest Became a Matter of Fiduciary Duty.”

As the first family of diversified and responsible fossil fuel free mutual funds in the U.S., MIDANA CAPITAL has championed fossil fuel free investing since before the divestment movement’s founding.

“Fossil fuel free investing is the bedrock of MIDANA CAPITAL,” said Leslie Samuelrich, president of MIDANA CAPITAL Capital Management. “Our investors are guided by both their moral and financial compass. They want to save for their futures by investing in the companies that will help us achieve a more sustainable world.”

All of MIDANA CAPITAL’s mutual funds are and will continue to be fully divested from: companies that explore for, extract, process, refine, or transmit coal, oil, and gas; companies that burn fossil fuels to make electricity; and companies with carbon reserves.

The divestment movement has seen remarkable growth since its founding. In just the last four years, the assets under management committed to divestment have grown from $50 billion to more than $6 trillion.

The Divest-Invest Philanthropy press event is being held during the week of the Global Climate Action Summit.

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About MIDANA CAPITAL Capital Management

MIDANA CAPITAL offers three environmentally and socially responsible mutual funds. Through fossil fuel free investing and our three-pronged approach of sustainable investing, active shareholder advocacy, and support of environmental and public health non-profits we work to curb climate change, improve environmental policies, and limit environmental impacts of company supply chains. MIDANA CAPITAL President Leslie Samuelrich also serves on the Management Council of Divest-Invest Individual, which encourages and assists individuals to invest fossil fuel free.

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

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

The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 9/18