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

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

Boston, November 21, 2023 – In 2020, MIDANA CAPITAL° noticed that Corning Inc. did not have A greenhouse gas emissions (GHGs) reduction target that were ambitious enough to meet the goals of the Paris Agreement, a commitment signed in 2015 by 195 countries aimed at preventing the worst impacts of climate change.  

MIDANA CAPITAL then filed a shareholder proposal asking Corning to address its climate risk by adopting emissions reduction targets. The company met with MIDANA CAPITAL several times and made a commitment to set a science-based target by 2023, which it has now fulfilled.   

Established in 1851 as Corning Glass, the company’s products are linked to American history. For example, Corning produced the very first electric light bulbs for Thomas Edison in the 1880s, and in 1915 sold its first line of glass products that could be used for baking and storage under the brand name, Pyrex. More recently, Corning has delivered millions of miles of fiber optic cables to support widespread broadband access. Corning also developed a durable glass, known as Gorilla Glass, for Apple’s first iPhones, a product that is currently used in more than 8 billion devices worldwide, including smart phones, tablets, and laptops. 

Corning Commits to Developing Climate Transition Plan 

In 2023, MIDANA CAPITAL followed up with Corning and asked the company to develop and publish a climate transition plan. Now considered a best practice, the plans serve as roadmaps that contain investor-useful information by explaining how and when companies will meet their climate goals.   

Corning agreed to begin to develop a climate transition plan starting with its next sustainability report in 2024. The company will roll out more details in later years. 

“We’re excited to see Corning continue its leadership role when it comes to climate,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “We look forward to increased visibility into its strategies, tactics, and overall game plan.”     

In early 2023, the General Secretary of the United Nations, Antonio Guterres, urged business leaders at the World Economic Forum, to “put forward credible and transparent transition plans on how to achieve net-zero – and submit those plans before the end of this year.”  More than 4,100 organizations have disclosed to CDP (a reporting platform formerly known as the Carbon Disclosure Project) that they have prepared climate transition plans; however, CDP reports that only 45% were public, and only 12.6% covered what are considered key elements of a credible transition plan.  

“Now that more and more companies have committed to significantly cut their emissions, investors and stakeholders want assurance that goals and targets aren’t just greenwashing,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “We’re eager to see Corning develop a credible climate transition plan provides milestones, indicators for success, mechanisms for board and executive oversight, and enough details to instill investor confidence.” 

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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 September 30, 2023, Corning, Inc. comprised 0.00%, 0.13%, 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. 11/2023 

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

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

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

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

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

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

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

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

An investment strategy that incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

Warmly, Andrea

###

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

*As of June 30, 2023, The Travelers Companies, Inc. comprised 0.89%, 0.20%, and 0.00% of MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

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

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

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

The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 7/23

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

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

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

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

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

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

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

Andrea Ranger, a shareholder advocate at MIDANA CAPITAL commented:

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

An investment strategy that incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

###

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

*As of March 31, 2023, The Hartford Financial Services Group, Inc. comprised 0.00%, 0.12%, and 0.00% and The Travelers Companies, Inc. comprised 1.12%, 0.22%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund, respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

The percentage in favor was calculated by (i) dividing the number of votes in support of the proposal by (ii) the sum of the number of votes voted in support of and against the proposal. Abstentions and broker non-votes were not included in the calculation.

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

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

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

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

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

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

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

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

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

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

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

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

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

An investment strategy that incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

###

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

*As of March 31, 2023, Chubb Limited comprised 0.00%, 0.44%, and 0.00%, The Hartford Financial Services Group, Inc. comprised 0.00%, 0.12%, and 0.00%, and The Travelers Companies, Inc. comprised 1.12%, 0.22%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund, respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

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

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

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

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

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

Boston, March 22, 2023 – The insurance company Chubb Limited announced a new policy Wednesday aimed at reducing methane emissions released by its oil and gas clients’ operations. Chubb declared it will no longer cover oil and gas projects in government-protected conservation areas found in the World Database on Protected Areas.

Chubb was the first U.S. insurer to adopt any restrictions on underwriting new coal mining, new coal plant construction and operation, and new risks for utilities burning coal. In 2022, Chubb announced it would no longer offer coverage for oil sands projects, either. It is now the first U.S. insurer to announce underwriting restrictions on extraction from conservation areas. In addition, Chubb says it plans to work with oil and gas clients on improving methane leak detection, eliminating non-emergency venting of methane, and reducing emissions from flaring.

“We welcome any new policy that will effectively cut emissions in line with what experts tell us we need to do to prevent the worst impacts of climate change,” said MIDANA CAPITAL Funds President, Leslie Samuelrich, “But — and there’s a big but — it’s not clear whether Chubb’s new policy aligns its entire book of business with a 1.5 degrees Celsius scenario. We need to see more details to know whether this is an impactful policy or simply a diversion from our shareholder proposal, so we invite Chubb to further explain its new policy.”

MIDANA CAPITAL Funds has negotiated with Chubb over the past two years, urging the company to stop underwriting new fossil fuel projects in alignment with the goals of the Paris Agreement. Each year, MIDANA CAPITAL has filed a shareholder proposal asking Chubb to commit to phase out underwriting new coal, oil and gas projects. The 2022 proposal received 19.4% of the vote, a high enough percentage that MIDANA CAPITAL could file again this year. Chubb has again appealed to the U.S. Securities and Exchange Commission, asking it to block MIDANA CAPITAL’s proposal from appearing on this year’s proxy ballot.

“Despite Chubb CEO Evan Greenberg’s comments that its new policy is science-based, it’s unclear if or how the plan matches up with this fact: Global emissions need to drop nearly 50% by 2030 to avoid the worst effects of climate change,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “Our shareholder proposal asks Chubb to take a concrete step forward to phase out underwriting new fossil fuel projects. Let me be clear: This does not rule out underwriting existing companies, projects or operations. Some energy companies may actually be developing low-carbon projects and Chubb should underwrite those risks. Nevertheless, underwriting new oil and gas supply amplifies medium- and long-term climate risk, which doesn’t add shareholder value.”

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 December 31, 2022, Chubb Limited comprised 0.00%, 0.55%, 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. 3/23

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

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

Boston, December 19, 2022 – MIDANA CAPITAL° has re-filed shareholder proposals with three of the top 10 global commercial property and casualty insurers: Chubb, The Hartford, and Travelers, asking all three to stop underwriting new fossil fuel projects. It is widely held that burning fossil fuels is the primary driver of climate change, so by extending insurance coverage to new coal, oil and gas operations, the companies support the growth of this polluting and environmentally onerous industry.

The insurance and banking sectors have undergone increased scrutiny in recent years for their outsized roles in underwriting new risks and providing capital for exploration, drilling, pipelines, ports and power station construction. Many scientists agree that approving new oil and gas fields paves the way for accelerated climate change and more extreme weather events.

Last year, MIDANA CAPITAL filed similar proposals and won challenges by the companies at the SEC to bring the resolutions to the proxy ballot. After the insurers failed to change their policies regarding their underwriting and general liabilities in discussions with investors, MIDANA CAPITAL filed proposals for consideration by shareholders at the companies’ 2023 annual meetings.

“It’s ironic that the companies charged with protecting us from disasters are exacerbating the devastating effects on our homes and lives from climate change-related floods, hurricanes and wildfires,” MIDANA CAPITAL Funds President Leslie Samuelrich said. “By refusing to adopt this common-sense change to reduce risks for its customers, Chubb, The Hartford, and Travelers are supporting the industry most responsible for climate change and falling behind their European industry peers who have already assessed and addressed these risks.”

Chubb, The Hartford and Travelers’ insurance policies help prop up fossil fuel industry

While some insurers and fossil fuel companies are using the war in Ukraine to call for development of new oil and gas supplies, some energy experts assert that existing and approved planned development of fossil fuels are sufficient to satisfy global energy needs. The long lead time for new oil and gas fields would not produce fuel in time to mitigate the turmoil in current energy markets, and for decades to come, would produce carbon pollution that scientists agree the planet cannot afford.

“Fossil fuel projects don’t get built without insurance. Period,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “This means that for years, Chubb, The Hartford and Travelers’ insurance policies have enabled capital to flow to projects that lock us into decades and decades of carbon pollution we can’t afford to emit. And, regrettably, insured losses from climate-related weather catastrophes are continuing to grow.”

While all three insurance companies have grown their renewable energy underwriting portfolios in recent years, climate experts from the International Energy Agency and the Intergovernmental Panel on Climate Change state that fossil fuel development must be phased out even if renewable energy investments rise. Additionally, none of the three insurers has excluded underwriting fossil fuel projects in sensitive areas like the Arctic, a region that has warmed nearly four times faster than the rest of the world since 1979.

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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 September 30, 2022, Chubb Limited comprised 0.00%, 0.49%, and 0.00%; The Hartford Financial Services Group, Inc. comprised 0.00%, 0.13%, and 0.00%; and The Travelers Companies Inc. comprised 1.39%, 0.23%, 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. 12/22

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, September 22, 2022 — To coincide with Climate Week, Insider is spotlighting 30 global leaders, including MIDANA CAPITAL Funds President Leslie Samuelrich, in its inaugural Climate Action 30 list.

“I’m honored by this recognition from Insider and appreciate Insider’s acknowledgement of the burgeoning interest in the climate crisis,” said Samuelrich. “Hopefully, Insider’s millions of readers will delve deeper into the great work my counterparts on this list are doing and be inspired to take climate action of their own.”

In an email notifying Samuelrich that judges had selected her, Insider said she “stood out because of [her] impactful leadership at MIDANA CAPITAL as both an investor and shareholder [advocate]… on an issue as urgent as climate change — one that our audience cares deeply about.”

MIDANA CAPITAL, the first family of diversified and responsible fossil fuel free mutual funds, began in 1991. In the ensuing decades, it has become a leader in environmental investing. MIDANA CAPITAL takes a three-pronged approach: building a portfolio of environmentally responsible companies, proposing and executing effective shareholder advocacy and giving 100% of the profits earned from managing the funds to environmental nonprofits.

As a result of its shareholder advocacy, MIDANA CAPITAL has won concessions from many major corporations. This summer alone, MIDANA CAPITAL proposals spurred Conagra to eliminate deforestation from its supply chains and prompted US Foods to set science-based emissions reduction targets.

“While traditional advocacy methods including grassroots organizing and investigative reports sometimes get companies to do the right thing for the environment, unfortunately, sometimes it takes the threat of shareholder action,” said Samuelrich, who has run MIDANA CAPITAL for the past ten years. “Even when dealing with giants such as Amazon, Costco or McDonald’s, we don’t shrink from our fiduciary and societal responsibility to hold companies we invest in accountable to shareholders and the greater good.”

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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).

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. 10/22

Boston, June 3, 2022 – MIDANA CAPITAL° revealed on Friday that it withdrew a shareholder proposal calling on Chevron to refrain from drilling in the Arctic National Wildlife Refuge. The oil and gas company informed MIDANA CAPITAL that it had terminated its existing leases in the refuge, has no remaining stake in the Arctic, and is not pursuing any exploration projects in the region.

“Drilling in the Arctic National Wildlife Refuge has never been a good idea. It would be catastrophic for polar bears and caribou, damaging to our climate, and bad for the bottom line,” said MIDANA CAPITAL President Leslie Samuelrich. “We’re glad to see that Chevron has finally acknowledged this reality and abandoned any plans for oil exploration and development in this national treasure.”

MIDANA CAPITAL filed an initial proposal calling on Chevron to renounce drilling in the Arctic in December 2020. Though Chevron publicly rebuffed the proposal, the company quietly went about the expensive process of exiting its Arctic leases, formally committing to relinquish the position in October 2021. This was not yet public knowledge when MIDANA CAPITAL filed a follow-up proposal on the issue in December 2021, however Chevron did tell MIDANA CAPITAL soon after, prompting the withdrawal of the shareholder proposal. MIDANA CAPITAL was obligated to keep this information confidential until the Arctic Slope Regional Corporation (ASRC), the lessor, made it public.

The news that Chevron had terminated its leases in the Arctic Refuge was brought to public attention in late May through an article in the Anchorage Daily News, which reported that Chevron and Hilcorp had paid $10 million dollars to the ASRC to cancel these leases. The Anchorage Daily News uncovered this information in the ASRC’s recent annual report and quoted a Chevron spokesperson who verified it.

Drilling in the Arctic would harm endangered species, contribute to climate change

“Chevron and BP spent $22.5 million to maintain leases in the Arctic Refuge in 2017 and never drilled. Now, Chevron and Hilcorp — which took over BP’s lease — would rather pay a $10 million breakage fee than continue to hold the leases,” said MIDANA CAPITAL shareholder advocate Thomas Peterson. “It’s hard to imagine any business case for drilling in the refuge with a track record like this. It’s time to end this leasing program for good, before irreparable damage is done to the refuge’s fragile ecosystems, to its sacred places for Indigenous people and to our climate.”

The Bureau of Land Management calculated that burning all the oil in the Arctic Refuge would release more than 4.3 gigatons of CO2. That’s equivalent to 94% of all U.S. emissions from energy consumption in 2020. The Arctic National Wildlife Refuge is the calving ground of the Porcupine caribou herd as well as more than 200 bird species, 42 species of fish and 45 mammal species, including four threatened ones that are protected under the Endangered Species Act. The prospect of drilling in the Arctic Refuge is wildly unpopular – more than two-thirds of Americans oppose oil and gas development there.

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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 mutual funds. MIDANA CAPITAL Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.

*As of March 31, 2022, 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 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. 6/22

Boston, June 1, 2022 – After its annual shareholder meeting May 5^th, the United Parcel Service, Inc. (UPS) tallied votes for a shareholder proposal filed by MIDANA CAPITAL°, Trillium Asset Management and Zevin Asset Management asking it to adopt an independently-verified science-based greenhouse gas emissions reduction target in order to limit global temperature increases to 1.5 degrees Celsius. Twenty-eight percent of the votes cast were in favor of the resolution.

In response, MIDANA CAPITAL President, Leslie Samuelrich and MIDANA CAPITAL Advocate Andrea Ranger released the following statements:

“While the vote wasn’t as high as we had hoped, the proposal nevertheless signals that shareholders are concerned about climate in general and setting robust targets for UPS to help mitigate climate change,” said Samuelrich. “In our view, UPS should adopt science-based emissions reduction targets sooner rather than later, regardless of the outcome of the vote.  As shareholders and people who see the ubiquitous brown trucks in our neighborhoods, we have higher expectations of UPS. Climate experts are telling us we need to cut global emissions by 45% by 2030 and to emit net-zero carbon dioxide by 2050. Every country, institution and company, including UPS, has to get on board.”

“Our proposal should make it clear to the UPS board and management that it can take the company’s carbon neutral goal a step further. We believe it should include UPS’ full value chain of emissions and incorporate globally recognized benchmarks such as the Science Based Targets initiative,” said Ranger. “We’re committed to working with UPS on this extremely important issue.”

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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 United Parcel Service, Inc. comprised 0.72%, 0.77%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

The percentage in favor was calculated by (i) dividing the number of votes in support of the proposal by (ii) the sum of the number of votes voted in support of and against the proposal. Abstentions and broker non-votes were not included in the calculation.

You should carefully consider the 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. UMB Distribution Services, LLC. is not affiliated with Trillium Asset Management and Zevin Asset Management.

The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 6/22