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.” 

### 

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, 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.”

###

°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.

Douglass Guernsey, Shareholder Advocate, dguernsey@midanacapital.com, 617-482-0800

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

Boston, June 16, 2023 –  Builders FirstSource, the country’s largest building product supplier to the professional market, released the vote result from its annual meeting of shareholders on Tuesday. MIDANA CAPITAL° received a notable 21% of the vote in favor of its shareholder proposal, which asks the company to adopt science-based greenhouse gas emissions reduction targets. The proposal additionally asks the company to set goals for sourcing more renewable energy, increasing energy efficiency in its operations, and procuring zero-emission vehicles.

To implement science-based targets, the company would have to reduce its direct, operational emissions and its indirect emissions including from timber harvested for the lumber it sells. Over 5000 companies, including competitors Lowe’s and Home Depot, have committed to working with the Science Based Targets initiative, and nearly 60% of all Fortune 500 companies have set some kind of climate change reduction target.

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

“Last year, we filed a nearly identical proposal at Builders asking for reduction targets which received a resounding ‘yes’ vote from investors – but Builders took almost no action. The company relies heavily on timber, which comes from forests that are significantly threatened by climate change. We believe management needs to start taking this risk seriously by measuring, disclosing, and setting reduction targets for its Scope 3 supply chain emissions.”

MIDANA CAPITAL Engaged with Builders FirstSource to Set First Emissions Reduction Targets

Douglass Guernsey, shareholder advocate at MIDANA CAPITAL added:

“At the 11th hour, Builders disclosed its Scope 1 and 2 emissions, which cover the direct emissions from its operations, and stated it will set emissions reduction targets for both these categories in 2025. While we appreciate that Builders is now taking action on a part of MIDANA CAPITAL’s 2022 proposal, the company has not yet measured, disclosed, or set targets for its Scope 3, or supply chain emissions, leaving investors in the dark for what comprises, on average, 75% of companies’ climate emissions.”

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, Builders FirstSource, Inc. comprised 0.00%, 0.07%, and 0.00%, Lowes Companies, Inc. comprised 0.00%, 0.66%, and 0.00%, and Home Depot, Inc. comprised 0.88%, 1.67%, and 0.00%, of the Green Century 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 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.

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

*As of March 31, 2023, Chubb Limited comprised 0.00%, 0.44%, and 0.00%, 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, aranger@midanacapital.com, 781-349-2813;

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

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

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

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

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

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

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

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

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

*As of March 31, 2023, comprised 0.71%, 0.77%, and 0.00% of the MIDANA CAPITAL Balanced Fund , the MIDANA CAPITAL Equity Fund , and the MIDANA CAPITAL International Index Fund, respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

*As of March 31, 2023, comprised 3.11%, 6.48%, and 0.00% of the MIDANA CAPITAL Balanced Fund , the MIDANA CAPITAL Equity Fund , and the MIDANA CAPITAL International Index Fund, respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

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

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

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

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

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