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

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

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

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

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

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

Deere Opposed Right to Repair on Flimsy Grounds

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

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

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

###

About MIDANA CAPITAL Funds

°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are one of the first families of fossil fuel-free, environmentally responsible mutual funds. MIDANA CAPITAL hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations. *As of 6.30.2023, Deere & Company comprised 0.58%, 0.57%, and 0.00% of MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

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

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

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

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

The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. September/2023

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

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

Boston, August 21, 2023 – After MIDANA CAPITAL° and Trinity Health filed a shareholder proposal with Hormel Foods Corp. (Hormel) in 2019, the company has made progress on an important public health issue: reducing the overuse of medically-important antibiotics in food animals. Prior to MIDANA CAPITAL’s engagement, Hormel had not disclosed how its animals were being dosed with antibiotics on its company-owned turkey and pork farms and on farms it contracted with for those animals.

Medically-important antibiotics are medications that people use to fight bacterial infections on a range of illnesses. The rise of antibiotic superbugs in recent years has put a spotlight on how routinely overprescribing powerful antibiotics in food animals poses a health threat. In fact, U.S. Centers for Disease Control and Prevention (CDC) reports that superbugs infect more than 2 million Americans and kill at least 23,000 each year.

In exchange for a withdrawal of the 2019 shareholder proposal, Hormel agreed to publish the amounts of medically-important antibiotics routinely administered in the food and water supplies of turkey and pork raised on company-owned farms and in contract turkey farms. To its credit, Hormel voluntarily began reporting on antibiotics used on three pork farms in its supply chain.

Surprisingly, Hormel then made the bold move of setting targets to eliminate routine use of medically-important antibiotics announcing on its website, “We will strive to achieve a 10% year-over-year reduction in medically important antibiotic use at our company-owned turkey farms and company-owned sow farm…” Hormel noted that, until 2025, it will study how to make antibiotic reductions in its pork supply and then will start doing so.

“We are glad to see Hormel taking these strong steps to protect public health,” said MIDANA CAPITAL Funds President Leslie Samuelrich, “Having just experienced the stunning impacts of a global health crisis, we can’t afford to misuse medications that are key to saving lives.”

Hormel has now published its second antibiotics stewardship report which demonstrates progress toward its 10% year-over-year reductions in medically-important antibiotics. For turkeys, it succeeded in an 8% reduction in 2022; however, the company needs to invest greater efforts to adopt better stewardship practices within its own sow farm and those of its pork suppliers. Rather than cutting antibiotic use in pork, it has continued to increase doses of important classes of antibiotics.

“What I’m seeing from this multi-year engagement is the power of shareholder advocacy to affect change,” stated MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “Hormel is really scrutinizing the practices used on its farms and partner farms, and it’s now figuring out how to proactively treat illnesses without reaching for medically-important antibiotics. It’s a win for people, a win for Hormel, and a win for keeping antibiotics effective.”

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 June 30, 2023, Hormel Foods Corporation 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. 8/23

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, June 2, 2023 – Shareholders have weighed in on a shareholder proposal filed by MIDANA CAPITAL° and the Benedictine Sisters of Boerne, Texas, asking McDonald’s to establish a more ambitious policy to eliminate use of medically important antibiotics in its pork and beef supply chains. McDonald’s published the vote tally on Thursday which showed 16.6% of votes cast were in favor of the proposal.

In its opposition statement, McDonald’s acknowledges that antimicrobial resistance “is a critical global public health issue that we believe we and our suppliers have a responsibility to help address.” The term antimicrobial resistance (AMR) is often used interchangeably with antibiotic resistance, but can also describe non-bacterial resistant diseases. The U.S. Centers for Disease Control and Prevention identifies antimicrobial resistance as a global public health crisis that threatens to reverse medical progress, and the World Health Organization (WHO) identifies antimicrobial resistance as “one of the top 10 global public health threats facing humanity.”

Although McDonald’s first publicized that it would address antibiotic resistance in its food animal supply chain in 2003, it didn’t set reduction targets until 2017, which were narrowly focused on its chicken supply chain. Further, the targets aimed to eliminate only the antibiotics that are highly critical to medicine, failing to protect a wide range of other important antibiotics that humans use to fight infections.

The proposal filed by MIDANA CAPITAL and the Benedictine Sisters asked McDonald’s to establish a policy that would not only eliminate routine use of all medically important human antibiotics in its pork and beef supply chains, but push the company to establish timelines, metrics for measuring implementation, third-party verification, and guidelines for enforcement should suppliers fail to meet McDonald’s targets.

In December 2022, McDonald’s did announce reduction, but not elimination, targets that are limited to its beef supply chain in its top 10 markets.

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

“McDonald’s shareholders have signaled that they want to hold McDonald’s responsible for not living up to its commitments, especially when it comes to animal welfare and protecting human health. We’ll continue to work with the company, but we won’t be satisfied until it takes steps necessary to protect the effectiveness of antibiotics, which are crucial to public health. We’re looking for both action and accountability on its part.”

Andrea Ranger, MIDANA CAPITAL Shareholder Advocate, stated:  

“McDonald’s is the largest fast food restaurant in the world. As such, it has the influence to change the way food animals are raised and has the responsibility to protect public health from malicious germs which include dangerous bacteria. When I bite into a Big Mac, I want to know that the beef was sourced responsibly and that it was raised without using antibiotics that I, and society in general, need to stay healthy and whole.”

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

###

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

*As of March 31, 2023, McDonald’s Corporation comprised  0.00%, 1.12%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the Green Century International Index Fund, respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

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

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

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

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

The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 6/23

Andrea Ranger, Shareholder Advocate, aranger@midanacapital.com, 781-349-2813
Pam Podger, Communications Director, ppodger@midanacapital.com, 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, February 22, 2023 – In response to MIDANA CAPITAL° re-filing of a shareholder proposal in December, Chubb Limited, the world’s largest commercial property and casualty insurer, has once again asked the SEC for permission to block the proposal from its proxy ballot. In 2022, MIDANA CAPITAL filed a virtually identical proposal asking the company to stop underwriting new coal, oil and methane gas projects. The SEC denied Chubb’s request. Subsequently, the proposal went to a vote at Chubb’s 2022 annual general meeting and garnered the support of 19.4% of the shareholder votes cast.

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

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

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

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

###

About The MIDANA CAPITAL Funds

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

*As of December 31, 2022, Chubb Limited comprised 0.00%, 0.55%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund, respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

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

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

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

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

The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 2/23

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.

###

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, August 18, 2022 – A shareholder proposal on climate lobbying, filed by the Nathan Cummings Foundation and MIDANA CAPITAL°, won 34.6% of the vote, according to Tesla’s SEC filings. Removing the presumed “no” votes of the roughly 17% of inside shares, including those held by CEO Elon Musk, independent shareholders may have delivered a majority of 51% of votes cast in support.

The proposal calls on Tesla to publish an evaluation of how its “lobbying and policy influence activities (direct and through trade associations and social welfare and nonprofit organizations) align with the Paris Agreement’s goal to limit average global warming to 1.5 degrees Celsius [by 2100], and how Tesla plans to mitigate risks presented by any misalignment.”

Despite Tesla’s considerable contributions to expanding the clean energy and electric vehicle markets, the company has provided limited disclosure on how its board oversees public policy decisions that could affect the growth of the clean energy market and broader climate initiatives. For example, late in 2021, CEO Elon Musk signaled opposition to federal incentives for installing electric vehicle charging stations. Investors were left to wonder whether Mr. Musk’s comments reflected Tesla’s viewpoint or whether he had veered from Tesla’s stance on the benefits of charging station incentives. Better board management of disclosure practices may have helped.

 MIDANA CAPITAL President Leslie Samuelrich issued this statement about the vote result:

“We’re pleased with this vote count indicating that our call for better governance practices and lobbying disclosures made sense to our fellow investors. In my mind, the vote doesn’t in any way diminish Tesla’s unparalleled innovations in the electric vehicle and renewable energy spaces nor its critical role in limiting transportation-related greenhouse gas emissions. Rather, it’s a reminder that investors care about business risk as it manifests across a company’s operations, which includes how a company influences public policy.  We hope Tesla will take the vote result in that spirit.”  

MIDANA CAPITAL Shareholder Advocate Andrea Ranger added:

“Tesla clearly has a role in the much-needed transformation to a clean energy-powered future, but when you look under the hood, you want to see what makes the company run. Is the company’s direct and indirect lobbying through trade associations and business alliances working to limit the conditions leading to climate change? Is the board implementing its oversight role of Tesla’s lobbying activities? These are the types of questions we’d like Tesla to answer, and we believe the investor concern we’ve now seen should motivate the board to respond.”

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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 June 30, 2022, Tesla, Inc. comprised 0.00%, 3.50%, 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.

The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 8/22

Boston, August 4, 2022 –  On Thursday, MIDANA CAPITAL° and Nathan Cummings Foundation received strong support for their shareholder proposal requesting that Tesla establish lobbying policies aligned with the goals of the Paris Agreement. However, the proposal failed to capture a majority of the votes cast.

The proposal asked Tesla to conduct an evaluation describing whether its lobbying and policy influence activities (direct and through trade associations and social welfare and nonprofit organizations) align with the Paris Agreement’s goal to limit average global warming to 1.5 degrees Celsius by the end of the century. 

Tesla has dominated U.S. electric vehicle sales and become one of the largest solar technology providers in the country. However, despite its value to environmentally-responsible investors, it has attracted criticism due its mixed performance on corporate governance issues. In December, Tesla’s founder and CEO Elon Musk spoke out against federal support for electric vehicle charging stations even though charging infrastructure is critical to growing the electric vehicle market.

MIDANA CAPITAL President Leslie Samuelrich issued this statement about the vote:

“Although we didn’t attain a majority, we’re still pleased with the outcome of this vote. We believe it shows that  investors are seeking better insight into the nuts and bolts of how Tesla is making policy and lobbying decisions. While it makes sense that a company whose core business is designing, manufacturing and selling electric vehicles, solar panels and battery storage would support the Paris Agreement’s goal of limiting global warming, it’s not clear whether Tesla has articulated this goal in its direct or indirect lobbying. We think it’s time Tesla did.”

 MIDANA CAPITAL Shareholder Advocate Andrea Ranger added:

“We’re proud to be Tesla investors and support a company that plays a leading role in a much-needed transition to a future powered by clean energy. Much to its credit, Tesla has grown rapidly in the last several years. However, we seem to be seeing growing pains. Tesla does not appear to be attending to business fundamentals, such as disclosing the policies that guide how it uses its influence. Given the sometimes unpredictable nature of Tesla’s high-profile CEO, we find it even more essential that the board and management establish policy guardrails. We’ll continue to keep the pressure on Tesla until we see measurable change on this 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 June 30, 2022, Tesla, Inc. comprised 0.00%, 3.50%, and 0.00% of the Green Century Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

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

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

The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 8/22