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

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

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

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

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

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

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

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

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

Warmly, Andrea

###

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

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

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

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

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

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

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

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

Boston, May 26, 2023 – – Shareholders showed less support for a MIDANA CAPITAL° proposal that asked Travelers to establish a deadline for phasing out underwriting new fossil fuel projects. Votes cast in favor reached 8.8%, less than the 2022 vote outcome of 13.2% for a similar MIDANA CAPITAL proposal. MIDANA CAPITAL filed the same proposal seeking underwriting restrictions on fossil fuel projects at a peer company, The Hartford*, earning 8.8% of the vote on May 17th.

MIDANA CAPITAL’s proposals were prompted by concerns that Travelers’ underwriting strategies were not clearly aligned with limiting global temperature rise to 1.5°C. Global climate and energy experts at the Intergovernmental Panel on Climate Change (IPCC)  and the International Energy Agency (IEA) assert that expanding fossil fuel supply will likely push the world beyond the recommended limit of a 1.5°C temperature rise. The IPCC reports explicitly that exceeding the 1.5°C limit will likely result in dangerous physical risks, and, in some cases, irreversible natural resource damage.

While U.S. insurers, Chubb* and The Hartford, announced partial underwriting exclusions on insuring thermal coal mining and coal plant construction and operation in 2019, it took Travelers an extra two years to make a similar commitment. Additionally, it has yet to extend its exclusions to contractors, equipment or projects that support the development of new oil and gas wells, pipelines, and related fossil fuel infrastructure, even as  climate experts declare the use of fossil fuels must dramatically decline.

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

“Regardless of the vote, it’s important to keep this issue front and center for Travelers. We see no reason why it should enable new oil and gas supply in the face of the dire need to transition to a low-carbon economy.  To its credit, Travelers has already started down the right path by underwriting new renewable energy projects, including offshore wind construction. However, it still needs to detour from the path of insuring the expansion of fossil fuels.”

Andrea Ranger, a shareholder advocate at MIDANA CAPITAL commented:

“Covering the liability and casualty risks for owners, contractors, and equipment that will allow new methane gas, a.ka. “natural” gas, to flow or new oil for gasoline will only lock us into carbon emissions for years to come. In my view, Travelers has a duty not only to its shareholders, but to stakeholders in general, to pivot from an industry that’s contributed the most to climate change.”

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

###

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Andrea Ranger, a shareholder advocate at MIDANA CAPITAL commented:

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

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

###

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

###

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

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

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

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

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

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

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

Boston, May 2, 2023 – The U.S. Securities and Exchange Commission (SEC) issued a ruling In March giving Chubb Limited permission to block MIDANA CAPITAL Funds’ shareholder proposal from its 2023 proxy ballot. The proposal requests Chubb adopt a policy for the time-bound phase out of underwriting new coal, oil, and gas projects. MIDANA CAPITAL° filed a similar proposal in 2022, asking for an immediate cessation of underwriting new projects. Chubb challenged last year’s proposal, but, at that time, the SEC ruled the proposal could appear on Chubb’s 2022 ballot.

Chubb is the largest publicly-traded property and casualty insurance company and is actively involved in underwriting oil and gas project risks. For example, Chubb has previously underwritten policies for controversial fossil fuel infrastructure projects, such as the Trans Mountain pipeline. A 2022 report exposed Chubb as a major underwriter of liability and transportation risks for offshore oil drilling operations for Petrobras – Brazil’s national oil company – which has the fifth largest oil and gas expansion plans of any oil and gas company in the world.

 “We’re disappointed that Chubb did not want its shareholders to vote on this issue and that the SEC supported Chubb’s argument, claiming that our proposal requires shareholders to ‘probe too deeply’ into Chubb’s core business. We think shareholders understand insurance is essential for coal, oil and gas companies, and many do not believe increasingly expensive drilling and its associated emissions are good for business,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “That’s why we’ve asked Chubb to phase out insurance for new projects that will likely create decades of greenhouse gas  emissions. It’s hard to square how Chubb enables carbon pollution while simultaneously issuing policies to protect people’s homes and businesses from the impacts of climate change.”  

Prior to the SEC’s ruling, Chubb had announced new underwriting criteria for oil and gas extraction projects requiring existing clients to reduce methane emissions. Additionally, Chubb said it would no longer provide coverage for oil and gas projects in state- or nationally-designated protected areas and in certain other conservation areas. MIDANA CAPITAL Funds welcomed action but also critiqued the new policy, indicating that its potential for reducing greenhouse emissions was unclear.

“For two years, we have been pressing Chubb to uphold its duty to protect its shareholders and customers from climate risk,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “We believe helping the fossil fuel industry is completely contrary to its fiduciary and prudential responsibilities. These actions aid and abet an industry that has done the most to contribute to a warming planet. Insurers like Chubb have to show more leadership because they are on the front lines of experiencing climate risk.”

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

###

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

*As of March 31, 2023, Chubb Limited comprised 0.00%, 0.44%, and 0.00% 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. 5/23

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

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

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

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

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

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

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

###

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

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

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

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

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

The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 3/23

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

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

Boston, 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.

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About The MIDANA CAPITAL Funds

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

*As of September 30, 2022, Chubb Limited comprised 0.00%, 0.49%, and 0.00%; The Hartford Financial Services Group, Inc. comprised 0.00%, 0.13%, and 0.00%; and The Travelers Companies Inc. comprised 1.39%, 0.23%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund, respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

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

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

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

 The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 12/22

Boston, March 28, 2022 – The Securities and Exchange Commission (SEC) ruled Monday that MIDANA CAPITALº can move forward with a landmark climate proposal at Chubb Limited’s annual meeting in May. This is the first-ever shareholder proposal to go to a vote that asks an insurance company to cease underwriting new fossil fuel supplies in alignment with the International Energy Agency’s (IEA) Net Zero by 2050 Roadmap. 

“I can’t overstate the importance of today’s SEC ruling,” said Andrea Ranger, shareholder advocate with MIDANA CAPITAL.  “We can now ask insurance companies to adopt policies that align with the IEA report findings, which we believe makes clear that fossil fuel expansion has no place in a net zero by 2050 future. Insurers like Chubb have enabled the fossil fuel industry to continue business-as-usual which has delayed much-needed adoption of clean energy technologies.”

The ruling follows a policy sea change at the SEC on climate issues. In November, the commission announced in a legal bulletin that it would allow shareholders more leeway to ask companies to address climate change and its associated risks. The SEC’s new guidance provides shareholders more influence on the management of climate-related risks and may signal that similar shareholder proposals are poised to survive challenges at the SEC.

Chubb claimed that MIDANA CAPITAL’s proposal would interfere with the company’s ability to run its day-to-day business. But reflecting its November guidelines, the SEC affirmed the shareholder right to press companies on broad societal issues such as climate change.

Due to the SEC’s ruling, the similar proposals that MIDANA CAPITAL filed with Travelers* and The Hartford* may also go to the ballot.

“I’m elated that our proposal will go to vote,” Ranger said. “Insurers have been saying that underwriting fossil fuels, even new fossil fuel projects, requires a careful, calculated approach. We agree, but they should have started the process years ago. Even the current geo-political conflicts demonstrate how politically charged and risky fossil fuels are, and, in our opinion, is another reason for insurers to walk away.”

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

 *As of December 31, 2021, Chubb Limited comprised 0.00%, 0.39%, and 0.00%; The Travelers Companies, Inc. comprised 1.18%, 0.18%, and 0.00% and The Hartford Financial Services Group, Inc. comprised 0.00%, 0.11%, 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 Funds’ investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds, please visit www.midanacapital.com, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

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

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

 The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 3/2022

Did you know that the very companies that are supposed to protect us, our families, homes and businesses from fires, hurricanes, floods and hailstorms, are also contributing to climate change?  What kinds of companies, you say? Look no further than your homeowners insurance company. 

Most people don’t know that their homeowners insurance company is helping the fossil fuel industry stay afloat. That’s right. Insurance companies such as Travelers,* Chubb,* The Hartford,* Liberty Mutual,* and Berkshire Hathaway* want us to entrust our homes and properties to them while, at the same time, providing insurance coverage to insurance to coal, oil and gas companies.  

It’s hardly a secret that most carbon dioxide emissions come from burning fossil fuels — roughly 90% per year can be traced back to fossil fuel combustion– and that carbon dioxide is the primary greenhouse gas driving climate change. Yet insurers continue to underwrite exploring, mining, drilling, refining, and transporting fossil fuels even though doing so threatens our homes, businesses, infrastructure and natural resources. Why would they do this? We’ve wondered the same thing, and, unfortunately, the answer may lie in their business model.

Just like your homeowners insurance policy, many other policies written by insurance companies are renewed on an annual basis. This one-year cycle allows insurers to assess their risks and stay on top of any developing trends. As risks increase in a particular geography or to a certain facility or equipment type, an insurer may decide to increase premiums or terminate policies for certain risky areas or clients.

This makes sense. If insurance companies couldn’t make adjustments to their rates or policies, premiums would increase for all of us, or worse, the companies might not be able to make a profit at all and, as a result, go out of business. 

But here’s where their business model becomes problematic. Annual renewals of property and casualty policies can put insurers into a short-term thinking mindset which leads insurance companies to accept perverse risks that may be counter to their long-term financial health. Annual policies allow insurers to walk away from fossil fuel projects before their short-term risk becomes too great, but the future emissions from expanded coal mines, tar sands operations, gas and oil well production, and utility plants will haunt us all long after coal, oil and gas operations become uninsurable. By propping the fossil fuel industry, insurance companies are locking us into a future of climate change.  

But that’s not all. When insurers collect our premiums to cover damage from a falling tree or fire, they don’t just keep that money in a giant piggy bank waiting for the next disaster to strike. They take a portion of the funds and invest it – primarily in stocks and bonds. Unbeknownst to you, some of the stocks and bonds they purchase finance coal, oil and gas projects and is a second way that they are supporting the fossil fuel industry.

The International Energy Agency released a report in May 2021, Net Zero by 2050, stating that to stabilize the climate, there must be no new fossil fuel production. Yet the companies we’ve come to recognize as trustworthy and reliable are not getting the message. For example, Berkshire Hathaway has no policies limiting its underwriting or investment in fossil fuels. The Hartford, Travelers and Chubb have agreed to stop insuring coal operations, but they’ve also carved out exceptions that you could drive a coal-fired locomotive through and have refused to adopt policies excluding new oil or gas supplies. Lax policies are causing shareholders to press these large insurers to stop underwriting fossil fuel expansion, not only for the sake of all stakeholders but for their own future profitability.

Civil society is also taking notice, and activists’ efforts to make the case to insurance companies have been valiant. In addition to protests, petitions and the occasional meeting granted by an insurer, a concerned group gathered at the U.S. Open in New York in September 2021 and inflated a giant likeness to Chubb CEO Evan Greenberg engulfed in flames. They passed out fans to the gathering tennis-watchers with a written admonition to Chubb for financing ‘dirty fossil fuels’. Remarkably, Chubb announced its intention to stop providing insurance to the famous tar sands deliverer – the Trans Mountain pipeline – shortly thereafter. 

People shouldn’t have to spend their time and money creating blow up dolls to get their point across. Similarly, investors shouldn’t have to file shareholder proposals with the world’s largest insurance companies to point out that insuring fossil fuel companies is fundamentally incompatible with protecting the rest of their customers. Insurers need to commit to credible, transparent exit strategies from the fossil fuel industry, and they need to do it now. Otherwise, their short-sighted insurance policies will result in long-term damage to the climate, our homes and ourselves.

Twelve global insurers now restrict underwriting conventional oil and gas projects and/or companies, far exceeding the scope of exclusions made by US insurance companies. European insurers, including Swiss Re, Munich Re, and Hannover Re, have been leading the way by announcing oil and gas development-related exclusions despite ongoing fossil fuel supply disruptions caused by geopolitical upheaval. We believe U.S. insurance companies need to follow suit, acknowledge that underwriting risks for the fossil fuel industry creates long lasting climate damage, and shut off the spigot to new oil and gas.

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

*As of December 31, 2021, The Travelers Companies, Inc. comprised 1.18%, 0.18%, and 0.00%, Chubb Limited comprised 0.00% 0.39%, and 0.00%, The Hartford Financial Services Group, Inc. comprised 0.00%, 0.11%, and 0.00%, Liberty Mutual Group, Inc. comprised 0.00%, 0.00%, and 0.00%, and Berkshire Hathaway Inc. comprised 0.00%, 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 Funds’ investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds, please visit www.midanacapital.com, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

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

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

The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 3/2022