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

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

Boston, June 26, 2023 – MIDANA CAPITAL° withdrew a shareholder proposal with tech giant Alphabet after the company agreed to provide greater visibility into its use of carbon offsets.

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

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

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

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

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

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

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

 ###

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

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

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

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

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

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

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

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

Boston, June 20, 2023 – General Motors released the results of the shareholder vote on a MIDANA CAPITAL° proposal asking the company to improve the sustainability of its aluminum, steel, rubber, and leather supply chains. Votes cast in favor reached 14.3% for this first-year proposal, which asked the company to disclose the environmental impacts of these key materials, procure more low-carbon aluminum and steel, and eliminate deforestation associated with producing leather and rubber.

In recent years, General Motors has set several aggressive targets – one to achieve carbon neutrality by 2040 and another to make and sell only electric light-duty vehicles by 2035. However, the company has not established clear targets for procuring green steel or aluminum, even though both industries can electrify some of their operations and use renewable energy to do so. Further, GM has yet to join industry associations such as ResponsibleSteel^TM, a coalition which created a certification system for green steel and is working to increase customer demand for green steel manufacturing.

Additionally, GM may be sourcing leather and rubber used for car interiors and tires from areas that are associated with deforestation. For example, in Brazil, which is considered a major source of leather for U.S. auto manufacturers, raising cattle is a leading cause of deforestation. The growth and expansion of rubber plantations in Southeast Asia and West Africa – the two primary areas in the world where latex for car tires is harvested – threatens the destruction of biodiverse ecosystems in those regions. Nevertheless, GM currently lacks public targets, milestones and metrics that would indicate progress toward eliminating its exposure to deforestation from rubber plantation expansion or destruction of tropical forests from cattle ranching.

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

“We believe that even with a full transition to electric cars and trucks by 2035, GM has exposure to significant environmental risks. Ultimately, we don’t think GM wants to be associated with deforestation. If the company wants to clean up its steel and aluminum supply chains, it should invest now in the transition to low-carbon steel and aluminum. Waiting only postpones much needed emissions cuts across the globe.”

Andrea Ranger, MIDANA CAPITAL shareholder advocate, added:  

“As one of the largest auto companies in the world, GM has a leadership role to play in addressing climate and deforestation risk. Many European auto companies, such as BMW, Mercedes, Volkswagen, and Volvo, are making commitments to source low-carbon metals. GM has an opportunity to catch up and lead the way for American manufacturers. Moreover, few manufacturers are addressing deforestation risk within their supply chains. GM could set an industry-wide standard by adopting near-term targets for zero deforestation.”

###

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

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

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

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, 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, April 26, 2023 – After filing shareholder proposals with each company, MIDANA CAPITAL° successfully secured commitments with Advanced Micro Devices, Inc.,* Intel Corporation,* NVIDIA Corporation,*  ON Semiconductor Corporation,* and Texas Instruments, Inc.* requesting they publish climate transition plans. Climate transition plans detail companies’ near- and medium-term strategies and future actions deemed necessary to reaching their greenhouse gas emissions reduction goals.

The United Nations describes such plans as an “essential tool” for building public trust, helping companies align “governance and incentive structures, capital expenditures, research and development, skills and human resource development, and public advocacy…” with their targets.

Pressure to plan for and achieve steep emissions cuts comes not only from investors, but from the semiconductor industry itself. The Semiconductor Climate Consortium, which is an initiative of  the microelectronics industry group SEMI, urges its members to set net-zero emissions targets and to transparently report progress. Additionally, semiconductor company customers that have net-zero emissions reduction targets, such as Apple,* Google,* and Microsoft,* are increasingly eyeing their chip suppliers as they look to eliminate their upstream emissions.

Climate Transition Plans Help Investors Assess Companies’ Progress In Limiting Climate Change

“I believe each company recognizes the value of producing climate transition plans for investors and that their leadership will encourage peers and competitors to do the same,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “Investors increasingly need visibility into companies’ assumptions, opportunities, barriers, and emissions reduction pathways as they move toward fulfilling their emissions reduction targets.”

Semiconductor chip manufacturing is energy intensive and relies heavily on electricity to power furnaces, manufacturing equipment, and to maintain clean rooms. As a result, companies like Intel, NVIDIA, and ON Semiconductor are looking to source 100% renewable energy for their operations.  However, semiconductor manufacturing also uses gases that are essential  to completing chip designs, such as perfluorocarbons (PFCs). PFCs have a global warming potential that is thousands of times higher than carbon dioxide, and the gases are currently much more difficult to replace with less potent alternatives.

“The semiconductor industry has some very real challenges to overcome in order to secure a path to net-zero emissions,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger, “The idea of climate transition plans is relatively new, but for MIDANA CAPITAL, they couldn’t come quickly enough. The window of time for limiting devastating climate impacts is so narrow; we need to know that companies are planning and doing their part to ensure a livable future.”

Ranger added, “I want to acknowledge Advanced Micro Devices and ON Semiconductor, especially, for agreeing to create the most comprehensive transition plans I’ve seen yet. All five companies, however, deserve praise for their new commitments.” 

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, Advanced Micro Devices, Inc. comprised 0.00%, 0.86%, and 0.00%, Alphabet, Inc. (Google) comprised  3.11%, 6.48 %, and 0.00%, Apple Inc. comprised 5.14%, 0.00%  and 0.00%, Intel Corporation comprised 0.00%, 0.74%, and 0.00%, MicroSoft Corporation comprised 3.98%, 11.12% and 0.00%, NVIDIA Corporation comprised 1.07%, 3.72%, and 0.00%, ON Semiconductor Corporation comprised 0.00%, 0.19%, and 0.00%, and Texas Instruments, Inc. comprised 0.00%, 0.92%, 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. 4/23

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

Pam Podger, Director of Communications, ppodger@midanacapital.com, 860-822-3887

Boston, April 20, 2023 — On April 10th, the U.S. Securities and Exchange Commission (SEC) upheld Amazon.com Inc.’s request to block a MIDANA CAPITAL° and Amalgamated Bank shareholder proposal from its 2023 proxy ballot. The proposal seeks full disclosure of Amazon’s scope 3 greenhouse gas emissions, which includes emissions associated with the production and use of third-party products and transportation, waste generation, and business travel. Amazon currently publishes only a portion of its scope 3 emissions.

Amazon competitors Walmart and Target quantify, estimate where needed, and disclose all relevant categories of their scope 3 value chain emissions, as defined by the widely-referenced GHG Protocol. In its argument to the SEC, Amazon claimed that MIDANA CAPITAL and Amalgamated Bank’s proposal, which asked it to report on its entire emissions footprint according to Protocol guidelines, constituted micromanagement. However,  Amazon failed to emphasize in its letter to the SEC that it currently reports by using the Protocol’s definitions for the scopes 1 – 3 emissions that it does disclose.

Industry experts report that scope 3 emissions often constitute between 70% and 99% of companies’ greenhouse gas emissions footprint, and according to the World Economic Forum, “Companies will need to cut emissions across all three scopes to meet internationally agreed targets on global warming.” By not accounting for its full greenhouse gas footprint, Amazon may be failing to address all emissions related to running its ecommerce, retail stores, and web services. The company may be in danger of failing to meet its ambitious climate goals.

In reaction to the news, MIDANA CAPITAL President Leslie Samuelrich expressed disappointment, “Amazon has been a leader on climate by aggressively developing wind projects and supporting the roll out of electric vehicle delivery trucks. It’s troubling that Amazon is blocking shareholders from expressing their opinions on the company’s full exposure to climate risk.”

In 2019, Amazon and the firm, Global Optimism, launched the Climate Pledge, inviting companies across the globe to “commit to net-zero by 2040 across all emissions scopes.” It is yet unclear the scopes of emissions that Amazon includes in its net-zero by 2040 goal. Walmart and Target report that 97% and  95% of their emissions come from scope 3 sources. According to Amazon, its scope 3 emissions represent only 78% of its total emissions – that is, only for the scope 3 emissions it actually publishes.

“How are we supposed to assess Amazon’s full climate risk if it’s holding back material information from investors and stakeholders?” questioned MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “Amazon is undermining other companies’ good faith efforts to disclose upstream, downstream, and operational emissions. As the UN Secretary just quipped, ‘Our world needs climate action on all fronts: everything, everywhere, all at once.’ Disclosure and action are key to reaching the world’s climate goals.”

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

###

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

*As of December 31, 2022, Amazon.com, Inc. comprised 0.00%, 0.00%, 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. 4/23

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.”

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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 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 15, 2022 – MIDANA CAPITAL° and Amalgamated Bank led the filing of a shareholder proposal Thursday pressing Amazon to fully quantify and disclose its scope 3 greenhouse gas emissions. Scope 3 emissions, which include things such as transportation that occur outside of a company’s direct control, can represent an enormous portion of a retailer’s carbon footprint. Last year, Walmart and Target reported on every category of their scope 3 emissions, which comprised 95% and 97% of their total greenhouse gas output, respectively. By contrast, Amazon reported on only a portion of its scope 3 emissions.

For example, in 2021, Amazon only disclosed product-related emissions for its Amazon-branded products such as Kindles, Fire TVs or Whole Foods’ 365 products. However, private-label products represent a mere 1% of its sales. The rest of the products it sells directly or through third party vendors, comprise 39% and 60% of total sales, respectively. Unlike Amazon, Walmart and Target do not parse out emissions from their private-label brands versus products from other manufacturers or products sold on their third-party platforms. It’s likely, therefore, that Amazon is significantly undercounting its total emissions.

“What Amazon is doing — or, should I say, not doing — is not acceptable,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “It needs to play by the same set of rules as everyone else and disclose all indirect emissions up and down its value chain. As climate-concerned investors, we believe Amazon has a responsibility to use its vast resources and influence to reduce its burgeoning carbon footprint.”

Emissions grow but Amazon’s greenhouse gas emissions disclosures are still lacking

In 2019, Amazon launched an ambitious initiative called the Climate Pledge, inviting other companies to commit to achieve net-zero greenhouse gas emissions by 2040 — 10 years ahead of the Paris Agreement’s target year of 2050. Since that time, Amazon’s sales have nearly doubled, in large part due to pandemic-fueled at-home purchasing; consequently, Amazon’s greenhouse gas emissions — at least the ones it discloses — have risen by nearly 40% in the same time period.

“Walmart and Target are doing the math for all the brands they sell – from bottles of Tide to Samsung TVs. They’re adding up all the emissions that go into making the bottle, the laundry detergent, the energy used by the washing machine, and they’re counting the emissions that go into the parts and pieces of the TV, and the electricity used to run the TV once it’s home,” MIDANA CAPITAL Shareholder Advocate Andrea Ranger said. “This accounting is important because you can’t manage what you can’t measure. We fully expect that Walmart and Target will use their influence to lean on manufacturers to cut their emissions in smart and timely ways. Amazon needs to get on board and do likewise – now.”

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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, Target Corporation comprised 1.08%, 0.44%, 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 15, 2021 – Costco has withdrawn its request to exclude MIDANA CAPITAL’s shareholder proposal asking to adopt net zero science-based greenhouse gas emissions reduction targets. New guidance from the Securities and Exchange Commission (SEC) two weeks ago signaled that proposals asking that “companies adopt timeframes or targets to address climate change” will not be excludable, making it unlikely that Costco’s challenge would succeed.

MIDANA CAPITAL’s proposal, which made headlines last month as a “​​litmus test for the SEC on investor requests for Paris-alignment,” asks Costco to “adopt short, medium, and long-term science-based greenhouse gas emissions reduction targets, inclusive of emissions from its full value chain, in order to achieve net-zero emissions by 2050 or sooner and to effectuate appropriate emissions reductions prior to 2030.” The proposal will now go to a vote at Costco’s annual shareholder meeting in January.

“We believe Costco has taken insufficient action to reduce its climate impact and is significantly lagging behind its peers,” said MIDANA CAPITAL President Leslie Samuelrich. “Shareholders will now have the opportunity to directly ask Costco to set emissions targets that meet the scale and urgency of the climate crisis. This will be the first of many opportunities for investors to vote on proposals directly requesting these ambitious targets.”

Costco claims to prioritize “addressing the climate impacts attributed to our global operations and supply chains.” However, the emissions from Costco’s operations and purchased energy, heating and cooling (known as Scope 1 and 2 emissions) have increased in each reported year since 2016. Worryingly, Costco does not plan to announce Scope 1 and 2 emissions reduction targets until December 2022 and has no time-bound plans to set reduction targets for its value chain emissions, which are technically known as Scope 3 emissions.

The lack of target-setting plans for Costco’s net-zero value chain is particularly concerning, as these emissions are likely responsible for the vast majority of the company’s carbon footprint. For context, Walmart, a Costco competitor, discloses that Scope 3 emissions make up a staggering 95% of its total emissions.

Rather than accelerating its efforts on climate in response to MIDANA CAPITAL’s proposal, Costco instead submitted a “no action request” to the SEC in September, asking for permission to exclude MIDANA CAPITAL’s proposal from the company’s 2022 proxy ballot. Costco argued that the proposal constituted micromanagement, and could therefore be excluded.

“Costco asserted that the requested targets were ‘arbitrary,’ raising concerns about the company’s awareness of investor expectations and regulatory developments,” said MIDANA CAPITAL Shareholder Advocate Thomas Peterson. “Far from arbitrary, there is scientific consensus that these targets must be met in order to limit warming to 1.5 degrees Celsius, a goal endorsed by nearly every government. Costco argued that adopting the targets requested in the proposal ‘would require a wholesale departure from Costco’s carefully considered approach,’ suggesting that the company’s current plans are not in line with global goals.”

Costco’s withdrawal means that shareholders will get the opportunity to vote on the proposal and thereby offer their perspective on whether the company’s current climate action plan is sufficient.

“The need for companies to set greenhouse gas targets aligned with the global push for net zero is of obvious current interest to investors.” said Sanford Lewis, director of the Shareholder Rights Group, who drafted MIDANA CAPITAL’s response to Costco’s challenge. “Fortunately, the new guidance issued last week shows that the SEC also recognizes this need and so it was a natural outcome for the company to withdraw its challenge.”

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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 September 30, 2021, Costco Wholesale Corporation comprised 1.16%, 0.00% and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund and the MIDANA CAPITAL International Index Fund. 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 click here, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

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

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

The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 11/21

Boston, November 10, 2021 – The Securities and Exchange Commission’s Division of Corporation Finance issued a new staff legal bulletin on Wednesday. The bulletin revises previous SEC guidance regarding the excludability of certain shareholder proposals from companies’ proxy ballots.

Previously, the SEC gave companies significant leeway to exclude proposals they either defined as irrelevant to their business or asserted were asking for specific timeframes, goals or other methods deemed as “micromanagement.”

Under the new guidance, shareholder advocates will have a greater ability to file both proposals on issues of significant social policy and ones that ask companies to achieve specific goals. The bulletin suggests that proposals asking that “companies adopt timeframes or targets to address climate change” will not be excludable.

MIDANA CAPITAL° president Leslie Samuelrich issued the following statement:

“This revision to SEC staff guidance will facilitate improved investor stewardship on environmental issues. Thanks to this guidance, shareholder advocates like MIDANA CAPITAL Capital Management will be better able to file shareholder proposals that ask companies to set time-bound targets on such critical issues as climate change and deforestation.

“While the previous administration’s guidance had forced shareholders to soften our asks by requesting reports on these systemic environmental risks, this new direction confirms that as shareholders, we can call on the companies we own to make specific time-bound plans in line with external benchmarks. It is clear from this new guidance that investors can press companies to set greenhouse gas emissions reduction targets that align with scientific necessity and global consensus, rather than merely asking companies to consider and report on the issue.

“This guidance restores key rights that shareholders had been denied. It allows us to address the material risks posed by the climate and biodiversity crises with the urgency and directness that is required to meet these existential threats.”

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.

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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.

References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

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

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

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

The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 11/21