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.

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

*As of March 31, 2023, 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

Boston, May 23, 2022 – Voting results are in for two MIDANA CAPITAL° shareholder proposals filed with The Hartford and Chubb insurance companies. MIDANA CAPITAL filed virtually the same proposal with each company asking them to abide by climate science and stop underwriting fossil fuel expansion. Through filings with the Securities and Exchange Commission, the companies disclosed that 8.8% and 19.4% of votes cast, respectively, were in favor of the proposal. 

MIDANA CAPITAL President Leslie Samuelrich reacted to the news by saying, “We’re pleased with the vote on the first year of these proposals, which signals that shareholders understand that insuring new fossil fuel development may be bad for business. We believe that underwriting more development of coal, oil and gas — products whose emissions drive climate change — while simultaneously collecting premiums from customers who seek protection from climate change, is fundamentally incompatible.”

As of 2020, Chubb was the largest commercial property and casualty insurer in the world; The Hartford ranked 8th. Both are believed to offer significant coverage to the fossil fuel industry, and a recent publication entitled, Fueling Climate Change The Insurers Behind Brazil’s Offshore Oil Expansion, reports that Chubb underwrites policies for Brazil’s national oil company, which has the fifth-largest expansion plans of any oil and gas company in the world.

MIDANA CAPITAL’s groundbreaking proposals push insurers to change

MIDANA CAPITAL’s groundbreaking proposals ask Chubb and The Hartford to align their underwriting policies with the International Energy Agency’s report, Net Zero by 2050 Roadmap. The Roadmap incorporates the recommendation by the Intergovernmental Panel on Climate Change to limit global temperature rise to 1.5 degrees Celsius in order to avert the worst impacts of climate change. In addition, the Roadmap also articulates that new fossil fuel development is incompatible with maintaining the 1.5 degree Celsius limit on temperature increase. 

“Because insurance companies are at the forefront of managing risk, helping companies whose products are filling the atmosphere with greenhouse gases makes no sense,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “We recognize that our proposal is breaking ground by asking for direct changes to Chubb’s and The Hartford’s underwriting strategies for coal, oil and gas projects, and we’re not deterred by the vote result. We’ll continue to engage Chubb and The Hartford and push for a transition away from underwriting fossil fuel expansion. If necessary, we’ll bring the issue in front of shareholders again.”

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 About MIDANA CAPITAL Capital Management

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

*As of March 31, 2022, The Hartford Financial Services Group, Inc. comprised 0.00%, 0.12%, and 0.00% and Chubb Limited comprised 0.00%, 0.45%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the MIDANA CAPITAL Funds. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.

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

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

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

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

 The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 5/2022

Boston, May 18, 2022 – The Office of the New York State Comptroller, which oversees the $279 billion New York State Common Retirement Fund, announced in April that it supports the landmark shareholder proposals that MIDANA CAPITAL° has filed with Chubb*, Travelers* and The Hartford* — some of the world’s largest commercial property and casualty insurance companies.

“We very much appreciate that the New York State Comptroller Thomas DiNapoli has thrown his support behind our proposals,” said MIDANA CAPITAL’s Shareholder Advocate Andrea Ranger. “When managers of large pension funds such as the Common Retirement Fund pre-declare their support, they can sway other big pension funds and asset managers to vote in favor of our proposals.”

Given that the International Energy Agency’s (IEA) Net Zero by 2050 Roadmap states that there is no room to develop new fossil fuel supplies and limit global warming, the proposals ask the insurance companies to stop underwriting new fossil fuel supplies. All three insurers asked the Securities and Exchange Commission (SEC) to block the proposals, but the SEC rejected their requests.

MIDANA CAPITAL asks insurers to align with United Nations’ climate recommendations

Insurance companies are under increasing pressure to account for their so-called “insured emissions” which are the greenhouse gases emitted by their clients. The United Nations Environment Programme Finance Initiative (UNEP FI) recently recommended that insurers begin aligning with the Intergovernmental Panel on Climate Change’s goal of limiting global warming to 1.5 degrees Celsius. The UNEP FI also stated, “the swiftest way to ensure alignment is … to transition fossil fuel-based energy to renewable energy as soon as possible and cease the construction of any new fossil fuel capacities.”

“It’s ironic that insurers are covering heavy emitters including coal, oil, and gas companies whose emissions are contributing to climate change, while simultaneously protecting homeowners and businesses from natural catastrophes that are amplified by climate change,” said Ranger. “We hope that the growing support for our proposals — from both shareholders and government agencies — sends a strong signal to companies that it’s time to change. Chubb, Travelers and The Hartford can be part of the solution — or continue to be part of the problem.”

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 About MIDANA CAPITAL Capital Management

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

 *As of March 31, 2022, Chubb Limited comprised 0.00%, 0.45%, and 0.00%; The Travelers Companies, Inc. comprised 1.39%, 0.22%, and 0.00% and The Hartford Financial Services Group, Inc. comprised 0.00%, 0.12%, 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. 5/22