2011 Off and Running

Despite a few trouble spots around the world (Libya, Japan), U.S. capital markets continued their rise during the first quarter of the year as corporate earnings continue to impress. Stocks turned in volatile gains as good earnings trumped international events. Bonds were even for the quarter as interest rates continued creeping upward. Our economic recovery continues to gain strength, which should bode well for stocks going forward.

Since the stock market bottomed two years ago, the S&P 500 has nearly doubled. It is worth noting that during that time period, there have been six different pullbacks of at least 5%. Volatility is a normal part of a healthy stock market.

You will notice that we have included with your statement a new document that we created as an SEC registered investment adviser. This is our Form ADV Part 2, and contains information about Wabash Capital and our associates. We wanted to give you some information about this document and the information it contains.

This ADV Part 2 replaces the old ADV Part II that we had used since we opened in 1997. The SEC felt that the old form did not convey advisor information in a format that was easy to understand, and we agree. The new form must be written in “Plain English” and easily explain to clients and potential clients how we run our business. The format of the new form is mandated by the SEC and must be the same for all advisors. The hope is that clients and prospects can easily find and compare information about all prospective advisors so that they can make an informed decision about which advisor best fits their needs.

Our new Form ADV Part 2 contains three sections:



• Brochure This contains information about Wabash Capital
• Summary of Material Changes This describes important changes that have occurred at Wabash Capital during the past year
• Brochure Supplement This contains information about the officers of Wabash Capital

We always welcome the opportunity to tell people about our company and we hope you find this new form informative. Please feel free to contact us if you have any questions about this form or your investments.

About Wabash Capital

Wabash Capital is an employee-owned registered investment advisor based in Terre Haute, Indiana, providing investment advice and professional portfolio management to individuals, corporations, banks, trusts, retirement plans and endowments. To learn more about our business, please visit www.wabashcapital.com.