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Team member Ginger Scott has successfully completed the training, validation and testing necessary to become a Registered Fiduciary for 2024. The Registered Fiduciary (RF™) Certification identifies financial professionals and organizations as competent fiduciaries that have achieved pertinent educational qualifications and licenses, learned required skills, and have passed a background check. The RF™ award to Ginger Scott recognizes particular skills in the area of Retirement Services In addition, Ginger and the team provide Investment Management and Advisory services to Individuals, Trust, Corporations, Banks and Labor Unions. In acting as a Registered Fiduciary Ginger Scott and the Wabash Capital Team is committed to always acting in the best interest of clients, using the skills, ethics and focus on the client needs that the Certification represents. Mrs. Scott also holds the Accredited Retirement Plan Specialist Certification.  “At a time when the public concern has been elevated by years of financial excesses and scandals, the RF™ validation process offers comfort in the knowledge that our firm has been found worthy of this distinction” said Don Edwards, President, adding “We have always been dedicated to our clients and this award gives us the independent confirmation of this policy.” Wabash Capital, Inc. is SEC registered Investment Advisor under the Investment Advisor Act of 1940. The Registered Fiduciary Certification is based on the 2010 Fiduciary Standards of the Fiduciary Standards Board and validated by Dalbar, Inc., the independent expert. The Fiduciary Standards Board is a not-for-profit (501(c)(3)) organization established in September of 2000 to develop and advance standards of care for investment fiduciaries, which includes trustees, investment committee members, brokers, bankers, investment advisers, money managers, etc. The Fiduciary Standards Board is independent of any ties to the investment community and therefore positioned to be a crucible for advancing fiduciary standards throughout the industry and to the public. Dalbar, Inc. is the financial community’s leading independent expert for evaluating, auditing and rating business practices, customer performance, product quality and service. Launched in 1976, Dalbar has earned the recognition for consistent and unbiased evaluations of investment companies, registered investment advisers, insurance companies, broker/dealers, retirement plan providers and financial professionals. Dalbar awards are recognized as marks of excellence in the financial community.

Equity markets outperformed expectations in 2024 as the U.S. economy continued its strong performance and inflation continued to drop, prompting the Federal Reserve to lower interest rates three times during the second half of the year. For the year, the S&P 500 Index set 57 new record highs, and, despite a December sell-off, capped off its best two-year run since 1997-1998. Even with the Fed’s rate cuts, the bond market struggled at times as the economy continued to grow at a higher rate than the Fed wanted to see. Inflation, which is much lower than it was two years ago, was more persistent than the Fed had expected. Looking ahead, there is much good news for investors as we head into the new year. Economic growth has been very strong and is expected to continue to be positive in 2025, although likely at a slower rate. Corporate earnings have posted strong growth the past two years and are also expected to continue to grow. If interest rates stay low and inflation continues to drop, the economy should be in good shape. Despite the economic positives, there are some concerning things we are watching. In December, the U.S. stock market dropped for ten consecutive days, something that had not happened since 1974. Also in December, consumer confidence sank, giving up the gains seen in November. More importantly, the Consumer Expectations Index tumbled to levels that usually signal a recession. With equity valuations near record highs, any unexpected negative news for the economy or the markets could have a larger than normal impact on the markets. This two-year run has also pushed the stock market above its long-term trend by the second highest amount in the last 90 years. This cannot and will not continue indefinitely. When we look at economic and market data to make determinations about the make up of our portfolios, we look at the risk of one asset class relative to the risk of other asset classes. Our biggest concern is the risk that there may be an increase in inflation, which would hurt both stocks and bonds. Even if inflation stays where it is, it appears likely that interest rates will not go much lower than their current level. The level of debt, both government and consumer, is also a concern. Economic growth built on debt is very dangerous when the level of indebtedness becomes extreme. We are approaching that tipping point. We think it’s unlikely for the stock market to have another 20% plus return in 2025. Having said that, this economy and the stock market have been defying expectations and may continue to do so. Much will depend on inflation and interest rates, so keep an eye on these two numbers. These same two numbers will also determine what happens in the bond market in the upcoming year. We expect market volatility to increase in 2025. As always, never hesitate to contact us if you have any questions about your investments. You can read our new Form ADV on our website when it is updated during the first quarter. Wabash Capital

The capital markets have been hyper focused on inflation for the past three years. Since the end of 2022, the inflation rate has been steadily dropping, and that has been good for the markets. That trend continued during the third quarter of this year with overall PCE (personal consumption expenditures) increasing at an annual rate of 2.2%, the lowest annualized increase since February of 2021. Both stock and bond investors benefited from this as both markets posted solid gains for the quarter. We have spoken about this before, but it is worth repeating. The mandate of the Federal Reserve is to create conditions that will allow the economy to grow while at the same time keeping price stability, or low inflation. The Fed was reluctant to raise rates as we were coming out of the economic calamity of the pandemic fearing higher rates would cause a recession. The result of keeping rates near zero while the global economy came roaring back was high inflation. The Fed has admitted they kept rates too low for too long. Since inflation has been low for many years (it peaked more than 40 years ago) most people were caught off guard and were unprepared for the damage it creates. The resulting sell off in stocks and bonds was definitely a wake up call. To their credit, the Fed has seemingly made the right decisions since then. The inflation rate has dropped to near the Fed’s 2% target, and they have done it while the economy continues to grow. The Fed cut rates during the third quarter with a 50 basis point cut, larger than most people were expecting. Markets rallied as a result. Low interest rates are good for both stock and bond investors and a low interest rate environment is the best condition for the economy to do well. It is unlikely we will see rates back to near zero, but we believe they will drop to the 2.0-2.5% range on the short end of the yield curve. While economic conditions have improved, it is important to note that there are still issues that can derail economic conditions. European and Middle Eastern wars are always disruptive and have the ability to spread. It is also possible that the Fed has miscalculated conditions and we could fall into an economic recession. We think this is unlikely, but it can’t be ruled out. Consumers have very high levels of debt, which can lead to rapid spending cuts and high bankruptcies. Stocks are trading at high valuations, which can lead to larger than normal drops. As long as we see strong GDP growth and low inflation, investors should continue to be rewarded. Unforeseen events happen, so there will always be bumps in the road, but we are cautiously optimistic that this year will end on a high note. Wabash Capital

The second quarter started off with dropping stock and bond prices as hot inflation data spooked the markets. With the markets hyper focused on the Federal Reserve and hopes for lower interest rates, a jump in inflation was the worst possible news for investors. Most of the gains from the first quarter were lost during April. May gave the markets better news on inflation leading to rallies in both stocks and bonds in May and June. At the halfway point in 2024, stocks have posted solid returns year to date, while bonds, though positive year to date, have not done as well. Diminished expectations for rate cuts have kept interest rates higher than most economists had predicted, lowering bond prices. The U.S. economy continues to outperform expectations. Low unemployment, strong job creation, and strong corporate earnings, along with high consumer spending have all contributed to keep the economy growing. It is worth noting that all of this is happening while the Fed is trying to slow the economy down in efforts to reduce the inflation rate to their 2% target. Right now, it stands at 3.5%, much lower than it was a year and a half ago, but still higher than the Fed wants it to be. In the world of investing and economics, there is always a lot of discussion about economic growth (GDP) and what is possible and preferable. Too much growth usually leads to inflation, while dropping GDP gives us a recession. Walking that fine line is not an easy task. Looking back at economic history is helpful to put the economy in proper context. In 1929, nominal U.S. GDP was $105 billion. Today it is over $27 trillion. At its low point during the depression (1933) GDP had dropped to $57 billion, a drop of 45%. By 1939, GDP was higher than it was in 1929 before the depression. From 1929 through 2023, there have been 15 years that experienced a drop in GDP. This includes four in a row from 1930 to 1933 and seven other years that saw decreases of less than 1%. Since 1990, there have only been three negative years; 1991, 2008, and 2020. Large drops in GDP almost always lead to large drops in the stock market. On average, it takes about two years for stocks to recover from a bear market, although it took four and a half years to recover from the 2000 bear market, and 25 years to recover from the depression market drop that started in 1929. All eyes are on the Fed as what happens in the markets depends a great deal on what they do in response to inflation and economic activity. They continue to indicate that they see inflation coming down, which will allow them to lower interest rates. Low inflation and dropping interest rates would be the best outcome for investors. The biggest risk in attempting to slow the economy is that growth will become negative, and the economy will fall into recession. As of now, it appears the odds of a recession are dropping. Wabash Capital

Wabash Capital Earns Renowned Certification for Fiduciary Excellence Adherence to a global standard of fiduciary excellence officially marks a commitment to acting in the best interest of investors. Terre Haute IN – May 2024– After undergoing a thorough and independent assessment of investment management processes, investment strategy implementation, and other fiduciary practices, Wabash Capital today announced formal achievement of Centre for Fiduciary Excellence (CEFEX®) certification from Broadridge for the 10 th year. This makes Wabash Capital part of the elite group of nearly 250 firms from around the world to successfully complete the independent certification process. Part of the rigorous evidence-based assessment included successfully demonstrating adherence to documented and legally substantiated best practice fiduciary standards. The annually renewed certification signifies an ongoing commitment to providing consistent objective advice that’s in a client’s best interest – both at the institutional and individual levels. Don Edwards, President of Wabash Capital, Inc. said, “We are proud to be a CEFEX certified investment firm. This certification assures our clients that we are keeping up with the best practices in the industry. Our clients also know that we are a Fiduciary Advisor, meaning we are obligated to act in their best interest.” The CEFEX certification program is based on the International Standards Organization (ISO) 19011: Guidelines for auditing management systems. The standard, “Prudent Practices for Investment Advisors” is substantiated by legislation, case law, and regulatory opinion letters from the Employee Retirement Income Security Act (ERISA), the Investment Advisers Act of 1940, the Uniform Prudent Investor Act (UPIA), the Uniform Prudent Management of Institutional Funds Act (UPMIFA) and the Model Management of Public Employee Retirement Systems Act (MMPERSA) in the U.S. According to the Vice President, Centre for Fiduciary Excellence, Carlos Panksep, “Through CEFEX’s independent assessment, the certification provides assurance to investors, that Wabash Capital has demonstrated adherence to the industry’s best fiduciary practices. This indicates the firm’s interests are aligned with investors.” Wabash Capital is specifically certified for Investment advisory and management services for endowments, foundation and retirement plan clients serving in an ERISA 3(21) advisory role and/or ERISA 3(38) Investment Management Ro Official registration for Wabash Capital can be see www.wabashcapital.com as well as the Independent Assessment Report can be viewed here. To learn more about CEFEX certification visit cefex.org. About Wabash Capital, Inc. Company Overview: Founded in 1997, Wabash Capital is dedicated to maintaining and growing the financial resources of our individual, institutional and 401(k) & 403(b) retirement plan clients. As a privately held fee only advisor, we offer independent financial guidance designed to fulfill each client's unique needs and priorities. We establish a fiduciary relationship with each client, providing a personalized service unencumbered by third party compensation arrangements. This allows us to focus entirely on helping our clients achieve their financial goals. Our Mission Statement: At Wabash Capital, we will establish trust-filled client relationships to support our role as an advisor. We will listen to our clients’ needs and provide personalized investment advice that leads them to positive financial outcomes. About Broadridge Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with over $6 billion in revenues, provides the critical infrastructure that powers investing, corporate governance, and communications to enable better financial lives. We deliver technology-driven solutions that drive business transformation for banks, broker-dealers, asset and wealth managers and public companies. Broadridge's infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. Our technology and operations platforms underpin the daily trading of more than $10 trillion of equities, fixed income and other securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 14,000 associates in 21 countries. For more information, please visit broadridge.com .

During the first quarter of this year, equity markets built on last year’s fourth quarter gains and continued their climb. Continued economic strength and lower inflation gave investors reasons to be optimistic that the economy can continue to grow while avoiding a recession. The bond market rally of last year paused, as this same economic strength caused bond investors to rethink their optimism that the Fed will be cutting interest rates multiple times this year. The current bull market in stocks has been impressive. Stocks have rallied with the “better than almost everybody thought it would be” U.S. economy. As inflation has dropped, recession fears have faded, and equity markets are at all-time highs. The S&P 500 Index set 17 all-time closing highs in the first 50 trading days of this year, the most since 1998. Because the S&P 500 Index is a market weighted index, as opposed to the Dow Jones Industrial Average, which is an equal weighted index, the largest companies have an outsized impact on the index. In fact, the seven largest tech stocks (Apple, Microsoft, Google, Amazon, Nvidia, Meta, Tesla) account for 30% off the S&P’s value, an all time high. Last year, these seven stocks gained an average of 71%, while the other 493 stocks in the index averaged a 6% gain. Looking at a static return number definitely does not tell the whole story of the strength of the stock market. The bond market has not moved much this year as segments of the economy continue to expand faster than the Fed wants them to. While inflation has dropped dramatically from its high in 2022, it remains above the Fed’s target, and as long as that is the case, interest rates are likely to remain elevated, especially on the short end of the yield curve. The Fed has reiterated that they plan to cut rates at least three times this year, but we will need to see some of these inflationary pressures ease before this happens. Until then, the yield curve remains inverted, and the risk remains elevated that the Fed will not reduce rates in time to prevent a recession. GDP growth for last year came in at 2.5%, which is quite remarkable given the forecasts of most analysts at the beginning of the year. It looks like GDP growth in the first quarter of 2024 will also come in around 2.5%. Most forecasts we are seeing show our economy growing this year about the same as it did last year. We don’t see anything that would make us forecast growth differently than this consensus. We think inflation will continue to drop to closer to the Fed’s target of 2% later in the year. Our forecast for the markets has not changed since the end of last year. Stocks will be helped by dropping inflation rates and by lower interest rates, but with sky high valuations, there are elevated risks if there are unforeseen events. Bonds will also benefit from lower interest rates but will tread water if inflation and interest rates stay higher than normal. Much depends on the Fed. Wabash Capital