CMA is an SEC-registered investment adviser with its principal place of business located in New York, New York. CMA began conducting business in September 1982. Listed below are the firm’s principal shareholders (i.e., those individuals and/or entities directly or indirectly controlling 25% or more of the company).
• W. Jameson McFaddden
• David V. Shields
• D. Larus Shields Our firm offers the following investment advisory services: Portfolio Management Services Our firm provides investment supervisory services in the form of continuous advice to a client regarding the investment of client funds based on the individual needs of the client. CMA provides discretionary and non-discretionary portfolio management advisory services. Through personal discussions with clients, goals and objectives based on a client's particular circumstances are established. During our data-gathering process, we have discussions with the client to obtain the client’s individual objectives, time horizons, risk tolerance, and liquidity needs. CMA then develops the client’s personal investment guidelines and creates and manages a portfolio based on those guidelines. Account supervision is guided by the stated objectives of the client. Clients may impose reasonable restrictions on investing in certain securities, types of securities, or industry sectors. In order to ensure that our initial determination of an appropriate portfolio continues to be suitable and that the client's account continues to be managed in a manner suitable to the client's financial circumstances, we will maintain client suitability information in the client's file. It is the client’s responsibility to let us know whether there have been any changes in the client's financial situation and investment objectives and whether the client wishes to impose investment restrictions or modify existing restrictions. Our investment recommendations are not limited to any specific product or service offered by a broker dealer or insurance company. Client portfolio holdings may also include exchange-listed and over-the-counter securities, option contracts on securities, no-load or load-waived mutual funds, exchange traded funds, unit investment trusts, corporate debt securities, agency securities, United States governmental securities, (i.e.US Treasuries, GNMA’s etc.), certificates of deposit, warrants, commercial paper, and municipal securities. CMA is the sponsor of a wrap-fee program (the “Wrap-Fee Program”), which is a program that provides clients with advisory and brokerage execution services for one all-inclusive fee (the “Fee”). This means that the cost of

CMA’s investment advisory services, the cost of executing brokerage transactions and custodial fees are “wrapped” into a single annual fee based on the value of the client’s portfolio. Investments offered through the Wrap-Fee Program include equity, balanced and fixed income mandates. The Investment Adviser Representative (“IAR”) continuously manages equity, balanced & fixed-income portfolios, where appropriate, based on the individual needs of a client. Clients may refer to the CMA wrap-fee program brochure for more information. CMA may utilize the services of other registered investment advisers (“a sub-adviser”) to manage a client’s entire portfolio, or a portion thereof. All sub-advisers contracted by CMA must be registered as investment advisers with the Securities and Exchange Commission. After gathering information about the client’s financial situation and objectives, CMA may select one or more sub-advisers based on investment style and suitability in order to meet the client’s financial needs, investment goals, and tolerance for risk and investment objectives. Clients will not sign an agreement with the sub-adviser; the agreement is between CMA and the sub-adviser. CMA will pay a portion of its advisory fee to the sub-adviser. Such compensation will differ depending upon the individual agreement CMA has with each sub-adviser. We will regularly and continuously monitor the performance of the selected registered investment adviser(s). If we determine that a particular selected registered investment adviser is not providing sufficient management services to the client, or are not managing the client's portfolio in a manner consistent with the client's investment objectives, we will remove the client's assets from that selected registered investment adviser and place the client's assets with another registered investment adviser at our discretion and without prior consent from the client. Our firm will conduct appropriate due diligence on all independent third-party managers, making reasonable inquiries into their performance calculations, policies and procedures, Code of Ethics, and other operational and compliance matters deemed important to account performance and risk management. Occasional fundamental and/or technical research reports may be prepared and circulated to clients without charge. Investment Company Advisory Services CMA also provides investment advisory services to the Wellington Shields All Cap Fund (WSACX), a registered open end investment company under the Investment Company Act or 1940. Amount of Managed Assets As of 12/31/2023, we were actively managing $ 93,460,440 of client assets on a discretionary basis.