A. Background CCM Investment Advisers, LLC (“CCM”) is an independent investment advisory firm established in 1986 by Fowler W. Cary, Jr., who passed away in February, 2019. The principal owners of the firm as of the date of this brochure are The Big Dog Family Preservation Trust [Trustees: Carlynn E. Cary, Amanda Cary Antonovich and Stephen D. Kirkland, CPA, CMC, CFF] and Fowler Cary Family Trust [Trustees: Carlynn E. Cary, Amanda Cary Antonovich] B. Services Provided 1. Portfolio Management Services CCM manages a variety of equity, fixed income, and balanced accounts for institutional and individual investors. CCM utilizes fundamental analysis in the selection of equity and fixed income securities, employing a range of strategies as described in more detail in Item 8 below. CCM manages every client account as a separate portfolio based on that client’s investment objectives. Through the use of an investment policy statement, written investment instructions or the “CCM Client Investment Parameters” worksheet, the investment objectives and any client- imposed limitations are loaded into CCM’s proprietary Total Portfolio Management System (TPMS). Utilizing the TPMS, each portfolio manager is able to view investment objectives, client-imposed restrictions and other limitations, and risk profiles for each client as their individual account is managed. Each client may impose restrictions on investing in certain securities, types of securities, or asset classifications. In addition to making its services available to clients through direct advisory arrangements, CCM may also act as subadviser to other registered investment advisers or banks (each a “primary adviser”). In such cases, the primary adviser appoints CCM to manage all or a portion of a client’s account. CCM does not charge subadvised clients separately for CCM’s management services, but rather, receives a portion of the fee charged by the primary adviser. CCM does not currently have subadvisory arrangements with

anyone, but may enter into such arrangements with other primary advisers in the future. 2. Portfolio Management Through Wrap-Fee and Other Programs. CCM participates as a portfolio manager in various wrap-fee programs. Under such programs, a program sponsor (a registered broker-dealer and investment adviser that is not affiliated with CCM) assists the client in selecting a portfolio manager, effects purchases and sales of securities for the client’s account, acts as custodian of the client’s assets, monitors the portfolio manager’s performance and provides periodic reports to clients. The wrap program sponsor charges one bundled or “wrap” fee for all these services, and pays a portion of that fee to the portfolio manager. CCM currently participates in wrap-fee programs sponsored by Envestnet PMC, Wells Fargo Advisors Financial Network, LLC. CCM has other arrangements with clients whereby CCM contracts directly with and charges the client for portfolio management services, and the client contracts separately with a broker-dealer (or a dually registered broker-dealer/investment adviser) for portfolio execution and custody, as well as, in some cases, recordkeeping, non-discretionary investment advice, including manager selection and other services that are provided to the client for an asset-based or some form of bundled fee. The process by which CCM makes investment decisions in wrap-fee and other program accounts is the same as the process used for all its managed accounts. In all cases, CCM utilizes the Total Portfolio Management System described above. A wrap program may cost the client more or less than purchasing such services separately. Certain factors bear upon the relative cost of the program, such as the cost of the services if provided separately and the trading activity in the client’s account. C. Assets Managed As of December 31, 2023, CCM managed client assets totaling $1,093,282,659 on a discretionary basis. CCM does not manage assets on a non-discretionary basis.