Description of Firm Carret Asset Management, LLC (the “Registrant”) is a limited liability company formed in May 2004 in the State of New York. The Registrant became registered as an Investment Adviser Firm in May 2004. The Registrant is wholly owned by Carret Holdings, Inc. Carret Holdings, Inc. is ultimately owned through various intermediaries, including SBI Holdings, Inc. As discussed below, the Registrant offers to its clients (individuals, investment companies, investment limited partnerships, pension and profit-sharing plans, investment advisors, business entities, trusts, estates and charitable organizations, etc.) investment advisory services. To the extent specifically requested by a client, Registrant may provide limited consultation services to its investment management clients on investment and non‐investment related matters. Any such consultation services, to the extent rendered, shall be rendered on an unsolicited basis, for which Registrant shall generally not charge a fee. In the event that the client requires extraordinary consultation services (to be determined in the sole discretion of the Registrant), the Registrant may determine to charge for such additional services, the dollar amount of which shall be set forth in a separate written notice to the client. To commence the investment advisory process, the Registrant will ascertain each client’s investment objective(s) and then invest the client’s assets consistent with the client’s designated investment objective(s). Once invested, the Registrant provides ongoing supervision of the account(s). Before engaging Registrant to provide investment advisory services, clients are required to enter into an Investment Advisory Agreement with Registrant setting forth the terms and conditions of the engagement (including termination), describing the scope of the services to be provided, and the fee that is due from the client. Investment Advisory Services We offer discretionary portfolio management services. Our investment advice is tailored to meet our clients' needs and investment objectives. If you participate in our discretionary portfolio management services, we require you to grant us discretionary authority to manage your account. Subject to a grant of discretionary authorization, we have the authority and responsibility to formulate investment strategies on your behalf. Discretionary authorization will allow us to determine the specific securities, and the amount of securities, to be purchased or sold for your account without obtaining your approval prior to each transaction. We will also have discretion over the broker or dealer to be used for securities transactions, and over the commission rates to be paid. Discretionary authority is typically granted by the investment advisory agreement you sign with our firm. You may limit our discretionary authority (for example, limiting the types of securities that can be purchased or sold for your account) by providing our firm with your restrictions and guidelines in writing. Registrant has a fiduciary duty to provide services consistent with the client’s best interest. As part of its investment advisory services, Registrant will review client portfolios on an ongoing basis to determine if any changes are necessary based upon various factors, including, but not limited to, investment performance, account additions/withdrawals, mutual fund manager tenure, style drift, and/or a change in the client’s investment objective. Based upon these factors, there may be extended periods of time when the Registrant determines that changes to a client’s portfolio are neither necessary nor prudent. Of course, as indicated below, there can be no assurance that investment decisions made by Registrant will be profitable or equal any specific performance level(s). Clients nonetheless remain subject to the fees described in Item 5 below during periods of account inactivity. Investment Methodology Registrant structures portfolio strategies (each a “Strategy” and collectively the “Strategies”) developed to meet client investment objectives. These Strategies are composed of, but not limited to, equity securities, as well as mutual funds, exchange traded funds, fixed-income securities, and other exchanged traded securities. The Strategies are based on fundamental research on a wide range of securities to determine their qualification for initial and continuing investment. This is described further in Item 8: Method of Analysis, Investment Strategies and Risk of Loss. The Strategies are rebalanced periodically. The Strategies selected for each client are intended to meet the client objectives. Clients can place restrictions on securities selected. Registrant has developed specialized tailored strategies being offered to clients: Fixed Income Opportunity Strategy Leveraged Opportunity Strategy Taxable Bond Strategy Municipal Bond Strategy Enhanced Cash Strategy Large Cap Equity Strategy Custom Balanced Strategy Sub-Advisory Services The Registrant may serve as a sub‐advisor to unaffiliated registered investment advisors according to the terms and conditions of a written Sub‐Advisory Agreement. With respect to its sub‐advisory services, the unaffiliated entities that engage the Firm’s sub‐advisory services maintain both the initial and ongoing day‐to‐day relationship with the underlying client, including initial and ongoing determination of client suitability for the Registrant’s designated investment strategies and/or programs. If the custodian/broker‐dealer is determined by the unaffiliated investment adviser, the Registrant will be unable to negotiate commissions and/or transaction costs, and/or seek better execution. As a result, clients may pay higher commissions or other transaction costs or greater spreads, or receive less favorable net prices, on transactions for the account than would otherwise be the case through alternative clearing arrangements recommended by Registrant. Higher transaction costs adversely impact account performance. With respect to these types of engagements, the unaffiliated entities that engage the Registrant’s sub‐advisory services and/or assist their clients in selecting the Registrant as a separate account manager, maintain both the initial and ongoing day‐to‐day relationship with the underlying client, including the initial and ongoing determination of client suitability for the Registrant’s investment strategies. The Registrant’s obligation shall be to manage the client’s account consistent with the investment strategy designated by the unaffiliated firm. In addition, for all such engagements, the Registrant does not generally have the ability to choose and/or determine: (1) the custodian and/or broker‐ dealer for the client’s account; (2) whether the services are part of a wrap program or provided on an unbundled basis; or (3) program and/or transaction cost pricing. Thus, the Registrant is unable to control or confirm best execution for account transactions. Higher fees and transaction costs adversely impact account performance. Adviser to Registered Investment Company The Registrant also serves as the investment manager to the Carret Kansas Tax Exempt Bond Fund, which is an investment company (also referred to as mutual fund) registered under the Investment Company Act of 1940, as amended (the “Fund”). A complete description of the Fund, its strategy, objectives, and cost is set forth in the Fund’s then‐current prospectus, a copy of which is available from the Registrant upon request. As the investment manager to the Fund, Registrant has discretionary authority over the management of the Funds’ assets. The Registrant does not recommend the Fund to its managed account clients. Financial Consulting and Planning Although the Registrant does not hold itself out as providing financial planning, estate planning or accounting services, to the extent specifically requested by the client, the Registrant may provide limited consultation services to its investment management clients on investment and non‐investment related matters, such as estate planning, tax planning, insurance, etc. the Registrant shall not receive any separate or additional fee for any such consultation services. Neither the Registrant, nor any of its representatives, serves as an attorney, accountant, or licensed insurance agent, and no portion of the Registrant’s services should be construed as same. Accordingly, the Registrant does not prepare legal documents or tax returns, nor does it sell insurance products. To the extent requested by a client, the Registrant may recommend the services of other professionals for certain non‐investment implementation purposes (i.e. attorneys, accountants, insurance, etc.). The client is under no obligation to engage the services of any such recommended professional. The client retains absolute recommendation from the Registrant. To the extent requested by a client, the Registrant may provide investment advice regarding private investment funds (generally, positions purchased by the client independent of the Registrant). The Registrant’s role relative to such private investment funds shall be limited to its ongoing monitoring services. The amount of assets invested in the fund(s) shall not be included as part of “assets under management” for purposes of Registrant calculating its investment advisory fee. Registrant’s clients are under absolutely no obligation to consider or make

an investment in a private investment fund(s). If the client engages any professional (i.e. attorney, accountant, insurance agent, etc.), recommended or otherwise, and a dispute arises thereafter relative to such engagement, the client agrees to seek recourse exclusively from the engaged professional. At all times, the engaged licensed professional(s), and not Registrant, shall be responsible for the quality and competency of the services provided. It remains the client’s responsibility to promptly notify the Registrant if there is ever any change in his/her/its financial situation or investment objectives for the purpose of reviewing/evaluating/revising Registrant’s previous recommendations and/or services. Retirement Plan Services Trustee Directed Plans. The Registrant may be engaged to provide discretionary investment advisory services to ERISA retirement plans, whereby the Firm shall manage Plan assets consistent with the investment objective designated by the Plan trustees. In such engagements, the Registrant will serve as an investment fiduciary as that term is defined under The Employee Retirement Income Security Act of 1974 (“ERISA”). The Registrant will generally provide services on an “assets under management” fee basis per the terms and conditions of an Investment Advisory Agreement between the Plan and the Firm. Participant Directed Retirement Plans. Registrant may also provide investment advisory and consulting services to participant directed retirement plans per the terms and conditions of a Retirement Plan Services Agreement between Registrant and the plan. For such engagements, Registrant shall assist the Plan sponsor with the selection of an investment platform from which Plan participants shall make their respective investment choices (which may include investment strategies devised and managed by Registrant), and, to the extent engaged to do so, may also provide corresponding education to assist the participants with their decision-making process. Wrap Fee Program(s) Registrant manages accounts in wrap fee programs sponsored by third-party financial services firms (typically broker/dealers). Under an agreement to participate as an outside investment manager in a wrap program, Registrant acts as an outside manager with the custodian handling all transactions. A wrap fee program is an investment advisory program under which a client typically pays a single fee to the sponsor based on assets under management. Fees paid are not based directly upon transactions in the client’s account or the execution of client transactions. The program sponsor determines the fee to charge to the wrap fee program clients and has primary responsibility for client communications and service. Registrant provides investment management services. Wrap fee accounts are considered directed brokerage accounts. When determining whether to participate in a wrap fee program you should consider, among other things, our brokerage practices and the fees charged by the program sponsor in relation to the expected trading volume. (Item 12 provides more information about our brokerage practices, including our treatment of directed brokerage accounts.) Payment of advisory fees to Registrant and wrap fees to the sponsor will increase overall costs. Therefore, performance will differ in these “wrap fee” arrangement portfolios in comparison to other like managed portfolios. We choose investments and manage the accounts of clients in the wrap fee program the same way we manage other client accounts in similar strategies, and these clients have the same access to their portfolio managers as all other clients. The Registrant does not sponsor a wrap program. In the event that the Registrant is engaged to provide investment management services as part of an unaffiliated wrap‐fee program, Registrant will be unable to negotiate commissions and/or transaction costs. Under a wrap program, the wrap program sponsor arranges for the investor participant to receive investment advisory services, the execution of securities brokerage transactions, custody and reporting services for a single specified fee. In the event the Registrant elects to effect fixed income securities transactions through broker dealers other than the wrap program sponsor, the investor participant may incur costs in addition to those arranged by the wrap program sponsor. Participation in a wrap program may cost the participant more or less than purchasing such services separately. In the event that the Registrant is engaged to provide investment management services as part of an unaffiliated managed account program, Registrant will likewise be unable to negotiate commissions and/or transaction costs. If the program is offered on a non‐wrap basis, the program sponsor will determine the broker‐dealer though which transactions must be effected, and the amount of transaction fees and/or commissions to be charged to the participant investor accounts. IRA Rollover Recommendations Effective December 20, 2021 (or such later date as the US Department of Labor (“DOL”) Field Assistance Bulletin 2018-02 ceases to be in effect), for purposes of complying with the DOL’s Prohibited Transaction Exemption 2020-02 (“PTE 2020-02”) where applicable, we are providing the following acknowledgment to you. When we provide investment advice to you regarding your retirement plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interest ahead of yours. Under this special rule’s provisions, we must:
•Meet a professional standard of care when making investment recommendations (give prudent advice);
•Put your interests ahead of our own when making recommendations (give loyal advice);
•Avoid misleading statements about conflicts of interest, fees, and investments.

•Follow policies and procedures designed to ensure that we give advice that is in your best interest;
•Charge no more than is reasonable for our services; and
•Give you basic information about conflicts of interest.
We may benefit financially from the rollover of your assets from a retirement account to an account that we manage or provide investment advice, because the assets increase our assets under management and, in turn, our advisory fees. Descriptions of the educational background and employment history of our investment professionals are included in the Brochure Supplement (Form ADV Part 2B), which is available from Registrant upon request. Discretionary and Non-Discretionary Services As a discretionary investment adviser, Registrant will have the authority to supervise and direct client portfolios without prior consultation with the client. In a non-discretionary arrangement, we retain the responsibility for the final decision on all actions taken with respect to client’s portfolio. For non-discretionary accounts, the client may also execute a limited power of attorney, which allows us to carry out trade recommendations and approved actions in the client’s portfolio. However, in accordance with our non-discretionary investment advisory agreement with the client, Registrant does not implement trading recommendations or other actions in the account unless and until the client has approved the recommendation or action. The use of non-discretionary accounts may result in a delay in executing recommended trades, which could adversely affect the performance of the portfolio. This delay also normally means the affected account(s) will not be able to participate in block trades, a practice designed to enhance the execution quality, timing and/or cost for all accounts included in the block. Carret provides investment advisory services specific to the needs of each client. Prior to providing investment advisory services, your investment adviser representative will ascertain your investment objective(s). Thereafter, we allocate and/or recommend that the client allocate investment assets consistent with the designated investment objective(s). The client may, at any time, impose reasonable restrictions, in writing, on the Registrant’s services. Types of Investments We offer advice on equity securities, corporate debt securities (other than commercial paper), United States government securities, private placements, mutual funds, and ETFs. Additionally, we may advise you on various types of investments based on your stated goals and objectives. We may also provide advice on any type of investment held in your portfolio at the inception of our advisory relationship. Since our investment strategies and advice are based on each client’s specific financial situation, the investment advice we provide to you may be different or conflicting with the advice we give to other clients regarding the same security or investment. If you participate in a wrap fee program, the sponsor will provide you with a separate Wrap Fee Program Brochure explaining the program and costs associated with the program. You should also review this Part 2A thoroughly to evaluate any differences between wrap versus non-wrap services. Assets Under Management As of December 31, 2023, the Registrant had $3,115,450,861 in assets under management on a discretionary basis.