Introduction Cedrus LLC, (hereinafter “Cedrus”) is a registered investment advisor based in Littleton, Colorado. We are a limited liability company organized under the laws of the State of Colorado. We have been providing investment advisory services since 2021. Tyler J. Graeve, Managing Member, and Mark Neely, Member, are the principal owners of Cedrus. You may see the term Associated Person throughout this Brochure. As used in this Brochure, this term refers to anyone from our firm who is an officer, employee, and all individuals providing investment advice on behalf of our firm. Where required, such persons are properly registered as investment adviser representatives. Currently, we offer the following investment advisory services, personalized to each individual client:
• Portfolio Management Services
• Financial Planning Services Portfolio Management Services Cedrus offers discretionary and non-discretionary portfolio management services. Discretionary management means that we will make investment decisions and place buy or sell orders in your account without contacting you. These decisions would be made based upon your stated investment objectives. If you wish, you may limit our discretionary authority by, for example, setting a limit on the type of securities that can be purchased for your account. Simply provide us with your restrictions or guidelines in writing. Non-discretionary portfolio management service means that we must obtain your approval prior to making any transactions in your account. Our investment advice is tailored to meet our clients’ needs and investment objectives. If you decide to hire our firm to manage your portfolio, we will meet with you to gather your financial information, determine your goals, and help you decide how much risk you should take in your investments. The information we gather will help us implement an asset allocation strategy that will be specific to your goals. Cedrus primarily uses the following types of securities in its portfolio management programs: domestic and foreign equity securities; exchange traded funds; investment company products; corporate securities; municipal securities and U.S. government securities. Cedrus may also advise Clients on any other type of investment deemed appropriate based upon stated goals and objectives. Cedrus may also provide advice on any type of investment held in a Client’s portfolio at the inception of the advisory relationship or on any investment for which the Client requests advice. Selection of Sub-Advisors As part of our overall portfolio management strategy, we may use one or more sub-advisors to manage all or a portion of your account. Currently, we utilize the Managed Accounts Program and the GoalLink Program developed by SEI Investments Management Corporation ("SIMC"), and others. We may also use third party investment advisers that are listed on Schwab’s custodial platform. All sub-advisors recommended by our firm must either be registered as investment advisors or exempt from registration requirements. Factors that we take into consideration when making our recommendations include, but are not limited to, the following: the sub- advisor’s performance, methods of analysis, fees, your financial needs, investment goals, risk tolerance, and investment objectives. We continuously monitor the performance of any accounts managed by the sub-adviser and assume discretionary authority to hire or fire the sub adviser where such action is deemed to be in the best interest of the Client. The sub-advisor(s) may use one or more of their own model portfolios to manage your account. You will be required to sign an individual agreement with the sub-advisor or a tri party agreement with the sub-advisor and Cedrus. The sub adviser will charge a fee that is in addition to the fees charged by our firm. In most cases, Cedrus will not share in the fees charged by the sub-advisor. The sub-adviser may also act as a payment agent for our firm. However, in the case of accounts maintained with The Pacific Financial Group, Inc., Cedrus will receive a portion of the fee charged by The Pacific Financial Group, Inc. for services rendered to the client. Management of Held Away Assets As part of our overall portfolio management services, we provide asset allocation review, rebalancing and management services for accounts that are not held in custody of the qualified custodian(s) recommended by our firm. These services are provided through an account aggregation service called Pontera (formerly FeeX). The service primarily applies to ERISA and non-ERISA plan assets such as 401(k)s and 403(b)s, and other assets that must be held in custody of the plan custodian(s). We regularly review the available investment options in these accounts, monitor them, and periodically rebalance and implement our strategies using different tools as necessary. If you elect to allow our firm to manage your assets through Pontera, you will be notified via email when

Cedrus places trades through Pontera. However we construct your investment portfolio, we will monitor your portfolio’s performance on a continuous basis, and rebalance the portfolio whenever necessary, as changes occur in market conditions, your financial circumstances, or both. We recommend that you review the statement(s) you receive from the qualified custodian for accuracy. Please call our main office number, located on the cover page of this brochure, if you have any questions about your statements or if you notice any inaccuracies. Financial Planning Services We offer broad-based financial planning, which includes a variety of services, mainly advisory in nature, regarding management of financial resources. Such management is based upon an analysis of the client’s individual needs and begins with an initial consultation. Once we collect and analyse all documentation, we provide a financial plan designed to achieve the client’s financial goals and objectives. The plan may be delivered in writing, or in the form of one or more meeting or telephone consultations. In this way, Cedrus assists the client in developing a strategy for the successful management of income, assets, and liabilities. In general, financial planning services may include any one or all of the following, along with any other investment related topic that the client would like to discuss:
• Retirement Planning and Cash Flow Analysis – Cedrus analyzes the Client’s current and future cash flow in order to determine whether lifetime capital needs will be met. Additionally, the firm reviews the beneficiary designations on Client qualified plans and individual retirement accounts, and formulates distribution plans from such accounts.
• Income and Estate Tax Minimization – Cedrus explores ways to reduce the Client’s income tax liability, including alternative minimum tax planning, and devises strategies to minimize and possibly eliminate future estate tax liability.
• Estate Planning – Cedrus reviews the overall distribution plan contained in wills, trusts and related documents, assists the Client in designating executors and/or trustees, titling of assets, gifting strategies, charitable planning, and the use of various types of trusts to promote estate planning and wealth transfer objectives.
• Insurance Planning – Cedrus analyzes the cost effectiveness and adequacy of various types of insurance coverage from a risk management standpoint, and explores ways that insurance can be tactically used as a tax efficient vehicle to transfer wealth as part of an estate plan.
• Stock Options/ Rule 144 Stock – Cedrus reviews the Client’s current positions and explores various strategies for the timing of exercising of both non-qualified and incentive stock options, taking into account funding and tax considerations, and strategies for restricted stock grants.
• Business Succession Planning – Cedrus formulates a plan to sell/transfer the Client’s business to family members, company insiders or a third-party purchaser, focusing on management transition, funding, and estate tax issues.
• Charitable Planning – Cedrus helps Clients optimize the tax benefits of charitable gifting during life and after death, utilizing charitable trusts, donor advised funds and private foundations.
• Asset Protection – Cedrus conducts risk assessment reviews of liquid and illiquid Client assets. The recommendations and solutions are designed to achieve the desired goals subject to periodic evaluation of the financial plan, which may require revision to meet changing circumstances. Financial plans are based on a client’s financial situation based on the information provided to the firm. We should be notified promptly of any change to a client’s financial situation, goals, objectives, or needs. Clients are advised that certain assumptions are made with respect to interest and inflation rates, as well as past trends, historical market performance, and the economy. Past performance is in no way an indication of future results. Cedrus cannot offer any guarantees or promises that the Client’s financial goals and objectives will be fully met. Our assessment or analysis may be provided in segments after one or more working sessions with the Client. Cedrus also meets periodically with the Client, upon request, or on an as needed basis, as determined by Cedrus, to discuss the Client’s strategy and implement it by providing one or more of the portfolio management services described above. Important Note: Information related to legal or tax matters that is provided as part of our services is for informative purposes only. Clients are instructed to contact their attorneys or tax professionals for legal or tax services. Wrap Fee Programs We do not sponsor or manage wrap fee programs. Assets Under Management As of December 31, 2023, we manage $651,135,672 in client assets on a discretionary basis and $0 on a non- discretionary basis.