CYPRESS CAPITAL GROUP, INC. Cypress Capital Group, Inc. F/K/A Palm Beach Investment Advisors has been managing investment advisory accounts for clients since 1988. Cypress Capital Group has been doing business in its own name since 2004. Cypress Capital Group provides investment advice to clients throughout the United States.
INVESTMENT MANAGEMENT SERVICES Cypress Capital Group focuses on individual security management using the following asset classes: Equity Securities (Exchange-listed and over the counter securities [including Master Limited Partnerships traded as equities]; and foreign issues) Fixed Income Securities (Corporate Debt, Commercial Paper, Certificates of Deposit, Convertible Bonds, Municipal Bonds, United States Government Bonds, Foreign Bonds, Other Securities, Open/Closed-end Mutual Funds, Exchange Traded Funds and non-traditional asset classes) and occasionally Warrants and Options.
Cypress Capital Group develops and manages customized portfolios of individual securities. Portfolios are constructed after a personalized analysis of each client's lifestyle, including the client's risk tolerance, investment horizon, and requirements for income. Clients may place written restrictions and limitations regarding investments in certain securities or types of securities. Client investor profiles are periodically updated throughout the advisory relationship and as lifestyle changes occur. As part of our portfolio management services, in addition to other types of investments (see disclosures below in this section), we may invest your assets according to one or more Investment Strategies managed by an independent portfolio management team. These strategies are branded as "Alpha Quant Investment Strategies" and are designed for investors with varying degrees of risk tolerance ranging from a more aggressive investment strategy to a more conservative investment approach. Clients whose assets are invested in Alpha Quant Strategies may not set restrictions on the specific holdings or allocations within the strategy, nor the types of securities that can be purchased in the strategy. Nonetheless, clients may impose restrictions on investing in certain securities or types of securities in their account. In such cases, this may prevent a client from investing in certain strategies that are managed by our firm. Cypress Capital Group provides these investment strategies as a primary adviser and to financial intermediaries that have discretion over their client accounts.
The Alpha Quant Investment Strategies are based on three Alpha Quant proprietary products: equity strategies, multi-asset portfolios and strategy indexes.
The equity strategies utilize proprietary, fundamentals-based quantitative models. The strategies are built based on core fundamental concepts and managed through a highly disciplined, repeatable and transparent investment process. Equity portfolios, consisting primarily of individual equity securities, span different styles and market capitalizations. The Alpha Quant equity strategies are managed with a disciplined, rules-based investment process based on fundamental concepts. Multi-asset portfolios include a combination of the Alpha Quant equity strategies, mutual funds, exchange-traded funds, and individual securities. The multi-asset portfolios follow a strategic asset allocation structure among different asset classes to construct risk and cost sensitive solutions for clients across equity, fixed income and alternative asset classes. Based on client direction, Cypress Capital Group may customize the multi-asset portfolios to exclude certain asset classes or securities.
4 Cypress Capital Group also offers equity portfolio management related to the SmartALPHA® strategy index suite. The SmartALPHA® Strategy Indexes consist of four rules-based alpha seeking equity indexes designed to capture active and flexible exposure throughout the economic cycle. The SmartALPHA® strategy indexes are independently calculated and disseminated by S&P/Dow Jones Indices.
Direct and Sub-Advised Accounts Cypress Capital Group provides discretionary advisory services to clients that directly enter into an advisory agreement with the Company. Cypress Capital Group offers custom equity portfolios tailored to the client's individual investment objective. Cypress Capital Group works with clients to determine their investment objective, risk tolerance and other relevant information before recommending the appropriate

allocation that it believes will most likely achieve the client's objective. Clients may request that Cypress Capital Group allocate assets across more than one portfolio, maintain legacy holdings or manage to specific cash needs.
Clients may also select from any of the pre-defined Alpha Quant Investment Strategies and require little or no customization. Cypress Capital Group will manage the portfolio in accordance with each investment strategy for all client accounts employing the strategy. Clients who impose investment restrictions may limit Cypress Capital Group's ability to manage their account in accordance with the investment strategy, resulting in investment performance that differs from the investment strategy or other client accounts.
Model Portfolio Clients Cypress Capital Group offers Alpha Quant equity strategies to third-party financial intermediaries for such intermediaries to utilize with their respective clients. Cypress Capital Group does not have contact with the underlying clients, and therefore, the Alpha Quant Investment Strategies are not created to meet the specific investment objective or restrictions of any person or individual. Rather, the Alpha Quant Investment Strategies are designed to be used as a guide for investment advisers when managing their underlying clients' portfolios. Cypress Capital Group does not have investment discretion over these accounts, since the intermediary decides whether to follow Cypress Capital Group's recommended Alpha Quant Investment Strategies and makes all the security purchase and sales decisions. Please refer to Item 12 - Brokerage Practices for a discussion of Cypress Capital Group's trade rotation policy, which is designed to address potential conflicts related to the delivery of model portfolios.
Third-party intermediaries and their investment advisers are solely responsible for determining their client's suitability for any of the strategies, recommending asset allocations and investments, purchasing and selling securities for their client accounts and all other investment decisions. For these services, the intermediary receives a fee from the client, and a portion of such fee is paid to Cypress Capital Group for its advisory services.
Pursuant to written agreement, Cypress Capital Group has engaged its affiliate, Cypress Bank & Trust, to directly manage client accounts, acting in a sub-advisory capacity. Reference to the term "Portfolio Managers" in this Brochure shall mean Cypress Bank & Trust Portfolio Managers.
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. 5 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);
•Never put our financial interests ahead of yours 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 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. As a fiduciary, we only recommend a rollover when we believe it is in your best interest. Assets Under Management As of December 31, 2023, we provide continuous management services for $129,771,123 in client assets on a discretionary basis, and $660,018 in client assets on a non-discretionary basis.