CYPRESS CAPITAL GROUP, INC.

251 Royal Palm Way, Suite 500 Palm Beach, Florida 33480 Main: 561-659-5889 Toll Free: 800-439-8745 Facsimile: 561-659-1191 May 6, 2025 FORM ADV PART 2A BROCHURE This brochure provides information about the qualifications and business practices of Cypress Capital Group, Inc. If you have any questions about the contents of this brochure, please contact us at 561- 659-5889. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Additional information about Cypress Capital Group, Inc. is also available on the SEC's website at www.adviserinfo.sec.gov. The searchable IARD/CRD number for Cypress Capital Group, Inc. is 121923. Cypress Capital Group, Inc. is a United States Securities and Exchange Commission Registered Investment Adviser. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. 1  Item 2 Summary of Material Changes Form ADV Part 2 requires registered investment advisers to amend their brochure when information becomes materially inaccurate. If there are any material changes to an adviser's disclosure brochure, the adviser is required to notify you and provide you with a description of the material changes. Since the filing of our last annual updating amendment, dated March 27, 2024 we have the following material changes to report: • The "Alpha Quant Investment Strategies" which Cypress Capital Group licensed from Alpha Quant Models are no longer offered by the company. Cypress Capital Group provided these investment strategies as a primary adviser and to third-party financial intermediaries that had discretion over their client accounts. Per mutual agreement, the independent team that managed these investment strategies has transitioned to a different investment advisor and the client accounts that were invested in these strategies have also transitioned to the new firm. As a result, Cypress Capital Group's assets under management are now below the $100 million threshold for registration with the SEC and therefore will initiate the process to register with the State of Florida's Division of Securities. 2  Item 3 Table Of Contents Item 1 Cover Page Item 2 Summary of Material Changes Item 3 Table Of Contents Item 4 Advisory Business Item 5 Fees and Compensation Item 6 Performance-Based Fees and Side-By-Side Management Item 7 Types of Clients Item 8 Methods of Analysis, Investment Strategies and Risk of Loss Item 9 Disciplinary Information Item 10 Other Financial Industry Activities and Affiliations Item 11 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Item 12 Brokerage Practices Item 13 Review of Accounts Item 14 Client Referrals and Other Compensation Item 15 Custody Item 16 Investment Discretion Item 17 Voting Client Securities Item 18 Financial Information Item 19 Requirements for State Registered Advisers Item 20 Additional Information Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 6 Page 7 Page 9 Page 9 Page 10 Page 11 Page 13 Page 13 Page 14 Page 14 Page 14 Page 15 Page 15 Page 16 3  Item 4 Advisory Business 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. 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. 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. 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 interests ahead of yours. Under this special rule's provisions, we must: 4  • 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 March 19, 2025, we provide continuous management services for $57,021,162 in client assets on a discretionary basis, and $468,000 in client assets on a non-discretionary basis. Item 5 Fees and Compensation Fees for investment management services are charged monthly in arrears (i.e., after services are rendered) determined by the market value of assets under management in the account at the end of each month and prorated based on the actual number of days. These fees may be negotiable. The annualized fee is as follows: For Accounts holding a customized portfolio of both equities and fixed income securities or all equities: 1.20% on the first $3,000,000 0.85 of 1% on the next $2,000,000 0.65 of 1% on the next $5,000,000 0.55 of 1% over $10,000,000 There is a $8,500 minimum annual fee For Accounts holding 100% fixed income securities: 0.35 of 1% on the first $20,000,000 0.30 of 1% on the next $30,000,000 0.25 of 1% over $50,000,000 There is a $8,500 minimum annual fee Management Fee: Upon the opening of your CCG account, a pro-rated fee will be taken from the day we are operationally capable of trading in your account until the end of the current month. Fees will then be charged in arrears (i.e., after services are rendered) for each successive month your account remains open based upon the prior month-end market value. Adjustments may be made to the month- end market value for additions or withdrawals during the fee period. 5  Termination Fee: There are no percentage termination fees. A pro-rated fee will be taken from the first day of the month until the date of receipt of notification. Direct expenses and a charge for time and effort to close the account may be assessed. Additional Fees: Trading costs are in addition to the above-stated fees. These costs are a direct pass through from the broker-dealer and not marked up by CCG. The balances in short-term funds including, but not limited to money market mutual funds, and cash are subject to CCG's investment management fee. Also, the Sponsors of mutual funds may take fund level management fees. As with most all mutual funds, fund level fees are indirect fees taken before income is distributed to the holders of the mutual fund. CCG may receive, directly from the fund sponsors, compensation for services. When unusual or extraordinary services are requested or required, fees may be charged in accordance with the responsibilities assumed and duties performed. Such services may include, but are not limited to, the furnishing of a special or an excessive number of reports, the maintenance of special records or the performance of special duties requiring an unusual amount of time and effort. Change In Fee Schedule: CCG reserves the right to amend this fee schedule with thirty (30) days advance written notice. Item 6 Performance-Based Fees and Side-By-Side Management Cypress Capital Group does not accept performance-based fees or participate in side-by-side management. Side-by-side management refers to the practice of managing accounts that are charged performance-based fees while at the same time managing accounts that are not charged performance- based fees. Performance-based fees are fees that are based on a share of capital gains or capital appreciation of a client's account. Cypress Capital Group's fees are calculated as described in the "Fees and Compensation" section above and are not charged on the basis of a share of capital gains or capital appreciation of the assets in an advisory account. Item 7 Types of Clients Cypress Capital Group provides investment advice to various types of clients. Cypress Capital Group's advisory clients, may include: Individuals; • • High Net Worth Individuals; Individual Retirement Accounts: • • Pension and profit-sharing plans; • Trusts and estates; • Charitable and educational institutions; • Corporations and other business entities; and • Financial intermediaries. Cypress Capital Group does not impose a minimum account size for opening or maintaining an account. There may be minimum fees as a condition of managing an account. The minimum fees for the different types of investments are discussed in the section on "Fees and Compensation". 6  Item 8 Methods of Analysis, Investment Strategies and Risk of Loss Methods of analysis and investment strategies described herein may be implemented through an affiliate, Cypress Bank & Trust acting in a sub-advisory capacity. Cypress Capital Group's customized client accounts are managed according to the investment objectives of the client via one or more of the following processes: Discussion with the client, obtaining an Investor Profile Statement when the account is opened and periodically thereafter, establishing an asset allocation and risk tolerances with the client based upon discussions and the Profile, performing a formal investment (peer) review of the account within 60 days of funding and within each calendar year thereafter, coding and monitoring client accounts on the accounting system with the proper investment objective and strategy codes, having periodic update meetings with the client to see if any lifestyle changes or events require adjustment in investment objective, periodically updating the Investor Profile Statement, written reminders on custodian statements and correspondence/mailings to notify Cypress Capital Group in case of lifestyle changes or events that would indicate a need to adjust the investment objective. In developing this profile, a portfolio manager assesses the client's investment objectives, risk tolerance, income and cash flow requirements, tax considerations and other unique circumstances. Equity Analysis & Selection Cypress Capital Group employs a team-driven approach to its equity investment process and together with its affiliate sub-advisor, Cypress Bank & Trust, employs both quantitative and qualitative research. This quantitative research provides a diverse list of equities based on characteristics that are measurable and standardized. The qualitative research allows the team to review the fundamentals and non-statistical values of companies. Third-party research is leveraged in these research processes. The collective research and views of the portfolio management team are discussed and vetted in the Investment Committee meetings which are held approximately twice per week, or more frequently upon event-driven needs such as earnings reports or significant macro and industry-related events. Consensus decisions are reached at these meetings with the output being a Focus List from which portfolio managers construct and manage client-customized portfolios. The approach aims to manage portfolio risk through consistently investing in equities with strong profitability, cash flows, and attractive valuations. Additional risk management rules are in place for diversification purposes such as maximum position size and sensible limits to sub-industry concentration. Portfolio managers determine whether investment in a Focus List security is appropriate for each individual client. The individualized determination includes the client's: Investment Objectives; Risk Tolerance; Income and Cash Flow Requirements; and Tax Considerations. Cypress Capital Group may manage a portfolio that contains individual securities that are retained at the portfolio manager's discretion and not on the Cypress Capital Group Focus List. Cypress Capital Group will place these equities on its Monitor List and generally, the portfolio manager maintaining the biggest position in a Monitor List stock will be assigned to prepare an initial and periodic analysis of the monitored equity. The analysis will use a similar investment approach as used for the Focus List equities. However, all portfolio managers whose accounts own the Monitor List equity in portfolios they manage share responsibility for the ongoing monitoring of a Monitor List equity. 7  FIXED INCOME ANALYSIS AND SELECTION For fixed income portfolios, Cypress Capital Group will utilize various securities such as individual bonds, exchange traded funds and mutual funds. Diversification will be accomplished through various techniques which include but are not limited to, funds, issuers, maturities, amounts and fixed income sector allocation models. Cypress Capital Group's decisions are supplemented by third party fixed income analytics and various outside credit research sources. Investments in U.S. Government & Agency securities, investment grade corporate securities and high quality tax-free and taxable municipal securities are considered. Strategic fixed income decisions are generally implemented via purchases as opposed to frequent buying and selling. Portfolio managers work closely with clients to determine the tax-appropriate fixed income investments. Generally, no individual bonds or preferred stocks will be purchased which have a rating, as defined by the credit agencies, which fall below their definition of investment grade. Currently, the lowest S&P and Fitch investment grade rating is BBB- and for Moody's Baa3. Exchange traded funds (ETFs) and mutual funds that hold individual securities within the exchange traded fund and/or mutual fund structure that may be rated non-investment grade or include non-investment grade securities are not restricted by the investment grade requirement on the basis of: 1) Such Investments are part of an exchange traded fund and/or mutual fund which is structured in such a way that provides a broadly diversified exposure to an asset class/investment strategy and not excessive exposure to any one individual security. 2) Such investments are part of a broader portfolio and asset allocation strategy, thereby providing additional diversification. Exceptions to this credit quality guideline for individual securities can be made on a case-by-case basis by the Investment Committee. WHAT YOU SHOULD KNOW ABOUT INVESTING All investments involve risks; it is impossible to avoid all risk. Cypress Capital Group seeks to employ strategies to reduce the possible impact of such risks in the accounts. Common risks associated with investing include but are not limited to market and market disruption risk. Market risk is the risk that value of the securities may decline in value in reaction to tangible and intangible events and conditions independent of a security's particular circumstances. Market disruption risk is risk related to events such as geopolitical events, including war, terrorism, economic uncertainty, trade disputes, public health crises and related geopolitical events that may lead to instability in world economies and markets generally. Changes in values during market disruptions may be temporary or may last for extended periods. Fixed income investments include credit risk and interest rate risk. Credit risk is an investor's risk of loss arising from a borrower who does not make payments as promised. Such an event is called a default. Investor losses could include interest as well as principal. Interest rate risk is the risk borne by an interest-bearing asset due to variability of interest rates. In general, as rates rise, the price of a fixed rate investment will fall, and vice versa. There are numerous ways of measuring the risk of equity securities (also known simply as "equities" or "stock"). In very broad terms, the value of a stock depends on the financial health of the company issuing it. However, stock prices can be affected by many other factors including, but not limited to, the class of stock (for example, preferred or common); the health of the market sector of the issuing company; and the overall health of the economy. 8  In general, larger, better established companies ("large cap") tend to be safer than smaller start-up companies ("small cap") but the mere size of an issuer is not, by itself, an indicator of the safety of the investment. Large Cap risk includes underperforming other segments of the market and the inability to attain the high growth rates of successful smaller companies. Mid-Cap risk is greater due to higher price volatility than larger more established companies. Additionally, mid-cap companies may have less market liquidity than large cap companies and can be more sensitive to changes in interest rate, costs and earnings. Small cap equities involve greater risk and the possibility of greater price volatility due to their limited operating history and financial resources. There may be limited market liquidity and increased sensitivity to changes in interest rates, costs and earnings. Growth companies have an increased risk if growth rates do not meet expectations resulting in the prices of these stocks going down regardless of earnings. Cypress Capital Group may invest in Exchange-Traded Funds. Exchange-Traded funds are subject to risks that do not apply to conventional funds. The market price of their shares may trade at a discount or premium which can lead to volatility in a fund's price compared to the price of the underlying securities. Cypress Capital Group may engage in options trading when managing accounts. The trading of options may be highly speculative and may entail more risk than those present when investing in other types of securities. Prices of options are generally more volatile than prices of other types of securities. When trading in options, you may run the risk of losing the entire investment in a relatively short period of time. In more risky options strategies, an investor could theoretically have an unlimited risk of loss. Cypress Capital Group's discussion with clients also addresses acceptable ranges for cash reserves. While Cypress Capital Group typically retains some cash reserves in client accounts for strategic reasons and anticipated liquidity needs, risks arise from this activity. Such risk includes opportunity costs and relative yield levels associated with high quality short-term investments. Risk of Loss Investing in securities involves risk of loss of both income and principal that you should be prepared to bear. Cypress Capital Group does not represent or guarantee that services or methods of analysis can or will predict future results, successfully identify market tops or bottoms, or insulate clients from losses due to market corrections or declines. It should be understood that investments are subject to various market, currency, economic, political and business risks, and that investment decisions will not always be profitable. Cypress Capital Group cannot offer any guarantees or promises that financial goals and objectives will be met. Past performance is in no way an indication of future performance. Item 9 Disciplinary Information Neither Cypress Capital Group nor any of Cypress Capital Group's Associated Persons have any reportable disciplinary information. Item 10 Other Financial Industry Activities and Affiliations We are affiliated with Cypress Bank & Trust through common control and ownership. Cypress Capital Group is the owner of Cypress Bank &Trust, a State of Florida chartered Bank & Trust, which provides asset management services, serves as a corporate trustee, personal representative or agent during estate settlement and offers a complete array of personal and commercial banking services. Cypress Capital Group has engaged Cypress Bank &Trust as sub-advisor to manage some client accounts. 9  Additionally, Cypress Bank & Trust provides certain corporate, administrative and operational services to Cypress Capital Group, such as reconciliation of transactional activity on Cypress Capital Group's investment system, corporate accounting, and information and technology support. At its discretion, Cypress Capital Group may engage a sub-advisor, including any affiliated or non- affiliated company, who shall possess the discretionary authority with regard to the management of securities and cash. The Client specifically acknowledges in the Agreement that Cypress Capital Group's affiliate, Cypress Bank & Trust may be designated as a sub-advisor. The sub-advisory services provided by Cypress Bank & Trust or any other sub-advisor to Cypress Capital Group do not result in an increased cost to Cypress Capital Group's clients. Cypress Capital Group only elects to utilize a sub-advisor when it believes it is in the best interests of its clients, based on a client's investment objectives. In some circumstances clients of the firm may also be clients of Cypress Bank & Trust and Cypress Capital Group may recommend the services of Cypress Bank & Trust to clients. Given the affiliation with Cypress Bank & Trust there is an incentive to recommend the services of Cypress Bank & Trust. You are under no obligation to use the services of Cypress Bank & Trust and lower fees for comparable services may be available elsewhere. The services provided by and fees charged by Cypress Bank & Trust are separate and apart from those of Cypress Capital Group. The services of Cypress Bank & Trust are only recommended when in the best interests of clients and we believe they offer quality services for the fees charged. Item 11 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Cypress Capital Group has adopted a Code of Ethics (the "Code"). The Code contains, among other things, our policies on Fiduciary Principles, Guidelines for Professional Standards, Insider Trading, and Personal Securities Transactions. All Associated Persons and officers are required to abide by the Code. The Chief Compliance Officer and his/her designees principally enforce the Code. Cypress Capital Group's goal is to protect clients' interests at all times and to demonstrate Cypress Capital Group's commitment to its fiduciary duties of honesty, good faith, and fair dealing with clients. All of Cypress Capital Group's Associated Persons are expected to adhere strictly to these guidelines. Persons associated with Cypress Capital Group are also required to report any violations of Cypress Capital Group's Code of Ethics. Additionally, Cypress Capital Group maintains and enforces written policies reasonably designed to prevent the misuse or dissemination of material, non-public information about client account holdings by persons associated with Cypress Capital Group. Cypress Capital Group will provide their Code to any client or prospective client upon request. Contact Information to Request a Copy: Cypress Capital Group, Inc. 251 Royal Palm Way, Suite 500 Palm Beach, FL 33480 Attn: Chief Compliance Officer Cypress Capital Group prohibits the discretionary sale or purchase of securities directly between client accounts. Also, Cypress Capital Group prohibits the discretionary purchase or sale of a security from a client account to Cypress Capital Group and the discretionary sale or purchase of a security to a client account from Cypress Capital Group. Cypress Capital Group does not recommend its own shares for purchase or sale in a client's account. Should a client desire to purchase or sell Cypress Capital Group shares in his or her account, such trade will be solely client directed with no opinion or recommendation from Cypress Capital Group. 10  Employees, officers, employee-directors, Portfolio Managers, Independent Contractors and consultants ("Access Persons") may occasionally trade in securities on their own behalf which are also being traded in client accounts. Conflicts of interest may arise from Access Persons personal trading. For example, such conflicts may include front running. Proprietary or related accounts will be traded alongside other client accounts and thus may be included in aggregated orders. To prevent these types of conflicts, Cypress Capital Group has adopted an Access Person Personal Trading policy. These policies and procedures are designed to prevent improper or abusive conduct wherever any potential conflict of interest may exist. The following procedures apply to all Access Persons (excluding outside Directors who do not have daily access to information about securities being considered for purchase or sale or being purchased or sold for client accounts.) Access Persons are required to: 1) Obtain pre-clearance from the Chief Investment Officer or his or her designee prior to effecting securities transactions for an Access Person's account; 2) Have their broker/custodian send a duplicate statement directly to the Compliance Department. 3) Complete a Quarterly Holdings and Transaction Certification. Access Persons are not permitted to: 1) Trade in securities for their own accounts in a manner contrary to recommendations (contemplated or actually) made to or action taken on behalf of clients. 2) Knowingly purchase or sell for their own account a security that has been added to or removed from the Focus List for 10 business days after its addition or removal. The Chief Compliance Officer may waive this requirement after he/she is assured that all Portfolio Managers have executed all trades in that security for client accounts. 3) Knowingly purchase or sell for their own account securities which are under active consideration for removal from or addition to the Focus List for 10 business days after its removal from consideration. The Chief Compliance Officer may waive this requirement after he/she is assured that all Portfolio Managers have executed all trades in that security for client accounts. 4) Purchase or sell securities for their own accounts or for client accounts that would involve the use of material, non-public information in violation of applicable law. 5) Execute their personal trades as part of a client trade order except in those instances where proprietary accounts are traded as part of a strategy rebalancing. Item 12 Brokerage Practices Cypress Capital Group's brokerage practices described herein may be implemented through Cypress Bank & Trust, as sub-advisor. Generally, except for fixed income securities, Cypress Capital Group does not direct trades to specific broker-dealers. Unless the client directs otherwise, Cypress Capital Group will place equity transactions through the client's custodian/broker-dealer. These transactions are usually performed electronically. Fixed income transactions are placed with a broker-dealer with 11  the best transactional opportunity in terms of supply and demand for inventory, price and best execution. The broker-dealer may or may not be the client's custodian/broker-dealer and such trading may result in trade away costs. When transactions are not placed with a client's custodian, Cypress Capital Group acts within the client's trading guidelines. The guidelines are mutually prepared and agreed to by Cypress Capital Group and the client. When no direction or limitation exists, transactions are made in an effort to receive the best execution at a competitive commission. Cypress Capital Group maintains a written brokerage commission policy and attempts to obtain the best overall execution for each client in each trade. Cypress Capital Group does not request or require any clients to direct their transactions through a specified broker-dealer. Cypress Capital Group recommends, but does not require, the use of Charles Schwab & Company, Inc., as custodian. Unless the client directs otherwise, Cypress Capital Group will attempt to place trades with the client's custodian. Cypress Capital Group believes that broker-dealers utilized provide quality execution services for you at competitive prices. Price is not the sole factor considered in evaluating best execution. Cypress Capital Group also considers the quality of the brokerage services provided, including but not limited to the value of research provided, the firm's reputation, execution capabilities, commission rates, and responsiveness to clients and Cypress Capital Group. In recognition of the value of research services and additional brokerage products and services broker-dealers provide, you may pay higher commissions and/or trading costs than those that may be available elsewhere. Cypress Capital Group does not receive soft dollars. Cypress Capital Group does not have a current contractual client referral relationship from or to a third party or broker-dealer which would be a consideration in Cypress Capital Group's recommendation of a broker-dealer. Please see the discussion in the "Client Referrals and Other Compensation" section for additional information regarding Cypress Capital Group's client referral relationships. A client may limit Cypress Capital Group's authority to select brokers or direct that brokers who charge commissions over a certain sum are not to be used. The client must provide these limitations/directions in writing to Cypress Capital Group. Clients may direct brokerage transactions to specific brokers. Please see below for more information regarding client directed brokerage. Clients may direct brokerage transactions to specific brokers. Clients directing brokerage transactions for their accounts should be aware of the following: 1. No attempt is generally made to negotiate commissions on client-directed trades (including batched transactions) and therefore, clients may pay materially disparate commissions. 2. In batched transactions Cypress Capital Group would be in a better position to negotiate commissions (including volume discounts) if the brokerage were not client-directed. 3. Cypress Capital Group may not obtain best execution in certain transactions for these reasons. Generally, Cypress Capital Group aggregates trade orders for the purchase or sale of securities on behalf of clients and may include trade orders for clients of affiliate Cypress Bank & Trust. When aggregating trade orders, Cypress Capital Group acts in good faith to prevent favoritism among accounts. Each account receives the weighted average share price for all transactions in a particular security affected to fill the orders on that business day and the custodian will charge each account a fixed transaction fee for each trade allocated to the account. 12  Cypress Capital Group will attempt to make an equitable allocation of portfolio transactions among its various clients when concurrent decisions are made to purchase or sell securities by multiple clients. Consideration will be given to the respective investment objectives, relative size of the portfolio holding the same or comparable securities, the availability of cash for investment, and the opinion of those recommending the investments to clients. Mutual Fund Share Classes Mutual funds are sold with different share classes, which carry different cost structures. Each available share class is described in the mutual fund's prospectus. When we purchase, or recommend the purchase of, mutual funds for a client, we select the share class that is deemed to be in the client's best interest, taking into consideration cost, tax implications, and other factors. When the fund is available for purchase at net asset value, we will purchase, or recommend the purchase of, the fund at net asset value. We also review the mutual funds held in accounts that come under our management to determine whether a more beneficial share class is available, considering cost, tax implications, and the impact of contingent deferred sales charges. Item 13 Review of Accounts Cypress Capital Group's review of accounts described herein may be implemented through Cypress Bank & Trust, as sub-advisor. Portfolio Managers of Cypress Bank & Trust and the Chief Investment Officer, who holds the same position for both Cypress Capital Group and Cypress Bank & Trust, attend regular investment committee meetings wherein securities on the Focus List which are held in client accounts are reviewed on an ongoing basis. On at least an annual basis, client accounts are reviewed by Portfolio Managers and the Chief Investment Officer, or designee. During the annual review, reviewers pay specific attention to the account's designated investment strategy, when the client's investment profile or other investment directives were last updated, and the fees charged on the accounts. Unscheduled client account reviews may be prompted by various events, including: Client lifestyle changes that may change investment objectives (for example; changes in income requirements, marital status, tax status, health, a death in the family, etc.); Global events having a widespread impact (socio-economic events, sector specific occurrences, etc.) Item 14 Client Referrals and Other Compensation Cypress Capital Group does not currently receive economic benefits from non-clients for providing investment advice or other advisory services to our clients. Cypress Capital Group pays incentives to employees and those of its wholly owned subsidiary, Cypress Bank & Trust, for client referrals that result in a new client relationship. The incentive is equal to a percentage of the first year's annualized fee. The incentive paid to the referring party does not increase the fee charged to the client by Cypress Capital Group. 13  Item 15 Custody The client's independent custodian will directly debit client account(s) for the payment of Cypress Capital Group's advisory fees. This ability to deduct Cypress Capital Group's advisory fees from client accounts causes Cypress Capital Group to exercise limited custody over funds or securities. Client funds and securities will be held with a bank, broker-dealer, or other independent, qualified custodian. Clients will receive account statements from the independent, qualified custodian(s) holding funds and securities at least quarterly. The account statements from custodian(s) will indicate the amount of Cypress Capital Group's advisory fees deducted from account(s) each billing period. Clients should carefully review account statements for accuracy. Statements come directly from the client's custodian and not Cypress Capital Group. Statements include the securities owned, cash, and cash equivalents with market values and the percentage of the portfolio each represents. Cypress Capital Group may provide a companion print out as a courtesy. Clients should always compare custodian statements with the companion print outs received from Cypress Capital Group. Item 16 Investment Discretion Cypress Capital Group generally has discretionary authority to manage securities accounts on behalf of its clients. When a client gives Cypress Capital Group discretionary authority Cypress Capital Group does not need to obtain specific client consent before, among other things, buying or selling securities, determining which broker-dealer to use, and the commission rates to be paid to broker-dealers. However, generally the client's custodian is the preferred broker-dealer and their account commission rates are applicable to any trades. When Cypress Capital Group engages the services of Cypress Bank & Trust or other sub-advisers, these sub-advisers may act in a discretionary capacity. Clients may place limitations upon this broad discretionary authority. The client and Cypress Capital Group will mutually agree, in writing, on an asset allocation designed in accordance with the client's need for income, investment objectives, and time-horizon for achieving objectives. Clients may communicate specific restrictions, confirmed in writing to their Portfolio Manager. For example, clients may restrict investments in certain types of companies or direct brokerage transactions to specific broker-dealers (see "Brokerage Practices"). Item 17 Voting Client Securities The proxy voting policies described herein are implemented through affiliate Cypress Bank & Trust. The client decides in the Advisory Agreement whether Cypress Capital Group will vote client securities. Cypress Capital Group's Proxy Voting Policy is as follows: General Philosophy: Proxies will be voted in an effort to enhance shareholder value. Procedure: Proxies are voted in accordance with Cypress Capital Group's Proxy Voting Policy. Generally, the Policy provides guidance for voting by subject matter of the vote. In certain circumstances where the subject matter of a vote may require further direction, the Proxy Committee will defer to the Portfolio Manager assigned to the security. Clients may request copies of Cypress Capital Group's Proxy Voting Policy upon written request. Contact Information to Request a Copy Cypress Capital Group, Inc. 251 Royal Palm Way, Suite 500 14  Palm Beach, FL 33480 Attn: Chief Compliance Officer Client-Directed Voting: Clients may direct Cypress Capital Group on how to vote a particular proxy by contacting the Chief Compliance Officer at the telephone number or address on the cover page of this brochure. Should a client, having given authority to Cypress Capital Group, wish to revoke that authority or effect a vote on a matter, the client must notify Cypress Capital Group in advance, in writing. Proxy Voting Conflict of Interests: If Cypress Capital Group is aware that a client is directing a proxy vote that is in conflict with Cypress Capital Group's discretionary voting decision for other clients on the same security and proxy matter, Cypress Capital Group will inform the client of this conflict and reveal the number of shares being voted and how the conflicting matter(s) is (are) being voted. Only Cypress Capital Group's discretionary voting will be disclosed. Cypress Capital Group will not disclose how other client directed shares are being voted, whether in conflict or not, with an inquiring client's directed vote. Cypress Capital Group will never over-ride a client directed proxy vote on the client's shares even if it is voting differently on the matter for other clients. Proxy Voting Documentation: Cypress Capital Group maintains a voting log and prints a summary report of proxy actions on a monthly basis. Clients may obtain a copy upon written request. Contact Information to Request a Copy Cypress Capital Group, Inc. 251 Royal Palm Way, Suite 500 Palm Beach, FL 33480 Attn: Chief Compliance Officer Each client decides whether to authorize Cypress Capital Group to vote client securities on his/her behalf in the Advisory Agreement. Should the client elect to vote himself/herself, Cypress Capital Group is not required to take any action or render any advice with respect to voting. The client will receive proxies and solicitations directly from their custodian or a third party. Item 18 Financial Information Cypress Capital Group is not required to provide financial information to clients because Cypress Capital Group does not: require the prepayment of more than $500 in fees and six or more months in advance, or take custody of client funds or securities, or • • • have a financial condition that is reasonable likely to impair their ability to meet their contractual commitments to clients. We have not filed a bankruptcy petition at any time in the past ten years. Item 19 Requirements for State Registered Advisers Refer to the Part(s) 2B for background information about our principal executive officers, management personnel and those giving advice on behalf of our firm. Our firm is not actively engaged in any business other than giving investment advice that is not already disclosed above. 15  Neither our firm, nor any persons associated with our firm are compensated for advisory services with performance-based fees. Refer to the Performance-Based Fees and Side-By-Side Management section above for additional information on this topic. Neither our firm, nor any of our management persons have any reportable arbitration claims, civil, self- regulatory organization proceedings, or administrative proceedings. Neither our firm, nor any of our management persons have a material relationship or arrangement with any issuer of securities. Item 20 Additional Information Trade Errors In the event a trading error occurs in your account, our policy is to restore your account to the position it should have been in had the trading error not occurred. Depending on the circumstances, corrective actions may include canceling the trade, adjusting an allocation, and/or reimbursing the account. When a trade error results in a realized loss to a client, the client shall be made whole, either through a billing credit or a direct payment to the client. Erroneous trades that result in a benefit to the client (for example, failed to sell a security in a timely manner, security price subsequently increases and then the position is sold, resulting in more gain for the client) are generally left in the client's account. Thank you for your interest in Cypress Capital Group, Inc. For information regarding a convenient service location near you: Main: 561-659-5889 Toll Free: 800-439-8745 Class Action Lawsuits We will assist you, in conjunction with your legal counsel or other professionals, in filing claims with the claims administrator to participate in any settlement proceeds related to class action settlements involving a security held in your portfolio. We may also work with your legal counsel to determine whether you are eligible to participate in class action litigation to recover damages on your behalf for injuries as a result of actions, misconduct, or negligence by issuers of securities held in your portfolio. IRA Rollover Considerations As part of our investment advisory services to you, we may recommend that you withdraw the assets from your employer's retirement plan and roll the assets over to an individual retirement account ("IRA") that we will manage on your behalf. If you elect to roll the assets to an IRA that is subject to our management, we will charge you an asset based fee as set forth in the agreement you executed with our firm. This practice presents a conflict of interest because persons providing investment advice on our behalf have an incentive to recommend a rollover to you for the purpose of generating fee based compensation rather than solely based on your needs. You are under no obligation, contractually or otherwise, to complete the rollover. Moreover, if you do complete the rollover, you are under no obligation to have the assets in an IRA managed by our firm. 16        Many employers permit former employees to keep their retirement assets in their company plan. Also, current employees can sometimes move assets out of their company plan before they retire or change jobs. In determining whether to complete the rollover to an IRA, and to the extent the following options are available, you should consider the costs and benefits of: 1. Leaving the funds in your employer's (former employer's) plan. 2. Moving the funds to a new employer's retirement plan. 3. Cashing out and taking a taxable distribution from the plan. 4. Rolling the funds into an IRA rollover account. Each of these options has advantages and disadvantages and before making a change we encourage you to speak with your CPA and/or tax attorney. If you are considering rolling over your retirement funds to an IRA for us to manage here are a few points to consider before you do so: 1. Determine whether the investment options in your employer's retirement plan address your needs or whether you might want to consider other types of investments. a. Employer retirement plans generally have a more limited investment menu than IRAs. b. Employer retirement plans may have unique investment options not available to the public such as employer securities, or previously closed funds. 2. Your current plan may have lower fees than our fees. a. If you are interested in investing only in mutual funds, you should understand the cost structure of the share classes available in your employer's retirement plan and how the costs of those share classes compare with those available in an IRA. b. You should understand the various products and services you might take advantage of at an IRA provider and the potential costs of those products and services. 3. Our strategy may have higher risk than the option(s) provided to you in your plan. 4. Your current plan may also offer financial advice. 5. If you keep your assets titled in a 401k or retirement account, you could potentially delay your required minimum distribution beyond age 72. 6. Your 401k may offer more liability protection than a rollover IRA; each state may vary. a. Generally, federal law protects assets in qualified plans from creditors. Since 2005, IRA assets have been generally protected from creditors in bankruptcies. However, there can be some exceptions to the general rules so you should consult with an attorney if you are concerned about protecting your retirement plan assets from creditors. 7. You may be able to take out a loan on your 401k, but not from an IRA. 8. IRA assets can be accessed any time; however, distributions are subject to ordinary income tax and may also be subject to a 10% early distribution penalty unless they qualify for an exception such as disability, higher education expenses or the purchase of a home. 9. If you own company stock in your plan, you may be able to liquidate those shares at a lower capital gains tax rate. 10.Your plan may allow you to hire us as the manager and keep the assets titled in the plan name. It is important that you understand the differences between these types of accounts and to decide whether a rollover is best for you. Prior to proceeding, if you have questions contact your investment adviser representative, or call our main number as listed on the cover page of this brochure. 17  Brian Skarbek Cypress Capital Group, Inc. 251 Royal Palm Way Suite 500 Palm Beach, FL 33480 Telephone: 561-659-5889 Facsimile: 561-659-1191 May 6, 2025 FORM ADV PART 2B BROCHURE SUPPLEMENT This brochure supplement provides information about Brian Skarbek that supplements the Cypress Capital Group, Inc. brochure. You should have received a copy of that brochure. Contact us at 561- 659-5889 if you did not receive Cypress Capital Group, Inc.'s brochure or if you have any questions about the contents of this supplement. Additional information about Brian Skarbek (CRD # 2624120) is available on the SEC's website at www.adviserinfo.sec.gov. 1  Item 2 Educational Background and Business Experience Brian Skarbek Year of Birth: 1972 Formal Education After High School: • Florida Southern College, BS Business Administration-Finance, 1995 • University of South Florida, Attended 1990 - 1992 Business Background: • Cypress Capital Group, Inc., Chief Investment Officer 7/2016 - Present; Portfolio Manager 3/2011 – 7/2016 • Cypress Trust Company, Portfolio Manager 5/2004– 3/2011 Item 3 Disciplinary Information Form ADV Part 2B requires disclosure of certain criminal or civil actions, administrative proceedings, and self-regulatory organization proceedings, as well as certain other proceedings related to suspension or revocation of a professional attainment, designation, or license. Mr. Brian Skarbek has no required disclosures under this item. Item 4 Other Business Activities Brian Skarbek is Vice President and Chief Investment Officer of Cypress Trust Company, a Trust Company that provides customized trust and investment management services to individuals and families. Mr. Skarbek's duties as the Vice President and Chief Investment Officer of Cypress Trust Company do not create a conflict of interest to his provision of advisory services through Cypress Capital Group, Inc. Item 5 Additional Compensation Refer to the Other Business Activities section above for disclosures on Mr. Skarbek's receipt of additional compensation as a result of his other business activities. Also, refer to the Fees and Compensation, Client Referrals and Other Compensation, and Other Financial Industry Activities and Affiliations section(s) of Cypress Capital Group, Inc.'s firm brochure for additional disclosures on this topic. Item 6 Supervision In the supervision of our associated persons, advice provided is limited based on the restrictions set by Cypress Capital Group, Inc., and by internal decisions as to the types of investments that may be included in client portfolios. We conduct periodic reviews of client holdings and documented suitability information to provide reasonable assurance that the advice provided remains aligned with each client's stated investment objectives and with our internal guidelines. My supervisor is: Patrick Dillon, Chief Compliance Officer Supervisor phone number: 561-820-2006 2  Item 7 Requirements for State Registered Advisers Brian Skarbek does not have any reportable arbitration claims, has not been found liable in a reportable civil, self-regulatory organization or administrative proceeding, and has not been the subject of a bankruptcy petition. 3  Theresa D. Strickland Cypress Capital Group, Inc. 251 Royal Palm Way Suite 500 Palm Beach, FL 33480 Telephone: 561-659-5889 Facsimile: 561-659-1191 May 6, 2025 FORM ADV PART 2B BROCHURE SUPPLEMENT This brochure supplement provides information about Theresa D. Strickland that supplements the Cypress Capital Group, Inc. brochure. You should have received a copy of that brochure. Contact us at 561-659-5889 if you did not receive Cypress Capital Group, Inc.'s brochure or if you have any questions about the contents of this supplement. Additional information about Theresa D. Strickland (CRD # 5003073) is available on the SEC's website at www.adviserinfo.sec.gov. 1  Item 2 Educational Background and Business Experience Theresa D. Strickland Year of Birth: 1965 Formal Education After High School: • Palm Beach Atlantic University, MBA Master of Business Administration, 1995 • Florida State University, BS Business Administration, Marketing, 1987 • Palm Beach State College, AA Business Administration, 1985 Business Background: • Cypress Capital Group, Inc., Senior Portfolio Manager/Senior Vice President, 3/2011 - Present • Cypress Bank & Trust, Senior Portfolio Manager/Senior Vice President, 3/2004 - 3/2011 Item 3 Disciplinary Information Form ADV Part 2B requires disclosure of certain criminal or civil actions, administrative proceedings, and self-regulatory organization proceedings, as well as certain other proceedings related to suspension or revocation of a professional attainment, designation, or license. Ms. Theresa D. Strickland has no required disclosures under this item. Item 4 Other Business Activities Theresa D. Strickland is Senior Vice President and Senior Portfolio Manager of Cypress Bank & Trust, a State of Florida chartered Bank & Trust,which provides asset management services, serves as a corporate trustee, personal representative or agent during estate settlement and offers a complete array of personal and commercial banking services. Ms. Strickland's duties as the Senior Vice President and Senior Portfolio Manager of Cypress Bank & Trust do not create a conflict of interest to her provision of advisory services through Cypress Capital Group, Inc. Item 5 Additional Compensation Refer to the Other Business Activities section above for disclosures on Ms. Strickland's receipt of additional compensation as a result of her other business activities. Also, refer to the Fees and Compensation, Client Referrals and Other Compensation, and Other Financial Industry Activities and Affiliations section(s) of Cypress Capital Group, Inc.'s firm brochure for additional disclosures on this topic. Item 6 Supervision In the supervision of our associated persons, advice provided is limited based on the restrictions set by Cypress Capital Group, Inc., and by internal decisions as to the types of investments that may be included in client portfolios. We conduct periodic reviews of client holdings and documented suitability information to provide reasonable assurance that the advice provided remains aligned with each client's stated investment objectives and with our internal guidelines. My supervisor is: Patrick Dillon, Chief Compliance Officer Supervisor phone number: 561-820-2006 2  Item 7 Requirements for State Registered Advisers Theresa D. Strickland does not have any reportable arbitration claims, has not been found liable in a reportable civil, self-regulatory organization or administrative proceeding, and has not been the subject of a bankruptcy petition. 3