UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended:March 31,2000
Check here is Amendment[ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement
[ ] adds new holdings entries.
Institutional Investment Manager filing this Report:
Name: Cypress Capital Management, Inc.
Address: 1220 Market Building
Suite 804
Wilmington, DE 19801
13F File Number: 82-3152
The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorized to submit it, that all information
contained herein is true, correct and complete, and that it is
understood that all required items, statements, schedules, lists,
and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Robert T. Whalen
Title: Senior Vice President
Phone: 302-429-8436
Signature, Place, and Date of Signing:
Robert T. Whalen Wilmington, Delaware May 2, 2000
Report Type (Check only one.):
[x] 13F Holdings Report
[ ] 13F Notice
[ ] 13F Combination Report
List of Other Managers Reporting for this Manager:
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES
EXCHANGE ACT OF 1934.
<PAGE>
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 77
Form 13 F Information Table Value Total: 157,304
<PAGE>
<TABLE>
FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A T & T Corp COM 001957109 337 5978 SH SOLE 5978
AT&T - Liberty Media Group COM 001957208 400 6750 SH SOLE 6750
AllState Corp COM 020002101 4966 208530 SH SOLE 208530
American Express COM 025816109 223 1500 SH SOLE 1500
American Home Products COM 026609107 3934 73193 SH SOLE 73193
American International Group COM 026874107 365 3330 SH SOLE 3330
Archstone Communities Trust COM 039581103 1064 53350 SH SOLE 53350
Atlantic Richfield COM 048825103 1402 16500 SH SOLE 16500
BP Amoco PLC - Spons ADR COM 055622104 818 15360 SH SOLE 15360
Bank of America Corp COM 060505104 3322 63355 SH SOLE 63355
Bell Atlantic Corp COM 077853109 4299 70328 SH SOLE 70328
Bristol-Myers Squibb Co COM 110122108 1557 26850 SH SOLE 26850
Chubb Corporation COM 171232101 1091 16150 SH SOLE 16150
Cigna Corp COM 125509109 1887 24910 SH SOLE 24910
Cisco Systems Inc COM 17275R102 588 7600 SH SOLE 7600
Computer Associates Internatio COM 204912109 4563 77101 SH SOLE 77101
Computer Sciences Corp COM 205363104 8360 105655 SH SOLE 105655
ConAgra COM 205887102 5284 291550 SH SOLE 291550
Delta Airlines Inc COM 247361108 2732 51310 SH SOLE 51310
Dominion Resources, Inc. - VA COM 25746U109 1290 33550 SH SOLE 33550
Duff & Phelps Utilities Income COM 264324104 90 10256 SH SOLE 10256
Duke-Weeks Realty Corp COM 264411505 682 35650 SH SOLE 35650
Eastman Kodak COM 277461109 5444 100240 SH SOLE 100240
Emerson Electric Co COM 291011104 287 5400 SH SOLE 5400
Exxon Mobil Corporation COM 30231G102 1290 16548 SH SOLE 16548
Fannie Mae COM 313586109 242 4275 SH SOLE 4275
General Electric COM 369604103 4857 31207 SH SOLE 31207
Genuine Parts Co COM 372460105 5938 248700 SH SOLE 248700
Great Lakes Chemical Corp COM 390568103 614 18050 SH SOLE 18050
HRPT Properties Trust COM 40426W101 3120 359110 SH SOLE 359110
Halliburton Co COM 406216101 4919 119600 SH SOLE 119600
Hercules Inc COM 427056106 331 20500 SH SOLE 20500
Hewlett Packard Co COM 428236103 4318 32500 SH SOLE 32500
Home Depot, Inc COM 437076102 718 11136 SH SOLE 11136
Hospitality Properties Trust COM 44106M102 342 16900 SH SOLE 16900
Household Intl COM 441815107 643 17220 SH SOLE 17220
International Business Machine COM 459200101 281 2384 SH SOLE 2384
Johnson & Johnson COM 478160104 214 3048 SH SOLE 3048
Kerr-McGee Corp COM 492386107 1415 24500 SH SOLE 24500
KeySpan Corporation COM 49337w100 7970 288500 SH SOLE 288500
Kmart COM 482584109 432 44600 SH SOLE 44600
Lehman Brothers Holding Inc COM 524908100 412 4250 SH SOLE 4250
Lucent Technologies COM 549463107 232 3784 SH SOLE 3784
MCI Worldcom Inc COM 55268B106 204 4500 SH SOLE 4500
McClatchy Company - Class A COM 579489105 622 19000 SH SOLE 19000
Merck & Co COM 589331107 1537 24746 SH SOLE 24746
Microsoft Corp COM 594918104 1145 10780 SH SOLE 10780
Minnesota Power Inc. COM 604110106 171 10300 SH SOLE 10300
NSTAR COM 67019E107 6113 145540 SH SOLE 145540
Nationwide Health Pptys Inc COM 638620104 104 10000 SH SOLE 10000
New Century Energies Inc COM 64352U103 242 8050 SH SOLE 8050
New Plan Excel Realty Trust COM 648053106 4183 304200 SH SOLE 304200
Pepsico Inc COM 713448108 282 8100 SH SOLE 8100
Pfizer Inc COM 717081103 522 14276 SH SOLE 14276
Procter & Gamble COM 742718109 262 4634 SH SOLE 4634
Public Service Enterprise Grou COM 744573106 6053 204330 SH SOLE 204330
Raytheon Co - Class A COM 755111309 1473 78300 SH SOLE 78300
Raytheon Company Class B COM 755111408 2368 133400 SH SOLE 133400
Reliant Energy Inc COM 75952J108 1486 63050 SH SOLE 63050
Royal Dutch Petroleum NY GLDR COM 780257804 254 4400 SH SOLE 4400
SBC Communications Inc COM 78387G103 341 8088 SH SOLE 8088
Schering-Plough COM 806605101 721 19415 SH SOLE 19415
Scientific Atlanta Inc COM 808655104 379 6000 SH SOLE 6000
Sierra Pacific Resources COM 826428104 668 53450 SH SOLE 53450
Sovereign Bancorp Inc COM 845905108 239 31576 SH SOLE 31576
St. Paul Companies COM 792860108 732 21450 SH SOLE 21450
Staples Inc COM 855030102 200 10000 SH SOLE 10000
Sun Microsystems Inc COM 866810104 1078 11500 SH SOLE 11500
Toys R Us Inc COM 892335100 3717 250950 SH SOLE 250950
U S West Inc COM 91273H101 10365 142714 SH SOLE 142714
Ultramar Diamond Shamrock COM 904000106 1165 45900 SH SOLE 45900
Union Pacific Corp COM 907818108 5925 151425 SH SOLE 151425
Vodafone Airtouch PLC-SP ADR COM 92857t107 278 5000 SH SOLE 5000
Vulcan Materials Co COM 929160109 229 5000 SH SOLE 5000
Bethlehem Steel $3.50 Conv Pfd PFD CV 087509501 759 28100 SH SOLE 28100
Kmart Financing 7.75% Cv Pfd PFD CV 498778208 5959 138375 SH SOLE 138375
Laboratory Corp 8.50% Cv Prf S PFD CV 50540R201 4257 54575 SH SOLE 54575
</TABLE>
