KEYSTATE ADVISORY, LLC

CRD 156226File 801-72123

APPROVED

Filing as of Mar 24, 2026

Feed vintage Oct 1, 2026

Regulatory AUM

$16.59B

Top 10% of cohort (national)

Discretionary AUM

$11.31B

Non-discretionary $5.29B

Clients

80 accounts

Employees

Top 10% of cohort in NV

Identity & registration

ADV Item 1

Organization form: Limited Liability Company
Firm type: Registered
SEC region: LARO
Registration date: Jan 19, 2011
Principal office: 3883 HOWARD HUGHES PKWY, SUITE 500, LAS VEGAS, NV, 89169
Phone: 702-598-3738
Website: https://www.key-state.com/investment-subsidiary-portfolio-management/

Assets & accounts

ADV Item 5F

Total regulatory AUM: $16.59B
Discretionary AUM: $11.31B
Non-discretionary AUM: $5.29B
Discretionary accounts: 65
Non-discretionary accounts: 15
Total accounts: 80
AUM per client: $207.4M

Clients by type

ADV Item 5D

Client type	Clients	AUM
Insurance companies	22	$97.6M
Banking or thrift institutions	58	$16.50B

Compensation & activities

ADV Items 5E, 5G

Compensation

Fixed fees
A percentage of assets under your management

Advisory activities

Portfolio management for businesses

Custody

ADV Item 9

Firm Custody Cash: No
Firm Custody Assets: No
Firm Custody Clients: No
Firm Custody Securities: No
Related Person Custody Cash: No
Related Person Custody Assets: No
Related Person Custody Clients: No
Related Person Custody Securities: No

Disclosure events

ADV Item 11

This firm answered no to every Item 11 disclosure question in this filing.

Filed changes

Date	Field	From	To	Change
Apr 1, 2026	Clients	82	80	decreased by2
Apr 1, 2026	AUM	$18,152,920,112	$16,594,783,593	decreased by$1,558,136,519
Apr 1, 2026	Accounts	82	80	decreased by2
May 1, 2025 vs Oct 1, 2022	Clients	115	82	decreased by33
May 1, 2025 vs Oct 1, 2022	AUM	$12,188,730,637	$18,152,920,112	increased by$5,964,189,475
May 1, 2025 vs Oct 1, 2022	Accounts	115	82	decreased by33
Apr 1, 2022	Employees	7	8	increased by1
Apr 1, 2022	Clients	120	115	decreased by5
Apr 1, 2022	AUM	$9,701,145,830	$12,188,730,637	increased by$2,487,584,807
Apr 1, 2022	Accounts	120	115	decreased by5
Apr 1, 2021	Registration	—	APPROVED

On Form 5500, an adviser usually appears as a plan service provider (Schedule C), not the plan sponsor.

See plans that list “KEYSTATE ADVISORY” as a service provider on 5500mcp →

Matched by name only — Form ADV and Form 5500 share no identifier, and names are searched loosely (“KEYSTATE ADVISORY” may also match similarly-named firms). Confirm identity against each filing.

Every value above is reproduced from this firm's Form ADV filing. Fields the firm left blank are shown as “Not reported” rather than filled in from other sources.