# 40/86 Advisors, Inc.

> 40/86 Advisors, Inc. is an SEC-registered investment advisory firm in Carmel, IN, registered since 1982, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated April 22, 2026.

- CRD: 107740
- Filed as: 40/86 ADVISORS, INC.
- Also doing business as: CREEKSOURCE LLC (RELYING ADVISER)
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Carmel, IN
- Filing period: October 2026
- Form ADV filing dated: April 22, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/107740
- AdvisorCensus page: https://advisorcensus.com/firm/40-86-advisors-inc-carmel-in-107740

## Quick answers

**How is 40/86 Advisors, Inc. compensated?**
On its Form ADV (Item 5.E, October 2026), 40/86 Advisors, Inc. reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is 40/86 Advisors, Inc. located?**
40/86 Advisors, Inc.'s principal office is in Carmel, IN, according to its Form ADV.

**Is 40/86 Advisors, Inc. registered with the SEC or a state?**
40/86 Advisors, Inc. is an SEC-registered investment advisory firm, registered since 1982. Status as filed: Approved. CRD 107740.

**How much does 40/86 Advisors, Inc. manage?**
40/86 Advisors, Inc. reports $30,495,148,307 in regulatory assets under management in its Form ADV filing dated April 22, 2026 (100% discretionary).

**How have 40/86 Advisors, Inc.'s assets and staff changed since 2021?**
In the Form ADV data for 40/86 Advisors, Inc.: Regulatory assets under management: $28,279,213,943 in the October 2021 data and $30,495,148,307 in the October 2026 data, up 8%. Total employees: 75 in October 2021 and 84 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does 40/86 Advisors, Inc. serve?**
By number of clients on Form ADV Item 5.D: insurance companies (7); pooled investment vehicles (other than investment companies and business development companies) (3); corporations or other businesses not listed above (3).

**Which custodians does 40/86 Advisors, Inc. use?**
40/86 Advisors, Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Northern Trust as a custodian holding 10% or more of its separately managed account assets.

**Does 40/86 Advisors, Inc. report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/107740

**What changed in 40/86 Advisors, Inc.'s recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 78 to 84.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- Northern Trust

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $30,495,148,307
- Discretionary: $30,495,148,307
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 3 | $298,792,861 |
| Insurance companies | 7 | $29,783,476,838 |
| Corporations or other businesses not listed above | 3 | $412,878,608 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 1982 (43 years)
- Employees: 84 total, 84 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: IN
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- 4086.com
- LinkedIn @4086-advisors

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $28,279,213,943 | 75 | March 30, 2021 |
| October 2022 | $29,283,514,956 | 76 | April 26, 2022 |
| October 2023 | $24,468,049,188 | 77 | April 25, 2023 |
| October 2024 | $26,678,534,447 | 78 | April 29, 2024 |
| October 2025 | $29,222,231,733 | 78 | May 1, 2025 |
| October 2026 | $30,495,148,307 | 84 | April 22, 2026 |

Regulatory assets under management: $28,279,213,943 in the October 2021 data and $30,495,148,307 in the October 2026 data, up 8%.
Total employees: 75 in October 2021 and 84 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 78 to 84.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. 40/86 Advisors, Inc. (CRD 107740): Form ADV filing data as of October 2026.