Fees and Compensation — Form ADV Part 2A (3/31/2026)
[Brochure]
Item 5 Fees and Compensation
Advisory Fees and Compensation
As sub-adviser to the Fund, we receive a fee from the Primary Adviser computed, accrued, and paid on a preset
basis in an amount equal to a percentage of the Fund's net sales values or net asset value. This may also depend
further on the extent of service provided and the particular agreement executed between the Primary Adviser and
our firm.
We may recommend investments in the Fund for our client accounts. Therefore, as a client of our firm, you are
advised that we will receive compensation from the Fund and that a conflict of interest exists when investing your
assets in the Fund. We will only make such investments where we believe it is consistent with our fiduciary duty
and your investment objectives.
We may earn fees from the Primary Adviser and you for investments made in the Fund. For tax-qualified accounts
with assets invested in the Fund, the advisory fee on such assets will be offset by the amount of the management fee
paid to us by the Primary Adviser.
Further details on Armory's fees are set forth in each Fund's Governing Documents.
Compensation for Sale of Securities or Other Investment Products
Nicholas W. Tell, Jr., Portfolio Manager of Armory, is a registered representative of Armory Securities, LLC
("Armory Securities") and a portion of his compensation is paid by Armory Securities for his role as an Investment
Banking Representative. Armory Securities and Armory have implemented procedures with respect to conflicts of
interest related to Mr. Tell acting in both capacities. To address this conflict of interest, Armory maintains a
restricted list related to Mr. Tell's roles at Armory Securities.
Armory Securities will not be used as a broker for transactions for Armory's clients.
Account Minimums and Types of Clients — Form ADV Part 2A (3/31/2026)
[Brochure]
Item 7 Types of Clients
Armory serves as an investment adviser or sub-adviser to private funds, investment companies and separately
managed accounts. The minimum investment amount with respect to each Fund varies and is outlined in the Fund's
Governing Documents.
Filed 2017-03-16 (D/A) · Exemption 506(b), 3(c), 3(c)(7) · Remaining Indefinite · Duration More than one year · Commission $1,603,258 · Net Assets Decline to Disclose
AUM Breakdown
Accounts
AUM ($M)
By Client Type
(a) Individuals (other than high net worth individuals)
0
0.0
(b) Individuals (high net worth individuals)
0
0.0
(c) Banking or thrift institutions
0
0.0
(d) Investment companies
1
0.0
(e) Business development companies
0
0.0
(f) Pooled investment vehicles
0
0.0
(g) Pension and profit sharing plans
0
0.0
(h) Charitable organizations
0
0.0
(i) State or municipal government entities
0
0.0
(j) Other investment advisers
0
0.0
(k) Insurance companies
0
0.0
(l) Sovereign wealth funds and foreign official institutions
0
0.0
(m) Corporations or other businesses not listed above