# EDGAR Filing Document

**Accession Number:** 0001872253
**File Stem:** 0001145549-23-010563
**Filing Date:** 2023-2
**Character Count:** 21603
**Document Hash:** c71d354d3740f3f8fae85212eb96e9df
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010563.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-010563

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Total Fund Solution
- **CENTRAL INDEX KEY:** 0001872253
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23724
- **FILM NUMBER:** 23672119

**BUSINESS ADDRESS:**
- **STREET 1:** U.S. BANK GLOBAL FUND SERVICES
- **STREET 2:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 626-914-7363

**MAIL ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Cromwell CenterSquare Real Estate Fund (Series ID: S000074018)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000231344 | Investor Class Shares      | MRESX           |
| C000234135 | Class Z Shares             | MREZX           |
| C000234136 | Institutional Class Shares | MRASX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Total Fund Solution

- **b. Investment Company Act file number:** 811-23724

- **c. CIK number of Registrant:** 0001872253

- **d. LEI of Registrant:** 549300CL4E1CB85QJL55

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 E. Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 414-765-5607

**Item A.2. Information about the Series.**

- **a. Name of Series:** Cromwell CenterSquare Real Estate Fund

- **b. EDGAR series identifier (if any):** S000074018

- **c. LEI of Series:** 549300WIERUVLR71X537

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $144357319.43

**Total Liabilities:** $378338.37

**Net Assets:** $143978981.06

**Cash Not Reported:** $0.01

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231344 | 2.57%                | 6.17%                | -4.72%               |
| Class ID C000234135 | 2.57%                | 6.27%                | -4.66%               |
| Class ID C000234136 | 2.47%                | 6.27%                | -4.69%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1823201.19             | $5474421.49                                |
| Month 2  | $-590135.01              | $10517334.03                               |
| Month 3  | $-1968202.32             | $-6570089.74                               |

### Schedule of Portfolio Investments

| Name                                   | Title                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Acadia Realty Trust                    | Acadia Realty Trust                    | CUSIP: 004239109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68910 | NS      | $988858.50    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                      | Agree Realty Corp                      | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56390 | NS      | $3999742.70   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie         | Alexandria Real Estate Equities Inc    | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     23390 | NS      | $3407221.30   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                  | American Homes 4 Rent                  | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     62830 | NS      | $1893696.20   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                    | American Tower Corp                    | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     53000 | NS      | $11228580.00  | 7.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc             | Americold Realty Trust Inc             | CUSIP: 03064D108<br>LEI: 549300R7N1V5YV8MWH02 | Long             | EC               | CORP              | US        |     45470 | NS      | $1287255.70   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                             | Ventas Inc                             | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     93244 | NS      | $4200642.20   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                    | VICI Properties Inc                    | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     64240 | NS      | $2081376.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                          | Welltower Inc                          | CUSIP: 95040Q104<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | EC               | CORP              | US        |     67289 | NS      | $4410793.95   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                        | Weyerhaeuser Co                        | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |     88770 | NS      | $2751870.00   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenia Hotels & Resorts Inc             | Xenia Hotels & Resorts Inc             | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               | CORP              | US        |     73470 | NS      | $968334.60    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT Inc             | Apple Hospitality REIT Inc             | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |     25460 | NS      | $401758.80    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc              | AvalonBay Communities Inc              | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     24500 | NS      | $3957240.00   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc             | Brixmor Property Group Inc             | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     94850 | NS      | $2150249.50   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease Inc               | Broadstone Net Lease Inc               | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |    109500 | NS      | $1774995.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc                 | Cousins Properties Inc                 | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |     36906 | NS      | $933352.74    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                       | Crown Castle Inc                       | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |     47870 | NS      | $6493086.80   | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                              | CubeSmart                              | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21879 | NS      | $880629.75    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co             | DiamondRock Hospitality Co             | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |     62230 | NS      | $509663.70    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc               | Digital Realty Trust Inc               | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     46930 | NS      | $4705671.10   | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc                     | Douglas Emmett Inc                     | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67830 | NS      | $1063574.40   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                            | Equinix Inc                            | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      9490 | NS      | $6216234.70   | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                     | Equity Residential                     | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     67550 | NS      | $3985450.00   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc               | Essex Property Trust Inc               | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |      5040 | NS      | $1068076.80   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                | Extra Space Storage Inc                | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8569 | NS      | $1261185.42   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust          | First Industrial Realty Trust Inc      | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44450 | NS      | $2145157.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust In         | Four Corners Property Trust Inc        | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |     50400 | NS      | $1306872.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc              | Healthpeak Properties Inc              | CUSIP: 42250P103<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | EC               | CORP              | US        |     55630 | NS      | $1394644.10   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties Inc               | Highwoods Properties Inc               | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     35310 | NS      | $987973.80    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc              | Host Hotels & Resorts Inc              | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |     92410 | NS      | $1483180.50   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                   | Invitation Homes Inc                   | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    129980 | NS      | $3852607.20   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp                     | Kilroy Realty Corp                     | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     45105 | NS      | $1744210.35   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Storage Inc                       | Life Storage Inc                       | CUSIP: 53223X107<br>LEI: W9EE01AFDDF9DQCQZC68 | Long             | EC               | CORP              | US        |     26680 | NS      | $2627980.00   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Veris Residential Inc                  | Veris Residential Inc                  | CUSIP: 554489104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30828 | NS      | $491090.04    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Medical Properties Trust Inc           | Medical Properties Trust Inc           | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               | CORP              | US        |    169696 | NS      | $1890413.44   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communit         | Mid-America Apartment Communities Inc  | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |     13150 | NS      | $2064418.50   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors Inc         | Omega Healthcare Investors Inc         | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |      7700 | NS      | $215215.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Outfront Media Inc                     | Outfront Media Inc                     | CUSIP: 69007J106<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |     20644 | NS      | $342277.52    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts Inc              | Park Hotels & Resorts Inc              | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |     32950 | NS      | $388480.50    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc               | Phillips Edison & Co Inc               | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |     24548 | NS      | $781608.32    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                           | Prologis Inc                           | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    118552 | NS      | $13364366.96  | 9.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                         | Public Storage                         | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               | CORP              | US        |     18610 | NS      | $5214335.90   | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| RPT Realty                             | RPT Realty                             | CUSIP: 74971D101<br>LEI: 549300T03GDH1L37S188 | Long             | EC               | CORP              | US        |    112214 | NS      | $1126628.56   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp                     | Realty Income Corp                     | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     63700 | NS      | $4040491.00   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                   | Regency Centers Corp                   | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |     22320 | NS      | $1395000.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc          | Rexford Industrial Realty Inc          | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     42000 | NS      | $2294880.00   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                | SBA Communications Corp                | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |     20990 | NS      | $5883706.90   | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT Inc             | Sabra Health Care REIT Inc             | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |    106920 | NS      | $1329015.60   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc               | Simon Property Group Inc               | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     31680 | NS      | $3721766.40   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit Realty Capital Inc              | Spirit Realty Capital Inc              | CUSIP: 84860W300<br>LEI: 549300LTU6LVPZSHMJ25 | Long             | EC               | CORP              | US        |     30530 | NS      | $1219062.90   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc                    | Sun Communities Inc                    | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |     33720 | NS      | $4821960.00   | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bank Money Market Deposit Account | U.S. Bank Money Market Deposit Account | CUSIP: 8AMMF0A92<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    457289 | NS      | $457288.91    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                | UDR Inc                                | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |     63080 | NS      | $2443088.40   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Edge Properties                  | Urban Edge Properties                  | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42810 | NS      | $603192.90    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-27

**Name of Applicant:** Total Fund Solution

**Signature:** /s/ Kyle Kroken

**Name of Signer:** Total Fund Solution

**Title:** Treasurer & Principal Financial Officer