# EDGAR Filing Document

**Accession Number:** 0001872253
**File Stem:** 0000940400-25-009734
**Filing Date:** 2025-11
**Character Count:** 53601
**Document Hash:** d9b0dfba04074964f5ffbb2f1ed3cd06
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009734.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009734

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Total Fund Solution
- **CENTRAL INDEX KEY:** 0001872253

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23724
- **FILM NUMBER:** 251513046

**BUSINESS ADDRESS:**
- **STREET 1:** 810 GLENEAGLES CT
- **STREET 2:** SUITE 106
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21286
- **BUSINESS PHONE:** 703-608-3499

**MAIL ADDRESS:**
- **STREET 1:** 810 GLENEAGLES CT
- **STREET 2:** SUITE 106
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21286

## Series and Classes Contracts Data

### Cromwell Long Short Fund (Series ID: S000074017)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000231342 | Investor Class      | MFADX           |
| C000231343 | Institutional Class | MFLDX           |

## 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:** 626-914-7363

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

- **a. Name of Series:** Cromwell Long Short Fund

- **b. EDGAR series identifier (if any):** S000074017

- **c. LEI of Series:** 549300QKPPPUH1ZCE572

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $104268314.64

**Total Liabilities:** $13592162.16

**Net Assets:** $90676152.48

**Cash Not Reported:** $14072565.42

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231343 | 2.33%                | 1.65%                | 2.55%                |
| Class ID C000231342 | 2.34%                | 1.61%                | 2.57%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-218353.21              | $2288730.96                                |
| Month 2  | $-521666.43              | $1974131.86                                |
| Month 3  | $-30499.55               | $2356726.77                                |

**Designated Index Information**

- **Index Name:** Russell 1000

- **Index Identifier:** RU1000

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Gilead Sciences Inc                               | Gilead Sciences Inc                               | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      7830 | NS      | $869130.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie                    | Applied Industrial Technologies Inc               | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |      3646 | NS      | $951788.30    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MMC Norilsk Nickel PJSC                           | MMC Norilsk Nickel PJSC                           | CUSIP: 55315J102<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | RU        |    105916 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Toll Brothers Inc                                 | Toll Brothers Inc                                 | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |      4470 | NS      | $617485.80    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Financial In                    | Fidelity National Financial Inc                   | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Short            | EC               | CORP              | US        |     -4009 | NS      | $-242504.41   | -0.27%            |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                    | Microsoft Corp                                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     12849 | NS      | $6655139.55   | 7.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                      | Broadcom Inc                                      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      4954 | NS      | $1634374.14   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                            | Berkshire Hathaway Inc                            | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      2111 | NS      | $1061284.14   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc                                       | Equifax Inc                                       | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Short            | EC               | CORP              | US        |      -802 | NS      | $-205737.06   | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| C3.ai Inc                                         | C3.ai Inc                                         | CUSIP: 12468P104<br>LEI: 549300YDLK0YQO5B1V80 | Short            | EC               | CORP              | US        |     -6807 | NS      | $-118033.38   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc                             | Dell Technologies Inc                             | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Short            | EC               | CORP              | US        |     -1760 | NS      | $-249515.20   | -0.28%            |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                                     | M&T Bank Corp                                     | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |      2166 | NS      | $428044.92    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc                         | Caesars Entertainment Inc                         | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Short            | EC               | CORP              | US        |     -6308 | NS      | $-170473.70   | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp                                      | Entergy Corp                                      | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |      7944 | NS      | $740301.36    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co                                  | Genuine Parts Co                                  | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Short            | EC               | CORP              | US        |     -1729 | NS      | $-239639.40   | -0.26%            |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                                       | CDW Corp/DE                                       | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Short            | EC               | CORP              | US        |     -1115 | NS      | $-177597.20   | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corp                                       | Waters Corp                                       | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Short            | EC               | CORP              | US        |      -744 | NS      | $-223058.64   | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                          | AT&T Inc                                          | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     21643 | NS      | $611198.32    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc                          | Constellation Brands Inc                          | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Short            | EC               | CORP              | US        |     -1123 | NS      | $-151234.41   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                               | Coinbase Global Inc                               | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Short            | EC               | CORP              | US        |      -541 | NS      | $-182582.09   | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp                                 | Devon Energy Corp                                 | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     18383 | NS      | $644507.98    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                          | Visa Inc                                          | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      7022 | NS      | $2397170.36   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                         | Adobe Inc                                         | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      2349 | NS      | $828609.75    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit WestRock PLC                              | Smurfit WestRock PLC                              | CUSIP: 000000000<br>LEI: 635400EGSEOPDW2EXS14 | Short            | EC               | CORP              | IE        |     -4877 | NS      | $-207613.89   | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co                              | Colgate-Palmolive Co                              | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     11497 | NS      | $919070.18    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellebrite DI Ltd                                 | Cellebrite DI Ltd                                 | CUSIP: 000000000<br>LEI: 254900G03462YGP1IO36 | Short            | EC               | CORP              | IL        |    -13357 | NS      | $-247505.21   | -0.27%            |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                      | Fortinet Inc                                      | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |     10618 | NS      | $892761.44    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                                    | CBRE Group Inc                                    | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      8339 | NS      | $1313892.84   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Under Armour Inc                                  | Under Armour Inc                                  | CUSIP: 904311107<br>LEI: 549300D4549QKWETZ406 | Short            | EC               | CORP              | US        |    -31431 | NS      | $-156840.69   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                                   | T-Mobile US Inc                                   | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      2800 | NS      | $670264.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc                                  | Badger Meter Inc                                  | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Short            | EC               | CORP              | US        |     -1177 | NS      | $-210188.66   | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| IonQ Inc                                          | IonQ Inc                                          | CUSIP: 46222L108<br>LEI: 529900RB2VEFGLQS7G28 | Short            | EC               | CORP              | US        |     -3020 | NS      | $-185730.00   | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                                      | Chevron Corp                                      | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6270 | NS      | $973668.30    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshpet Inc                                      | Freshpet Inc                                      | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Short            | EC               | CORP              | US        |     -3131 | NS      | $-172549.41   | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| CBIZ Inc                                          | CBIZ Inc                                          | CUSIP: 124805102<br>LEI: 529900D5X8CFM8O1N813 | Short            | EC               | CORP              | US        |     -3418 | NS      | $-181017.28   | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Insperity Inc                                     | Insperity Inc                                     | CUSIP: 45778Q107<br>LEI: 5299000Q0KW7HY5DB751 | Short            | EC               | CORP              | US        |     -4031 | NS      | $-198325.20   | -0.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Insight Enterprises Inc                           | Insight Enterprises Inc                           | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Short            | EC               | CORP              | US        |     -1361 | NS      | $-154351.01   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                       | NVIDIA Corp                                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     39022 | NS      | $7280724.76   | 8.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                    | ConocoPhillips                                    | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      8682 | NS      | $821230.38    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc                          | Builders FirstSource Inc                          | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |      4657 | NS      | $564661.25    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                             | NXP Semiconductors NV                             | CUSIP: 000000000<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |      2765 | NS      | $629673.45    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Lineage Inc                                       | Lineage Inc                                       | CUSIP: 53566V106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -4787 | NS      | $-184969.68   | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                           | Bristol-Myers Squibb Co                           | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     10728 | NS      | $483832.80    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                                       | Moderna Inc                                       | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Short            | EC               | CORP              | US        |     -7771 | NS      | $-200724.93   | -0.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp                              | Parker-Hannifin Corp                              | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |       967 | NS      | $733131.05    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                                        | Diageo PLC                                        | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Short            | EC               | CORP              | GB        |     -1800 | NS      | $-171774.00   | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                | Meta Platforms Inc                                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      2986 | NS      | $2192858.68   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In                    | Philip Morris International Inc                   | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      8007 | NS      | $1298735.40   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc                            | IDEXX Laboratories Inc                            | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |      1626 | NS      | $1038835.14   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corp                                        | Fluor Corp                                        | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Short            | EC               | CORP              | US        |     -5414 | NS      | $-227766.98   | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                    | Morgan Stanley                                    | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      6602 | NS      | $1049453.92   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Restaurant Brands Internationa                    | Restaurant Brands International Inc               | CUSIP: 76131D103<br>LEI: 5299009RXTX9DN9AKJ98 | Short            | EC               | CORP              | CA        |     -3283 | NS      | $-210571.62   | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                                     | On Holding AG                                     | CUSIP: 000000000<br>LEI: 506700FB3467B9W95526 | Short            | EC               | CORP              | CH        |     -4869 | NS      | $-206202.15   | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Biohaven Ltd                                      | Biohaven Ltd                                      | CUSIP: 000000000<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -9337 | NS      | $-140148.37   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings Inc                                | Crown Holdings Inc                                | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |      6062 | NS      | $585528.58    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryan Specialty Holdings Inc                       | Ryan Specialty Holdings Inc                       | CUSIP: 78351F107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -3351 | NS      | $-188862.36   | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Revvity Inc                                       | Revvity Inc                                       | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Short            | EC               | CORP              | US        |     -2482 | NS      | $-217547.30   | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc                    | Air Products and Chemicals Inc                    | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Short            | EC               | CORP              | US        |      -762 | NS      | $-207812.64   | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                                      | Danaher Corp                                      | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      2276 | NS      | $451239.76    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                                    | Starbucks Corp                                    | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Short            | EC               | CORP              | US        |     -2657 | NS      | $-224782.20   | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                                           | Dow Inc                                           | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Short            | EC               | CORP              | US        |     -7560 | NS      | $-173350.80   | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Flowers Foods Inc                                 | Flowers Foods Inc                                 | CUSIP: 343498101<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Short            | EC               | CORP              | US        |    -13463 | NS      | $-175692.15   | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                            | Arch Capital Group Ltd                            | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |     10036 | NS      | $910566.28    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                            | Roper Technologies Inc                            | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |       728 | NS      | $363046.32    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                         | Apple Inc                                         | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     13364 | NS      | $3402875.32   | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                                   | Caterpillar Inc                                   | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      2606 | NS      | $1243452.90   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                                     | Amphenol Corp                                     | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      7220 | NS      | $893475.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Twist Bioscience Corp                             | Twist Bioscience Corp                             | CUSIP: 90184D100<br>LEI: 549300T23BL59LCOH584 | Short            | EC               | CORP              | US        |     -6204 | NS      | $-174580.56   | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Avantor Inc                                       | Avantor Inc                                       | CUSIP: 05352A100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -11226 | NS      | $-140100.48   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The                                | Trade Desk Inc/The                                | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Short            | EC               | CORP              | US        |     -4141 | NS      | $-202950.41   | -0.22%            |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                                      | AutoZone Inc                                      | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       208 | NS      | $892369.92    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                                 | EOG Resources Inc                                 | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      5788 | NS      | $648950.56    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte Inc                                       | Vaxcyte Inc                                       | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Short            | EC               | CORP              | US        |     -5879 | NS      | $-211761.58   | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                      | Alphabet Inc                                      | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     16979 | NS      | $4127594.90   | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc                             | Waste Connections Inc                             | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Short            | EC               | CORP              | CA        |     -1256 | NS      | $-220804.80   | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                    | Amazon.com Inc                                    | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     16526 | NS      | $3628613.82   | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| IFF                                               | International Flavors & Fragrances Inc            | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Short            | EC               | CORP              | US        |     -3324 | NS      | $-204558.96   | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                      | Thermo Fisher Scientific Inc                      | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      1591 | NS      | $771666.82    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI Consulting Inc                                | FTI Consulting Inc                                | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Short            | EC               | CORP              | US        |     -1346 | NS      | $-217580.90   | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                               | JPMorgan Chase & Co                               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      9564 | NS      | $3016772.52   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc                        | Verizon Communications Inc                        | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     18226 | NS      | $801032.70    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp                           | Marathon Petroleum Corp                           | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      3901 | NS      | $751878.74    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc                                  | Carlisle Cos Inc                                  | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      1224 | NS      | $402647.04    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                                     | DR Horton Inc                                     | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |      3297 | NS      | $558742.59    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc                     | Hilton Worldwide Holdings Inc                     | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      3425 | NS      | $888582.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Inc                              | Blue Owl Capital Inc                              | CUSIP: 09581B103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -10983 | NS      | $-185942.19   | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                                    | NRG Energy Inc                                    | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      9637 | NS      | $1560712.15   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc                          | Ameriprise Financial Inc                          | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      1998 | NS      | $981517.50    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                                        | Watsco Inc                                        | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Short            | EC               | CORP              | US        |      -495 | NS      | $-200128.50   | -0.22%            |  |  |  | No            |                  1 | On Loan: No      |
| F&G Annuities & Life Inc                          | F&G Annuities & Life Inc                          | CUSIP: 30190A104<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -6367 | NS      | $-199096.09   | -0.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Joby Aviation Inc                                 | Joby Aviation Inc                                 | CUSIP: 000000000<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -11102 | NS      | $-179186.28   | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc                             | East West Bancorp Inc                             | CUSIP: 27579R104<br>LEI: 254900O4X656YXFOYB11 | Long             | EC               | CORP              | US        |      4298 | NS      | $457522.10    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                    | Mastercard Inc                                    | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      3369 | NS      | $1916320.89   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| VANECK VECTORS RUSSIA ETF                         | VANECK VECTORS RUSSIA ETF                         | CUSIP: 92189F403<br>LEI: 549300FPRVRCCMKQFC88 | Long             | EC               | RF                | US        |     81903 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Cigna Group/The                                   | Cigna Group/The                                   | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      1549 | NS      | $446499.25    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcellx Inc                                       | Arcellx Inc                                       | CUSIP: 03940C100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -3407 | NS      | $-279714.70   | -0.31%            |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc                                   | EMCOR Group Inc                                   | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |      1310 | NS      | $850897.40    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Treasury Obligations Cash Management Fund | Dreyfus Treasury Obligations Cash Management Fund | CUSIP: 261908107<br>LEI: 549300MKKM9KT7BF6329 | Long             | STIV             | RF                | US        |    974130 | NS      | $974130.50    | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Salesforce Inc                                    | Salesforce Inc                                    | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      2644 | NS      | $626628.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp                                 | Ralph Lauren Corp                                 | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |      2811 | NS      | $881417.16    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Oscar Health Inc                                  | Oscar Health Inc                                  | CUSIP: 687793109<br>LEI: 254900AE8KDLFDOPKZ19 | Short            | EC               | CORP              | US        |    -10078 | NS      | $-190776.54   | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co                             | Becton Dickinson & Co                             | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      2246 | NS      | $420383.82    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                            | Diamondback Energy Inc                            | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Short            | EC               | CORP              | US        |     -1549 | NS      | $-221661.90   | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Ho                    | Knight-Swift Transportation Holdings Inc          | CUSIP: 499049104<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -4953 | NS      | $-195693.03   | -0.22%            |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                        | AbbVie Inc                                        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      5361 | NS      | $1241285.94   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp                                 | Lam Research Corp                                 | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     16727 | NS      | $2239745.30   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Music Group Corp                           | Warner Music Group Corp                           | CUSIP: 934550203<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -6549 | NS      | $-223058.94   | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc                        | LPL Financial Holdings Inc                        | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |      2339 | NS      | $778161.91    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                             | Costco Wholesale Corp                             | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       676 | NS      | $625725.88    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc                       | Alnylam Pharmaceuticals Inc                       | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |      3322 | NS      | $1514832.00   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                 | Johnson & Johnson                                 | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      8540 | NS      | $1583486.80   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Trex Co Inc                                       | Trex Co Inc                                       | CUSIP: 89531P105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -3533 | NS      | $-182550.11   | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| BellRing Brands Inc                               | BellRing Brands Inc                               | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Short            | EC               | CORP              | US        |     -3485 | NS      | $-126679.75   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                              | Invitation Homes Inc                              | CUSIP: 46187W107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -6191 | NS      | $-181582.03   | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technolog                    | Check Point Software Technologies Ltd             | CUSIP: 000000000<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |      5509 | NS      | $1139867.19   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                                    | ServiceNow Inc                                    | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       923 | NS      | $849418.44    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc                         | Dick's Sporting Goods Inc                         | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Short            | EC               | CORP              | US        |     -1020 | NS      | $-226664.40   | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                                        | Deere & Co                                        | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      1666 | NS      | $761795.16    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                                | Home Depot Inc/The                                | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      3096 | NS      | $1254468.24   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                                        | AMETEK Inc                                        | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      5929 | NS      | $1114652.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                            | Trane Technologies PLC                            | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |      1258 | NS      | $530825.68    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                        | Intuit Inc                                        | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      2000 | NS      | $1365820.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                                        | Ecolab Inc                                        | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      2029 | NS      | $555661.94    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarepta Therapeutics Inc                          | Sarepta Therapeutics Inc                          | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Short            | EC               | CORP              | US        |     -6069 | NS      | $-116949.63   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Stellantis NV                                     | Stellantis NV                                     | CUSIP: 000000000<br>LEI: 549300LKT9PW7ZIBDF31 | Short            | EC               | CORP              | NL        |    -23629 | NS      | $-220694.86   | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                              | Booking Holdings Inc                              | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       205 | NS      | $1106850.35   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                        | Americold Realty Trust Inc                        | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Short            | EC               | CORP              | US        |     -9646 | NS      | $-118067.04   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                                  | RBC Bearings Inc                                  | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1159 | NS      | $452346.11    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                                  | Zillow Group Inc                                  | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Short            | EC               | CORP              | US        |     -2638 | NS      | $-203257.90   | -0.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                                     | Westlake Corp                                     | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Short            | EC               | CORP              | US        |     -2615 | NS      | $-201511.90   | -0.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                                 | Hamilton Lane Inc                                 | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Short            | EC               | CORP              | US        |     -1420 | NS      | $-191401.80   | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Light & Wonder Inc                                | Light & Wonder Inc                                | CUSIP: 80874P109<br>LEI: 529900JXALYBOHXKFM62 | Short            | EC               | CORP              | US        |     -2257 | NS      | $-189452.58   | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc                          | Procore Technologies Inc                          | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Short            | EC               | CORP              | US        |     -2964 | NS      | $-216134.88   | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                                | Union Pacific Corp                                | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      4721 | NS      | $1115902.77   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc                        | Zimmer Biomet Holdings Inc                        | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Short            | EC               | CORP              | US        |     -1902 | NS      | $-187347.00   | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Snap Inc                                          | Snap Inc                                          | CUSIP: 83304A106<br>LEI: 549300JNC0L6VP8A2Q35 | Short            | EC               | CORP              | US        |    -22574 | NS      | $-174045.54   | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Amentum Holdings Inc                              | Amentum Holdings Inc                              | CUSIP: 023939101<br>LEI: 2549009FJIBLW40CU216 | Short            | EC               | CORP              | US        |     -8842 | NS      | $-211765.90   | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc                        | Advanced Micro Devices Inc                        | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Short            | EC               | CORP              | US        |     -1387 | NS      | $-224402.73   | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| Kemper Corp                                       | Kemper Corp                                       | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Short            | EC               | CORP              | US        |     -4189 | NS      | $-215942.95   | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand Inc                                | Ingersoll Rand Inc                                | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Short            | EC               | CORP              | US        |     -2602 | NS      | $-214977.24   | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| AAON Inc                                          | AAON Inc                                          | CUSIP: 000360206<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -2457 | NS      | $-229582.08   | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| Cava Group Inc                                    | Cava Group Inc                                    | CUSIP: 148929102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -2577 | NS      | $-155676.57   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Five9 Inc                                         | Five9 Inc                                         | CUSIP: 338307101<br>LEI: 254900MXP6EWY0SFFR59 | Short            | EC               | CORP              | US        |     -5695 | NS      | $-137819.00   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

**Name of Applicant:** Total Fund Solution

**Signature:** Brian Nelson

**Name of Signer:** Brian Nelson

**Title:** Treasurer, Principal Financial Officer