# EDGAR Filing Document

**Accession Number:** 0001872253
**File Stem:** 0001133228-26-007840
**Filing Date:** 2026-5
**Character Count:** 24928
**Document Hash:** 15f3bd49b1a4affc498a2d363a3a90a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-007840.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001133228-26-007840

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**EFFECTIVENESS DATE**: 20260501

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-258648
- **FILM NUMBER:** 26930802

**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 CenterSquare Real Estate Fund (Series ID: S000074018)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000231344 | Investor Class      | MRESX           |
| C000234136 | Institutional Class | MRASX           |

![](cromwellfunds_logo.jpg)<br>

## CROMWELL CENTERSQUARE <br>

## REAL ESTATE FUND
INVESTOR CLASS (MRESX) <br>

INSTITUTIONAL CLASS (MRASX)

### Summary Prospectus<br>

#### April 30, 2026
Before you invest, you may want to review the Cromwell CenterSquare Real Estate Fund's (the "Fund") Statutory Prospectus and Statement of Additional Information, which contain more information about the Fund and its risks. The current Statutory Prospectus and Statement of Additional Information dated April 30, 2026, are incorporated by reference into this Summary Prospectus. You can find the Fund's Statutory Prospectus, Statement of Additional Information and other information about the Fund online at www.thecromwellfunds.com/funds/centersquare-real-estate. You can also get this information at no cost by calling 1-855-625-7333 or by sending an e-mail request to info@thecromwellfunds.com.

#### INVESTMENT OBJECTIVE
The Cromwell CenterSquare Real Estate Fund's (the "CenterSquare Fund" or the "Fund") investment objective is to achieve a combination of income and long-term capital appreciation.

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.**

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| | | |
|:---|:---|:---|
| **SHAREHOLDER FEES**<br>**(fees paid directly from your investment)**  | **SHAREHOLDER FEES**<br>**(fees paid directly from your investment)**  | **SHAREHOLDER FEES**<br>**(fees paid directly from your investment)**  |
|  | **Investor Class** | **Institutional Class**  |

---

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| | | |
|:---|:---|:---|
| **ANNUAL FUND OPERATING EXPENSES**<br>**(expenses that you pay each year as a percentage of the value of your investment)**  | **ANNUAL FUND OPERATING EXPENSES**<br>**(expenses that you pay each year as a percentage of the value of your investment)**  | **ANNUAL FUND OPERATING EXPENSES**<br>**(expenses that you pay each year as a percentage of the value of your investment)**  |
|  | **Investor Class** | **Institutional Class**  |
| Management Fees | 0.60% | 0.60%  |
| Distribution and Service (12b-1) Fees |  |  |
| Shareholder Servicing Fee (if applicable) | 0.20% | 0.14%  |
| Other Expenses | 0.37% | 0.37%  |
| Total Annual Fund Operating Expenses | 1.17% | 1.11%  |
| Less: Fee Waiver and/or Expense Reimbursement | (0.05)% | (0.09)%  |
| **Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(1)</sup>** | **1.12%** | **1.02%** |

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<sup>(1)</sup> Pursuant to an operating expense limitation agreement, Cromwell Investment Advisors, LLC, the Fund's investment adviser (the "Adviser"), has agreed to waive its management fees and/or reimburse Fund expenses to ensure that Total Annual Fund Operating Expenses (exclusive of contingent deferred sales loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividends or interest expenses on short positions, acquired fund fees and expenses, and extraordinary expenses) do not exceed 1.12% and 1.02% of the Fund's average daily net assets for Investor Class shares and Institutional Class shares, respectively, through at least April 30, 2027 ("Expense Caps"). The operating expense limitation agreement can be terminated only by, or with the consent of, the Board of Trustees (the "Board") of Total Fund Solution (the "Trust"). The Adviser may request recoupment of previously waived fees and paid expenses from the Fund for up to 36 months from the date such fees and expenses were waived or paid, subject to the operating expense limitation agreement, if such reimbursement will not cause the Fund's expense ratio, after recoupment has been taken into account, to exceed the lesser of: (1) the expense limitation in place at the time of the waiver and/or expense payment; or (2) the expense limitation in place at the time of the recoupment.

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#### EXAMPLE
This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and that you then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (taking into account the Expense Cap only in the first year). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **One Year** | **Three Years** | **Five Years** | **Ten Years**  |
| **Investor Class** | $114 | $367 | $639 | $1416  |
| **Institutional Class** | $104  | $344  | $603 | $1344 |

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#### PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs and potentially higher taxes, which are not reflected in the Total Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the fiscal year ended December 31, 2025, the portfolio turnover rate of the Fund was 31% of the average value of its portfolio.

#### PRINCIPAL INVESTMENT STRATEGIES
Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in stocks of companies principally engaged in the real estate industry, including Real Estate Investment Trusts ("REITs").

For purposes of the Fund's investment policies, CenterSquare Investment Management LLC ("CenterSquare Sub-Adviser" or "Sub-Adviser") considers a company to be principally engaged in the real estate industry if it (i) derives at least 50% of its revenues or profits from the ownership, construction, management, financing or sale of residential, commercial or industrial real estate, or (ii) has at least 50% of its assets invested in residential, commercial or industrial real estate. The Fund invests primarily in REITs (mainly equity REITs), listed Real Estate Operating Companies ("REOCs") and equity securities of companies whose principal business is the ownership management and/or development of income producing and for-sale real estate. Investments will primarily be comprised of equity REITs and REOCs but may also include hybrid and mortgage REITs.

The Fund may invest in companies representing a broad range of market capitalizations, which generally may include large-, mid-, and small-capitalization companies. The Fund also may invest up to 10% of the Fund's assets in initial public offerings ("IPOs") and up to 10% of the Fund's assets in exchange-traded funds ("ETFs"). The IPOs and ETFs in which the Fund invests are primarily comprised of REITs or REOCs traded on U.S. exchanges.

The Fund is non-diversified and may hold a greater percentage of its assets in securities of a single issuer or a smaller number of issuers than a diversified fund.

#### PRINCIPAL RISKS
In addition to possibly not achieving your investment goals, **you could lose money by investing in the Fund.** An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks of investing in the Fund are:

&nbsp;&nbsp;&nbsp;&nbsp;• *Real Estate Industry Risk.* Investments in the Fund may be subject to many of the same risks as a direct investment in real estate. The stock prices of companies in the real estate industry, including REITs, are typically sensitive to changes in real estate values, property taxes, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use, and rents, as

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well as the management skill and creditworthiness of the issuer. REITs also depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders and are subject to the risk of failing to qualify for favorable tax treatment under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code").

&nbsp;&nbsp;&nbsp;&nbsp;• *Non-Diversified Fund Risk.* The Fund is non-diversified and therefore a greater percentage of holdings may be focused in a small number of issuers or a single issuer, which can place the Fund at greater risk. Notwithstanding the Fund's status as a "non-diversified" investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), the Fund intends to qualify as a regulated investment company accorded special tax treatment under the Internal Revenue Code, which imposes its own diversification requirements that are less restrictive than the requirements applicable to "diversified" investment companies under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;• *IPO Risk.* The prices of stocks purchased in initial public offerings ("IPOs") can be very volatile and tend to fluctuate more widely than stocks of companies that have been publicly traded for a longer period of time. The effect of IPOs on the Fund's performance depends on a variety of factors.

&nbsp;&nbsp;&nbsp;&nbsp;• *Market Changes Risk.* The value of the Fund's investments may change because of broad changes in the markets in which the Fund invests, which could cause the Fund to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility and increased redemptions. Such conditions may add significantly to the risk of volatility in the net asset value ("NAV") of the Fund's shares.

&nbsp;&nbsp;&nbsp;&nbsp;• *Recent Market Events Risk*. U.S. and international markets have experienced significant periods of volatility in recent months and years due to a number of economic, political and global macro factors including rising inflation, tariffs, trade disputes, the possibility of a national or global recession, the war between Russia and Ukraine,the conflict between Israel and Hamas, and the war between the U.S. and Iran. Inflation, rapid fluctuations in inflation rates and, tariffs and trade disputes may have negative effects on the economies and securities markets of the United States and other countries. Pandemics and epidemics have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. The ongoing armed conflict between Ukraine and Russia in Europe, Israel and Hamas in the Middle East, and the war between the U.S. and Iran could have severe adverse effects on the regional or global economies and the markets for certain securities.

&nbsp;&nbsp;&nbsp;&nbsp;• *Management Risk*. Because the Fund is an actively managed investment portfolio, security selection or focus on securities in a particular style, market sector or group of companies may cause the Fund to incur losses or underperform relative to its benchmarks or other funds with a similar investment objective. There can be no guarantee that the Sub-Adviser's investment techniques and risk analysis will produce the desired result.

&nbsp;&nbsp;&nbsp;&nbsp;• *Changing Distribution Level Risk.* The Fund will normally receive income which may include interest, dividends and/or capital gains, depending upon its investments. The distribution amount paid by the Fund will vary and generally depends on the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital gains or losses it recognizes. A decline in the Fund's income or net capital gains arising from its investments may reduce its distribution level.

&nbsp;&nbsp;&nbsp;&nbsp;• *Equity Securities Risk.* Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in a portfolio manager's ability to anticipate such changes that can adversely affect the value of the Fund's holdings.

&nbsp;&nbsp;&nbsp;&nbsp;• *Large-Capitalization Stock Risk.* Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large-capitalization companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

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&nbsp;&nbsp;&nbsp;&nbsp;• *Small- and Mid-Capitalization Stock Risk.* Stocks of mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than stocks of larger companies. Because these businesses frequently rely on narrower product lines and niche markets, they can suffer isolated setbacks.

&nbsp;&nbsp;&nbsp;&nbsp;• *Exchange-Traded Fund Risk.* The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in an ETF could result in it being more volatile than the underlying portfolio of securities. Disruptions in the markets for the securities underlying ETFs purchased or sold by the Fund could result in losses on the Fund's investment in ETFs. ETFs also have management fees that increase their costs versus the costs of owning the underlying securities directly. The Fund may purchase shares of ETFs at prices that exceed the net asset value of their underlying investments (*i.e.,* premium) and may sell shares of ETFs at prices below such net asset value (*i.e.,* discount), and the Fund will likely incur brokerage costs when it purchases and sells ETFs. Due to the costs of buying or selling shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly reduce investment results and an investment in shares may not be advisable for investors who anticipate regularly making small investments. Additionally, supply and demand for shares of an ETF or market disruptions may cause the market price of the ETF to deviate from the value of the ETF's investments, which may lead to widening of the bid-ask spread quoted throughout the day and may be exacerbated in less liquid or volatile markets.

&nbsp;&nbsp;&nbsp;&nbsp;• *Mid-Cap Securities Risk.* Equity securities of mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than equity securities of larger companies. Because these businesses frequently rely on narrower product lines and niche markets, they can suffer isolated setbacks.

&nbsp;&nbsp;&nbsp;&nbsp;• *REIT Investment Risk.* The Fund's investments in REITs will, among other things, be subject to many of the same risks as a direct investment in real estate. The stock prices of companies in the real estate industry, including REITs, are typically sensitive to changes in real estate values, property taxes, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use, and rents, as well as the management skill and creditworthiness of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;• *Sector Risk.* The Fund may invest a significant portion of its assets in particular sectors of the economy and, therefore, the performance of the Fund could be negatively impacted and especially sensitive to developments and events that affect those particular sectors.

#### PERFORMANCE
Effective on March 7, 2022, AMG Managers CenterSquare Real Estate Fund, a series of AMG Funds I (the "Predecessor Fund"), reorganized into the Fund (the "Reorganization"). Performance information shown prior to March 7, 2022, is that of the Predecessor Fund. Accordingly, the returns for Investor Class shares in the bar chart and table prior to March 7, 2022, are the returns of the Predecessor Fund's Class N shares. Returns of the Investor Class and Institutional Class shares shown in the table prior to March 7, 2022, reflect the returns of Classes N and I, respectively, of the Predecessor Fund. Additionally, the Fund has adopted the Financial Statements of the Predecessor Fund.

Prior to February 27, 2017, outstanding Class S shares of the Predecessor Fund (formerly the Predecessor Fund's sole share class, which was reclassified and redesignated as Class S on October 1, 2016) were renamed Class N shares. Class Z shares were closed effective February 28, 2023 and converted to Institutional Class shares.

The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.thecromwellfunds.com or by calling the Fund at 1-855-625-7333 (toll free).

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#### Calendar Year Total Return for Investor Class Shares as of December 31
![](centersquare_efp-24191.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;<br>

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| | |
|:---|:---|
| Best Quarter:  | 18.16% (Quarter ended December 31, 2023) |
| Worst Quarter:  | (21.14)% (Quarter ended March 31, 2020) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** <br>**(for the Periods Ended December 31, 2025)**  | **AVERAGE ANNUAL TOTAL RETURNS** <br>**(for the Periods Ended December 31, 2025)**  | **AVERAGE ANNUAL TOTAL RETURNS** <br>**(for the Periods Ended December 31, 2025)**  | **AVERAGE ANNUAL TOTAL RETURNS** <br>**(for the Periods Ended December 31, 2025)**  | **AVERAGE ANNUAL TOTAL RETURNS** <br>**(for the Periods Ended December 31, 2025)**  |
|  | **1 Year** | **5 Years** | **10 Years** | **Since** <br>**Inception of Institutional**<br>**Class** <br>**(02/24/2017)**  |
| **Investor Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 1.53% | 4.98% | 4.96% | N/A  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 0.81% | 3.95% | 3.49% | N/A  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 1.07% | 3.61% | 3.44% | N/A  |
| **Institutional Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 1.68% | 5.08% | N/A | 4.63%  |
| **S&P 500® Total Return Index**<br>**(reflects no deduction for fees, expenses or taxes)** | 17.88% | 14.42% | 14.82% | 14.65%  |
| **FTSE NAREIT All Equity REITs Total Return Index**<br>**(reflects no deduction for fees, expenses or taxes)** | 2.27% | 4.85% | 5.77% | 5.06%  |
| **Dow Jones U.S. Select Real Estate Securities Total Return** <br>**(reflects no deduction for fees, expenses or taxes)** | 3.67% | 6.65% | 4.81% | 4.41% |

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The S&P 500 Total Return Index, an unmanaged index of U.S. stock market performance, is the Fund's regulatory index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The FTSE NAREIT All Equity REITs Total Return Index is a supplemental index that the Adviser believes is more representative of the Fund's investment universe. The Dow Jones U.S. Select Real Estate Securities Total Return Index is a float-adjusted market capitalization-weighted index designed to measure the performance of publicly traded U.S. REITs and REOCs. The index includes companies that are primarily engaged in the ownership and operation of commercial or residential real estate, excluding mortgage REITs.

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After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to shareholders who hold their shares through tax-deferred or other tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). After-tax returns are shown for the Investor Class shares only and after-tax returns for the other classes will vary.

#### MANAGEMENT

#### The Adviser
Cromwell Investment Advisors, LLC is the Fund's investment adviser.

#### The Sub-Adviser
CenterSquare Investment Management LLC is the Fund's sub-adviser.

#### Portfolio Managers
The following portfolio managers are jointly and primarily responsible for the day-to-day management of the Fund:

Dean Frankel, CFA®<br>

Co-Chief Investment Officer, CenterSquare Sub-Adviser;<br>

Portfolio Manager of the Fund and the Predecessor Fund since March 2004.

Eric Rothman, CFA®<br>

Portfolio Manager, CenterSquare Sub-Adviser;<br>

Portfolio Manager of the Fund and the Predecessor Fund since November 2006.

#### PURCHASE AND SALE OF FUND SHARES
You may purchase or redeem shares by mail addressed to Cromwell CenterSquare Real Estate Fund, <br>

c/o BNY Mellon Investment Servicing (US) Inc., P.O. Box 534498, Pittsburgh, PA 15253-4498, or by telephone at <br>

1-855-625-7333 (toll free), on any day the New York Stock Exchange ("NYSE") is open for trading, or through a broker-dealer or other financial intermediary (such as a bank) approved by the Fund (an "Authorized Intermediary"). You may also purchase or redeem Fund shares by wire transfer. Purchases and redemptions by telephone are permitted if you have previously established these options for your account. Investors who wish to purchase or redeem Fund shares through an Authorized Intermediary should contact the Authorized Intermediary directly.

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| | | |
|:---|:---|:---|
| **MINIMUM INVESTMENT AMOUNTS** |  |  |
|  | **Initial Investment** | **Subsequent Investments**  |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regular Accounts | $2000 | $100  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individual Retirement Accounts | $1000 | $100  |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regular Accounts | $100000 | $100  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individual Retirement Accounts | $25000 | $100 |

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#### TAX INFORMATION
The Fund's distributions may be taxed as ordinary income unless you are investing through a tax-deferred or other tax-advantaged arrangement, such as a 401(k) plan or an IRA. A portion of the Fund's distributions may also be taxable as long-term capital gain. You may be taxed later upon withdrawal of monies from such tax-deferred or other tax-advantaged arrangements.

#### PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create conflicts of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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