# EDGAR Filing Document

**Accession Number:** 0001872253
**File Stem:** 0001133228-26-003353
**Filing Date:** 2026-3
**Character Count:** 296298
**Document Hash:** 3c239dc68ee604bae19abe31122b9ad1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003353.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001133228-26-003353

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23724
- **FILM NUMBER:** 26734695

**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           |

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

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

### Cromwell Tran Focus Fund (Series ID: S000075258)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000234130 | Investor Class      | LIMAX           |
| C000234131 | Institutional Class | LIMIX           |

### Cromwell Foresight Global Infrastructure Fund (Series ID: S000079359)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000241858 | Institutional Class | CFGIX           |

### Cromwell Greenspring Mid Cap Fund (Series ID: S000080740)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000243273 | Institutional Class | GRSPX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

**Investment Company Act file number 811-23724**

**Total Fund Solution**

(Exact name of registrant as specified in charter)

**810 Gleneagles Court Suite 106, Baltimore, MD 21286**

(Address of principal executive offices)(Zip Code)

**Stephen E. Baird**

**Cromwell Funds**

**810 Gleneagles Court Suite 106**

**Baltimore, MD 21286**

(Name and address of agent for service)

**Registrant's telephone number, including area code: (443) 652-4201**

Date of fiscal year end: December 31

Date of reporting period: January 1, 2025 through December 31, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

#### Cromwell CenterSquare Real Estate Fund
![Image](i952c82dbbc73cb91214d682c.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thecromwellfunds.com/resources/literature](i84a98cb66879e920277eeac6.jpg)

Institutional Class \| MRASX

Annual Shareholder Report \| December 31, 2025

This annual shareholder report contains important information about the Cromwell CenterSquare Real Estate Fund for the period from January 1, 2025 to December 31, 2025.You can find additional information about the Fund at https://www.thecromwellfunds.com/resources/literature. You can also request this information by contacting us at 1-855-625-7333.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $102 | 1.01% |

---

#### HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the one-year period ended December 31, 2025, the Fund (MRASX) rose 1.68% and the FTSE NAREIT All Equity REITs Total Return Index increased 2.27%. The S&P 500 Total Return Index returned 17.88% over the same period.

Real estate securities experienced a turbulent year as shifting trade policies, fluctuating interest rates, and a broad investor rotation toward risk assets shaped market performance. Real Estate Investment Trusts ("REIT") posted modest gains in the first quarter even as equities declined amid escalating tariff announcements. They significantly underperformed in the second quarter due to rising yields, sector-specific pressures, and heightened volatility in both fixed income and equity markets. Although REITs delivered strong absolute returns in the third quarter, they continued to lag major equity indices, which were propelled by technology momentum and expectations that the Federal Reserve would cut interest rates in September, which it eventually did. Additional rate cuts by the Fed at each of the October and December meetings further lifted equity valuations in the fourth quarter, though REITs once again trailed as long-term interest rates remained volatile and ultimately edged higher.

Cromwell CenterSquare Real Estate Fund

TSR_AR_89156Y506

#### HOW DID THE FUND PERFORM SINCE INCEPTION?
The chart reflects a hypothetical $100,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![Growth of 10K Chart](i272ff57b2cbfe1430b2fe70f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Cromwell CenterSquare Real Estate Fund Institutional Class ($149304)** | **S&P 500 Total Return Index ($335308)** | **FTSE NAREIT All Equity REITS Total Return Index ($154807)** | **Dow Jones U.S. Select Real Estate Securities Total Return Index ($146556)** |
| **02/17** | $100000 | $100000 | $100000 | $100000 |
| **12/17** | $102623 | $114838 | $104297 | $101443 |
| **12/18** | $97077 | $109803 | $100078 | $97163 |
| **12/19** | $119460 | $144376 | $128764 | $119611 |
| **12/20** | $116510 | $170939 | $122169 | $106217 |
| **12/21** | $162567 | $220008 | $172623 | $154984 |
| **12/22** | $122624 | $180162 | $129556 | $114748 |
| **12/23** | $136983 | $227523 | $144269 | $130767 |
| **12/24** | $146841 | $284448 | $151370 | $141363 |
| **12/25** | $149304 | $335308 | $154807 | $146556 |

---

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception 2/24/2017 |
| Cromwell CenterSquare Real Estate Fund Institutional Class | 1.68% | 5.08% | 4.63% |
| S&P 500 Total Return Index | 17.88% | 14.42% | 14.65% |
| FTSE NAREIT All Equity REITS Total Return Index | 2.27% | 4.85% | 5.06% |
| Dow Jones U.S. Select Real Estate Securities Total Return Index | 3.67% | 6.62% | 4.41% |

---

Visit https://www.thecromwellfunds.com/resources/literature for more recent performance information.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**KEY FUND STATISTICS** (as of December 31, 2025)

* Net Assets$88,536,022

* Total Advisory Fees Paid$499,832

* Number of Holdings59

* Portfolio Turnover31%

Cromwell CenterSquare Real Estate Fund

TSR_AR_89156Y506

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)<sup>Footnote Reference\*</sup>

---

| | |
|:---|:---|
| **Sector Breakdown** | **(%)** |
| Diversified | 25.5 |
| Health Care | 20.4 |
| Apartments | 12.2 |
| Warehouse/Industrial | 10.0 |
| Storage | 8.9 |
| Shopping Centers | 7.9 |
| Office Property | 4.3 |
| Regional Malls | 3.8 |
| Single Tenant | 3.6 |
| Other | 3.4 |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| Welltower, Inc. | 8.9 |
| Prologis, Inc. | 7.0 |
| American Tower Corp. | 6.7 |
| Equinix, Inc. | 6.5 |
| Digital Realty Trust, Inc. | 4.4 |
| Ventas, Inc. | 4.3 |
| Extra Space Storage, Inc. | 3.6 |
| Public Storage | 3.2 |
| UDR, Inc. | 3.0 |
| Simon Property Group, Inc. | 2.7 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are stated as a percentage of net assets. |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.thecromwellfunds.com/resources/literature.

#### HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cromwell Investment Advisors, LLC documents not be householded, please contact Cromwell Investment Advisors, LLC at 1-855-625-7333, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cromwell Investment Advisors, LLC or your financial intermediary.

Cromwell CenterSquare Real Estate Fund

TSR_AR_89156Y506

#### Cromwell CenterSquare Real Estate Fund
![Image](i952c82dbbc73cb91214d682c.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thecromwellfunds.com/resources/literature](i84a98cb66879e920277eeac6.jpg)

Investor Class \| MRESX

Annual Shareholder Report \| December 31, 2025

This annual shareholder report contains important information about the Cromwell CenterSquare Real Estate Fund for the period from January 1, 2025 to December 31, 2025.You can find additional information about the Fund at https://www.thecromwellfunds.com/resources/literature. You can also request this information by contacting us at 1-855-625-7333.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $112 | 1.11% |

---

#### HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the one-year period ended December 31, 2025, the Fund (MRESX) rose 1.53% and the FTSE NAREIT All Equity REITs Total Return Index increased 2.27%. The S&P 500 Total Return Index returned 17.88% over the same period.

Real estate securities experienced a turbulent year as shifting trade policies, fluctuating interest rates, and a broad investor rotation toward risk assets shaped market performance. Real Estate Investment Trusts ("REIT") posted modest gains in the first quarter even as equities declined amid escalating tariff announcements. They significantly underperformed in the second quarter due to rising yields, sector-specific pressures, and heightened volatility in both fixed income and equity markets. Although REITs delivered strong absolute returns in the third quarter, they continued to lag major equity indices, which were propelled by technology momentum and expectations that the Federal Reserve would cut interest rates in September, which it eventually did. Additional rate cuts by the Fed at each of the October and December meetings further lifted equity valuations in the fourth quarter, though REITs once again trailed as long-term interest rates remained volatile and ultimately edged higher.

Cromwell CenterSquare Real Estate Fund

TSR_AR_89156Y407

#### HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?
The chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![Growth of 10K Chart](ic0f1674a19ca4f3354fd4b21.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Cromwell CenterSquare Real Estate Fund Investor Class ($16228)** | **S&P 500 Total Return Index ($39827)** | **FTSE NAREIT All Equity REITS Total Return Index ($17522)** | **Dow Jones U.S. Select Real Estate Securities Total Return Index ($15992)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10682 | $11196 | $10863 | $10668 |
| **12/17** | $11259 | $13640 | $11805 | $11069 |
| **12/18** | $10634 | $13042 | $11328 | $10602 |
| **12/19** | $13070 | $17149 | $14575 | $13052 |
| **12/20** | $12728 | $20304 | $13828 | $11590 |
| **12/21** | $17750 | $26132 | $19539 | $16911 |
| **12/22** | $13362 | $21399 | $14664 | $12521 |
| **12/23** | $14925 | $27025 | $16330 | $14269 |
| **12/24** | $15984 | $33786 | $17133 | $15425 |
| **12/25** | $16228 | $39827 | $17522 | $15992 |

---

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Cromwell CenterSquare Real Estate Fund Investor Class | 1.53% | 4.98% | 4.96% |
| S&P 500 Total Return Index | 17.88% | 14.42% | 14.82% |
| FTSE NAREIT All Equity REITS Total Return Index | 2.27% | 4.85% | 5.77% |
| Dow Jones U.S. Select Real Estate Securities Total Return Index | 3.67% | 6.62% | 4.79% |

---

Visit https://www.thecromwellfunds.com/resources/literature for more recent performance information.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**KEY FUND STATISTICS** (as of December 31, 2025)

* Net Assets$88,536,022

* Total Advisory Fees Paid$499,832

* Number of Holdings59

* Portfolio Turnover31%

Cromwell CenterSquare Real Estate Fund

TSR_AR_89156Y407

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)<sup>Footnote Reference\*</sup>

---

| | |
|:---|:---|
| **Sector Breakdown** | **(%)** |
| Diversified | 25.5 |
| Health Care | 20.4 |
| Apartments | 12.2 |
| Warehouse/Industrial | 10.0 |
| Storage | 8.9 |
| Shopping Centers | 7.9 |
| Office Property | 4.3 |
| Regional Malls | 3.8 |
| Single Tenant | 3.6 |
| Other | 3.4 |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| Welltower, Inc. | 8.9 |
| Prologis, Inc. | 7.0 |
| American Tower Corp. | 6.7 |
| Equinix, Inc. | 6.5 |
| Digital Realty Trust, Inc. | 4.4 |
| Ventas, Inc. | 4.3 |
| Extra Space Storage, Inc. | 3.6 |
| Public Storage | 3.2 |
| UDR, Inc. | 3.0 |
| Simon Property Group, Inc. | 2.7 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are stated as a percentage of net assets. |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.thecromwellfunds.com/resources/literature.

#### HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cromwell Investment Advisors, LLC documents not be householded, please contact Cromwell Investment Advisors, LLC at 1-855-625-7333, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cromwell Investment Advisors, LLC or your financial intermediary.

Cromwell CenterSquare Real Estate Fund

TSR_AR_89156Y407

#### Cromwell Long Short Fund
![Image](i952c82dbbc73cb91214d682c.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thecromwellfunds.com/resources/literature](i84a98cb66879e920277eeac6.jpg)

Institutional Class \| MFLDX

Annual Shareholder Report \| December 31, 2025

This annual shareholder report contains important information about the Cromwell Long Short Fund for the period from January 1, 2025 to December 31, 2025.You can find additional information about the Fund at https://www.thecromwellfunds.com/resources/literature. You can also request this information by contacting us at 1-855-625-7333.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $202 | 1.86% |

---

#### HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the one-year period ended December 31, 2025, the Fund (MFLDX) rose 17.51% and the Russell 1000 Total Return Index returned 17.37%. The S&P 500 Total Return Index climbed 17.88% over the same period.

* The year 2025 proved to be another strong year for equity markets, with continued leadership from large-cap U.S. companies and ongoing enthusiasm around artificial intelligence (AI) investments. Market returns broadened somewhat during the year, with sectors beyond Technology participating in the rally, including Health Care, Utilities, and Financials. Small-cap stocks continued to lag their large-cap counterparts, though the performance gap narrowed as the year progressed.

* Over the one-year period, the long portion of the portfolio contributed positively to relative performance. In the long book, Health Care was the largest contributing sector, Utilities was the second-largest contributor, and Information Technology was the largest detractor from performance in the long book. Industrials and Energy also detracted from long book performance.

* For the one-year period, the short portion of the portfolio had a meaningful positive impact on performance. In the short book, Health Care contributed the most to returns, followed by Consumer Staples and Consumer Discretionary. The short book had modest negative contributions from short positions in Industrials.

Cromwell Long Short Fund

TSR_AR_89156Y308

#### HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?
The chart reflects a hypothetical $100,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![Growth of 10K Chart](i6a1a54742b387647770991ea.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Cromwell Long Short Fund Institutional Class ($190685)** | **S&P 500 Total Return Index ($398274)** | **Russell 1000 Total Return Index ($390298)** |
| **12/15** | $100000 | $100000 | $100000 |
| **12/16** | $96642 | $111960 | $112054 |
| **12/17** | $117126 | $136403 | $136355 |
| **12/18** | $101612 | $130422 | $129832 |
| **12/19** | $113936 | $171487 | $170633 |
| **12/20** | $136952 | $203039 | $206403 |
| **12/21** | $148697 | $261322 | $261007 |
| **12/22** | $153301 | $213995 | $211084 |
| **12/23** | $153140 | $270249 | $267083 |
| **12/24** | $162067 | $337864 | $332548 |
| **12/25** | $190685 | $398274 | $390298 |

---

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Cromwell Long Short Fund Institutional Class | 17.51% | 6.84% | 6.67% |
| S&P 500 Total Return Index | 17.88% | 14.42% | 14.82% |
| Russell 1000 Total Return Index | 17.37% | 13.59% | 14.59% |

---

Visit https://www.thecromwellfunds.com/resources/literature for more recent performance information.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**KEY FUND STATISTICS** (as of December 31, 2025)

* Net Assets$90,186,329

* Total Advisory Fees Paid$940,436

* Number of Holdings145

* Portfolio Turnover18%

Visit https://thecromwellfunds.com/funds/long-short for more recent performance information.

Cromwell Long Short Fund

TSR_AR_89156Y308

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>

---

| | |
|:---|:---|
| **Sector Breakdown** | **(%)** |
| Information Technology | 31.2 |
| Financials | 12.6 |
| Communication Services | 8.3 |
| Consumer Discretionary | 7.8 |
| Industrials | 7.4 |
| Health Care | 7.3 |
| Energy | 3.7 |
| Utilities | 2.4 |
| Consumer Staples | 2.0 |
| Other | 17.3 |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| NVIDIA Corp. | 7.7 |
| Microsoft Corp. | 6.9 |
| Alphabet, Inc. | 5.6 |
| Apple, Inc. | 4.3 |
| Amazon.com, Inc. | 3.9 |
| JPMorgan Chase & Co. | 3.4 |
| Visa, Inc. | 2.7 |
| Broadcom, Inc. | 2.5 |
| Mastercard, Inc. | 2.1 |
| Johnson & Johnson | 2.0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are stated as a percentage of net assets. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Net exposure, includes securities sold short. |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.thecromwellfunds.com/resources/literature.

#### HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cromwell Investment Advisors, LLC documents not be householded, please contact Cromwell Investment Advisors, LLC at 1-855-625-7333, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cromwell Investment Advisors, LLC or your financial intermediary.

Cromwell Long Short Fund

TSR_AR_89156Y308

#### Cromwell Long Short Fund
![Image](i952c82dbbc73cb91214d682c.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thecromwellfunds.com/resources/literature](i84a98cb66879e920277eeac6.jpg)

Investor Class \| MFADX

Annual Shareholder Report \| December 31, 2025

This annual shareholder report contains important information about the Cromwell Long Short Fund for the period from January 1, 2025 to December 31, 2025.You can find additional information about the Fund at https://www.thecromwellfunds.com/resources/literature. You can also request this information by contacting us at 1-855-625-7333.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $229 | 2.11% |

---

#### HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the one-year period ended December 31, 2025, the Fund (MFADX) rose 17.19% and the Russell 1000 Total Return Index returned 17.37%. The S&P 500 Total Return Index climbed 17.88% over the same period.

* The year 2025 proved to be another strong year for equity markets, with continued leadership from large-cap U.S. companies and ongoing enthusiasm around artificial intelligence (AI) investments. Market returns broadened somewhat during the year, with sectors beyond Technology participating in the rally, including Health Care, Utilities, and Financials. Small-cap stocks continued to lag their large-cap counterparts, though the performance gap narrowed as the year progressed.

* Over the one-year period, the long portion of the portfolio contributed positively to relative performance. In the long book, Health Care was the largest contributing sector, Utilities was the second-largest contributor, and Information Technology was the largest detractor from performance in the long book. Industrials and Energy also detracted from long book performance.

* For the one-year period, the short portion of the portfolio had a meaningful positive impact on performance. In the short book, Health Care contributed the most to returns, followed by Consumer Staples and Consumer Discretionary. The short book had modest negative contributions from short positions in Industrials.

Cromwell Long Short Fund

TSR_AR_89156Y100

#### HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?
The chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![Growth of 10K Chart](i38c71ec9d67c4b8616b329a5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Cromwell Long Short Fund Investor Class ($18600)** | **S&P 500 Total Return Index ($39827)** | **Russell 1000 Total Return Index ($39030)** |
| **12/15** | $10000 | $10000 | $10000 |
| **12/16** | $9642 | $11196 | $11205 |
| **12/17** | $11650 | $13640 | $13636 |
| **12/18** | $10088 | $13042 | $12983 |
| **12/19** | $11285 | $17149 | $17063 |
| **12/20** | $13529 | $20304 | $20640 |
| **12/21** | $14654 | $26132 | $26101 |
| **12/22** | $15065 | $21399 | $21108 |
| **12/23** | $15014 | $27025 | $26708 |
| **12/24** | $15850 | $33786 | $33255 |
| **12/25** | $18600 | $39827 | $39030 |

---

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Cromwell Long Short Fund Investor Class | 17.19% | 6.57% | 6.40% |
| S&P 500 Total Return Index | 17.88% | 14.42% | 14.82% |
| Russell 1000 Total Return Index | 17.37% | 13.59% | 14.59% |

---

Visit https://www.thecromwellfunds.com/resources/literature for more recent performance information.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**KEY FUND STATISTICS** (as of December 31, 2025)

* Net Assets$90,186,329

* Total Advisory Fees Paid$940,436

* Number of Holdings145

* Portfolio Turnover18%

Visit https://thecromwellfunds.com/funds/long-short for more recent performance information.

Cromwell Long Short Fund

TSR_AR_89156Y100

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>

---

| | |
|:---|:---|
| **Sector Breakdown** | **(%)** |
| Information Technology | 31.2 |
| Financials | 12.6 |
| Communication Services | 8.3 |
| Consumer Discretionary | 7.8 |
| Industrials | 7.4 |
| Health Care | 7.3 |
| Energy | 3.7 |
| Utilities | 2.4 |
| Consumer Staples | 2.0 |
| Other | 17.3 |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| NVIDIA Corp. | 7.7 |
| Microsoft Corp. | 6.9 |
| Alphabet, Inc. | 5.6 |
| Apple, Inc. | 4.3 |
| Amazon.com, Inc. | 3.9 |
| JPMorgan Chase & Co. | 3.4 |
| Visa, Inc. | 2.7 |
| Broadcom, Inc. | 2.5 |
| Mastercard, Inc. | 2.1 |
| Johnson & Johnson | 2.0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are stated as a percentage of net assets. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Net exposure, includes securities sold short. |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.thecromwellfunds.com/resources/literature.

#### HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cromwell Investment Advisors, LLC documents not be householded, please contact Cromwell Investment Advisors, LLC at 1-855-625-7333, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cromwell Investment Advisors, LLC or your financial intermediary.

Cromwell Long Short Fund

TSR_AR_89156Y100

#### Cromwell Foresight Global Infrastructure Fund
![Image](i952c82dbbc73cb91214d682c.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thecromwellfunds.com/resources/literature](i84a98cb66879e920277eeac6.jpg)

Institutional Class \| CFGIX

Annual Shareholder Report \| December 31, 2025

This annual shareholder report contains important information about the Cromwell Foresight Global Infrastructure Fund for the period from January 1, 2025 to December 31, 2025.You can find additional information about the Fund at https://www.thecromwellfunds.com/resources/literature. You can also request this information by contacting us at 1-855-625-7333.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $112 | 1.05% |

---

#### HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the one-year period ended December 31, 2025, the Fund (CFGIX) rose 12.67% and the S&P Global Infrastructure Total Return Index increased 22.58%. The S&P 500 Total Return Index climbed 17.88% over the same period.

The improvement in returns reflected a more constructive market environment in 2025, as easing inflationary pressures and increasing confidence around the trajectory of monetary policy supported asset valuations. While volatility persisted at times, particularly across growth-oriented infrastructure sectors, investor sentiment improved over the course of the year, with increased differentiation between companies with resilient cash flows and those more exposed to financing or execution risk.

Against this backdrop, the Fund benefited from its focus on high-quality, asset-backed infrastructure businesses with durable earnings profiles and long-duration revenue visibility. Regulated and contracted assets, in particular, performed well, supported by inflation-linked frameworks, defensive characteristics and growing visibility over long-term capital investment programmes linked to energy security and decarbonisation. These exposures played an important role in driving the Fund's positive absolute return during the year.

During the period, sustained but more constructive market conditions provided the Foresight Capital Management team with opportunities to actively manage the portfolio. The team continued to focus on identifying attractively valued companies with strong cash-generating capabilities, while portfolio rebalancing efforts were aimed at optimising risk-adjusted returns and reinforcing exposure to structural growth themes aligned with the Fund's investment objective.

Overall, the Fund's performance in 2025 reflected a combination of improving market conditions and positive performance due to a recovery in valuation for existing sectors, alongside growth for new additions. The Fund remains focused on opportunities across decarbonisation, energy security and essential infrastructure assets, with an emphasis on delivering resilient, long-term returns through exposure to high-quality infrastructure companies.

Cromwell Foresight Global Infrastructure Fund

TSR_AR_89156Y878

#### HOW DID THE FUND PERFORM SINCE INCEPTION?
The chart reflects a hypothetical $100,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![Growth of 10K Chart](i5aca8ff7b1aa3bfec5a0784f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Cromwell Foresight Global Infrastructure Fund Institutional Class ($99336)** | **S&P 500 Total Return Index ($175111)** | **S&P Global Infrastructure Total Return Index ($143443)** |
| **01/23** | $100000 | $100000 | $100000 |
| **12/23** | $93351 | $118822 | $101670 |
| **12/24** | $88169 | $148550 | $117017 |
| **12/25** | $99336 | $175111 | $143443 |

---

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception 1/31/2023 |
| Cromwell Foresight Global Infrastructure Fund Institutional Class | 12.67% | -0.23% |
| S&P 500 Total Return Index | 17.88% | 21.18% |
| S&P Global Infrastructure Total Return Index | 22.58% | 13.17% |

---

Visit https://www.thecromwellfunds.com/resources/literature for more recent performance information.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**KEY FUND STATISTICS** (as of December 31, 2025)

* Net Assets$48,752,527

* Total Advisory Fees Paid$296,394

* Number of Holdings34

* Portfolio Turnover36%

Cromwell Foresight Global Infrastructure Fund

TSR_AR_89156Y878

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)<sup>Footnote Reference\*</sup>

---

| | |
|:---|:---|
| **Sector Breakdown** | **(%)** |
| Digital Infrastructure | 28.3 |
| Renewable Energy | 23.3 |
| Diversified Infrastructure | 13.4 |
| Electrical Utilities | 11.3 |
| Health Care | 8.2 |
| Transport | 7.5 |
| Utilities | 4.7 |
| Other | 3.3 |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| Cellnex Telecom SA | 5.3 |
| Equinix, Inc. | 5.0 |
| National Grid PLC | 4.7 |
| American Tower Corp. | 4.5 |
| Infratil Ltd. | 4.4 |
| Boralex, Inc. | 4.2 |
| Brookfield Renewable Partners LP | 3.7 |
| Transurban Group | 3.6 |
| 3i Infrastructure PLC | 3.6 |
| Digital Realty Trust, Inc. | 3.5 |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(%)** |
| United States | 26.6 |
| Canada | 16.7 |
| United Kingdom | 12.6 |
| Guernsey | 9.0 |
| Spain | 7.5 |
| New Zealand | 6.4 |
| Italy | 5.6 |
| Australia | 3.6 |
| Jersey | 3.6 |
| Belgium | 3.3 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are stated as a percentage of net assets. |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.thecromwellfunds.com/resources/literature.

#### HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cromwell Investment Advisors, LLC documents not be householded, please contact Cromwell Investment Advisors, LLC at 1-855-625-7333, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cromwell Investment Advisors, LLC or your financial intermediary.

Cromwell Foresight Global Infrastructure Fund

TSR_AR_89156Y878

#### Cromwell Tran Focus Fund
![Image](i952c82dbbc73cb91214d682c.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thecromwellfunds.com/resources/literature](i84a98cb66879e920277eeac6.jpg)

Institutional Class \| LIMIX

Annual Shareholder Report \| December 31, 2025

This annual shareholder report contains important information about the Cromwell Tran Focus Fund for the period from January 1, 2025 to December 31, 2025.You can find additional information about the Fund at https://www.thecromwellfunds.com/resources/literature. You can also request this information by contacting us at 1-855-625-7333.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $114 | 1.10% |

---

#### HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the one-year period ending December 31, 2025, the Fund (LIMIX) returned 7.48%. The S&P 500 Total Return Index returned 17.88%.

Similar to 2024, a handful of mega-cap technology companies drove an outsized portion of returns for the index. During 2025, the Magnificent Seven stocks (Mag 7, i.e., Apple, Microsoft, Alphabet (Google), Amazon, Meta Platforms, NVIDIA, and Tesla) returned 24.9% driven largely by outperformance from Alphabet returning 66.0% and NVIDIA returning 38.9%. While performance among the Mag 7 diverged unlike prior years, the group together still comprised 7.5% of the S&P 500's 17.9% Total return for the year. Over the past 3 years, the Mag 7 have accounted for 55% of the S&P 500's return of 86%.

We have historically maintained a balanced exposure in large- and mid-cap companies. In doing so, we are mindful of the growing concentration risk within the broader S&P 500 index. Today, the top 10 constituents alone account for approximately 41% of the index, a level of concentration that we believe investors should carefully consider.

While we own some of these top 10 companies, we believe that, in aggregate, this level of concentration risk in the Index is material. Coincidently, we have been identifying compelling investment opportunities among smaller, mid-cap companies. As a result, our portfolio construction has been under-weight the largest companies, which contributed to underperformance relative to the larger index. As of December 31, 2025, the median market cap in the Fund was $37 billion, and only 10% of our Fund was invested in companies with market caps greater than $1 trillion.

With our high active share, selection effect was the main driver of underperformance relative to the top-heavy S&P 500. Information Technology (IT) detracted from performance due to declines in software valuations combined with an underweight in IT hardware and semiconductors tied to artificial intelligence (AI) outside of our NVIDIA position. Health Care was also a negative contributor due to a pullback in academic and government demand stemming from changes in scientific funding by the Trump Administration. These detractors more than offset outperformance and strong stock selection in Utilities and Industrials.

Cromwell Tran Focus Fund

TSR_AR_89156Y704

#### HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?
The chart reflects a hypothetical $100,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![Growth of 10K Chart](i441e2d04e01f31b2f820138d.jpg)

---

| | | |
|:---|:---|:---|
| | **Cromwell Tran Focus Fund Institutional Class ($259138)** | **S&P 500 Total Return Index ($398274)** |
| **12/15** | $100000 | $100000 |
| **12/16** | $101607 | $111960 |
| **12/17** | $122807 | $136403 |
| **12/18** | $111023 | $130422 |
| **12/19** | $157440 | $171487 |
| **12/20** | $203963 | $203039 |
| **12/21** | $255432 | $261322 |
| **12/22** | $165717 | $213995 |
| **12/23** | $208853 | $270249 |
| **12/24** | $241096 | $337864 |
| **12/25** | $259138 | $398274 |

---

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Cromwell Tran Focus Fund Institutional Class | 7.48% | 4.91% | 9.99% |
| S&P 500 Total Return Index | 17.88% | 14.42% | 14.82% |

---

Visit https://www.thecromwellfunds.com/resources/literature for more recent performance information.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**KEY FUND STATISTICS** (as of December 31, 2025)

* Net Assets$24,574,791

* Total Advisory Fees Paid$63,918

* Number of Holdings27

* Portfolio Turnover69%

Cromwell Tran Focus Fund

TSR_AR_89156Y704

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)<sup>Footnote Reference\*</sup>

---

| | |
|:---|:---|
| **Sector Breakdown** | **(%)** |
| Industrials | 22.3 |
| Information Technology | 20.3 |
| Health Care | 14.5 |
| Consumer Discretionary | 11.1 |
| Materials | 8.8 |
| Utilities | 8.3 |
| Communication Services | 3.6 |
| Financials | 2.6 |
| Real Estate | 2.1 |
| Other | 6.4 |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| Talen Energy Corp. | 8.3 |
| Danaher Corp. | 6.5 |
| ATI, Inc. | 6.0 |
| Amazon.com, Inc. | 5.7 |
| Ferguson Enterprises, Inc. | 5.5 |
| Palo Alto Networks, Inc. | 5.4 |
| Martin Marietta Materials, Inc. | 5.1 |
| GE Vernova, Inc. | 4.5 |
| Intuit, Inc. | 4.4 |
| Veeva Systems, Inc. | 3.8 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are stated as a percentage of net assets. |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.thecromwellfunds.com/resources/literature.

#### HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cromwell Investment Advisors, LLC documents not be householded, please contact Cromwell Investment Advisors, LLC at 1-855-625-7333, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cromwell Investment Advisors, LLC or your financial intermediary.

Cromwell Tran Focus Fund

TSR_AR_89156Y704

#### Cromwell Tran Focus Fund
![Image](i952c82dbbc73cb91214d682c.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thecromwellfunds.com/resources/literature](i84a98cb66879e920277eeac6.jpg)

Investor Class \| LIMAX

Annual Shareholder Report \| December 31, 2025

This annual shareholder report contains important information about the Cromwell Tran Focus Fund for the period from January 1, 2025 to December 31, 2025.You can find additional information about the Fund at https://www.thecromwellfunds.com/resources/literature. You can also request this information by contacting us at 1-855-625-7333.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $140 | 1.35% |

---

#### HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the one-year period ending December 31, 2025, the Fund (LIMAX) returned 7.33%. The S&P 500 Total Return Index returned 17.88%.

Similar to 2024, a handful of mega-cap technology companies drove an outsized portion of returns for the index. During 2025, the Magnificent Seven stocks (Mag 7, i.e., Apple, Microsoft, Alphabet (Google), Amazon, Meta Platforms, NVIDIA, and Tesla) returned 24.9% driven largely by outperformance from Alphabet returning 66.0% and NVIDIA returning 38.9%. While performance among the Mag 7 diverged unlike prior years, the group together still comprised 7.5% of the S&P 500's 17.9% Total return for the year. Over the past 3 years, the Mag 7 have accounted for 55% of the S&P 500's return of 86%.

We have historically maintained a balanced exposure in large- and mid-cap companies. In doing so, we are mindful of the growing concentration risk within the broader S&P 500 index. Today, the top 10 constituents alone account for approximately 41% of the index, a level of concentration that we believe investors should carefully consider.

While we own some of these top 10 companies, we believe that, in aggregate, this level of concentration risk in the Index is material. Coincidently, we have been identifying compelling investment opportunities among smaller, mid-cap companies. As a result, our portfolio construction has been under-weight the largest companies, which contributed to underperformance relative to the larger index. As of December 31, 2025, the median market cap in the Fund was $37 billion, and only 10% of our Fund was invested in companies with market caps greater than $1 trillion.

With our high active share, selection effect was the main driver of underperformance relative to the top-heavy S&P 500. Information Technology (IT) detracted from performance due to declines in software valuations combined with an underweight in IT hardware and semiconductors tied to artificial intelligence (AI) outside of our NVIDIA position. Health Care was also a negative contributor due to a pullback in academic and government demand stemming from changes in scientific funding by the Trump Administration. These detractors more than offset outperformance and strong stock selection in Utilities and Industrials.

Cromwell Tran Focus Fund

TSR_AR_89156Y803

#### HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?
The chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![Growth of 10K Chart](id903e3e9bbeb4fad6b6ff2eb.jpg)

---

| | | |
|:---|:---|:---|
| | **Cromwell Tran Focus Fund Investor Class ($25280)** | **S&P 500 Total Return Index ($39827)** |
| **12/15** | $10000 | $10000 |
| **12/16** | $10147 | $11196 |
| **12/17** | $12230 | $13640 |
| **12/18** | $11027 | $13042 |
| **12/19** | $15590 | $17149 |
| **12/20** | $20161 | $20304 |
| **12/21** | $25175 | $26132 |
| **12/22** | $16292 | $21399 |
| **12/23** | $20483 | $27025 |
| **12/24** | $23555 | $33786 |
| **12/25** | $25280 | $39827 |

---

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Cromwell Tran Focus Fund Investor Class | 7.33% | 4.63% | 9.72% |
| S&P 500 Total Return Index | 17.88% | 14.42% | 14.82% |

---

Visit https://www.thecromwellfunds.com/resources/literature for more recent performance information.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**KEY FUND STATISTICS** (as of December 31, 2025)

* Net Assets$24,574,791

* Total Advisory Fees Paid$63,918

* Number of Holdings27

* Portfolio Turnover69%

Cromwell Tran Focus Fund

TSR_AR_89156Y803

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)<sup>Footnote Reference\*</sup>

---

| | |
|:---|:---|
| **Sector Breakdown** | **(%)** |
| Industrials | 22.3 |
| Information Technology | 20.3 |
| Health Care | 14.5 |
| Consumer Discretionary | 11.1 |
| Materials | 8.8 |
| Utilities | 8.3 |
| Communication Services | 3.6 |
| Financials | 2.6 |
| Real Estate | 2.1 |
| Other | 6.4 |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| Talen Energy Corp. | 8.3 |
| Danaher Corp. | 6.5 |
| ATI, Inc. | 6.0 |
| Amazon.com, Inc. | 5.7 |
| Ferguson Enterprises, Inc. | 5.5 |
| Palo Alto Networks, Inc. | 5.4 |
| Martin Marietta Materials, Inc. | 5.1 |
| GE Vernova, Inc. | 4.5 |
| Intuit, Inc. | 4.4 |
| Veeva Systems, Inc. | 3.8 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are stated as a percentage of net assets. |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.thecromwellfunds.com/resources/literature.

#### HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cromwell Investment Advisors, LLC documents not be householded, please contact Cromwell Investment Advisors, LLC at 1-855-625-7333, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cromwell Investment Advisors, LLC or your financial intermediary.

Cromwell Tran Focus Fund

TSR_AR_89156Y803

#### Cromwell Greenspring Mid Cap Fund
![Image](i952c82dbbc73cb91214d682c.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thecromwellfunds.com/resources/literature](i84a98cb66879e920277eeac6.jpg)

Institutional Class \| GRSPX

Annual Shareholder Report \| December 31, 2025

This annual shareholder report contains important information about the Cromwell Greenspring Mid Cap Fund for the period from January 1, 2025 to December 31, 2025.You can find additional information about the Fund at https://www.thecromwellfunds.com/resources/literature. You can also request this information by contacting us at 1-855-625-7333.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $116 | 1.13% |

---

#### HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
During 2025, the Cromwell Greenspring Mid Cap Fund (the Fund, Greenspring or GRSPX) generated a total return of 6.18%. During the same period, the Russell Midcap Total Return Index returned 10.60%.

Over the last five years, GRSPX produced a 9.83% annualized total return, outperforming the Index's 8.67%, while subjecting shareholders to 18% lower volatility (as measured by standard deviation). These longer-term results underscore the strength and consistency of our investment approach, highlighting our focus on generating attractive long-term results while effectively managing risk.

The investment backdrop in 2025 was anything but tranquil, as equity investors reacted to rapidly changing developments surrounding trade policy, geopolitical events, domestic policies, and the rapid advancement of artificial intelligence (AI).

Greenspring's performance was led by several holdings that benefited from increased spending on AI- and data-center-related infrastructure. The Fund's AI-related exposure favors "picks-and-shovels" businesses that enable AI development and have long track records of generating durable free cash flow, rather than high-risk, capital-intensive, and richly valued technology companies.

Cromwell Greenspring Mid Cap Fund

TSR_AR_89156Y852

#### HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?
The chart reflects a hypothetical $100,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees (if applicable), management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![Growth of 10K Chart](i54610f1c3438c2f2ca767c3d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Cromwell Greenspring Mid Cap Fund Institutional Class ($232627)** | **Russell Midcap Total Return Index ($284199)** | **Russell 3000 Total Return Index ($270360)** | **Greenspring Custom Blend Index ($219779)** |
| **12/15** | $100000 | $100000 | $100000 | $100000 |
| **12/16** | $119782 | $113798 | $118400 | $113580 |
| **12/17** | $129149 | $134871 | $134020 | $123825 |
| **12/18** | $116045 | $122654 | $122525 | $118290 |
| **12/19** | $140257 | $160115 | $154697 | $140103 |
| **12/20** | $145555 | $187497 | $159144 | $145847 |
| **12/21** | $184600 | $229841 | $199517 | $168964 |
| **12/22** | $168586 | $190044 | $183596 | $160059 |
| **12/23** | $188734 | $222783 | $204995 | $176657 |
| **12/24** | $219092 | $256966 | $233650 | $196231 |
| **12/25** | $232627 | $284199 | $270360 | $219779 |

---

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Cromwell Greenspring Mid Cap Fund Institutional Class | 6.18% | 9.83% | 8.81% |
| Russell Midcap Total Return Index | 10.60% | 8.67% | 11.01% |
| Russell 3000 Total Return Index | 15.71% | 11.18% | 10.46% |
| Greenspring Custom Blend Index | 12.00% | 8.55% | 8.19% |

---

Visit https://www.thecromwellfunds.com/resources/literature for more recent performance information.

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**KEY FUND STATISTICS** (as of December 31, 2025)

* Net Assets$116,847,158

* Total Advisory Fees Paid$906,972

* Number of Holdings50

* Portfolio Turnover6%

Cromwell Greenspring Mid Cap Fund

TSR_AR_89156Y852

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)<sup>Footnote Reference\*</sup>

---

| | |
|:---|:---|
| **Sector Breakdown** | **(%)** |
| Industrials | 49.9 |
| Financials | 13.1 |
| Information Technology | 10.1 |
| Consumer Staples | 6.2 |
| Communication Services | 5.1 |
| Health Care | 3.7 |
| Materials | 3.7 |
| Energy | 2.6 |
| Consumer Discretionary | 2.3 |
| Other | 3.3 |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| EMCOR Group, Inc. | 8.9 |
| Republic Services, Inc. | 8.1 |
| MYR Group, Inc. | 6.7 |
| Johnson Controls International PLC | 6.1 |
| KBR, Inc. | 5.8 |
| W.R. Berkley Corp. | 4.3 |
| Nextpower, Inc. | 3.7 |
| Flex Ltd. | 3.1 |
| Primo Brands Corp. | 3.1 |
| Primis Financial Corp. | 2.6 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are stated as a percentage of net assets. |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.thecromwellfunds.com/resources/literature.

#### HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cromwell Investment Advisors, LLC documents not be householded, please contact Cromwell Investment Advisors, LLC at 1-855-625-7333, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cromwell Investment Advisors, LLC or your financial intermediary.

Cromwell Greenspring Mid Cap Fund

TSR_AR_89156Y852

[**Item 2. Code of Ethics.**](cf-efp23213_ex99code.htm)

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*The registrant undertakes to provide to any person without charge, upon request, a copy of its code of ethics by mail when they call the registrant at (443) 652-4201.*

**Item 3. Audit Committee Financial Expert.**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Sanjeev Handa is the "audit committee financial expert" and is considered to be "independent" as this term is defined in Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

The registrant has engaged its principal accounting firm or predecessor firm to perform audit services, audit-related services, tax services and other services during the past four fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accounting firm in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accounting firm that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accounting firm for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accounting firm.

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| (a) Audit Fees | $75900 | $73500 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $18600 | $18000 |
| (d) All Other Fees | $0 | $0 |

---

The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

The percentage of fees billed by the principal accounting firm applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

All of the principal accounting firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accounting firm.

The following table indicates the non-audit fees billed or expected to be billed by the registrant's accounting firm for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 12/31/2025 | FYE 12/31/2024 |
| Registrant | $18600 | $18000 |
| Registrant's Investment Adviser | $0 | $0 |

---

The principal accounting firm did not perform any non-audit services for the registrant's investment adviser, or any entity controlling, controlled by or under common control with the registrant's adviser.

The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

The registrant is not a foreign issuer.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](logo.jpg)

**CROMWELL FUNDS**

Core Financial Statements

December 31, 2025

---

| | |
|:---|:---|
| **Table of Contents** | |
|  | **Page** |
| [Schedules of Investments](#toc_015) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cromwell CenterSquare Real Estate Fund](#toc_001) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cromwell Long Short Fund](#toc_002) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cromwell Foresight Global Infrastructure Fund](#toc_003) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cromwell Tran Focus Fund](#toc_004) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cromwell Greenspring Mid Cap Fund](#toc_005) | 16 |
| [Statements of Assets and Liabilities](#toc_006) | 19 |
| [Statements of Operations](#toc_007) | 21 |
| [Statements of Changes in Net Assets](#toc_008) | 23 |
| [Financial Highlights](#toc_009) | 28 |
| [Notes to the Financial Statements](#toc_010) | 36 |
| [Report of Independent Registered Public Accounting Firm](#toc_011) | 46 |
| [Additional Information (unaudited)](#toc_012) | 47 |

---

[Back to Table of Content](#toc)

**Cromwell CenterSquare Real Estate Fund** 

**Schedules of Investments**

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **REAL ESTATE INVESTMENT TRUSTS - 99.3%** |  |  |
| **Apartments - 12.2%** |  |  |
| American Homes 4 Rent - Class A | 44530 | $1429413 |
| Camden Property Trust | 20540 | 2261043 |
| Equity LifeStyle Properties, Inc. | 18139 | 1099405 |
| Equity Residential | 16460 | 1037638 |
| Essex Property Trust, Inc. | 4000 | 1046720 |
| Invitation Homes, Inc. | 46230 | 1284732 |
| UDR, Inc. | 73100 | 2681308 |
|  |  | 10840259 |
| **Diversified - 25.5%<sup>(a)</sup>** |  |  |
| American Tower Corp. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 34010 | 5971136 |
| Broadstone Net Lease, Inc. | 30050 | 521968 |
| Crown Castle, Inc. | 20070 | 1783621 |
| Digital Realty Trust, Inc. | 25390 | 3928087 |
| Equinix, Inc. | 7470 | 5723215 |
| FrontView REIT, Inc. | 11230 | 165755 |
| InvenTrust Properties Corp. | 15020 | 423714 |
| Lamar Advertising Co. - Class A | 2050 | 259489 |
| SBA Communications Corp. | 7960 | 1539703 |
| VICI Properties, Inc. | 37380 | 1051126 |
| Weyerhaeuser Co. | 50449 | 1195137 |
|  |  | 22562951 |
| **Health Care - 20.4%** |  |  |
| Alexandria Real Estate Equities, Inc. | 11860 | 580428 |
| American Healthcare REIT, Inc. | 26070 | 1226854 |
| Diversified Healthcare Trust &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 42129 | 204326 |
| Healthcare Realty Trust, Inc. | 54500 | 923775 |
| Healthpeak Properties, Inc. | 42010 | 675521 |
| National Health Investors, Inc. | 12480 | 953098 |
| Omega Healthcare Investors, Inc. | 30050 | 1332417 |
| Sabra Health Care REIT, Inc. | 25530 | 483538 |
| Ventas, Inc. | 49710 | 3846560 |
| Welltower, Inc. | 42430 | 7875432 |
|  |  | 18101949 |
| **Hotels - 2.7%** |  |  |
| DiamondRock Hospitality Co. | 60660 | 543514 |
| Host Hotels & Resorts, Inc. | 62980 | 1116635 |
| RLJ Lodging Trust | 23730 | 176789 |
| Ryman Hospitality Properties, Inc. | 2950 | 279129 |
| Sunstone Hotel Investors, Inc. | 19030 | 170128 |
| Xenia Hotels & Resorts, Inc. | 4536 | 64139 |
|  |  | 2350334 |

---

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**Cromwell CenterSquare Real Estate Fund** 

**Schedules of Investments** (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **REAL ESTATE INVESTMENT TRUSTS - (Continued)** |  |  |
| **Office Property - 4.3%** |  |  |
| BXP, Inc. | 10540 | $711239 |
| Cousins Properties, Inc. | 45590 | 1175310 |
| Douglas Emmett, Inc. | 22570 | 248044 |
| Empire State Realty Trust, Inc. - Class A | 45670 | 297769 |
| Piedmont Realty Trust, Inc. | 45060 | 375800 |
| SL Green Realty Corp. | 6090 | 279348 |
| Vornado Realty Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 22880 | 761447 |
|  |  | 3848957 |
| **Regional Malls - 3.8%** |  |  |
| Simon Property Group, Inc. | 12770 | 2363855 |
| The Macerich Co. | 52200 | 963612 |
|  |  | 3327467 |
| **Shopping Centers - 7.9%** |  |  |
| Brixmor Property Group, Inc. | 84300 | 2210346 |
| Federal Realty Investment Trust | 3880 | 391104 |
| Kimco Realty Corp. | 104150 | 2111120 |
| Kite Realty Group Trust | 65260 | 1564282 |
| NETSTREIT Corp. | 41390 | 730120 |
|  |  | 7006972 |
| **Single Tenant - 3.6%** |  |  |
| Agree Realty Corp. | 27690 | 1994511 |
| Realty Income Corp. | 20590 | 1160658 |
|  |  | 3155169 |
| **Storage - 8.9%** |  |  |
| Extra Space Storage, Inc. | 24670 | 3212527 |
| Iron Mountain, Inc. | 22088 | 1832200 |
| Public Storage | 11030 | 2862285 |
|  |  | 7907012 |
| **Warehouse/Industrial - 10.0%** |  |  |
| Americold Realty Trust, Inc. | 18830 | 242154 |
| EastGroup Properties, Inc. | 3140 | 559360 |
| First Industrial Realty Trust, Inc. | 16470 | 943237 |
| Lineage, Inc. | 4870 | 170450 |
| Prologis, Inc. | 48410 | 6180020 |
| Rexford Industrial Realty, Inc. | 19520 | 755814 |
|  |  | 8851035 |
| TOTAL INVESTMENTS - 99.3% (Cost $70,340,591) |  | $87952105 |
| Other Assets in Excess of Liabilities - 0.7% |  | 583917 |
| **TOTAL NET ASSETS - 100%** |  | $**88536022** |
| Percentages are stated as a percent of net assets. |  |  |

---

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**Cromwell CenterSquare Real Estate Fund** 

**Schedules of Investments** (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| REIT | REIT | Real Estate Investment Trust |
| <sup>(a)</sup> | &nbsp;&nbsp; To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. | &nbsp;&nbsp; To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. |

---

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**Cromwell Long Short Fund** 

**Schedules of Investments** 

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.4%** |  |  |
| **Automobiles - 0.5%** |  |  |
| Tesla, Inc.<sup>(a)</sup> | 985 | $442974 |
| **Banks - 4.4%** |  |  |
| East West Bancorp, Inc.<sup>(b)</sup> | 4298 | 483052 |
| JPMorgan Chase & Co. | 9564 | 3081712 |
| M&T Bank Corp. | 2166 | 436406 |
|  |  | 4001170 |
| **Biotechnology - 3.3%** |  |  |
| AbbVie, Inc.<sup>(b)</sup> | 5361 | 1224935 |
| Alnylam Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 1890 | 751559 |
| Gilead Sciences, Inc. | 7830 | 961054 |
|  |  | 2937548 |
| **Broadline Retail - 3.9%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 15303 | 3532238 |
| **Building Products - 1.4%** |  |  |
| Builders FirstSource, Inc.<sup>(a)(b)</sup> | 3548 | 365054 |
| Carlisle Cos., Inc. | 1224 | 391509 |
| Trane Technologies PLC &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 1258 | 489613 |
|  |  | 1246176 |
| **Capital Markets - 2.9%** |  |  |
| Ameriprise Financial, Inc. | 1376 | 674708 |
| LPL Financial Holdings, Inc. | 2120 | 757200 |
| Morgan Stanley | 6602 | 1172053 |
|  |  | 2603961 |
| **Chemicals - 0.6%** |  |  |
| Ecolab, Inc. | 2029 | 532653 |
| **Construction & Engineering - 0.9%** |  |  |
| EMCOR Group, Inc.<sup>(b)</sup> | 1310 | 801445 |
| **Consumer Staples Distribution & Retail - 0.6%** |  |  |
| Costco Wholesale Corp.<sup>(b)</sup> | 676 | 582942 |
| **Containers & Packaging - 0.7%** |  |  |
| Crown Holdings, Inc. | 6062 | 624204 |
| **Diversified Telecommunication Services - 1.4%** |  |  |
| AT&T, Inc. | 21643 | 537612 |
| Verizon Communications, Inc. | 18226 | 742345 |
|  |  | 1279957 |

---

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**Cromwell Long Short Fund** 

**Schedules of Investments** (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** |  |  |
| **Electric Utilities - 2.4%** |  |  |
| Entergy Corp. | 6837 | $631944 |
| NRG Energy, Inc. | 9637 | 1534596 |
|  |  | 2166540 |
| **Electrical Equipment - 1.3%** |  |  |
| AMETEK, Inc. | 5929 | 1217283 |
| **Electronic Equipment, Instruments & Components - 1.1%** |  |  |
| Amphenol Corp. - Class A | 7220 | 975711 |
| **Financial Services - 5.6%** |  |  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 1375 | 691144 |
| Mastercard, Inc. - Class A | 3369 | 1923295 |
| Visa, Inc. - Class A | 7022 | 2462685 |
|  |  | 5077124 |
| **Ground Transportation - 1.2%** |  |  |
| Union Pacific Corp. | 4721 | 1092062 |
| **Health Care Equipment & Supplies - 1.2%** |  |  |
| IDEXX Laboratories, Inc.<sup>(a)(b)</sup> | 1626 | 1100038 |
| **Health Care Providers & Services - 0.5%** |  |  |
| The Cigna Group | 1549 | 426331 |
| **Hotels, Restaurants & Leisure - 2.7%** |  |  |
| Booking Holdings, Inc. | 205 | 1097843 |
| Hilton Worldwide Holdings, Inc. | 3109 | 893060 |
| McDonald's Corp. | 1473 | 450193 |
|  |  | 2441096 |
| **Household Durables - 1.2%** |  |  |
| DR Horton, Inc. | 3297 | 474867 |
| Toll Brothers, Inc. | 4470 | 604433 |
|  |  | 1079300 |
| **Household Products - 1.0%** |  |  |
| Colgate-Palmolive Co. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 11497 | 908493 |
| **Insurance - 1.1%** |  |  |
| Arch Capital Group Ltd.<sup>(a)(b)</sup> | 10036 | 962653 |
| **Interactive Media & Services - 7.5%** |  |  |
| Alphabet, Inc. - Class A<sup>(b)</sup> | 16004 | 5009252 |
| Meta Platforms, Inc. - Class A | 1568 | 1035021 |
| Reddit, Inc. - Class A<sup>(a)</sup> | 3100 | 712597 |
|  |  | 6756870 |

---

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**Cromwell Long Short Fund** 

**Schedules of Investments** (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** |  |  |
| **Life Sciences Tools & Services - 1.6%** |  |  |
| Danaher Corp. | 2276 | $521022 |
| Thermo Fisher Scientific, Inc. | 1591 | 921905 |
|  |  | 1442927 |
| **Machinery - 3.9%** |  |  |
| Caterpillar, Inc.<sup>(b)</sup> | 2606 | 1492899 |
| Deere & Co. | 1424 | 662972 |
| Parker-Hannifin Corp. | 967 | 849954 |
| RBC Bearings, Inc.<sup>(a)(b)</sup> | 1159 | 519731 |
|  |  | 3525556 |
| **Metals & Mining - 0.0%<sup>(c)</sup>** |  |  |
| MMC Norilsk Nickel PJSC- ADR<sup>(a)(d)</sup> | 105916 | 0 |
| **Oil, Gas & Consumable Fuels - 4.0%** |  |  |
| Chevron Corp. | 6270 | 955611 |
| ConocoPhillips | 8682 | 812722 |
| Devon Energy Corp. | 18383 | 673369 |
| EOG Resources, Inc. | 5788 | 607798 |
| Marathon Petroleum Corp. | 3430 | 557821 |
|  |  | 3607321 |
| **Pharmaceuticals - 3.5%** |  |  |
| Bristol-Myers Squibb Co.<sup>(b)</sup> | 10728 | 578668 |
| Eli Lilly & Co. | 715 | 768396 |
| Johnson & Johnson<sup>(b)</sup> | 8540 | 1767353 |
|  |  | 3114417 |
| **Real Estate Management & Development - 1.5%** |  |  |
| CBRE Group, Inc. - Class A<sup>(a)(b)</sup> | 8339 | 1340828 |
| **Semiconductors & Semiconductor Equipment - 14.5%** |  |  |
| Applied Materials, Inc. | 3124 | 802837 |
| Broadcom, Inc. | 6550 | 2266955 |
| KLA Corp. | 487 | 591744 |
| Lam Research Corp. | 6387 | 1093326 |
| Micron Technology, Inc. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 1118 | 319088 |
| NVIDIA Corp.<sup>(b)</sup> | 37114 | 6921761 |
| NXP Semiconductors NV | 2765 | 600171 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 1503 | 456747 |
|  |  | 13052629 |
| **Software - 12.8%** |  |  |
| Adobe, Inc.<sup>(a)(b)</sup> | 2349 | 822126 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | 4601 | 853762 |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 1317 | 617357 |
| Intuit, Inc. | 2000 | 1324840 |
| Microsoft Corp.<sup>(b)</sup> | 12849 | 6214033 |

---

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**Cromwell Long Short Fund** 

**Schedules of Investments** (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** |  |  |
| **Software - (Continued)** |  |  |
| Roper Technologies, Inc. | 728 | $324055 |
| Salesforce, Inc. | 2400 | 635784 |
| ServiceNow, Inc.<sup>(a)</sup> | 4615 | 706972 |
|  |  | 11498929 |
| **Specialty Retail - 1.4%** |  |  |
| AutoZone, Inc.<sup>(a)(b)</sup> | 134 | 454461 |
| The Home Depot, Inc. | 2363 | 813108 |
|  |  | 1267569 |
| **Technology Hardware, Storage & Peripherals - 4.3%** |  |  |
| Apple, Inc. | 14343 | 3899288 |
| **Textiles, Apparel & Luxury Goods - 1.1%** |  |  |
| Ralph Lauren Corp. | 2811 | 993998 |
| **Tobacco - 1.4%** |  |  |
| Philip Morris International, Inc. | 8007 | 1284323 |
| **Trading Companies & Distributors - 1.0%** |  |  |
| Applied Industrial Technologies, Inc.<sup>(b)</sup> | 3646 | 936183 |
| TOTAL COMMON STOCKS (Cost $70,230,012) |  | 88752737 |
| **EXCHANGE-TRADED FUNDS - 0.0%<sup>(c)</sup>** |  |  |
| VanEck Russia ETF<sup>(a)(d)</sup> | 81903 | 0 |
| TOTAL EXCHANGE-TRADED FUNDS (Cost $1,757,641) |  | 0 |
| TOTAL INVESTMENTS - 98.4% (Cost $71,987,653) |  | $88752737 |
| Securities Sold Short - (14.8)% |  | (13356448) |
| Other Assets in Excess of Liabilities - 16.4% |  | 14790040 |
| **TOTAL NET ASSETS - 100%** |  | $**90186329** |
| Percentages are stated as a percent of net assets. |  |  |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| ETF | Exchange Traded Fund |
| NV | Naamloze Vennootschap |
| PLC | Public Limited Company |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for securities sold short. The total value of assets committed as collateral as of December 31, 2025 is $19,268,584.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**Cromwell Long Short Fund** 

**Schedules of Securities Sold Short** 

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (14.2)%** |  |  |
| **Automobiles - (0.3)%** |  |  |
| Stellantis NV | (23629) | $(257320) |
| **Beverages - (0.4)%** |  |  |
| Constellation Brands, Inc. - Class A | (1781) | (245707) |
| Diageo PLC - ADR | (1800) | (155286) |
|  |  | (400993) |
| **Biotechnology - (1.4)%** |  |  |
| Arcellx, Inc.<sup>(a)</sup> | (2766) | (180343) |
| Biohaven Ltd.<sup>(a)</sup> | (22657) | (255798) |
| Moderna, Inc.<sup>(a)</sup> | (7771) | (229167) |
| Sarepta Therapeutics, Inc.<sup>(a)</sup> | (10502) | (226003) |
| Twist Bioscience Corp.<sup>(a)</sup> | (6204) | (196791) |
| Vaxcyte, Inc.<sup>(a)</sup> | (4630) | (213628) |
|  |  | (1301730) |
| **Building Products - (0.2)%** |  |  |
| AAON, Inc. | (2148) | (163785) |
| **Capital Markets - (0.6)%** |  |  |
| Blue Owl Capital, Inc. | (15337) | (229135) |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | (541) | (122342) |
| Hamilton Lane, Inc. - Class A | (1420) | (190720) |
|  |  | (542197) |
| **Chemicals - (0.9)%** |  |  |
| Air Products and Chemicals, Inc. | (762) | (188229) |
| Dow, Inc. | (7560) | (176753) |
| International Flavors & Fragrances, Inc. | (3324) | (224005) |
| Westlake Corp. | (2615) | (193353) |
|  |  | (782340) |
| **Commercial Services & Supplies - (0.2)%** |  |  |
| Waste Connections, Inc. | (1256) | (220252) |
| **Containers & Packaging - (0.2)%** |  |  |
| Smurfit WestRock PLC | (4877) | (188594) |
| **Electrical Equipment - (0.2)%** |  |  |
| Generac Holdings, Inc.<sup>(a)</sup> | (1469) | (200328) |
| **Electronic Equipment, Instruments & Components - (0.5)%** |  |  |
| Badger Meter, Inc. | (1177) | (205280) |
| CDW Corp. | (1115) | (151863) |
| Insight Enterprises, Inc.<sup>(a)</sup> | (1361) | (110881) |
|  |  | (468024) |

---

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**Cromwell Long Short Fund** 

**Schedules of Securities Sold Short** (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** |  |  |
| **Entertainment - (0.2)%** |  |  |
| Warner Music Group Corp. - Class A | (6549) | $(200858) |
| **Food Products - (0.4)%** |  |  |
| Flowers Foods, Inc. | (13463) | (146477) |
| Freshpet, Inc.<sup>(a)</sup> | (3131) | (190772) |
|  |  | (337249) |
| **Ground Transportation - (0.3)%** |  |  |
| Knight-Swift Transportation Holdings, Inc. | (4953) | (258943) |
| **Health Care Equipment & Supplies - (0.4)%** |  |  |
| Teleflex, Inc. | (1810) | (220892) |
| Zimmer Biomet Holdings, Inc. | (1902) | (171028) |
|  |  | (391920) |
| **Hotels, Restaurants & Leisure - (1.8)%** |  |  |
| Caesars Entertainment, Inc.<sup>(a)</sup> | (9236) | (216030) |
| Cava Group, Inc.<sup>(a)</sup> | (3781) | (221907) |
| DoorDash, Inc. - Class A<sup>(a)</sup> | (985) | (223083) |
| DraftKings, Inc. - Class A<sup>(a)</sup> | (6572) | (226471) |
| MakeMyTrip Ltd.<sup>(a)</sup> | (2985) | (245128) |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | (10083) | (225053) |
| Starbucks Corp. | (2657) | (223746) |
|  |  | (1581418) |
| **Household Durables - (0.2)%** |  |  |
| Lennar Corp. - Class A | (2187) | (224824) |
| **Insurance - (0.8)%** |  |  |
| F&G Annuities & Life, Inc. | (6608) | (203843) |
| Fidelity National Financial, Inc. | (4009) | (218851) |
| Kemper Corp. | (4189) | (169822) |
| Ryan Specialty Holdings, Inc. | (3351) | (173012) |
|  |  | (765528) |
| **Interactive Media & Services - (0.2)%** |  |  |
| Snap, Inc. - Class A<sup>(a)</sup> | (22574) | (182172) |
| **Life Sciences Tools & Services - (0.8)%** |  |  |
| Avantor, Inc.<sup>(a)</sup> | (19949) | (228616) |
| Revvity, Inc. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | (2482) | (240133) |
| Waters Corp.<sup>(a)</sup> | (610) | (231696) |
|  |  | (700445) |
| **Machinery - (0.2)%** |  |  |
| Ingersoll Rand, Inc. | (2602) | (206130) |

---

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**Cromwell Long Short Fund** 

**Schedules of Securities Sold Short** (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** |  |  |
| **Media - (0.2)%** |  |  |
| The Trade Desk, Inc. - Class A<sup>(a)</sup> | (4141) | $(157192) |
| **Oil, Gas & Consumable Fuels - (0.3)%** |  |  |
| Texas Pacific Land Corp. | (789) | (226617) |
| **Passenger Airlines - (0.2)%** |  |  |
| Joby Aviation, Inc.<sup>(a)</sup> | (11102) | (146546) |
| **Personal Care Products - (0.5)%** |  |  |
| BellRing Brands, Inc.<sup>(a)</sup> | (6805) | (181898) |
| elf Beauty, Inc.<sup>(a)</sup> | (3091) | (235039) |
|  |  | (416937) |
| **Professional Services - (0.9)%** |  |  |
| CBIZ, Inc.<sup>(a)</sup> | (3418) | (172438) |
| Equifax, Inc. | (802) | (174018) |
| FTI Consulting, Inc.<sup>(a)</sup> | (1346) | (229937) |
| Insperity, Inc. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | (5975) | (231352) |
|  |  | (807745) |
| **Real Estate Management & Development - (0.2)%** |  |  |
| Zillow Group, Inc. - Class C<sup>(a)</sup> | (2638) | (179964) |
| **Software - (0.8)%** |  |  |
| Aurora Innovation, Inc.<sup>(a)</sup> | (58501) | (224644) |
| Cellebrite DI Ltd.<sup>(a)</sup> | (13357) | (240827) |
| Procore Technologies, Inc.<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | (2964) | (215601) |
|  |  | (681072) |
| **Specialty Retail - (0.2)%** |  |  |
| Dick's Sporting Goods, Inc. | (1020) | (201929) |
| **Textiles, Apparel & Luxury Goods - (0.5)%** |  |  |
| On Holding AG - Class A<sup>(a)</sup> | (4869) | (226311) |
| Under Armour, Inc. - Class A<sup>(a)</sup> | (39733) | (197473) |
|  |  | (423784) |
| **Trading Companies & Distributors - (0.2)%** |  |  |
| Watsco, Inc. | (495) | (166790) |
| TOTAL COMMON STOCKS (Proceeds $14,647,318) |  | (12783626) |
| **REAL ESTATE INVESTMENT TRUSTS - (0.6)%** |  |  |
| **Apartments - (0.2)%** |  |  |
| Invitation Homes, Inc. | (6191) | (172048) |

---

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**Cromwell Long Short Fund** 

**Schedules of Securities Sold Short** (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **REAL ESTATE INVESTMENT TRUSTS - (Continued)** |  |  |
| **Warehouse/Industrial - (0.4)%** |  |  |
| Americold Realty Trust, Inc. | (18136) | $(233229) |
| Lineage, Inc. | (4787) | (167545) |
|  |  | (400774) |
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Proceeds $747,869) |  | (572822) |
| **TOTAL SECURITIES SOLD SHORT - (14.8)% (Proceeds $15,395,187)** |  | $**(13356448)** |

---

Percentages are stated as a percent of net assets.

---

| | | |
|:---|:---|:---|
| ADR | : | American Depositary Receipt |
| NV | : | Naamloze Vennootschap |
| PLC | : | Public Limited Company |
| <sup>(a)</sup> | Non-income producing security. | Non-income producing security. |

---

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**Cromwell Foresight Global Infrastructure Fund**

**Schedules of Investments** 

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 72.0%** |  |  |
| **Digital Infrastructure - 12.4%** |  |  |
| Cellnex Telecom SA<sup>(a)</sup> | 79494 | $2558206 |
| Chorus Ltd. | 180930 | 978735 |
| Cordiant Digital Infrastructure Ltd. | 841457 | 1194051 |
| Infrastrutture Wireless Italiane SpA<sup>(a)</sup> | 140063 | 1295343 |
|  |  | 6026335 |
| **Diversified Infrastructure - 11.4%** |  |  |
| 3i Infrastructure PLC | 347363 | 1744284 |
| Infratil Ltd. | 333204 | 2123644 |
| International Public Partnerships Ltd. | 614937 | 1034097 |
| Sequoia Economic Infrastructure Income Fund Ltd. | 609538 | 646873 |
|  |  | 5548898 |
| **Electrical Utilities - 11.3%** |  |  |
| Elia Group SA | 12324 | 1584874 |
| Hydro One Ltd.<sup>(a)</sup> | 6654 | 265238 |
| National Grid PLC | 149966 | 2295302 |
| SSE PLC | 46651 | 1364768 |
|  |  | 5510182 |
| **Health Care - 1.4%** |  |  |
| Chartwell Retirement Residences | 47284 | 693349 |
| **Renewable Energy - 23.3%** |  |  |
| Boralex, Inc. - Class A | 111126 | 2053490 |
| Brookfield Renewable Partners LP | 67061 | 1814549 |
| Clearway Energy, Inc. - Class C | 51088 | 1699198 |
| Greencoat Renewables PLC | 1137437 | 911058 |
| Greencoat UK Wind PLC | 674770 | 889007 |
| Grenergy Renovables SA<sup>(b)</sup> | 10763 | 1084971 |
| Northland Power, Inc. | 104750 | 1364062 |
| Renewables Infrastructure Group Ltd. | 1652666 | 1528430 |
|  |  | 11344765 |
| **Transport - 7.5%** |  |  |
| Canadian National Railway Co. | 9302 | 921209 |
| Canadian Pacific Kansas City Ltd. | 13706 | 1010389 |
| Transurban Group | 184676 | 1746390 |
|  |  | 3677988 |
| **Utilities - 4.7%** |  |  |
| Severn Trent PLC | 21878 | 819775 |
| Terna - Rete Elettrica Nazionale | 137122 | 1457869 |
|  |  | 2277644 |
| TOTAL COMMON STOCKS (Cost $34,538,573) |  | 35079161 |

---

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**Cromwell Foresight Global Infrastructure Fund**

**Schedules of Investments** (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **REAL ESTATE INVESTMENT TRUSTS - 24.7%** |  |  |
| **Digital Infrastructure - 15.9%** |  |  |
| American Tower Corp. | 12501 | $2194801 |
| Crown Castle, Inc. | 15984 | 1420498 |
| Digital Realty Trust, Inc. | 11105 | 1718055 |
| Equinix, Inc. | 3159 | 2420299 |
|  |  | 7753653 |
| **Diversified Infrastructure - 2.0%** |  |  |
| Easterly Government Properties, Inc. | 47019 | 996332 |
| **Health Care - 6.8%** |  |  |
| Healthpeak Properties, Inc. | 69378 | 1115598 |
| Primary Health Properties PLC | 576314 | 757297 |
| Ventas, Inc. | 18354 | 1420233 |
|  |  | 3293128 |
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $12,410,372)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  | 12043113 |
| TOTAL INVESTMENTS - 96.7% (Cost $46,948,945) |  | $47122274 |
| Other Assets in Excess of Liabilities - 3.3% |  | 1630253 |
| **TOTAL NET ASSETS - 100%** |  | $**48752527** |
| Percentages are stated as a percent of net assets. |  |  |

---

---

| | |
|:---|:---|
| LP | Limited Partnership |
| PLC | Public Limited Company |
| SA | Sociedad Anónima |
| SpA | Societa per Azioni |
| <sup>(a)</sup> | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2025, the value of these securities total $4,118,787 or 8.4% of the Fund's net assets. |
| <sup>(b)</sup> | Non-income producing security. |

---

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**Cromwell Tran Focus Fund** 

**Schedules of Investments** 

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 95.2%** |  |  |
| **Aerospace & Defense - 9.1%** |  |  |
| ATI, Inc.<sup>(a)</sup> | 12804 | $1469387 |
| BWX Technologies, Inc. | 4437 | 766891 |
|  |  | 2236278 |
| **Broadline Retail - 5.7%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 6108 | 1409848 |
| **Capital Markets - 2.6%** |  |  |
| LPL Financial Holdings, Inc. | 1810 | 646478 |
| **Chemicals - 3.8%** |  |  |
| International Flavors & Fragrances, Inc. | 13762 | 927421 |
| **Construction Materials - 5.1%** |  |  |
| Martin Marietta Materials, Inc. | 2001 | 1245943 |
| **Electrical Equipment - 5.6%** |  |  |
| GE Vernova, Inc. | 1700 | 1111069 |
| Vertiv Holdings Co. - Class A | 1592 | 257920 |
|  |  | 1368989 |
| **Health Care Providers & Services - 2.2%** |  |  |
| Tenet Healthcare Corp.<sup>(a)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 2670 | 530582 |
| **Health Care Technology - 3.8%** |  |  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 4200 | 937566 |
| **Hotels, Restaurants & Leisure - 3.8%** |  |  |
| Expedia Group, Inc. | 3283 | 930107 |
| **Independent Power and Renewable Electricity Producers - 8.3%** |  |  |
| Talen Energy Corp.<sup>(a)</sup> | 5450 | 2042878 |
| **Interactive Media & Services - 3.6%** |  |  |
| Meta Platforms, Inc. - Class A | 1325 | 874619 |
| **Life Sciences Tools & Services - 8.5%** |  |  |
| Avantor, Inc.<sup>(a)</sup> | 42800 | 490488 |
| Danaher Corp. | 7027 | 1608621 |
|  |  | 2099109 |
| **Personal Care Products - 1.6%** |  |  |
| elf Beauty, Inc.<sup>(a)</sup> | 5300 | 403012 |
| **Real Estate Management & Development - 2.1%** |  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 7600 | 511024 |

---

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**Cromwell Tran Focus Fund** 

**Schedules of Investments** (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** |  |  |
| **Semiconductors & Semiconductor Equipment - 2.4%** |  |  |
| Entegris, Inc. | 7076 | $596153 |
| **Software - 17.8%** |  |  |
| Fair Isaac Corp.<sup>(a)</sup> | 510 | 862216 |
| Intuit, Inc. | 1633 | 1081732 |
| Microsoft Corp. | 500 | 241810 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 7148 | 1316662 |
| Salesforce, Inc. | 3330 | 882150 |
|  |  | 4384570 |
| **Textiles, Apparel & Luxury Goods - 1.6%** |  |  |
| NIKE, Inc. - Class B | 6000 | 382260 |
| **Trading Companies & Distributors - 7.6%** |  |  |
| Ferguson Enterprises, Inc. | 6075 | 1352477 |
| QXO, Inc.<sup>(a)</sup> | 14000 | 270060 |
| WESCO International, Inc. | 1045 | 255649 |
|  |  | 1878186 |
| TOTAL INVESTMENTS - 95.2% (Cost $16,048,224) |  | $23405023 |
| Other Assets in Excess of Liabilities - 4.8% |  | 1169768 |
| **TOTAL NET ASSETS - 100%** |  | $**24574791** |
| Percentages are stated as a percent of net assets. |  |  |

---

<sup>(a)</sup> Non-income producing security.

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**Cromwell Greenspring Mid Cap Fund** 

**Schedules of Investments** 

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 97.9%** |  |  |
| **Aerospace & Defense - 1.7%** |  |  |
| Cadre Holdings, Inc. | 49001 | $2001201 |
| **Air Freight & Logistics - 0.5%** |  |  |
| United Parcel Service, Inc. - Class B | 6445 | 639280 |
| **Banks - 6.2%** |  |  |
| OceanFirst Financial Corp. | 30012 | 538716 |
| Primis Financial Corp. | 213985 | 2976531 |
| Shore Bancshares, Inc. | 114056 | 2016510 |
| WSFS Financial Corp. | 30830 | 1703049 |
|  |  | 7234806 |
| **Beverages - 3.1%** |  |  |
| Primo Brands Corp. | 219174 | 3583495 |
| **Broadline Retail - 0.6%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 3167 | 731007 |
| **Building Products - 7.6%** |  |  |
| Advanced Drainage Systems, Inc. | 11925 | 1727098 |
| Johnson Controls International PLC | 59514 | 7126801 |
|  |  | 8853899 |
| **Chemicals - 3.7%** |  |  |
| DuPont de Nemours, Inc. | 47262 | 1899932 |
| Minerals Technologies, Inc. | 30438 | 1855196 |
| The Sherwin-Williams Co. | 1629 | 527845 |
|  |  | 4282973 |
| **Commercial Services & Supplies - 8.1%** |  |  |
| Republic Services, Inc. | 44639 | 9460343 |
| **Construction & Engineering - 15.7%** |  |  |
| EMCOR Group, Inc. | 17037 | 10423066 |
| MYR Group, Inc.<sup>(a)</sup> | 36027 | 7871900 |
|  |  | 18294966 |
| **Consumer Staples Distribution & Retail - 1.6%** |  |  |
| US Foods Holding Corp.<sup>(a)</sup> | 24486 | 1844285 |
| **Electric Utilities - 1.2%** |  |  |
| NextEra Energy, Inc. | 17728 | 1423204 |
| **Electrical Equipment - 7.2%** |  |  |
| Emerson Electric Co. | 14105 | 1872015 |
| Nextpower, Inc. - Class A<sup>(a)</sup> | 48915 | 4260986 |
| nVent Electric PLC | 20000 | 2039400 |

---

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**Cromwell Greenspring Mid Cap Fund** 

**Schedules of Investments** (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** |  |  |
| **Electrical Equipment - (Continued)** |  |  |
| Shoals Technologies Group, Inc. - Class A<sup>(a)</sup> | 34500 | $293250 |
|  |  | 8465651 |
| **Electronic Equipment, Instruments & Components - 3.1%** |  |  |
| Flex Ltd.<sup>(a)</sup> | 59609 | 3601576 |
| **Financial Services - 1.5%** |  |  |
| Cannae Holdings, Inc. | 69182 | 1088233 |
| Visa, Inc. - Class A | 1772 | 621458 |
|  |  | 1709691 |
| **Health Care Equipment & Supplies - 3.7%** |  |  |
| Abbott Laboratories | 8155 | 1021740 |
| Medtronic PLC | 13615 | 1307857 |
| STERIS PLC | 598 | 151605 |
| Zimmer Biomet Holdings, Inc. | 20732 | 1864221 |
|  |  | 4345423 |
| **Hotels, Restaurants & Leisure - 0.8%** |  |  |
| Wyndham Hotels & Resorts, Inc. | 11638 | 879367 |
| **Insurance - 5.4%** |  |  |
| Chubb Ltd. | 4232 | 1320892 |
| W.R. Berkley Corp. | 71415 | 5007620 |
|  |  | 6328512 |
| **Interactive Media & Services - 3.6%** |  |  |
| Alphabet, Inc. - Class C | 7981 | 2504438 |
| Ziff Davis, Inc.<sup>(a)</sup> | 47224 | 1659923 |
|  |  | 4164361 |
| **IT Services - 2.5%** |  |  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 12931 | 1128230 |
| Amdocs Ltd. | 22006 | 1771703 |
|  |  | 2899933 |
| **Oil, Gas & Consumable Fuels - 2.6%** |  |  |
| EOG Resources, Inc. | 25226 | 2648982 |
| Phillips 66 | 2813 | 362990 |
|  |  | 3011972 |
| **Personal Care Products - 1.5%** |  |  |
| Kenvue, Inc. | 105068 | 1812423 |

---

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**Cromwell Greenspring Mid Cap Fund** 

**Schedules of Investments** (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** |  |  |
| **Professional Services - 7.4%** |  |  |
| Alight, Inc. - Class A | 997694 | $1945503 |
| KBR, Inc. | 167616 | 6738163 |
|  |  | 8683666 |
| **Semiconductors & Semiconductor Equipment - 1.6%** |  |  |
| Qnity Electronics, Inc. | 23631 | 1929471 |
| **Software - 2.1%** |  |  |
| Blackbaud, Inc.<sup>(a)</sup> | 22213 | 1406527 |
| Roper Technologies, Inc. | 2474 | 1101252 |
|  |  | 2507779 |
| **Technology Hardware, Storage & Peripherals - 0.8%** |  |  |
| Pure Storage, Inc. - Class A<sup>(a)</sup> | 13289 | 890496 |
| **Textiles, Apparel & Luxury Goods - 0.9%** |  |  |
| Levi Strauss & Co. - Class A | 51240 | 1062718 |
| **Trading Companies & Distributors - 1.7%** |  |  |
| Rush Enterprises, Inc. - Class A | 17839 | 962236 |
| Rush Enterprises, Inc. - Class B | 17328 | 974873 |
|  |  | 1937109 |
| **Wireless Telecommunication Services - 1.5%** |  |  |
| T-Mobile US, Inc. | 8863 | 1799544 |
| TOTAL COMMON STOCKS (Cost $54,250,265) |  | 114379151 |
| **REAL ESTATE INVESTMENT TRUSTS - 1.2%** |  |  |
| **Residential Real Estate Investment Trusts - 1.2%** |  |  |
| American Homes 4 Rent - Class A | 42695 | 1370509 |
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,149,578) |  | 1370509 |
| TOTAL INVESTMENTS - 99.1% (Cost $55,399,843) |  | $115749660 |
| Other Assets in Excess of Liabilities - 0.9% |  | 1097498 |
| **TOTAL NET ASSETS - 100%** |  | $**116847158** |
| Percentages are stated as a percent of net assets. |  |  |

---

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**CROMWELL FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES** 

as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Cromwell CenterSquare Real Estate Fund** | **Cromwell Long Short Fund** | **Cromwell Foresight Global Infrastructure Fund** |
| **ASSETS** | | | |
| Investments in securities, at value\* | $87952105 | $88752737 | $47122274 |
| Foreign currency, at value\*\* |  |  | 16079 |
| Cash & cash equivalents | 474789 | 14771933 | 1433275 |
| Dividends & interest receivable | 325130 | 243602 | 218473 |
| Receivable for capital shares sold | 118805 | 6923 |  |
| Receivable for investment securities sold | 43233 | 221444 |  |
| Prepaid expenses & other assets | 51681 | 36534 | 25019 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 88965743 | 104033173 | 48815120 |
| **LIABILITIES** |  |  |  |
| Payable for capital shares redeemed | 33565 | 25637 |  |
| Securities sold short, at value \*\*\* |  | 13356448 |  |
| Payable for investment securities purchased | 258549 | 223409 |  |
| Payable to investment adviser | 26310 | 75274 | 8060 |
| Payable for fund administration & accounting fees | 19527 | 19505 | 19505 |
| Payable for compliance fees | 2205 | 1949 | 3108 |
| Payable for custody fees | 26734 | 12634 | 12961 |
| Payable for transfer agent fees & expenses | 5620 | 62593 | 1674 |
| Accrued distribution and/or shareholder service fees | 33211 | 9028 |  |
| Payable for trustee fees | 8112 | 7526 | 5366 |
| Dividends & interest on short positions |  | 15344 |  |
| Payable for audit fees | 3100 | 3100 | 3100 |
| Other accrued expenses & liabilities | 12788 | 34397 | 8819 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 429721 | 13846844 | 62593 |
| **NET ASSETS** | $88536022 | $90186329 | $48752527 |
| **Net Assets Consist of:** |  |  |  |
| Paid-in Capital | $75100952 | $395650162 | $53606998 |
| Total distributable earnings/(accumulated deficit) | 13435070 | (305463833) | (4854471) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** | $88536022 | $90186329 | $48752527 |
| **Investor Class:** |  |  |  |
| Net Assets | $47829419 | $42102118 |  |
| Shares issued and outstanding<sup>(1)</sup> | 4223573 | 1589323 |  |
| Net asset value (offering and redemption price per share) | $11.32 | $26.49 |  |
| **Institutional Class:** |  |  |  |
| Net Assets | $40706603 | $48084211 | $48752527 |
| Shares issued and outstanding<sup>(1)</sup> | 3594721 | 1775232 | 2707294 |
| Net asset value (offering and redemption price per share) | $11.32 | $27.09 | $18.01 |
| \*Cost of securities | 70340591 | 71987653 | 46948945 |
| \*\* Cost of foreign currency |  |  | 16120 |
| \*\*\*Proceeds received on securities sold short |  | 15395187 |  |

---

<sup>(1)</sup> Unlimited number of shares authorized with no par value.

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**CROMWELL FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES** (Continued)

as of December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Cromwell Tran**<br> **Focus Fund** | **Cromwell Greenspring**<br> **Mid Cap Fund** |
| **ASSETS** | | |
| Investments in securities, at value\* | $23405023 | $115749660 |
| Cash & cash equivalents | 1187844 | 1180401 |
| Due from investment adviser | 1538 |  |
| Dividends & interest receivable | 11180 | 86768 |
| Receivable for capital shares sold | 198 | 5 |
| Prepaid expenses & other assets | 32065 | 23209 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 24637848 | 117040043 |
| **LIABILITIES** |  |  |
| Payable for capital shares redeemed |  | 30068 |
| Payable to investment adviser |  | 75248 |
| Payable for fund administration & accounting fees | 19505 | 20728 |
| Payable for compliance fees | 3934 | 1762 |
| Payable for custody fees | 6332 | 13096 |
| Payable for transfer agent fees & expenses | 15211 | 23637 |
| Accrued distribution and/or shareholder service fees | 2706 |  |
| Payable for trustee fees | 4705 | 9336 |
| Payable for audit fees | 3100 | 3100 |
| Other accrued expenses & liabilities | 7564 | 15910 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 63057 | 192885 |
| **NET ASSETS** | $24574791 | $116847158 |
| **Net Assets Consist of:** |  |  |
| Paid-in Capital | $14503245 | $56023831 |
| Total distributable earnings/(accumulated deficit)&nbsp;&nbsp;&nbsp;&nbsp; | 10071546 | 60823327 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** | $24574791 | $116847158 |
| **Investor Class:** |  |  |
| Net Assets | $12606552 |  |
| Shares issued and outstanding<sup>(1)</sup> | 1917558 |  |
| Net asset value (offering and redemption price per share) | $6.57 |  |
| **Institutional Class:** |  |  |
| Net Assets | $11968239 | $116847158 |
| Shares issued and outstanding<sup>(1)</sup> | 1607651 | 4776276 |
| Net asset value (offering and redemption price per share) | $7.44 | $24.46 |
| \*Cost of securities | 16048224 | 55399843 |

---

<sup>(1)</sup> Unlimited number of shares authorized with no par value.

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**CROMWELL FUNDS**

**STATEMENTS OF OPERATIONS**

For the year ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Cromwell CenterSquare Real Estate Fund** | **Cromwell Long Short Fund** | **Cromwell Foresight Global Infrastructure Fund** |
| **INVESTMENT INCOME:** | | | |
| Dividend income | $2958139 | $957009 | $2046177 |
| Less: Foreign taxes withheld (See Note 2) |  | (1796) | (163763) |
| Interest income | 15781 | 169135 | 53191 |
| Broker interest income |  | 356812 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 2973920 | 1481160 | 1935605 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees (See Note 4) | 569663 | 1244229 | 405557 |
| Dividend expense on short position |  | 185769 |  |
| Transfer agent fees & expenses (See Note 4) | 60972 | 244181 | 24245 |
| Fund administration & accounting fees (See Note 4) | 51065 | 50845 | 46303 |
| Federal & state registration fees | 17488 | 20551 | 14507 |
| Trustee fees | 45667 | 42355 | 24498 |
| Audit fees | 15400 | 15400 | 18100 |
| Custody fees (See Note 4) | 38260 | 18560 | 18926 |
| Other expenses | 15705 | 14652 | 4716 |
| Legal fees | 56609 | 76781 | 28656 |
| Postage & printing fees | 22056 | 21572 | 9604 |
| Compliance fees (See Note 4) | 26274 | 24238 | 15033 |
| Distribution and/or shareholder service fees(1) (See Note 5) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 100446 | 102827 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 62609 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Expenses Before Reimbursement | 1082214 | 2061960 | 610145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursement from adviser (See Note 4) | (69831) | (303793) | (109163) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Net Expenses | 1012383 | 1758167 | 500982 |
| **Net investment income (loss)** | 1961537 | (277007) | 1434623 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 1419387 | 2848690 | (1242112) |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold short |  | (1409629) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  | 445 | 7496 |
|  | 1419387 | 1439506 | (1234616) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (1934977) | 11087312 | 5338721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold short |  | 1881402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations |  | 20236 | 3831 |
|  | (1934977) | 12988950 | 5342552 |
| **Net realized and unrealized gain (loss)** | (515590) | 14428456 | 4107936 |
| &nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING**<br> **FROM OPERATIONS**  | $1445947 | $14151449 | $5542559 |

---

<sup>(1)</sup> Distribution fees are not applicable for Cromwell CenterSquare Real Estate Fund.

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**CROMWELL FUNDS**

**STATEMENTS OF OPERATIONS** (Continued)

For the year ended December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Cromwell Tran**<br> **Focus Fund** | **Cromwell Greenspring Mid Cap Fund** |
| **INVESTMENT INCOME:** | | |
| Dividend income | $140380 | $1647347 |
| Less: Foreign taxes withheld (See Note 2) | (1041) | (15546) |
| Interest income | 23904 | 122832 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 163243 | 1754633 |
| **EXPENSES:** |  |  |
| Investment advisory fees (See Note 4) | 233073 | 906972 |
| Transfer agent fees & expenses (See Note 4) | 86789 | 161452 |
| Fund administration & accounting fees (See Note 4) | 48978 | 55899 |
| Federal & state registration fees | 24483 | 12428 |
| Trustee fees | 15412 | 56811 |
| Audit fees | 15400 | 15100 |
| Custody fees (See Note 4) | 9241 | 19935 |
| Other expenses | 4013 | 15763 |
| Legal fees | 16414 | 69631 |
| Postage & printing fees | 6192 | 22487 |
| Compliance fees (See Note 4) | 10783 | 32254 |
| Distribution and/or shareholder service fees (See Note 5) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 35167 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Expenses Before Reimbursement | 505945 | 1368732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursement from adviser (See Note 4) | (169155) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Net Expenses | 336790 | 1368732 |
| **Net investment income (loss)** | (173547) | 385901 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 4914160 | 8423227 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (2727526) | (1548056) |
| **Net realized and unrealized gain (loss)** | 2186634 | 6875171 |
| &nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING**<br> **FROM OPERATIONS**  | $2013087 | $7261072 |

---

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**CROMWELL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Cromwell CenterSquare Real Estate Fund** | **Cromwell CenterSquare Real Estate Fund** |
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $1961537 | $2226272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1419387 | 3117353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on long term capital gain distributions |  | 304683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (1934977) | 2889925 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1445947 | 8538233 |
| <br> **CAPITAL SHARE TRANSACTIONS:** |  |  |
| **Investor Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 7476469 | 4087114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions | 1052652 | 1250958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (12084770) | (15657914) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from Investor Class transactions** | (3555649) | (10319842) |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2703463 | 9188246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions | 976423 | 1501866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (10787641) | (32577832) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from Institutional Class transactions** | (7107755) | (21887720) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (10663404) | (32207562) |
| <br> **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| **Investor Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (1026291) | (1100443) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital | (47892) | (179719) |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (935246) | (1293494) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital | (43644) | (211248) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (2053073) | (2784904) |
| **Total increase (decrease) in net assets** | (11270530) | (26454233) |
| <br> **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 99806552 | 126260785 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $88536022 | $99806552 |

---

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**CROMWELL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS** (Continued)

---

| | | |
|:---|:---|:---|
|  | **Cromwell Long Short Fund** | **Cromwell Long Short Fund** |
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** |
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $(277007) | $803189 |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 2848690 | 48102581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | (1409629) | (13790275) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 445 | (59296) |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 11087312 | (37714221) |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | 1881402 | 9055159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 20236 | (10095) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 14151449 | 6387042 |
| <br> **CAPITAL SHARE TRANSACTIONS:** |  |  |
| **Investor Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 121965 | 144468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions | 9477 | 352312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (6566253) | (10706427) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from Investor Class transactions** | (6434811) | (10209647) |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1373786 | 3076637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions | 11388 | 563061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (10269787) | (44249820) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from Institutional Class transactions** | (8884613) | (40610122) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (15319424) | (50819769) |
| <br> **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| **Investor Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (10674) | (395994) |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (11915) | (586292) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (22589) | (982286) |
| **Total increase (decrease) in net assets** | (1190564) | (45415013) |
| <br> **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 91376893 | 136791906 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $90186329 | $91376893 |

---

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**CROMWELL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS** (Continued)

---

| | | |
|:---|:---|:---|
|  | **Cromwell Foresight Global Infrastructure Fund** | **Cromwell Foresight Global Infrastructure Fund** |
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $1434623 | $1195927 |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (1242112) | (898433) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 7496 | (26930) |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 5338721 | (2774746) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 3831 | (44973) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 5542559 | (2549155) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 63987 | 1179023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions | 1371731 | 1018321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (164963) | (1186) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from capital share transactions** | 1270755 | 2196158 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (1951038) | (1406804) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  | (40400) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (1951038) | (1447204) |
| **Total increase (decrease) in net assets** | 4862276 | (1800201) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 43890251 | 45690452 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $48752527 | $43890251 |

---

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**CROMWELL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS** (Continued)

---

| | | |
|:---|:---|:---|
|  | **Cromwell Tran Focus Fund** | **Cromwell Tran Focus Fund** |
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(173547) | $(125491) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 4914160 | 2586923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (2727526) | 2162809 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2013087 | 4624241 |
| <br> **CAPITAL SHARE TRANSACTIONS:** |  |  |
| **Investor Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 53700 | 1028217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions | 1414762 | 18135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (4071266) | (4795792) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from Investor Class transactions** | (2602804) | (3749440) |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 376458 | 924718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions | 1365974 | 16668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (3247718) | (3509918) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from Institutional Class transactions** | (1505286) | (2568532) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (4108090) | (6317972) |
| <br> **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| **Investor Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (1604933) | (22927) |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (1409202) | (17272) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (3014135) | (40199) |
| **Total increase (decrease) in net assets** | (5109138) | (1733930) |
| <br> **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 29683929 | 31417859 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $24574791 | $29683929 |

---

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**CROMWELL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS** (Continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Cromwell Greenspring Mid Cap Fund** | &nbsp;&nbsp;&nbsp;**Cromwell Greenspring Mid Cap Fund** |
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $385901 | $586888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 8423227 | 9579236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (1548056) | 8362729 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 7261072 | 18528853 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 3601627 | 2308205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions | 9731382 | 8096154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (17764193) | (15669437) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (4431184) | (5265078) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (10310501) | (8434953) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (10310501) | (8434953) |
| **Total increase (decrease) in net assets** | (7480613) | 4828822 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 124327771 | 119498949 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $116847158 | $124327771 |

---

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**CROMWELL CENTERSQUARE REAL ESTATE FUND**

**FINANCIAL HIGHLIGHTS**

For a Fund share outstanding throughout the periods

**INVESTOR CLASS<sup>(1)</sup>**

**** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of period | $11.39 | $10.89 | $9.97 | $14.06 | $10.51 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | 0.23 | 0.21 | 0.22 | 0.17 | 0.10 |
| Net realized and unrealized gain (loss) on investments | (0.06) | 0.56 | 0.91 | (3.63) | 4.00 |
| **Total from investment operations** | 0.17 | 0.77 | 1.13 | (3.46) | 4.10 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.24) | (0.23) | (0.21) | (0.17) | (0.21) |
| Net realized gains |  |  |  | (0.46) | (0.34) |
| Return of capital | (0.00)<sup>(3)</sup> | (0.04) |  |  |  |
| **Total distributions &nbsp;&nbsp;&nbsp;&nbsp;** | (0.24) | (0.27) | (0.21) | (0.63) | (0.55) |
| **Net asset value, end of period** | $11.32 | $11.39 | $10.89 | $9.97 | $14.06 |
| Total return<sup>(4)</sup> | 1.53% | 7.19% | 11.70% | (24.72)% | 39.45% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $47829 | $51753 | $59869 | $69987 | $104438 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(5)</sup> | 1.17% | 1.09% | 1.12% | 1.11% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(6)</sup> | 1.11% | 1.09% | 1.12% | 1.12% | 1.12%<sup>(7)</sup> |
| Ratio of expenses excluding interest and tax expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment | 1.17% | 1.08% | 1.12% | 1.11% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment | 1.11% | 1.08% | 1.12% | 1.12% | 1.12% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment | 2.03% | 1.92% | 2.15% | 1.46% | 0.84% |
| Portfolio turnover rate | 31% | 35% | 47% | 57% | 68% |

---

<sup>(1)</sup> Prior to March 7, 2022, the Investor Class was known as Class N.

<sup>(2)</sup> Calculated using the average shares outstanding method.

<sup>(3)</sup> Amount is greater than $(0.005) per share.

<sup>(4)</sup> Total return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. If the Adviser had not waived fees/reimbursed expenses, the total return would have been lower.

<sup>(5)</sup> Includes reduction from broker recapture amounting to less than 0.01% for the fiscal year ended December 31, 2021.

<sup>(6)</sup> After the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses.

<sup>(7)</sup> Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to less than 0.01%.

The accompanying notes are an integral part of these financial statements.

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**CROMWELL CENTERSQUARE REAL ESTATE FUND**

**FINANCIAL HIGHLIGHTS**

For a Fund share outstanding throughout the periods

**INSTITUTIONAL CLASS<sup>(1)</sup>**

**** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of period | $11.38 | $10.89 | $9.96 | $14.05 | $10.51 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | 0.24 | 0.22 | 0.24 | 0.19 | 0.12 |
| Net realized and unrealized gain (loss) on investments | (0.05) | 0.55 | 0.91 | (3.63) | 3.98 |
| **Total from investment operations** | 0.19 | 0.77 | 1.15 | (3.44) | 4.10 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.24) | (0.24) | (0.22) | (0.19) | (0.22) |
| Net realized gains |  |  |  | (0.46) | (0.34) |
| Return of capital | (0.01) | (0.04) |  |  |  |
| **Total distributions &nbsp;&nbsp;&nbsp;&nbsp;** | (0.25) | (0.28) | (0.22) | (0.65) | (0.56) |
| **Net asset value, end of period** | $11.32 | $11.38 | $10.89 | $9.96 | $14.05 |
| Total return<sup>(3)</sup> | 1.68% | 7.20% | 11.71% | (24.65)% | 39.53% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $40707 | $48054 | $66391 | $63915 | $102347 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(4)</sup> | 1.11% | 1.02% | 1.03% | 0.99% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(5)</sup> | 1.01% | 1.03% | 1.02% | 1.00% | 1.00%<sup>(6)</sup> |
| Ratio of expenses excluding interest and tax expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment | 1.11% | 1.01% | 1.03% | 0.99% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment | 1.01% | 1.02% | 1.02% | 1.00% | 1.00% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment | 2.11% | 1.96% | 2.36% | 1.56% | 0.96% |
| Portfolio turnover rate | 31% | 35% | 47% | 57% | 68% |

---

<sup>(1)</sup> Prior to March 7, 2022, the Institutional Class was known as Class I.

<sup>(2)</sup> Calculated using the average shares outstanding method.

<sup>(3)</sup> Total return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. If the Adviser had not waived fees/reimbursed expenses, the total return would have been lower.

<sup>(4)</sup> Includes reduction from broker recapture amounting to less than 0.01% for the fiscal year ended December 31, 2021.

<sup>(5)</sup> After the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses.

<sup>(6)</sup> Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to less than 0.01%.

The accompanying notes are an integral part of these financial statements.

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**CROMWELL LONG SHORT FUND**

**FINANCIAL HIGHLIGHTS**

For a Fund share outstanding throughout the periods

**INVESTOR CLASS<sup>(1)</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of period | $22.61 | $21.59 | $22.13 | $21.62 | $19.96 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | (0.11) | 0.12 | 0.41 | 0.11 | (0.02) |
| Net realized and unrealized gain (loss) on investments | 4.00 | 1.11 | (0.48) | 0.50 | 1.68 |
| **Total from investment operations** | 3.89 | 1.23 | (0.07) | 0.61 | 1.66 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.01) | (0.21) | (0.47) | (0.10) |  |
| **Total distributions &nbsp;&nbsp;&nbsp;&nbsp;** | (0.01) | (0.21) | (0.47) | (0.10) |  |
| **Net asset value, end of period** | $26.49 | $22.61 | $21.59 | $22.13 | $21.62 |
| Total return<sup>(3)</sup> | 17.19%<sup>(4)</sup> | 5.71% | (0.34)% | 2.81% | 8.32% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $42102 | $42055 | $50106 | $46575 | $47709 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment | 2.46% | 2.49% | 2.60% | 2.44% | 2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment | 2.11% | 2.11% | 2.38% | 2.25% | 2.36% |
| Ratio of expenses excluding interest and tax expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment | 2.24% | 2.18% | 2.02% | 1.99% | 2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment | 1.90% | 1.80% | 1.80% | 1.80% | 1.80% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(5)</sup> | (0.45)% | 0.52% | 1.89% | 0.51% | (0.08)% |
| Portfolio turnover rate<sup>(6)</sup> | 18% | 108% | 30% | 40% | 26% |

---

<sup>(1)</sup> Prior to March 14, 2022, the Investor Class was known as Class A.

<sup>(2)</sup> Calculated using the average shares outstanding method.

<sup>(3)</sup> Total return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. If the Adviser had not waived fees/reimbursed expenses, the total return would have been lower.

<sup>(4)</sup> Total return includes adjustments in accordance with U.S. GAAP and consequently, the net asset values for financial reporting purposes, and the total returns based upon those net asset values, may differ from the net asset values and total returns for shareholder transactions.

<sup>(5)</sup> The net investment income (loss) ratios include dividend and interest expense on short positions.

<sup>(6)</sup> Consists of long-term investments only; excludes securities sold short and derivative instruments.

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**CROMWELL LONG SHORT FUND**

**FINANCIAL HIGHLIGHTS**

For a Fund share outstanding throughout the periods

**INSTITUTIONAL CLASS<sup>(1)</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of period | $23.06 | $22.02 | $22.56 | $22.03 | $20.29 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | (0.05) | 0.20 | 0.48 | 0.18 | 0.03 |
| Net realized and unrealized gain (loss) on investments | 4.09 | 1.12 | (0.50) | 0.50 | 1.71 |
| **Total from investment operations** | 4.04 | 1.32 | (0.02) | 0.68 | 1.74 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.01) | (0.28) | (0.52) | (0.15) |  |
| **Total distributions &nbsp;&nbsp;&nbsp;&nbsp;** | (0.01) | (0.28) | (0.52) | (0.15) |  |
| **Net asset value, end of period** | $27.09 | $23.06 | $22.02 | $22.56 | $22.03 |
| Total return<sup>(3)</sup> | 17.51%<sup>(4)</sup> | 5.97% | (0.10)% | 3.10% | 8.58% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $48084 | $49322 | $86686 | $101115 | $90440 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment | 2.20% | 2.24% | 2.35% | 2.19% | 2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment | 1.86% | 1.88% | 2.13% | 2.00% | 2.11% |
| Ratio of expenses excluding interest and tax expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment | 1.99% | 1.91% | 1.77% | 1.74% | 1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment | 1.65% | 1.55% | 1.55% | 1.55% | 1.56% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(5)</sup> | (0.19)% | 0.87% | 2.14% | 0.81% | 0.13% |
| Portfolio turnover rate<sup>(6)</sup> | 18% | 108% | 30% | 40% | 26% |

---

<sup>(1)</sup> Prior to March 14, 2022, the Institutional Class was known as Class I.

<sup>(2)</sup> Calculated using the average shares outstanding method.

<sup>(3)</sup> Total return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. If the Adviser had not waived fees/reimbursed expenses, the total return would have been lower.

<sup>(4)</sup> Total return includes adjustments in accordance with U.S. GAAP and consequently, the net asset values for financial reporting purposes, and the total returns based upon those net asset values, may differ from the net asset values and total returns for shareholder transactions.

<sup>(5)</sup> The net investment income (loss) ratios include dividend and interest expense on short positions.

<sup>(6)</sup> Consists of long-term investments only; excludes securities sold short and derivative instruments.

The accompanying notes are an integral part of these financial statements.

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**CROMWELL FORESIGHT GLOBAL INFRASTRUCTURE FUND**

**FINANCIAL HIGHLIGHTS**

For a Fund share outstanding throughout the periods

**INSTITUTIONAL CLASS**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | |
|  | **2025** | **2024** | **Period <br>Ended <br>December 31,**<br> **2023<sup>(1)</sup>** |
| **PER SHARE DATA:** |  |  |  |
| Net asset value, beginning of period | $16.64 | $18.21 | $20.00 |
| **INVESTMENT OPERATIONS:** |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | 0.54 | 0.47 | 0.44 |
| Net realized and unrealized gain (loss) on investments | 1.57 | (1.48) | (1.77) |
| **Total from investment operations** | 2.11 | (1.01) | (1.33) |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| Net investment income | (0.74) | (0.54) | (0.46) |
| Return of capital |  | (0.02) |  |
| **Total distributions &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | (0.74) | (0.56) | (0.46) |
| **Net asset value, end of period** | $18.01 | $16.64 | $18.21 |
| Total return<sup>(3)(4)</sup> | 12.67% | (5.55)% | (6.65)% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
| Net assets, end of period (in 000's) | $48753 | $43890 | $45690 |
| Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(5)</sup> | 1.28% | 1.29% | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(5)</sup> | 1.05% | 1.05% | 1.05% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(5)</sup> | 3.01% | 2.63% | 2.66% |
| Portfolio turnover rate<sup>(3)</sup> | 36% | 24% | 20% |

---

<sup>(1)</sup> Since commencement of operations on January 31, 2023.

<sup>(2)</sup> Calculated using the average shares outstanding method.

<sup>(3)</sup> Not annualized for periods less than one year.

<sup>(4)</sup> Total return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. If the Adviser had not waived fees/reimbursed expenses, the total return would have been lower.

<sup>(5)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

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**CROMWELL TRAN FOCUS FUND**

**FINANCIAL HIGHLIGHTS**

For a Fund share outstanding throughout the periods

**INVESTOR CLASS<sup>(1)</sup>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | | <br> **Year Ended April 30,** | <br> **Year Ended April 30,** | <br> **Year Ended April 30,** |
|  | **2025** | **2024** | **Period Ended December 31,**<br> **2023**<sup>(2)</sup> | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $6.96 | $6.06 | $4.95 | $6.51 | $9.39 | $6.74 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(3)</sup> | (0.05) | (0.03) | (0.01) | (0.02) | (0.07) | (0.04) |
| Net realized and unrealized gain (loss) on investments | 0.58 | 0.94 | 1.12 | (0.94) | (0.92) | 3.85 |
| **Total from investment operations** | 0.53 | 0.91 | 1.11 | (0.96) | (0.99) | 3.81 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income |  |  |  |  | (1.89) | (1.16) |
| Net realized gains | (0.92) | (0.01) |  | (0.60) |  |  |
| Return of capital |  |  |  | 0.00<sup>(4)</sup> |  |  |
| **Total distributions** | (0.92) | (0.01) |  | (0.60) | (1.89) | (1.16) |
| **Net asset value, end of period** | $6.57 | $6.96 | $6.06 | $4.95 | $6.51 | $9.39 |
| Total return<sup>(5)(6)</sup> | 7.33% | 15.00% | 22.42% | (14.76)% | (15.09)% | 60.14% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $12607 | $15789 | $17028 | $16855 | $21825 | $33768 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(7)</sup> | 1.97% | 1.88% | 1.87% | 1.96% | 1.78% | 1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(7)</sup> | 1.35% | 1.18% | 1.10% | 1.10% | 1.10% | 1.10% |
| Ratio of net investment income (loss) to <br>average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(7)</sup> | (0.75)% | (0.50)% | (0.40)% | (0.45)% | (0.84)% | (0.56)% |
| Portfolio turnover rate<sup>(5)</sup> | 69% | 37% | 49% | 49% | 38% | 66% |

---

<sup>(1)</sup> Prior to August 8, 2022, the Investor Class was known as Class A.

<sup>(2)</sup> For the period May 1, 2023 through December 31, 2023. On November 1, 2023 the Tran Focus Fund changed its fiscal year end from April 30 to December 31.

<sup>(3)</sup> Calculated using the average shares outstanding method.

<sup>(4)</sup> Amount is less than $0.005 per share.

<sup>(5)</sup> Not annualized for periods less than one year.

<sup>(6)</sup> Total return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. If the Adviser had not waived fees/reimbursed expenses, the total return would have been lower. Total return does not reflect the impact of the maximum front—end sales load of 5.00% in effect prior to August 8, 2022. If reflected, the return would be lower.

<sup>(7)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**CROMWELL TRAN FOCUS FUND**

**FINANCIAL HIGHLIGHTS**

For a Fund share outstanding throughout the periods

**INSTITUTIONAL CLASS<sup>(1)</sup>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | | <br> **Year Ended April 30,** | <br> **Year Ended April 30,** | <br> **Year Ended April 30,** |
|  | **2025** | **2024** | **Period Ended December 31,**<br> **2023**<sup>(2)</sup> | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $7.76 | $6.73 | $5.49 | $7.13 | $10.09 | $7.16 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(3)</sup> | (0.04) | (0.02) | (0.01) | (0.01) | (0.06) | (0.03) |
| Net realized and unrealized gain (loss) on investments | 0.64 | 1.06 | 1.25 | (1.03) | (1.01) | 4.12 |
| **Total from investment operations** | 0.60 | 1.04 | 1.24 | (1.04) | (1.07) | 4.09 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income |  |  |  |  | (1.89) | (1.16) |
| Net realized gains | (0.92) | (0.01) |  | (0.60) |  |  |
| Return of capital |  |  |  | 0.00<sup>(4)</sup> |  |  |
| **Total distributions** | (0.92) | (0.01) |  | (0.60) | (1.89) | (1.16) |
| **Net asset value, end of period** | $7.44 | $7.76 | $6.73 | $5.49 | $7.13 | $10.09 |
| Total return<sup>(5)(6)</sup> | 7.48% | 15.44% | 22.59% | (14.59)% | (14.80)% | 60.55% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $11968 | $13895 | $14390 | $17248 | $26178 | $28590 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(7)</sup> | 1.72% | 1.63% | 1.62% | 1.71% | 1.54% | 1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(7)</sup> | 1.10% | 0.93% | 0.85% | 0.85% | 0.85% | 0.85% |
| Ratio of net investment income (loss) to <br>average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(7)</sup> | (0.51)% | (0.25)% | (0.14)% | (0.20)% | (0.59)% | (0.31)% |
| Portfolio turnover rate<sup>(5)</sup> | 69% | 37% | 42% | 49% | 38% | 66% |

---

<sup>(1)</sup> Prior to August 8, 2022, the Institutional Class was known as Class I.

<sup>(2)</sup> For the period May 1, 2023 through December 31, 2023. On November 1, 2023 the Tran Focus Fund changed its fiscal year end from April 30 to December 31.

<sup>(3)</sup> Calculated using the average shares outstanding method.

<sup>(4)</sup> Amount is less than $0.005 per share.

<sup>(5)</sup> Not annualized for periods less than one year.

<sup>(6)</sup> Total return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. If the Adviser had not waived fees/reimbursed expenses, the total return would have been lower.

<sup>(7)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

[Back to Table of Content](#toc)

**CROMWELL GREENSPRING MID CAP FUND**

**FINANCIAL HIGHLIGHTS**

For a Fund share outstanding throughout the periods

**INSTITUTIONAL CLASS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of period | $25.18 | $23.16 | $22.19 | $26.27 | $22.36 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | 0.08 | 0.12 | 0.19 | 0.26 | 0.10 |
| Net realized and unrealized gain (loss) on investments | 1.50 | 3.70 | 2.36 | (2.55) | 5.83 |
| **Total from investment operations** | 1.58 | 3.82 | 2.55 | (2.29) | 5.93 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | (0.12) | (0.11) | (0.21) | (0.28) | (0.11) |
| Net realized gains | (2.18) | (1.69) | (1.37) | (1.51) | (1.91) |
| **Total distributions &nbsp;&nbsp;&nbsp;&nbsp;** | (2.30) | (1.80) | (1.58) | (1.79) | (2.02) |
| **Net asset value, end of period** | $24.46 | $25.18 | $23.16 | $22.19 | $26.27 |
| Total return<sup>(2)</sup> | 6.18% | 16.08% | 11.95% | (8.67)% | 26.83% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $116847 | $124328 | $119499 | $135900 | $172800 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment | 1.13% | 1.04% | 1.14% | 1.09% | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment | 1.13% | 1.04% | 1.14% | 1.09% | 1.07% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment | 0.32% | 0.47% | 0.86% | 1.06% | 0.40% |
| Portfolio turnover rate | 6% | 11% | 18% | 11% | 29% |

---

<sup>(1)</sup> Calculated using the average shares outstanding method.

<sup>(2)</sup> Total return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

The accompanying notes are an integral part of these financial statements.

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**CROMWELL FUNDS**

**NOTES TO THE FINANCIAL STATEMENTS**

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Total Fund Solution (the "Trust") was organized as a Delaware statutory trust on July 29, 2021. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Cromwell CenterSquare Real Estate Fund ("CenterSquare Real Estate Fund"), Cromwell Long Short Fund ("Long Short Fund") (formerly Cromwell Marketfield L/S Fund), Cromwell Foresight Global Infrastructure Fund ("Foresight Global Infrastructure Fund") (formerly Cromwell Foresight Global Sustainable Infrastructure Fund), Cromwell Tran Focus Fund ("Tran Focus Fund") (formerly Cromwell Tran Sustainable Focus Fund), and Cromwell Greenspring Mid Cap Fund ("Greenspring Mid Cap Fund") (each a "Fund" and collectively, the "Funds") are investment companies and therefore follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The CenterSquare Real Estate Fund is a non-diversified series with its own investment objectives and policies within the Trust. The investment objective of the Fund is to achieve a combination of income and long-term capital appreciation. The Fund offers two different share classes – Investor Class (previously known as Class N, prior to March 7, 2022), which commenced operations on December 31, 1997, and Institutional Class (previously known as Class I, prior to March 7, 2022), which commenced operations on February 24, 2017. On February 28, 2023, the Fund converted Class Z shares into Institutional Class shares and closed the Class Z shares of the Fund. Each class of shares has identical rights and privileges except with respect to shareholder servicing fees, and voting rights on matters affecting a single share class. Institutional Class shares are subject to a maximum 0.15% shareholder servicing fee. Investor Class shares are subject to a maximum 0.25% shareholder servicing fee. The Fund may issue an unlimited number of shares of beneficial interest with no par value.

The Long Short Fund is a diversified series with its own investment objectives and policies within the Trust. The investment objective of the Fund is capital appreciation. The Fund offers two different share classes – Investor Class (previously known as Class A, prior to March 14, 2022), which commenced operations on October 5, 2012, and Institutional Class (previously known as Class I, prior to March 14, 2022), which commenced operations on July 31, 2007. On November 17, 2023, the Fund converted Class C shares into Investor Class shares and closed the Class C shares of the Fund. Each class of shares has identical rights and privileges except with respect to Rule 12b-1 and shareholder servicing fees, and voting rights on matters affecting a single share class. Investor Class shares are subject to a maximum 0.25% Rule 12b-1 distribution and shareholder servicing fee. The Fund may issue an unlimited number of shares of beneficial interest with no par value.

The Foresight Global Infrastructure Fund is a non-diversified series with its own investment objectives and policies within the Trust. The investment objective of the Fund is to achieve capital appreciation. The Fund offers two different share classes – Investor Class, which has yet to commence operations and Institutional Class, which commenced operations on January 31, 2023. Each class of shares has identical rights and privileges except with respect to Rule 12b-1 and shareholder servicing fees, and voting rights on matters affecting a single share class. Investor Class shares are subject to a maximum 0.25% Rule 12b-1 distribution and shareholder servicing fee. The Fund may issue an unlimited number of shares of beneficial interest with no par value.

The Tran Focus Fund is a non-diversified series with its own investment objectives and policies within the Trust. The investment objective of the Fund is to achieve principal preservation and long-term capital appreciation. The Fund offers two different share classes – Investor Class (previously known as Class A, prior to August 8, 2022) and Institutional Class (previously known as Class I, prior to August 8, 2022), each of which commenced operations on September 6, 2007. Each class of shares has identical rights and privileges except with respect to Rule 12b-1 and shareholder servicing fees, and voting rights on matters affecting a single share class. Investor Class shares are subject to a 0.25% 12b-1 fee. The Fund may issue an unlimited number of shares of beneficial interest with no par value.

The Greenspring Mid Cap Fund is a diversified series with its own investment objectives and policies within the Trust. The investment objective of the Fund is long-term capital appreciation. The Fund offers two different share classes – Investor Class, which has yet to commence operations and Institutional Class, which commenced operations on July 1, 1983. Each class of shares has identical rights and privileges except with respect to Rule 12b-1 and shareholder servicing fees, and voting rights on matters affecting a single share class. Investor Class shares are subject to a 0.25% 12b-1 fee. The Fund may issue an unlimited number of shares of beneficial interest with no par value.

&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

**Security Valuation** – All investments in securities are recorded at their estimated fair value, as described in Note 3.

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**CROMWELL FUNDS**

**NOTES TO THE FINANCIAL STATEMENTS** (Continued)

December 31, 2025

**Federal Income Taxes** – The Funds comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as regulated investment companies and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income or excise tax provision is required. As of and during the year ended December 31, 2025, the Funds did not have any tax positions that did not meet the "more-likely-than-not" threshold of being sustained by the applicable tax authority. As of and during the year ended December 31, 2025, the Funds did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations. As of and during the year ended December 31, 2025, the Funds did not incur any interest or penalties. The Funds are not subject to examination by U.S. tax authorities for tax years prior to the fiscal year ended December 31, 2021.

**Security Transactions, Investment Income and Distributions** – The Funds follow industry practice and record security transactions on the trade date. Realized gains and losses on sales of securities are calculated on the basis of identified cost. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and regulations. Discounts and premiums on securities purchased are amortized over the expected life of the respective securities using the constant yield method.

The Funds distribute substantially all net investment income and net realized capital gains, if any, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense, or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, GAAP requires that they be reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value ("NAV") per share of the Funds.

Distributions received from investments in real estate investment trusts ("REITs") are comprised of ordinary income, capital gains and return of capital. For financial statement purposes, estimates are used to characterize these distributions received as return of capital, capital gains or ordinary income. Such estimates are based on historical information available from each REIT and other industry sources. These estimates may subsequently be revised and reflected on the Form 1099 received by shareholders based on information received for the security after its tax reporting periods are concluded, as the actual character of these distributions is not known until after the fiscal year end. The distributions received from REITs that have been classified as income and capital gains are included in dividend income and net realized gain (loss) on investments, respectively, on the Statements of Operations. The distributions received that are classified as return of capital reduce the cost of investments on the Statements of Assets and Liabilities.

**Foreign Currency** – Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal year end, resulting from changes in exchange rates.

**Short Sales** – A short sale is the sale by a Fund of a security which it does not own in anticipation of purchasing the same security in the future at a lower price to close the short position. A short sale will be successful if the price of the shorted security decreases. However, if the underlying security goes up in price during the period in which the short position is outstanding, a Fund will realize a loss. The risk on a short sale is unlimited because a Fund must buy the shorted security at the higher price to complete the transaction. Therefore, short sales may be subject to greater risks than investments in long positions. With a long position, the maximum sustainable loss is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. A Fund would also incur increased transaction costs associated with selling securities short. In addition, a Fund segregates liquid securities at least equal to the fair value of the securities sold short (not including the proceeds from the short sales). Cash deposits by a Fund are presented as deposits at broker on the Statements of Assets and Liabilities and may exceed federally insured limits.

Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminated the asset segregation framework previously used by funds to comply with Section 18 of the 1940 Act, treats derivatives as senior securities and requires funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Long Short Fund has adopted a Full Derivatives Fund Program and the Adviser has nominated a Derivatives Risk Manager.

**Allocation of Income, Expenses and Gains/Losses** – Income, expenses (other than those deemed attributable to a specific share class), and gains and losses of the Funds are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of the net assets of each Fund. Expenses deemed directly attributable to a class of shares are recorded by the specific class. Most Fund expenses are allocated by class based on relative net assets. Shareholder servicing fees are expensed at an annual rate up to 0.15% of Institutional Class shares and 0.25% of Investor Class shares for the CenterSquare Real Estate Fund and 12b-1 fees are expensed at annual rate of 0.25% of Investor Class shares of the Long Short Fund and the Tran Focus Fund (See Note 5). Trust expenses are typically allocated evenly among the Funds of the Trust, or by other equitable means.

[Back to Table of Content](#toc)

**CROMWELL FUNDS**

**NOTES TO THE FINANCIAL STATEMENTS** (Continued)

December 31, 2025

**Use of Estimates** – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

**New Accounting Pronouncement** – In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by members of the Adviser's Executive Team, using the information presented in the financial statements and financial highlights.

**Income Taxes** – In December 2023, FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740) (ASU 2023-09) Improvements to Income Tax Disclosures, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. For the year ended December 31, 2025, Management has evaluated foreign income taxes paid and concluded the impact is immaterial.

**Cash Concentration** – The Funds may place its cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit Insurance Company (the ''FDIC'') up to $250,000. The Funds credit risk in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. The Funds maintains balance at financial institutions which, at times, may exceed federally insured limits.

&nbsp;&nbsp;&nbsp;&nbsp;3. SECURITIES VALUATION

The Funds have adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation Levels for major security types. These inputs are summarized in the three broad Levels listed below:

---

| |
|:---|
| Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. |
| Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |

---

Following is a description of the valuation techniques applied to each Fund's major categories of assets and liabilities measured at fair value on a recurring basis. Each Fund's investments are carried at fair value.

**Equity Securities** – Equity securities that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and ask prices. Securities traded primarily in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price ("NOCP"). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. If the market for a particular security is not active, and the mean between bid and ask prices is used, these securities are categorized in Level 2 of the fair value hierarchy.

[Back to Table of Content](#toc)

**CROMWELL FUNDS**

**NOTES TO THE FINANCIAL STATEMENTS** (Continued)

December 31, 2025

In the case of foreign securities, the occurrence of events after the close of foreign markets, but prior to the time a Fund's NAV is calculated will result in an adjustment to the trading prices of foreign securities when foreign markets open on the following business day. The Funds will value foreign securities at fair value, taking into account such events in calculating the NAV. In such cases, use of fair valuation can reduce an investor's ability to seek to profit by estimating a Fund's NAV in advance of the time the NAV is calculated.

**U.S. Government & Agency Securities** – U.S. government & agency securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. U.S. government and agency securities are categorized in Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities.

**Derivative Instruments** – Listed derivatives, including rights and warrants that are actively traded are valued based on quoted prices from the exchange and categorized in Level 1 of the fair value hierarchy. Exchange traded options that are valued at the mean of the highest bid price and lowest ask price across the exchanges where the option is traded are categorized in Level 2 of the fair value hierarchy.

There were no derivative instruments within the Statements of Assets and Liabilities as of December 31, 2025.

**Short-Term Vehicles** – Investments in other mutual funds, including money market funds, are valued at their NAV per share. Deposit accounts are valued at acquisition cost, which approximates fair value. To the extent money market funds are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Securities for which market quotations are not readily available, or if the closing price does not represent fair value, are valued at fair value in accordance with Rule 2a-5 of the 1940 Act as determined under the Adviser's fair value pricing procedures, subject to oversight by the Board of Trustees (the "Board"). These procedures consider many factors, including the type of security, size of holding, trading volume and news events. There can be no assurance that the Funds could obtain the fair value assigned to a security if they were to sell the security at approximately the time at which the Funds determine their net asset values per share. The Adviser will regularly evaluate whether the Funds' fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Funds and the quality of prices obtained through the application of such procedures.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following tables are a summary of the inputs used to value each Fund's securities as of December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **CenterSquare Real Estate Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | $87952105 | $— | $— | $87952105 |
| **Total Investments in Securities** | $87952105 | $— | $— | $87952105 |
| **Long Short Fund** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $88752737 | $— | $—<sup>(1)</sup> | $88752737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds |  |  | —<sup>(1)</sup> |  |
| **Total Investments in Securities** | $88752737 | $— | $— | $88752737 |
| **Liabilities:** |  |  |  |  |
| **Securities Sold Short** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $12783626 | $— | $— | $12783626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 572822 |  |  | 572822 |
| **Total Liabilities:** | $13356448 | $— | $— | $13356448 |
| **Foresight Global Infrastructure Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $11926593 | $23152568 | $— | $35079161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 11285816 | 757297 |  | 12043113 |
| **Total Investments in Securities** | $23212409 | $23909865 | $— | $47122274 |

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[Back to Table of Content](#toc)

**CROMWELL FUNDS**

**NOTES TO THE FINANCIAL STATEMENTS** (Continued)

December 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Tran Focus Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $23405023 | $— | $— | $23405023 |
| **Total Investments in Securities** | $23405023 | $— | $— | $23405023 |
| **Greenspring Mid Cap Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $114379151 | $— | $— | $114379151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 1370509 |  |  | 1370509 |
| **Total Investments in Securities** | $115749660 | $— | $— | $115749660 |

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<sup>(1)</sup> For the year ended December 31, 2025, all Level 3 securities held by the Long Short Fund were valued at $0.

The Level 3 investments as of December 31, 2025, represented 0.00% of the Long Short Fund's net assets. Refer to the Schedules of Investments for further information on the classification of investments.

&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

The Trust has an agreement with Cromwell Investment Advisors, LLC (the "Adviser") to furnish investment advisory services to the Funds. For its services, the Funds pay the Adviser a monthly management fee based upon the average daily net assets of the Funds at the following annual rates:

---

| | |
|:---|:---|
| **Fund** |  |
| CenterSquare Real Estate Fund | 0.6% |
| Long Short Fund | 1.4% |
| Foresight Global Infrastructure Fund | 0.85% |
| Tran Focus Fund | 0.85% |
| Greenspring Mid Cap Fund | 0.75% |

---

The Adviser has engaged CenterSquare Investment Management LLC ("CenterSquare") as the sub-adviser of the CenterSquare Real Estate Fund, Mutual of America Capital Management, LLC ("MoA") as the sub-adviser of the Long Short Fund, Foresight Group LLP ("Foresight") as the sub-adviser of the Foresight Global Infrastructure Fund, Tran Capital Management ("Tran") as the sub-adviser of the Tran Focus Fund, and Corbyn Investment Management, Inc. ("Corbyn") as the sub-adviser of the Greenspring Mid Cap Fund and Tran Focus Fund. Subject to the supervision of the Adviser, each Sub-Adviser is primarily responsible for the day-to-day management of the respective Fund's portfolio, including purchase, retention and sale of securities. Fees associated with these services are paid to each Sub-Adviser by the Adviser.

The Adviser also provides a Chief Compliance Officer to the Trust to perform related compliance services. Under the terms of the compliance/consulting agreement, the Adviser receives fees from the Funds, as disclosed on the Statements of Operations.

The Funds' Adviser has contractually agreed to waive a portion or all of its management fees and/or reimburse the Funds for their expenses to ensure that total annual operating expenses (excluding any contingent deferred sales loads, acquired fund fees and expenses, brokerage commissions, leverage interest, interest expense, taxes, dividends or interest expense on short positions, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation) do not exceed the following rates (based upon the average daily net assets of the Funds):

---

| | | |
|:---|:---|:---|
| **Fund** | | |
| CenterSquare Real Estate Fund - Investor Class | 1.12 | % |
| CenterSquare Real Estate Fund - Institutional Class | 1.02 | % |
| Long Short Fund - Investor Class | 1.95 | %\* |
| Long Short Fund - Institutional Class | 1.70 | %\* |
| Foresight Global Infrastructure Fund - Institutional Class | 1.05 | % |
| Tran Focus Fund - Investor Class | 1.35 | %\*\* |
| Tran Focus Fund - Institutional Class | 1.10 | %\*\* |
| Greenspring Mid Cap Fund - Institutional Class | 1.21 | % |

---

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**CROMWELL FUNDS**

**NOTES TO THE FINANCIAL STATEMENTS** (Continued)

December 31, 2025

\* As of May 1, 2025, the Long Short Fund changed its expense caps for the Investor and Institutional classes, from 1.80% and 1.55%, respectively.

\*\* As of September 1, 2024, the Tran Focus Fund changed its expense caps for the Investor and Institutional classes, from 1.10% and 0.85%, respectively.

Fees waived and expenses reimbursed by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such waiver or reimbursement was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the waiver or reimbursement occurred. The Operating Expense Limitation Agreement is indefinite in term, but cannot be terminated within a year after the effective date of the Funds' prospectus. After that date, the agreement may be terminated at any time upon 60 days' written notice by the Board or the Adviser with the consent of the Board. Waived fees and reimbursed expenses subject to potential recovery by month of expiration are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | **January-**<br> **December**<br> **2026** | **January-**<br> **December**<br> **2027** | **January-**<br> **December**<br> **2028** | **Total** |
| CenterSquare Real Estate Fund | $7275 | $— | $69831 | $77106 |
| Long Short Fund | 329517 | 409616 | 303793 | 1042926 |
| Foresight Global Infrastructure Fund | 131437 | 108846 | 109163 | 349446 |
| Tran Focus Fund | 286503 | 223951 | 169155 | 679609 |
| Greenspring Mid Cap Fund |  |  |  |  |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("USBGFS"), served as the Funds' Administrator, Transfer Agent, and Fund Accountant from January 1 through January 31, 2025. U.S. Bank N.A. served as the Custodian to the Funds from January 1 through January 31, 2025. U.S. Bank N.A. is an affiliate of USBGFS. USBGFS performed various administrative and accounting services for the Funds. USBGFS prepared various federal and state regulatory filings, reports and returns for the Funds; prepared reports and materials to be supplied to the Trustees; monitored the activities of the Custodian; coordinated the payment of the Funds' expenses and reviewed the Funds' expense accruals. As compensation for its services, USBGFS was entitled to a monthly fee at an annual rate based upon the average daily net assets of the Funds, subject to annual minimums. Fees paid by the Funds for administration and fund accounting, transfer agency, and custody for the period from January 1 through January 31, 2025, are disclosed in the Statements of Operations.

Effective February 3, 2025, the Funds changed service providers. The Bank of New York (the "Administrator") became the Funds' Administrator and Fund Accountant. Also, effective March 17, 2025, BNY Investment Servicing (US) Inc. (the "Transfer Agent") became the Funds' Transfer Agent. The Administrator and Transfer Agent are affiliates of the Custodian. The Administrator performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Custodian; coordinates the payment of the Funds' expenses and reviews the Funds' expense accruals. As compensation for its services, the Administrator is entitled to a monthly fee at an annual rate based upon the average daily net assets of the Funds, subject to annual minimums. Fees paid by the Funds for administration and fund accounting, transfer agency, custody and compliance reporting for the year ended December 31, 2025, are disclosed in the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;5. DISTRIBUTION & SHAREHOLDER SERVICING FEES

The Long Short Fund and Tran Focus Fund have adopted a Distribution Plan pursuant to Rule 12b-1 (the "Plan") for the Investor Class. The Plan permits the Long Short Fund and Tran Focus Fund to pay for distribution and related expenses at an annual rate of 0.25% of the Investor Class average daily net assets. The expenses covered by the Plan may include the cost of preparing and distributing prospectuses and other sales material, advertising and public relations expenses, payments to financial intermediaries and compensation of personnel involved in selling shares of the Funds. Expenses incurred pursuant to the Plan by the Investor Class of the Long Short Fund and Tran Focus Fund for the year ended December 31, 2025, are disclosed in the Statements of Operations.

The CenterSquare Real Estate Fund has entered into a shareholder servicing agreement (the "Agreement") with the `Adviser, under which the Funds may pay servicing fees at an annual rate of up to 0.15% of the average daily net assets of the Institutional Class and 0.25% of the average daily net assets Investor Class. Payments to the Adviser under the Agreement may reimburse the Adviser for payments it makes to selected brokers, dealers and administrators which have entered into service agreements with the Adviser for services provided to shareholders of the CenterSquare Real Estate Fund. The services provided by such intermediaries are primarily designed to assist shareholders of the Fund and include the furnishing of office space and equipment, telephone facilities, personnel and assistance to the Funds in servicing such shareholders. Services provided by such intermediaries also include the provision of support services to the Funds and include establishing and maintaining shareholders' accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Fund, and providing such other personal services to shareholders as the Fund may reasonably request. Shareholder servicing fees incurred by the Fund for the year ended December 31, 2025, are disclosed in the Statements of Operations.

[Back to Table of Content](#toc)

**CROMWELL FUNDS**

**NOTES TO THE FINANCIAL STATEMENTS** (Continued)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;6. CAPITAL SHARE TRANSACTIONS

Transactions in shares of the Funds were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **CenterSquare Real Estate Fund** | **CenterSquare Real Estate Fund** | **Long Short Fund** | **Long Short Fund** |
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** |
| Investor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 651446 | 368689 | 5107 | 6567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 92473 | 112895 | 355 | 15452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1064279) | (1432991) | (276117) | (483214) |
| **Net Increase (decrease)** | (320360) | (951407) | (270655) | (461195) |
| Institutional Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 236255 | 853389 | 57183 | 137131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 85855 | 137048 | 417 | 24207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (949823) | (2864322) | (421075) | (1959769) |
| **Net Increase (decrease)** | (627713) | (1873885) | (363475) | (1798431) |
| **Net increase (decrease) in capital shares** | (948073) | (2825292) | (634130) | (2259626) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Foresight Global Infrastructure Fund** | **Foresight Global Infrastructure Fund** | **Tran Focus Fund** | **Tran Focus Fund** |
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** |
| Investor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  | 8120 | 165815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  | 211159 | 2421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  | (568859) | (712663) |
| **Net Increase (decrease)** |  |  | (349580) | (544427) |
| Institutional Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 3386 | 66482 | 48577 | 128023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 75786 | 60904 | 180208 | 1999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (8889) | (71) | (412678) | (477472) |
| **Net Increase (decrease)** | 70283 | 127315 | (183893) | (347450) |
| **Net increase (decrease) in capital shares** | 70283 | 127315 | (533473) | (891877) |

---

---

| | | |
|:---|:---|:---|
|  | **Greenspring Mid Cap Fund** | **Greenspring Mid Cap Fund** |
|  | **Year Ended December 31, <br> 2025** | **Year Ended December 31, <br> 2024** |
| Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 144319 | 90583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 391839 | 303866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (697443) | (617602) |
| **Net Increase (decrease)** | (161285) | (223153) |
| **Net increase (decrease) in capital shares** | (161285) | (223153) |

---

[Back to Table of Content](#toc)

**CROMWELL FUNDS**

**NOTES TO THE FINANCIAL STATEMENTS** (Continued)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;7. INVESTMENT TRANSACTIONS

The aggregate purchases and sales, excluding short-term investments, by Fund for the year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| | **Other Securities** | **Other Securities** |
| <br>**Fund** | **Purchases** | **Sales** |
| CenterSquare Real Estate Fund | $29436745 | $39111397 |
| Long Short Fund | 15554509 | 30344446 |
| Foresight Global Infrastructure Fund | 17212390 | 16811595 |
| Tran Focus Fund | 18381233 | 26690660 |
| Greenspring Mid Cap Fund | 6755860 | 20568340 |

---

&nbsp;&nbsp;&nbsp;&nbsp;8. FEDERAL TAX INFORMATION

The aggregate gross unrealized appreciation and depreciation of securities held by the Funds and the total cost of securities for federal income tax purposes at December 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund**  | <br> **Aggregate**<br> **Gross**<br> **Appreciation** | <br> **Aggregate**<br> **Gross**<br> **Depreciation** | **<br> **Net<br> Unrealized**<br> **Appreciation**<br> **(Depreciation)** | <br> **Federal**<br> **Income Tax**<br> **Cost** |
| CenterSquare Real Estate Fund | $20056447 | $(4539174) | $15517273 | $72434832 |
| Long Short Fund | 21830383 | (3027384) | 18802999 | 56593290 |
| Foresight Global Infrastructure Fund | 5424549 | (7065198) | (1640649) | 48765102 |
| Tran Focus Fund | 7535724 | (207373) | 7328351 | 16076672 |
| Greenspring Mid Cap Fund | 65172021 | (4869451) | 60302570 | 55447090 |

---

The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the deferral of wash sale losses, mark- to-market on passive foreign investment companies and partnerships basis adjustments.

At December 31, 2025, the components of distributable earnings on a tax-basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Fund**  | <br> **Undistributed**<br> **Ordinary**<br> **Income** | <br> **Undistributed**<br> **Long-Term**<br> **Capital Gains** | <br> **Other**<br> **Accumulated**<br> **Gains (Losses)** | **Net**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | <br> **Total**<br> **Distributable**<br> **Earnings** |
| CenterSquare Real Estate Fund | $— | $— | $(2082203) | $15517273 | $13435070 |
| Long Short Fund |  |  | (324272651) | 18808818 | (305463833) |
| Foresight Global Infrastructure Fund | 291849 |  | (3505671) | (1640649) | (4854471) |
| Tran Focus Fund |  | 2743195 |  | 7328351 | 10071546 |
| Greenspring Mid Cap Fund |  | 520755 | 2 | 60302570 | 60823327 |

---

[Back to Table of Content](#toc)

**CROMWELL FUNDS**

**NOTES TO THE FINANCIAL STATEMENTS** (Continued)

December 31, 2025

As of December 31, 2025, the Funds long-term and short-term capital losses were as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund**  | **Long-Term Capital**<br> **Losses**  | **Short-Term Capital**<br> **Losses** |
| CenterSquare Real Estate Fund | $1843660 | $238542 |
| Long Short Fund |  | 324272651 |
| Foresight Global Infrastructure Fund | 2316013 | 1189658 |
| Tran Focus Fund |  |  |
| Greenspring Mid Cap Fund |  |  |

---

The Funds capital losses which will be carried forward indefinitely to offset future realized capital gains.

A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital, and ordinary losses which occur during the portion of the Fund's taxable year subsequent to October 31 and December 31, respectively. For the taxable year ended December 31, 2025, there are no deferred late-year losses.

The tax character of distributions paid during the last two fiscal years, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<br> **Fund**  | &nbsp;&nbsp;&nbsp; **Ordinary**<br> **Income<sup>(1)</sup>** | **Long-Term**<br> **Capital Gains** | **Return of**<br> **Capital**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<br> **Total**  |
| CenterSquare Real Estate Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | $1961537 | $— | $91536 | $2053073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2024 | 2393937 |  | 390967 | 2784904 |
| Long Short Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | 22589 |  |  | 22589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2024 | 982286 |  |  | 982286 |
| Foresight Global Infrastructure Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | 1951038 |  |  | 1951038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2024 | 1406804 |  | 40400 | 1447204 |
| Tran Focus Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 |  | 3014135 |  | 3014135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2024 |  | 40199 |  | 40199 |
| Greenspring Mid Cap Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2025 | 493287 | 9817214 |  | 10310501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2024 | 542110 | 7892843 |  | 8434953 |

---

<sup>(1)</sup> For Federal income tax purposes, distributions of short-term capital gains are treated as ordinary income distributions.

[Back to Table of Content](#toc)

**CROMWELL FUNDS**

**NOTES TO THE FINANCIAL STATEMENTS** (Continued)

December 31, 2025

U.S. GAAP requires that certain components of net assets be reclassified between distributable earnings/(accumulated deficit) and additional paid–in capital. These reclassifications have no effect on net assets or net asset value per share. For the year ended December 31, 2025, the Funds made the following permanent book–to–tax reclassifications primarily attributable to net operating losses and utilization of earnings and profits on redemption of shares as part of the dividends paid deduction:

---

| | | |
|:---|:---|:---|
| <br>**Fund**  | **Distributable Earnings/ (Accumulated**<br> **Deficit)** | <br>**Paid-in**<br> **Capital**  |
| CenterSquare Real Estate Fund | $— | $— |
| Long Short Fund | 276610 | (276610) |
| Foresight Global Infrastructure Fund |  |  |
| Tran Focus Fund | (967862) | 967862 |
| Greenspring Mid Cap Fund | (947192) | 947192 |

---

&nbsp;&nbsp;&nbsp;&nbsp;9. CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of that fund, under Section 2(a)(9) of the 1940 Act. As of December 31, 2025, National Financial Services, for the benefit of its customers, owned 43.97% of the CenterSquare Real Estate Fund, Charles Schwab & Co, Inc., for the benefit of its customers owned 27.01% of the Greenspring Mid Cap Fund, and Blackmead Infrastructure Limited, for the benefit of its customers, owned 98.97% of the Foresight Global Infrastructure Fund.

&nbsp;&nbsp;&nbsp;&nbsp;10. SUBSEQUENT EVENT

Management has evaluated the impact on the Funds of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

[Back to Table of Content](#toc)

**CROMWELL FUNDS**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

December 31, 2025

To the Shareholders of Cromwell CenterSquare Real Estate Fund, Cromwell Long Short Fund, Cromwell Foresight Global Infrastructure Fund (formerly "Cromwell Foresight Global Sustainable Infrastructure Fund"), Cromwell Tran Focus Fund (formerly "Cromwell Tran Sustainable Focus Fund"), and Cromwell Greenspring Mid Cap Fund and Board of Trustees of Total Fund Solution.

**<u>Opinion on the Financial Statements</u>**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Total Fund Solution comprising the funds listed below (the "Funds") as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations for the year then ended, the changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| **Fund Name** | **Financial Highlights** |
| Cromwell CenterSquare Real Estate Fund, Cromwell Long Short Fund, and Cromwell Greenspring Mid Cap Fund | For the years ended December 31, 2025, December 31, 2024 and December 31, 2023 |
| Cromwell Foresight Global Infrastructure Fund | For year ended December 31, 2025 and December 31, 2024 and the period January 31, 2023 (commencement of operations) through December 31, 2023 |
| Cromwell Tran Focus Fund (formerly "Cromwell Tran Sustainable Focus Fund") | For the year ended December 31, 2025 and December 31, 2024 and the period May 1, 2023 through December 31, 2023, and for the year ended April 30, 2023 |

---

The financial highlights for Cromwell CenterSquare Real Estate Fund and Cromwell Long Short Fund for the years ended December 31, 2022, and prior, were audited by other auditors whose reports dated February 28, 2023 and February 28, 2022, expressed unqualified opinions on those financial highlights.

The financial highlights for Cromwell Tran Focus Fund (formerly "Cromwell Tran Sustainable Focus Fund") for the years ended April 30, 2022, and prior, were audited by other auditors whose report dated June 24, 2022, expressed an unqualified opinion on those financial highlights.

The financial highlights for Cromwell Greenspring Mid Cap Fund for the years ended December 31, 2022, and prior, were audited by other auditors whose report dated February 28, 2023, expressed an unqualified opinion on those financial highlights.

**<u>Basis for Opinion</u>**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2023.

![](signature.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

February 27, 2026

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**CROMWELL FUNDS**

**ADDITIONAL INFORMATION**

December 31, 2025

**AVAILABILITY OF FUND PORTFOLIO INFORMATION**

Each Fund files complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Funds' Part F of N-PORT are available on the SEC's website at www.sec.gov and may be reviewed and coped at the SEC's Public Reference Room in Washington, D.C. For information on the Public Reference Room call 1-800-SEC-0330. In addition, each Funds' Part F of Form N-PORT is available without charge upon request by calling 1-855-625-7333.

**AVAILABILITY OF FUND PROXY VOTING INFORMATION**

A description of the Funds' Proxy Voting Policies and Procedures is available without charge, upon request, by calling 1-855-625-7333. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12 month period ended December 31 is available (1) without charge, upon request, by calling 1-855-625-7333, or (2) on the SEC's website at www.sec.gov.

**TAX INFORMATION**

For the year ended December 31, 2025, the % of ordinary income distribution designated by the Funds as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003 was as follows:

---

| | |
|:---|:---|
| **Fund** | |
| CenterSquare Real Estate Fund | 2.23% |
| Long Short Fund | 100.00% |
| Foresight Global Infrastructure Fund | 34.67% |
| Tran Focus Fund | 0.00% |
| Greenspring Mid Cap Fund | 100.00% |

---

For the year ended December 31, 2025, the % of dividends paid from net ordinary income that qualified for the dividends received deduction available to corporate shareholders was as follows:

---

| | |
|:---|:---|
| **Fund** | |
| CenterSquare Real Estate Fund | 0.00% |
| Long Short Fund | 100.00% |
| Foresight Global Infrastructure Fund | 4.61% |
| Tran Focus Fund | 0.00% |
| Greenspring Mid Cap Fund | 100.00% |

---

For the year ended December 31, 2025 , the % of taxable ordinary income distributions designated by the Funds as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(c) was as follows:

---

| | |
|:---|:---|
| **Fund** | |
| CenterSquare Real Estate Fund | 0.00% |
| Long Short Fund | 0.00% |
| Foresight Global Infrastructure Fund | 0.00% |
| Tran Focus Fund | 100.00% |
| Greenspring Mid Cap Fund | 0.00% |

---

For the year ended December 31, 2025, the Foresight Global Infrastructure Fund earned $137,032 in foreign source income and paid $1,592,819 in foreign taxes, which it intends to pass through to its shareholders pursuant to Section 853 of the Internal Revenue Code.

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

There were no changes in or disagreements with accountants during the period covered by this report.

**PROXY DISCLOSURE**

There were no matters submitted to a vote of shareholders during the period covered by this report.

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---

| | |
|:---|:---|
| **INVESTMENT ADVISER** |  |
| Cromwell Investment Advisors, LLC<br> 810 Gleneagles Court, Suite 106 |  |
| Baltimore, MD 21286 |  |
| **SUB-ADVISERS** |  |
| CenterSquare Investment Management LLC<br> Eight Tower Bridge,<br> 161 Washington Street, Seventh Floor,<br> Conshohocken, PA 19428 | Tran Capital Management L.P.<br> 1000 Fourth Street, Suite 800<br> San Rafael, CA 94901 |
| Mutual of America Capital Management LLC<br> 320 Park Avenue<br> New York, NY 10022 | Corbyn Investment Management, Inc.<br> 2330 West Joppa Road, Suite 108<br> Lutherville, MD 21093 |
| Foresight Group LLP |  |
| The Shard, 32 London Bridge Street, London<br> SE1 9SG, United Kingdom |  |
| **DISTRIBUTOR** |  |
| Foreside Fund Services, LLC<br> Three Canal Plaza, Suite 100<br> Portland, ME 04101 |  |
| **CUSTODIAN** |  |
| The Bank of New York<br> 240 Greenwich Street<br> New York, NY 10286 |  |
| **ADMINISTRATOR, FUND ACCOUNTANT AND TRANSFER AGENT** |  |
| The Bank of New York<br> 240 Greenwich Street<br> New York, NY 10286 |  |
| **INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** |  |
| Cohen & Company, Ltd. |  |
| 1835 Market Street, Suite 310 |  |
| Philadelphia, PA 19103 |  |
| **LEGAL COUNSEL** |  |
| Alston & Bird LLP<br> 950 F St. NW<br> Washington, DC 20004 |  |
| *This report must be accompanied or preceded by a prospectus.* |  |

---

 

*The Funds' Statement of Additional Information contains additional information about the Funds' trustees and is available without charge upon request by calling 1-855-625-7333.*

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.

**Item 8. Changes in and Disagreements with Accounting Firm for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

See Item 7(a).

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

At a meeting held on June 26, 2025, the Board of Total Fund Solution (the "Trust") (which is comprised of four persons, three of whom are not interested persons (as defined in the Investment Company Act of 1940, as amended) (the "Independent Trustees"), considered and approved, for an additional annual term, the continuance of the Investment Advisory Agreement (the "Advisory Agreement") between Cromwell Investment Advisors, LLC (the "Adviser") and the Trust, on behalf of each of the Cromwell CenterSquare Real Estate Fund ("CenterSquare Fund"), Cromwell Long Short Fund (the "Long Short Fund"), Cromwell Tran Focus Fund ("Tran Fund"), Cromwell Foresight Global Infrastructure Fund ("Foresight Fund"), Cromwell Greenspring Mid Cap Fund ("Greenspring Fund"), and Cromwell Balanced Fund ("Balanced Fund") (collectively, the "Advisory Agreements"); and the Sub-Advisory Agreement (the "CenterSquare Sub-Advisory Agreement") between the Adviser, CenterSquare Investment Management LLC ("CenterSquare") and the Trust, on behalf of the CenterSquare Fund; the Sub-Advisory Agreement (the "Long Short Sub-Advisory Agreement") between the Adviser, Mutual of America Capital Management ("MoA") and the Trust, on behalf of the Long Short Fund; the Sub-Advisory Agreement (the "Tran Sub-Advisory Agreement") between the Adviser, Tran Capital Management, L.P. ("Tran") and the Trust, on behalf of the Tran Fund; the Sub-Advisory Agreement (the "Foresight Sub-Advisory Agreement") between the Adviser, Foresight Group LLP ("Foresight") and the Trust, on behalf of the Foresight Fund; the Sub-Advisory Agreement (the "Greenspring Sub-Advisory Agreement") between the Adviser, Corbyn Investment Management, Inc. ("Corbyn") and the Trust, on behalf of the Mid Cap Fund; the Sub-Advisory Agreement (the "Balanced Sub-Advisory Agreement") between the Adviser, Aristotle Pacific Capital, LLC ("Aristotle") and the Trust, on behalf of the Balanced Fund; and the Sub-Advisory Agreement (the "Balanced Sub-Advisory Agreement") between the Adviser, Tran and the Trust, on behalf of the Balanced Fund. CenterSquare, MoA, Tran, Foresight, Corbyn, and Aristotle are collectively referred to as the "Sub-Advisers." The CenterSquare Fund, Long Short Fund, Tran Fund, Foresight Fund, Greenspring Fund, and Balanced Fund are collectively referred to as the "Funds." The Board of the Trust considered and approved a new sub-advisory agreement (the "New Greenspring Sub-Advisory Agreement") between the Adviser, Corbyn and the Trust, on behalf of the Mid Cap Fund.

In considering the continuation of each of the Advisory Agreements and approval of the New Greenspring Sub-Advisory Agreement, the Board considered information that had been provided by the Adviser and the Sub-Advisers throughout the year at meetings of the Board and its committees. In connection with meetings held on May 29, 2025 and June 26, 2025 for the purpose of considering the continuation of the Advisory Agreements and approval of the New Greenspring Sub-Advisory Agreement, the Board received and reviewed substantial information regarding the Funds, the Adviser, each of the Sub-Advisers and the services provided by the Adviser and each of Sub-Advisers to the Funds under the respective Advisory Agreements. This information formed the primary (but not exclusive) basis for the Board's determinations.

Below is a summary of the factors considered by the Board and the conclusions that formed the basis for the Board's approval of the continuance of the Advisory Agreements and approval of the New Greenspring Sub-Advisory Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The nature, extent and quality of the services provided by the Adviser
 and Sub-Advisers under the Advisory Agreements. The Board considered the nature, extent and quality of the Adviser and each Sub-Adviser's
 overall services provided to their respective Fund, as well as their specific responsibilities in all aspects of the day-to-day investment
 management of such Fund. The Board considered the qualifications, experience and responsibilities of the portfolio managers, as well as
 the responsibilities of other key personnel of the Adviser and Sub-Adviser involved in the day-to-day activities of the Funds. The Board
 also considered the resources and compliance structure of the Adviser and Sub-Advisers, including, as applicable, information regarding
 their compliance programs, their chief compliance officers and the Adviser and Sub-Advisers' compliance records, as well as the
 Adviser and Sub-Advisers' cybersecurity program, liquidity risk management programs, business continuity plans, and risk management
 processes. The Board further considered its knowledge of the Adviser's and each Sub-Adviser's operations, and noted that during
 the course of the prior year, the Trustees had met with certain personnel of the Adviser and each of Sub-Advisers to discuss the Funds'
 performance and investment outlook as well as various other topics. With respect to the Sub-Advisers, the Board took into account the
 Adviser's ongoing due diligence, evaluation and recommendation that each of the Sub-Advisers be approved to continue managing their
 respective Funs. With respect to Corbyn, the Board noted its impending change of control as part of its succession planning, that the
 new controlling shareholders are existing owners and part of existing management, and that management of the Fund would not change. The
 Board concluded that the Adviser and each of the Sub-Advisers had the quality and depth of personnel, resources, investment processes
 and compliance policies and procedures essential to performing their duties under their respective Advisory Agreement and that they were
 satisfied with the nature, overall quality and extent of such management services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund's historical performance and the overall performance
 of the Adviser and Sub-Advisers. In assessing the quality of the portfolio management delivered by each of the Sub-Advisers, the
 Board reviewed the short-term and long-term performance of their respective Fund as of periods ended April 30, 2025, on both an absolute
 basis and a relative basis in comparison to its peer funds utilizing a Morningstar classification and against relevant benchmarks. The
 Board also considered the Adviser's assessment of the performance of each Fund and its Sub-Adviser and the factors that affected
 such performance. While the Board considered both short-term and long-term performance, it placed greater emphasis on longer-term performance.
 When reviewing each Fund's performance against the comparative Morningstar peer group universe, the Board took into account that
 the investment objectives and strategies of each Fund, as well as its level of risk tolerance, may differ significantly from funds in
 the peer universe and that market conditions may be more or less favorable to different investment styles over particular periods of time.
 When reviewing a Fund's performance against broad market benchmarks, the Board took into account the differences in portfolio construction
 between the Fund and such benchmarks as well as other differences between actively managed funds and passive benchmarks, such as objectives
 and risks. In assessing periods of relative underperformance or outperformance, the Board took into account that relative performance
 can be significantly impacted by performance measurement periods and that some periods of relative outperformance or relative underperformance
 may be transitory in nature. In determining to approve the continuance of each of the Advisory Agreements, the Board acknowledged the
 performance information for each Fund and its Sub-Adviser, and considered the performance information in the context of the Adviser's
 assessment of such performance and the other relevant information provided to the Board. The Trustees considered, as applicable, that
 the Adviser and each Sub-Adviser continued to be proactive in seeking to enhance their respective Fund's investment strategies,
 with a view to improving Fund performance over the long term. The Trustees concluded that each Fund's performance record was satisfactory
 and supported a decision to approve the renewal of the Advisory Agreements and approval of the New Corbyn Sub-Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The costs of the services to be provided by the Adviser and Sub-Advisers
 and the structure of the Adviser and Sub-Advisers' fees under the Advisory Agreements. In considering the advisory fee and
 each sub-advisory fee and the total fees and expenses of each Fund, the Board reviewed comparisons to the applicable Morningstar peer
 funds. Where a Fund's contractual management fee and/or total net expense ratio (net of Rule 12b-1 distribution fees) was above
 their peer group average and/or median, the Board considered the level of such fee or expenses in the context of nature, quality and extent
 of the services provided by the Adviser and applicable Sub-Adviser and the nature of each Fund, and concluded that such fees and expenses
 were fair and reasonable. The Board determined that it would continue to monitor the appropriateness of the advisory fee and each sub-advisory
 fee for the Funds and concluded that, at this time, the fees to be paid to the Adviser and each Sub-Adviser were fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Economies of Scale. The Board also considered whether economies
 of scale were being realized by the Adviser that should be shared with shareholders. The Board further noted that the Adviser has contractually
 agreed to reduce its advisory fee or reimburse Fund expenses for each of the Funds so that the Fund does not exceed the specified expense
 cap. The Board noted that it would continue to monitor economies of scale in the future as circumstances changed and Fund asset levels
 increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The profits to be realized by the Adviser and its affiliates; Other
 Potential Benefits to the Adviser and Sub-Advisers from their Relationships with the Funds. The Board considered the information
 it received regarding the profitability of the Adviser from managing each of the Funds. The Board did not consider the profitability of
 the Sub-Advisers to be a material factor based on representations from the Adviser that it negotiated each of the sub-advisory fees on
 an arm's-length basis. Based on its review of the foregoing information, and in light of the nature, extent and quality of the services
 provided by the Adviser, the Board concluded that the profits realized by the Adviser from each Fund supported the renewal of the Advisory
 Agreement with respect to each Fund. The Trustees reviewed the Adviser's and each Sub-Adviser's financial information and
 took into account both the likely direct and indirect benefits to the Adviser and each Sub-Adviser from advising their respective Fund. In particular, the Trustees discussed and considered any fall-out benefits that
 the Adviser and the Sub-Advisers may receive from their Fund.

In determining the material factors to be considered in evaluating each of the Advisory Agreements for the applicable Funds and the weight to be given to such factors, the members of the Board relied upon their own business judgment. The Board did not consider any single factor as controlling in determining whether to approve the continuation of each of the Advisory Agreements or approval of the New Corbyn Sub-Advisory Agreement and each member of the Board may have placed varying emphasis on particular factors in reaching a conclusion. Moreover, this summary description does not necessarily identify all of the factors considered or conclusions reached by the Board. Based on its consideration of the foregoing factors and conclusions, and such other factors and conclusions as it deemed relevant, the Board unanimously approved the continuation of each Advisory Agreement for the applicable Fund or Funds for an additional one-year period and the approval of the New Corbyn Sub-Adviser Agreement for an initial two year term.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to open-end investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedure by which shareholders may recommend nominees to the Registrant's board of trustees.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President and Treasurer have reviewed the Registrant's disclosure controls and
 procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days
 of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange
 Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring
 that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known
 to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to
 materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | [Code of ethics that is subject to the disclosure of Item 2 above.](cf-efp23213_ex99code.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [A separate certifications for the Registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached as EX-99.CERT.](cf-efp23213_ex99cert.htm) |

---

(a)(4) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5) There was no change in the Registrant's independent public accounting firm during the period covered by the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [A certification of the Registrant's principal executive officer and principal financial officer, as required by 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, is attached as EX-99.906 CERT. The certification furnished pursuant to this paragraph is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.](cf-efp23213_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| |
|:---|
| (Registrant) **Total Fund Solution** |
| /s/ Stephen E. Baird |
| Stephen E. Baird |
| President, Principal Executive Officer |
| Date: <u>March 9, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| |
|:---|
| /s/ Stephen E. Baird |
| Stephen E. Baird |
| President, Principal Executive Officer |
| Date: <u>March 9, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
| /s/ Brian C. Nelson |
| Brian C. Nelson |
| Treasurer, Principal Financial Officer |
| Date: <u>March 9, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |

---

## Ex-99.Code

**EX-99.CODE OF ETHICS** 

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

**Cromwell Investment Advisors, LLC**

**Code of Ethics**

**Introduction and Things You Should Know**

This is the Code of Ethics (the "Code") of Cromwell Investment Advisors, LLC ("Cromwell" or, the "Company"). The Code includes the following sections:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Definitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fiduciary Duty Standards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Code of Ethics Compliance and Administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guidelines for Professional Standards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personal Trading Policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sanctions and Reporting Violations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Insider Trading Policies

Investment advisers are fiduciaries that owe their undivided loyalty to their clients. Investment advisers are trusted to represent clients' interests in many matters, and advisers must hold themselves to the highest standard of fairness in all such matters.

Rule 204A-1 under the Investment Advisers Act of 1940, as amended, requires each registered investment adviser to adopt and implement a written code of ethics that contains provisions regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adviser's fiduciary duty to its clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with all applicable Federal Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reporting and review of personal securities transactions and holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reporting of violations of the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delivery of the code to all Associated Persons.

Rule 17j-1 under the Investment Company Act of 1940, as amended, also requires certain persons to be subject to a code of ethics. Rule 17j-1 makes it unlawful for any affiliated person of a registered investment company or any affiliated person of its adviser or principal underwriter to engage in certain enumerated types of misconduct in connection with the purchase or sale by such person of a security held or to be acquired by the registered investment company.

If you have any doubt or uncertainty about what this Code requires or permits, you should ask the Chief Compliance Officer ("CCO"). Do not guess the answer.

The Company expects all Associated Persons to comply with the spirit of the Code, as well as the specific requirements contained in the Code.

The Company treats violations of this Code (including violations of the spirit of the Code) very seriously. If you violate either the letter or the spirit of this Code, the Company may take disciplinary measures against you, including, without limitation, imposing penalties or fines, reducing your compensation, demoting you, requiring unwinding of the trade, requiring disgorgement of trading gains, suspending or terminating your employment, or any combination of the foregoing.

Improper trading activity can constitute a violation of this Code. You can also violate this Code by failing to file required reports, or by making inaccurate or misleading reports or statements concerning trading activity or securities accounts. Your conduct can violate this Code even if no clients are harmed by your conduct.

Page 1 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

**Definitions**

These terms have special meanings as used in this Code of Ethics:

*Access Person* - An "Access Person" is a Supervised Person (as defined below) who has access to non-public information regarding any client's purchase or sale of securities, is involved in making securities recommendations to clients, or has access to such recommendations that are non-public. All of the Company's directors, officers, and partners are presumed to be Access Persons. The Company considers all of its employees Access Persons. Therefore, all employees are subject to the requirements of this Code of Ethics.

*Associated Person* - For the purposes of this Code, all Supervised Persons and Access Persons are collectively referred to as "Associated Persons."

*Beneficial Interest/Ownership* - Means any opportunity, directly or indirectly, to profit or share in the profit from any transaction in securities, including those owned by members of an Access Person's immediate family living in the Access Person's household (as defined below).

*CCO* - The Chief Compliance Officer or another person that has been designated to perform the functions of Chief Compliance Officer. For purposes of reviewing the Chief Compliance Officer's own transactions and reports under this Code, the functions of the Chief Compliance Officer are performed by another qualified individual and shall be clearly denoted in the Company's compliance files.

*Client* - Any person for whom, or entity for which, the Company serves as an investment adviser, renders investment advice, or makes any investment decisions for compensation is considered a client.

*Covered Account* - Means any account in which an Access Person has any direct or indirect Beneficial Ownership.

*Cromwell Funds –* Means the collective Registered Investment Companies that make up the Fund family.

*Federal Securities Laws* - Means the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the Sarbanes-Oxley Act of 2002, as amended, the Investment Company Act of 1940as amended, the Investment Advisers Act of 1940, as amended, title V of the Gramm-Leach-Bliley Act, as amended, any rules adopted by the Securities and Exchange Commission ("SEC") under any of these statutes, the Bank Secrecy Act as it applies to investment companies and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.

*Material Non-Public Information* - See sub-section "Insider Trading Policy" herein.

*Members of the Immediate Family/Household* - "Members of the Immediate Family/Household" include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a spouse or domestic partner (unless they do not live in the same household as
the Access Person and the Access Person does not contribute in any way to their support);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• children under the age of 18;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• children who are 18 or older (unless they do not live in the same household as
the Access Person and the Access Person does not contribute in any way to their support); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any of the people who live in the Access Person's household including stepchildren,
grandchildren, parents, stepparents, grandparents, brothers, sisters, in-laws, and adoptive relationships.

Page 2 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

*Non-Reportable Securities* - "Non-Reportable Securities:" include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term
debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issued by open-end investment companies registered in the U.S., none of which are advised or
underwritten by the Company or an affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interests in 529 college savings plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issued by unit investment trusts that are invested exclusively in unaffiliated mutual funds.

*Private Placement* – Also known as a "Limited Offering." An offering that is exempt from registration pursuant to sections 4(2) or 4(6) of the Securities Act of 1933, as amended, or pursuant to Rules 504, 505, or 506 of Regulation D.

*Reportable Securities* - Means all Securities (as defined below), except Non-Reportable Securities, in which an Access Person has Beneficial Ownership.

*RIC* – Registered Investment Company

*Security or Securities* - Means anything that is considered a "security" under the Investment Advisers Act of 1940, as amended. This is a very broad definition of security. It includes most kinds of investment instruments, including things that one might not ordinarily think of as "securities," such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exchange traded funds ("ETFs");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• closed-end funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• options on securities, on indexes and on currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investments in all kinds of limited partnerships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investments in foreign unit trusts and foreign mutual funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investments in private investment funds and hedge funds.

If there is any question or doubt about whether an investment is considered a security or a Reportable Security under this Code, ask the CCO.

*Supervised Person* - A "Supervised Person" is any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser. This may also include all temporary workers, consultants, independent contractors, and anyone else designated by the CCO. For purposes of the Code, such 'outside individuals' will generally only be included in the definition of a supervised person, if their duties include access to certain types of information, which would put them in a position of sufficient knowledge to necessitate their inclusion under the Code. The CCO shall make the final determination as to which of these are considered supervised persons.

**Fiduciary Duty Standards**

This Code of Ethics is based on the principle that the Company has a fiduciary duty to place the interests of clients ahead of the Company's interests. The Company must avoid activities, interests, and relationships that might interfere with making decisions in the best interests of the Company's clients.

Page 3 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

All Associated Persons will act with competence, dignity, integrity, and in an ethical manner, when dealing with clients, the public, prospects, third-party service providers and fellow Associated Persons.

The Company's Associated Persons designated as Access Persons shall comply with the Company's Code of Ethics.

We expect all Associated Persons to adhere to the highest standards with respect to any potential conflicts of interest with clients. As a fiduciary, the Company must act in its clients' best interests. Neither the Company, nor any Associated Person should ever benefit at the expense of any client. Associated Persons are required to notify the CCO promptly if you become aware of any practice that creates, or gives the appearance of, a material conflict of interest.

**Guidelines for Professional Standards**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At all times, all Associated Persons must comply with applicable Federal Securities
Laws and must reflect the professional standards expected of those engaged in the investment advisory business, and they shall act within
the spirit and the letter of the federal, state, and local laws and regulations pertaining to investment advisers and the general conduct
of business. These standards require all personnel to be judicious, accurate, objective, and reasonable in dealing with both clients and
other parties so that his or her personal integrity is unquestionable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Associated Persons are required to report any violation of the Code, by any
person, to the CCO, or other appropriate persons of the Company promptly. Such reports will be held in confidence to the extent practicable.
However, the Company remains responsible for satisfying the regulatory reporting and other obligations that may follow the reporting of
a potential violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associated Persons must place the interests of clients first. All Associated Persons
must scrupulously avoid serving his or her own personal interests ahead of the interests of the Company's clients. In addition,
Associated Persons must work diligently to ensure that no client is preferred over any other client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associated Persons must use good judgment in identifying and responding appropriately
to actual or apparent conflicts. Conflicts of interest that involve the Company and/or its Associated Persons on one hand and clients
on the other hand will generally be fully disclosed and/or resolved in a way that favors the interests of the clients over the interests
of the Company and its Associated Persons. If an Associated Person believes that a conflict of interest has not been identified or appropriately
addressed, that Associated Person should promptly bring the issue to the CCO's attention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Associated Person may serve on the board of directors of any publicly traded
company without prior written permission from the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associated Persons will not cause or attempt to cause any client to purchase, sell,
or hold any security in a manner calculated to create any personal benefit, or on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associated Persons must use reasonable care and exercise independent professional
judgment when conducting investment analysis, making investment recommendations, trading, promoting the Company's services, and
engaging in other professional activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associated Persons must conduct all personal securities transactions in full compliance
with this Code. Doubtful situations should be resolved in favor of clients and in cooperation with the CCO. Technical compliance with
the Code's provisions shall not automatically insulate from scrutiny any securities transactions or actions that could indicate
a violation of the Company's fiduciary duties.

Page 4 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personal transactions in securities by Access Persons must be transacted to avoid
even the appearance of a conflict of interest on the part of such personnel with the interests of the Company's clients in mind.
Likewise, Associated Persons must avoid actions or activities that allow (or appear to allow) a person to profit or benefit from his or
her position with the Company at the expense of clients, or that otherwise bring into question the person's judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associated Persons are subject to Insider Trading Policies adopted by the Company
to detect and prevent the misuse of Material Non-Public Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Associated Person shall communicate information known to be false to others
(including, but not limited to clients, prospective clients and other Associated Persons) with the intention of manipulating financial
markets for personal gain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associated Persons are prohibited from accepting compensation for services from
outside sources without the specific prior written permission of the CCO. (Outside Business Activity)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When any Associated Person faces a conflict or potential conflict between his
or her personal interest and the interests of clients, he or she is required to immediately report the conflict to the CCO for instructions
regarding how to proceed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associated Persons must treat recommendations and actions of the Company as confidential
and private matters. Accordingly, we have adopted a Privacy Policy to prohibit the transmission, distribution, or communication of any
information regarding securities transactions in client accounts or other non-public information, except to broker-dealers, other bona
fide service providers, or regulators in the ordinary course of business. In addition, no information obtained during the course of employment
regarding particular securities (including internal reports and recommendations) may be transmitted, distributed, or communicated to anyone
who is not affiliated with the Company, without the prior written approval of the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Associated Person shall intentionally sell to or purchase from a client any
security or other property without prior written authorization from the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Associated Person shall provide loans or receive loans from clients *.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Access Persons are forbidden to engage in the following prohibited conduct:

1) To employ any device, scheme, or artifice to defraud any client or Fund;

2) To make any untrue statement of a material fact to any client or Fund or omit to state a material fact necessary in order to make the statements made to the client or Fund, in light of circumstances under which they are made, not misleading;

3) To engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the client or Fund;

4) To engage in any manipulative practice with respect to the client or Fund;

5) To engage in the practice of trading on the basis of the anticipated market effect of trades for the accounts of investment advisory clients, which is known as "front-running" or "scalping," is a violation of the Federal securities laws;

6) Employees are prohibited from purchasing or redeeming shares of the Fund in violation of the trading policies and restrictions set forth in each Fund's prospectuses, including, but not limited to, the restrictions limiting the frequency of transfers into and out of a Fund that are designed to: (i) prevent so-called "market timing" and (ii) otherwise protect the interests of long term investors in the Fund.

**Code of Ethics Compliance and Administration**

The CCO administers the Code of Ethics. Each Sub-Adviser's CCO will certify compliance with their specific Code of Ethics for all employees working on Fund related matters to Cromwell's CCO on a

Page 5 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

quarterly basis. This shall include reporting of any violations of each respective Sub-Adviser's Code during the applicable reporting period. All questions regarding Cromwell's Code should be directed to Cromwell's CCO. You must cooperate to the fullest extent reasonably requested by the CCO to enable (i) the Company to comply with all applicable Federal Securities Laws; and (ii) the CCO to discharge duties under the Code of Ethics.

The CCO will maintain a list of all Access Persons (including any other persons treated as such under the Code) in an electronic format using the COMPLY Code of Ethics administration platform. COMPLY offers an internet-based platform for the automated administration of Code of Ethics requirements and the provisions of SEC Rule 17j-1. The CCO, or their designee, shall review the list and reaffirm that it is accurate and complete no less frequently than on an annual basis or more frequently as needed.

There are references to reports or certifications made through the COMPLY platform and Forms available herein that an Access Person must complete as directed by this Code.

Nothing herein shall prohibit or impede in any way an Associated Person or former Associated Person from reporting a possible securities law violation directly to the SEC or other regulatory authority. In addition, the Company will not retaliate in any way against an Associated Person or former Associated Person for providing information relating to a possible securities law violation to the SEC or other regulatory authority.

The Company's management will review the terms and provisions of this Code at least annually and make amendments as necessary. Any amendments will be distributed to all Associated Persons, and the Company shall require each Associated Person to provide in writing an acknowledgement of their receipt, understanding and acceptance of the change(s).

Associated Persons are generally expected to discuss any perceived risks or concerns about the Company's business practices with their direct supervisor. However, if an Associated Person is uncomfortable discussing an issue with their supervisor, or if they believe that an issue has not been appropriately addressed, the Associated Person should bring the matter to the CCO's attention, or if the supervisor is the CCO, then to the attention of a senior officer of the Company.

The Company will distribute a digital copy of the Company's Code of Ethics to each Associated Person upon the commencement of employment or engagement and upon any amendment to the Code of Ethics.

All Associated Persons must acknowledge that they have received, read, understand, and agree to comply with the Company's Code of Ethics by completing the Agreement to Abide by Code of Ethics, or the applicable form in COMPLY platform upon commencement of employment or engagement with the Company. All Associated Persons will be required to acknowledge in writing, or through the COMPLY platform receipt of any amendments made to this Code of Ethics.

The Company will, upon request, furnish clients with a digital copy of the Code of Ethics. All client requests for the Company's Code of Ethics should be directed to the CCO.

The CCO will maintain a copy of this Code of Ethics in the Company's files. Additionally, the CCO will review the Code of Ethics at least annually to ensure it remains appropriately aligned with the Company's advisory business.

Page 6 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

**Personal Trading Policies**

**Personal Securities Transactions**

Personal trading activity conducted by the Company's Access Persons should be executed in a manner consistent with our fiduciary obligations to our clients: trades should avoid actual improprieties, as well as the appearance of impropriety. Access Persons trades should not involve trading activity so excessive as to conflict with one's ability to fulfill daily job responsibilities or to otherwise violate anti-manipulative or insider trading regulations.

**Accounts Covered by the Code**

The Company's Code of Ethics applies to all Covered Accounts over which Access Persons have a Beneficial Interest, which typically includes accounts held by immediate family members sharing the same household. Immediate family members include children, stepchildren, grandchildren, parents, stepparents, grandparents, spouses, domestic partners, siblings, parents-in-law, and children-in-law, as well as adoptive relationships that meet the above criteria.

It may be possible for Access Persons to exclude accounts held personally or by immediate family members sharing the same household if the Access Person does not have any direct or indirect influence or control over the accounts. Access Persons should consult with the CCO before excluding any accounts held by immediate family members sharing the same household. These accounts may still require submission on an annual basis, though this will be addressed directly by the CCO and reported through the COMPLY platform.

The following policies and procedures apply to all securities owned or controlled by an Access Person, and any Covered Account. Any account in question should be addressed with the CCO immediately to determine if it is considered a Covered Account.

Improper trading activity can constitute a violation of this Code. Nevertheless, the Code can be violated by failing to file required reports, or by making inaccurate or misleading reports or statements concerning trading activity or securities accounts. Individual conduct can violate this Code even if no clients are harmed by such conduct. Violations of the Code, if any, are reported to the Fund's Board of Directors on a quarterly basis.

**Reportable Securities**

The Company requires Access Persons to provide periodic reports, or statements reflecting transactions and holdings in all Reportable Securities, which include the definition of Security (as defined above). Reportable Securities also include any securities of investment companies which are advised or underwritten by the Company or an affiliate, regardless of security type

**Reporting Requirements**

The Company must collect information regarding the personal trading activities and holdings of all Access Persons. Access Persons must promptly report to the Company the opening of any new Covered Accounts, submit quarterly reports regarding Reportable Securities transactions, and report Reportable Securities holdings on an annual basis. The Company has engaged COMPLY (software for statement tracking, among other tasks) to facilitate an Access Persons reporting requirements. Electronic broker dealer feeds will be established for all eligible accounts to provide personal trading transactions to automatically feed into the COMPLY platform. For those accounts that are not eligible for electronic broker dealer feeds, Access Persons may submit account or brokerage statements in lieu of the reporting of transactions.

Page 7 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

The CCO will make all required records of personal transactions in Reportable Securities available to the required regulatory authority, promptly upon request. These include statements for all accounts for personal securities transactions, or transaction history reviewed where appropriate.

All Access Persons must file reports or complete certifications as described below, even if there are no holdings, transactions, or accounts to list. The Company may rely on brokerage statements to the extent such statements are made accessible to the CCO or provided through the COMPLY platform. Copies of the reporting forms are included at the end of the Code or can be obtained from the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Initial Holdings Reporting/Certification

No later than 10 calendar days after an Associated Person is designated an Access Person (or within 10 days of the adoption of this Code if the Associated Person was already an Access Person at the time of its adoption), the Access Person must submit a report to document their initial holdings through the COMPLY platform, which is accessible to the CCO, or their designee. The information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person. In the event an Access Person cannot submit an Initial Holdings report electronically via the COMPLY platform, such report may be delivered to the CCO, in hard copy format and will then be up-loaded to the COMPLY platform. A copy of the Initial Holdings Report is included at the end of the Code or can be obtained from the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annual Holdings Reporting/Certification

By January 31 (or the designated certification date in the software) of each year, each Access Person must file an *Annual Personal Securities Holdings Report* through the COMPLY platform, which is accessible to the CCO to certify (and provide evidence) of all transaction activity for the prior calendar year.

*<u>Content Requirements for Initial and Annual Holdings Reports</u>*

 

Each holdings report (initial, quarterly and annual) must contain at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of any broker, dealer or bank with which the access person maintains an
account in which **any securities (including securities that are <u>not</u> Reportable Securities)** are held for the Access Person's
direct or indirect benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title and type of security, and as applicable the exchange ticker symbol or
CUSIP number, number of shares, and principal amount of each Reportable Security in which the access person has any direct or indirect
beneficial ownership; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date the Access Person submits the report and the date the account was established,
if available.

All information contained in the holding report must be current and no more than 45 days prior to the date the report is submitted. If there are no holdings to report, this should be indicated on the relevant holdings report or certification*.* In the event an Access Person cannot submit an Annual Holdings report electronically via the COMPLY platform, such report may be delivered to the CCO in hard copy form and will then be uploaded to the COMPLY platform. A copy of the Annual Holdings Report is included at the end of the Code.

Page 8 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Quarterly Transaction Reporting/Certification

No later than 30 calendar days following the end of March, June, September, and December, each quarter, every Access Person must file a Quarterly Certification within the COMPLY platform, which is accessible to the CCO or make arrangements to provide the material in hard copy, and/or upload it into the COMPLY software.

The *Quarterly Report of Personal Securities Transactions* form included in this manual requires each Access Person to list all transactions in Reportable Securities during the most recent calendar quarter in which the Access Person had Beneficial Ownership. If necessary, this could be used in lieu of certifications with the COMPLY platform. The Access Person will be required to either confirm their transactions within the COMPLY platform or upload statements if the detail is not able to directly feed into the system.

*<u>Content Requirements for Quarterly Transactions Reports</u>*

 

Each transaction report (electronic feed to COMPLY platform or uploaded statement) must contain, at a minimum, the following information about each transaction in which the access person had, or as a result of the transaction acquired, any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the broker, dealer or bank with or through which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number,
interest rate and maturity date, number of shares, and principal amount of each reportable security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price of the security at which the transaction was affected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date the access person submits the report and the date the account was established, if available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Details regarding any accounts opened or closed during the quarter, reflecting all the above information.

The quarterly transaction reporting requirement may be satisfied (as indicated above) by instructing the Access Person to upload brokerage account statements for the Covered Accounts, or by electronic broker dealer feeds sent directly into the COMPLY platform, provided **all required information is included in the report** and the confirmations or statements contain all necessary activity in reportable securities not later than 30 days after the close of the calendar quarter in which the transaction(s) took place.

If Access Persons did not have any transactions, or account openings or closings to report, this should be indicated/certified in the COMPLY platform, or on the *Quarterly Report of Personal Securities Transactions* form if the platform is unavailable. All certifications of quarterly account activity must be submitted to the CCO within 30 days of the end of each calendar quarter, which can be satisfied by the COMPLY platform.

**Exceptions from Reporting Requirements**

There are limited exceptions from certain reporting requirements. Specifically, Access Persons are not required to submit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• quarterly reports for any transactions effected pursuant to an automatic investment plan or employer
sponsored 401(k) retirement accounts. However, any transaction that overrides the pre-set schedule or allocations of
the automatic investment plan must be included in a quarterly transaction report; or

Page 9 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any reports with respect to Reportable Securities held in accounts over which the
Access Person had no direct or indirect influence or control, such as a blind trust, wherein the Access Person has no knowledge of the
specific management actions taken by the trustee and no right to intervene in the trustee's management.

Any investment plans or accounts for which an Access Person claims an exception based on "no direct or indirect influence or control" (as defined in the next paragraph) must be brought to the attention of the CCO who will, on a case-by-case basis, determine whether the plan or account qualifies for an exception and make record of such determination. Unless and until such exception is granted, all applicable reporting requirements shall apply.

"No direct or indirect influence or control" with respect to an account shall mean that the Access Person has 1) no knowledge of the specific management actions taken by the trustee or third party manager; 2) no right to intervene in the management of the account by the trustee or third party manager; 3) no discussions with the trustee or third party manager concerning account holdings which could reflect control or influence; and 4) no discussions with the trustee or third party manager wherein the Access Person provides investment directions or suggestions.

In deciding whether the Access Person has direct or indirect influence or control, the CCO will ask for information about the Access Person's relationship with the party responsible for making the investment decisions regarding the account (i.e., independent professional versus friend or relative; unaffiliated versus affiliated firm).

The Company requires that all Access Persons seeking a reporting exception for an account based on "no direct or indirect influence or control" submit such a request in writing to the CCO initially when the exception is first sought, and no less than annually thereafter confirm in writing that the exception still applies.

The CCO may periodically request information or a certification from a party responsible for managing the account and may also periodically request reporting on the account to identify transactions that would have been prohibited pursuant to this Code of Ethics, absent the exception granted.

**Review and Recordkeeping**

The CCO shall review personal trading reports, statements or transaction history (within the COMPLY platform) for all Access Persons no less than quarterly and will otherwise take reasonable steps to monitor compliance with, and enforce this Code of Ethics. Evidence of the reviews shall be maintained in the Company's files, or within the COMPLY platform.

The Company reserves the right to require the Access Person to reverse, cancel, or freeze, at the Access Person's expense, any transaction or position in a specific security if the Company believes the transaction or position violates its policies or appears improper. The Company will keep all such information confidential except as required to enforce this policy or to participate in any investigation concerning violations of applicable law.

Page 10 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

The Company's Code of Ethics is designed to mitigate material conflicts of interest associated with Access Persons' personal trading activities. Accordingly, the CCO, or their designee, monitors Access Persons' trading to detect potential issues including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading in securities appearing on the Restricted List;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading activities in Reportable Securities that do not correspond to pre-clearance approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• frequent short-term trades detrimental to their work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• front-running and other trading in conflict with client interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading that appears to be based on Material Non-Public Information.

The CCO will review reports and certifications submitted pursuant to the Code of Ethics for potential behavior issues. The CCO's trades are reviewed by the Chief Executive Officer ("CEO"), or the Chief Operations Officer ("COO") or other party deemed appropriate. Upon review, the reviewer will make notes to document any notable activity, which may be kept in the COMPLY platform or in hard copy format in the Company's files. Personal trading that appears problematic may result in further inquiry.

**Timing of Personal Transactions**

If the Company is purchasing/selling or considering for purchase/sale any Reportable Security on behalf of a client account, no Access Person with knowledge of such Company purchase/sale may effect a transaction in that Reportable Security prior to the client purchase/sale having been completed by the Company, or until a decision has been made not to purchase/sell the Reportable Security on behalf of the client account and in accordance with the Company's pre-clearance policy, if any.

**Case-by-Case Exemptions**

Because no written policy can provide for every possible contingency, the CCO may consider granting additional exemptions from the prohibitions on trading on a case-by-case basis. Any request for such consideration must be submitted by the Access Person in writing to the CCO. Exceptions will only be granted in those cases in which the CCO determines that granting the request will create no actual, potential, or apparent conflict of interest.

**Pre-Clearance**

Access Persons are prohibited from engaging in any transaction in a Reportable Security in any account in which the Access Person has any Beneficial Ownership unless the Access Person obtains the CCO's written pre-clearance, or approval through the COMPLY platform in advance of the transaction. (For the CCO' s personal trades, the CCO must first obtain written pre-clearance or approval through the COMPLY platform from the CEO, COO, or other appropriate party.)

This pre-clearance requirement includes especially, but is not limited to, acquisition or participation in an initial public offering and purchase or sale of a security obtained through a private placement. In addition, if an Associated Person who owns a security in a private company knows that the company is about to engage in an IPO, he or she must disclose this information to the CCO.

Pre-clearance is obtained by first submitting a pre-clearance request through the COMPLY platform. In the event an Access Person cannot submit a Personal Securities Trading Request electronically via the COMPLY platform, such report may be delivered to the CCO in hard copy format and will then be up-loaded to the COMPLY platform. A copy of the Personal Securities Trading Request form is included at the end of the Code.

NOTE: *Purchase and Sales of individual securities are limited to listed securities and subject to a $1,000 minimum. Options require $250 purchase minimum and must be held for 30-days.*

Page 11 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

If pre-clearance is obtained for a non-IPO or non-private-placement transaction, the approval is valid for the day on which it is granted and the immediately following business day. The CCO may revoke a pre-clearance any time after it is granted and before the transaction is executed. The CCO may deny or revoke pre-clearance for any reason.

If pre-clearance is obtained for an IPO or private placement investment, the Access Person shall act promptly, taking the necessary steps to effectuate the transaction. The CCO may revoke such a pre-clearance any time up until the Access Person has made a firm commitment to invest.

The Company or its Employees may receive information that may be deemed to be Material Non-Public Information. Consequently, the Company may choose to restrict personal trading in the security of a company or issuer by placing the company or issuer on the Restricted List. Refer to the Company's Insider Trading Policy in this Code for further information and requirements.

**Prohibited Trading Practices**

**Short-Term Trading**

An Associated Person is generally prohibited from realizing a profit from the purchase and sale or sale and purchase of the same Reportable Security, within a period of thirty (30) days. It is recognized that short-term trading is not necessarily indicative of whether an individual is trading on inside information. Accordingly, an Associated Person may apply to the CCO for a waiver from this provision, which may be granted if the CCO reasonably believes that the Associated Person will suffer undue hardship as a result of not being permitted to complete the trade and that the trade does not violate the principles of this Code.

The CCO shall make and retain a record of all waivers granted (including any waivers granted by the CCO's or the Company President's designee under this provision, including a summary of the reasons for granting the waiver.

**Short Sales**

An Associated Person is prohibited from effecting short sales or acquiring short positions in any Security Held by the Fund or other client.

**Blackout Periods**

An Associated Person shall not Purchase or Sell, directly or indirectly, any Reportable Security within five (5) days after the time that the same Reportable Security is Purchased or Sold by the Fund or Company client; or (b) at any time when he or she has actual knowledge that the same Reportable Security is being Purchased or Sold, or recommended or considered for Purchase or Sale, by the Fund or Company client until five (5) days after the client's Purchase or Sale transaction in such Reportable Security has been completed or the Reportable Security is no longer being recommended or considered for Purchase or Sale by the Fund or Company client.

An Associated Person may apply to the CCO, or their designee, for a waiver from this provision, which shall be granted if the CCO or their designee reasonably believes that the Associated Person will suffer undue hardship as a result of not being permitted to do the trade and that the trade does not violate the principles of this Code. The CCO shall make and keep a record of all waivers granted under this provision, including a summary of the reasons for granting the waiver**.**

Page 12 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

**Sanctions and Reporting Violations of the Code**

**Disciplinary Responses**

All disciplinary responses to violations of the Code shall be administered by the CCO, subject to approval by the CEO of the Company. Determinations regarding appropriate disciplinary responses will be administered on a case-by-case basis.

Violations of this Code of Ethics, or the other policies and procedures set forth in the Compliance Manual, may warrant sanctions including, without limitation, requiring that personal trades be reversed, requiring the disgorgement of profits or gifts, issuing a letter of caution or warning, suspending personal trading rights, imposing a fine, suspending employment (with or without compensation), making a civil referral to the SEC, making a criminal referral, terminating employment for cause, and/or a combination of the foregoing. Violations may also subject an Associated Person to civil, regulatory or criminal sanctions. No Associated Person will determine whether he or she committed a violation of the Code of Ethics or impose any sanction against himself or herself. All sanctions and other actions taken will be in accordance with applicable employment laws and regulations.

Associated Persons must promptly report any suspected violations of the Code of Ethics to the CCO. To the extent practicable, the Company will protect the identity of an Associated Person who reports a suspected violation. However, the Company remains responsible for satisfying the regulatory reporting and other obligations that may follow the reporting of a potential violation. The CCO shall be responsible for ensuring a thorough investigation of all suspected violations of the Code and shall maintain a report of all violations. Retaliation against any Associated Person who reports a violation of the Code of Ethics is strictly prohibited and will be cause for corrective action, up to and including dismissal.

**Insider Trading Policy**

**Background**

Section 204A of the Investment Advisers Act of 1940, as amended, requires every investment adviser to establish, maintain, and enforce written policies and procedures reasonably designed, taking into consideration the nature of such investment adviser's business, to prevent the misuse of Material Non-Public Information by such investment adviser or any associated person. Federal Securities Laws have been interpreted to prohibit, among other things, the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading by an insider while in possession of Material Non-Public Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading by a non-insider while in possession of Material Non-Public Information, where the information
was disclosed to the non-insider in violation of an insider's duty to keep it confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading by a non-insider who obtained Material Non-Public Information through unlawful means such as
computer hacking;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• communicating Material Non-Public Information to others in breach of a fiduciary duty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading or tipping Material Non-Public Information regarding an unannounced tender offer.

**Definitions**

**Material Information.** "Material Information" generally includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any information that a reasonable investor would likely consider important in making his or her investment
decision; or

Page 13 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any information that is reasonably certain to have a substantial effect on the price of a company's
securities.

Examples of material information include the following: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems and extraordinary management developments.

Information provided by a company could be material because of its expected effect on a particular class of securities, all of a company's securities, the securities of another company, or the securities of several companies. The prohibition against misusing Material Non-Public Information applies to all types of financial instruments including, but not limited to, stocks, bonds, warrants, options, futures, forwards, swaps, commercial paper, and government-issued securities. Material Information need not relate to a company's business. For example, information about the contents of an upcoming newspaper column may affect the price of a security and therefore be considered material.

**Non-Public Information.** Information is "non-public" until it has been effectively communicated to the market and the market has had time to "absorb" the information. For example, information found in a report filed with the SEC, or appearing in Dow Jones, Reuters Economic Services, The Wall Street Journal, or other publications of general circulation would be considered public.

Once information has been effectively distributed to the investing public, it is no longer non-public. However, the distribution of Material Non-Public Information must occur through commonly recognized channels for the classification to change. In addition, there must be adequate time for the public to receive and digest the information. Non-public Information does not change to public information solely by selective dissemination. Examples of the ways in which non-public information might be transmitted include, but are not limited to in person, in writing, by telephone, during a presentation, by email, instant messaging, text message, or through social networking sites.

Associated Persons must be aware that even where there is no expectation of confidentiality, a person may become an insider upon receiving Material Non-Public Information.

**Policies and Procedures**

The purpose of these policies and procedures (the "Insider Trading Policies") is to educate our Associated Persons regarding insider trading, and to detect and prevent insider trading by any person associated with the Company. The term "insider trading" is not defined in the securities laws, but generally, it refers to the use of Material Non-Public Information to trade in securities or the communication of Material Non-Public Information to others.

**Prohibited Use or Disclosure of Material Non-Public Information**

Associated Persons are strictly forbidden from engaging in trading utilizing Material Non-Public Information, either personally or on behalf of the Company or its clients.

In certain situations, depending on facts and circumstances, Material Non-Public Information may also be received subject to a confidentiality agreement. The CCO must approve all written confidentiality agreements relating to the receipt of Material Non-Public Information. Any disclosure or use of Material Non-Public Information in violation of such an agreement is prohibited.

Associated Persons may disclose Material Non-Public Information only to the Company Associated Persons and outside parties who have a valid business reason for receiving the information, and only in accordance with any confidentiality agreement or information barriers that apply.

Page 14 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

**Selective Disclosure**

Non-public Information about the Company's investment strategies may not be shared with third parties except as is necessary to implement investment decisions and conduct other legitimate business. The dissemination of such information may be a violation of the fiduciary duty that the Company owes to its clients.

**Receipt of Information**

In certain instances, Associated Persons of the Company may receive information that may be deemed to be Material Non-Public Information. To the extent possible, Associated Persons should inform the CCO prior to accessing such information. In all cases, Associated Persons should immediately discuss with the CCO if they have or believe they have received Material Non-Public Information.

Certain Associated Persons may have access to Material Non-Public Information as part of their regular job responsibilities or may be specifically authorized by the CCO to receive Material Non-Public Information. Individuals who act as CCO, CEO and COO will generally be authorized to receive Material Non-Public Information. These Associated Persons must notify the CCO immediately after receiving Material Non-Public Information.

If Associated Persons have questions as to whether they are in possession of Material Non-Public Information, they should contact the CCO immediately. The CCO will conduct research to determine if the information is likely to be considered material, and whether the information has been publicly disseminated. The CCO may also consult legal counsel.

Upon knowledge that any persons associated with the Company may have received unauthorized Material Non-Public Information, the CCO will take immediate action to investigate the matter thoroughly. Where an Associated Person may have received Material Non-Public Information, the CCO will determine what precautions may be appropriate to protect the improper dissemination or use of the information. The CCO will communicate restriction requirements to all Associated Persons in writing immediately after determining the need for such additional measures. The CCO will document nonoccurrence no less than quarterly.

**Relationships with Potential Insiders**

The concept of "insider" is broad and includes all persons associated with a company. In addition, any person may be a temporary insider if she/he enters into a special, confidential relationship with a company in the conduct of a company's affairs and as a result has access to information solely for the company's purposes. Any person associated with the Company may become a temporary insider for a client it advises or for which it performs other services. Temporary insiders may also include the following: a company's attorneys, accountants, consultants, bank-lending officers and the Associated Persons of such organizations.

Third parties with whom the Company has a relationship, such as the Company's analyst or researcher, may possess Material Non-Public Information. Access to such information could come as a result of, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• being employed or previously employed by an issuer (or sitting on the issuer's board of directors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• working for an investment bank, consulting firm, supplier, or customer of an issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sitting on an issuer's creditors committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• personal relationships with connected individuals; and

Page 15 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a spouse's involvement in any of the preceding activities.

An Associated Person may become a temporary insider for a company he or she advises.

Individuals associated with a third party who have access to Material Non-Public Information may have an incentive to disclose the information to the Company due to the potential for personal gain. Associated Persons should be extremely cautious about investment recommendations, or information about issuers that they receive from third parties. Associated Persons should inquire about the basis for any such recommendations or information and should consult with the CCO if there is any appearance that the recommendations or information are based on Material Non-Public Information.

**Rumors**

Creating or passing rumors with the intent to manipulate securities prices or markets may violate the anti-fraud provisions of Federal Securities Laws. Such conduct is contradictory to the Company's Code of Ethics, as well as the Company's expectations regarding appropriate behavior of its Associated Persons. Associated Persons are prohibited from knowingly circulating rumors or sensational information with the intent to manipulate securities or markets.

This policy is not intended to discourage or prohibit appropriate communications between Associated Persons of the Company and other market participants and trading counter parties.

Consult with the CCO if you have questions about the appropriateness of any communications.

**Responsibility**

Associated Persons should consult with the CCO if there is any question as to whether Non-public Information is Material Information.

**Restricted List**

If the CCO believes that an Associated Person may have Material Non-Public Information regarding a specific company or issuer or that trading in a specific company or issuer may present a conflict of interest to the Company or its clients, the CCO may restrict Associated Persons' trading. Associated Persons must receive pre-clearance (per the procedure outlined earlier herein) prior to transacting in a security or issuer - by submitting a written request to the CCO.

**Penalties for Insider Trading**

The legal consequences for trading on or communicating Material Non-Public Information are severe, both for individuals involved in such unlawful conduct and their employers. A person can be subject to some or all of the penalties below even if he/she does not personally benefit from the violation. Penalties may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• civil injunctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• jail sentences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• revocation of applicable securities-related registrations and licenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fines for the person who committed the violation of up to three times the profit gained or loss avoided,
whether or not the person actually benefited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fines for the Associated Person or other controlling person of up to the greater of $1,000,000 or three
times the amount of the profit gained or loss avoided.

Page 16 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

**Gifts and Entertainment**

**Policies and Procedures**

Associated Persons must consult with the CCO if there is any question as to whether gifts or entertainment need to be pre-cleared and/or reported in connection with this Policy.

**Gift Giving Policy**

The Company's Associated Persons are prohibited from giving gifts that may appear lavish or excessive and must receive written approval from the CCO prior to giving a gift valued in excess of $100 to any client, prospect, individual, or entity with whom the Company does, or is seeking to do, business. Associated Persons should report the required details through the COMPLY platform or use the *Gifts and Entertainment Reporting Form* for review and approval by the CCO. If a hard copy of the Form is used, the information will be uploaded into the COMPLY platform. Associated Persons are prohibited from giving a cash payment of any kind or a gift of more than nominal value to a person for soliciting or referring clients or potential clients unless specifically permitted under the Company's *Cash Payment for Client Solicitation Policy*.

**Entertainment Policy**

The Company's Associated Persons are prohibited from gifting entertainment that may appear lavish or excessive and must receive written approval from the CCO prior to gifting entertainment valued in excess of $100 to any client, prospect, individual, or entity with whom the Company does, or is seeking to do, business. Associated Persons should report the required details through the COMPLY platform or use the *Gifts and Entertainment Reporting Form* to meet the requirements of this Policy, for review and approval by the CCO. If a hard copy of the Form is used, the information will be uploaded into the COMPLY platform.

*These policies are not intended to prohibit normal business entertainment.*

 

**Associated Persons' Receipt of Gifts**

On occasion, Associated Persons may be offered, or may receive without notice, gifts from clients, brokers, vendors, or other persons. Associated Persons are prohibited from accepting gifts that may appear lavish or excessive and must promptly report the receipt of gifts valued in excess of $100 to the CCO.

Use the *Gifts and Entertainment Reporting Form* or report the required details through the COMPLY platform for review and approval by the CCO to meet the requirements of this Policy. Gifts such as gift baskets or lunches delivered to the Company's offices, which are received on behalf of the Company, do not require reporting. If a hard copy of the Form is used, the information will be uploaded into the COMPLY platform.

**Associated Persons' Receipt of Entertainment**

Associated Persons are prohibited from accepting entertainment that may appear lavish or excessive and must promptly report the receipt of entertainment valued in excess of $100 to the CCO. Use the *Gifts and Entertainment Reporting Form* or report the required details through the COMPLY platform for review and approval by the CCO to meet the requirements of this Policy.

Page 17 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

**Gifts and Entertainment Given to Union Officials**

Any gift or entertainment provided by the Company to a labor union or a union official in excess of $250 per fiscal year must be reported on Department Labor Form LM-10 within 90 days following the end of the Company's fiscal year. Consequently, all gifts and entertainment provided to labor unions or union officials must be reported to the CCO on the *Gifts and Entertainment Reporting Form* or report the required details through the COMPLY platform for review and approval by the CCO.

**Gifts and Entertainment Given to Foreign Governments and "Government Instrumentalities"**

The Foreign Corrupt Practices Act ("FCPA") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "instrumentality" of a foreign government. Companies that are owned, even partly, by a foreign government may be considered an "instrumentality" of that government. In particular, government investments in foreign financial institutions may make the FCPA applicable to those institutions. Individuals acting in an official capacity on behalf of a foreign government, or a foreign political party may also be "instrumentalities" of a foreign government.

Associated Persons must use the *Gifts and Entertainment Reporting Form* to disclose all gifts and entertainment or report the required details through the COMPLY platform for review that may be subject to the FCPA, irrespective of value and including food and beverages provided during a legitimate business meeting. If a hard copy of the Form is used, the information will be uploaded into the COMPLY platform.

*Revised August 2025*

Page 18 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

**Agreement to Abide by Code of Ethics**

*(May also be submitted in COMPLY platform for tracking/approval purposes)*

 

**Cromwell Investment Advisors, LLC**

This agreement is entered into by and between Cromwell Investment Advisors, LLC (the "Company") and the Associated Person whose name and signature is represented below.

By signing this agreement, I acknowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I have received a copy of the Company's Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I have read and understand the information contained in the Code of Ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I will abide by the Code of Ethics and any subsequent amendments thereto.

To comply with the Company's Personal Trading Policies and the Code of Ethics, I further certify that I have directed each broker with whom I have a Covered Account containing Reportable Securities and to send to the Company's designated CCO duplicate copies of all periodic statements relating to my accounts or have otherwise complied with the reporting requirements of the Company's Personal Trading Policies and Code of Ethics.

To meet the disclosure requirements of pertinent securities laws, rules and regulations, I further certify that I will disclose all legal and disciplinary events for which I am, or have been personally involved, including information regarding any actions or fines by any self-regulatory organization.

Print Name:<u> </u>

Signature:<u> </u>

Date:<u> </u>

Page 19 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

**Personal Securities Trading Request Form**

*(May also be submitted in COMPLY platform for tracking/approval purposes)*

 

**Cromwell Investment Advisors, LLC**

Name:<u> </u>

Details of Proposed Transaction:

---

| | |
|:---|:---|
| | Purchase/Sale<br> *(Circle One)* |
| Date of Transaction | |
| Indicate Name of Issuer and Symbol | |
| Type of Security (e.g., Note, Common Stock, Preferred Stock) | |
| Quantity of Shares or Units | |
| Price Per Share/Unit | |
| Approximate Dollar Amount | |
| Account for Which Transaction will be Made | |
| Name of Broker | |

---

NOTE: *Purchases and Sales of individual securities are limited to listed securities and subject to a $1,000 minimum. Options require $250 purchase minimum and must be held for 30-days..*

Date of Request<u> </u>

You ____ *may /<u> </u> may not* execute the proposed transaction described above. <br>

Authorized Signature:<u> </u>

Date of Response:<u> </u>

Page 20 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

**Initial Personal Securities Holdings Report**

*(May also be submitted in COMPLY platform for tracking/approval purposes)*

 

**Cromwell Investment Advisors, LLC**

(Page 1 of 2)

To: CCO, Cromwell Investment Advisors, LLC

From:<u> </u>

(Access Person - Please Print)

**NOTE: IN LIEU OF THE REPORTING FORM, DUPLICATE COPIES OF BROKERAGE STATEMENTS MAY BE SUBMITTED PROVIDED THE STATEMENTS INCLUDE THE INFORMATION REQUIRED BELOW.**

Re: Initial Personal Securities Holdings Report:

As of _____________, 20______, I hold the following Reportable Securities:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date of Transaction** | <br> **Security Title\*** | **Type of Transaction (Purchase/**<br> **Sale/Other)** | <br> **Type of Security** | <br> **Ticker/ CUSIP** | <br> **# of Shares** | <br> **Principal Amount** | <br> **Price** | <br> **Name of Broker-Dealer** |

---

\*Include interest rate and maturity date, if applicable.

Use additional sheet(s), if necessary.

Page 21 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

Initial Personal Securities Holdings Report (*continued)*

*(May also be submitted in COMPLY platform for tracking/approval purposes)*

(Page 2 of 2)

________ The following broker-dealer, bank, or other custodian holds accounts invested in Non-Reportable Securities in which I have Beneficial Ownership.

---

| | | |
|:---|:---|:---|
| **Name of Broker, Dealer, or Bank** | **Account Title** | **Account Number** |

---

Use additional sheet(s), if necessary.

______ As of __________________, 20_____, I do not have any direct or indirect Beneficial Ownership in any account containing any securities. However, I agree to promptly notify the designated CCO, if any such account is opened, so long as I am an Access Person with Cromwell Investment Advisors, LLC.

Signed:   Date:  

Report reviewed by:   Date:  

Page 22 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

**Quarterly Report of Personal Securities Transactions**

*(May also be submitted in COMPLY platform for tracking/approval purposes)*

 

(Page 1 of 2)

**To: CCO, Cromwell Investment Advisors, LLC**

From:<u> </u>

(Access Person - Please Print)

**NOTE: IN LIEU OF THE REPORTING FORM, DUPLICATE COPIES OF BROKERAGE STATEMENTS MAY BE SUBMITTED PROVIDED THE STATEMENTS INCLUDE THE INFORMATION REQUIRED BELOW.**

Re: Quarterly Report of Personal Securities Transactions, as amended:

During the quarter ending<u> </u>, I have purchased, sold, or have otherwise obtained Beneficial Ownership in the following securities:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date of Transaction** | <br> **Security Title\*** | **Type of Transaction (Purchase/**<br> **Sale/Other)** | <br> **Type of Security** | <br> **Ticker/ CUSIP** | <br> **# of Shares** | <br> **Principal Amount** | <br> **Price** | <br> **Name of Broker-Dealer** |

---

\*Include interest rate and maturity date, if applicable.

Use additional sheet(s), if necessary.

Page 23 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

Quarterly Report of Personal Securities Transactions (*continued*)

*(May also be submitted in COMPLY platform for tracking/approval purposes)*

 

(Page 2 of 2)

________ During the above period, I have not purchased or sold any Reportable Securities in which I have direct or indirect Beneficial Ownership.

________ During the above period, I have disclosed to the Company all new accounts in which I have direct or indirect Beneficial Ownership.

________ I do not currently have any Beneficial Ownership in any Covered Accounts. However, I agree to promptly notify Cromwell Investment Advisors, LLC, if I obtain Beneficial Ownership in any account, so long as I am an Access Person of Cromwell Investment Advisors, LLC.

Signed:   Date:  

Report reviewed by:   Date:  

Page 24 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

**Annual Certification of Compliance**

*(May also be submitted in COMPLY platform for tracking/approval purposes)*

 

**Cromwell Investment Advisors, LLC**

**With The Personal Securities Transactions Disclosure Requirements**

**And Code of Ethics For Cromwell Investment Advisors, LLC**

In accordance with the policies and procedures regarding Personal Securities Transactions and the Code of Ethics for Cromwell Investment Advisors, LLC, I certify that as of :

________ I have reported all Reportable Securities holdings in which I have Beneficial Ownership.

________ I have obtained pre-clearance for all Covered Securities transactions in which I have Beneficial Ownership, except for transactions that are exempt from pre-clearance or those for which I have received a written exception from the CCO.

________ I have reported all Reportable Securities transactions in which I have Beneficial Ownership, except for transactions, which are exempt from reporting, or for which I have received a written exception from the CCO.

________ I have complied with the Code of Ethics in all other respects.

Print Name: _______________________

Signature: ________________________

Dated: ___________________________

Page 25 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

**Annual Personal Securities Holdings Report**

*(May also be submitted in COMPLY platform for tracking/approval purposes)*

 

(Page 1 of 2)

**To: CCO, Cromwell Investment Advisors, LLC**

From:<u> </u>

(Access Person - Please Print)

**NOTE: IN LIEU OF THE REPORTING FORM, DUPLICATE COPIES OF BROKERAGE STATEMENTS MAY BE SUBMITTED PROVIDED THE STATEMENTS INCLUDE THE INFORMATION REQUIRED BELOW.**

Re: Annual Personal Securities Holdings Report:

As of, _________, 20___, I hold the following Reportable Securities

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security Title\*** | **Type of Security** | **Ticker/CUSIP** | **# of Shares** | **Principal Amount** | **Name of Broker-Dealer** |

---

\*Include interest rate and maturity date, if applicable.

Use additional sheet(s), if necessary.

Page 26 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

Annual Personal Securities Holdings Report (*continued*)

*(May also be submitted in COMPLY platform for tracking/approval purposes)*

 

(Page 2 of 2)

________ The following broker-dealer, bank, or other custodian holds accounts invested in Non-Reportable Securities in which I have Beneficial Ownership.

---

| | | |
|:---|:---|:---|
| **Name of Broker, Dealer, or Bank** | **Account Title** | **Account Number** |

---

Use additional sheet(s), if necessary

________ As of _________, 20____, I do not have any direct or indirect Beneficial Ownership in any account containing any securities. However, I agree to promptly notify the designated CCO, if any such account is opened, so long as I am an Associated Person with Cromwell Investment Advisors, LLC.

Signed:   Date:  

Report reviewed by:   Date:  

Page 27 of 28

*Cromwell Investment Advisors, LLC* 

*Code of Ethics – August 2025*

**Gifts and Entertainment Reporting Form**

*(May also be submitted in COMPLY platform for tracking/approval purposes)*

 

I gave / received a gift / entertainment. (circle as applicable)

Describe the gift or entertainment:

Approximate cost or value (whichever is higher):

Third-party giver or recipient:

Describe any known relationship between the third-party giver or recipient and any public issuer or government entity:

Describe the relationship between the third party and yourself and/or the Company.

If known, describe the reason that the gift or entertainment was given or received:

List any other gifts or entertainment given by, or received from, the third party within the past 12 months, along with their approximate cost or value.

Is the recipient a union official or otherwise associated with a Taft-Hartley Fund? Yes / No

Signature Date

Print Name

**Reviewer Use Only**

_______ Approved _______________ Not Approved

---

| |
|:---|
| Reviewed by: |
| Title: |
| Date: |

---

Additional Notes (if needed):

Page 28 of 28

## Ex-99.Cert

**EX-99.CERT**

**Certification**

I, Stephen E. Baird, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Total Fund Solution;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>March 9, 2026</u> | /s/ Stephen E. Baird |
|  | Stephen E. Baird |
|  | President, Principal Executive Officer |

---

**Certification**

I, Brian C. Nelson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Total Fund Solution;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>March 9, 2026</u> | /s/ Brian C. Nelson |
|  | Brian C. Nelson |
|  | Treasurer, Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906 CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Total Fund Solution, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of Total Fund Solution for the period ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of Total Fund Solution for the stated period.

---

| | |
|:---|:---|
| /s/ Stephen E. Baird | /s/ Brian C. Nelson |
| Stephen E. Baird | Brian C. Nelson |
| President, Principal Executive Officer<br> Total Fund Solution | Treasurer, Principal Financial Officer<br> Total Fund Solution |
| Dated: <u>March 9, 2026</u> | Dated: <u>March 9, 2026</u> |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Total Fund Solution for purposes of the Securities Exchange Act of 1934.