# EDGAR Filing Document

**Accession Number:** 0001872253
**File Stem:** 0001133228-25-009334
**Filing Date:** 2025-9
**Character Count:** 192534
**Document Hash:** 352d3ad77973179cf7cb415037d222f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009334.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001133228-25-009334

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23724
- **FILM NUMBER:** 251288313

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

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

## Series and Classes Contracts Data

### Cromwell 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           |

### Cromwell Balanced Fund (Series ID: S000082890)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000246225 | Institutional Class | CSBIX           |

?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 #106, Baltimore, MD 21286**

(Address of principal executive offices)(Zip Code)

**Stephen E. Baird**

**Cromwell Funds**

**810 Gleneagles Court #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 June 30, 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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

#### Cromwell CenterSquare Real Estate Fund
![Image](iaa1d3bb6e28b294e5c4ebbf6.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thecromwellfunds.com/resources/literature](i3b4f7adc8743030ec52456ed.jpg)

Institutional Class \| MRASX

Semi-Annual Shareholder Report \| June 30, 2025

This semi-annual shareholder report contains important information about the Cromwell CenterSquare Real Estate Fund for the period from January 1, 2025 to June 30, 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 SIX MONTHS?** (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 | $51 | 1.02%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

* Net Assets$91,468,039

* Number of Holdings56

* Portfolio Turnover15%

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)<sup>Footnote Reference\*</sup>

---

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

---

---

| | |
|:---|:---|
| **Sector Breakdown** | **(%)** |
| Diversified | 28.8 |
| Health Care | 18.1 |
| Apartments | 11.9 |
| Warehouse/Industrial | 9.6 |
| Storage | 9.0 |
| Shopping Centers | 7.7 |
| Single Tenant | 4.4 |
| Office Property | 4.4 |
| Regional Malls | 2.9 |
| Other | 3.2 |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| American Tower Corp. | 9.4 |
| Equinix, Inc. | 7.0 |
| Welltower, Inc. | 6.7 |
| Prologis, Inc. | 6.0 |
| Digital Realty Trust, Inc. | 4.6 |
| Ventas, Inc. | 4.2 |
| Extra Space Storage, Inc. | 4.0 |
| UDR, Inc. | 3.3 |
| SBA Communications Corp. | 3.1 |
| Camden Property Trust | 2.6 |

---

Cromwell CenterSquare Real Estate Fund

TSR_SAR_89156Y506

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_SAR_89156Y506

#### Cromwell CenterSquare Real Estate Fund
![Image](iaa1d3bb6e28b294e5c4ebbf6.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thecromwellfunds.com/resources/literature](i3b4f7adc8743030ec52456ed.jpg)

Investor Class \| MRESX

Semi-Annual Shareholder Report \| June 30, 2025

This semi-annual shareholder report contains important information about the Cromwell CenterSquare Real Estate Fund for the period from January 1, 2025 to June 30, 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 SIX MONTHS?** (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 | $56 | 1.12%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

* Net Assets$91,468,039

* Number of Holdings56

* Portfolio Turnover15%

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)<sup>Footnote Reference\*</sup>

---

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

---

---

| | |
|:---|:---|
| **Sector Breakdown** | **(%)** |
| Diversified | 28.8 |
| Health Care | 18.1 |
| Apartments | 11.9 |
| Warehouse/Industrial | 9.6 |
| Storage | 9.0 |
| Shopping Centers | 7.7 |
| Single Tenant | 4.4 |
| Office Property | 4.4 |
| Regional Malls | 2.9 |
| Other | 3.2 |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| American Tower Corp. | 9.4 |
| Equinix, Inc. | 7.0 |
| Welltower, Inc. | 6.7 |
| Prologis, Inc. | 6.0 |
| Digital Realty Trust, Inc. | 4.6 |
| Ventas, Inc. | 4.2 |
| Extra Space Storage, Inc. | 4.0 |
| UDR, Inc. | 3.3 |
| SBA Communications Corp. | 3.1 |
| Camden Property Trust | 2.6 |

---

Cromwell CenterSquare Real Estate Fund

TSR_SAR_89156Y407

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_SAR_89156Y407

#### Cromwell Long Short Fund
![Image](iaa1d3bb6e28b294e5c4ebbf6.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thecromwellfunds.com/resources/literature](i3b4f7adc8743030ec52456ed.jpg)

Institutional Class \| MFLDX

Semi-Annual Shareholder Report \| June 30, 2025

This semi-annual shareholder report contains important information about the Cromwell Long Short Fund for the period from January 1, 2025 to June 30, 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 SIX MONTHS?** (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 | $93 | 1.80%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

* Net Assets$88,725,815

* Number of Holdings139

* Portfolio Turnover11%

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>

---

| | |
|:---|:---|
| 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. |

---

---

| | |
|:---|:---|
| **Sector Breakdown** | **(%)** |
| Information Technology | 29.6 |
| Financials | 13.7 |
| Consumer Discretionary | 9.0 |
| Communication Services | 8.2 |
| Health Care | 8.2 |
| Industrials | 6.3 |
| Energy | 4.0 |
| Consumer Staples | 2.9 |
| Utilities | 2.2 |
| Other | 15.9 |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| NVIDIA Corp. | 7.5 |
| Microsoft Corp. | 7.2 |
| Amazon.com, Inc. | 4.1 |
| Alphabet, Inc. | 3.7 |
| Apple, Inc. | 3.6 |
| JPMorgan Chase & Co. | 3.1 |
| Visa, Inc. | 3.0 |
| Meta Platforms, Inc. | 2.6 |
| Mastercard, Inc. | 2.1 |
| Lam Research Corp. | 1.9 |

---

Cromwell Long Short Fund

TSR_SAR_89156Y308

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_SAR_89156Y308

#### Cromwell Long Short Fund
![Image](iaa1d3bb6e28b294e5c4ebbf6.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thecromwellfunds.com/resources/literature](i3b4f7adc8743030ec52456ed.jpg)

Investor Class \| MFADX

Semi-Annual Shareholder Report \| June 30, 2025

This semi-annual shareholder report contains important information about the Cromwell Long Short Fund for the period from January 1, 2025 to June 30, 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 SIX MONTHS?** (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 | $106 | 2.05%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

* Net Assets$88,725,815

* Number of Holdings139

* Portfolio Turnover11%

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>

---

| | |
|:---|:---|
| 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. |

---

---

| | |
|:---|:---|
| **Sector Breakdown** | **(%)** |
| Information Technology | 29.6 |
| Financials | 13.7 |
| Consumer Discretionary | 9.0 |
| Communication Services | 8.2 |
| Health Care | 8.2 |
| Industrials | 6.3 |
| Energy | 4.0 |
| Consumer Staples | 2.9 |
| Utilities | 2.2 |
| Other | 15.9 |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| NVIDIA Corp. | 7.5 |
| Microsoft Corp. | 7.2 |
| Amazon.com, Inc. | 4.1 |
| Alphabet, Inc. | 3.7 |
| Apple, Inc. | 3.6 |
| JPMorgan Chase & Co. | 3.1 |
| Visa, Inc. | 3.0 |
| Meta Platforms, Inc. | 2.6 |
| Mastercard, Inc. | 2.1 |
| Lam Research Corp. | 1.9 |

---

Cromwell Long Short Fund

TSR_SAR_89156Y100

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_SAR_89156Y100

#### Cromwell Foresight Global Infrastructure Fund
![Image](iaa1d3bb6e28b294e5c4ebbf6.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thecromwellfunds.com/resources/literature](i3b4f7adc8743030ec52456ed.jpg)

Institutional Class \| CFGIX

Semi-Annual Shareholder Report \| June 30, 2025

This semi-annual shareholder report contains important information about the Cromwell Foresight Global Infrastructure Fund for the period from January 1, 2025 to June 30, 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.

**This report describes changes to the Fund that occurred during the reporting period.** 

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $56 | 1.05%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

* Net Assets$50,303,809

* Number of Holdings30

* Portfolio Turnover17%

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)<sup>Footnote Reference\*</sup>

---

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

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| Cellnex Telecom SA | 5.4 |
| Equinix, Inc. | 5.1 |
| 3i Infrastructure PLC | 5.0 |
| National Grid PLC | 4.9 |
| American Tower Corp. | 4.8 |
| Boralex, Inc. | 4.8 |
| Infratil Ltd. | 4.5 |
| Northland Power, Inc. | 4.2 |
| Renewables Infrastructure Group Ltd. | 3.8 |
| Digital Realty Trust, Inc. | 3.8 |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(%)** |
| United States | 27.7 |
| Canada | 16.5 |
| Guernsey | 12.5 |
| United Kingdom | 10.7 |
| Spain | 7.0 |
| New Zealand | 6.5 |
| Jersey | 5.0 |
| Australia | 3.3 |
| Italy | 3.3 |
| Belgium | 2.8 |

---

---

| | |
|:---|:---|
| **Sector Breakdown** | **(%)** |
| Digital Infrastructure | 29.7 |
| Renewable Energy | 29.7 |
| Diversified Infrastructure | 22.8 |
| Electrical Utilities | 7.6 |
| Health Care | 7.6 |
| Other | 2.6 |

---

Cromwell Foresight Global Infrastructure Fund

TSR_SAR_89156Y878

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_SAR_89156Y878

#### Cromwell Tran Focus Fund
![Image](iaa1d3bb6e28b294e5c4ebbf6.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thecromwellfunds.com/resources/literature](i3b4f7adc8743030ec52456ed.jpg)

Institutional Class \| LIMIX

Semi-Annual Shareholder Report \| June 30, 2025

This semi-annual shareholder report contains important information about the Cromwell Tran Focus Fund for the period from January 1, 2025 to June 30, 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.

**This report describes changes to the Fund that occurred during the reporting period.** 

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $56 | 1.10%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

* Net Assets$28,355,228

* Number of Holdings29

* Portfolio Turnover30%

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)<sup>Footnote Reference\*</sup>

---

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

---

---

| | |
|:---|:---|
| **Sector Breakdown** | **(%)** |
| Information Technology | 31.9 |
| Health Care | 12.3 |
| Materials | 9.9 |
| Industrials | 9.4 |
| Consumer Discretionary | 9.3 |
| Communication Services | 7.7 |
| Utilities | 6.8 |
| Financials | 5.0 |
| Real Estate | 2.9 |
| Other | 4.8 |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| Talen Energy Corp. | 6.8 |
| NVIDIA Corp. | 6.4 |
| Amazon.com, Inc. | 5.8 |
| Microsoft Corp. | 5.3 |
| Palo Alto Networks, Inc. | 5.2 |
| Danaher Corp. | 4.9 |
| GE Vernova, Inc. | 4.9 |
| Ferguson Enterprises, Inc. | 4.7 |
| Intuit, Inc. | 4.5 |
| Meta Platforms, Inc. | 4.4 |

---

Cromwell Tran Focus Fund

TSR_SAR_89156Y704

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_SAR_89156Y704

#### Cromwell Tran Focus Fund
![Image](iaa1d3bb6e28b294e5c4ebbf6.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thecromwellfunds.com/resources/literature](i3b4f7adc8743030ec52456ed.jpg)

Investor Class \| LIMAX

Semi-Annual Shareholder Report \| June 30, 2025

This semi-annual shareholder report contains important information about the Cromwell Tran Focus Fund for the period from January 1, 2025 to June 30, 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 SIX MONTHS?** (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 | $69 | 1.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

* Net Assets$28,355,228

* Number of Holdings29

* Portfolio Turnover30%

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)<sup>Footnote Reference\*</sup>

---

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

---

---

| | |
|:---|:---|
| **Sector Breakdown** | **(%)** |
| Information Technology | 31.9 |
| Health Care | 12.3 |
| Materials | 9.9 |
| Industrials | 9.4 |
| Consumer Discretionary | 9.3 |
| Communication Services | 7.7 |
| Utilities | 6.8 |
| Financials | 5.0 |
| Real Estate | 2.9 |
| Other | 4.8 |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| Talen Energy Corp. | 6.8 |
| NVIDIA Corp. | 6.4 |
| Amazon.com, Inc. | 5.8 |
| Microsoft Corp. | 5.3 |
| Palo Alto Networks, Inc. | 5.2 |
| Danaher Corp. | 4.9 |
| GE Vernova, Inc. | 4.9 |
| Ferguson Enterprises, Inc. | 4.7 |
| Intuit, Inc. | 4.5 |
| Meta Platforms, Inc. | 4.4 |

---

Cromwell Tran Focus Fund

TSR_SAR_89156Y803

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_SAR_89156Y803

#### Cromwell Greenspring Mid Cap Fund
![Image](iaa1d3bb6e28b294e5c4ebbf6.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thecromwellfunds.com/resources/literature](i3b4f7adc8743030ec52456ed.jpg)

Institutional Class \| GRSPX

Semi-Annual Shareholder Report \| June 30, 2025

This semi-annual shareholder report contains important information about the Cromwell Greenspring Mid Cap Fund for the period from January 1, 2025 to June 30, 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 SIX MONTHS?** (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 | $56 | 1.11%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

* Net Assets$122,374,889

* Number of Holdings52

* Portfolio Turnover2%

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)<sup>Footnote Reference\*</sup>

---

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

---

---

| | |
|:---|:---|
| **Sector Breakdown** | **(%)** |
| Industrials | 48.1 |
| Financials | 11.8 |
| Consumer Staples | 8.6 |
| Information Technology | 7.1 |
| Communication Services | 4.9 |
| Materials | 4.5 |
| Health Care | 4.4 |
| Consumer Discretionary | 2.9 |
| Energy | 2.7 |
| Other | 5.0 |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| EMCOR Group, Inc. | 9.9 |
| Republic Services, Inc. | 9.0 |
| KBR, Inc. | 6.6 |
| MYR Group, Inc. | 6.3 |
| Johnson Controls International PLC | 5.2 |
| Primo Brands Corp. | 4.6 |
| W.R. Berkley Corp. | 4.3 |
| DuPont de Nemours, Inc. | 2.6 |
| Flex Ltd. | 2.5 |
| EOG Resources, Inc. | 2.5 |

---

Cromwell Greenspring Mid Cap Fund

TSR_SAR_89156Y852

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_SAR_89156Y852

#### Cromwell Balanced Fund
![Image](iaa1d3bb6e28b294e5c4ebbf6.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thecromwellfunds.com/resources/literature](i3b4f7adc8743030ec52456ed.jpg)

Institutional Class \| CSBIX

Semi-Annual Shareholder Report \| June 30, 2025

This semi-annual shareholder report contains important information about the Cromwell Balanced Fund for the period from January 1, 2025 to June 30, 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 SIX MONTHS?** (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 | $56 | 1.10%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

* Net Assets$12,939,725

* Number of Holdings73

* Portfolio Turnover28%

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)<sup>Footnote Reference\*</sup>

---

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

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
| Common Stocks | 59.9 |
| U.S. Treasury Obligations | 20.7 |
| Corporate Bonds | 13.1 |
| Other | 6.3 |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| United States Treasury Notes | 20.7 |
| Amazon.com, Inc. | 4.7 |
| Microsoft Corp. | 4.5 |
| Talen Energy Corp. | 4.3 |
| Meta Platforms, Inc. | 3.7 |
| NVIDIA Corp. | 3.4 |
| GE Vernova, Inc. | 3.1 |
| Ferguson Enterprises, Inc. | 2.9 |
| Danaher Corp. | 2.6 |
| Palo Alto Networks, Inc. | 2.5 |

---

Cromwell Balanced Fund

TSR_SAR_89156Y837

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 Balanced Fund

TSR_SAR_89156Y837

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

**Item 2. Code of Ethics.**

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

**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.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must
 file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

![](cromlogo.jpg)

**CROMWELL FUNDS**

Core Financial Statements

June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Table of Contents** | |
|  | **Page** |
| [Schedule of Investments](#a_002) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cromwell CenterSquare Real Estate Fund](#a_002) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cromwell Long Short Fund](#a_003) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cromwell Foresight Global Infrastructure Fund](#a_004) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cromwell Tran Focus Fund](#a_005) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cromwell Greenspring Mid Cap Fund](#a_006) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Cromwell Balanced Fund](#a_007) | 18 |
| [Statement of Assets and Liabilities](#a_008) | 22 |
| [Statement of Operations](#a_009) | 24 |
| [Statement of Changes in Net Assets](#a_010) | 26 |
| [Financial Highlights](#a_011) | 32 |
| [Notes to the Financial Statements](#a_012) | 41 |
| [Additional Information](#a_013) | 51 |

---

**Cromwell CenterSquare Real Estate Fund**

**Schedule of Investments**

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **REAL ESTATE INVESTMENT TRUSTS - 100.1%** |  |  |
| **Apartments - 11.9%** |  |  |
| American Homes 4 Rent - Class A | 33660 | $1214116 |
| Camden Property Trust | 21350 | 2405932 |
| Elme Communities | 11670 | 185553 |
| Equity Residential | 30500 | 2058445 |
| Independence Realty Trust, Inc. | 23410 | 414123 |
| Invitation Homes, Inc. | 48440 | 1588832 |
| UDR, Inc. | 74480 | 3041018 |
|  |  | 10908019 |
| **Diversified - 28.8%<sup>(a)</sup>** |  |  |
| American Tower Corp.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 38960 | 8610939 |
| Broadstone Net Lease, Inc. | 43848 | 703760 |
| Crown Castle, Inc. | 5460 | 560906 |
| Digital Realty Trust, Inc. | 23900 | 4166487 |
| Equinix, Inc. | 8090 | 6435352 |
| FrontView REIT, Inc. | 18790 | 225480 |
| Lamar Advertising Co. - Class A | 3200 | 388352 |
| SBA Communications Corp. | 12120 | 2846261 |
| VICI Properties, Inc. | 38780 | 1264228 |
| Weyerhaeuser Co. | 44689 | 1148061 |
|  |  | 26349826 |
| **Health Care - 18.1%** |  |  |
| Alexandria Real Estate Equities, Inc. | 4510 | 327561 |
| American Healthcare REIT, Inc. | 37490 | 1377383 |
| Healthcare Realty Trust, Inc. | 43570 | 691020 |
| Healthpeak Properties, Inc. | 127724 | 2236447 |
| National Health Investors, Inc. | 10720 | 751686 |
| Omega Healthcare Investors, Inc. | 34350 | 1258928 |
| Ventas, Inc. | 60690 | 3832574 |
| Welltower, Inc. | 39550 | 6080021 |
|  |  | 16555620 |
| **Hotels - 2.6%** |  |  |
| Apple Hospitality REIT, Inc. | 16660 | 194422 |
| DiamondRock Hospitality Co. | 69210 | 530149 |
| Host Hotels & Resorts, Inc. | 87500 | 1344000 |
| Sunstone Hotel Investors, Inc. | 34150 | 296422 |
|  |  | 2364993 |
| **Manufactured Homes - 0.7%** |  |  |
| Sun Communities, Inc. | 4800 | 607152 |
| **Office Property - 4.4%** |  |  |
| BXP, Inc. | 13820 | 932435 |
| Cousins Properties, Inc. | 45950 | 1379878 |
| Douglas Emmett, Inc. | 15350 | 230864 |

---

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

[Back to **Table of Contents**](#d_001)

**Cromwell CenterSquare Real Estate Fund**

**Schedule of Investments** (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **REAL ESTATE INVESTMENT TRUSTS - (Continued)** |  |  |
| **Office Property - (Continued)** |  |  |
| Empire State Realty Trust, Inc. - Class A | 37839 | $306118 |
| Hudson Pacific Properties, Inc. | 39070 | 107052 |
| Vornado Realty Trust &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 27850 | 1064984 |
|  |  | 4021331 |
| **Regional Malls - 2.9%** |  |  |
| Simon Property Group, Inc. | 13540 | 2176690 |
| The Macerich Co. | 29433 | 476226 |
|  |  | 2652916 |
| **Shopping Centers - 7.7%** |  |  |
| Brixmor Property Group, Inc. | 77080 | 2007163 |
| Federal Realty Investment Trust | 11350 | 1078137 |
| Kimco Realty Corp. | 96650 | 2031583 |
| Kite Realty Group Trust | 62570 | 1417210 |
| NETSTREIT Corp. | 32162 | 544503 |
|  |  | 7078596 |
| **Single Tenant - 4.4%** |  |  |
| Agree Realty Corp. | 28860 | 2108512 |
| NNN REIT, Inc. | 17080 | 737514 |
| Realty Income Corp. | 20740 | 1194832 |
|  |  | 4040858 |
| **Storage - 9.0%** |  |  |
| CubeSmart | 26980 | 1146650 |
| Extra Space Storage, Inc. | 24600 | 3627024 |
| Iron Mountain, Inc. | 18768 | 1925034 |
| Public Storage | 5220 | 1531652 |
|  |  | 8230360 |
| **Warehouse/Industrial - 9.6%** |  |  |
| Americold Realty Trust, Inc. | 33250 | 552947 |
| First Industrial Realty Trust, Inc. | 18080 | 870190 |
| Lineage, Inc. | 11730 | 510490 |
| LXP Industrial Trust | 28050 | 231693 |
| Prologis, Inc. | 52430 | 5511442 |
| Rexford Industrial Realty, Inc. | 30150 | 1072436 |
|  |  | 8749198 |
| TOTAL INVESTMENTS - 100.1% (Cost $73,079,428) |  | $91558869 |
| Other Liabilities in Excess of Assets - (0.1)% |  | (90830) |
| **TOTAL NET ASSETS - 100%** |  | $**91468039** |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 Contents**](#d_001)

**Cromwell Long Short Fund**

**Schedule of Investments** 

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.7%** |  |  |
| **Banks - 4.1%** |  |  |
| East West Bancorp, Inc. | 4298 | $434012 |
| JPMorgan Chase & Co. | 9564 | 2772699 |
| M&T Bank Corp. | 2166 | 420183 |
|  |  | 3626894 |
| **Biotechnology - 3.5%** |  |  |
| AbbVie, Inc. | 5361 | 995109 |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 3706 | 1208489 |
| Gilead Sciences, Inc. | 7830 | 868112 |
|  |  | 3071710 |
| **Broadline Retail - 4.1%** |  |  |
| Amazon.com, Inc.<sup>(a)(b)</sup> | 16526 | 3625639 |
| **Building Products - 1.8%** |  |  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 5085 | 593369 |
| Carlisle Cos., Inc. | 1224 | 457041 |
| Trane Technologies PLC &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 1258 | 550262 |
|  |  | 1600672 |
| **Capital Markets - 3.5%** |  |  |
| Ameriprise Financial, Inc. | 2323 | 1239855 |
| LPL Financial Holdings, Inc. | 2571 | 964048 |
| Morgan Stanley | 6602 | 929957 |
|  |  | 3133860 |
| **Chemicals - 0.6%** |  |  |
| Ecolab, Inc. | 2029 | 546694 |
| **Construction & Engineering - 0.9%** |  |  |
| EMCOR Group, Inc. | 1566 | 837638 |
| **Consumer Staples Distribution & Retail - 0.8%** |  |  |
| Costco Wholesale Corp. | 676 | 669199 |
| **Containers & Packaging - 0.7%** |  |  |
| Crown Holdings, Inc. | 6062 | 624265 |
| **Diversified Telecommunication Services - 1.6%** |  |  |
| AT&T, Inc. | 21643 | 626348 |
| Verizon Communications, Inc. | 18226 | 788639 |
|  |  | 1414987 |
| **Electric Utilities - 2.5%** |  |  |
| Entergy Corp. | 7944 | 660305 |
| NRG Energy, Inc. | 9637 | 1547510 |
|  |  | 2207815 |

---

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

[Back to **Table of Contents**](#d_001)

**Cromwell Long Short Fund**

**Schedule of Investments** (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** |  |  |
| **Electrical Equipment - 1.2%** |  |  |
| AMETEK, Inc. | 5929 | $1072912 |
| **Electronic Equipment, Instruments & Components - 0.8%** |  |  |
| Amphenol Corp. - Class A | 7220 | 712975 |
| **Financial Services - 6.3%** |  |  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 2111 | 1025460 |
| Mastercard, Inc. - Class A | 3369 | 1893176 |
| Visa, Inc. - Class A | 7518 | 2669266 |
|  |  | 5587902 |
| **Ground Transportation - 1.8%** |  |  |
| Old Dominion Freight Line, Inc. | 2956 | 479759 |
| Union Pacific Corp. | 4839 | 1113357 |
|  |  | 1593116 |
| **Health Care Equipment & Supplies - 1.7%** |  |  |
| Becton Dickinson & Co. | 2453 | 422529 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 2045 | 1096816 |
|  |  | 1519345 |
| **Health Care Providers & Services - 1.7%** |  |  |
| The Cigna Group | 2109 | 697193 |
| UnitedHealth Group, Inc. | 2724 | 849806 |
|  |  | 1546999 |
| **Hotels, Restaurants & Leisure - 2.5%** |  |  |
| Booking Holdings, Inc. | 220 | 1273633 |
| Hilton Worldwide Holdings, Inc. | 3425 | 912214 |
|  |  | 2185847 |
| **Household Durables - 1.1%** |  |  |
| DR Horton, Inc. | 3297 | 425049 |
| Toll Brothers, Inc. | 4470 | 510161 |
|  |  | 935210 |
| **Household Products - 1.4%** |  |  |
| Colgate-Palmolive Co.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 13145 | 1194881 |
| **Insurance - 1.0%** |  |  |
| Arch Capital Group Ltd. | 10036 | 913778 |
| **Interactive Media & Services - 6.3%** |  |  |
| Alphabet, Inc. - Class A<sup>(b)</sup> | 18469 | 3254792 |
| Meta Platforms, Inc. - Class A | 3105 | 2291769 |
|  |  | 5546561 |

---

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

[Back to **Table of Contents**](#d_001)

**Cromwell Long Short Fund**

**Schedule of Investments** (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** |  |  |
| **Life Sciences Tools & Services - 1.2%** |  |  |
| Danaher Corp. | 2276 | $449601 |
| Thermo Fisher Scientific, Inc. | 1591 | 645087 |
|  |  | 1094688 |
| **Machinery - 3.0%** |  |  |
| Caterpillar, Inc. | 2821 | 1095140 |
| Deere & Co. | 1666 | 847144 |
| Parker-Hannifin Corp. | 967 | 675421 |
|  |  | 2617705 |
| **Metals & Mining - 0.0%<sup>(c)</sup>** |  |  |
| MMC Norilsk Nickel PJSC- ADR<sup>(a)(d)</sup> | 105916 | 0 |
| **Oil, Gas & Consumable Fuels - 4.2%** |  |  |
| Chevron Corp. | 6270 | 897801 |
| ConocoPhillips | 8682 | 779122 |
| Devon Energy Corp. | 20942 | 666165 |
| EOG Resources, Inc. | 5788 | 692303 |
| Marathon Petroleum Corp. | 4389 | 729057 |
|  |  | 3764448 |
| **Pharmaceuticals - 2.0%** |  |  |
| Bristol-Myers Squibb Co. | 10728 | 496599 |
| Johnson & Johnson | 8540 | 1304485 |
|  |  | 1801084 |
| **Real Estate Management & Development - 1.3%** |  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 8339 | 1168461 |
| **Semiconductors & Semiconductor Equipment - 11.6%** |  |  |
| Broadcom, Inc. | 4954 | 1365570 |
| Lam Research Corp. | 17720 | 1724865 |
| NVIDIA Corp.<sup>(b)</sup> | 41877 | 6616147 |
| NXP Semiconductors NV | 2765 | 604125 |
|  |  | 10310707 |
| **Software - 16.0%** |  |  |
| Adobe, Inc.<sup>(a)</sup> | 3027 | 1171086 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | 6298 | 1393432 |
| Fortinet, Inc.<sup>(a)</sup> | 12313 | 1301730 |
| Intuit, Inc. | 2000 | 1575260 |
| Microsoft Corp. | 12849 | 6391221 |
| Roper Technologies, Inc. | 728 | 412660 |
| Salesforce, Inc. | 3589 | 978684 |
| ServiceNow, Inc.<sup>(a)</sup> | 923 | 948918 |
|  |  | 14172991 |

---

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

[Back to **Table of Contents**](#d_001)

**Cromwell Long Short Fund**

**Schedule of Investments** (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** |  |  |
| **Specialty Retail - 2.3%** |  |  |
| AutoZone, Inc.<sup>(a)</sup> | 245 | $909496 |
| The Home Depot, Inc. | 3096 | 1135118 |
|  |  | 2044614 |
| **Technology Hardware, Storage & Peripherals - 3.6%** |  |  |
| Apple, Inc. | 15509 | 3181982 |
| **Textiles, Apparel & Luxury Goods - 0.9%** |  |  |
| Ralph Lauren Corp. | 2964 | 812966 |
| **Tobacco - 1.6%** |  |  |
| Philip Morris International, Inc. | 8007 | 1458315 |
| **Trading Companies & Distributors - 1.1%** |  |  |
| Applied Industrial Technologies, Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 4059 | 943515 |
| **Wireless Telecommunication Services - 1.0%** |  |  |
| T-Mobile US, Inc. | 3802 | 905865 |
| TOTAL COMMON STOCKS (Cost $76,008,801) |  | 88446240 |
| **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 - 99.7% (Cost $77,766,442) |  | $88446240 |
| Securities Sold Short - (14.9)% |  | (13223201) |
| Other Assets in Excess of Liabilities - 15.2% |  | 13502776 |
| **TOTAL NET ASSETS - 100%** |  | $**88725815** |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt <br> NV - Naamloze Vennootschap <br> 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. The total value of assets committed as collateral as of June 30, 2025 is $8,338,915.

<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 June 30, 2025.

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

[Back to **Table of Contents**](#d_001)

**Cromwell Long Short Fund**

**Schedule of Securities Sold Short**

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (14.3)%** |  |  |
| **Aerospace & Defense - (0.3)%** |  |  |
| Northrop Grumman Corp. | (447) | $(223491) |
| **Beverages - (0.4)%** |  |  |
| Constellation Brands, Inc. - Class A | (1123) | (182690) |
| Diageo PLC - ADR | (1800) | (181512) |
|  |  | (364202) |
| **Biotechnology - (1.2)%** |  |  |
| Arcellx, Inc.<sup>(a)</sup> | (3407) | (224351) |
| Biohaven Ltd.<sup>(a)</sup> | (9337) | (131745) |
| Moderna, Inc.<sup>(a)</sup> | (7771) | (214402) |
| Sarepta Therapeutics, Inc.<sup>(a)</sup> | (6069) | (103780) |
| Twist Bioscience Corp.<sup>(a)</sup> | (6204) | (228245) |
| Vaxcyte, Inc.<sup>(a)</sup> | (5879) | (191126) |
|  |  | (1093649) |
| **Building Products - (0.5)%** |  |  |
| Advanced Drainage Systems, Inc. | (1966) | (225815) |
| Trex Co., Inc.<sup>(a)</sup> | (3533) | (192124) |
|  |  | (417939) |
| **Capital Markets - (0.8)%** |  |  |
| Ares Management Corp. - Class A | (1362) | (235899) |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | (704) | (246745) |
| Hamilton Lane, Inc. - Class A | (1570) | (223128) |
|  |  | (705772) |
| **Chemicals - (0.4)%** |  |  |
| Albemarle Corp. | (2231) | (139817) |
| Dow, Inc. | (7560) | (200189) |
|  |  | (340006) |
| **Containers & Packaging - (0.5)%** |  |  |
| Ball Corp. | (4033) | (226211) |
| Smurfit WestRock PLC | (4877) | (210443) |
|  |  | (436654) |
| **Distributors - (0.2)%** |  |  |
| Genuine Parts Co. | (1729) | (209745) |
| **Electric Utilities - (0.3)%** |  |  |
| Eversource Energy | (3502) | (222797) |
| **Electrical Equipment - (0.5)%** |  |  |
| Bloom Energy Corp. - Class A<sup>(a)</sup> | (9846) | (235516) |
| Hubbell, Inc. | (562) | (229527) |
|  |  | (465043) |

---

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

[Back to **Table of Contents**](#d_001)

**Cromwell Long Short Fund**

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

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** |  |  |
| **Electronic Equipment, Instruments & Components - (0.4)%** |  |  |
| CDW Corp. | (1115) | $(199128) |
| Insight Enterprises, Inc.<sup>(a)</sup> | (1361) | (187934) |
|  |  | (387062) |
| **Entertainment - (0.2)%** |  |  |
| Warner Music Group Corp. - Class A | (6549) | (178395) |
| **Food Products - (0.4)%** |  |  |
| Flowers Foods, Inc. | (13463) | (215139) |
| The Campbell's Company | (5472) | (167717) |
|  |  | (382856) |
| **Ground Transportation - (0.3)%** |  |  |
| Knight-Swift Transportation Holdings, Inc. | (4953) | (219071) |
| **Health Care Equipment & Supplies - (0.4)%** |  |  |
| Baxter International, Inc. | (5961) | (180499) |
| Zimmer Biomet Holdings, Inc. | (1902) | (173481) |
|  |  | (353980) |
| **Hotels, Restaurants & Leisure - (1.2)%** |  |  |
| Caesars Entertainment, Inc.<sup>(a)</sup> | (6308) | (179084) |
| Cava Group, Inc.<sup>(a)</sup> | (2577) | (217061) |
| Hilton Grand Vacations, Inc.<sup>(a)</sup> | (5623) | (233523) |
| Light & Wonder, Inc.<sup>(a)</sup> | (2257) | (217259) |
| Restaurant Brands International, Inc. | (3283) | (217630) |
|  |  | (1064557) |
| **Insurance - (0.5)%** |  |  |
| Fidelity National Financial, Inc. | (4009) | (224745) |
| Oscar Health, Inc. - Class A<sup>(a)</sup> | (10078) | (216072) |
|  |  | (440817) |
| **Interactive Media & Services - (0.2)%** |  |  |
| Snap, Inc. - Class A<sup>(a)</sup> | (22574) | (196168) |
| **Life Sciences Tools & Services - (0.2)%** |  |  |
| Avantor, Inc.<sup>(a)</sup> | (11226) | (151102) |
| **Machinery - (0.3)%** |  |  |
| Ingersoll Rand, Inc. | (2602) | (216434) |
| **Media - (0.3)%** |  |  |
| Sirius XM Holdings, Inc. | (10510) | (241415) |
| **Metals & Mining - (0.2)%** |  |  |
| Alcoa Corp. | (5496) | (162187) |

---

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

[Back to **Table of Contents**](#d_001)

**Cromwell Long Short Fund**

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

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** |  |  |
| **Oil, Gas & Consumable Fuels - (0.2)%** |  |  |
| ONEOK, Inc. | (2204) | $(179912) |
| **Passenger Airlines - (0.3)%** |  |  |
| Joby Aviation, Inc.<sup>(a)</sup> | (24215) | (255468) |
| **Personal Care Products - (0.2)%** |  |  |
| BellRing Brands, Inc.<sup>(a)</sup> | (3485) | (201886) |
| **Pharmaceuticals - (0.2)%** |  |  |
| Teva Pharmaceutical Industries Ltd.- ADR<sup>(a)</sup> | (12405) | (207908) |
| **Professional Services - (0.9)%** |  |  |
| Amentum Holdings, Inc.<sup>(a)</sup> | (10043) | (237115) |
| Dayforce, Inc.<sup>(a)</sup> | (3062) | (169604) |
| Equifax, Inc. | (802) | (208015) |
| FTI Consulting, Inc.<sup>(a)</sup> | (1346) | (217379) |
|  |  | (832113) |
| **Real Estate Management & Development - (0.2)%** |  |  |
| Zillow Group, Inc. - Class C<sup>(a)</sup> | (3054) | (213933) |
| **Semiconductors & Semiconductor Equipment - (0.3)%** |  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | (1707) | (242223) |
| **Software - (0.9)%** |  |  |
| C3.ai, Inc. - Class A<sup>(a)</sup> | (6807) | (167248) |
| Five9, Inc.<sup>(a)</sup> | (5695) | (150803) |
| Oracle Corp. | (1101) | (240712) |
| Procore Technologies, Inc.<sup>(a)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | (3243) | (221886) |
|  |  | (780649) |
| **Specialty Retail - (0.4)%** |  |  |
| Dick's Sporting Goods, Inc. | (1020) | (201766) |
| Floor & Decor Holdings, Inc. - Class A<sup>(a)</sup> | (2176) | (165289) |
|  |  | (367055) |
| **Technology Hardware, Storage & Peripherals - (0.5)%** |  |  |
| Dell Technologies, Inc. - Class C | (2091) | (256356) |
| IonQ, Inc.<sup>(a)</sup> | (4773) | (205096) |
|  |  | (461452) |
| **Trading Companies & Distributors - (0.5)%** |  |  |
| FTAI Aviation Ltd. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | (1885) | (216850) |
| Watsco, Inc. | (495) | (218602) |
|  |  | (435452) |
| TOTAL COMMON STOCKS (Proceeds $13,595,187) |  | (12651393) |

---

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

[Back to **Table of Contents**](#d_001)

**Cromwell Long Short Fund**

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

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **REAL ESTATE INVESTMENT TRUSTS - (0.6)%** |  |  |
| **Apartments - (0.2)%** |  |  |
| Invitation Homes, Inc. | (6191) | $(203065) |
| **Warehouse/Industrial - (0.4)%** |  |  |
| Americold Realty Trust, Inc. | (9646) | (160413) |
| Lineage, Inc. | (4787) | (208330) |
|  |  | (368743) |
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Proceeds $657,889) |  | (571808) |
| **TOTAL SECURITIES SOLD SHORT - (14.9)%** (Proceeds $14,253,076) |  | $**(13223201)** |

---

Percentages are stated as a percent of net assets

---

| | | |
|:---|:---|:---|
| ADR | : | American Depositary Receipt |
| 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 Contents**](#d_001)

**Cromwell Foresight Global Infrastructure Fund**

**Schedule of Investments**

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 71.4%** |  |  |
| **Digital Infrastructure - 13.8%** |  |  |
| Cellnex Telecom SA<sup>(a)</sup> | 70523 | $2736483 |
| Chorus Ltd. | 196945 | 1010244 |
| Cordiant Digital Infrastructure Ltd. | 1185244 | 1575473 |
| Infrastrutture Wireless Italiane SpA<sup>(a)</sup> | 134351 | 1637120 |
|  |  | 6959320 |
| **Diversified Infrastructure - 20.3%** |  |  |
| 3i Infrastructure PLC | 535320 | 2512359 |
| Canadian Pacific Kansas City Ltd. | 12356 | 979606 |
| Infratil Ltd. | 352119 | 2262810 |
| International Public Partnerships Ltd. | 911809 | 1485589 |
| Sequoia Economic Infrastructure Income Fund Ltd. | 1180636 | 1318564 |
| Transurban Group | 182636 | 1673278 |
|  |  | 10232206 |
| **Electrical Utilities - 7.6%** |  |  |
| Elia Group SA | 12098 | 1392387 |
| National Grid PLC | 166733 | 2443317 |
|  |  | 3835704 |
| **Renewable Energy - 29.7%<sup>(b)</sup>** |  |  |
| Boralex, Inc. - Class A | 104371 | 2420153 |
| Brookfield Renewable Partners LP | 71220 | 1812208 |
| Clearway Energy, Inc. - Class C | 53689 | 1718048 |
| Greencoat Renewables PLC | 1252910 | 1119566 |
| Greencoat UK Wind PLC | 823679 | 1360410 |
| Grenergy Renovables SA<sup>(c)</sup> | 10551 | 763296 |
| Innergex Renewable Energy, Inc. | 94394 | 949128 |
| Northland Power, Inc. | 135880 | 2128073 |
| Octopus Renewables Infrastructure Trust PLC | 739758 | 744495 |
| Renewables Infrastructure Group Ltd. | 1575702 | 1900668 |
|  |  | 14916045 |
| TOTAL COMMON STOCKS (Cost $34,516,483) |  | 35943275 |
| **REAL ESTATE INVESTMENT TRUSTS - 26.0%** |  |  |
| **Digital Infrastructure - 15.9%** |  |  |
| American Tower Corp. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 10965 | 2423484 |
| Crown Castle, Inc. | 10707 | 1099930 |
| Digital Realty Trust, Inc. | 10872 | 1895316 |
| Equinix, Inc. | 3238 | 2575732 |
|  |  | 7994462 |
| **Diversified Infrastructure - 2.5%** |  |  |
| Easterly Government Properties, Inc. | 57169 | 1269152 |

---

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

[Back to **Table of Contents**](#d_001)

**Cromwell Foresight Global Infrastructure Fund**

**Schedule of Investments** (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **REAL ESTATE INVESTMENT TRUSTS - (Continued)** |  |  |
| **Health Care - 7.6%** |  |  |
| Assura PLC | 1233478 | $848612 |
| Healthpeak Properties, Inc. | 96018 | 1681275 |
| Ventas, Inc. | 20047 | 1265968 |
|  |  | 3795855 |
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $12,760,965) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  | 13059469 |
| TOTAL INVESTMENTS - 97.4% (Cost $47,277,448) |  | $49002744 |
| Other Assets in Excess of Liabilities - 2.6% |  | 1301065 |
| **TOTAL NET ASSETS - 100%** |  | $**50303809** |

---

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 June 30, 2025, the value of these securities total $4,373,603 or 8.7% of the Fund's net assets. |
| <sup>(b)</sup> | 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. |
| <sup>(c)</sup> | Non-income producing security. |

---

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

[Back to **Table of Contents**](#d_001)

**Cromwell Tran Focus Fund**

**Schedule of Investments** 

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 95.1%** |  |  |
| **Broadline Retail - 5.8%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 7458 | $1636211 |
| **Capital Markets - 2.4%** |  |  |
| LPL Financial Holdings, Inc. | 1810 | 678696 |
| **Chemicals - 6.0%** |  |  |
| Air Products and Chemicals, Inc. | 2900 | 817974 |
| The Sherwin-Williams Co. | 2582 | 886555 |
|  |  | 1704529 |
| **Construction Materials - 3.9%** |  |  |
| Martin Marietta Materials, Inc. | 2001 | 1098469 |
| **Electrical Equipment - 4.9%** |  |  |
| GE Vernova, Inc. | 2613 | 1382669 |
| **Health Care Providers & Services - 3.1%** |  |  |
| Elevance Health, Inc. | 1540 | 598998 |
| Tenet Healthcare Corp.<sup>(a)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 1600 | 281600 |
|  |  | 880598 |
| **Health Care Technology - 4.3%** |  |  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 4200 | 1209516 |
| **Hotels, Restaurants & Leisure - 1.9%** |  |  |
| Expedia Group, Inc. | 3283 | 553776 |
| **Independent Power and Renewable Electricity Producers - 6.7%** |  |  |
| Talen Energy Corp.<sup>(a)</sup> | 6589 | 1915883 |
| **Insurance - 2.6%** |  |  |
| Markel Group, Inc.<sup>(a)</sup> | 210 | 419446 |
| The Progressive Corp. | 1186 | 316496 |
|  |  | 735942 |
| **Interactive Media & Services - 5.6%** |  |  |
| Alphabet, Inc. - Class A | 1900 | 334837 |
| Meta Platforms, Inc. - Class A | 1687 | 1245158 |
|  |  | 1579995 |
| **IT Services - 0.8%** |  |  |
| Accenture PLC - Class A | 755 | 225662 |
| **Life Sciences Tools & Services - 4.9%** |  |  |
| Danaher Corp. | 7027 | 1388114 |

---

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

[Back to **Table of Contents**](#d_001)

**Cromwell Tran Focus Fund**

**Schedule of Investments** (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** |  |  |
| **Real Estate Management & Development - 2.9%** |  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 10197 | $819839 |
| **Semiconductors & Semiconductor Equipment - 8.3%** |  |  |
| Entegris, Inc. | 7076 | 570680 |
| NVIDIA Corp. | 11385 | 1798716 |
|  |  | 2369396 |
| **Software - 22.7%** |  |  |
| Fair Isaac Corp.<sup>(a)</sup> | 313 | 572151 |
| Gitlab, Inc. - Class A<sup>(a)</sup> | 15736 | 709851 |
| Intuit, Inc. | 1633 | 1286200 |
| Microsoft Corp. | 3014 | 1499194 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 7148 | 1462767 |
| Salesforce, Inc. | 3330 | 908057 |
|  |  | 6438220 |
| **Textiles, Apparel & Luxury Goods - 1.6%** |  |  |
| NIKE, Inc. - Class B | 6325 | 449328 |
| **Trading Companies & Distributors - 4.6%** |  |  |
| Ferguson Enterprises, Inc. | 6075 | 1322831 |
| **Wireless Telecommunication Services - 2.1%** |  |  |
| T-Mobile US, Inc. | 2474 | 589455 |
| TOTAL INVESTMENTS - 95.1% (Cost $17,951,255) |  | $26979129 |
| Other Assets in Excess of Liabilities - 4.9% |  | 1376099 |
| **TOTAL NET ASSETS - 100%** |  | $**28355228** |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company <br><sup>(a)</sup> Non-income producing security.

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

[Back to **Table of Contents**](#d_001)

**Cromwell Greenspring Mid Cap Fund**

**Schedule of Investments** 

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 95.9%** |  |  |
| **Aerospace & Defense - 1.1%** |  |  |
| Cadre Holdings, Inc. | 42449 | $1352001 |
| **Air Freight & Logistics - 0.5%** |  |  |
| United Parcel Service, Inc. - Class B | 6445 | 650558 |
| **Banks - 5.4%** |  |  |
| OceanFirst Financial Corp. | 30012 | 528511 |
| Primis Financial Corp. | 224096 | 2431442 |
| Shore Bancshares, Inc. | 124014 | 1949500 |
| WSFS Financial Corp. | 31930 | 1756150 |
|  |  | 6665603 |
| **Beverages - 4.7%** |  |  |
| Keurig Dr Pepper, Inc. | 3050 | 100833 |
| Primo Brands Corp. | 189582 | 5615419 |
|  |  | 5716252 |
| **Broadline Retail - 0.6%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 3167 | 694808 |
| **Building Products - 6.3%** |  |  |
| Advanced Drainage Systems, Inc. | 11925 | 1369706 |
| Johnson Controls International PLC | 59997 | 6336883 |
|  |  | 7706589 |
| **Chemicals - 4.5%** |  |  |
| DuPont de Nemours, Inc. | 47262 | 3241701 |
| Minerals Technologies, Inc. | 30438 | 1676221 |
| The Sherwin-Williams Co. | 1629 | 559333 |
|  |  | 5477255 |
| **Commercial Services & Supplies - 9.0%** |  |  |
| Republic Services, Inc. | 44639 | 11008424 |
| **Construction & Engineering - 16.2%** |  |  |
| EMCOR Group, Inc. | 22551 | 12062304 |
| MYR Group, Inc.<sup>(a)</sup> | 42441 | 7700920 |
|  |  | 19763224 |
| **Consumer Staples Distribution & Retail - 1.5%** |  |  |
| US Foods Holding Corp.<sup>(a)</sup> | 24486 | 1885667 |
| **Electric Utilities - 1.0%** |  |  |
| NextEra Energy, Inc. | 17728 | 1230678 |

---

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

[Back to **Table of Contents**](#d_001)

**Cromwell Greenspring Mid Cap Fund**

**Schedule of Investments** (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** |  |  |
| **Electrical Equipment - 5.1%** |  |  |
| Emerson Electric Co. | 14105 | $1880620 |
| NEXTracker, Inc. - Class A<sup>(a)</sup> | 48915 | 2659508 |
| nVent Electric PLC | 20000 | 1465000 |
| Shoals Technologies Group, Inc. - Class A<sup>(a)</sup> | 50737 | 215632 |
|  |  | 6220760 |
| **Electronic Equipment, Instruments & Components - 2.5%** |  |  |
| Flex Ltd.<sup>(a)</sup> | 61989 | 3094491 |
| **Financial Services - 1.1%** |  |  |
| Cannae Holdings, Inc. | 30599 | 637989 |
| Visa, Inc. - Class A | 1853 | 657908 |
|  |  | 1295897 |
| **Food Products - 0.5%** |  |  |
| Darling Ingredients, Inc.<sup>(a)</sup> | 16353 | 620433 |
| **Health Care Equipment & Supplies - 4.4%** |  |  |
| Abbott Laboratories | 8155 | 1109161 |
| Medtronic PLC | 14330 | 1249146 |
| STERIS PLC | 598 | 143652 |
| Teleflex, Inc. | 9817 | 1161940 |
| Zimmer Biomet Holdings, Inc. | 18641 | 1700246 |
|  |  | 5364145 |
| **Hotels, Restaurants & Leisure - 0.8%** |  |  |
| Wyndham Hotels & Resorts, Inc. | 11638 | 945122 |
| **Insurance - 5.3%** |  |  |
| Chubb Ltd. | 4232 | 1226095 |
| W.R. Berkley Corp. | 71415 | 5246860 |
|  |  | 6472955 |
| **Interactive Media & Services - 3.2%** |  |  |
| Alphabet, Inc. - Class C | 12447 | 2207973 |
| Ziff Davis, Inc.<sup>(a)</sup> | 57042 | 1726662 |
|  |  | 3934635 |
| **IT Services - 2.4%** |  |  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 12931 | 1031377 |
| Amdocs Ltd. | 20718 | 1890310 |
|  |  | 2921687 |
| **Oil, Gas & Consumable Fuels - 2.7%** |  |  |
| EOG Resources, Inc. | 25226 | 3017282 |
| Phillips 66 | 2813 | 335591 |
|  |  | 3352873 |

---

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

[Back to **Table of Contents**](#d_001)

**Cromwell Greenspring Mid Cap Fund**

**Schedule of Investments** (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** |  |  |
| **Personal Care Products - 1.8%** |  |  |
| Kenvue, Inc. | 107776 | $2255752 |
| **Professional Services - 8.4%** |  |  |
| Alight, Inc. - Class A | 402799 | 2279842 |
| KBR, Inc. | 167616 | 8035511 |
|  |  | 10315353 |
| **Software - 1.6%** |  |  |
| Blackbaud, Inc.<sup>(a)</sup> | 22213 | 1426296 |
| Roper Technologies, Inc. | 876 | 496552 |
|  |  | 1922848 |
| **Technology Hardware, Storage & Peripherals - 0.6%** |  |  |
| Pure Storage, Inc. - Class A(a) | 13289 | 765180 |
| **Textiles, Apparel & Luxury Goods - 1.5%** |  |  |
| Levi Strauss & Co. - Class A | 100241 | 1853456 |
| **Trading Companies & Distributors - 1.5%** |  |  |
| Rush Enterprises, Inc. - Class A | 17839 | 918887 |
| Rush Enterprises, Inc. - Class B | 17328 | 909373 |
|  |  | 1828260 |
| **Wireless Telecommunication Services - 1.7%** |  |  |
| T-Mobile US, Inc. | 8863 | 2111698 |
| TOTAL COMMON STOCKS (Cost $55,090,884) |  | 117426604 |
| **REAL ESTATE INVESTMENT TRUSTS - 1.3%** |  |  |
| **Residential Real Estate Investment Trusts - 1.3%** |  |  |
| American Homes 4 Rent - Class A | 42695 | 1540008 |
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,149,578) |  | 1540008 |
| TOTAL INVESTMENTS - 97.2% (Cost $56,240,462) |  | $118966612 |
| Other Assets in Excess of Liabilities - 2.8% |  | 3408277 |
| **TOTAL NET ASSETS - 100%** |  | $**122374889** |
| 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 Contents**](#d_001)

**Cromwell Balanced Fund**

**Schedule of Investments**

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 59.9%** |  |  |
| **Broadline Retail - 4.7%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 2747 | $602664 |
| **Capital Markets - 2.2%** |  |  |
| LPL Financial Holdings, Inc. | 744 | 278978 |
| **Chemicals - 3.0%** |  |  |
| Air Products and Chemicals, Inc. | 489 | 137927 |
| The Sherwin-Williams Co. | 742 | 254773 |
|  |  | 392700 |
| **Construction Materials - 2.0%** |  |  |
| Martin Marietta Materials, Inc. | 470 | 258011 |
| **Electrical Equipment - 3.1%** |  |  |
| GE Vernova, Inc. | 757 | 400567 |
| **Health Care Providers & Services - 2.0%** |  |  |
| Elevance Health, Inc. | 448 | 174254 |
| Tenet Healthcare Corp.<sup>(a)</sup> | 500 | 88000 |
|  |  | 262254 |
| **Health Care Technology - 1.8%** |  |  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 795 | 228944 |
| **Hotels, Restaurants & Leisure - 1.3%** |  |  |
| Expedia Group, Inc. | 966 | 162945 |
| **Independent Power and Renewable Electricity Producers - 4.3%** |  |  |
| Talen Energy Corp.<sup>(a)</sup> | 1935 | 562640 |
| **Insurance - 2.2%** |  |  |
| Markel Group, Inc.<sup>(a)</sup> | 61 | 121839 |
| The Progressive Corp. | 621 | 165720 |
|  |  | 287559 |
| **Interactive Media & Services - 4.4%** |  |  |
| Alphabet, Inc. - Class A | 521 | 91816 |
| Meta Platforms, Inc. - Class A | 649 | 479020 |
|  |  | 570836 |
| **IT Services - 0.5%** |  |  |
| Accenture PLC - Class A | 212 | 63365 |
| **Life Sciences Tools & Services - 2.6%** |  |  |
| Danaher Corp. | 1677 | 331275 |

---

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

[Back to **Table of Contents**](#d_001)

**Cromwell Balanced Fund**

**Schedule of Investments** (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** |  |  |
| **Real Estate Management & Development - 1.8%** |  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 2886 | $232034 |
| **Semiconductors & Semiconductor Equipment - 4.7%** |  |  |
| Entegris, Inc. | 2064 | 166462 |
| NVIDIA Corp. | 2786 | 440160 |
|  |  | 606622 |
| **Software - 13.5%** |  |  |
| Fair Isaac Corp.(a) | 92 | 168172 |
| Gitlab, Inc. - Class A<sup>(a)</sup> | 4562 | 205792 |
| Intuit, Inc. | 368 | 289848 |
| Microsoft Corp. | 1179 | 586446 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 1580 | 323331 |
| Salesforce, Inc. | 649 | 176976 |
|  |  | 1750565 |
| **Textiles, Apparel & Luxury Goods - 1.0%** |  |  |
| NIKE, Inc. - Class B | 1868 | 132703 |
| **Trading Companies & Distributors - 2.9%** |  |  |
| Ferguson Enterprises, Inc. | 1721 | 374748 |
| **Wireless Telecommunication Services - 1.9%** |  |  |
| T-Mobile US, Inc. | 1034 | 246361 |
| TOTAL COMMON STOCKS (Cost $6,313,571) |  | 7745771 |
|  | **Par** |  |
| **U.S. TREASURY SECURITIES - 20.7%** |  |  |
| United States Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/30/2026 | $200000 | 201191 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 03/15/2027 | 450000 | 453480 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/28/2029 | 750000 | 763389 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 09/30/2031 | 400000 | 393406 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/2034 | 300000 | 296965 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/15/2034 | 200000 | 203180 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 05/15/2035 | 100000 | 100164 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/15/2054 | 300000 | 273750 |
| TOTAL U.S. TREASURY SECURITIES (Cost $2,683,909) |  | 2685525 |
| **CORPORATE BONDS - 13.1%** |  |  |
| **Banks - 2.6%** |  |  |
| Bank of America Corp., 3.85% to 03/08/2032 then 5 yr. CMT Rate + 2.00%, 03/08/2037 | 100000 | 91539 |
| Citigroup, Inc., 2.52% to 11/03/2031 then SOFR + 1.18%, 11/03/2032 | 50000 | 43730 |
| Goldman Sachs Group, Inc., 3.81% to 04/23/2028 then 3 mo. Term SOFR + 1.42%, 04/23/2029 | 50000 | 49212 |
| JPMorgan Chase & Co., 5.58% to 04/22/2029 then SOFR + 1.16%, 04/22/2030 | 50000 | 51927 |
| Morgan Stanley, 5.83% to 04/19/2034 then SOFR + 1.58%, 04/19/2035 | 50000 | 52404 |

---

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

[Back to **Table of Contents**](#d_001)

**Cromwell Balanced Fund**

**Schedule of Investments** (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE BONDS - (Continued)** |  |  |
| **Banks - (Continued)** |  |  |
| PNC Financial Services Group, Inc., 5.40% to 07/23/2034 then SOFR + 1.60%, 07/23/2035 | $50000 | $50935 |
|  |  | 339747 |
| **Beverages - 0.7%** |  |  |
| Coca-Cola Co., 5.20%, 01/14/2055 | 50000 | 47905 |
| Keurig Dr Pepper, Inc., 4.50%, 04/15/2052 | 50000 | 41224 |
|  |  | 89129 |
| **Biotechnology - 0.4%** |  |  |
| Amgen, Inc., 4.20%, 03/01/2033 | 50000 | 48014 |
| **Computer and Computer Peripheral Equipment and Software Merchant Wholesalers - 0.4%** |  |  |
| CDW LLC / CDW Finance Corp., 5.10%, 03/01/2030 | 50000 | 50390 |
| **Diversified Financial Services - 0.8%** |  |  |
| Air Lease Corp., 1.88%, 08/15/2026 | 50000 | 48621 |
| Capital One Financial Corp., 6.18% to 01/30/2035 then SOFR + 2.04%, 01/30/2036 | 50000 | 50925 |
|  |  | 99546 |
| **Diversified Telecommunication Services - 0.3%** |  |  |
| Verizon Communications, Inc., 3.40%, 03/22/2041 | 50000 | 38589 |
| **Electronic Computer Manufacturing - 0.4%** |  |  |
| Dell International LLC/EMC Corp., 4.90%, 10/01/2026 | 50000 | 50237 |
| **Electronic Equipment, Instruments & Components - 0.4%** |  |  |
| Keysight Technologies, Inc., 3.00%, 10/30/2029 | 50000 | 47056 |
| **Food Products - 0.2%** |  |  |
| The J. M. Smucker Co., 6.20%, 11/15/2033 | 25000 | 26846 |
| **Healthcare-Services - 0.7%** |  |  |
| Elevance Health, Inc., 5.65%, 06/15/2054 | 50000 | 48100 |
| Laboratory Corp. of America Holdings, 4.80%, 10/01/2034 | 50000 | 48903 |
|  |  | 97003 |
| **Home Builders - 0.4%** |  |  |
| Lennar Corp., 5.20%, 07/30/2030 | 50000 | 50961 |
| **Insurance - 1.2%** |  |  |
| Arthur J Gallagher & Co., 5.15%, 02/15/2035 | 50000 | 50052 |
| MetLife, Inc., 6.35% to 03/15/2035 then 5 yr. CMT Rate + 2.08%, 03/15/2055 | 50000 | 51434 |
| Principal Financial Group, Inc., 5.38%, 03/15/2033 | 50000 | 51456 |
|  |  | 152942 |

---

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

[Back to **Table of Contents**](#d_001)

**Cromwell Balanced Fund**

**Schedule of Investments** (Continued)

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE BONDS - (Continued)** |  |  |
| **Machinery - 1.1%** |  |  |
| IDEX Corp., 4.95%, 09/01/2029 | $50000 | $50837 |
| Nordson Corp., 4.50%, 12/15/2029 | 50000 | 50053 |
| Xylem, Inc., 4.38%, 11/01/2046 | 50000 | 41108 |
|  |  | 141998 |
| **Media - 0.4%** |  |  |
| Comcast Corp., 6.05%, 05/15/2055 | 50000 | 51090 |
| **Real Estate Investment Trusts - 1.1%** |  |  |
| Agree LP, 5.60%, 06/15/2035 | 50000 | 50914 |
| Brixmor Operating Partnership LP, 5.75%, 02/15/2035 | 25000 | 25704 |
| Equinix Europe 2 Financing Corp. LLC, 5.50%, 06/15/2034 | 20000 | 20493 |
| Host Hotels & Resorts LP, 5.70%, 07/01/2034 | 50000 | 50347 |
|  |  | 147458 |
| **Semiconductors & Semiconductor Equipment - 0.2%** |  |  |
| Broadcom, Inc., 5.15%, 11/15/2031 | 25000 | 25729 |
| **Software - 1.1%** |  |  |
| Fiserv, Inc., 3.50%, 07/01/2029 | 50000 | 48180 |
| Oracle Corp., 5.50%, 09/27/2064 | 50000 | 45576 |
| Paychex, Inc., 5.60%, 04/15/2035 | 50000 | 51707 |
|  |  | 145463 |
| **Specialty Retail - 0.3%** |  |  |
| Lowe's Cos., Inc., 4.45%, 04/01/2062 | 50000 | 38841 |
| **Technology Hardware, Storage & Peripherals - 0.4%** |  |  |
| Hewlett Packard Enterprise Co., 4.55%, 10/15/2029 | 50000 | 49762 |
| TOTAL CORPORATE BONDS (Cost $1,681,469) |  | 1690801 |
| TOTAL INVESTMENTS - 93.7% (Cost $10,678,949) |  | $12122097 |
| Other Assets in Excess of Liabilities - 6.3% |  | 817628 |
| **TOTAL NET ASSETS - 100%** |  | $**12939725** |

---

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| CMT | Constant Maturity Treasury |
| LP | Limited Partnership |
| PLC | Public Limited Company |
| SOFR | Secured Overnight Financing Rate |

---

(a) Non-income producing security.

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

[Back to **Table of Contents**](#d_001)

**CROMWELL FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES**

as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Cromwell**<br> **CenterSquare**<br> **Real Estate**<br> **Fund** | **Cromwell**<br> **Long Short**<br> **Fund** | **Cromwell**<br> **Foresight**<br> **Global**<br> **Infrastructure**<br> **Fund** |
| **ASSETS** | | | |
| Investments in securities, at value\* | $91558869 | $88446240 | $49002744 |
| Foreign currency, at value\*\* |  |  | 777310 |
| Cash & cash equivalents | 477977 | 13549456 | 355857 |
| Dividends & interest receivable | 336001 | 208873 | 270659 |
| Receivable for capital shares sold | 93321 | 278 |  |
| Receivable for investment securities sold | 91397 |  | 15953 |
| Prepaid expenses & other assets | 22488 | 13208 | 12246 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 92580053 | 102218055 | 50434769 |
| **LIABILITIES** |  |  |  |
| Payable for capital shares redeemed | 18472 | 56033 |  |
| Securities sold short, at value <sup>\*\*\*</sup> |  | 13223201 |  |
| Payable for investment securities purchased | 146179 |  | 15475 |
| Payable to investment adviser | 34877 | 73238 | 25631 |
| Payable for fund administration & accounting fees | 50971 | 50711 | 32778 |
| Payable for compliance fees | 247 | 247 | 2893 |
| Payable for custody fees | 6961 | 1614 | 8102 |
| Payable for transfer agent fees & expenses | 24130 | 38704 | 11873 |
| Accrued distribution and/or shareholder service fees | 803423 | 8263 |  |
| Payable for trustee fees | 8051 | 7977 | 7218 |
| Dividends & interest on short positions |  | 13149 |  |
| Payable for audit fees | 7368 | 7369 | 8704 |
| Other accrued expenses & liabilities | 11335 | 11734 | 18286 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 1112014 | 13492240 | 130960 |
| **NET ASSETS.** | $91468039 | $88725815 | $50303809 |
| **Net Assets Consist of:** |  |  |  |
| Paid-in Capital | $77672675 | $402095739 | $52339146 |
| Total distributable earnings/(accumulated deficit).&nbsp;&nbsp;&nbsp;&nbsp; | 13795364 | (313369924) | (2035337) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** | $91468039 | $88725815 | $50303809 |
| **Investor Class:** |  |  |  |
| Net Assets | $49372146 | $40846843 |  |
| Shares issued and outstanding<sup>(1)</sup> | 4335379 | 1677896 |  |
| Net asset value | $11.39 | $24.34 |  |
| **Institutional Class:** |  |  |  |
| Net Assets | $42095893 | $47878972 | $50303809 |
| Shares issued and outstanding<sup>(1)</sup> | 3698625 | 1925928 | 2637110 |
| Net asset value | $11.38 | $24.86 | $19.08 |
| \*Cost of securities | 73079428 | 77766442 | 47277448 |
| \*\* Cost of foreign currency |  |  | 762766 |
| \*\*\*Proceeds received on securities sold short |  | 14253076 |  |

---

<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 Contents**](#d_001)

**CROMWELL FUNDS**

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

as of June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Cromwell**<br> **Tran**<br> **Focus Fund** | &nbsp;&nbsp; **Cromwell**<br> **Greenspring**<br> **Mid Cap Fund** | **Cromell**<br> **Balanced**<br> **Fund** |
| **ASSETS** | | | |
| Investments in securities, at value<sup>\*</sup> | $26979129 | $118966612 | $12122097 |
| Cash & cash equivalents | 1456650 | 3512597 | 812854 |
| Due from investment adviser |  |  | 3791 |
| Dividends & interest receivable | 13190 | 90436 | 58538 |
| Receivable for capital shares sold |  | 35901 |  |
| Receivable for investment securities sold |  | 262491 |  |
| Prepaid expenses & other assets | 12071 | 15485 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 28461040 | 122883522 | 12997375 |
| **LIABILITIES** |  |  |  |
| Payable for capital shares redeemed | 20079 | 265695 |  |
| Payable for investment securities purchased |  | 53713 |  |
| Payable to investment adviser | 6973 | 74592 |  |
| Payable for fund administration & accounting fees | 27552 | 53454 | 21210 |
| Payable for compliance fees | 5270 | 247 | 7406 |
| Payable for custody fees | 1528 | 2468 | 1547 |
| Payable for transfer agent fees & expenses | 19653 | 31463 | 9034 |
| Accrued distribution and/or shareholder service fees | 2904 |  |  |
| Payable for trustee fees | 7582 | 9117 | 7045 |
| Payable for audit fees | 7369 | 7220 | 7220 |
| Other accrued expenses & liabilities | 6902 | 10664 | 4188 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 105812 | 508633 | 57650 |
| **NET ASSETS** | $28355228 | $122374889 | $12939725 |
| **Net Assets Consist of:** |  |  |  |
| Paid-in Capital | $14775926 | $53436442 | $11680818 |
| Total distributable earnings/(accumulated deficit) | 13579302 | 68938447 | 1258907 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** | $28355228 | $122374889 | $12939725 |
| **Investor Class:** |  |  |  |
| Net Assets | $14529681 |  |  |
| Shares issued and outstanding<sup>(1)</sup> | 1969677 |  |  |
| Net asset value | $7.38 |  |  |
| **Institutional Class:** |  |  |  |
| Net Assets | $13825547 | $122374889 | $12939725 |
| Shares issued and outstanding<sup>(1)</sup> | 1680762 | 4691623 | 564545 |
| Net asset value | $8.23 | $26.08 | $22.92 |
| \*Cost of securities | 17951255 | 56240462 | 10678949 |

---

<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 Contents**](#d_001)

**CROMWELL FUNDS**

**STATEMENTS OF OPERATIONS**

For the period ended June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Cromwell**<br> **CenterSquare Real Estate**<br> **Fund** | **Cromwell**<br> **Long Short**<br> **Fund** | **Cromwell**<br> **Foresight**<br> **Global Infrastructure**<br> **Fund** |
| **INVESTMENT INCOME:** | | | |
| Dividend income | $1820056 | $501631 | $1124848 |
| Less: Foreign taxes witheld |  | (956) | (91497) |
| Interest income | 8002 | 60952 | 21850 |
| Securities lending income |  | 157021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 1828058 | 718648 | 1055201 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees (See Note 4) | 292514 | 610150 | 193201 |
| Dividend expense on short position |  | 85054 |  |
| Transfer agent fees & expenses (See Note 4) | 23144 | 82389 | 11868 |
| Fund administration & accounting fees (See Note 4) | 49856 | 48822 | 30873 |
| Federal & state registration fees | 17108 | 19287 | 10549 |
| Trustee fees | 16795 | 15495 | 11039 |
| Audit fees | 7369 | 7368 | 8704 |
| Custody fees (See Note 4) | 7121 | 4748 | 8011 |
| Other expenses | 8451 | 14421 | 3489 |
| Legal fees | 18835 | 18457 | 8175 |
| Postage & printing fees | 8513 | 8996 | 1806 |
| Compliance fees (See Note 4) | 13768 | 12329 | 8949 |
| Distribution and/or shareholder service fees<sup>(1)</sup> (See Note 5) Investor Class | 50510 | 49917 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 32896 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Expenses Before Reimbursement/Recoupment | 546880 | 977433 | 296664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursement from adviser (See Note 4) | (25998) | (142845) | (58004) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Net Expenses | 520882 | 834588 | 238660 |
| **Net investment income (loss)** | 1307176 | (115940) | 816541 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 919741 | 885601 | (1295860) |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold short |  | (165354) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  | (19211) |
|  | 919741 | 720247 | (1315071) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (1067050) | 5002026 | 6890688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold short |  | 872538 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations |  | 20508 | 18497 |
|  | (1067050) | 5895072 | 6909185 |
| **Net realized and unrealized gain (loss)** | (147309) | 6615319 | 5594114 |
| &nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING**<br> **FROM OPERATIONS**  | $1159867 | $6499379 | $6410655 |

---

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

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

[Back to **Table of Contents**](#d_001)

**CROMWELL FUNDS**

**STATEMENTS OF OPERATIONS** (Continued)

For the period ended June 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Cromwell Tran**<br> **Focus Fund** | **Cromwell Greenspring Mid Cap Fund** | **Cromell**<br> **Balanced**<br> **Fund** |
| **INVESTMENT INCOME:** |  |  |  |
| Dividend income | $85915 | $806539 | $24833 |
| Less: Foreign taxes witheld | (1041) | (15546) | (269) |
| Interest income | 8743 | 71765 | 110116 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 93617 | 862758 | 134680 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees (See Note 4) | 115014 | 445425 | 51904 |
| Transfer agent fees & expenses (See Note 4) | 27595 | 63301 | 15131 |
| Fund administration & accounting fees (See Note 4) | 27086 | 54399 | 20943 |
| Federal & state registration fees | 16647 | 11727 | 26017 |
| Trustee fees | 9655 | 19037 | 7844 |
| Audit fees | 7369 | 7220 | 7220 |
| Custody fees (See Note 4) | 1484 | 2670 | 1633 |
| Other expenses | 3470 | 10531 | 2674 |
| Legal fees | 5571 | 23001 | 2208 |
| Postage & printing fees | 2625 | 5204 | 1332 |
| Compliance fees (See Note 4) | 8949 | 16721 | 8949 |
| Distribution and/or shareholder service fees (See Note 5) Investor Class | 17413 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Expenses Before Reimbursement/Recoupment | 242878 | 659236 | 145855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursement from adviser (See Note 4) | (76624) |  | (78685) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Net Expenses | 166254 | 659236 | 67170 |
| **Net investment income (loss)** | (72637) | 203522 | 67510 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 2667934 | 3086700 | (138201) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (1056451) | 828277 | 600640 |
| **Net realized and unrealized gain (loss)** | 1611483 | 3914977 | 462439 |
| &nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING**<br> **FROM OPERATIONS** | $1538846 | $4118499 | $529949 |

---

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

[Back to **Table of Contents**](#d_001)

**CROMWELL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Cromwell CenterSquare Real Estate Fund** | **Cromwell CenterSquare Real Estate Fund** |
|  | <br> **For the Period**<br> **Ended**<br> **June 30, 2025** | **For the Year**<br> **Ended<br> December 31,**<br> **2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $1307176 | $2226272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 919741 | 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 | (1067050) | 2889925 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1159867 | 8538233 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| **Investor Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 3406824 | 4087114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions | 281337 | 1250958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (5958691) | (15657914) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from Investor Class transactions** | (2270530) | (10319842) |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 976361 | 9188246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions | 257090 | 1501866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (7146138) | (32577832) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from Institutional Class transactions** | (5912687) | (21887720) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from capital share transactions** | (8183217) | (32207562) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| **Investor Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (672449) | (1100443) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  | (179719) |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (642714) | (1293494) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  | (211248) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (1315163) | (2784904) |
| **Total increase (decrease) in net assets** | (8338513) | (26454233) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 99806552 | 126260785 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $91468039 | $99806552 |

---

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

[Back to **Table of Contents**](#d_001)

**CROMWELL FUNDS**

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

---

| | | |
|:---|:---|:---|
|  | **Cromwell Long Short Fund** | **Cromwell Long Short Fund** |
|  | **For the Period**<br> **Ended**<br> **June 30, 2025** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(115940) | $803189 |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 885601 | 48102581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | (165354) | (13790275) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  | (59296) |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 5002026 | (37714221) |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | 872538 | 9055159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 20508 | (10095) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 6499379 | 6387042 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| **Investor Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 52323 | 144468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions |  | 352312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (4206886) | (10706427) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from Investor Class transactions** | (4154563) | (10209647) |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 863486 | 3076637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions |  | 563061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (5859380) | (44249820) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from Institutional Class transactions** | (4995894) | (40610122) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from capital share transactions** | (9150457) | (50819769) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| **Investor Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings |  | (395994) |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings |  | (586292) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** |  | (982286) |
| **Total increase (decrease) in net assets** | (2651078) | (45415013) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 91376893 | 136791906 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $88725815 | $91376893 |

---

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

[Back to **Table of Contents**](#d_001)

**CROMWELL FUNDS**

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

---

| | | |
|:---|:---|:---|
|  | **Cromwell Foresight Global Infrastructure Fund** | **Cromwell Foresight Global Infrastructure Fund** |
|  | <br> **For the Period**<br> **Ended**<br> **June 30, 2025** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2024** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $816541 | $1195927 |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (1295860) | (898433) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (19211) | (26930) |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 6890688 | (2774746) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 18497 | (44973) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 6410655 | (2549155) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 10000 | 1179023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions |  | 1018321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (7097) | (1186) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from capital share transactions** | 2903 | 2196158 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings |  | (1406804) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  | (40400) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** |  | (1447204) |
| **Total increase (decrease) in net assets** | 6413558 | (1800201) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 43890251 | 45690452 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $50303809 | $43890251 |

---

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

[Back to **Table of Contents**](#d_001)

**CROMWELL FUNDS**

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

---

| | | |
|:---|:---|:---|
|  | **Cromwell Tran Focus Fund** | **Cromwell Tran Focus Fund** |
|  | <br> **For the Period**<br> **Ended**<br> **June 30, 2025** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(72637) | $(125491) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 2667934 | 2586923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (1056451) | 2162809 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1538846 | 4624241 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| **Investor Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 33100 | 1028217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions |  | 18135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (2090792) | (4795792) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from Investor Class transactions** | (2057692) | (3749440) |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 227303 | 924718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions |  | 16668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (1037158) | (3509918) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from Institutional Class transactions** | (809855) | (2568532) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from capital share transactions** | (2867547) | (6317972) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| **Investor Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings |  | (22927) |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings |  | (17272) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** |  | (40199) |
| **Total increase (decrease) in net assets** | (1328701) | (1733930) |
| <br> **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 29683929 | 31417859 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $28355228 | $29683929 |

---

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

[Back to **Table of Contents**](#d_001)

**CROMWELL FUNDS**

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

---

| | | |
|:---|:---|:---|
|  | **Cromwell Greenspring Mid Cap Fund** | **Cromwell Greenspring Mid Cap Fund** |
|  | <br> **For the Period**<br> **Ended**<br> **June 30, 2025** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2024** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $203522 | $586888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 3086700 | 9579236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 828277 | 8362729 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4118499 | 18528853 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1459308 | 2308205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions | 9 | 8096154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (7530698) | (15669437) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from capital share transactions** | (6071381) | (5265078) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings |  | (8434953) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** |  | (8434953) |
| **Total increase (decrease) in net assets** | (1952882) | 4828822 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 124327771 | 119498949 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $122374889 | $124327771 |

---

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

[Back to **Table of Contents**](#d_001)

**CROMWELL FUNDS**

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

---

| | | |
|:---|:---|:---|
|  | **Cromwell Balanced Fund** | **Cromwell Balanced Fund** |
|  | <br> **For the Period**<br> **Ended**<br> **June 30, 2025** | **For the Period**<br> **Ended**<br> **December 31,**<br> **2024<sup>(1)</sup>** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $67510 | $125717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (138201) | (81124) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 600640 | 842508 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 529949 | 887101 |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold | 10001 | 11698247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions |  | 158143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed | (85001) | (100572) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from capital share transactions** | (75000) | 11755818 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings |  | (158143) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** |  | (158143) |
| **Total increase (decrease) in net assets** | 454949 | 12484776 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 12484776 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $12939725 | $12484776 |

---

<sup>(1)</sup> Since commencement of operations on January 2, 2024.

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

[Back to **Table of Contents**](#d_001)

**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,** |
|  |<br>**Period**<br> **Ended**<br> **June 30,**<br> **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $11.39 | $10.89 | $9.97 | $14.06 | $10.51 | $11.04 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | 0.15 | 0.21 | 0.22 | 0.17 | 0.10 | 0.11 |
| Net realized and unrealized gain (loss) on investments | 0.00<sup>(3)</sup> | 0.56 | 0.91 | (3.63) | 4.00 | (0.42) |
| **Total from investment operations** | 0.15 | 0.77 | 1.13 | (3.46) | 4.10 | (0.31) |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | (0.15) | (0.23) | (0.21) | (0.17) | (0.21) | (0.13) |
| Net realized gains |  |  |  | (0.46) | (0.34) |  |
| Return of capital |  | (0.04) |  |  |  | (0.09) |
| **Total distributions** | (0.15) | (0.27) | (0.21) | (0.63) | (0.55) | (0.22) |
| **Net asset value, end of period** | $11.39 | $11.39 | $10.89 | $9.97 | $14.06 | $10.51 |
| Total return<sup>(4)(5)</sup> | 1.35% | 7.19% | 11.70% | (24.72)% | 39.45% | (2.61)% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $49372 | $51753 | $59869 | $69987 | $104438 | $90167 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(6)(7)</sup> | 1.15% | 1.09% | 1.12% | 1.11% | 1.12%<sup>(8)</sup> | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(6)(9)</sup> | 1.12% | 1.09% | 1.12% | 1.12% | 1.12%<sup>(8)</sup> | 1.11% |
| Ratio of expenses excluding interest and tax expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(6)</sup> | 1.15% | 1.08% | 1.12% | 1.11% | 1.12% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(6)</sup> | 1.12% | 1.08% | 1.12% | 1.12% | 1.12% | 1.11% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(6)</sup> | 2.65% | 1.92% | 2.15% | 1.46% | 0.84% | 1.07% |
| Portfolio turnover rate<sup>(4)</sup> | 15% | 35% | 47% | 57% | 68% | 131% |

---

<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 less than $0.005 per share.

<sup>(4)</sup> Not annualized for periods less than one year.

<sup>(5)</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.

<sup>(6)</sup> Annualized for periods less than one year.

<sup>(7)</sup> Includes reduction from broker recapture amounting to less than 0.01% for the fiscal year ended December 31, 2021, 0.01% for the fiscal year ended December 31, 2020.

<sup>(8)</sup> Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to less than 0.01%.

<sup>(9)</sup> Excludes 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.

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

[Back to **Table of Contents**](#d_001)

**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,** |
|  |<br>**Period**<br> **Ended**<br> **June 30,**<br> **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $11.38 | $10.89 | $9.96 | $14.05 | $10.51 | $11.04 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | 0.15 | 0.22 | 0.24 | 0.19 | 0.12 | 0.12 |
| Net realized and unrealized gain (loss) on investments | 0.01 | 0.55 | 0.91 | (3.63) | 3.98 | (0.42) |
| **Total from investment operations** | 0.16 | 0.77 | 1.15 | (3.44) | 4.10 | (0.30) |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | (0.16) | (0.24) | (0.22) | (0.19) | (0.22) | (0.13) |
| Net realized gains |  |  |  | (0.46) | (0.34) |  |
| Return of capital |  | (0.04) |  |  |  | (0.10) |
| **Total distributions** | (0.16) | (0.28) | (0.22) | (0.65) | (0.56) | (0.23) |
| **Net asset value, end of period** | $11.38 | $11.38 | $10.89 | $9.96 | $14.05 | $10.51 |
| Total return<sup>(3)(4)</sup> | 1.38% | 7.20% | 11.71% | (24.65)% | 39.53% | (2.47)% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $42096 | $48054 | $66391 | $63915 | $102347 | $50587 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(5)(6)</sup> | 1.09% | 1.02% | 1.03% | 0.99% | 1.00%<sup>(7)</sup> | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(5)(8)</sup> | 1.02% | 1.03% | 1.02% | 1.00% | 1.00%<sup>(7)</sup> | 0.98% |
| Ratio of expenses excluding interest and tax expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(5)</sup> | 1.09% | 1.01% | 1.03% | 0.99% | 1.00% | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(5)</sup> | 1.02% | 1.02% | 1.02% | 1.00% | 1.00% | 0.98% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(5)</sup> | 2.72% | 1.96% | 2.36% | 1.56% | 0.96% | 1.19% |
| Portfolio turnover rate<sup>(3)</sup> | 15% | 35% | 47% | 57% | 68% | 131% |

---

<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> 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.

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

<sup>(6)</sup> Includes reduction from broker recapture amounting to less than 0.01% for the fiscal year ended December 31, 2021, 0.01% for the fiscal year ended December 31, 2020.

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

<sup>(8)</sup> Excludes 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.

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

[Back to **Table of Contents**](#d_001)

**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,** |
|  |<br>**Period**<br> **Ended**<br> **June 30,**<br> **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $22.61 | $21.59 | $22.13 | $21.62 | $19.96 | $16.65 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | (0.05) | 0.12 | 0.41 | 0.11 | (0.02) | (0.16) |
| Net realized and unrealized gain (loss) on investments | 1.78 | 1.11 | (0.48) | 0.50 | 1.68 | 3.47 |
| **Total from investment operations** | 1.73 | 1.23 | (0.07) | 0.61 | 1.66 | 3.31 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income |  | (0.21) | (0.47) | (0.10) |  |  |
| **Total distributions** |  | (0.21) | (0.47) | (0.10) |  |  |
| **Net asset value, end of period** | $24.34 | $22.61 | $21.59 | $22.13 | $21.62 | $19.96 |
| Total return<sup>(3)(4)</sup> | 7.65% | 5.71% | (0.34)% | 2.81% | 8.32% | 19.88% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $40847 | $42055 | $50106 | $46575 | $47709 | $42483 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(5)</sup> | 2.38% | 2.49% | 2.60% | 2.44% | 2.58% | 2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(5)</sup> | 2.05% | 2.11% | 2.38% | 2.25% | 2.36% | 2.47% |
| Ratio of expenses excluding interest and tax expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(5)</sup> | 2.38% | 2.18% | 2.02% | 1.99% | 2.02% | 2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/ recoupment<sup>(5)</sup> | 2.05% | 1.80% | 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)(6)</sup> | (0.40)% | 0.52% | 1.89% | 0.51% | (0.08)% | (0.95)% |
| Portfolio turnover rate<sup>(3)(7)</sup> | 11% | 108% | 30% | 40% | 26% | 12% |

---

<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> 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.

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

<sup>(6)</sup> The net investment income (loss) ratios include dividend and interest expense on short positions.

<sup>(7)</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 Contents**](#d_001)

**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,** |
|  |<br>**Period**<br> **Ended**<br> **June 30,**<br> **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $23.06 | $22.02 | $22.56 | $22.03 | $20.29 | $16.88 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | (0.02) | 0.20 | 0.48 | 0.18 | 0.03 | (0.12) |
| Net realized and unrealized gain (loss) on investments | 1.82 | 1.12 | (0.50) | 0.50 | 1.71 | 3.53 |
| **Total from investment operations** | 1.80 | 1.32 | (0.02) | 0.68 | 1.74 | 3.41 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income |  | (0.28) | (0.52) | (0.15) |  |  |
| **Total distributions** |  | (0.28) | (0.52) | (0.15) |  |  |
| **Net asset value, end of period** | $24.86 | $23.06 | $22.02 | $22.56 | $22.03 | $20.29 |
| Total return<sup>(3)(4)</sup> | 7.81% | 5.97% | (0.10)% | 3.10% | 8.58% | 20.20% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $47879 | $49322 | $86686 | $101115 | $90440 | $91645 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(5)</sup> | 2.13% | 2.24% | 2.35% | 2.19% | 2.33% | 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(5)</sup> | 1.80% | 1.88% | 2.13% | 2.00% | 2.11% | 2.20% |
| Ratio of expenses excluding interest and tax expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(5)</sup> | 2.13% | 1.91% | 1.77% | 1.74% | 1.78% | 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(5)</sup> | 1.80% | 1.55% | 1.55% | 1.55% | 1.56% | 1.56% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(5)(6)</sup> | (0.15)% | 0.87% | 2.14% | 0.81% | 0.13% | (0.71)% |
| Portfolio turnover rate<sup>(3)(7)</sup> | 11% | 108% | 30% | 40% | 26% | 12% |

---

<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> 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.

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

<sup>(6)</sup> The net investment income (loss) ratios include dividend and interest expense on short positions.

<sup>(7)</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 Contents**](#d_001)

**CROMWELL FORESIGHT GLOBAL INFRASTRUCTURE FUND**

**FINANCIAL HIGHLIGHTS**

For a Fund share outstanding throughout the periods

**INSTITUTIONAL CLASS**

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended**<br> **June 30,**<br> **2025** | **Year Ended**<br> **December**<br> **31, 2024** | **Period Ended**<br> **December**<br> **31, 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> | 0.31 | 0.47 | 0.44 |
| Net realized and unrealized gain (loss) on investments | 2.13 | (1.48) | (1.77) |
| **Total from investment operations** | 2.44 | (1.01) | (1.33) |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| Net investment income |  | (0.54) | (0.46) |
| Return of capital |  | (0.02) |  |
| **Total distributions &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  | (0.56) | (0.46) |
| **Net asset value, end of period** | $19.08 | $16.64 | $18.21 |
| Total return<sup>(3)(4)</sup> | 14.66% | (5.55)% | (6.65)% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
| Net assets, end of period (in 000's) | $50304 | $43890 | $45690 |
| Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(5)</sup> | 1.31% | 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> | 3.59% | 2.63% | 2.66% |
| Portfolio turnover rate<sup>(3)</sup> | 17% | 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.

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

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

[Back to **Table of Contents**](#d_001)

**CROMWELL TRAN FOCUS FUND**

**FINANCIAL HIGHLIGHTS**

For a Fund share outstanding throughout the periods

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  |<br>**Period**<br> **Ended**<br> **June 30,**<br> **2025** |<br>**Year**<br> **Ended**<br> **December**<br> **31, 2024** |<br>**Period**<br> **Ended**<br> **December**<br> **31, 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> | (0.02) | (0.03) | (0.01) | (0.02) | (0.07) | (0.04) |
| Net realized and unrealized gain (loss) on investments | 0.44 | 0.94 | 1.12 | (0.94) | (0.92) | 3.85 |
| **Total from investment operations** | 0.42 | 0.91 | 1.11 | (0.96) | (0.99) | 3.81 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income |  |  |  |  | (1.89) | (1.16) |
| Net realized gains |  | (0.01) |  | (0.60) |  |  |
| Return of capital |  |  |  | —<sup>(4)</sup> |  |  |
| **Total distributions** |  | (0.01) |  | (0.60) | (1.89) | (1.16) |
| **Net asset value, end of period** | $7.38 | $6.96 | $6.06 | $4.95 | $6.51 | $9.39 |
| Total return<sup>(5)(6)</sup> | 6.03% | 15.00% | 22.42% | (14.76)% | (15.09)% | 60.14% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $14530 | $15789 | $17028 | $16855 | $21825 | $33768 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(7)</sup> | 1.92% | 1.88% | 1.87% | 1.96% | 1.78% | 1.82% |
| &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 average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(7)</sup> | (0.66)% | (0.50)% | (0.40)% | (0.45)% | (0.84)% | (0.56)% |
| Portfolio turnover rate<sup>(5)</sup> | 30% | 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 Balanced 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 Contents**](#d_001)

**CROMWELL TRAN FOCUS FUND**

**FINANCIAL HIGHLIGHTS**

For a Fund share outstanding throughout the periods

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  |<br>**Period**<br> **Ended**<br> **June 30,**<br> **2025** |<br>**Year**<br> **Ended**<br> **December 31, 2024** |<br>**Period**<br> **Ended**<br>**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> | (0.02) | (0.02) | (0.01) | (0.01) | (0.06) | (0.03) |
| Net realized and unrealized gain (loss) on investments | 0.49 | 1.06 | 1.25 | (1.03) | (1.01) | 4.12 |
| **Total from investment operations** | 0.47 | 1.04 | 1.24 | (1.04) | (1.07) | 4.09 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income |  |  |  |  | (1.89) | (1.16) |
| Net realized gains |  | (0.01) |  | (0.60) |  |  |
| Return of capital |  |  |  | —<sup>(4)</sup> |  |  |
| **Total distributions** |  | (0.01) |  | (0.60) | (1.89) | (1.16) |
| **Net asset value, end of period** | $8.23 | $7.76 | $6.73 | $5.49 | $7.13 | $10.09 |
| Total return<sup>(5)(6)</sup> | 6.06% | 15.44% | 22.59% | (14.59)% | (14.80)% | 60.55% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $13826 | $13895 | $14390 | $17248 | $26178 | $28590 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(7)</sup> | 1.67% | 1.63% | 1.62% | 1.71% | 1.54% | 1.58% |
| &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 average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(7)</sup> | (0.41)% | (0.25)% | (0.14)% | (0.20)% | (0.59)% | (0.31)% |
| Portfolio turnover rate<sup>(5)</sup> | 30% | 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 Balanced 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 Contents**](#d_001)

**CROMWELL GREENSPRING MID CAP 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,** |
|  |<br>**Period**<br> **Ended**<br> **June 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $25.18 | $23.16 | $22.19 | $26.27 | $22.36 | $22.13 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | 0.04 | 0.12 | 0.19 | 0.26 | 0.10 | 0.30 |
| Net realized and unrealized gain (loss) on investments | 0.86 | 3.70 | 2.36 | (2.55) | 5.83 | 0.47 |
| **Total from investment operations** | 0.90 | 3.82 | 2.55 | (2.29) | 5.93 | 0.77 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income |  | (0.11) | (0.21) | (0.28) | (0.11) | (0.33) |
| Net realized gains |  | (1.69) | (1.37) | (1.51) | (1.91) | (0.21) |
| **Total distributions** |  | (1.80) | (1.58) | (1.79) | (2.02) | (0.54) |
| **Net asset value, end of period** | $26.08 | $25.18 | $23.16 | $22.19 | $26.27 | $22.36 |
| Total return<sup>(3)(4)</sup> | 3.57% | 16.08% | 11.95% | (8.67)% | 26.83% | 3.78% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $122375 | $124328 | $119499 | $135900 | $172800 | $138700 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(5)</sup> | 1.11% | 1.04% | 1.14% | 1.09% | 1.07% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(5)</sup> | 1.11% | 1.04% | 1.14% | 1.09% | 1.07% | 1.12% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(5)</sup> | 0.34% | 0.47% | 0.86% | 1.06% | 0.40% | 1.45% |
| Portfolio turnover rate<sup>(3)</sup> | 2% | 11% | 18% | 11% | 29% | 31% |

---

<sup>(1)</sup> Prior to August 14, 2023, the Fund consisted of one class.

<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.

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

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

[Back to **Table of Contents**](#d_001)

**CROMWELL BALANCED FUND**

**FINANCIAL HIGHLIGHTS**

For a Fund share outstanding throughout the periods

**INSTITUTIONAL CLASS**

---

| | | |
|:---|:---|:---|
|  | **Period Ended**<br>**June 30,**<br> **2025** | **Period Ended**<br> **December**<br> **31, 2024**<sup>(1)</sup> |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of period | $21.99 | $20.00 |
| **INVESTMENT OPERATIONS:** |  |  |
| Net investment income (loss)<sup>(2)</sup> | 0.12 | 0.27 |
| Net realized and unrealized gain (loss) on investments | 0.81 | 2.00 |
| **Total from investment operations** | 0.93 | 2.27 |
| **LESS DISTRIBUTIONS FROM:** |  |  |
| Net investment income |  | (0.22) |
| Net realized gains |  | (0.06) |
| **Total distributions &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  | (0.28) |
| **Net asset value, end of period** | $22.92 | $21.99 |
| Total return<sup>(3)(4)</sup> | 4.23% | 11.34% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of period (in 000's) | $12940 | $12485 |
| Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment<sup>(5)</sup> | 2.39% | 2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(5)</sup> | 1.10% | 1.10% |
| Ratio of net investment income (loss) to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment<sup>(5)</sup> | 1.11% | 1.22% |
| Portfolio turnover rate<sup>(3)</sup> | 28% | 35% |

---

<sup>(1)</sup> Since commencement of operations on January 2, 2024.

<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.

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

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

[Back to **Table of Contents**](#d_001)

**CROMWELL FUNDS**

**NOTES TO THE FINANCIAL STATEMENTS**

June 30, 2025 (Unaudited)

**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), Cromwell Greenspring Mid Cap Fund ("Greenspring Mid Cap Fund"), and Cromwell Balanced Fund ("Balanced Fund") (formerly Cromwell Sustainable Balanced 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.

The Balanced Fund is a diversified series with its own investment objectives and policies within the Trust. The investment objective of the Fund is to achieve total return, consisting of current income and 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 January 2, 2024. 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.

[Back to **Table of Contents**](#d_001)

**CROMWELL FUNDS**

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

June 30, 2025 (Unaudited)

**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.

**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 period ended June 30, 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 period ended June 30, 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 period ended June 30, 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.

[Back to **Table of Contents**](#d_001)

**CROMWELL FUNDS**

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

June 30, 2025 (Unaudited)

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.

**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.

**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.

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.

**Corporate Bonds** - Corporate bonds, including listed issues, are valued at fair value on the basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. Pricing services generally provide pricing for fixed income securities based on round lot prices which may be higher than that for odd lots. Any odd lots held by the Funds during the period ended June 30, 2025 were valued using round lot pricing. Most corporate and municipal bonds are categorized in Level 2 of the fair value hierarchy.

**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.

[Back to **Table of Contents**](#d_001)

**CROMWELL FUNDS**

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

June 30, 2025 (Unaudited)

**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 June 30, 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **CenterSquare Real Estate Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | $91558869 | $— | $— | $91558869 |
| **Total Investments in Securities** | $91558869 | $— | $— | $91558869 |
| **Long Short Fund** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $88446240 | $— | $—<sup>(1)</sup> | $88446240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds |  |  | —<sup>(1)</sup> |  |
| **Total Investments in Securities** | $88446240 | $— | $— | $88446240 |
| **Liabilities:** |  |  |  |  |
| **Securities Sold Short** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $12651393 | $— | $— | $12651393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 571808 |  |  | 571808 |
| **Total Liabilities:** | $13223201 | $— | $— | $13223201 |
| **Foresight Global Infrastructure Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $12592933 | $23350342 | $— | $35943275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 12210857 | 848612 |  | 13059469 |
| **Total Investments in Securities** | $24803790 | $24198954 | $— | $49002744 |
| **Tran Focus Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $26979129 | $— | $— | $26979129 |
| **Total Investments in Securities** | $26979129 | $— | $— | $26979129 |
| **Greenspring Mid Cap Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $117426604 | $— | $— | $117426604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 1540008 |  |  | 1540008 |
| **Total Investments in Securities** | $118966612 | $— | $— | $118966612 |

---

[Back to **Table of Contents**](#d_001)

**CROMWELL FUNDS**

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

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Balanced Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $7745771 | $— | $— | $7745771 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities |  | 2685525 |  | 2685525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds |  | 1690801 |  | 1690801 |
| **Total Investments in Securities** | $7745771 | $4376326 | $— | $12122097 |

---

<sup>(1)</sup> For the period ended June 30, 2025, all Level 3 securities held by the Long Short Fund were valued at $0.

The Level 3 investments as of June 30, 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.

**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% |
| Balanced Fund | 0.85% |

---

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, Corbyn Investment Management, Inc. ("Corbyn") as the sub-adviser of the Greenspring Mid Cap Fund and Tran and Aristotle Pacific Capital, LLC ("Aristotle") as the sub-advisers of the Balanced 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 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 | 1.7 | %\* |
| Foresight Global Infrastructure Fund - Institutional Class | 1.05 | % |
| Tran Focus Fund - Investor Class | 1.35 | %\*\* |
| Tran Focus Fund - Institutional Class | 1.1 | %\*\* |
| Greenspring Mid Cap Fund - Institutional Class | 1.21 | % |
| Balanced Fund - Institutional Class | 1.1 | % |

---

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

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

[Back to **Table of Contents**](#d_001)

**CROMWELL FUNDS**

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

June 30, 2025 (Unaudited)

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**  | **July-**<br> **December**<br> **2025** | **January-**<br> **December**<br> **2026** | **January-**<br> **December**<br> **2027** | **January-**<br> **June**<br> **2028** |
| CenterSquare Real Estate Fund | $— | $— | $— | $25998 |
| Long Short Fund | 132856 | 329517 | 409616 | 142845 |
| Foresight Global Infrastructure Fund |  | 131437 | 108846 | 58004 |
| Tran Focus Fund | 118874 | 286504 | 223951 | 76624 |
| Greenspring Mid Cap Fund |  |  |  |  |
| Balanced Fund |  |  | 169015 | 78685 |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, 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. During this period from January 1 through January 31, the U.S. Bank N.A. serving as the Custodian was an affiliate of the Administrator doing business as U.S. Bank Global Fund Services. The Administrator performed various administrative and accounting services for the Funds. The Administrator 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, 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, 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, Transfer Agent, and Fund Accountant. Also, effective February 3, 2025, BNY Investment Servicing (US) Inc. (the "Transfer Agent") became the Funds' Transfer Agent. The Administrator is an affiliate 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 services for the period ending June 30, 2025, are disclosed in the Statements of Operations.

**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 period ended June 30, 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 Funds, and providing such other personal services to shareholders as the Fund may reasonably request. Shareholder servicing fees incurred by the Fund for the period ended June 30, 2025, are disclosed in the Statements of Operations.

[Back to **Table of Contents**](#d_001)

**CROMWELL FUNDS**

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

June 30, 2025 (Unaudited)

**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** |
|  | <br> **Period Ended**<br> **June 30, 2025** | **Year Ended**<br> **December 31, 2024** | <br> **Period Ended**<br> **June 30, 2025** | **Year Ended**<br> **December 31, 2024** |
| Investor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 296171 | 368689 | 2388 | 6567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 24592 | 112895 |  | 15452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (529317) | (1432991) | (184470) | (483214) |
| **Net Increase (decrease)** | (208554) | (951407) | (182082) | (461195) |
| Institutional Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 85396 | 853389 | 37875 | 137131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 22473 | 137048 |  | 24207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (631678) | (2864322) | (250654) | (1959769) |
| **Net Increase (decrease)** | (523809) | (1873885) | (212779) | (1798431) |
| **Net increase (decrease) in capital shares** | (732363) | (2825292) | (394861) | (2259626) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Foresight Global Infrastructure Fund** | **Foresight Global Infrastructure Fund** | **Tran Focus Fund** | **Tran Focus Fund** |
|  | <br> **Period Ended**<br> **June 30, 2025** | **Year Ended**<br> **December 31, 2024** | **Period Ended**<br> **June 30, 2025** | **Year Ended**<br> **December 31, 2024** |
| Investor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  | 5032 | 165815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |  | 2421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  | (302493) | (712663) |
| **Net Increase (decrease)** |  |  | (297461) | (544427) |
| Institutional Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 534 | 66482 | 29759 | 128023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  | 60904 |  | 1999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (435) | (71) | (140541) | (477472) |
| **Net Increase (decrease)** | 99 | 127315 | (110782) | (347450) |
| **Net increase (decrease) in capital shares** | 99 | 127315 | (408243) | (891877) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Greenspring Mid Cap Fund** | **Greenspring Mid Cap Fund** | **Balanced Fund** | **Balanced Fund** |
|  | <br> **Period Ended**<br> **June 30, 2025** | **Year Ended**<br> **December 31, 2024** | <br> **Period Ended**<br> **June 30, 2025** | **Period Ended**<br> **December 31, 2024**<sup>(1)</sup> |
| Institutional Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 63399 | 90583 | 447 | 565367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  | 303866 |  | 7064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (309337) | (617602) | (3773) | (4560) |
| **Net Increase (decrease)** | (245938) | (223153) | (3326) | 567871 |
| **Net increase (decrease) in capital shares** | (245938) | (223153) | (3326) | 567871 |

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<sup>(1)</sup> Since commencement of operations on January 2, 2024.

[Back to **Table of Contents**](#d_001)

**CROMWELL FUNDS**

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

June 30, 2025 (Unaudited)

**7. INVESTMENT TRANSACTIONS**

The aggregate purchases and sales, excluding short-term investments, by Fund for the period ended June 30, 2025, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **U.S. Government Securities** | **U.S. Government Securities** | **Other Securities** | **Other Securities** |
| <br>**Fund** | **Purchases** | **Sales** | **Purchases** | **Sales** |
| CenterSquare Real Estate Fund | $— | $— | $14322264 | $21353399 |
| Long Short Fund |  |  | 9061502 | 16537546 |
| Foresight Global Infrastructure Fund |  |  | 8131125 | 7417332 |
| Tran Focus Fund |  |  | 8208010 | 12368180 |
| Greenspring Mid Cap Fund |  |  | 2292784 | 9951751 |
| Balanced Fund | 351652 | 668920 | 2973962 | 2918713 |

---

**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, 2024, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| <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 | $22262615 | $(5246128) | $17016487 | $81867072 |
| Long Short Fund | 12757199 | (6937331) | 5819868 | 70545686 |
| Foresight Global Infrastructure Fund | 2211208 | (8359987) | (6148779) | 48843135 |
| Tran Focus Fund | 10194257 | (138710) | 10055547 | 19472270 |
| Greenspring Mid Cap Fund | 64392297 | (2556126) | 61836171 | 60882625 |
| Balanced Fund | 1132250 | (293261) | 838989 | 11079756 |

---

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

At December 31, 2024, 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 | $— | $— | $(3065827) | $17016487 | $13950660 |
| Long Short Fund | 22336 |  | (325711507) | 5819868 | (319869303) |
| Foresight Global Infrastructure Fund |  |  | (2297213) | (6148779) | (8445992) |
| Tran Focus Fund |  | 1984909 |  | 10055547 | 12040456 |
| Greenspring Mid Cap Fund | 107388 | 2876389 |  | 61836171 | 64819948 |
| Balanced Fund | 355 |  | (110386) | 838989 | 728958 |

---

[Back to **Table of Contents**](#d_001)

**CROMWELL FUNDS**

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

June 30, 2025 (Unaudited)

As of December 31, 2024, the Funds long-term and short-term capital losses were as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund**  | **Long-Term**<br> **Capital**<br> **Losses** | **Short-Term**<br> **Capital**<br> **Losses** |
| CenterSquare Real Estate Fund | $3065827 | $— |
| Long Short Fund |  | 325711507 |
| Foresight Global Infrastructure Fund | 727351 | 1471621 |
| Tran Focus Fund |  |  |
| Greenspring Mid Cap Fund |  |  |
| Balanced 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, 2024, the Balanced Fund deferred $110,386 of post-October losses and the Foresight Global Infrastructure Fund deferred late-year losses of $98,241.

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;12/31/2024 | $2393937 | $— | $390967 | $2784904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2023 | 2702156 |  |  | 2702156 |
| Long Short Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2024 | 982286 |  |  | 982286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2023 | 3141532 |  |  | 3141532 |
| Foresight Global Infrastructure Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2024 | 1406804 |  | 40400 | 1447204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2023 | 1158583 |  |  | 1158583 |
| Tran Focus Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2024 |  | 40199 |  | 40199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/30/2023<sup>(2)</sup> |  | 4058988 | 61 | 4059049 |
| Greenspring Mid Cap Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2024 | 542110 | 7892843 |  | 8434953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2023 | 1078101 | 6820380 |  | 7898481 |
| Balanced Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/2024 | 158143 |  |  | 158143 |

---

<sup>(1)</sup> For Federal income tax purposes, distributions of short-term capital gains are treated as ordinary income distributions. <br> <sup>(2)</sup> On November 1, 2023 the Tran Focus Fund changed its fiscal year end from April 30 to December 31.

[Back to **Table of Contents**](#d_001)

**CROMWELL FUNDS**

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

June 30, 2025 (Unaudited)

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, 2024, the Funds made the following permanent book-to-tax reclassifications primarily attributable to non-deductible excise tax expense and net operating losses:

---

| | | |
|:---|:---|:---|
| <br>**Fund**  | **Distributable**<br> **Earnings/**<br> **(Accumulated**<br>**Deficit)** | <br>**Paid-in**<br> **Capital** |
| CenterSquare Real Estate Fund | $7414 | $(7414) |
| Long Short Fund |  |  |
| Foresight Global Infrastructure Fund | (3081) | 3081 |
| Tran Focus Fund | 125491 | (125491) |
| Greenspring Mid Cap Fund |  |  |
| Balanced Fund |  |  |

---

**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 June 30, 2025, National Financial Services, for the benefit of its customers, owned 42.72% of the CenterSquare Real Estate Fund, Blackmead Infrastructure Limited, for the benefit of its customers, owned 98.78% of the Foresight Global Infrastructure Fund, and National Financial Services and Charles Schwab & Company, for the benefit of their customers, owned 45.98% and 49.74%, respectively, of the Balanced Fund.

**10. CREDIT AGREEMENT**

No Funds utilized the line of credit during 2025, until the line of credit terminated effective February 3, 2025, when the Adviser converted Fund Accounting services to the Bank of New York.

**11. 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 the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

**12. 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 Contents**](#d_001)

**CROMWELL FUNDS**

**ADDITIONAL INFORMATION**

June 30, 2025 (Unaudited)

**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 June 30 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, 2024, 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 | 7.22% |
| Long Short Fund | 97.97% |
| Foresight Global Infrastructure Fund | 66.24% |
| Tran Focus Fund | 0.0% |
| Greenspring Mid Cap Fund | 100.0% |
| Balanced Fund | 23.16% |

---

For the year ended December 31, 2024 , 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 | 3.21% |
| Long Short Fund | 95.91% |
| Foresight Global Infrastructure Fund | 7.81% |
| Tran Focus Fund | 0.0% |
| Greenspring Mid Cap Fund | 100.0% |
| Balanced Fund | 18.22% |

---

For the year ended December 31, 2024 , 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 | 0.0% |
| Long Short Fund | 0.0% |
| Foresight Global Infrastructure Fund | 0.0% |
| Tran Focus Fund | 0.0% |
| Greenspring Mid Cap Fund | 0.0% |
| Balanced Fund | 20.73% |

---

For the year ended December 31, 2024, the Foresight Global Infrastructure Fund earned $1,288,577 in foreign source income and paid $75,209 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.

[Back to **Table of Contents**](#d_001)

**CROMWELL FUNDS**

**ADDITIONAL INFORMATION** (Continued)

June 30, 2025 (Unaudited)

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

Not applicable.

[Back to **Table of Contents**](#d_001)

(This page intentionally left blank)

[Back to **Table of Contents**](#d_001)

---

| | |
|:---|:---|
| **INVESTMENT ADVISER**<br> Cromwell Investment Advisors, LLC<br> 810 Gleneagles Court, Suite 106<br> Baltimore, MD 21286 |  |
| **SUB-ADVISERS**<br> CenterSquare Investment Management LLC<br> 630 West Germantown Pike, Suite 300<br> Plymouth Meeting, PA 19462 | <br> 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<br> The Shard, 32 London Bridge Street London<br> SEl 9SG, United Kingdom | Aristotle Pacific Capital, LLC<br> 840 Newport Center Drive, 7th Floor<br> Newport Beach, CA 92660 |
| **DISTRIBUTOR**<br> Foreside Fund Services, LLC<br> Three Canal Plaza, Suite 100<br> Portland, ME 04101 |  |
| **CUSTODIAN**<br> The Bank of New York<br> 240 Greenwich Street<br> New York, NY 10286 |  |
| **ADMINISTRATOR, FUND ACCOUNTANT AND TRANSFER AGENT**<br> The Bank of New York<br> 240 Greenwich Street<br> New York, NY 10286 |  |
| **INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br> Cohen & Company, Ltd.<br> 1835 Market Street, Suite 310<br> Philadelphia, PA 19103 |  |
| **LEGAL COUNSEL**<br> Alston & Bird LLP 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) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required
 by Item 13 of Form N-1A.

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

**Item 8. Changes in and Disagreements with Accountants 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.**

See Item 7(a).

**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;&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;&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) Not applicable for semi-annual reports.

(a)(2) Not applicable for semi-annual reports.

---

| | |
|:---|:---|
| (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.](tfs-efp17492_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 accountant 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.](tfs-efp17492_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>August 28, 2025</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>August 28, 2025</u>

---

| |
|:---|
| /s/ Brian C. Nelson |
| Brian C. Nelson |
| Treasurer, Principal Financial Officer |

---

Date: <u>August 28, 2025</u>

## 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 directors (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: | August 28, 2025 | /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 directors (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: | August 28, 2025 | /s/ Brian C. Nelson |
|  |  | Brian C. Nelson |
|  |  | Treasurer, Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<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 June 30, 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>August 28, 2025</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.