# EDGAR Filing Document

**Accession Number:** 0001872253
**File Stem:** 0001752724-25-209364
**Filing Date:** 2025-8
**Character Count:** 21460
**Document Hash:** 30f966c9faa7030cedad9f6be8438b20
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209364.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209364

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23724
- **FILM NUMBER:** 251264489

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 615 E. MICHIGAN STREET

  - **City:** MILWAUKEE

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 626-914-7363

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $92342953.09

**Total Liabilities:** $947602.89

**Net Assets:** $91395350.20

**Cash Not Reported:** $480310.46

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234136 | -1.39%               | 1.05%                | -0.23%               |
| Class ID C000231344 | -1.39%               | 1.05%                | -0.24%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $106927.73               | $-1706210.15                               |
| Month 2  | $176757.59               | $731519.90                                 |
| Month 3  | $443320.54               | $-1243302.20                               |

### Schedule of Portfolio Investments

| Name                           | Title                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| American Tower Corp            | American Tower Corp                 | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     38960 | NS      | $8610939.20   | 9.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc      | Healthpeak Properties Inc           | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |    127724 | NS      | $2236447.24   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                 | Public Storage                      | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      5220 | NS      | $1531652.40   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc              | Iron Mountain Inc                   | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |     18768 | NS      | $1925033.76   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc        | Extra Space Storage Inc             | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24600 | NS      | $3627024.00   | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc         | Cousins Properties Inc              | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |     45950 | NS      | $1379878.50   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust  | First Industrial Realty Trust Inc   | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18080 | NS      | $870190.40    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT Inc     | Apple Hospitality REIT Inc          | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |     16660 | NS      | $194422.20    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                    | Equinix Inc                         | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      8090 | NS      | $6435352.30   | 7.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                   | NNN REIT Inc                        | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     17080 | NS      | $737514.40    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease Inc       | Broadstone Net Lease Inc            | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |     43848 | NS      | $703760.40    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential             | Equity Residential                  | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     31860 | NS      | $2150231.40   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc   | American Healthcare REIT Inc        | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |     37490 | NS      | $1377382.60   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent          | American Homes 4 Rent               | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     33660 | NS      | $1214116.20   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                   | Prologis Inc                        | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     52430 | NS      | $5511441.60   | 6.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co     | DiamondRock Hospitality Co          | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |     69210 | NS      | $530148.60    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust          | Camden Property Trust               | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     21350 | NS      | $2405931.50   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp        | SBA Communications Corp             | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |     12120 | NS      | $2846260.80   | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FrontView REIT Inc             | FrontView REIT Inc                  | CUSIP: 35922N100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18790 | NS      | $225480.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties Inc  | Hudson Pacific Properties Inc       | CUSIP: 444097109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39070 | NS      | $107051.80    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc  | Independence Realty Trust Inc       | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |     21600 | NS      | $382104.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie | Alexandria Real Estate Equities Inc | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |      4510 | NS      | $327561.30    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| National Health Investors Inc  | National Health Investors Inc       | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               | CORP              | US        |     10720 | NS      | $751686.40    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                     | Ventas Inc                          | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     60690 | NS      | $3832573.50   | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corp              | Kimco Realty Corp                   | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |     96650 | NS      | $2031583.00   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc               | Crown Castle Inc                    | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |      5460 | NS      | $560905.80    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust           | Vornado Realty Trust                | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27850 | NS      | $1064984.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trus | Federal Realty Investment Trust     | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |     11350 | NS      | $1078136.50   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                      | CubeSmart                           | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26980 | NS      | $1146650.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc            | Sun Communities Inc                 | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |      4800 | NS      | $607152.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc       | Simon Property Group Inc            | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     13540 | NS      | $2176690.40   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc            | VICI Properties Inc                 | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     38780 | NS      | $1264228.00   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors Inc | Omega Healthcare Investors Inc      | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |     34350 | NS      | $1258927.50   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                        | BXP Inc                             | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     13820 | NS      | $932435.40    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                  | Welltower Inc                       | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     39550 | NS      | $6080021.50   | 6.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc           | Invitation Homes Inc                | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48440 | NS      | $1588832.00   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc             | Douglas Emmett Inc                  | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15350 | NS      | $230864.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire State Realty Trust Inc  | Empire State Realty Trust Inc       | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               | CORP              | US        |     37839 | NS      | $306117.51    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust           | LXP Industrial Trust                | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |     28050 | NS      | $231693.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                | Weyerhaeuser Co                     | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |     44689 | NS      | $1148060.41   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc     | Brixmor Property Group Inc          | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     77080 | NS      | $2007163.20   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co           | Lamar Advertising Co                | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |      3200 | NS      | $388352.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Lineage Inc                    | Lineage Inc                         | CUSIP: 53566V106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11730 | NS      | $510489.60    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                        | UDR Inc                             | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |     73310 | NS      | $2993247.30   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc    | Healthcare Realty Trust Inc         | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |     43570 | NS      | $691020.20    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc     | Americold Realty Trust Inc          | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |     33250 | NS      | $552947.50    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                 | NETSTREIT Corp                      | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |     31452 | NS      | $532482.36    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc      | Host Hotels & Resorts Inc           | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |     87500 | NS      | $1344000.00   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Macerich Co/The                | Macerich Co/The                     | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |     28506 | NS      | $461227.08    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp              | Agree Realty Corp                   | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28860 | NS      | $2108511.60   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc  | Rexford Industrial Realty Inc       | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     30150 | NS      | $1072435.50   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc   | Sunstone Hotel Investors Inc        | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |     34150 | NS      | $296422.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc       | Digital Realty Trust Inc            | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     23900 | NS      | $4166487.00   | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust        | Kite Realty Group Trust             | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60820 | NS      | $1377573.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp             | Realty Income Corp                  | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     20740 | NS      | $1194831.40   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities               | Elme Communities                    | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        |     11670 | NS      | $185553.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

**Name of Applicant:** Total Fund Solution

**Signature:** Brian Nelson

**Name of Signer:** Brian Nelson

**Title:** Treasurer, Principal Financial Officer