# EDGAR Filing Document

**Accession Number:** 0001872253
**File Stem:** 0001145549-23-010564
**Filing Date:** 2023-2
**Character Count:** 20836
**Document Hash:** da782b207cc41352950ece564b610960
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010564.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-010564

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Total Fund Solution
- **CENTRAL INDEX KEY:** 0001872253
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23724
- **FILM NUMBER:** 23672118

**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 Marketfield L/S Fund (Series ID: S000074017)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000231342 | Investor Class      | MFADX           |
| C000231343 | Institutional Class | MFLDX           |
| C000233944 | Class C             | MFCDX           |

## 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:** 414-765-5607

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

- **a. Name of Series:** Cromwell Marketfield L/S Fund

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

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

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $205821328.11

**Total Liabilities:** $45959471.78

**Net Assets:** $159861856.33

**Cash Not Reported:** $46496131.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231342 | 7.39%                | 3.39%                | -0.06%               |
| Class ID C000231343 | 7.43%                | 3.41%                | -0.03%               |
| Class ID C000233944 | 7.31%                | 3.31%                | -0.10%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1505833.68              | $8379321.48                                |
| Month 2  | $306.81                  | $4973316.06                                |
| Month 3  | $-183265.85              | $-406771.99                                |

**Designated Index Information**

- **Index Name:** S&P 500 Total Return Index

- **Index Identifier:** SPTR

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Freeport-McMoRan Inc                   | Freeport-McMoRan Inc                            | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     70949 | NS      | $2696062.00   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co                    | General Electric Co                             | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Short            | EC               | CORP              | US        |    -48163 | NS      | $-4035577.77  | -2.52%            |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                             | Intel Corp                                      | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     39466 | NS      | $1043086.38   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco QQQ Trust Series 1             | Invesco QQQ Trust Series 1                      | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Short            | EC               | RF                | US        |    -53429 | NS      | $-14227074.12 | -8.90%            |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Gold Corp                      | Barrick Gold Corp                               | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    136014 | NS      | $2336720.52   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Inc                          | BlackRock Inc                                   | CUSIP: 09247X101<br>LEI: 549300LRIF3NWCU26A80 | Short            | EC               | CORP              | US        |     -6847 | NS      | $-4851989.61  | -3.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                   | Vornado Realty Trust                            | CUSIP: 929042109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -24854 | NS      | $-517211.74   | -0.32%            |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp           | Wheaton Precious Metals Corp                    | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | BR        |     49029 | NS      | $1916053.32   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Dalata Hotel Group PLC                 | Dalata Hotel Group PLC                          | CUSIP: N/A<br>LEI: 635400L2CWET7ONOBJ04       | Long             | EC               | CORP              | IE        |    207835 | NS      | $727497.03    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| MMC Norilsk Nickel PJSC                | MMC Norilsk Nickel PJSC                         | CUSIP: 55315J102<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | RU        |    105916 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Invesco Ltd                            | Invesco Ltd                                     | CUSIP: N/A<br>LEI: ECPGFXU8A2SHKVVGJI15       | Short            | EC               | CORP              | US        |    -85493 | NS      | $-1538019.07  | -0.96%            |  |  |  | No            |                  1 | On Loan: No      |
| Golar LNG Ltd                          | Golar LNG Ltd                                   | CUSIP: N/A<br>LEI: 213800C2VSFZG3EZLO34       | Long             | EC               | CORP              | CM        |     88634 | NS      | $2019968.86   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 ETF               | iShares Russell 2000 ETF                        | CUSIP: 464287655<br>LEI: 549300O80OAR5VTWR172 | Short            | EC               | RF                | US        |    -43715 | NS      | $-7622147.40  | -4.77%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI United Kingdom ET         | iShares MSCI United Kingdom ETF                 | CUSIP: 46435G334<br>LEI: 549300D5PVRLB9ULJS58 | Long             | EC               | RF                | GB        |    136163 | NS      | $4174757.58   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                            | Lennar Corp                                     | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |     29641 | NS      | $2682510.50   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                             | Siemens AG                                      | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |      6132 | NS      | $850953.75    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries Inc                  | Mohawk Industries Inc                           | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |     28513 | NS      | $2914598.86   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                          | Mosaic Co/The                                   | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     67558 | NS      | $2963769.46   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyence Corp                           | Keyence Corp                                    | CUSIP: N/A<br>LEI: 529900M7PQBS7A89DZ11       | Long             | EC               | CORP              | JP        |      7324 | NS      | $2869552.58   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                           | Newmont Corp                                    | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     51994 | NS      | $2454116.80   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp                  | Norfolk Southern Corp                           | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |     15963 | NS      | $3933602.46   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| TOTO Ltd                               | TOTO Ltd                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     33886 | NS      | $1161894.24   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bank Money Market Deposit Account | U.S. Bank Money Market Deposit Account          | CUSIP: 8AMMF0A92<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  55974648 | NS      | $55974648.17  | 35.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                     | Union Pacific Corp                              | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     14173 | NS      | $2934803.11   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck Gold Miners ETF/USA             | VanEck Gold Miners ETF/USA                      | CUSIP: 92189F106<br>LEI: 54930031TORTKAM9TJ98 | Long             | EC               | RF                | US        |    127143 | NS      | $3643918.38   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck Russia ETF                      | VanEck Russia ETF                               | CUSIP: 92189F403<br>LEI: 549300FPRVRCCMKQFC88 | Long             | EC               | RF                | RU        |     81903 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Rio Tinto PLC                          | Rio Tinto PLC                                   | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | AU        |     36239 | NS      | $2580216.80   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc                | Rockwell Automation Inc                         | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |      9975 | NS      | $2569260.75   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Oil & Gas Exploration         | SPDR S&P Oil & Gas Exploration & Production ETF | CUSIP: 78468R556<br>LEI: 5493001H1FSSB667C124 | Long             | EC               | RF                | US        |     22753 | NS      | $3091677.64   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| SVB Financial Group                    | SVB Financial Group                             | CUSIP: 78486Q101<br>LEI: 549300D2KJ20JMXE7542 | Short            | EC               | CORP              | US        |    -13954 | NS      | $-3211373.56  | -2.01%            |  |  |  | No            |                  1 | On Loan: No      |
| St Joe Co/The                          | St Joe Co/The                                   | CUSIP: 790148100<br>LEI: 529900XVHOT3BF8PWG49 | Long             | EC               | CORP              | US        |     42951 | NS      | $1660056.15   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Ltd                       | Schlumberger Ltd                                | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     92203 | NS      | $4929172.38   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The                | Sherwin-Williams Co/The                         | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     11489 | NS      | $2726684.37   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Signature Bank/New York NY             | Signature Bank/New York NY                      | CUSIP: 82669G104<br>LEI: VLP5AP0XK2GM6GKD1007 | Short            | EC               | CORP              | US        |    -21236 | NS      | $-2446811.92  | -1.53%            |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                    | Synchrony Financial                             | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Short            | EC               | CORP              | US        |    -81550 | NS      | $-2679733.00  | -1.68%            |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                         | Blackstone Inc                                  | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Short            | EC               | CORP              | US        |    -25742 | NS      | $-1909798.98  | -1.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc/The                  | Carlyle Group Inc/The                           | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Short            | EC               | CORP              | US        |    -76436 | NS      | $-2280850.24  | -1.43%            |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                        | Caterpillar Inc                                 | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     15834 | NS      | $3793193.04   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                           | Chevron Corp                                    | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23665 | NS      | $4247630.85   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                   | Cleveland-Cliffs Inc                            | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |    194737 | NS      | $3137213.07   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                    | Coinbase Global Inc                             | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Short            | EC               | CORP              | US        |     -9388 | NS      | $-332241.32   | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Cia de Minas Buenaventura SAA          | Cia de Minas Buenaventura SAA                   | CUSIP: 204448104<br>LEI: 529900WQB1ZU9KB6EL71 | Long             | EC               | CORP              | PE        |     97865 | NS      | $729094.25    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                         | ConocoPhillips                                  | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     45389 | NS      | $5355902.00   | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                  | Costco Wholesale Corp                           | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      6358 | NS      | $2902427.00   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                            | Cummins Inc                                     | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |     14785 | NS      | $3582257.65   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                          | DR Horton Inc                                   | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     52675 | NS      | $4695449.50   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                             | Deere & Co                                      | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     11265 | NS      | $4829981.40   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp                      | Devon Energy Corp                               | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     66451 | NS      | $4087401.01   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                      | EOG Resources Inc                               | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     19299 | NS      | $2499606.48   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp                     | Franco-Nevada Corp                              | CUSIP: 351858105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     29070 | NS      | $3967473.60   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-27

**Name of Applicant:** Total Fund Solution

**Signature:** /s/ Kyle Kroken

**Name of Signer:** Total Fund Solution

**Title:** Treasurer & Principal Financial Officer