# EDGAR Filing Document

**Accession Number:** 0001872253
**File Stem:** 0001145549-23-017827
**Filing Date:** 2023-3
**Character Count:** 18032
**Document Hash:** 446eaa3b3358b259222965b7a8fda340
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-017827.hdr.sgml**: 20230323

**ACCESSION NUMBER**: 0001145549-23-017827

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230323

**DATE AS OF CHANGE**: 20230323

**PERIOD START**: 20230430

**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:** 23756228

**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 Tran Sustainable Focus Fund (Series ID: S000075258)

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Cromwell Tran Sustainable Focus Fund** | | |
| **Schedule of Investments** | | |
| **January 31, 2023 (Unaudited)** | | |
|  | **Shares** | **Value** |
| **COMMON STOCKS - 96.45%** |  |  |
| **Banks - 9.14%** |  |  |
| SVB Financial Group (a) | 6856 | $2073529 |
| Wells Fargo & Co. | 30236 | 1417161 |
|  |  | 3490690 |
| **Biotechnology - 3.28%** |  |  |
| Halozyme Therapeutics, Inc. (a) | 24213 | 1253507 |
| **Chemicals - 5.19%** |  |  |
| Sherwin-Williams Co. | 8382 | 1983097 |
| **Construction Materials - 5.95%** |  |  |
| Martin Marietta Materials, Inc. | 6320 | 2272925 |
| **Containers & Packaging - 5.95%** |  |  |
| Ball Corp. | 39012 | 2272059 |
| **Energy Equipment & Services - 5.93%** |  |  |
| Baker Hughes Co. | 71421 | 2266902 |
| **Insurance - 5.61%** |  |  |
| Progressive Corp. | 15721 | 2143558 |
| **Interactive Media & Services - 5.00%** |  |  |
| Alphabet, Inc. - Class A (a) | 19306 | 1908205 |
| **Internet & Direct Marketing Retail - 4.24%** |  |  |
| Amazon.com, Inc. (a) | 15689 | 1618007 |
| **IT Services - 3.54%** |  |  |
| Verra Mobility Corp. (a) | 87628 | 1352100 |
| **Life Sciences Tools & Services - 12.59%** |  |  |
| Danaher Corp. | 8793 | 2324693 |
| IQVIA Holdings, Inc. (a) | 10836 | 2485887 |
|  |  | 4810580 |
| **Pharmaceuticals - 4.62%** |  |  |
| Catalent, Inc. (a) | 32927 | 1763241 |
| **Professional Services - 4.99%** |  |  |
| Clarivate PLC - ADR (a) | 171472 | 1906769 |
| **Semiconductors & Semiconductor Equipment - 3.48%** |  |  |
| Entegris, Inc. | 16445 | 1327276 |
| **Software - 6.83%** |  |  |
| Microsoft Corp. | 6373 | 1579293 |
| Palo Alto Networks, Inc. (a) | 6490 | 1029574 |
|  |  | 2608867 |
| **Trading Companies & Distributors - 10.11%** |  |  |
| AerCap Holdings NV - ADR (a) | 36534 | 2309314 |
| Ferguson PLC - ADR | 10913 | 1553356 |
|  |  | 3862670 |
| TOTAL COMMON STOCKS (Cost $31,131,827) |  | 36840453 |
| **SHORT-TERM INVESTMENTS - 3.66%** | **Principal Amount** |  |
| U.S. Bank Money Market Deposit Account, 3.900% (b) | $1398513 | 1398513 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,398,513) |  | 1398513 |
| **Total Investments (Cost $32,530,340) - 100.11%** |  | **38238966** |
| **Liabilities in Excess of Other Assets - (0.11)%** |  | **(40713)** |
| **TOTAL NET ASSETS - 100.00%** |  | $**38198253** |

---

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | The Money Market Deposit Account ("MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of January 31, 2023. |
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| PLC | Public Limited Company is a publicly traded company which signifies that shareholders have limited liability. |
| NV | Naamloze Vennootschap is a public limited company in the Netherlands or other Dutch-influenced countries. |
| The Global Industry Classification Standard (GICS<sup>®)</sup> was developed by and/or is the exclusive property of MSCI, Inc. | The Global Industry Classification Standard (GICS<sup>®)</sup> was developed by and/or is the exclusive property of MSCI, Inc. |
| and Standard & Poor Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed | and Standard & Poor Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed |
| for use by U.S. Bancorp Fund Services, LLC. | for use by U.S. Bancorp Fund Services, LLC. |

---

------

---

| |
|:---|
| **Summary of Fair Value Exposure** |
| The Fund has 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 of 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 Fund has 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 active 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 Fund's 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. |
| The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. |
| The following is a summary of the inputs used to value the Fund's securities as of January 31, 2023: |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Non-Categorized | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $- | $36840453 | $- | $- | $36840453 |
| Short-Term Investment | - | 1398513 | - | - | 1398513 |
| Total Investments in Securities | $- | $38238966 | $- | $- | $38238966 |
| \*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. | \*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. | \*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. | \*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. | \*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. | \*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. |
| Refer to the Schedule of Investments for further information on the classification of investments. | Refer to the Schedule of Investments for further information on the classification of investments. | Refer to the Schedule of Investments for further information on the classification of investments. | Refer to the Schedule of Investments for further information on the classification of investments. | Refer to the Schedule of Investments for further information on the classification of investments. | Refer to the Schedule of Investments for further information on the classification of investments. |

---

## 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 Tran Sustainable Focus Fund

- **b. EDGAR series identifier (if any):** S000075258

- **c. LEI of Series:** 549300QKOFV6ENTLM242

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

- **a. Date of fiscal year-end:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**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:** $38358010.62

**Total Liabilities:** $113996.84

**Net Assets:** $38244013.78

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234130 | 4.64%                | -7.79%               | 9.96%                |
| Class ID C000234131 | 4.56%                | -7.74%               | 9.93%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-507449.33              | $2297971.55                                |
| Month 2  | $-1147787.74             | $-2012680.99                               |
| Month 3  | $740952.69               | $2849654.65                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Halozyme Therapeutics Inc              | Halozyme Therapeutics Inc              | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |     24213 | NS      | $1253507.01   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc                     | IQVIA Holdings Inc                     | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |     10836 | NS      | $2485886.76   | 6.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                 | Palo Alto Networks Inc                 | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      6490 | NS      | $1029573.60   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                   | Progressive Corp/The                   | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     15721 | NS      | $2143558.35   | 5.60%             |  |  |  | No            |                  1 | On Loan: No      |
| SVB Financial Group                    | SVB Financial Group                    | CUSIP: 78486Q101<br>LEI: 549300D2KJ20JMXE7542 | Long             | EC               | CORP              | US        |      6856 | NS      | $2073528.64   | 5.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                       | Wells Fargo & Co                       | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     30236 | NS      | $1417161.32   | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarivate PLC                          | Clarivate PLC                          | CUSIP: N/A<br>LEI: 549300WDHIIODXFO0R55       | Long             | EC               | CORP              | US        |    171472 | NS      | $1906768.64   | 4.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson PLC                           | Ferguson PLC                           | CUSIP: G3421J106<br>LEI: 213800DU1LGY3R2S2X42 | Long             | EC               | CORP              | US        |     10913 | NS      | $1553356.42   | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings NV                     | AerCap Holdings NV                     | CUSIP: N/A<br>LEI: 549300SZYINBBLJQU475       | Long             | EC               | CORP              | IE        |     36534 | NS      | $2309314.14   | 6.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                           | Alphabet Inc                           | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     19306 | NS      | $1908205.04   | 4.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                         | Amazon.com Inc                         | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     15689 | NS      | $1618006.57   | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                        | Baker Hughes Co                        | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71421 | NS      | $2266902.54   | 5.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corp                              | Ball Corp                              | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |     39012 | NS      | $2272058.88   | 5.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalent Inc                           | Catalent Inc                           | CUSIP: 148806102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32927 | NS      | $1763240.85   | 4.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                           | Danaher Corp                           | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      8793 | NS      | $2324693.34   | 6.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                           | Entegris Inc                           | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |     16445 | NS      | $1327275.95   | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc          | Martin Marietta Materials Inc          | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |      6320 | NS      | $2272924.80   | 5.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                         | Microsoft Corp                         | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      6373 | NS      | $1579293.13   | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The                | Sherwin-Williams Co/The                | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      8382 | NS      | $1983097.38   | 5.19%             |  |  |  | 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        |   1420266 | NS      | $1420265.98   | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Verra Mobility Corp                    | Verra Mobility Corp                    | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               | CORP              | US        |     87628 | NS      | $1352100.04   | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-23

**Name of Applicant:** Total Fund Solution

**Signature:** /s/ Kyle Kroken

**Name of Signer:** Total Fund Solution

**Title:** Treasurer & Principal Financial Officer