# EDGAR Filing Document

**Accession Number:** 0001872253
**File Stem:** 0001133228-26-007845
**Filing Date:** 2026-5
**Character Count:** 24494
**Document Hash:** 6939c55b5ec7fe6ab69dd061af161621
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-007845.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001133228-26-007845

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**EFFECTIVENESS DATE**: 20260501

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-258648
- **FILM NUMBER:** 26930857

**BUSINESS ADDRESS:**
- **STREET 1:** 810 GLENEAGLES CT
- **STREET 2:** SUITE 106
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21286
- **BUSINESS PHONE:** 703-608-3499

**MAIL ADDRESS:**
- **STREET 1:** 810 GLENEAGLES CT
- **STREET 2:** SUITE 106
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21286

## Series and Classes Contracts Data

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000243272 | Investor Class      | GRNPX           |
| C000243273 | Institutional Class | GRSPX           |

![](cromwellfunds_logo.jpg)<br>

## Cromwell Greenspring <br>

## Mid Cap Fund
Investor Class (GRNPX) <br>

Institutional Class (GRSPX)

### Summary Prospectus

#### April 30, 2026
Before you invest, you may want to review the Cromwell Greenspring Mid Cap Fund's (the "Fund") statutory prospectus and statement of additional information, which contain more information about the Fund and its risks. The current statutory prospectus and statement of additional information dated April 30, 2026, are incorporated by reference into this summary prospectus. You can find the Fund's statutory prospectus, statement of additional information and other information about the Fund online at www.thecromwellfunds.com/funds/greenspring-mid-cap-fund. You can also get this information at no cost by calling 1-855-625-7333 or by sending an e-mail request to info@thecromwellfunds.com.

#### Investment Objective
Cromwell Greenspring Mid Cap Fund's (the "Greenspring Fund" or the "Fund") investment objective is long-term capital appreciation.

#### Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.**

---

| | | |
|:---|:---|:---|
| **Shareholder Fees** <br>**(fees paid directly from your investment)** | **Shareholder Fees** <br>**(fees paid directly from your investment)** | **Shareholder Fees** <br>**(fees paid directly from your investment)** |
|  | **Investor Class** | **Institutional Class**  |

---

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| | | |
|:---|:---|:---|
| **Annual Fund Operating Expenses** <br>**(expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses** <br>**(expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses** <br>**(expenses that you pay each year as a percentage of the value of your investment)** |
| Management Fees | 0.75% | 0.75%  |
| Distribution and Service (12b-1) Fees | 0.25% |  |
| Other Expenses | 0.38% | 0.38%  |
| Total Annual Fund Operating Expenses | 1.38% | 1.13%  |
| **Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(1)</sup>** | **1.38%** | **1.13%** |

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<sup>(1)</sup> Pursuant to an operating expense limitation agreement, Cromwell Investment Advisors, LLC, the Fund's investment adviser (the "Adviser"), has agreed to waive its management fees and/or reimburse Fund expenses to ensure that Total Annual Fund Operating Expenses (exclusive of taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses, and extraordinary expenses) do not exceed 1.46% and 1.21% of the Fund's average daily net assets for Investor Class shares and Institutional Class shares, respectively, through at least April 30, 2027 ("Expense Caps"). The operating expense limitation agreement can be terminated only by, or with the consent of, the Board of Trustees (the "Board") of Total Fund Solution (the "Trust"). The Adviser may request recoupment of previously waived fees and paid expenses from the Fund for up to 36 months from the date such fees and expenses were waived or paid, subject to the operating expense limitation agreement, if such reimbursement will not cause the Fund's expense ratio, after recoupment has been taken into account, to exceed the lesser of: (1) the expense limitation in place at the time of the waiver and/or expense payment; or (2) the expense limitation in place at the time of the recoupment.

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#### Example
This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and that you then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **One Year** | **Three Years** | **Five Years** | **Ten Years**  |
| **Investor Class** | $141 | $437 | $755 | $1657  |
| **Institutional Class** | $115 | $359 | $622 | $1375 |

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#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs and potentially higher taxes, which are not reflected in the Total Annual Fund Operating Expenses or in the example, affect the Fund's performance. During the fiscal year ended December 31, 2025, the portfolio turnover rate of the Fund was 6% of the average value of its portfolio.

#### Principal Investment Strategies
The Fund primarily invests in equity securities that its investment sub-adviser, Corbyn Investment Management, Inc. (the "Corbyn Sub-Adviser" or "Sub-Adviser"), believes are undervalued at the time of purchase and have the potential to provide capital appreciation, income, or a combination of both. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of mid-sized capitalization U.S. companies ("mid cap companies") at time of purchase which, for the purposes of the Fund, are those companies with market capitalizations similar to the market capitalizations of companies listed in the Russell Midcap® Index or the S&P MidCap 400® Index. The Fund's equity securities investments may include common and preferred stocks of United States companies. As of March 31, 2026, the market capitalization of companies in the Russell Midcap® Index ranged from approximately $0.3 billion to $198 billion and the market capitalization of companies in the S&P MidCap 400® Index ranged from approximately $1.2 billion to $18.5 billion. The companies in which the Fund may invest are those the Sub-Adviser believes provide an attractive risk/reward value and are undervalued or inefficiently priced. The Sub-Adviser utilizes a research-intensive, bottom-up, fundamental "value" investing approach. The Sub-Adviser considers several factors, including, but not limited to, a company's market position, management quality, balance sheet strength, free cash flow generation, and industry or company-specific catalysts. The Sub-Adviser may sell a security for a variety of reasons, including, but not limited to, when the Sub-Adviser's analysis indicates that (1) continued investment in the security no longer represents a favorable risk-reward relationship; (2) a new security is determined to have a more attractive valuation; (3) the current business, future outlook or management of a particular company's security has deteriorated; or (4) general market conditions favor a sale.

#### Principal Risks
In addition to possibly not achieving your investment goals, **you could lose money by investing in the Fund.** An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks of investing in the Fund are:

&nbsp;&nbsp;&nbsp;&nbsp;• *Mid-Cap Securities Risk.* Equity securities of mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than equity securities of larger companies. Because these businesses frequently rely on narrower product lines and niche markets, they can suffer isolated setbacks.

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&nbsp;&nbsp;&nbsp;&nbsp;• *Industrial Sector Risk.* The industrial sector can be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, tariffs and trade barriers, and tax and governmental regulatory policies. As the demand for, or prices of, industrials increase, the value of the Fund's investments generally would be expected to also increase. Conversely, declines in the demand for, or prices of, industrials generally would be expected to contribute to declines in the value of such securities. Such declines may occur quickly and without warning and may negatively impact the value of the Fund and your investment.

&nbsp;&nbsp;&nbsp;&nbsp;• *Recent Market Events Risk.* U.S. and international markets have experienced significant periods of volatility in recent months and years due to a number of economic, political and global macro factors including rising inflation, tariffs, trade disputes, the possibility of a national or global recession, the war between Russia and Ukraine,the conflict between Israel and Hamas, and the war between the U.S. and Iran. Inflation, rapid fluctuations in inflation rates and, tariffs and trade disputes may have negative effects on the economies and securities markets of the United States and other countries. Pandemics and epidemics have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. The ongoing armed conflict between Ukraine and Russia in Europe, Israel and Hamas in the Middle East and the war between the U.S. and Iran could have severe adverse effects on the regional or global economies and the markets for certain securities.

&nbsp;&nbsp;&nbsp;&nbsp;• *Equity Securities Risk.* Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in a portfolio manager's ability to anticipate such changes that can adversely affect the value of the Fund's holdings.

&nbsp;&nbsp;&nbsp;&nbsp;• *Market Changes Risk.* The value of the Fund's investments may change because of broad changes in the markets in which the Fund invests, which could cause the Fund to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility and increased redemptions. Such conditions may add significantly to the risk of volatility in the net asset value ("NAV") of the Fund's shares.

&nbsp;&nbsp;&nbsp;&nbsp;• *Value Investing Risk.* A value stock may decrease in price or may not increase in price as anticipated by the portfolio manager if other investors fail to recognize the company's value or the factors that the portfolio manager believes will cause the stock price to increase do not occur.

&nbsp;&nbsp;&nbsp;&nbsp;• *Management Risk.* Because the Fund is an actively managed investment portfolio, security selection or focus on securities in a particular style, market sector or group of companies may cause the Fund to incur losses or underperform relative to its benchmarks or other funds with a similar investment objective. There can be no guarantee that the Sub-Adviser's investment techniques and risk analysis will produce the desired result.

&nbsp;&nbsp;&nbsp;&nbsp;• *Large-Capitalization Stock Risk.* Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large-capitalization companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

&nbsp;&nbsp;&nbsp;&nbsp;• *Preferred Stock Risk.* Preferred stock represents an equity interest in a company that generally entitles the holder to receive dividends and a fixed share of the proceeds from the company's liquidation. Preferred stock is subject to issuer-specific and market risk applicable generally to equity securities, and is also subject to many of the risks associated with debt securities, including interest rate risk. The value of preferred stock may decline if dividends are not paid. In certain situations an issuer may call or redeem its preferred stock or convert it to common stock. The market prices of preferred stocks are generally more sensitive to actual or perceived changes in the issuer's financial condition or prospects than are the prices of debt securities.

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&nbsp;&nbsp;&nbsp;&nbsp;• *Other Investment Companies Risk.* Investing in other investment companies subjects the Fund to those risks affecting the investment companies themselves, including the possibility that the value of the underlying securities held by an investment company could decrease or an investment company's portfolio becomes illiquid. Additionally, an investment company may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the Fund's performance. To the extent that the Fund invests in other investment companies, investors in the Fund will bear both their proportionate share of expenses in the Fund and, indirectly, the expenses of the investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;• *Information Technology Sector Risk.* Factors such as the failure to obtain, or delays in obtaining, financing or regulatory approval, intense competition, product compatibility, consumer preferences, corporate capital expenditure, rapid obsolescence, competition from alternative technologies, and research and development of new products may significantly affect the market value of securities of issuers in the information technology sector.

&nbsp;&nbsp;&nbsp;&nbsp;• *Small- and Mid-Capitalization Stock Risk.* Stocks of mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than stocks of larger companies. Because these businesses frequently rely on narrower product lines and niche markets, they can suffer isolated setbacks.

#### Performance
The bar chart demonstrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The Average Annual Total Returns table also demonstrates these risks by showing how the Fund's average annual returns for the 1-year, 5-year, 10-year, and since inception periods compare with those of a broad measure of market performance. Performance data for the classes varies based on differences in their fee and expense structures.

Effective August 14, 2023, Greenspring Fund, Inc. (the "Predecessor Fund"), reorganized into the Fund (the "Reorganization"). Following the Reorganization, the Fund made certain changes to its principal investment strategies. Accordingly, performance information shown prior to August 14, 2023, is based on the Predecessor Fund's principal investment strategies, and may not be representative of the Fund's performance under its current principal investment strategies. Accordingly, the returns for Institutional Class shares in the bar chart and table are the returns of the Predecessor Fund. The Predecessor Fund did not offer Investor Class shares. Returns of the Investor Class shares shown in the table prior to the Reorganization reflect the returns of the Institutional Class shares, adjusted to reflect the expenses of the Investor Class. The performance returns for the Investor Class will be lower than those of the Institutional Class due to the higher expenses.

The Fund has adopted the Financial Statements of the Predecessor Fund. The Predecessor Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.thecromwellfunds.com or by calling the Fund at 1-855-625-7333 (toll free).

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#### Calendar Year Total Return for Institutional Class Shares as of December 31
![](greenspring_efp-24193.jpg)<br>

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| | |
|:---|:---|
| Best Quarter:  | 16.94% (Quarter ended December 31, 2020) |
| Worst Quarter:  | (26.16)% (Quarter ended March 31, 2020) |

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** <br>**(For the periods ended December 31, 2025)**  | **Average Annual Total Returns** <br>**(For the periods ended December 31, 2025)**  | **Average Annual Total Returns** <br>**(For the periods ended December 31, 2025)**  | **Average Annual Total Returns** <br>**(For the periods ended December 31, 2025)**  |
|  | **1 Year** | **5 Years** | **10 Years**  |
| **Institutional Class** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 6.18% | 9.83% | 8.81%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 4.02% | 7.91% | 6.88%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 5.23% | 7.57% | 6.71%  |
| **Russell 3000 Total Return Index**<br>**(reflects no deduction for fees, expenses, or taxes)** | 15.71% | 11.18% | 10.46%  |
| **Russell Mid Cap Total Return Index**<br>**(reflects no deduction for fees, expenses, or taxes)** | 10.60% | 8.67% | 11.01%  |
| **Greenspring Custom Blend Index**<br>**(reflects no deduction for fees, expenses, or taxes)** | 12.00% | 8.55% | 8.19% |

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The Russell 3000 Total Return Index, a capitalization-weighted stock market index that seeks to be a benchmark of the entire U.S. stock market, is the Fund's regulatory index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The Russell Mid Cap Total Return Index is a supplemental index that the Adviser believes is more representative of the Fund's investment universe. The Fund's blended benchmark consists of a weighted average comprised of 60% Russell 3000 Value Index, 30% ICE BAML 1-3yr BB Cash Pay High Yield Index, and 10% ICE BAML 3-month T-Bill Index (rebalanced monthly). The Russell 3000 Value Index is composed of those companies among the largest 3000 US-incorporated equities by market capitalization that exhibit value characteristics such as lower price-to-book ratios and lower expected growth rates. This total return market index assumes that all cash distributions are reinvested, in addition to tracking the price movements. The ICE BAML 1-3 year BB Cash Pay High Yield Index, a subset of ICE BAML U.S. Cash Pay High Yield Index, consists of all securities rated BB- through BB+ by S&P with a remaining term to final maturity of 3 years or less. The ICE BAML U.S. 3-month T-Bill Index reflects the performance of purchasing a single T-Bill issue at the beginning of the month and holding it for a full month. An investment cannot be made directly into an index.

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After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to shareholders who hold their shares through tax-deferred or other tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). After-tax returns are shown for the Institutional Class shares only and after-tax returns for the other classes will vary. In certain cases, Return After Taxes on Distributions and Sale of Fund Shares may be higher than the other return figures for the same period when a capital loss occurs upon the redemption of Fund shares because there is an assumed tax deduction that benefits the investor.

#### Management

#### The Adviser
Cromwell Investment Advisors, LLC (the "Adviser") is the Fund's investment adviser.

#### The Sub-Adviser
Corbyn Investment Management, Inc. is the Fund's investment sub-adviser.

#### Portfolio Managers
The following portfolio managers are jointly and primarily responsible for the day-to-day management of the Fund:

Charles vK. Carlson, CFA®<br>

Portfolio Manager, Corbyn Sub-Adviser;<br>

Portfolio Manager of the Fund and the Predecessor Fund since January 1987.

Michael Goodman, CFA®<br>

Portfolio Manager, Senior Vice President and Director, Corbyn Sub-Adviser;<br>

Portfolio Manager of the Fund and the Predecessor Fund since May 2022.

#### Purchase and Sale of Fund Shares
You may purchase or redeem shares by mail addressed to Cromwell Greenspring Mid Cap Fund, c/o BNY Mellon Investment Servicing (US) Inc., P.O. Box 534498, Pittsburgh, PA 15253-4498, or by telephone at 1-855-625-7333 (toll free), on any day the New York Stock Exchange ("NYSE") is open for trading, or through a broker-dealer or other financial intermediary (such as a bank) approved by the Fund (an "Authorized Intermediary"). You may also purchase or redeem Fund shares by wire transfer. Purchases and redemptions by telephone are permitted if you have previously established these options for your account. Investors who wish to purchase or redeem Fund shares through an Authorized Intermediary should contact the Authorized Intermediary directly.

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| | | |
|:---|:---|:---|
| **Minimum Investment Amounts**  |  |  |
|  | **Initial Investment** | **Subsequent Investments**  |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regular Accounts | $2000 | $100  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individual Retirement Accounts | $1000 | $100  |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regular Accounts | $100000 | $100  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individual Retirement Accounts | $25000 | $100 |

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#### Tax Information
The Fund's distributions may be taxed as ordinary income unless you are investing through a tax-deferred or other tax-advantaged arrangement, such as a 401(k) plan or an IRA. A portion of the Fund's distributions may also be taxable as long-term capital gain. You may be taxed later upon withdrawal of monies from such tax-deferred or other tax-advantaged arrangements.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create conflicts of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

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