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)

615 East Michigan Street

Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)

Michael J. Weckwerth, President

Total Fund Solution

c/o U.S. Bancorp Fund Services, LLC

777 East Wisconsin Ave, 6^th Fl

Milwaukee, WI 53202
(Name and address of agent for service)

(626) 914-7363

Registrant's telephone number, including area code

Date of fiscal year end: December 31, 2023

Date of reporting period: June 30, 2023

Item 1. Reports to Stockholders.

June 30, 2023

Semi-Annual Report

Cromwell CenterSquare Real Estate Fund

Cromwell Marketfield L/S Fund

Cromwell Foresight Global Sustainable
Infrastructure Fund

1

CROMWELL FUNDS

President’s Letter

As of June 30, 2023 (Unaudited)

Dear Shareholder,

It is a pleasure to report on the market environment and provide an analysis of the investment activities for the Cromwell Funds for the six-month period ended June 30, 2023.

On the following pages, the Portfolio Managers of the Cromwell CenterSquare Real Estate Fund, Cromwell Foresight Global Sustainable Infrastructure Fund, and the Cromwell Marketfield L/S Fund highlight key factors that influenced each portfolio’s performance during the six-month period. You will also find a Schedule of Investments and unaudited financial statements for each Fund. We hope you find the portfolio reports from the various Cromwell sub-advisors to be informative. Please refer to our website for timely quarterly commentaries from all of Cromwell’s sub-advisors.

We are pleased to report the number of Cromwell Funds continues to grow. In August 2023, Cromwell added its fifth fund—the Cromwell Greenspring Mid Cap Fund to the fund family. The Fund has a 40-year track record and is sub-advised by Corbyn Investment Management. Founded in 1974, Corbyn serves the investment needs of individual and institutional clients and has approximately $1 billion in assets under management. More information on the Cromwell Greenspring Mid Cap Fund can be found at thecromwellfunds.com.

We look forward to introducing more Funds to the Cromwell family of funds in 2023. It is a privilege to have you as one of Cromwell’s valued shareholders. We appreciate your confidence in the Cromwell Funds to serve as a component of your diversified investment portfolio.

Please feel free to contact me directly at 443.279.2008 if I can be of any assistance. Thanks again for your support of the Cromwell Funds.

Sincerely,

Brian C. Nelson President

2

CROMWELL FUNDS

Market and Economic Update

As of June 30, 2023 (Unaudited)

A Remarkably Resilient Market

In the first half of 2023, the S&P 500 Index rose nearly 17%, and the Nasdaq gained 32%, its best first half since the 1980s.¹ By comparison, in 2022, the S&P 500 experienced its worst first half in over 50 years.

With the strong performance, a new bull market commenced on June 8, signaling that the S&P 500 rose at least 20% from its most recent low reached in October 2022.

This year’s market returns have been especially narrow, driven by strong gains in a small number of technology companies. In fact, the seven largest stocks by market capitalization in the S&P 500—dubbed the Magnificent Seven—have increased between 35% and 189% this year, yet only 59% of companies within the S&P 500 experienced positive performance in 2023.²

Magnificent Seven Drove S&P 500 Index’s Performance
2023 Performance Through June 30

¹ Morningstar.

² “These are the best-performing stocks in the 2023 bull market-and the worst,” MarketWatch, 7/1/23.

3

CROMWELL FUNDS

Market and Economic Update

As of June 30, 2023 (Unaudited) — (Continued)

Last year’s strongest-performing sectors have reversed course through June 30, 2023, and 2022’s laggards are 2023’s winners. Information Technology, Communication Services and Consumer Discretionary stocks all rose an average 30% or more, in the first six months of 2023. After climbing nearly 60% in 2022, Energy stocks have fallen more than 5% over the same period. Financials companies have also struggled. Many investors are cautiously watching the sector following the failures of Silicon Valley Bank and Signature Bank.

Albeit with some volatility, markets in 2023 have been remarkably resilient even as the Federal Reserve increased interest rates at its fastest pace in decades. Since March 2022, the Fed has hiked rates 11 times, bringing them above 5% for the first time in more than 15 years. In June 2023, the central bank left rates unchanged but once again raised rates in July and signaled potential rate hikes to cool inflation and curb spending by the stronger-than-expected consumer.

In fact, with higher consumption, U.S. GDP grew 2.4% on an annual basis in the second quarter.³ Inflation has been declining, with the Consumer Price Index declining from its high of 9% in June 2022 to the 3% year-over-year level in June 2023.⁴ Unemployment also remains below 4%, which is where it has been since the beginning of 2022.⁵

What to Expect for the Rest of 2023

After a powerful rise in the market in the first half, what should investors expect for the rest of the year? Since the significant gains were confined to only a few select stocks, many analysts anticipate that the rally could expand across many other areas of the market in the next several months. Investors have history on their side as well. Going back to 1954, when the S&P 500 increased 10% or more in the first half of the year, the market rose by a median of 10% in the second half. In fact, of the 22 instances when the S&P 500 was up more than 10%, there were only four times when the market fell in the latter part of the year.⁶

Regardless of how stocks end the year, we encourage equity investors to maintain a diversified portfolio and a long-term perspective.

³ Bureau of Economic Analysis.

⁴ U.S. Bureau of Labor Statistics.

⁵ U.S. Department of Labor, Bureau of Labor Statistics.

⁶ “Where Stock Market is Headed After Wild First Half,” Bloomberg.com, 6/25/23.

4

CROMWELL CENTERSQUARE REAL ESTATE FUND

Management Commentary

As of June 30, 2023 (Unaudited)

For the six months ended June 30, 2023, the Cromwell CenterSquare Real Estate Fund Institutional Class (MRESX) returned 3.29%. This return outperformed the FTSE Nareit All Equity REITs Index return of 2.97% by 32 basis points (bps). Relative outperformance against the benchmark was driven by both stock selection and sector allocation in the period.

The largest contribution to outperformance came in the Apartments sector. Apartments generated strong returns in the first half of 2023 as high demand continued to be driven by job growth in the economy. The Fund was positioned within the sector to allocate to names with coastal geographic footprints relative to Sunbelt markets. While demand has remained strong across the board, higher supply growth in the Sunbelt region has lowered valuations and made coastal names more attractive, benefiting the portfolio. Self-storage also outperformed for the period. Returns across the sector outperformed the REIT market. The highest returns, however, came from Life Storage Inc, a portfolio overweight, which surged due to a series of takeover offers at increasingly high valuations throughout the first half. Life Storage eventually agreed to an acquisition by competitor Extra Space Storage. Shopping Centers contributed to relative performance through both sector allocation and stock selection. The sector lagged the broader REIT market due to concerns about the potential for economic growth to slow. The Fund’s underweight to the sector added relative outperformance while positioning within the sector had a greater effect in generating outperformance. The Fund’s allocations were focused on grocery-anchored shopping centers, an area of the market expected to provide more resilience in an economic slowdown compared to higher-growth names with more of a reliance on discretionary purchases.

Relative outperformance was partially offset by a strong period for document storage REITs, in which the Fund held no position due to expectations of low long-term growth at high valuations. Our positioning within Hotel REITs also partially offset returns. Finally, Industrial and cold storage REITs detracted from relative outperformance. Rexford, a key portfolio overweight, underperformed due to concerns about slowing rent growth in its Southern California market. The Fund remains overweight, however, due to an attractive geographic footprint for

5

CROMWELL CENTERSQUARE REAL ESTATE FUND

Management Commentary

As of June 30, 2023 (Unaudited) — (Continued)

its properties that differentiates it from competitors who have seen difficulties. Americold was held underweight due to an unattractively elevated valuation but outperformed to start the year, detracting from the Fund’s excess return relative to the benchmark.

Dean Frankel, CFA

Managing Director, Head of Real Estate Securities

CenterSquare Investment Management LLC

July 2023

Eric Rothman, CFA

Portfolio Manager, Real Estate Securities

CenterSquare Investment Management LLC

July 2023

6

CROMWELL MARKETFIELD L/S FUND

Management Commentary

As of June 30, 2023 (Unaudited)

The Cromwell Marketfield L/S Fund returned -1.68% in the second quarter, taking the half-year performance down to -1.29%. This compares to the S&P 500 Index’s total return of 8.74% for the second quarter and 16.89% for the half-year. The Fund’s disappointing performance reflects the very different market conditions that have prevailed thus far in 2023 compared to what had taken place during 2022. Most significantly, the very strong headline index performance has been driven by a very small number of large-cap issues, which are dominated by technology. Given the absence of such holdings in our portfolio, much of our long-sided portfolio simply sat out the powerful but narrow thrust higher. This is quite different from the first three months of the rally off the October low, during which the Fund was able to participate at a much higher rate than our net exposure would typically allow.

To make matters more frustrating, much of the economic and policy developments that took place in the first half of 2023 had been accurately anticipated by us. We have been very resistant to the idea that a recession was imminent in the U.S. economy, or that the global economy has been sharply decelerating. We would admit that we were somewhat more hopeful that China would contribute some growth to the global economy than what actually transpired, but we would still argue that sentiment towards that country has become much too negative on both an external and internal basis.

We certainly did not expect to see the S&P 500 rip higher and the Fund was set up for a more volatile, if generally positive, environment, calling for lower-than-normal net exposure. However, we maintained a heavy procyclical bias, which we hoped would have benefited from a recovery in economic sentiment. This really did not take place until the very end of the second quarter, meaning that most of our long-sided exposure simply trod water for the first half of the year.

Confusingly, certain sectors still performed strongly, most notably housing-related and construction-related industrials. This reflects the somewhat separate nature of the U.S. housing market from the general global economy, at least as far as institutional allocations are concerned.

As a general rule, we are much more focused on absolute rather than relative performance, and since most of our long book experienced a long and tedious period of consolidation rather than a steep decline, we have stayed patient with it. We do expect to see another strong period of commodity performance in the

7

CROMWELL MARKETFIELD L/S FUND

Management Commentary

As of June 30, 2023 (Unaudited) — (Continued)

second half of the year, driven by a better-than-expected Chinese economy and an understanding that U.S. demand is unlikely to trail away. Most importantly, valuations in both the energy and material sectors remain at historically low levels, reflecting the conservatism of both management guidance and investor positioning. As frustrating as it has been to sit out a very strong period for headline index returns, this is not the worst starting position for future performance. We have gradually increased our gross long and net exposure over the last few weeks, adding mostly non-U.S. equities in Korea, Japan, and Europe. This reflects both attractive valuations available abroad, and also the likely tailwind of a weakening U.S. Dollar, which makes non-U.S. returns potentially more valuable. In the U.S., we added a healthcare technology issue and a refiner, the latter helping broaden out our energy exposure to include corporate and retail demand. The Fund finished the quarter with a net exposure of 42.5% but have taken this above 50% at the start of the third quarter.

On the short side, our focus remains on financial companies because our concerns remain much more focused on the potential for a financial accident than a broad deceleration of economic activity that leads to a recession. Other than the late-March period, when a number of regional banks failed, there has been little financial stress visible, and most of our financial shorts rose during the second quarter, albeit at a slower rate than the overall index. The Fund’s index shorts remain somewhat smaller than usual, but of course were a drag on performance during the strong advance by the market. Looking ahead we are hopeful that some rotation back towards cyclical sectors is starting to take place, helped by both economic data and corporate performance, which remained robust through the end of the second quarter, allowing investors to benefit from flows back into the sectors that the Fund has exposure to.

Michael Shaoul
Chairman, CEO & Portfolio Manager
Marketfield Asset Management LLC
July 2023

8

CROMWELL MARKETFIELD L/S FUND

Management Commentary

As of June 30, 2023 (Unaudited) — (Continued)

Cold Turkeys

Withdrawal from habituating substances is a difficult proposition for the sufferer. The effects can be tortuous, but the medical risks vary widely among different types of drugs and the variance is anything but intuitive.

Alcohol is the world’s oldest and most widely embraced mood alterant. It also has addictive attributes that ensnare a meaningful proportion of regular drinkers. Withdrawal effects from regular, heavy drinking can be fatal.

This contrasts with opiate withdrawal, which despite horribly dysphoric symptoms is almost never lethal. Routinely prescribed sedatives, on the other hand, are more dangerous for a heavy abuser to quit.

The complexities of drug withdrawal bear some similarity to the issues affecting the economic environment at present.

Federal Reserve policy between 2008 and 2022 provided the domestic and global economy with unprecedented volumes of cheap money and credit. The period was to monetary excess what the Woodstock Festival was to drug use albeit without the great rock and roll and lasting about 1,500 times as long.

Persistent flows of money and credit unmoored to real economic output create the same types of problems as non-medical drug use. They distort proper function and often require increasing intake to maintain some illusion of stability.

Withdrawal from limitless flows of cheap money and credit implies widely variant consequences across the economy and financial markets. For some participants, the process will vary from annoying to painful. For others, it will likely prove too daunting to even attempt and in some meaningful number of cases, it will be fatal.

Innumerable shades of the spectrum will be evident as the cycle progresses.

The Fed seems blithely unconcerned about the unevenness of effects that its policy convulsions prompt. We have made the point for more than forty years that this is the basic, fatal flaw underlying the structure of modern central banking. Academic economic modeling does not take into account the widely different points of excess and vulnerability from one cycle to the next leaving the hundreds of practitioners guiding Fed policy to repeat the same errors over and over again.

9

CROMWELL MARKETFIELD L/S FUND

Management Commentary

As of June 30, 2023 (Unaudited) — (Continued)

Serious vulnerabilities during a cycle of monetary withdrawal can be identified only by beginning with an inventory of those who saw the greatest benefit from period of ease. The goal is to understand those entities for which the availability of cheap money and credit was not simply enjoyable but is absolutely necessary for survival.

Details change from one cycle to the next. Like Romeo and Juliet and West Side Story, the characters and settings differ but the story is exactly the same.

Between 2003 and 2007, credit expansion and artificially low costs of borrowing were centered on the market for single-family homes. Mortgage derivatives allowed financing terms that fell between imprudent and reckless. The steep yield curve encouraged more lending at the short end, and sub-prime ARMs became the stimulant of choice for both borrowers and lenders. Once the Fed moved rates in the direction of normalcy, the ensuing turmoil highlighted just how large a proportion of the housing and housing finance markets could not tolerate withdrawal.

The cast of characters currently on center stage has changed completely. More than 90% of single-family home mortgages carry fixed rates. The median interest rate is below 4%. Commentators who were bemoaning the affordability index and becoming increasingly negative on the prospects for homebuilders as rates rose are watching them thrive in a marketplace that has been altered beyond recognition by the wealth implicit in the ownership of existing mortgages rather than existing homes.

Long duration mortgages issued during the monetary fiesta have saddled the owners with substantial losses. Wealth lost by those who lent at artificially depressed mortgage rates has been transferred to the millions of borrowers who now enjoy the prospect of below market costs of home ownership.

Similar circumstances exist in the corporate sector.

10

CROMWELL MARKETFIELD L/S FUND

Management Commentary

As of June 30, 2023 (Unaudited) — (Continued)

Bond issuance by businesses expanded by trillions of dollars during the period after the Fed abandoned any sense of caution following the modest 2018-2019 tightening. Many investment grade issuers issued enough long-term debt to virtually eliminate the need to borrow for years, if not decades.

Fed policy during the COVID-19 panic was a near perfect complement to that of the Centers for Disease Control and other public health authorities. Rather than immunizing people against the virus, the Fed immunized much of the economy against rising interest rates.

Forecasters who expected the rapid rise of the Federal Funds Rate to quickly produce recession, collapsing earnings and the inception of a new cycle of rate cuts have been confounded.

The inversion of the yield curve as a reliable harbinger of economic contraction is likewise proving troublesome to adherents. Inverted yield curves do not predict economic disruptions. They cause them.

Monetary and credit conditions are a critical input into commerce. Meaningful changes in the shape of relationships in yields or credit quality will inevitably disturb business models that are most sensitive to financial conditions. Short-term funding costs that exceed flows from longer term assets will, in general, impair anyone engaged in carry trades, where borrowing short and lending long is the basis of capturing the normal positive slope of the yield curve.

In cycles past, banks were generally much more sensitive to changes in funding conditions. This time around, the burden of an upside-down yield curve has been concentrated in a few major regional banks that relied on large, low-cost deposits to support profitable niche lending activities. The liquidity mismatch was exposed once their deposit funding gave way to market-rate borrowings. A few headline failures ensued, but no general economic trauma ensued.

The great maturity extension accommodated by the historic monetary expansion of 2019-2022 has left the bulk of the U.S. economy much less sensitive to short-term funding costs than at any point during the existence of the Fed.

11

CROMWELL MARKETFIELD L/S FUND

Management Commentary

As of June 30, 2023 (Unaudited) — (Continued)

Monetary conditions over the past decade have allowed for nearly unlimited provisions of liquidity to owners of long-term, normally illiquid assets through low-cost collateralized borrowing on unbelievably favorably terms. No docs, no recourse, no real interest cost and wildly inflated valuations created a Nirvana for borrowers, courtesy of the Fed and its peers.

All of this borrowing created heaps of liquid, financial assets that are thwarting efforts to induce even a mild recession. The slowdown over the past year is largely a function of the panicky over-ordering and inventory builds in response to the supply-chain seizures and manufacturing bottlenecks during much of 2022. Inventories look to us to be headed back toward acceptable levels, at which point order flows and activity should resume.

Observers who cite the substantial build-up of debt in the U.S. economy are overlooking the fact that long-term, fixed rate debt assumed at historically low real and nominal rates is a tremendous asset, not a burden. There is nothing like a 3% thirty-year mortgage to set a family on a sound financial footing. The same holds true for businesses that accessed the bond market in record amounts during the peak of the credit frenzy.

The simplest measure of private, liquid assets that we have used is a combination of bank deposits, cash in retail money market funds and, as a verifying tool, the assets under management at the major retail platforms. All are at record or near record levels.

Whatever the Fed expects to accomplish by shrinking its balance sheet, it will be a long road to diminishing the saved purchasing power of much of the population.

On the other side of this coin, those who provided fixed rate financing at ridiculously generous terms are on the wrong end of a huge transference of wealth to borrowers.

Thirty-year bonds issued by a domestic AA corporation two years ago are trading around 70 cents at present. The 30% loss of market value represents the scope of the real economic benefit accruing to the issuer.

12

CROMWELL MARKETFIELD L/S FUND

Management Commentary

As of June 30, 2023 (Unaudited) — (Continued)

Inadequate rates on long duration assets were the structural issue behind regional bank failures this spring.

Current macroeconomic conditions are at once propitious and unfortunate depending upon one’s fundamental situation. Those stuck with low-yielding assets are one element of the losing side. The other, more consequential members are those who borrowed heavily but neglected to fix the rates when the time was right.

The variable rate contingent that is most at risk of a higher-for-longer policy cycle comprises three main groups. Corporate borrowers who tapped the leveraged loan market during the peak of the private equity cycle, financial institutions with unstable deposit bases and, last but not least, the U.S. Treasury.

The pressures on these sectors are chronic and take a long time to provoke serious consequences. The 2002-2008 cycle is illustrative.

Home prices peaked in 2005. The Fed continued to slowly tighten for two years, despite clear distress in the mortgage markets and among specialty lenders. A series of failures began in 2007, but economic activity held up. Copper prices reached cycle highs late in 2007 and oil prices accelerated through the second quarter of 2008.

The structural infirmity of the entire domestic financial system and its basis in housing speculation was not widely understood until after the collapse of Lehman Brothers and the ensuing global panic. Signs were clear for years that leverage-driven price spirals in single-family homes were not sustainable, but there were no econometric models that contemplated that unprecedented variable.

The main risk to the legion of forced, short term borrowers is a general recognition that the real economy is holding up better than expected and that employment, wages and inflation are not behaving according to plan. A new sort of duration risk comes into play, where administered rates remain above expectations much longer than variable rate borrowers can tolerate.

13

CROMWELL MARKETFIELD L/S FUND

Management Commentary

As of June 30, 2023 (Unaudited) — (Continued)

The Fed does not cause slowdowns by tightening monetary conditions. It causes financial crises, which then impact the real economy. This time should be no different. The idea that it can settle on a single base rate that is appropriate for all concerned, even those in directly antagonistic financial positions, is ridiculous.

From a practical perspective, we are still anticipating that market leadership will swing back toward cyclicality and inflation beneficiaries as global activity rebounds from inventory destocking. The market expectation of a rate cutting cycle beginning early in 2024 strikes us as highly mistaken.

With the annual rate of change in nominal GDP remaining comfortably above 6%, we consider the bond market to be a classic value trap and would steer clear.

Michael C Aronstein
President, CIO & Portfolio Manager
Marketfield Asset Management LLC
July 2023

14

CROMWELL FORESIGHT GLOBAL SUSTAINABLE INFRASTRUCTURE FUND

Management Commentary

As of June 30, 2023 (Unaudited)

Strategy Launch

The Cromwell Foresight Global Sustainable Infrastructure Fund launched during the period, with a similar strategy having been managed since 2019 in Europe. The strategy provides investors with exposure to listed real infrastructure companies. These companies own, and generate earnings from, physical infrastructure projects and assets. Typically, these projects and assets generate a high degree of contracted cash flows, which are often inflation linked or benefit from fixed uplifts. These infrastructure projects are defined by their criticality, relied on by the public for everyday functions, such as travel, healthcare, and education, and by both public and private organizations for their day-to-day operations. This translates into a portfolio which we believe has a defensive earnings profile, supplemented by an attractive dividend yield.

The long-term investment horizon considers sustainability, specifically related to environment and social factors. Since infrastructure investing requires a multi-decade outlook, investments must be able to endure the changing world ahead and the evaluation of each company’s sustainability credentials are a key part of the Fund’s investment process.

Market Conditions

Over the period, global markets continued to be driven by macro and geopolitical factors, rather than underlying company fundamentals, in our view. The war in Ukraine has not only led to a conflict unseen in Europe since World War II, but also a shortage of agricultural goods and the “weaponization of energy” imported into Europe from Russia. Commodity prices increased because of these shortages and sanctions, particularly food and energy prices, further fueling existing COVID-induced inflationary pressures across the globe.

Alongside the geopolitical uncertainty, the pace at which central bankers pivoted towards, and then accelerated, their contractionary monetary policies also surprised investors. The combination of accelerating inflation and hawkish central banks resulted in interest rate and bond market volatility not experienced in decades. Implications for listed infrastructure have been similar to other long duration risk assets: A reset in valuations occurred and share prices moved negatively to reflect future cash flows discounted at a now higher rate. This mechanical exercise, in our view, ignored the contractual inflation linkage in the underlying cash flows and their defensiveness if economic conditions deteriorate. Through the first six months of 2023, this led to an unjustified volatility in share prices.

15

CROMWELL FORESIGHT GLOBAL SUSTAINABLE INFRASTRUCTURE FUND

Management Commentary

As of June 30, 2023 (Unaudited) — (Continued)

Fund Positioning and Attribution

During this volatile period, we remained focused on maintaining exposure to companies with high-quality assets, strong balance sheets and a high degree of inflation linkage in the underlying earning streams. Exposure to those companies that have low inflation linkage and growth potential were reduced (core infrastructure and healthcare), while exposure towards areas with higher growth was increased (digital infrastructure and economic infrastructure). Portfolio companies have continued to report strong cash generation and a healthy operating environment, despite the increasing concerns around a recession as central bankers raise rates to levels that restrict economic activity. We remain optimistic, whilst also realistic, around the long-term earnings power of the underlying companies as they exhibit robust growth prospects with contractual inflation linkage and structural demand drivers of decarbonization, aging demographics and digitization.

During the period, the Fund’s digital infrastructure holdings were the top performers, rebounding after their share prices suffered in 2022. The Fund’s poorest performing sectors were renewable energy and medical property. The Fund’s medical property holdings are typically listed REITs, typically sensitive to interest rates despite resolute fundamental performance. In the renewable energy sector, the Fund’s holdings suffered due to weak investor sentiment, as the competition for capital took hold. With attractive yields in other asset classes, and fears around higher interest rates and cost inflation affecting project economics, renewable energy companies have suffered from volatility and downward pressure on equity valuations. As a long-term investor in the sector, we take an arguably contrarian view. The Fund’s renewable energy holdings own, and generate cash flows from, primarily operating assets. They supplement this with the expertise, both practical and financial, to develop and construct new projects, which provide accretive earnings growth. This “franchise” or “platform” factor is being disregarded by equity markets, but will, over time, prove fruitful for these firms.

We added one new company and exited two companies during the period. We initiated a relatively small position in Crown Castle International, a U.S. listed owner of U.S. communication assets, which is a company we have watched for a number of years but have had reservations regarding its valuation. Despite a slowdown in earnings growth, we believe the defensive earnings profile and positive long-term outlook now align with an attractive valuation opportunity.

16

CROMWELL FORESIGHT GLOBAL SUSTAINABLE INFRASTRUCTURE FUND

Management Commentary

As of June 30, 2023 (Unaudited) — (Continued)

We exited Samhallsbyggnadsbolaget, a Swedish-listed owner of social infrastructure assets, due to balance sheet concerns while seeking to improve the portfolio quality. Finally, we exited Radius Global Infrastructure, a digital infrastructure business which owns land and leases it to digital infrastructure on which companies locate their equipment. The company received a $15 per share takeover offer from Swedish infrastructure investor EQT and Canadian pension investor PSP, which was at a material premium to the prevailing share price. Such a bid highlights the valuation floor that is provided by the depth of private capital available to be deployed into attractive long-term infrastructure investments.

Outlook

Despite the macroeconomic and political uncertainty, the outlook for global infrastructure remains attractive. Even in a recessionary environment, infrastructure companies maintain the ability to earn reliable and highly forecastable cash flows which allows them to pay sustainable dividends. This remains underpinned by the contractual cash flows from high-quality counterparties that use infrastructure assets held by portfolio companies. The Fund remains positioned in companies that have high-quality, cash generative and defensive earnings profiles. This focus has been central to the investment process since the Fund launched and is particularly relevant at this point in time.

We continue to view both the renewable energy and digital infrastructure sectors as attractively positioned. Increased digitization of global economies is a structural trend expected to continue for many years and demand for infrastructure used by the digital world should remain insulated from shorter-term economic cycles. The energy transition trend and global decarbonisation imperative also continues to provide attractive investment opportunities for the Fund across the renewable energy and energy efficiency sectors. The policy environment also remains supportive as exhibited by the passage of the Inflation Reduction Act in the US and Europe’s “Fit for 55” plan. These policy measures will provide continued growth avenues for portfolio companies.

Lastly, there remains strong appetite for infrastructure assets owned by portfolio companies as seen by recent transaction activity across private markets. Globally, investor appetite for infrastructure investments remains robust. The wall of capital continues to provide valuation support for the Fund’s underlying companies as

17

CROMWELL FORESIGHT GLOBAL SUSTAINABLE INFRASTRUCTURE FUND

Management Commentary

As of June 30, 2023 (Unaudited) — (Continued)

private funds will seek to deploy capital over time. We believe if public market valuations remain at discounts to asset values, increased merger and acquisition activity from private market participants should be expected. Recent transactions in the market continue to suggest institutional buyers, or those with limited need for leverage, continue to bid for assets at attractive valuations relative to public market pricing for comparable assets. We believe this provides valuation support and the Fund has already benefited from the private takeover of Radius Global Infrastructure. Listed infrastructure should be seen as a long-term addition to a well-diversified portfolio. Such a view should allow investors to potentially benefit from the substantial tailwinds in the sector.

Nick Scullion
Partner and Lead Portfolio Manager
Foresight Group LLP
July 2023

Mark Brennan
Partner and Co-Portfolio Manager
Foresight Group LLP
July 2023

Eric Bright, CFA
Senior Investment Manager and Co-Portfolio Manager
Foresight Group LLP
July 2023

18

CROMWELL FUNDS

Disclosures

June 30, 2023 (Unaudited)

Must be preceded or accompanied by a prospectus.

Mutual fund investing involves risk. Principal loss is possible.

Cromwell CenterSquare Real Estate Fund Risks: The Fund is subject to special risk considerations similar to those associated with the direct ownership of real estate. Real estate valuations may be subject to factors such as changing general and local economic, financial, competitive, and environmental conditions. A greater percentage of the Fund’s holdings may be focused in a smaller number of securities which may place the Fund at greater risk than a more diversified fund. Investing in initial public offerings (IPOs) is risky and the prices of stocks purchased in IPOs tend to fluctuate more widely than stocks of companies that have been publicly traded for a longer period of time. Stocks purchased in IPOs generally do not have a trading history, and information about the companies may be available for very limited periods. Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies. Companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase.

Cromwell L/S Marketfield Fund Risks: The Fund regularly makes short sales of securities, which involves the risk that losses may exceed the original amount invested. The Fund may also use options and futures contracts, which have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of securities prices, interest rates, and currency exchange rates. However, a mutual fund investor’s risk is limited to the amount invested in a fund. Investments in absolute return strategies are not intended to outperform stocks and bonds during strong market rallies. Investing in ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of the shares may trade at a discount to its net asset value (NAV), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Fund’s ability to sell its shares. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. These risks may be greater for emerging markets. Investing in smaller companies involves special risks, including higher volatility and lower liquidity. Investing in mid-cap stocks may carry more risk than investing in stocks of larger, more well-established companies. This risk is

19

CROMWELL FUNDS

Disclosures

June 30, 2023 (Unaudited) — (Continued)

usually greater for longer-term debt securities. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. Investments in asset-backed and mortgage-backed securities involve additional risks such as credit risk, prepayment risk, possible illiquidity and default, and increased susceptibility to adverse economic developments. The Fund involves the risk that the macroeconomic trends identified by portfolio management will not come to fruition and their advantageous duration may not last as long as portfolio management forecasts. The Fund may invest in derivatives, which may increase the volatility of the Fund’s NAV and may result in a loss to the Fund.

Cromwell Foresight Global Sustainable Infrastructure Fund Risks:The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. Environmental, Social and Governance (ESG) and Sustainable investing may take into consideration factors beyond traditional financial information to select securities, which could result in relative investment performance deviating from other strategies or broad market benchmarks, depending on whether such sectors or investments are in or out of favor in the market. Further, ESG and Sustainable investing strategies may rely on certain values-based criteria to eliminate exposures found in similar strategies or broad market benchmarks, which could also result in relative investment performance deviating. There is no assurance that employing ESG and Sustainable strategies will result in more favorable investment performance. The Sub-Adviser utilizes its own company research, additional external research and the portfolio manager’s judgment to determine if a company is contributing positively to sustainable development. Infrastructure companies may be subject to a variety of factors that may adversely affect their business, including high interest costs, high leverage, regulation costs, economic slowdown, surplus capacity, increased competition, lack of fuel availability and energy conversation policies. The Fund is non-diversified and therefore a greater percentage of holdings may be focused in a small number of issuers or a single issuer, which can place the Fund at greater risk. The Fund is new with no operating history. Investing in Master Limited Partnerships (MLPs) involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. Investing in ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price

20

CROMWELL FUNDS

Disclosures

June 30, 2023 (Unaudited) — (Continued)

of the shares may trade at a discount to its net asset value (NAV), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Fund’s ability to sell its shares.

Cromwell Greenspring Mid Cap Fund Risks: Mid-capitalization companies may be subject to greater price volatility, significantly lower trading volumes, and cyclical, static or moderate growth prospects than equity securities of larger companies. The investment strategies, practices and risk analysis used may not produce the desired results.

The S&P 500 Index is a capitalization-weighted index of 500 stocks. The Nasdaq Composite Index is a market capitalization-weighted index of more than 2,500 stocks listed on the Nasdaq stock exchange. The FTSE Nareit All Equity REITs Index is an index of U.S. equity REITs. Constituents include all tax-qualified REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property. Indices are unmanaged, are not available for investment and do not incur expenses.

Dividend Yield measures how much a company pays out in dividends each year relative to its share price. Earnings Yield is the 12-month earnings divided by the share price. Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. A basis point is one hundredth of one percent.

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of fund holdings, please refer to the Schedule of Investments section of this report.

Diversification neither assures a profit nor guarantees against loss in a declining market.

Cromwell Funds distributed by Foreside Fund Services, LLC.

21

CROMWELL CENTERSQUARE REAL ESTATE FUND

Fund Performance

As of June 30, 2023 (Unaudited)

The chart assumes an initial investment of $10,000. Performance reflects waivers of fee and operating expenses in effect. In the absence of such waivers, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-855-625-7333. Performance assumes the reinvestment of capital gains and income distributions. The performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

22

CROMWELL CENTERSQUARE REAL ESTATE FUND

Fund Performance

As of June 30, 2023 (Unaudited) — (Continued)

⁽⁵⁾ The S&P 500 Index is a capitalization-weighted index of 500 stocks. Indices are unmanaged, are not available for investment and do not incur expenses.

⁽⁶⁾ Since Inception returns for the benchmarks are as of the inception of the Investor Class (December 31, 1997).

The following is expense information for the Cromwell CenterSquare Real Estate Fund as disclosed in the most recent prospectus dated April 30, 2023: Investor Class – Gross Expenses: 1.11%, Net Expenses: 1.12%; Institutional Class – Gross Expenses: 1.01%, Net Expenses: 1.02%. The Fund’s Investment Adviser has contractually agreed to limit fund operating expenses through 4/30/24. Please refer to the prospectus for detailed information.

23

CROMWELL MARKETFIELD L/S FUND

Fund Performance

As of June 30, 2023 (Unaudited)

The chart assumes an initial investment of $25,000. Performance reflects waivers of fee and operating expenses in effect. In the absence of such waivers, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-855-625-7333. Performance assumes the reinvestment of capital gains and income distributions. The performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

24

CROMWELL MARKETFIELD L/S FUND

Fund Performance

As of June 30, 2023 (Unaudited) — (Continued)

The following is expense information for the Cromwell Marketfield L/S Fund as disclosed in the most recent prospectus dated April 30, 2023: Investor Class – Gross Expenses: 2.50%, Net Expenses: 2.31%; Class C – Gross Expenses: 3.25%, Net Expenses: 3.06%; Institutional Class – Gross Expenses: 2.25%, Net Expenses: 2.06%. The Fund’s Investment Adviser has contractually agreed to limit fund operating expenses through 4/30/24. Please refer to the prospectus for detailed information.

25

CROMWELL FORESIGHT GLOBAL SUSTAINABLE INFRASTRUCTURE FUND

Fund Performance

As of June 30, 2023 (Unaudited)

The chart assumes an initial investment of $10,000. Performance reflects waivers of fee and operating expenses in effect. In the absence of such waivers, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-855-625-7333. Performance assumes the reinvestment of capital gains and income distributions. The performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The following is expense information for the Cromwell Foresight Global Sustainable Infrastructure Fund as disclosed in the most recent prospectus dated January 31, 2023: Institutional Class – Gross Expenses: 1.73%, Net Expenses: 1.33%. The Fund’s Investment Adviser has contractually agreed to limit fund operating expenses through 1/31/25. Please refer to the prospectus for detailed information.

26

CROMWELL CENTERSQUARE REAL ESTATE FUND

Holdings Presentations

As of June 30, 2023 (Unaudited)

⁽¹⁾ Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

27

CROMWELL MARKETFIELD L/S FUND

Holdings Presentations

As of June 30, 2023 (Unaudited)

⁽¹⁾ Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

28

CROMWELL FORESIGHT GLOBAL SUSTAINABLE INFRASTRUCTURE FUND

Holdings Presentations

As of June 30, 2023 (Unaudited)

⁽¹⁾ Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

29

Expense Examples
June 30, 2023 (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transactions costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees, shareholder servicing fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period.

ACTUAL EXPENSES

For each class, the first line of the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

For each class, the second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only. Therefore, the second line of the tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds, In addition, if transactional costs were included, your costs may have been higher.

30

Expense Examples

June 30, 2023 (Unaudited) — (Continued)

31

CROMWELL CENTERSQUARE REAL ESTATE FUND

Schedule of Investments

June 30, 2023 (Unaudited)

See Notes to Financial Statements

32

CROMWELL CENTERSQUARE REAL ESTATE FUND

Schedule of Investments

June 30, 2023 (Unaudited) — (Continued)

See Notes to Financial Statements

33

CROMWELL CENTERSQUARE REAL ESTATE FUND

Schedule of Investments

June 30, 2023 (Unaudited) — (Continued)

Abbreviations:

REITs Real estate investment trusts.

ADR American Depositary Receipt.

See Notes to Financial Statements

34

CROMWELL MARKETFIELD L/S FUND

Schedule of Investments

June 30, 2023 (Unaudited)

See Notes to Financial Statements

35

CROMWELL MARKETFIELD L/S FUND

Schedule of Investments

June 30, 2023 (Unaudited) — (Continued)

See Notes to Financial Statements

36

CROMWELL MARKETFIELD L/S FUND

Schedule of Investments

June 30, 2023 (Unaudited) — (Continued)

Abbreviations:

ADR American Depositary Receipt.

AG Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e. owned by shareholders.

Ltd. Limited is a term indicating a company is incorporated and shareholders have limited liability.

PJSC An abbreviation used by many countries to signify an open joint-stick company.

PLC Public Limited Company is a publicly traded company which signifies that shareholders have limited liability.

SA An abbreciation used by many countries to signify a stock company whereby shareholders have limited liability.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s 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.

See Notes to Financial Statements

37

CROMWELL MARKETFIELD L/S FUND

Schedule of Investments

June 30, 2023 (Unaudited) — (Continued)

See Notes to Financial Statements

38

CROMWELL MARKETFIELD L/S FUND

Schedule of Investments

June 30, 2023 (Unaudited) — (Continued)

Abbreviations:

Ltd. Limited is a term indicating a company is incorporated and shareholders have limited liability.

REITs Real estate investment trusts.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s 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.

39

CROMWELL FORESIGHT GLOBAL SUSTAINABLE INFRASTRUCTURE FUND

Schedule of Investments

June 30, 2023 (Unaudited)

40

CROMWELL FORESIGHT GLOBAL SUSTAINABLE INFRASTRUCTURE FUND

Schedule of Investments

June 30, 2023 (Unaudited) — (Continued)

(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 June 30, 2023.

Abbreviations:

AG Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e. owned by shareholders.

ASA Advanced Subscription Agreement is an equity instrument where investors ‘pre-pay’ for shares in a company.

LP Limited Partnership is a business entity or formation that has at least one general partner and one or more limited partners.

Ltd. Limited is a term indicating a company is incorporated and shareholders have limited liability.

PLC Public Limited Company is a publicly traded company which signifies that shareholders have limited liability.

SA Société anonyme is a French term that refers to a public limited company which signifies that shareholders have limited liability.

41

CROMWELL FUNDS

Statements of Assets & Liabilities

As of June 30, 2023 (Unaudited)

See Notes to Financial Statements

42

CROMWELL FUNDS

Statements of Assets & Liabilities

As of June 30, 2023 (Unaudited) — (Continued)

⁽¹⁾ Serves as collateral for securities sold short.

⁽²⁾ Unlimited number of shares authorized with no par value.

⁽³⁾ A contingent deferred sales charge (“CDSC”) of 1.00% may be charged on shares redeemed within twelve months of purchase.

See Notes to Financial Statements

43

CROMWELL FUNDS

Statements of Operations

For the period ended June 30, 2023 (Unaudited)

See Notes to Financial Statements

44

CROMWELL FUNDS

Statements of Operations

For the period ended June 30, 2023 (Unaudited) — (Continued)

⁽¹⁾ Since commencement of operations on January 31, 2023.

See Notes to Financial Statements

45

CROMWELL CENTERSQUARE REAL ESTATE FUND

Statements of Changes in Net Assets

⁽¹⁾ Prior to March 7, 2022, the Investor Class was previously known as Class N.

(2) Prior to March 7, 2022, the Institutional Class was previously known as Class I.

⁽³⁾ On February 28, 2023 the Fund converted Class Z shares into Institutional Class shares and closed the Class Z shares of the Fund.

See Notes to Financial Statements

46

CROMWELL MARKETFIELD L/S FUND

Statements of Changes in Net Assets

⁽¹⁾ Prior to March 14, 2022, the Investor Class was previously known as Class A.

⁽²⁾ Prior to March 14, 2022, the Institutional Class was previously known as Class I.

See Notes to Financial Statements

47

CROMWELL FORESIGHT GLOBAL SUSTAINABLE INFRASTRUCTURE FUND

Statements of Changes in Net Assets

⁽¹⁾ Since commencement of operations on January 31, 2023.

48

CROMWELL CENTERSQUARE REAL ESTATE FUND

Financial Highlights

For a Fund share outstanding throughout the periods

See Notes to Financial Statements

49

CROMWELL CENTERSQUARE REAL ESTATE FUND

Financial Highlights (Continued)

For a Fund share outstanding throughout the periods

See Notes to Financial Statements

50

CROMWELL CENTERSQUARE REAL ESTATE FUND

Financial Highlights (Continued)

For a Fund share outstanding throughout the periods

See Notes to Financial Statements

51

CROMWELL CENTERSQUARE REAL ESTATE FUND

Financial Highlights (Continued)

For a Fund share outstanding throughout the periods

See Notes to Financial Statements

52

CROMWELL MARKETFIELD L/S FUND

Financial Highlights

For a Fund share outstanding throughout the periods

See Notes to Financial Statements

53

CROMWELL MARKETFIELD L/S FUND

Financial Highlights (Continued)

For a Fund share outstanding throughout the periods

See Notes to Financial Statements

54

CROMWELL MARKETFIELD L/S FUND

Financial Highlights (Continued)

For a Fund share outstanding throughout the periods