# EDGAR Filing Document

**Accession Number:** 0001953487
**File Stem:** 0001133228-25-009453
**Filing Date:** 2025-9
**Character Count:** 85545
**Document Hash:** 0db1bb891762263b080d09a14f263f2a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009453.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001133228-25-009453

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mason Capital Fund Trust
- **CENTRAL INDEX KEY:** 0001953487

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23853
- **FILM NUMBER:** 251295332

**BUSINESS ADDRESS:**
- **STREET 1:** 50 FEDERAL STREET, NINTH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172285190

**MAIL ADDRESS:**
- **STREET 1:** 50 FEDERAL STREET, NINTH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

## Series and Classes Contracts Data

### Fundamentals First ETF (Series ID: S000080449)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000242853 | Fundamentals First ETF |  |

?xml version='1.0' encoding='ASCII'? 2025-07-02196255_FundamentalsFirstETF_TF_TSRAnnual

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 **<u>811-23853</u>**

&nbsp;&nbsp;&nbsp;&nbsp;**<u>Mason Capital Fund Trust</u>**

(Exact name of registrant as specified in charter)

**<u>50 Federal Street, 9<sup>th</sup> Floor</u>**

**<u>Boston, MA 02110</u>**

(Address of principal executive offices) (Zip code)

**<u>Elliot Bruce</u>**

**<u>Mason Capital Partners</u>**

**<u>50 Federal Street, 9<sup>th</sup> Floor</u>**

**<u>Boston, MA 02110</u>**

(Name and address of agent for service)

**<u>(617) 228-5190</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>6/30/2025</u>**

Date of reporting period: **<u>6/30/2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** A copy of the reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act
 of 1940, as amended ("Act"), is filed herewith **.** 

---

| | | |
|:---|:---|:---|
| ![image](img93850_n20241230173738.jpg) | **Fundamentals First ETF**  | ![image](img62239_202502282044548.jpg) |
| ![image](img93850_n20241230173738.jpg) | KNOW (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img62239_202502282044548.jpg) |
| ![image](img93850_n20241230173738.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img62239_202502282044548.jpg) |

---

This annual shareholder report contains important information about the Fundamentals First ETF (the "Fund") for the period of July 1, 2024, to June 30, 2025 ("Reporting Period"). You can find additional information about the Fund at https://fundamentalsfirstfund.com. You can also request this information by contacting us at 617-228-5190.

**WHAT WERE THE FUND COSTS FOR THE REPORTING PERIOD?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Fundamentals First ETF | $105 | 1.00% |

---

**HOW DID THE FUND PERFORM DURING THE REPORTING PERIOD AND WHAT AFFECTED ITS PERFORMANCE?**

For the fiscal year 7/1/24-6/30/25, the net asset value of the Fund rose by 9.64%. Market value rose by 9.74%. The Fund holds no oversize positions, so performance came from a wide range of holdings. At the end of the period the biggest contribution to overall performance was Dollarama with a total return of 53.1% over the 12-month period, ending as the Fund's largest position at 2.38%. The biggest detractor to the Fund over the period was Armada Hoffler with a -33.2% total return.

Returns came from various sectors rather than one industry in particular. Many of the smaller cap companies in the portfolio were among the worst performers over the year. These also tended to be smaller positions, so the impact on the portfolio was not as significant as the declines in their individual stock prices. Other than a clustering of smaller companies as detractors, performance was a mixed bag not simply attributable to any one industry, geography, or market cap. Fixed income performed as intended, remaining fairly neutral on price while contributing consistent interest to the Fund.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Dollarama Inc.; Climb Global Solutions Inc.; Taiwan Semiconductor Manufacturing Co. ADR; Parker Hannifin Corp.; Grupo Aeroportuario Del Pacifico SA ADR |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Armada Hoffler Properties, Inc.; BRT Apartments Corp.; Mettler-Toledo International, Inc. ; SThree PLC; Primaris REIT |

---

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4801img003.jpg)

Fundamentals First ETF PAGE 1 TSR-AR-574817102

------

**CUMULATIVE TOTAL RETURN**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(02/21/2024)** |
| **Fundamentals First ETF**  | 9.64% | 9.28% |
| **S&P 500® Index**  | 15.16% | 19.18% |

---

Visit https://fundamentalsfirstfund.com for more recent performance information.

\* ***The Fund's past performance is not a good predictor of the Fund's future performance.*** ***The returns do not reflect the deduction of*** ***taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.***

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4409499 |
| **Number of Holdings** | 99 |
| **Advisory Fee** | $35777 |
| **Portfolio Turnover** | 8% |
| **30-Day SEC Yield** | 2.03% |
| **Distribution Yield** | 1.59% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)**

![image](ts4801img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Holdings (% of net assets)** |  |
|  JPMorgan 100% US Treasury Securities Money Market Fund  | 3.3% |
|  Dollarama, Inc.  | 2.4% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.3% |
|  KLA Corp.  | 2.0% |
|  Parker-Hannifin Corp.  | 1.8% |
|  Alphabet, Inc. - Class C  | 1.6% |
|  Cummins, Inc.  | 1.6% |
|  Schneider Electric SE  | 1.6% |
|  Automatic Data Processing, Inc.  | 1.6% |
|  Novartis AG  | 1.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code on the first page or visit https://fundamentalsfirstfund.com.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Mason Capital Partners at 617-228-5190, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Mason Capital Partners or your financial intermediary.

Fundamentals First ETF PAGE 2 TSR-AR-574817102

10000102881127910000110161268622.614.011.77.67.07.04.13.33.219.5 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

A copy of the registrant's Code of Ethics is filed herewith*.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. Jerry Richardson and Mr. Mark Koenig are the "audit committee financial experts" and are considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and/or other services during the past fiscal year. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for the fiscal year. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for the last fiscal year for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 6/30/2025 | FYE 6/30/2024 |
| (a) Audit Fees | $13000 | $12600 |
| (b) Audit-Related Fees |  |  |
| (c) Tax Fees | $3100 | $3000 |
| (d) All Other Fees |  |  |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 6/30/2025 | FYE 6/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) Not applicable.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last year.

 

<u>Non-Audit Related Fees</u> <u>FYE 6/30/2025</u> <u>FYE 6/30/2024</u> <br> Registrant None None <br> <u>Registrant's Investment Adviser</u> <u>None</u> <u>None</u>

(h) Because no non-audit services were rendered, the audit committee of the board of trustees did not consider whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence

(i) Not applicable

(j) Not applicable

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7(a) of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](mason_1.jpg)

**Mason Capital Fund Trust**

Annual Financial Statements and Additional Information

June 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi) | [1](#soi) |
| [Statement of Assets and Liabilities](#sal) | [5](#sal) |
| [Statement of Operations](#sop) | [6](#sop) |
| [Statements of Changes in Net Assets](#scna) | [7](#scna) |
| [Financial Highlights](#fihi) | [8](#fihi) |
| [Notes to the Financial Statements](#notes) | [9](#notes) |
| [Report of Independent Registered Public Accounting Firm](#report) | [15](#report) |
| [Additional Information](#add) | [16](#add) |
| [Form N-CSR Items](#ncsr) | [17](#ncsr) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**FUNDAMENTALS FIRST ETF** 

**Schedule of Investments** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 82.3%**<br>|  |  |
| **Communications - 3.3%**<br>|  |  |
| Alphabet, Inc. - Class C | 400 | $70956  |
| Comcast Corp. - Class A | 416 | 14847  |
| Meta Platforms, Inc. - Class A | 80 | 59047  |
|  |  | 144850  |
| **Consumer Discretionary - 7.6%**<br>|  |  |
| America's Car-Mart, Inc.<sup>(a)</sup> | 592 | 33176  |
| Cie Generale des Etablissements Michelin SCA | 1592 | 59147  |
| Climb Global Solutions, Inc. | 317 | 33890  |
| Coats Group PLC | 42064 | 45902  |
| LKQ Corp. | 1096 | 40563  |
| Martinrea International, Inc. | 3568 | 22219  |
| McDonald's Corp. | 209 | 61064  |
| Texas Roadhouse, Inc. | 216 | 40481  |
|  |  | 336442  |
| **Consumer Staples - 3.2%**<br>|  |  |
| Church & Dwight Co., Inc. | 376 | 36138  |
| Dollarama, Inc. | 744 | 104829  |
|  |  | 140967  |
| **Energy - 14.0%**<br>|  |  |
| APA Corp. | 856 | 15656  |
| Bonterra Energy Corp.<sup>(a)</sup> | 4824 | 12434  |
| Chord Energy Corp. | 261 | 25278  |
| Dorchester Minerals LP | 1528 | 42570  |
| Enbridge, Inc. | 784 | 35531  |
| Energy Transfer LP | 3232 | 58596  |
| Enterprise Products Partners LP | 2088 | 64749  |
| Gaztransport Et Technigaz SA | 211 | 41806  |
| Global Partners LP | 1200 | 63276  |
| Gulf Keystone Petroleum Ltd. | 13688 | 31753  |
| Keyera Corp. | 704 | 23026  |
| Kinder Morgan, Inc. | 992 | 29165  |
| Magnolia Oil & Gas Corp. - Class A | 1264 | 28415  |
| Pembina Pipeline Corp. | 792 | 29708  |
| TotalEnergies SE - ADR | 888 | 54514  |
| Vermilion Energy, Inc. | 1576 | 11473  |
| Western Midstream Partners LP | 1272 | 49227  |
|  |  | 617177  |
| **Financials - 7.0%**<br>|  |  |
| Banco del Bajio SA<sup>(b)</sup> | 6816 | 16455  |
| CME Group, Inc. | 163 | 44926  |
| Commonwealth Bank of Australia | 224 | 27237  |
| FB Financial Corp. | 720 | 32616  |
| Plumas Bancorp | 944 | 41970  |
| Prosperity Bancshares, Inc. | 584 | 41020  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FUNDAMENTALS FIRST ETF** 

**Schedule of Investments** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| Sabre Insurance Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 13392 | $27169  |
| SpareBank 1 SR-Bank ASA | &nbsp;&nbsp; 3016 | 55476  |
| Wintrust Financial Corp. | &nbsp;&nbsp; 182 | 22565  |
|  |  | 309434  |
| **Health Care - 4.1%** |  |  |
| IRadimed Corp. | &nbsp;&nbsp; 436 | 26068  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 48 | 56387  |
| Novartis AG - ADR | &nbsp;&nbsp; 560 | 67766  |
| Straumann Holding AG | &nbsp;&nbsp; 224 | 29233  |
|  |  | 179454  |
| **Industrials - 22.6%**<br>|  |  |
| Cummins, Inc. | &nbsp;&nbsp; 216 | 70740  |
| Eaton Corp. PLC | &nbsp;&nbsp; 106 | 37841  |
| Emerson Electric Co. | &nbsp;&nbsp; 352 | 46932  |
| Fastenal Co. | &nbsp;&nbsp; 1218 | 51156  |
| Graco, Inc. | &nbsp;&nbsp; 648 | 55708  |
| Grupo Aeroportuario del Pacifico SAB de CV - ADR | &nbsp;&nbsp; 278 | 63834  |
| Honeywell International, Inc. | &nbsp;&nbsp; 184 | 42850  |
| Hubbell, Inc. | &nbsp;&nbsp; 160 | 65346  |
| IDEX Corp. | &nbsp;&nbsp; 120 | 21068  |
| ITT, Inc. | &nbsp;&nbsp; 296 | 46422  |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp; 152 | 31513  |
| Nordson Corp. | &nbsp;&nbsp; 144 | 30869  |
| Norfolk Southern Corp. | &nbsp;&nbsp; 104 | 26621  |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 112 | 78229  |
| Schneider Electric SE | &nbsp;&nbsp; 264 | 70219  |
| SFL Corp. Ltd. | &nbsp;&nbsp; 4078 | 33970  |
| Snap-on, Inc. | &nbsp;&nbsp; 216 | 67215  |
| SThree PLC | &nbsp;&nbsp; 6864 | 23036  |
| Tennant Co. | &nbsp;&nbsp; 264 | 20455  |
| Toromont Industries Ltd. | &nbsp;&nbsp; 536 | 48174  |
| WW Grainger, Inc. | &nbsp;&nbsp; 64 | 66575  |
|  |  | 998773  |
| **Materials - 7.0%**<br>|  |  |
| AptarGroup, Inc. | &nbsp;&nbsp; 272 | 42549  |
| Avery Dennison Corp. | &nbsp;&nbsp; 176 | 30883  |
| Givaudan SA - ADR | &nbsp;&nbsp; 568 | 55005  |
| Labrador Iron Ore Royalty Corp. | &nbsp;&nbsp; 1608 | 33512  |
| Linde PLC | &nbsp;&nbsp; 136 | 63808  |
| Sherwin-Williams Co. | &nbsp;&nbsp; 184 | 63178  |
| Treatt PLC | &nbsp;&nbsp; 5128 | 18266  |
|  |  | 307201  |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FUNDAMENTALS FIRST ETF** 

**Schedule of Investments** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Technology - 11.7%**<br>|  |  |
| Agilysys, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 216 | $24762  |
| Automatic Data Processing, Inc. | &nbsp;&nbsp; 224 | 69082  |
| Fiserv, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 384 | 66205  |
| Garmin Ltd. | &nbsp;&nbsp; 160 | 33395  |
| KLA Corp. | &nbsp;&nbsp; 97 | 86887  |
| Lam Research Corp. | &nbsp;&nbsp; 555 | 54024  |
| Paychex, Inc. | &nbsp;&nbsp; 237 | 34474  |
| ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 27 | 27758  |
| Skyworks Solutions, Inc. | &nbsp;&nbsp; 264 | 19673  |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | &nbsp;&nbsp; 448 | 101468  |
|  |  | 517728  |
| **Utilities - 1.8%**<br>|  |  |
| Atmos Energy Corp. | &nbsp;&nbsp; 240 | 36986  |
| Chesapeake Utilities Corp. | &nbsp;&nbsp; 352 | 42318  |
|  |  | 79304  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,451,600)** |  | 3631330  |
| **EXCHANGE TRADED FUNDS - 11.3%**<br>|  |  |
| iShares iBonds Dec 2026 Term Corporate ETF | &nbsp;&nbsp; 2056 | 49858  |
| iShares iBonds Dec 2027 Term Corporate ETF | &nbsp;&nbsp; 2064 | 50093  |
| iShares iBonds Dec 2028 Term Corporate ETF | &nbsp;&nbsp; 1976 | 50230  |
| iShares iBonds Dec 2029 Term Corporate ETF | &nbsp;&nbsp; 2160 | 50393  |
| iShares iBonds Dec 2030 Term Corporate ETF | &nbsp;&nbsp; 2312 | 50818  |
| iShares iBonds Dec 2031 Term Corporate ETF | &nbsp;&nbsp; 2416 | 50833  |
| iShares iBonds Dec 2032 Term Corporate ETF | &nbsp;&nbsp; 1992 | 50368  |
| iShares iBonds Dec 2033 Term Corporate ETF | &nbsp;&nbsp; 1944 | 50359  |
| SPDR ICE Preferred Securities ETF | &nbsp;&nbsp; 1424 | 45226  |
| VanEck Preferred Securities ex Financials ETF | &nbsp;&nbsp; 2808 | 48073  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $493,610)** |  | 496251  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 2.5%**<br>|  |  |
| **Real Estate - 2.5%**<br>|  |  |
| Community Healthcare Trust, Inc. | &nbsp;&nbsp; 992 | 16497  |
| Precinct Properties New Zealand Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 22752 | 16642  |
| Primaris Real Estate Investment Trust | &nbsp;&nbsp; 2616 | 28278  |
| Tanger, Inc. | &nbsp;&nbsp; 1640 | 50151  |
|  |  | 111568  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $118,443)** |  | 111568  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FUNDAMENTALS FIRST ETF** 

**Schedule of Investments** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **BUSINESS DEVELOPMENT COMPANIES - 0.6%**<br>|  |  |
| Gladstone Investment Corp. | 1864 | $26599  |
| &nbsp;&nbsp;&nbsp; **TOTAL BUSINESS DEVELOPMENT COMPANIES** <br>**(Cost $26,087)** |  | 26599  |
| **SHORT-TERM INVESTMENTS - 3.3%**<br>|  |  |
| **Money Market Funds - 3.3%**<br>|  |  |
| JPMorgan 100% US Treasury Securities Money Market Fund - Class Capital, 4.13%<sup>(c)</sup> | 143388 | 143388  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $143,388)** |  | 143388  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $4,233,128)** |  | $4409136  |
| Other Assets in Excess of Other Assets - 0.0%<sup>(d)</sup> |  | 363  |
| **TOTAL NET ASSETS - 100.0%** |  | $4409499 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

ASA - Advanced Subscription Agreement

LP - Limited Partnership

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $43,624 or 1.0% of the Fund's net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(d)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Fundamentals First ETF** 

**Statement of Assets and Liabilities** 

**June 30, 2025** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $4409136  |
| Dividends receivable | 2915  |
| Interest receivable | 475  |
| Cash | 350  |
| Dividend tax reclaims receivable | 183  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 4413059  |
| **LIABILITIES:**<br>|  |
| Payable to adviser | 3560  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 3560  |
| **NET ASSETS** | $4409499  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $4271352  |
| Total distributable earnings | 138147  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $4409499  |
| Net assets | $4409499  |
| Shares issued and outstanding<sup>(a)</sup> | 400000  |
| Net asset value per share | $11.02  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $4233128 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Fundamentals First ETF** 

**Statement of Operations** 

**For the Year Ended June 30, 2025** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $97850  |
| Less: Issuance fees | (118)  |
| Less: Dividend withholding taxes | (4433)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 93299  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | 35777  |
| &nbsp;&nbsp;&nbsp; **Total expenses** | 35777  |
| **NET INVESTMENT INCOME** | 57522  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 5162  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation/transaction | (134)  |
| Net realized gain (loss) | 5028  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 180529  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 6  |
| Net change in unrealized appreciation (depreciation) | 180535  |
| **Net realized and unrealized gain (loss)** | 185563  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $243085 |

---

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Fundamentals First ETF** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**June 30, 2025** | **Period Ended** <br>**June 30, 2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $57522 | $16021  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5028 | (17)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 180535 | (4523)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 243085 | 11481  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (60015) | (15836)  |
| &nbsp;&nbsp;&nbsp; From return of capital | (4941) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (64956) | (15836)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2192420 | 2058910  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (515605) | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 1676815 | 2058910  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 1854944 | 2054555  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 2554555 | 500000  |
| &nbsp;&nbsp;&nbsp; End of the period | $4409499 | $2554555  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 200000 | 200000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (50000) | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 150000 | 200000 |

---

<sup>(a)</sup> Inception date of the Fund was February 21, 2024.

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Fundamentals First ETF** 

**Financial Highlights** 

**For a Fund share outstanding throughout each period** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**June 30, 2025** | **Period Ended** <br>**June 30, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $10.22 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.08  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.21  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.29  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (0.00)<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Return of capital | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $11.02 | &nbsp;&nbsp;&nbsp;&nbsp; $10.22  |
| TOTAL RETURN<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 9.64% | &nbsp;&nbsp;&nbsp;&nbsp; 2.88%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $4409 | &nbsp;&nbsp;&nbsp;&nbsp; $2555  |
| Ratio of expenses to average net assets<sup>(f)(g)</sup> | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 1.00%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)(g)</sup> | &nbsp;&nbsp;&nbsp; 1.61% | &nbsp;&nbsp;&nbsp;&nbsp; 2.15%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp;&nbsp; 1% |

---

<sup>(a)</sup> Inception date of the Fund was February 21, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(i)</sup> Between (0.005) and 0.005.

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FUNDAMENTALS FIRST ETF** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025** 

1. ORGANIZATION

Fundamentals First ETF (the "Fund") is a series of Mason Capital Fund Trust (the "Trust"). The Trust was organized on September 22, 2022 as a Delaware statutory trust and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The Fund commenced operations on February 21, 2024 and seeks to generate income and capital growth. The Fund primarily invests in publicly-traded equity securities and fixed income securities. The majority of the Fund's assets are expected to be held in equities with the balance allocated to fixed income securities. The Fund expects to invest in both U.S. and non-U.S. based companies. Albert D. Mason Inc., doing business as Mason Capital Partners, serves as the Fund's investment advisor (the "Adviser"). Organizational costs that were incurred to establish the Fund to enable them to legally do business were paid for by the Adviser. These payments are not recoupable by the Adviser.

The Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. The Fund may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Fund have equal rights and privileges.

Shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc. ("the "Exchange") under the symbol KNOW. Market prices for the shares may be different from their net asset value ("NAV"). The Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares, typically 50,000 shares, called "Creation Units." Creation Unit transactions are conducted in exchange for the deposit or delivery of a designated basket of in-kind securities and/or cash. Once created, shares generally will trade in the secondary market in amounts less than a Creation Unit and at market prices that change throughout the day.

2. SIGNIFICANT ACCOUNTING POLICIES

The Fund is a registered investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies", including Accounting Standards Update 2013-08. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

**Security Transactions and Investment Income: Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are computed on the basis of specific identification. Dividend income and income from underlying investment companies is recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable tax rules and regulations. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities. Distributions received from the Fund's investments and Real Estate Investment Trusts ("REITs") are comprised of ordinary income, capital gains and return of capital, as applicable. For financial statement purposes, the Fund uses estimates to characterize these distributions received as return of capital, capital gains or ordinary income. Such estimates are based on historical information available from each REIT and other industry sources. These estimates may subsequently be revised based on information received for the security after its tax reporting periods are concluded, as the actual character of these distributions is not known until after the fiscal year end of the Fund. Changes to estimates will be recorded in the period they are known. The distributions received from REIT securities that have been classified as income and capital gains are included in dividend income and net realized gain on investments, respectively, on the Statement of Operations. The distributions received that are classified as return of capital reduced the cost of investments on the Statement of Assets and Liabilities.** 

**Dividend Distributions: Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP. The Fund distributes all or substantially all of its net investment income to shareholders in the form of dividends. The Fund intends to declare and make distributions of taxable net investment income quarterly and net capital gains annually. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income for tax purposes.** 

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FUNDAMENTALS FIRST ETF** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025(Continued)** 

**Federal Income Taxes: The Fund complies with the requirements of subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Fund. Therefore, no federal income tax provision is required.** 

Management evaulates the Fund's tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the position is "more likely than not" to be sustained assuming examination by taxing authorities. Interest and penalties related to income taxes would be recorded as income tax expense in the Statement of Operations. Based on this evaluation, Management has concluded that there are no uncertain tax positions that require recognition in the financial statements as of June 30, 2025. The Fund's Federal income tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

**Currency Translation: Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the Fund's Statement of Operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.** 

**Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.** 

**Share Valuation: The NAV per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The offering and redemption price per share for the Fund is equal to the Fund's NAV per share.** 

**Guarantees and Indemnifications: In the normal course of business, the Trust, on behalf of the Fund, enters into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Trust's organizational documents, the officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. The Fund's maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Fund. The Adviser is of the view that the risk of loss to the Fund in connection with the Fund indemnification obligations is remote; however, there can be no assurance that such obligations will not result in material liabilities that adversely affect the Fund.** 

**Reclassification of Capital Accounts: GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications are primarily due to the tax treatment of redemptions-in kind and prior year post financial statement true-ups. These reclassifications have no effect on net assets or NAV per share. For the fiscal year ended June 30, 2025, the following adjustments were made to the Statement of Assets and Liabilities due to permanent differences between distributable earnings and paid-in capital.** 

---

| | |
|:---|:---|
| **Total Distributable** <br>**Earnings/(Loss)** | **Paid-In Capital**  |
| $(40568) | &nbsp;&nbsp;&nbsp; $40568 |

---

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FUNDAMENTALS FIRST ETF** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025(Continued)** 

3. SECURITIES VALUATION

**Investment Valuation: The Fund calculates its NAV each day the New York Stock Exchange (the "NYSE") is open for trading as of the close of regular trading on the NYSE, normally 4:00 p.m. Eastern time.** 

Equity securities are valued primarily on the basis of market quotations reported on stock exchanges and other securities markets around the world. If an equity security is listed on a national securities exchange, the security is valued at the closing price or, if the closing price is not readily available, the mean of the closing bid and asked prices.

Investments in other open-end investment companies, including money market funds, are valued at the investment company's NAV per share, with the exception of exchange-traded open-end investment companies, which are priced as equity securities described above.

Market quotations and indicative bids are obtained from outside pricing services approved and monitored pursuant to a policy approved by the Trust's Board of Trustees (the "Board"). If a market quotation is not readily available or is deemed not to reflect market value, the Fund will determine the price of the security held by the Fund based on a determination of the security's fair value pursuant to policies and procedures approved by the Board. In addition, the Fund may use fair valuation to price securities that trade on a foreign exchange when a significant event has occurred after the foreign exchange closes but before the time at which the Fund's NAV is calculated. Such valuations would typically be categorized as Level 2 or Level 3 in the fair value hierarchy described below.

Foreign exchanges typically close before the time at which Fund share prices are calculated and may be closed altogether on some days when shares of the Fund are traded. Significant events affecting a foreign security may include, but are not limited to: corporate actions, earnings announcements, litigation or other events impacting a single issuer; governmental action that affects securities in one sector or country; natural disasters or armed conflicts affecting a country or region; or significant domestic or foreign market fluctuations.

If market quotations are not readily available, a security will be valued at its fair value in accordance with Rule 2a-5 of the 1940 Act as determined under the Adviser's fair value pricing procedures, subject to oversight by the Board. These fair value pricing procedures will also be used to price a security when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security's last sale price may not reflect its actual fair value. The intended effect of using fair value pricing procedures is to ensure that the Fund is accurately priced. The Adviser will regularly evaluate whether the Fund's fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Fund and the quality of prices obtained through the application of such procedures.

**Fair Valuation Measurement:** 

The FASB established a framework for measuring fair value in accordance with GAAP. Under FASB ASC Topic 820, Fair Value Measurement, various inputs are used in determining the value of the Fund's investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities.

---

| | |
|:---|:---|
| Level 2 –<br>| 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 inactive market, prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.  |

---

---

| | |
|:---|:---|
| Level 3 –<br>| 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.  |

---

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FUNDAMENTALS FIRST ETF** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025(Continued)** 

or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The following is a summary of the inputs used to value the Fund's securities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $3631330 | $— | $— | $3631330  |
| Exchange Traded Funds | 496251 |  |  | 496251  |
| Real Estate Investment Trusts | 111568 |  |  | 111568  |
| Business Development Companies | 26599 |  |  | 26599  |
| Short-Term Investments | 143388 |  |  | 143388  |
| **Total Assets** | $4409136 | $— | $— | $4409136 |

---

Refer to the Schedule of Investments for additional information.

4. OTHER RELATED PARTY TRANSACTIONS

The Adviser serves as the investment adviser to the Fund. Pursuant to an investment advisory agreement ("Investment Advisory Agreement") between the Trust, on behalf of the Fund, and the Adviser, the Adviser provides investment management services to the Fund and oversees the day-to-day operations of the Fund, subject to the supervision of the Board and the officers of the Trust. The Adviser administers the Fund's business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services. Pursuant to the Investment Advisory Agreement, the Fund pays the Adviser a monthly unitary management fee at an annual rate of 1.00% based on the Fund's average daily net assets for services provided to the Fund. The Adviser bears the costs of all the operating expenses of the Fund, excluding interest expenses, taxes, brokerage expenses, future Rule 12b-1 fees (if any), acquired fund fees and expenses and expenses incidental to a meeting of the Fund's shareholders.

5. SERVICE AND CUSTODY AGREEMENTS

The Fund has entered into service agreements with U.S. Bancorp Fund Services, LLC ("Fund Services") doing business as U.S. Bank Global Fund Services and a Custody Agreement with U.S. Bank, N.A. ("USB"), an affiliate of Fund Services. Under these agreements, Fund Services and USB provide certain transfer agency, administrative, accounting and custody services and are paid by the Adviser under the unitary fee arrangement noted above.

Quasar Distributors, LLC ("Quasar") acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. Quasar is a wholly owned broker-dealer subsidiary of Foreside Financial Group, LLC, doing business as ACA Foreside, a division of ACA Group.

The Trust has adopted a distribution and service plan ("Rule 12b-1 Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Rule 12b-1 Plan, the Fund is authorized to pay distribution fees in connection with the sale and distribution of its shares and pay service fees in connection with the provision of ongoing services to shareholders. To date, the Rule 12b-1 Plan has not been implemented for the Fund and there is no current intention to implement the Rule 12b-1 Plan.

6. INVESTMENT TRANSACTIONS

For the year ended June 30, 2025, the aggregate purchases and sales of investments in the Fund, excluding in-kind and short-term securities, were $272,599 and $298,506, respectively. For the year ended June 30, 2025, the purchases and sales of in-kind securities in the Fund were $2,125,509 and $508,925, respectively.

For the year ended June 30, 2025, there were no long-term purchases or sales of U.S. Government Securities in the Fund.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FUNDAMENTALS FIRST ETF** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025(Continued)** 

7. INCOME TAX INFORMATION

The components of tax basis cost of investments and net unrealized appreciation for federal income tax purposes as of June 30, 2025, were as follows:

---

| | |
|:---|:---|
| Tax cost of investments | $4217834  |
| Gross unrealized appreciation | 392183  |
| Gross unrealized depreciation | (200877)  |
| Net unrealized appreciation/(depreciation) | 191306  |
| Undistributed ordinary income | —  |
| Undistributed long-term capital gain | —  |
| Total distributable earnings | —  |
| Other accumulated gain/(loss) | (53159)  |
| Total accumulated earnings/(losses) | $138147 |

---

The differences between book and tax-basis unrealized appreciation/(depreciation) was attributable primarily due to partnership basis adjustments.

Under tax law, certain capital and foreign currency losses realized after October 31 and within the taxable year are deemed to arise on the first business day of the Fund's next taxable year. At June 30, 2025, the Fund deferred, on a tax basis, $39,279 of post-October losses.

At June 30, 2025, the Fund had no short-term or long-term capital loss carryforwards.

The tax character of distributions during the year ended June 30, 2025 and period ended June 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**June 30, 2025** | **Period Ended** <br>**June 30, 2024**  |
| Distributions paid from:<br>|  |  |
| Ordinary Income | &nbsp;&nbsp; $59248 | &nbsp;&nbsp; $15836  |
| Long-Term Capital Gains | &nbsp;&nbsp; 767 | &nbsp;&nbsp; —  |
| Return of Capital | &nbsp;&nbsp; 4941 | &nbsp;&nbsp; —  |
| Total Distributions paid | &nbsp;&nbsp; $64956 | &nbsp;&nbsp; $15836 |

---

8. PRINCIPAL INVESTMENT RISKS

Shareholders of the Fund are subject to the risk that their investment could lose money. The Fund is subject to the principal risks, any of which may adversely affect the Fund's NAV, trading price, yield, total return and ability to meet its investment objectives. A description of principal risks is included in the Fund's prospectus under the heading "Principal Investment Risks".

9. SUBSEQUENT EVENTS

The Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional adjustments or disclosures were required to the financial statements.

10. NEW ACCOUNTING PRONOUNCEMENT

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FUNDAMENTALS FIRST ETF** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**June 30, 2025(Continued)** 

requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosure and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

Management has evaluated the impact of adopting ASU 2023-07 with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Fundamentals First ETF** 

**Report of Independent Registered Public Accounting Firm** 

To the Shareholders of Fundamentals First ETF and

Board of Trustees of Mason Capital Fund Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fundamentals First ETF (the "Fund"), a series of Mason Capital Fund Trust, as of June 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year ended June 30, 2025 and for the period from February 21, 2024 (commencement of operations) through June 30, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, and the changes in net assets and the financial highlights for each of the two periods in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

We have served as the Fund's auditor since 2023.

![](cohen_signature-cc.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

August 28, 2025

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Fundamentals First ETF** 

**ADDITIONAL INFORMATION** 

**June 30, 2025 (Unaudited)** 

**FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS** 

Information regarding how often shares of the Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available on the Fund's website at www.fundamentalsfirstfund.com.

**FEDERAL TAX INFORMATION** 

For the fiscal year ended June 30, 2025, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00% for the Fund.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended June 30, 2025, was 48.20% for the Fund.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(C) was 2.57% for the Fund.

**PROXY VOTING POLICIES AND PROCEDURES** 

A description of the policies and procedures the Fund uses to determine how to vote proxies related to portfolio securities is provided in the Statement of Additional Information ("SAI"). The SAI is available without charge upon request by calling 1-617-228-5190, by accessing the Securities and Exchange Commission's ("SEC") website at www.sec.gov or by accessing the Fund's website at www. fundamentalsfirstfund.com. Information on how the Fund voted proxies related to portfolio securities for the most recent twelve-month period ended June 30 is available without charge, upon request, by calling 1-617-228-5190, by accessing the Fund's website at www.fundamentalsfirstfund.com, or by accessing the website of the SEC.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Fundamentals First ETF** 

**FORM N-CSR ITEMS** 

**June 30, 2025 (Unaudited)** 

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES** 

There were no changes in or disagreements with accountants during the period covered by this report.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES** 

The Adviser has agreed to pay all operating expenses of the Fund pursuant to the terms of the Investment Advisory Agreement, subject to certain exclusions provided therein. As a result, the Adviser is responsible for compensating the Independent Trustees. Further information related to Trustees and Officers compensation for the Trust can be obtained from the Fund's most recent SAI. During the fiscal year ended June 30, 2025, the Fund paid $4,000 in aggregate to the Independent Trustees.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** 

Not applicable.

17<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of
 a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
 effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported
 and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely
 to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](mcftar-efp16751_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a2(a)).* Filed herewith.](mcftar-efp16751_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](mcftar-efp16751_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: <u>Mason Capital Fund Trust</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Elliot Bruce |
|  | Elliot Bruce, Principal Executive Officer |

---

Date <u>September 4, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Elliot Bruce |
|  | Elliot Bruce, Principal Executive Officer |

---

Date <u>September 4, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Gregg Picillo |
|  | Gregg Picillo, Principal Financial Officer |

---

Date <u> September 3, 2025</u>

## Ex-99.Code

**EX.99.CODE ETH**

<u>Code of Ethics – Principal Executive and Senior Officers</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Covered Officers/Purpose of the Code** 

This code of ethics (this "Code") for the Trust applies to the Trust's Principal Executive Officer and Principal Financial Officer (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest
 and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
 between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full,
 fair, accurate, timely and understandable disclosure in reports and documents that the Trust
 files with, or submits to, the SEC and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 prompt internal reporting of violations of this Code to an appropriate person or persons
 identified in this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability
 for adherence to this Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interests interferes with the interests of, or the Covered Officer's service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the 1940 Act ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. This Code does not, and is not intended to, repeat or replace any compliance programs and procedures of the Trust or the investment adviser designed to prevent, or identify and correct, violations of the Investment Company Act and the Investment Advisers Act.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the investment adviser or the administrator of which a Covered Officer is also an officer or employee. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties, whether formally for the Trust and/or for the adviser or the administrator, be involved in establishing policies and implementing decisions that will have different effects on the adviser or the administrator and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the adviser or the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 use personal influence or personal relationships improperly to influence investment decisions
 or financial reporting by the Trust whereby the Covered Officer would benefit personally
 to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 cause the Trust to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 use material non-public knowledge of portfolio transactions made or contemplated for the
 Trust to trade personally or cause others to trade personally in contemplation of the market
 effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report
 at least annually any affiliations or other relationships related to conflicts of interest
 that the Trust's Trustees and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with the compliance officer of the Trust appointed by the Board (the "Compliance Officer"), if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service
 as a director on the board of any public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 receipt of any entertainment from any company with which the Company has current or prospective
 business dealings unless such entertainment is business-related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any questions of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 ownership interest in, or any consulting or employment relationship with, any of the Trust's
 service providers, other than its investment adviser, principal underwriter, administrator
 or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the Trust for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the Trust to others, whether within or outside the Trust, including to the Trust's
 directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within the Covered Officer's area
 of responsibility, consult with other officers and employees of the Trust and of the adviser
 or the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the Trust files with, or submits to, the SEC and
 in other public communications made by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon
 adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm
 in writing to the Board, in substantially the form set forth on <u>Exhibit A,</u> that the
 Covered Officer has received, read, and understands this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually
 thereafter affirm to the Board, in substantially the form set forth on <u>Exhibit B,</u> that the Covered Officer has complied with the requirements of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 retaliate against any other Covered Officer or any employee of the Trust or their affiliated
 persons for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify
 the Compliance Officer for the Trust promptly if the Covered Officer knows of any violation
 of this Code. Failure to do so is itself a violation of this Code.

The Compliance Officer for the Trust is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee (the "Committee"), which will make recommendations to the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 Compliance Officer for the Trust will take all appropriate action to investigate any potential
 violations reported to the Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 Compliance Officer will review with the outside legal counsel to the Trust the findings and
 conclusions of such investigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if,
 after such investigation and review, the Compliance Officer believes that no violation has
 occurred, the Compliance Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 matter that the Compliance Officer believes is a violation will be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if
 the Committee concurs that a violation has occurred, it will inform and make a recommendation
 to the Board, which will consider appropriate action, which may include review of, and appropriate
 modifications to, applicable policies and procedures (including changes to this Code); notification
 of the violation to appropriate personnel of the investment adviser or the administrator
 or its board; or a recommendation to take disciplinary action against the Covered Officer,
 which may include, without limitation, dismissal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 changes to or waivers of this Code will, to the extent required, be disclosed as provided
 by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's adviser, principal underwriter, the administrator or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Confidentiality** 

To the extent possible, all records, reports and other information prepared, maintained or acquired pursuant to this Code will be treated as confidential, it being understood that it may be necessary or advisable, that certain matters be disclosed to third parties (*e.g.*, to the board of directors or officers of the adviser or the administrator).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Internal Use** 

This Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

**Responsible Party/Compliance Process:** Chief Compliance Officer

**<u>Exhibit A</u>**

**<u>CODE OF ETHICS CERTIFICATION FOR SENIOR OFFICERS</u>**

**I HEREBY CERTIFY THAT:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) I
 have read and I understand the Code of Ethics for Senior Officers adopted by the Mason Capital
 Fund Trust (the "Code of Ethics"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) I
 recognize that I am subject to the Code of Ethics.

Signature:  

Name (please print): <u>Elliot Bruce</u>

Title : <u>Principal Executive Officer</u>

Date:

Signature:  

Name (please print): <u>Gregg Picillo</u>

Title : <u>Principal Financial Officer</u>

Date:

**<u>Exhibit B</u>**

**<u>CODE OF ETHICS CERTIFICATION FOR SENIOR OFFICERS</u>**

**I HEREBY CERTIFY THAT:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) I
 have read and I understand the Code of Ethics for Senior Officers adopted by the Mason Capital
 Fund Trust (the "Code of Ethics");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) I
 recognize that I am subject to the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) I
 have complied with the requirements of the Code of Ethics during the calendar year ending
 June 30, 20[__]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) I
 have reported all violations of the Code of Ethics required to be reported pursuant to the
 requirements of the Code during the calendar year ending June 30, 20[__].

Set forth below exceptions to items (3) and (4), if any:

Signature:  

Name (please print):  

Date:

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Elliot Bruce, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Mason Capital Fund Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 4, 2025 | /s/ Elliot Bruce |
|  |  | Elliot Bruce<br> Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Gregg Picillo, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Mason Capital Fund Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 3, 2025 | /s/ Gregg Picillo |
|  |  | Gregg Picillo<br> Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Mason Capital Fund Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Mason Capital Fund Trust for the year ended June 30, 2025, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Mason Capital Fund Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Elliot Bruce | /s/ Gregg Picillo |
| Elliot Bruce | Gregg Picillo |
| Principal Executive Officer | Principal Financial Officer |
| Mason Capital Fund Trust | Mason Capital Fund Trust |

---

Dated: <u> September 4, 2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Mason Capital Fund Trust for purposes of Section 18 of the Securities Exchange Act of 1934.