# EDGAR Filing Document

**Accession Number:** 0001953487
**File Stem:** 0001133228-26-003295
**Filing Date:** 2026-3
**Character Count:** 65035
**Document Hash:** 2325b5913da9af701b14a838a2f61bd0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003295.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001133228-26-003295

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23853
- **FILM NUMBER:** 26733685

**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'? 2025-12-02196255_FundamentalsFirstETF_TF_TSRSemiAnnual

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>**

**<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>6/30/2026</u>**

Date of reporting period: **<u>12/31/2025</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) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img62239_202502282044548.jpg) |

---

This semi-annual shareholder report contains important information about the Fundamentals First ETF (the "Fund") for the period of July 1, 2025 to December 31, 2025. 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 LAST SIX MONTHS?** (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 | $51 | 1.00% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $5705136 |
| **Number of Holdings** | 93 |
| **Portfolio Turnover** | 4% |
| **30-Day SEC Yield** | 1.94% |
| **Distribution Yield** | 1.33% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

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

![image](ts6717img003.jpg)

---

| | |
|:---|:---|
| **Top Holdings (% of net assets)** |  |
|  JPMorgan 100% US Treasury Securities Money Market Fund - Class Capital  | 6.8% |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR  | 3.0% |
|  Alphabet, Inc. - Class C  | 2.8% |
|  KLA Corp.  | 2.6% |
|  Dollarama, Inc.  | 2.4% |
|  Parker-Hannifin Corp.  | 2.2% |
|  Lam Research Corp.  | 2.1% |
|  Novartis AG - ADR  | 1.7% |
|  Snap-on, Inc.  | 1.6% |
|  Grupo Aeroportuario del Pacifico SAB de CV - ADR  | 1.6% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code on this 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 1 TSR-SAR-574817102

------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

**<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.

(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**

Semi-Annual Financial Statements and Additional Information

December 31, 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) |
| [Additional Information](#add) | [14](#add) |
| [Form N-CSR Items](#ncsr) | [15](#ncsr) |

---

------

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

**FUNDAMENTALS FIRST ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 78.6%**<br>|  |  |
| **Communications - 4.2%**<br>|  |  |
| Alphabet, Inc. - Class C | 500 | $156900  |
| Comcast Corp. - Class A | 520 | 15543  |
| Meta Platforms, Inc. - Class A | 100 | 66009  |
|  |  | 238452  |
| **Consumer Discretionary - 4.6%**<br>|  |  |
| Cie Generale des Etablissements Michelin SCA | 1990 | 66207  |
| Climb Global Solutions, Inc. | 395 | 40602  |
| Martinrea International, Inc. | 4460 | 33664  |
| McDonald's Corp. | 261 | 79770  |
| Texas Roadhouse, Inc. | 270 | 44820  |
|  |  | 265063  |
| **Consumer Staples - 3.1%**<br>|  |  |
| Church & Dwight Co., Inc. | 470 | 39409  |
| Dollarama, Inc. | 930 | 138997  |
|  |  | 178406  |
| **Energy - 13.5%**<br>|  |  |
| APA Corp. | 1070 | 26172  |
| Bonterra Energy Corp.<sup>(a)</sup> | 6030 | 19858  |
| Chord Energy Corp. | 325 | 30128  |
| Dorchester Minerals LP | 1910 | 42708  |
| Enbridge, Inc. | 980 | 46873  |
| Energy Transfer LP | 4040 | 66620  |
| Enterprise Products Partners LP | 2610 | 83677  |
| Gaztransport Et Technigaz SA | 263 | 48401  |
| Global Partners LP | 1500 | 62775  |
| Gulf Keystone Petroleum Ltd. | 17110 | 40822  |
| Keyera Corp. | 880 | 28210  |
| Kinder Morgan, Inc. | 1847 | 50774  |
| Magnolia Oil & Gas Corp. - Class A | 1580 | 34586  |
| Pembina Pipeline Corp. | 990 | 37679  |
| TotalEnergies SE | 1110 | 72616  |
| Vermilion Energy, Inc. | 1970 | 16430  |
| Western Midstream Partners LP | 1590 | 62805  |
|  |  | 771134  |
| **Financials - 7.0%**<br>|  |  |
| Banco del Bajio SA<sup>(b)</sup> | 8520 | 21556  |
| CME Group, Inc. | 203 | 55435  |
| Commonwealth Bank of Australia | 280 | 30004  |
| FB Financial Corp. | 900 | 50220  |
| Plumas Bancorp | 1566 | 69985  |
| Sabre Insurance Group PLC<sup>(b)</sup> | 16740 | 29334  |
| SpareBank 1 SR-Bank ASA | 3770 | 74203  |
| Wintrust Financial Corp. | 505 | 70609  |
|  |  | 401346  |

---

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

1<br>

------

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

**FUNDAMENTALS FIRST ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Health Care - 4.7%**<br>|  |  |
| IRadimed Corp. | 544 | $52920  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 60 | 83652  |
| Novartis AG - ADR | 700 | 96509  |
| Straumann Holding AG | 280 | 33037  |
|  |  | 266118  |
| **Industrials - 20.9%**<br>|  |  |
| Cummins, Inc. | 104 | 53087  |
| Eaton Corp. PLC | 132 | 42043  |
| Emerson Electric Co. | 440 | 58397  |
| Fastenal Co. | 1702 | 68301  |
| Graco, Inc. | 274 | 22460  |
| Grupo Aeroportuario del Pacifico SAB de CV - ADR | 346 | 91216  |
| Honeywell International, Inc. | 230 | 44871  |
| Hubbell, Inc. | 200 | 88822  |
| ITT, Inc. | 370 | 64199  |
| Lincoln Electric Holdings, Inc. | 190 | 45531  |
| Nordson Corp. | 180 | 43277  |
| Norfolk Southern Corp. | 130 | 37534  |
| Parker-Hannifin Corp. | 140 | 123054  |
| Schneider Electric SE | 330 | 91098  |
| SFL Corp. Ltd. | 5096 | 39800  |
| Snap-on, Inc. | 270 | 93042  |
| Tennant Co. | 330 | 24321  |
| Toromont Industries Ltd. | 670 | 81056  |
| WW Grainger, Inc. | 80 | 80724  |
|  |  | 1192833  |
| **Materials - 6.7%**<br>|  |  |
| AptarGroup, Inc. | 340 | 41466  |
| Avery Dennison Corp. | 321 | 58384  |
| Givaudan SA - ADR | 710 | 56133  |
| Labrador Iron Ore Royalty Corp. | 2010 | 43742  |
| Linde PLC | 203 | 86557  |
| Sherwin-Williams Co. | 230 | 74527  |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 57 | 2769  |
| Treatt PLC | 6410 | 17626  |
|  |  | 381204  |
| **Technology - 11.6%**<br>|  |  |
| Agilysys, Inc.<sup>(a)</sup> | 270 | 32087  |
| Automatic Data Processing, Inc. | 280 | 72024  |
| Fiserv, Inc.<sup>(a)</sup> | 714 | 47959  |
| Garmin Ltd. | 200 | 40570  |
| KLA Corp. | 121 | 147025  |

---

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

2<br>

------

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

**FUNDAMENTALS FIRST ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Technology - (Continued)** | **Technology - (Continued)** | **Technology - (Continued)** |
| Lam Research Corp. | 693 | $118628  |
| Paychex, Inc. | 295 | 33093  |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 560 | 170179  |
|  |  | 661565  |
| **Utilities - 2.3%**<br>|  |  |
| Atmos Energy Corp. | 443 | 74260  |
| Chesapeake Utilities Corp. | 440 | 54894  |
|  |  | 129154  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $4,103,298)** |  | 4485275  |
| **EXCHANGE TRADED FUNDS - 10.9%**<br>|  |  |
| iShares iBonds Dec 2026 Term Corporate ETF | 2570 | 62271  |
| iShares iBonds Dec 2027 Term Corporate ETF | 2580 | 62642  |
| iShares iBonds Dec 2028 Term Corporate ETF | 2470 | 62874  |
| iShares iBonds Dec 2029 Term Corporate ETF | 2700 | 63194  |
| iShares iBonds Dec 2030 Term Corporate ETF | 2890 | 63782  |
| iShares iBonds Dec 2031 Term Corporate ETF | 3020 | 63873  |
| iShares iBonds Dec 2032 Term Corporate ETF | 2490 | 63570  |
| iShares iBonds Dec 2033 Term Corporate ETF | 2430 | 63520  |
| State Street SPDR ICE Preferred Securities ETF | 1780 | 56408  |
| VanEck Preferred Securities ex Financials ETF | 3510 | 61987  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $619,214)** |  | 624121  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 3.1%**<br>|  |  |
| **Real Estate - 3.1%**<br>|  |  |
| Community Healthcare Trust, Inc. | 1240 | 20361  |
| Getty Realty Corp. | 1061 | 29040  |
| Precinct Properties New Zealand Ltd. | 28440 | 19649  |
| Primaris Real Estate Investment Trust | 3270 | 37142  |
| Tanger, Inc. | 2050 | 68408  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $175,242)** |  | 174600  |
| **BUSINESS DEVELOPMENT COMPANIES - 0.6%**<br>|  |  |
| Gladstone Investment Corp. | 2330 | 32550  |
| &nbsp;&nbsp;&nbsp; **TOTAL BUSINESS DEVELOPMENT COMPANIES** <br>**(Cost $32,434)** |  | 32550  |

---

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

3<br>

------

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

**FUNDAMENTALS FIRST ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 6.8%**<br>|  |  |
| JPMorgan 100% US Treasury Securities Money Market Fund - Class Capital, 3.66%<sup>(c)</sup> | 387328 | $387328  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $387,328)** |  | 387328  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $5,317,516)** |  | $5703874  |
| Other Assets in Excess of Liabilities - 0.0%<sup>(d)</sup> |  | 1262  |
| **TOTAL NET ASSETS - 100.0%** |  | $5705136 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

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 December 31, 2025, the value of these securities total $50,890 or 0.9% of the Fund's net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 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** 

**December 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $5703874  |
| Dividends receivable | 5302  |
| Cash | 594  |
| Dividend tax reclaims receivable | 221  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 5709991  |
| **LIABILITIES:**<br>|  |
| Payable to Adviser | 4855  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 4855  |
| **NET ASSETS** | $5705136  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $5408252  |
| Total distributable earnings | 296884  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $5705136  |
| Net assets | $5705136  |
| Shares issued and outstanding<sup>(a)</sup> | 500000  |
| Net asset value per share | $11.41  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $5317516 |

---

<sup>(a)</sup> Unlimited shares authorized.

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 Period Ended December 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $62148  |
| Less: Issuance fees | (45)  |
| Less: Dividend withholding taxes | (1804)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 60299  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | 25238  |
| &nbsp;&nbsp;&nbsp; Total expenses | 25238  |
| **Net investment income** | 35061  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | (52157)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation/transaction | (277)  |
| Net realized loss | (52434)  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 210350  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (2)  |
| Net change in unrealized appreciation | 210348  |
| **Net realized and unrealized gain** | 157914  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $192975 |

---

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** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **Year Ended** <br>**June 30,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | &nbsp;&nbsp;&nbsp; $35061 | $57522  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (52434) | 5028  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation | &nbsp;&nbsp;&nbsp; 210348 | 180535  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | &nbsp;&nbsp;&nbsp; 192975 | 243085  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp;&nbsp; (34238) | (60015)  |
| &nbsp;&nbsp;&nbsp; From return of capital | &nbsp;&nbsp;&nbsp; — | (4941)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp; (34238) | (64956)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 1136900 | 2192420  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp; — | (515605)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 1136900 | 1676815  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 1295637 | 1854944  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp; 4409499 | 2554555  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp; $5705136 | $4409499  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 100000 | 200000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp; — | (50000)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | &nbsp;&nbsp;&nbsp; 100000 | 150000 |

---

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

7<br>

------

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

**FUNDAMENTALS FIRST ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **Year Ended** <br>**June 30,** <br>**2025** | **Period Ended** <br>**June 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.02 | &nbsp;&nbsp; $10.22 | &nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.08  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.21  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.29  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp; (0.07)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.00)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (0.07)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.41 | &nbsp;&nbsp; $11.02 | &nbsp;&nbsp;&nbsp; $10.22  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 9.64% | &nbsp;&nbsp;&nbsp; 2.88%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5705 | &nbsp;&nbsp; $4409 | &nbsp;&nbsp;&nbsp; $2555  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.00%  |
| Ratio of net investment income to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 1.61% | &nbsp;&nbsp;&nbsp; 2.15%  |
| Portfolio turnover rate<sup>(f)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp; 8% | &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> 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>(d)</sup> Amount represents less than $0.005 per share.

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

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

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

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

8<br>

------

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

**Fundamental First ETF** 

**Notes to the Financial Statements** 

**December 31, 2025 (Unaudited)** 

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 (the "SEC") 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 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.

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.** 

**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 evaluates 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 December 31, 2025. The Fund's Federal

9<br>

------

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

**Fundamental First ETF** 

**Notes to the Financial Statements** 

**December 31, 2025 (Unaudited)(Continued)** 

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 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 net asset value ("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.**

**Operating Segments: Management has evaluated the impact of adopting Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures 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, expense, assets, and performance are regularly monitored and assessed by the portfolio managers of the Fund, who collectively serve as the Chief Operating Decision Makers, using the information presented in the financial statements and financial highlights.** 

**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.** 

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

10<br>

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

**Fundamental First ETF** 

**Notes to the Financial Statements** 

**December 31, 2025 (Unaudited)(Continued)** 

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 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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $4485275 | $— | $— | $4485275  |
| Exchange Traded Funds | 624121 |  |  | 624121  |
| Real Estate Investment Trusts - Common | 174600 |  |  | 174600  |
| Business Development Companies | 32550 |  |  | 32550  |
| Money Market Funds | 387328 |  |  | 387328  |
| **Total Assets** | $5703874 | $— | $— | $5703874 |

---

Refer to the Schedule of Investments for additional information.

11<br>

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

**Fundamental First ETF** 

**Notes to the Financial Statements** 

**December 31, 2025 (Unaudited)(Continued)** 

4. INVESTMENT ADVISORY AGREEMENT

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 period ended December 31, 2025, the aggregate purchases and sales of investments in the Fund, excluding in-kind and short-term securities, were $1,250,447 and $345,753, respectively. For the period ended December 31, 2025, the in-kind transactions associated with creation and redemption of Fund shares were $1,057,342 and $0, respectively.

For the period ended December 31, 2025, there were no long-term purchases or sales of U.S. Government Securities in the Fund.

7. INCOME TAX INFORMATION

The components of tax basis cost of investments and net unrealized appreciation for federal income tax purposes as of December 31, 2025, were as follows:

---

| | |
|:---|:---|
| Tax cost of investments | $5317516  |
| Gross unrealized appreciation | 664552  |
| Gross unrealized depreciation | (278194)  |
| Net unrealized appreciation/(depreciation) | $386358 |

---

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

12<br>

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

**Fundamental First ETF** 

**Notes to the Financial Statements** 

**December 31, 2025 (Unaudited)(Continued)** 

The tax character of distributions during the period ended December 31, 2025 and year ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Period Ended**<br>**December 31, 2025** | **Year Ended**<br>**June 30, 2025**  |
| Distributions paid from:<br>|  |  |
| Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp; $34238 | &nbsp;&nbsp; $59248  |
| Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 767  |
| Return of Capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 4941  |
| Total Distributions paid | &nbsp;&nbsp;&nbsp;&nbsp; $34238 | &nbsp;&nbsp; $64956 |

---

8. SHARE TRANSACTIONS

Shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc. under the symbol KNOW. Market prices for the shares may be different from their 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. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Shares of the Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the creation or redemption of Creation Units. The standard fixed transaction fee for the Fund for in-kind and cash purchases is $500 and is payable to the Fund's custodian. The standard fixed transaction fee may be waived, with the approval of the Board, on certain orders if the Fund's custodian has determined to waive some or all of the creation order costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees received by the Fund, if any, are displayed in the Capital Transactions section of the Statements of Changes in Net Assets. 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.

9. 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".

10. 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.

13<br>

------

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

**FUNDAMENTALS FIRST ETF** 

**ADDITIONAL INFORMATION (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 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, 2025 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.

14<br>

------

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

**FUNDAMENTALS FIRST ETF** 

**FORM N-CSR ITEMS (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 period ended December 31, 2025, the Fund paid $2,000 in aggregate to the Independent Trustees.

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

In connection with the meeting of the Board of Trustees (the "Board") of Mason Capital Fund Trust (the "Trust") held on October 30, 2025 (the "Meeting"), the Board discussed the renewal of the investment advisory agreement (the "Advisory Agreement") between Mason Capital Partners (the "Adviser") and the Trust, with respect to the Fundamentals First ETF (the "Fund"). In considering the renewal of the Advisory Agreement, the Board received materials specifically relating to the Advisory Agreement.

The Board reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the renewal of the Advisory Agreement. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement, on behalf of the Fund, and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the renewal of the Advisory Agreement.

Nature, Extent and Quality of Services. The Board reviewed the key personnel servicing the Fund, noting no changes since the last approval of the advisory agreement. The Board observed the investment advisory services provided by the Adviser, including providing research and portfolio management services to the Fund. The Board reviewed the Adviser's practices for monitoring compliance with the Fund's investment limitations, which involved regular compliance reporting by various service providers. The Board noted that the Adviser did not report any material compliance issues nor material litigation since the last approval of the advisory agreement. The Board concluded that it expected the Adviser to continue to provide satisfactory services to the Fund and its shareholders.

Performance. The Board observed that the Fund underperformed its benchmark index and broad-based index, S&P 500 Index, for the 1-year and since inception periods ended September 30, 2025 with annualized net returns of 6.43% and 9.99%, respectively. The Board acknowledged the Adviser's explanation that the underperformance was attributed to differences in the composition of the index, which had significant exposure to the performance of a small sub-set of large technology companies that performed well, compared to the Fund, which had exposure to small and mid-capitalization companies. The Board concluded that the Fund's performance was acceptable.

Fees and Expenses. The Board noted that the Fund's advisory fee and net expense ratio of 1.00% were higher than the averages of the peer group selected by the Adviser, but within the range of each. The Board concluded that the advisory fee was not unreasonable.

Profitability. The Board reviewed the profitability analysis for the Fund provided by the Adviser and noted that the Adviser was operating the Fund at a loss. After discussion, the Board determined that excessive profitability was not an issue for the Adviser at this time.

15<br>

------

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

**FUNDAMENTALS FIRST ETF** 

**FORM N-CSR ITEMS (Unaudited)(Continued)** 

Economies of Scale. The Board considered whether economies of scale would be realized in connection with the services provided to the Fund by the Adviser. The Board noted that there were no breakpoints at this time, but the Adviser was open to considering breakpoints as the Fund's assets grew.

Conclusion. Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the investment advisory agreement, and as assisted by the advice of independent counsel, the Board determined that approval of the renewal of the investment advisory agreement was in the best interests of the Fund and its shareholders.

16<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 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

Included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

Included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

Included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

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) *Incorporated by reference to previous Form N-CSR filing.*](https://www.sec.gov/Archives/edgar/data/1953487/000113322825009453/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.](mc-efp22681_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.](mc-efp22681_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>3/6/2026</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>3/6/2026</u>

---

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

---

Date <u>3/6/2026</u>

## 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: | 3/6/2026 | /s/ Elliot Bruce |
|  |  | Elliot Bruce |
|  |  | 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: | 3/6/2026 | /s/ Gregg Picillo |
|  |  | Gregg Picillo |
|  |  | 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 period ended December 31, 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>3/6/2026</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.