<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001815608</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000069477</seriesId>
        <classId>C000221777</classId>
        <classId>C000221778</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Modern Capital Funds Trust</regName>
      <regFileNumber>811-23582</regFileNumber>
      <regCik>0001815608</regCik>
      <regLei>549300S8T4XDU4WRH658</regLei>
      <regStreet1>150 Prospect Street</regStreet1>
      <regStreet2>Unit 23</regStreet2>
      <regCity>Greenwich</regCity>
      <regStateConditional regCountry="US" regState="US-CT"/>
      <regZipOrPostalCode>06830</regZipOrPostalCode>
      <regPhone>252-972-9922</regPhone>
      <seriesName>Modern Capital Tactical Opportunities Fund</seriesName>
      <seriesId>S000069477</seriesId>
      <seriesLei>549300VBKEL6G7NEPM08</seriesLei>
      <repPdEnd>2022-03-31</repPdEnd>
      <repPdDate>2021-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>14332137.26</totAssets>
      <totLiabs>972407.99</totLiabs>
      <netAssets>13359729.27</netAssets>
      <assetsAttrMiscSec>0</assetsAttrMiscSec>
      <assetsInvested>0</assetsInvested>
      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0</amtPayAftOneYrOther>
      <delayDeliv>0</delayDeliv>
      <standByCommit>0</standByCommit>
      <liquidPref>0</liquidPref>
      <cshNotRptdInCorD>0</cshNotRptdInCorD>
      <curMetrics>
        <curMetric>
          <curCd>USD</curCd>
          <intrstRtRiskdv01 period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
          <intrstRtRiskdv100 period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
        </curMetric>
      </curMetrics>
      <creditSprdRiskInvstGrade period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
      <creditSprdRiskNonInvstGrade period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
      <borrowers>
        <borrower aggrVal="0" lei="N/A" name="N/A"/>
      </borrowers>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000221777" rtn1="5.43" rtn2="-2.97" rtn3="1.92"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="111443.63" netUnrealizedAppr="276807.42"/>
        <othMon2 netRealizedGain="105789.71" netUnrealizedAppr="-510620"/>
        <othMon3 netRealizedGain="-98394.37" netUnrealizedAppr="265366.27"/>
      </returnInfo>
      <mon1Flow redemption="-32223.24" reinvestment="0" sales="989668.01"/>
      <mon2Flow redemption="-3015.66" reinvestment="0" sales="2093607.5"/>
      <mon3Flow redemption="-420111.97" reinvestment="371447.45" sales="2124447.45"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>BLACKROCK ENCHANCED</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>092524107</cusip>
        <identifiers>
          <isin value="US0925241079"/>
        </identifiers>
        <balance>25000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>157000</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Innovation</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>09260Q108</cusip>
        <identifiers>
          <isin value="US09260Q1085"/>
        </identifiers>
        <balance>25000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>363500</valUSD>
        <pctVal>0.03</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Enhanced G</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>092501105</cusip>
        <identifiers>
          <isin value="US0925011050"/>
        </identifiers>
        <balance>18600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>226548</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Central and Eastern</name>
        <lei>549300TSXFIOF89ZI608</lei>
        <title>CLOSED-E</title>
        <cusip>153436100</cusip>
        <identifiers>
          <isin value="US1534361001"/>
        </identifiers>
        <balance>3312</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>87403.68</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BNYM HIGH YIELD</name>
        <lei>RH2DL1HWBBECVFYQNK56</lei>
        <title>CLOSED-E</title>
        <cusip>09660L105</cusip>
        <identifiers>
          <isin value="US09660L1052"/>
        </identifiers>
        <balance>49340</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>150980.4</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DoubleLine Yield Opp</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>25862D105</cusip>
        <identifiers>
          <isin value="US25862D1054"/>
        </identifiers>
        <balance>25000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>467500</valUSD>
        <pctVal>0.04</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DoubleLine Income</name>
        <lei>549300RGXFCKJWYUTL28</lei>
        <title>CLOSED-E</title>
        <cusip>258622109</cusip>
        <identifiers>
          <isin value="US2586221093"/>
        </identifiers>
        <balance>27694</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>446427.28</valUSD>
        <pctVal>0.03</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Templeton Emerging</name>
        <lei>CZCIR4LW4R7Y5KBS5R36</lei>
        <title>CLOSED-E</title>
        <cusip>880191101</cusip>
        <identifiers>
          <isin value="US8801911012"/>
        </identifiers>
        <balance>23703</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>380196.12</valUSD>
        <pctVal>0.03</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eaton Vance Risk-</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>27829G106</cusip>
        <identifiers>
          <isin value="US27829G1067"/>
        </identifiers>
        <balance>38836</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>415156.84</valUSD>
        <pctVal>0.03</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eaton Vance Tax</name>
        <lei>549300YMO6N2TLCMXO54</lei>
        <title>CLOSED-E</title>
        <cusip>27829C105</cusip>
        <identifiers>
          <isin value="US27829C1053"/>
        </identifiers>
        <balance>29598</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>331201.62</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EATON VANCE</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>27829F108</cusip>
        <identifiers>
          <isin value="US27829F1084"/>
        </identifiers>
        <balance>55000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>586850</valUSD>
        <pctVal>0.04</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ABERDEEN ASIA</name>
        <lei>549300J666ZH67203572</lei>
        <title>CLOSED-E</title>
        <cusip>003009107</cusip>
        <identifiers>
          <isin value="US0030091070"/>
        </identifiers>
        <balance>93300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>356406</valUSD>
        <pctVal>0.03</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs MLP</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>38148G206</cusip>
        <identifiers>
          <isin value="US38148G2066"/>
        </identifiers>
        <balance>23890</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>246067</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GAMCO GLOBAL GOLD</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>36465A109</cusip>
        <identifiers>
          <isin value="US36465A1097"/>
        </identifiers>
        <balance>98782</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>370432.5</valUSD>
        <pctVal>0.03</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLOUGH GLOBAL</name>
        <lei>549300DTG68UBCNCPY15</lei>
        <title>CLOSED-E</title>
        <cusip>18914E106</cusip>
        <identifiers>
          <isin value="US18914E1064"/>
        </identifiers>
        <balance>25000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>266000</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLOUGH GLOBAL EQUITY</name>
        <lei>549300SI1THLT6A9J147</lei>
        <title>CLOSED-E</title>
        <cusip>18914C100</cusip>
        <identifiers>
          <isin value="US18914C1009"/>
        </identifiers>
        <balance>35000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>459900</valUSD>
        <pctVal>0.03</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mexico Equity &amp; Inco</name>
        <lei>549300Q0OD8MQEFTBY23</lei>
        <title>CLOSED-E</title>
        <cusip>592834105</cusip>
        <identifiers>
          <isin value="US5928341057"/>
        </identifiers>
        <balance>39109</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>348852.28</valUSD>
        <pctVal>0.03</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Neuberger Berman MLP</name>
        <lei>549300P5ICT7WWGP8224</lei>
        <title>CLOSED-E</title>
        <cusip>64129H104</cusip>
        <identifiers>
          <isin value="US64129H1041"/>
        </identifiers>
        <balance>76114</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>398837.36</valUSD>
        <pctVal>0.03</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NexPoint Diversified</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>65340G205</cusip>
        <identifiers>
          <isin value="US65340G2057"/>
        </identifiers>
        <balance>37283</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>506303.14</valUSD>
        <pctVal>0.04</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PIMCO Income</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>72201J104</cusip>
        <identifiers>
          <isin value="US72201J1043"/>
        </identifiers>
        <balance>53207</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>508126.85</valUSD>
        <pctVal>0.04</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PIMCO HIGH INCOME</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>722014107</cusip>
        <identifiers>
          <isin value="US7220141078"/>
        </identifiers>
        <balance>95700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>588555</valUSD>
        <pctVal>0.04</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Permain Royalty</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>71425H100</cusip>
        <identifiers>
          <isin value="US71425H1005"/>
        </identifiers>
        <balance>91306</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>192655.66</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEVEN HILLS</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>81784E101</cusip>
        <identifiers>
          <isin value="US81784E1010"/>
        </identifiers>
        <balance>45456</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>471833.28</valUSD>
        <pctVal>0.04</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TORTOISE CAPITAL</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>89147L886</cusip>
        <identifiers>
          <isin value="US89147L8862"/>
        </identifiers>
        <balance>15000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>418800</valUSD>
        <pctVal>0.03</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Liberty All-Star</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>530158104</cusip>
        <identifiers>
          <isin value="US5301581048"/>
        </identifiers>
        <balance>68670</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>575454.6</valUSD>
        <pctVal>0.04</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBVA ARGENTINA</name>
        <lei>N/A</lei>
        <title>COMMSTCK</title>
        <cusip>058934100</cusip>
        <identifiers>
          <isin value="US0589341009"/>
        </identifiers>
        <balance>25000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>78750</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Despegar.com Corp</name>
        <lei>N/A</lei>
        <title>COMMSTCK</title>
        <cusip>G27358103</cusip>
        <identifiers>
          <isin value="VGG273581030"/>
        </identifiers>
        <balance>9000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>88110</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kimbell Royalty Part</name>
        <lei>N/A</lei>
        <title>GRANTOR</title>
        <cusip>49435R102</cusip>
        <identifiers>
          <isin value="US49435R1023"/>
        </identifiers>
        <balance>14015</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>191024.45</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Grantor Trust"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOMA NEGRA CIA IND-</name>
        <lei>N/A</lei>
        <title>COMMSTCK</title>
        <cusip>51450E104</cusip>
        <identifiers>
          <isin value="US54150E1047"/>
        </identifiers>
        <balance>10581</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>70575.27</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sabine Royalty Trust</name>
        <lei>N/A</lei>
        <title>GRANTOR</title>
        <cusip>785688102</cusip>
        <identifiers>
          <isin value="US7856881021"/>
        </identifiers>
        <balance>9791</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>408088.88</valUSD>
        <pctVal>0.03</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Grantor Trust"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo Supervielle</name>
        <lei>N/A</lei>
        <title>COMMSTCK</title>
        <cusip>40054A108</cusip>
        <identifiers>
          <isin value="US40054A1088"/>
        </identifiers>
        <balance>100531</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>196035.45</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Transportadora de</name>
        <lei>N/A</lei>
        <title>COMMSTCK</title>
        <cusip>893870204</cusip>
        <identifiers>
          <isin value="US8938702045"/>
        </identifiers>
        <balance>3854</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17111.76</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Voc Energy Trust</name>
        <lei>N/A</lei>
        <title>GRANTOR</title>
        <cusip>91829B103</cusip>
        <identifiers>
          <isin value="US91829B1035"/>
        </identifiers>
        <balance>95290</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>446910.1</valUSD>
        <pctVal>0.03</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Grantor Trust"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MV OIL TRUST</name>
        <lei>N/A</lei>
        <title>GRANTOR</title>
        <cusip>553859109</cusip>
        <identifiers>
          <isin value="US5538591091"/>
        </identifiers>
        <balance>52321</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>461994.43</valUSD>
        <pctVal>0.03</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Grantor Trust"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Permian Basin Royalt</name>
        <lei>N/A</lei>
        <title>GRANTOR</title>
        <cusip>714236106</cusip>
        <identifiers>
          <isin value="US7142361069"/>
        </identifiers>
        <balance>49652</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>501485.2</valUSD>
        <pctVal>0.04</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Grantor Trust"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>San Juan</name>
        <lei>N/A</lei>
        <title>GRANTOR</title>
        <cusip>798241105</cusip>
        <identifiers>
          <isin value="US7982411057"/>
        </identifiers>
        <balance>35102</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>213771.18</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Grantor Trust"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLACK STONE MINERALS</name>
        <lei>N/A</lei>
        <title>MLP</title>
        <cusip>09225M101</cusip>
        <identifiers>
          <isin value="US09225M1018"/>
        </identifiers>
        <balance>39775</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>410875.75</valUSD>
        <pctVal>0.03</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Limited Partnership"/>
        <issuerConditional desc="Beneficial Interest" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-02-17</ncom:dateSigned>
      <ncom:nameOfApplicant>Modern Capital Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>Bradley Atkins</ncom:signature>
      <ncom:signerName>Bradley Atkins</ncom:signerName>
      <ncom:title>President/Principal Executive Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
