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          <ccc>XXXXXXXX</ccc>
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        <classId>C000221778</classId>
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      <regCity>Greenwich</regCity>
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      <regZipOrPostalCode>06830</regZipOrPostalCode>
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      <seriesName>Modern Capital Tactical Opportunities Fund</seriesName>
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        <name>Credit Suisse High</name>
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        <balance>49783</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>787567.06</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>103953</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>260922.03</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>LMP Capital and</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>50208A102</cusip>
        <identifiers>
          <isin value="US50208A1025"/>
        </identifiers>
        <balance>27231</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>398117.22</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>SEVEN HILLS</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>81784E101</cusip>
        <identifiers>
          <isin value="US81784E1010"/>
        </identifiers>
        <balance>67944</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>756216.72</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>32466</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>115254.3</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>BANCO MACRO SA-ADR</name>
        <lei>N/A</lei>
        <title>COMMSTCK</title>
        <cusip>05961W105</cusip>
        <identifiers>
          <isin value="US05961W1053"/>
        </identifiers>
        <balance>14704</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>254379.2</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>CIA Energetica De</name>
        <lei>N/A</lei>
        <title>COMMSTCK</title>
        <cusip>204409601</cusip>
        <identifiers>
          <isin value="US2044096012"/>
        </identifiers>
        <balance>22000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>70840</valUSD>
        <pctVal>0</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>Despegar.com Corp</name>
        <lei>N/A</lei>
        <title>COMMSTCK</title>
        <cusip>G27358103</cusip>
        <identifiers>
          <isin value="VGG273581030"/>
        </identifiers>
        <balance>15000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>183000</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>GRUPO FINANCIERO</name>
        <lei>N/A</lei>
        <title>COMMSTCK</title>
        <cusip>399909100</cusip>
        <identifiers>
          <isin value="US3999091008"/>
        </identifiers>
        <balance>17000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>183600</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>Kimbell Royalty Part</name>
        <lei>N/A</lei>
        <title>COMMSTCK</title>
        <cusip>49435R102</cusip>
        <identifiers>
          <isin value="US49435R1023"/>
        </identifiers>
        <balance>5000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>81300</valUSD>
        <pctVal>0</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>Annaly Capital Manag</name>
        <lei>N/A</lei>
        <title>COMMSTCK</title>
        <cusip>035710409</cusip>
        <identifiers>
          <isin value="US0357104092"/>
        </identifiers>
        <balance>25000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>176000</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>Petroleo Brasileiro</name>
        <lei>N/A</lei>
        <title>COMMSTCK</title>
        <cusip>71654V408</cusip>
        <identifiers>
          <isin value="US71654V4086"/>
        </identifiers>
        <balance>20000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>296000</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>Sabine Royalty Trust</name>
        <lei>N/A</lei>
        <title>COMMSTCK</title>
        <cusip>785688102</cusip>
        <identifiers>
          <isin value="US7856881021"/>
        </identifiers>
        <balance>8391</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>484580.25</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>Grupo Supervielle</name>
        <lei>N/A</lei>
        <title>COMMSTCK</title>
        <cusip>40054A108</cusip>
        <identifiers>
          <isin value="US40054A1088"/>
        </identifiers>
        <balance>125902</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>254322.04</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>TC ENERGY CORP</name>
        <lei>N/A</lei>
        <title>COMMSTCK</title>
        <cusip>87807B107</cusip>
        <identifiers>
          <isin value="CA87807B1076"/>
        </identifiers>
        <balance>2000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>112840</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iSHARES MORTGAGE</name>
        <lei>N/A</lei>
        <title>ETF</title>
        <cusip>46435G342</cusip>
        <identifiers>
          <isin value="US46435G3424"/>
        </identifiers>
        <balance>9373</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>306215.91</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>MV OIL TRUST</name>
        <lei>N/A</lei>
        <title>GRANTOR</title>
        <cusip>553859109</cusip>
        <identifiers>
          <isin value="US5538591091"/>
        </identifiers>
        <balance>67131</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>790467.53</valUSD>
        <pctVal>0.04</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="GRANTOR"/>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <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>34815</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>435535.65</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="GRANTOR"/>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <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>100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>877000</valUSD>
        <pctVal>0.05</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="GRANTOR"/>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <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>26875</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>361737.5</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>Federated Government</name>
        <lei>254900VAJ9169N7JRF45</lei>
        <title>MONEYMKT</title>
        <cusip>60934N104</cusip>
        <identifiers>
          <ticker value="GOIXX"/>
        </identifiers>
        <balance>6813510.1</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6813510.1</valUSD>
        <pctVal>0.36</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Money Market" 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>2022-05-23</ncom:dateSigned>
      <ncom:nameOfApplicant>Modern Capital Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>Kris Wild</ncom:signature>
      <ncom:signerName>Kris Wild</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
