# EDGAR Filing Document

**Accession Number:** 0001815608
**File Stem:** 0001398344-25-016631
**Filing Date:** 2025-8
**Character Count:** 38050
**Document Hash:** fb3994947e40098bb1eadb804bcad7b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-016631.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001398344-25-016631

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Modern Capital Funds Trust
- **CENTRAL INDEX KEY:** 0001815608

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23582
- **FILM NUMBER:** 251254970

**BUSINESS ADDRESS:**
- **STREET 1:** 1701 MEETING ST
- **CITY:** CHARLESTON
- **STATE:** SC
- **ZIP:** 29464
- **BUSINESS PHONE:** 800-767-3838

**MAIL ADDRESS:**
- **STREET 1:** 1701 MEETING ST
- **CITY:** CHARLESTON
- **STATE:** SC
- **ZIP:** 29464

## Series and Classes Contracts Data

### Modern Capital Tactical Income Fund (Series ID: S000069477)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000221777 | Class A Shares   | MCTOX           |
| C000221778 | Class ADV Shares | MCTDX           |

## Nport-Ex

**Modern Capital Tactical Income Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **CLOSED-END FUNDS - 70.3%** |  |
| 406738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aberdeen Income Credit Strategies Fund | $2399754 |
| 279233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aberdeen Total Dynamic Dividend Fund | 2474006 |
| 121079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AllianceBernstein Global High Income Fund | 1335503 |
| 152144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barings Global Short Duration High Yield Fund | 2343020 |
| 280211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Enhanced International Dividend Trust | 1622424 |
| 3088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Investment Quality Municipal Trust, Inc | 33723 |
| 4276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Municipal Credit Alpha Portfolio (a) | 54435 |
| 217761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Strategic Credit Fund | 2639265 |
| 498561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BrandywineGLOBAL - Global Income Opportunities Fund, Inc. | 4143044 |
| 264397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Real Assets Income Fund, Inc. | 3534990 |
| 209155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calamos Convertible and High Income Fund | 2298615 |
| 280143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Destra Multi-Alternative Fund | 2451253 |
| 59407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund | 513873 |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Equity Fund, Inc. | 204602 |
| 20078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Trust High Yield Opportunities 2027 Term Fund | 298160 |
| 40015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Universal Trust | 304916 |
| 3056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Active Allocation Fund | 47798 |
| 46351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highland Global Allocation Fund | 403441 |
| 206077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highland Income Fund | 1071602 |
| 52508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Municipal Trust | 480450 |
| 71963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kayne Anderson Energy Infrastructure Fund, Inc. | 915371 |
| 266159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Income Opportunities Fund | 3341628 |
| 573359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty All-Star Growth Fund, Inc. | 3136276 |
| 630012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. | 3225663 |
| 18712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Energy Infrastructure and Income Fund, Inc. | 168036 |
| 3446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Next Generation Connectivity Fund, Inc | 50314 |
| 239742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Core Plus Impact Fund | 2687510 |
| 25248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Municipal Credit Opportunities Fund | 270913 |
| 192158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PGIM Short Duration High Yield Opportunities Fund | 3235943 |
| 41991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIMCO High Income Fund | 201559 |
| 35959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RiverNorth Capital and Income Fund, Inc. | 523205 |
| 83341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saba Capital Income & Opportunities Fund II | 765906 |
| 295786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templeton Emerging Markets Income Fund, Inc. | 1774718 |
| 69339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mexico Fund, Inc. | 1218288 |
| 5762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tortoise Energy Infrastructure Corporation | 252896 |
| 25201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Convertible & Income Fund | 357856 |
| 43360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Convertible & Income Fund II | 556744 |
| 382202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Global Multi-Sector Income Fund | 2996466 |
| 54991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Emerging Markets High Dividend Equity Fund | 326649 |
| 17921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Infrastructure Industrials and Materials Fund | 209498 |
| 365432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Emerging Markets Debt Fund, Inc. | 3672594 |
| 22087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Global High Income Fund, Inc. | 144451 |
| 20105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Asset Intermediate Municipal Fund | 151192 |
|  | **TOTAL CLOSED-END FUNDS - (Cost $56,573,782)** | 58838550 |

---

**Modern Capital Tactical Income Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCK - 14.5%** |  |
|  | *Banking - 4.2%* |  |
| 209000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bradesco S.A. (b) | $645810 |
| 46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Galicia S.A. (b) | 2317940 |
| 49252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Supervielle S.A. (b) | 521579 |
|  |  | 3485329 |
|  | *Consumer Discretionary - 2.4%* |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcos Dorados Holdings, Inc. | 197250 |
| 173365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cresud S.A. Comercial Industrial Financiera Y Agropecuaria (b) | 1865407 |
|  |  | 2062657 |
|  | *Consumer Staples - 0.1%* |  |
| 14758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brasilagro Companhia Brasileira De Propriedade Agricola (b) | 56523 |
|  |  | 56523 |
|  | *Energy - 1.1%* |  |
| 209000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cia Energetica De Minas Gerais - Cernig | 409640 |
| 11989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportadora de Gas del Sur (b) | 310515 |
| 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YPF S.A. (a)(b) | 157200 |
|  |  | 877355 |
|  | *Preferred Equity - 1.1%* |  |
| 59364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highland Opportunities & Income Fund 5.375% Cum. Pfd. Series B | 942107 |
|  |  | 942107 |
|  | *Financials - 1.1%* |  |
| 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A. (b) | 954500 |
|  |  | 954500 |
|  | *Industrials - 0.3%* |  |
| 13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporacion America Airports S.A. (a) | 263380 |
|  |  | 263380 |
|  | *Materials - 0.2%* |  |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loma Negra Compania Industrial Argentina S.A. (a)(b) | 164550 |
|  |  | 164550 |
|  | *Real Estate - 2.7%* |  |
| 165563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Irsa Inversiones Y Representaciones S.A. (b) | 2306293 |
|  |  | 2306293 |
|  | *Utilities - 1.3%* |  |
| 81467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Puerto S.A. (b) | 951535 |
| 7206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empresa Distribuidora Y Comercializadora Norte S.A. (a)(b) | 190887 |
|  |  | 1142422 |
|  | **TOTAL COMMON STOCKS - (Cost $11,536,728)** | 12255116 |
|  | **Exchange Traded Funds - 4.8%** |  |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Preferred and Income Securities ETF | 1227200 |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Nasdaq Equity Premium Income ETF | 1088000 |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VanEck BDC Income ETF | 1467000 |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VanEck Vietnam ETF (a) | 275200 |
|  | **TOTAL EXCHANGE-TRADED FUNDS - (Cost $4,032,377)** | 4057400 |

---

**Modern Capital Tactical Income Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **Real Estate Investment Trust - 3.3%** |  |
| 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Mortgage Capital, Inc. | $431200 |
| 517791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NexPoint Diversified Real Estate Trust | 2169544 |
| 13998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seven Hills Realty Trust | 168956 |
|  | **TOTAL REAL ESTATE INVESTMENT TRUST - (Cost $3,316,924)** | 2769700 |
|  | **Rights - 0.0%** |  |
| 37830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RiverNorth Capital and Income Fund, Inc., Expires 07/07/25 (a) | 2081 |
|  | **TOTAL RIGHTS - (Cost $0)** | 2081 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Fair Value** |
|  | **SHORT TERM INVESTMESTS - 6.5%** |  |  |
|  | *Money Market Funds - 6.5%* |  |  |
| 5476345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund, Class X (c) | 2004.388 | 5476345.00 |
|  | **TOTAL SHORT TERM INVESTMESTS - (Cost $5,476,345)** |  | 5476345 |
|  | **TOTAL INVESTMENTS - 99.4% - (Cost $80,936,156)** |  | 83397111 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%** |  | 533729 |
|  | **NET ASSETS - 100.0%** |  | $83930840 |

---

**<sup>(a)</sup>** Non-income Producing Security.

**<sup>(b)</sup>** American Depository Receipt (ADR)

**<sup>(c)</sup>** Rate disclosed is the seven day effective yield as of June 30, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Modern Capital Funds Trust

- **b. Investment Company Act file number:** 811-23582

- **c. CIK number of Registrant:** 0001815608

- **d. LEI of Registrant:** 549300VBKEL6G7NEPM08

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1701 Meeting Street

  - **City:** Charleston

  - **State:** SC

  - **Foreign country:** US

  - **Zip / Postal Code:** 29405

  - **Telephone number:** 800-767-3838

**Item A.2. Information about the Series.**

- **a. Name of Series:** Modern Capital Tactical Income Fund

- **b. EDGAR series identifier (if any):** S000069477

- **c. LEI of Series:** 549300VBKEL6G7NEPM08

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $84593406.16

**Total Liabilities:** $662566.29

**Net Assets:** $83930839.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000221777 | 2.00%                | 3.16%                | -1.34%               |
| Class ID C000221778 | 2.03%                | 3.16%                | -1.36%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $158534.11               | $837690.00                                 |
| Month 2  | $280639.86               | $1588417.00                                |
| Month 3  | $-2244748.51             | $280065.00                                 |

### Schedule of Portfolio Investments

| Name                                                       | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Aberdeen                                                   | Aberdeen Income Credit Strategies Fund                       | CUSIP: 003057106<br>LEI: JZ9OXI4GGKZDI84RNQ78 | Long             | EC               | RF                | US        |    406738 | NS      | $2399754.20   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Aberdeen                                                   | Aberdeen Total Dynamic Dividend Fund                         | CUSIP: 00326L100<br>LEI: 2549008871AD4OJQWG76 | Long             | EC               | RF                | US        |    279233 | NS      | $2474004.38   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliance Bernstein                                         | AllianceBernstein Global High Income Fund                    | CUSIP: 01879R106<br>LEI: AE2ZT9UGMEIJ7T4R5734 | Long             | EC               | RF                | US        |    121079 | NS      | $1335501.37   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcos Dorados Holdings, Inc.                               | Arcos Dorados Holdings, Inc.                                 | CUSIP: G0457F107<br>LEI: 54930023P2MIZN13DQ85 | Long             | EC               | CORP              | VG        |     25000 | NS      | $197250.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco S.A.                                        | Banco Bradesco S.A.                                          | CUSIP: 059460303<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EC               | CORP              | BR        |    209000 | NS      | $645810.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander (Spain) S.A.                               | Banco Santander S.A.                                         | CUSIP: 05964H105<br>LEI: 5493006QMFDDMYWIAM13 | Long             | EC               | CORP              | ES        |    115000 | NS      | $954500.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Barings                                                    | Barings Global Short Duration High Yield Fund                | CUSIP: 06760L100<br>LEI: 549300WWIZCL845OP089 | Long             | EC               | RF                | US        |    152144 | NS      | $2343017.60   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Institutional Trust Company N.A.                 | iShares Preferred and Income Securities ETF                  | CUSIP: 464288687<br>LEI: 549300YX74JNY54XCY80 | Long             | EC               | RF                | US        |     40000 | NS      | $1227200.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Municipal Credit Alpha Portfolio Inc             | BlackRock Municipal Credit Alpha Portfolio                   | CUSIP: 09262J102<br>LEI: 529900SLP3C6SEVFWC61 | Long             | EC               | RF                | US        |      4276 | NS      | $54433.48     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock, Inc. (US)                                       | BlackRock Enhanced International Dividend Trust              | CUSIP: 092524107<br>LEI: N8Y5YESYCLFDXNNUQV93 | Long             | EC               | RF                | US        |    280211 | NS      | $1622421.69   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock, Inc. (US)                                       | BlackRock Investment Quality Municipal Trust, Inc            | CUSIP: 09247D105<br>LEI: HIQUII1IK2OOB2XHIJ72 | Long             | EC               | RF                | US        |      3088 | NS      | $33720.96     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Brasilagro Companhia Brasileira De Propriedade Agricola    | Brasilagro Companhia Brasileira De Propriedade Agricola      | CUSIP: 10554B104<br>LEI: HNU7Z5273PRV5T5S5F07 | Long             | EC               | CORP              | BR        |     14758 | NS      | $56523.14     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Real Assets Income Fund, Inc.                   | Brookfield Real Assets Income Fund, Inc.                     | CUSIP: 112830104<br>LEI: 254900DLYNP93JESGO41 | Long             | EC               | RF                | US        |    264397 | NS      | $3534987.89   | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Calamos Investments                                        | Calamos Convertible and High Income Fund                     | CUSIP: 12811P108<br>LEI: 549300S5PS2P178Z6N82 | Long             | EC               | RF                | US        |    209155 | NS      | $2298613.45   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Puerto S.A.                                        | Central Puerto S.A.                                          | CUSIP: 155038201<br>LEI: 2549005JLIWQ6B7VNR38 | Long             | EC               | CORP              | AR        |     81467 | NS      | $951534.56    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia Energetica De Minas Gerais - Cernig                    | Cia Energetica De Minas Gerais - Cernig                      | CUSIP: 204409601<br>LEI: 254900W703PXLDSEM056 | Long             | EC               | CORP              | BR        |    209000 | NS      | $409640.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Corporacion America Airports S.A.                          | Corporacion America Airports S.A.                            | CUSIP: L1995B107<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |     13000 | NS      | $263380.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Cresud S.A. Comercial Industrial Financiera Y Agropecuaria | Cresud S.A. Comercial Industrial Financiera Y Agropecuaria   | CUSIP: 226406106<br>LEI: 529900OJF9C0NUFNN613 | Long             | EC               | CORP              | AR        |    173365 | NS      | $1865407.40   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Destra Multi-Alternative Fund                              | Destra Multi-Alternative Fund                                | CUSIP: 25065A502<br>LEI: 549300SP0KUS5HR5P569 | Long             | EC               | RF                | US        |    280143 | NS      | $2451251.25   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS ETF Trust                                              | European Equity Fund, Inc.                                   | CUSIP: 298768102<br>LEI: 5493008XBHSH29XH9329 | Long             | EC               | RF                | US        |     20000 | NS      | $204600.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Vance                                                | Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund  | CUSIP: 27829C105<br>LEI: 549300YMO6N2TLCMXO54 | Long             | EC               | RF                | US        |     59407 | NS      | $513870.55    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Empresa Distribuidora Y Comercializadora Norte S.A.        | Empresa Distribuidora Y Comercializadora Norte S.A.          | CUSIP: 29244A102<br>LEI: 254900JU7TV6VS9GRW29 | Long             | EC               | CORP              | AR        |      7206 | NS      | $190886.94    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds                                       | First American Government Obligations Fund, Class X          | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   5476345 | NS      | $5476344.56   | 6.52%             |  |  |  | No            |                  1 | On Loan: No      |
| First Trust Portfolios (US)                                | First Trust High Yield Opportunities 2027 Term Fund          | CUSIP: 33741Q107<br>LEI: 549300VWTG40J7RZE994 | Long             | EC               | RF                | US        |     20078 | NS      | $298158.30    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Templeton Investments (US)                        | Franklin Universal Trust                                     | CUSIP: 355145103<br>LEI: 5493009UE75VG0DU8V76 | Long             | EC               | RF                | US        |     40015 | NS      | $304914.30    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Templeton Investments (US)                        | Templeton Emerging Markets Income Fund, Inc.                 | CUSIP: 880192109<br>LEI: HM42X4Y58XQ0M2JYZW07 | Long             | EC               | RF                | US        |    295786 | NS      | $1774716.00   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Templeton Investments (US)                        | Western Asset Emerging Markets Debt Fund, Inc.               | CUSIP: 95766A101<br>LEI: 549300F68574RU1BKP84 | Long             | EC               | RF                | US        |    365432 | NS      | $3672591.60   | 4.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Templeton Investments (US)                        | Western Asset Global High Income Fund, Inc.                  | CUSIP: 95766B109<br>LEI: 549300JWVV1XIQ66WD13 | Long             | EC               | RF                | US        |     22087 | NS      | $144448.98    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Templeton Investments (US)                        | Western Asset Intermediate Municipal Fund                    | CUSIP: 958435109<br>LEI: 5493000MG5MROBD48K57 | Long             | EC               | RF                | US        |     20105 | NS      | $151189.60    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Templeton Investments (US)                        | BrandywineGLOBAL - Global Income Opportunities Fund, Inc.    | CUSIP: 10537L104<br>LEI: 549300P4CDQCJBGI0833 | Long             | EC               | RF                | US        |    498561 | NS      | $4143041.91   | 4.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Galicia S.A.                              | Grupo Financiero Galicia S.A.                                | CUSIP: 399909100<br>LEI: 5299008H3AXIXV5G3C23 | Long             | EC               | CORP              | AR        |     46000 | NS      | $2317940.00   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Supervielle S.A.                                     | Grupo Supervielle S.A.                                       | CUSIP: 40054A108<br>LEI: 549300IQJL3KLZ3IYQ14 | Long             | EC               | CORP              | AR        |     49252 | NS      | $521578.68    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Guggenheim Investments                                     | Guggenheim Active Allocation Fund                            | CUSIP: 40170T106<br>LEI: 549300WVFF2XZ68PVT94 | Long             | EC               | RF                | US        |      3056 | NS      | $47795.84     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Highland Opportunities and Income Fund                     | Highland Opportunities and Income Fund                       | CUSIP: 43010E602<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59364 | NS      | $942106.68    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco (US)                                               | Invesco Municipal Trust                                      | CUSIP: 46131J103<br>LEI: GKS5Y4B1VKHV66WSPK53 | Long             | EC               | RF                | US        |     52508 | NS      | $480448.20    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Mortgage Capital Inc.                              | Invesco Mortgage Capital, Inc.                               | CUSIP: 46131B704<br>LEI: PV3BDP2HFZL2FNXQBL39 | Long             | EC               |  | US        |     55000 | NS      | $431200.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Irsa Inversiones Y Representaciones S.A.                   | Irsa Inversiones Y Representaciones S.A.                     | CUSIP: 450047303<br>LEI: 549300QJINFBX83IZ837 | Long             | EC               | CORP              | AR        |    165563 | NS      | $2306292.59   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. Morgan Exchange-Traded Fund Trust                     | JPMorgan Nasdaq Equity Premium Income ETF                    | CUSIP: 46654Q203<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |     20000 | NS      | $1088000.00   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Kayne Anderson Capital Advisors                            | Kayne Anderson Energy Infrastructure Fund, Inc.              | CUSIP: 486606106<br>LEI: 5493002Z1F04JSF18549 | Long             | EC               | RF                | US        |     71963 | NS      | $915369.36    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co. L.P.                                             | KKR Income Opportunities Fund                                | CUSIP: 48249T106<br>LEI: 549300H65GA67Q2C3B36 | Long             | EC               | RF                | US        |    266159 | NS      | $3341626.25   | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty All Star Funds                                     | Liberty All-Star Growth Fund, Inc.                           | CUSIP: 529900102<br>LEI: 54930046Y8IF3CB2AL60 | Long             | EC               | RF                | US        |    573359 | NS      | $3136273.73   | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Loma Negra Compania Industrial Argentina S.A.              | Loma Negra Compania Industrial Argentina S.A.                | CUSIP: 54150E104<br>LEI: 529900VKOQQJ8U9DDK92 | Long             | EC               | CORP              | AR        |     15000 | NS      | $164550.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Investment Management                       | Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.     | CUSIP: 617477104<br>LEI: 541YGIXZ6JJP4EZDJI96 | Long             | EC               | RF                | US        |    630012 | NS      | $3225661.44   | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Neuberger Berman                                           | Neuberger Berman Energy Infrastructure and Income Fund, Inc. | CUSIP: 64129H104<br>LEI: 549300P5ICT7WWGP8224 | Long             | EC               | RF                | US        |     18712 | NS      | $168033.76    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Neuberger Berman                                           | Neuberger Berman Next Generation Connectivity Fund Inc       | CUSIP: 64133Q108<br>LEI: 549300GRTFKXVB9LQE61 | Long             | EC               | RF                | US        |      3446 | NS      | $50311.60     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NexPoint                                                   | Highland Income Fund                                         | CUSIP: 43010E404<br>LEI: 254900CMUE9FRYL2UR80 | Long             | EC               | RF                | US        |    206077 | NS      | $1071600.40   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NexPoint                                                   | Highland Global Allocation Fund                              | CUSIP: 43010T104<br>LEI: 2549007A3RHSGZEL0R21 | Long             | EC               | RF                | US        |     46351 | NS      | $403439.10    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| NexPoint                                                   | NexPoint Diversified Real Estate Trust                       | CUSIP: 65340G205<br>LEI: 5493008KGR2NU3OXMR64 | Long             | EC               |  | US        |    517791 | NS      | $2169543.57   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen                                                     | Nuveen Municipal Credit Opportunities Fund                   | CUSIP: 670663103<br>LEI: 549300DD3V5NH59YTS11 | Long             | EC               | RF                | US        |     25248 | NS      | $270911.04    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen                                                     | Nuveen Core Plus Impact Fund                                 | CUSIP: 67080D103<br>LEI: 549300N1H1AJ1P7VEI64 | Long             | EC               | RF                | US        |    239742 | NS      | $2687507.82   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| PGIM Investments                                           | PGIM Short Duration High Yield Opportunities Fund            | CUSIP: 69355J104<br>LEI: 549300WGY7DHGMQJU952 | Long             | EC               | RF                | US        |    192158 | NS      | $3235940.72   | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| PIMCO (US)                                                 | PIMCO High Income Fund                                       | CUSIP: 722014107<br>LEI: TYNS8LL5KA936NJZN198 | Long             | EC               | RF                | US        |     41991 | NS      | $201556.80    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| RiverNorth                                                 | RiverNorth Capital and Income Fund, Inc.                     | CUSIP: 76882B108<br>LEI: 54930061II7PXY87SC72 | Long             | EC               | RF                | US        |     35959 | NS      | $523203.45    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| RiverNorth Capital and Income Fund                         | RiverNorth Capital and Income Fund                           | CUSIP: 76882B124<br>LEI: N/A                  | Long             | EC               |  | US        |     37830 | NS      | $2080.65      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Saba Capital                                               | Saba Capital Income & Opportunities Fund II                  | CUSIP: 880198205<br>LEI: QU1AAXOSV5K4OVMXJP19 | Long             | EC               | RF                | US        |     83341 | NS      | $765903.79    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Seven Hills Realty Trust                                   | Seven Hills Realty Trust                                     | CUSIP: 81784E101<br>LEI: 549300ESBDZ3SA3OEX38 | Long             | EC               |  | US        |     13998 | NS      | $168955.86    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| The Blackstone Group Inc                                   | Blackstone Strategic Credit Fund                             | CUSIP: 09257R101<br>LEI: 549300YESIF051NRED20 | Long             | EC               | RF                | US        |    217761 | NS      | $2639263.32   | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| The Mexico Fund, Inc.                                      | The Mexico Fund, Inc.                                        | CUSIP: 592835102<br>LEI: N/A                  | Long             | EC               | RF                | US        |     69339 | NS      | $1218286.23   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| TortoiseEcofin Funds                                       | Tortoise Energy Infrastructure Corporation                   | CUSIP: 89147L886<br>LEI: 5493008P735YB22YPB89 | Long             | EC               | RF                | US        |      5762 | NS      | $252894.18    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Transportadora de Gas del Sur                              | Transportadora de Gas del Sur                                | CUSIP: 893870204<br>LEI: 5299002TRC7IFQYSW596 | Long             | EC               | CORP              | AR        |     11989 | NS      | $310515.10    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck ETF Trust                                           | VanEck BDC Income ETF                                        | CUSIP: 92189F411<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |     90000 | NS      | $1467000.00   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck Vietnam ETF                                         | VanEck Vietnam ETF                                           | CUSIP: 92189F817<br>LEI: 549300HUYWGGNXIGVE40 | Long             | EC               | RF                | US        |     20000 | NS      | $275200.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Investment Partners                                 | Virtus Global Multi-Sector Income Fund                       | CUSIP: 92829B101<br>LEI: 5493008J77OQDENT5651 | Long             | EC               | RF                | US        |    382202 | NS      | $2996463.68   | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Investment Partners                                 | Virtus Convertible & Income Fund II                          | CUSIP: 92838U801<br>LEI: 549300VQWKOKLGOGUQ16 | Long             | EC               | RF                | US        |     43360 | NS      | $556742.40    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Investment Partners                                 | Virtus Convertible & Income Fund                             | CUSIP: 92838X805<br>LEI: N/A                  | Long             | EC               | RF                | US        |     25201 | NS      | $357854.20    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Investment Management                                 | Voya Emerging Markets High Dividend Equity Fund              | CUSIP: 92912P108<br>LEI: 549300MBU0OQHUKI2Y86 | Long             | EC               | RF                | US        |     54991 | NS      | $326646.54    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Investment Management                                 | Voya Infrastructure Industrials and Materials Fund           | CUSIP: 92912X101<br>LEI: CDDOXZNDBE7I8PJXIJ33 | Long             | EC               | RF                | US        |     17921 | NS      | $209496.49    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| YPF                                                        | YPF S.A.                                                     | CUSIP: 984245100<br>LEI: 5493003N7447U18U5U53 | Long             | EC               | CORP              | AR        |      5000 | NS      | $157200.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-21

**Name of Applicant:** Modern Capital Funds Trust

**Signature:** /s/ John Tabb

**Name of Signer:** John Tabb

**Title:** Principal Financial Officer