# EDGAR Filing Document

**Accession Number:** 0001815608
**File Stem:** 0001398344-26-010553
**Filing Date:** 2026-6
**Character Count:** 109023
**Document Hash:** 8ff588e431acc10a30a65185075d964d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-010553.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001398344-26-010553

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23582
- **FILM NUMBER:** 261072850

**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           |

?xml version='1.0' encoding='ASCII'?

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- 23582</u>

**Modern Capital Funds Trust**

75 Port City Landing

Suite 110

Mount Pleasant, SC 29464

(Address of Principal Executive Offices)

Paracorp Inc.

2140 South Dupont Hwy.

Camden DE 19934

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(216) 329-4271</u>

Date of fiscal year end: <u>3/31/2026</u>

Date of reporting period: <u>3/31/2026</u>

**Item 1. Reports to Stockholders.** 

---

| | |
|:---|:---|
| Modern Capital Funds Trust<br> **Modern Capital Tactical Income Fund**<br> **Class A Shares - MCTOX** | ![QR Code](moderncapcom.jpg) |

---

#### Annual Shareholder Report
March 31, 2026

This annual shareholder report contains important information about the Modern Capital Tactical Income Fund, Class A Shares, for the fiscal year April 1, 2025 to March 31, 2026.You can find additional information at https://www.moderncap.com/ or (216) 329-4271.

**What were the Fund costs for the past year?**

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 Investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class A Shares | $111 | 1.08% |

---

**What factors influence performance?**

The Modern Tactical Income Fund Class A achieved returns of 4.50% for the year ending March 31, 2026. The Fund underperformed it's benchmark, the S&P 500 High Dividend Index, which returned 7.75%. The Fund's underperformance is largely due to the Modern Capital Tactical Income Fund's portfolio composition, which was tilted towards fixed-income securities rather than equities throughout the year, keeping in line with its income-oriented strategy objectives.

The Fund's performance during the fiscal year was driven largely by its allocation to credit-oriented investments and diversified income-generating assets. An increased weighting to high-yield credit and leveraged closed-end funds contributed positively, as tightening spreads, durable income, and narrowing discounts supported returns. This positioning aligned well with prevailing market conditions and represented the most significant contributor to overall performance.

Conversely, reductions in emerging markets exposure detracted from results. The Fund decreased allocations to international and emerging markets at a time when those asset classes experienced strong performance, resulting in opportunity cost. Additionally, a lower allocation to traditional equity income strategies limited participation in periods of strong equity market rallies, reflecting the Fund's structural bias toward credit and alternative income sources rather than growth-oriented equities.

Other positioning decisions had mixed effects. Energy exposure was increased later in the period, capturing some income and late-cycle strength, though earlier positioning may have enhanced results. The addition of inflation-sensitive assets and defensive real estate provided diversification benefits, while active cash management supported liquidity needs. Overall, the Fund's emphasis on income generation and capital preservation performed well in credit-driven environments but lagged during periods led by equity market strength.

**Performance Attribution**

---

| | |
|:---|:---|
| **Top Contributing Sectors:** | **Bottom Contributing Sectors:** |
| High-Yield Credit | Emerging Markets (reduced exposure) |
| Leveraged Credit / Closed-End Funds | Equity Income / Dividend Equities |
| Energy (late-period contribution) | Broad U.S. Equities (underweight exposure) |
| Short-Duration / Income-Oriented Credit | Energy (early-period underexposure) |

---

**How did the Fund perform since its inception?**

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

![Ad2 Performance Graph](fp0098457-4_ar61.jpg)

**Average Annual Total Return (%)**

---

| | | |
|:---|:---|:---|
|  | **One Year** | **Since Inception\***<br> (04/05/2021)**  |
| Modern Capital Tactical Income Fund - Class A Shares | 4.50% | 12.21% |
| Modern Capital Tactical Income Fund - Class A Shares - with 5.00% sales load | 0.21% | 11.60% |
| S&P 500 Index\*\* | 17.80% | 11.50% |
| S&P 500 High Dividend Index\*\*\* | 7.75% | 7.85% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. For updated performance information visit https://www.moderncap.com/.*

---

| | |
|:---|:---|
| <sup>\*</sup> | Inception date of Class A Shares is April 5, 2021. |
| <sup>\*\*</sup> | The S&P 500 Index is designed to track the performance of 500 leading large capitalization U.S. equities. |
| <sup>\*\*\*</sup> | The S&P 500 High Dividend Index is designed to track the performance of the 80 highest yield dividend equities in the S&P 500. Given that all issuers of securities in the S&P 500 High Dividend Index are part of the S&P 500, all securities contained within the index are large capitalization U.S. equities. |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| Net Assets | $70312088 |
| Number of Holdings | 58 |
| Annual Portfolio Turnover | 694.99% |
| Total Advisory Fees Paid | $484995 |

---

**What did the Fund invest in?**

(as of March 31, 2026)

**Top 10 Holdings (% of net assets)**

---

| | |
|:---|:---|
|  |  |
| First American Government Obligations Fund, Class X | 7.73% |
| SM Energy Company | 4.02% |
| BrandywineGLOBAL - Global Income Opportunities Fund, Inc | 3.83% |
| Seven Hills Realty Trust | 3.64% |
| NexPoint Diversified Real Estate Trust | 3.51% |
| PIMCO Dynamic Income Strategy Fund | 3.35% |
| Western Asset Inflation-Linked Opportunities & Income Fund | 3.28% |
| Nuveen Credit Strategies Income Fund | 3.28% |
| FS Credit Opportunities Corp. | 3.13% |
| Oxford Lane Capital Corp. | 2.88% |

---

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

![Af Image](fp0098457-4_ar62.jpg)

\* Rounds to less than 0.1% of net assets.

**How Has The Fund Changed?**

At a meeting held on May 20, 2026, the Board of Trustees of the Modern Capital Funds Trust approved an Agreement and Plan of Reorganization pursuant to which the Fund is expected to be reorganized into a newly created series of the Trailmark Series Trust. The proposed Reorganization is subject to shareholder approval. If approved, the reorganization is expected to be effective on or about June 30. The reorganization is intended to qualify as a tax-free reorganization for federal income tax purposes. No adjustments have been made to the accompanying financial statements as a result of this subsequent event.

**Householding**

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (216) 329-4271.

For additional information about the Fund; including its prospectus, financial statements and other information, holdings and proxy voting information scan the QR code or visit https://www.moderncap.com/.

---

| | |
|:---|:---|
| Modern Capital Funds Trust<br> **Modern Capital Tactical Income Fund**<br> **Class ADV Shares - MCTDX** | ![QR Code](moderncapcom.jpg) |

---

March 31, 2026

This annual shareholder report contains important information about the Modern Capital Tactical Income Fund, Class ADV Shares, for the fiscal year April 1, 2025 to March 31, 2026. You can find additional information at https://www.moderncap.com/ or (216) 329-4271.

**What were the Fund costs for the past year?**

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 Investment**  | **Costs paid as a percentage of a $10,000 investment**  |
| Class ADV Shares | $111 | 1.08% |

---

**What factors influence performance?**

The Modern Tactical Income Fund Class ADV achieved returns of 4.53% for the year ending March 31, 2026. The Fund underperformed it's benchmark, the S&P 500 High Dividend Index, which returned 7.75%. The Fund's underperformance is largely due to the Modern Capital Tactical Income Fund's portfolio composition, which was tilted towards fixed-income securities rather than equities throughout the year, keeping in line with its income-oriented strategy objectives.

The Fund's performance during the fiscal year was driven largely by its allocation to credit-oriented investments and diversified income-generating assets. An increased weighting to high-yield credit and leveraged closed-end funds contributed positively, as tightening spreads, durable income, and narrowing discounts supported returns. This positioning aligned well with prevailing market conditions and represented the most significant contributor to overall performance.

Conversely, reductions in emerging markets exposure detracted from results. The Fund decreased allocations to international and emerging markets at a time when those asset classes experienced strong performance, resulting in opportunity cost. Additionally, a lower allocation to traditional equity income strategies limited participation in periods of strong equity market rallies, reflecting the Fund's structural bias toward credit and alternative income sources rather than growth-oriented equities.

Other positioning decisions had mixed effects. Energy exposure was increased later in the period, capturing some income and late-cycle strength, though earlier positioning may have enhanced results. The addition of inflation-sensitive assets and defensive real estate provided diversification benefits, while active cash management supported liquidity needs. Overall, the Fund's emphasis on income generation and capital preservation performed well in credit-driven environments but lagged during periods led by equity market strength.

**Performance Attribution**

---

| | |
|:---|:---|
| **Top Contributing Sectors:** | **Bottom Contributing Sectors:** |
| High-Yield Credit | Emerging Markets (reduced exposure) |
| Leveraged Credit / Closed-End Funds | Equity Income / Dividend Equities |
| Energy (late-period contribution) | Broad U.S. Equities (underweight exposure) |
| Short-Duration / Income-Oriented Credit | Energy (early-period underexposure) |

---

**How did the Fund perform since its inception?**

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

![Ad2 Performance Graph](fp0098457-5_ar61.jpg)

**Average Annual Total Return (%)**

---

| | | |
|:---|:---|:---|
|  | **One Year** | **Since Inception\***<br> (06/23/2021)**  |
| Modern Capital Tactical Income Fund - Class ADV Shares | 4.53% | 10.54% |
| S&P 500 Index\*\* | 17.80% | 11.06% |
| S&P 500 High Dividend Index\*\*\* | 7.75% | 7.37% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. For updated performance information visit https://www.moderncap.com/.*

---

| | |
|:---|:---|
| <sup>\*</sup> | Inception date of Class ADV Shares is June 23, 2021. |
| <sup>\*\*</sup> | The S&P 500 Index is designed to track the performance of 500 leading large capitalization U.S. equities. |
| <sup>\*\*\*</sup> | The S&P 500 High Dividend Index is designed to track the performance of the 80 highest yield dividend equities in the S&P 500. Given that all issuers of securities in the S&P 500 High Dividend Index are part of the S&P 500, all securities contained within the index are large capitalization U.S. equities. |

---

**Key Fund Statistics**

(as of March 31, 2026)

---

| | |
|:---|:---|
| Net Assets | $70312088 |
| Number of Holdings | 58 |
| Annual Portfolio Turnover | 694.99% |
| Total Advisory Fees Paid | $484995 |

---

**What did the Fund invest in?**

(as of March 31, 2026)

**Top 10 Holdings (% of net assets)**

---

| | |
|:---|:---|
|  |  |
| First American Government Obligations Fund, Class X | 7.73% |
| SM Energy Company | 4.02% |
| BrandywineGLOBAL - Global Income Opportunities Fund, Inc | 3.83% |
| Seven Hills Realty Trust | 3.64% |
| NexPoint Diversified Real Estate Trust | 3.51% |
| PIMCO Dynamic Income Strategy Fund | 3.35% |
| Western Asset Inflation-Linked Opportunities & Income Fund | 3.28% |
| Nuveen Credit Strategies Income Fund | 3.28% |
| FS Credit Opportunities Corp. | 3.13% |
| Oxford Lane Capital Corp. | 2.88% |

---

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

![Af Image](fp0098457-5_ar62.jpg)

\* Rounds to less than 0.1% of net assets.

**How Has The Fund Changed?**

At a meeting held on May 20, 2026, the Board of Trustees of the Modern Capital Funds Trust approved an Agreement and Plan of Reorganization pursuant to which the Fund is expected to be reorganized into a newly created series of the Trailmark Series Trust. The proposed Reorganization is subject to shareholder approval. If approved, the reorganization is expected to be effective on or about June 30. The reorganization is intended to qualify as a tax-free reorganization for federal income tax purposes. No adjustments have been made to the accompanying financial statements as a result of this subsequent event.

**Householding**

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (216) 329-4271.

For additional information about the Fund; including its prospectus, financial statements and other information, holdings and proxy voting information scan the QR code or visit https://www.moderncap.com/.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period covered by this report, there have been no substantive amendments to the provisions of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the period covered by this report, the registrant did not grant any waivers to the provisions of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A copy of the Code of Ethics is filed with this Form N-CSR as Exhibit 13(a)(1).Not applicable to semi-annual report.

**Item 3. Audit Committee Financial Expert.**

The registrant's Board of Trustees has determined that there is at least one member who qualifies as an audit committee financial expert, as that term is defined under Item 3(b) of Form N-CSR, serving on its audit committee. As of the date of this report, the registrant's audit committee financial expert is Ms. Margaret McCaffrey. Ms. McCaffrey is "independent" for purposes of Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees – Audit fees billed for the Modern Capital Tactical Opportunities Fund (the "Fund"), a series of the
Trust, are reflected in the table below.

March 31, 2026 - $14,500

March 31, 2025 - $14,000

For the fiscal years ended March 31, 2025 and March 31, 2026 these amounts represent in aggregate fees billed for professional services rendered by the registrant's independent accountant, Tait, Weller, & Baker LLP ("Accountant"), in connection with the annual audit of the registrant's financial statements and for services that are normally provided by the Accountant in connection with the registrant's statutory and regulatory filings for those fiscal years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees – There were no additional fees billed in the fiscal years ended March 31, 2025 and March 31, 2026, for assurance
and related services by the Accountant that were reasonably related to the performance of the audit of the registrant's financial
statements and that were not reported under paragraph (a) of this Item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Tax Fees – The tax fees billed, in the fiscal years ended March 31, 2025 and March 31, 2026, for professional services rendered
by the Accountant for tax compliance, tax advice, and tax planning are reflected in the table below. These services were for the completion
of the registrant's federal and state income tax returns, excise tax returns, and assistance with distribution calculations.

March 31, 2026 - $3,500

March 31, 2025 - $3,500

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees – There were no other fees billed in each of the fiscal years ended March 31, 2025 and March 31, 2026, for products
and services provided by the Accountant, other than the services reported in paragraphs (a) through (c) of this item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) The registrant's Board of Trustees pre-approved the engagement of the Accountant for the fiscal year ended March 31, 2023
at an audit committee meeting of the Board of Trustees called for such purpose; and will pre-approve the Accountant for each fiscal year
thereafter at an audit committee meeting called for such purpose. The registrant's Board of Trustees pre-approved the engagement
of the Accountant for the for the fiscal year ended March 31, 2026. The charter of the audit committee states that the audit committee
should pre-approve any audit services and, when appropriate, evaluate and pre-approve any non-audit services provided by the Accountant
to the registrant and to pre-approve, when appropriate, any non-audit services provided by the Accountant to the registrant's investment
adviser, or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services
to the registrant if the engagement relates directly to the operations and financial reporting of the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) There were no services as described in each of paragraph (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Aggregate non-audit fees billed by the Accountant for services rendered for the fiscal years ended March 31, 2025 and March 31, 2026,
are reflected in the table below. There were no fees billed by the Former Accountant for non-audit services rendered to the Fund's
investment adviser, or any other entity controlling, controlled by, or under common control with the Fund's investment adviser.

March 31, 2026 - $18,000

March 31, 2025 - $17,500

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Not Applicable.

**Item 5. Audit Committee of Listed Companies.**

Not applicable to open-end investment companies.

**Item 6. Investments.**

Schedule of investments in securities of unaffiliated issuers is included under Item 7 of this Form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

*Annual Financial Statements and Other Information* 

*As of March 31, 2026* 

**Modern Capital Tactical Income Fund** 

Class A Shares: MCTOX

Class ADV Shares: MCTDX

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Modern Capital Tactical Income Fund (the "Fund"). The Fund's shares are not deposits or obligations of, or guaranteed by, any depository institution. The Fund's shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested. Neither the Fund nor the Fund's distributor is a bank.

The Modern Capital Tactical Income Fund is distributed by Vigilant Distributors, LLC., Member FINRA/SIPC, 223 Wilmington West Chester Pike, Suite 216, Chadds Ford, PA, 19317. There is no affiliation between the Fund, including its principals, and Vigilant Distributors, LLC.

Statements in these Financial Statements that reflect projections or expectations of future financial or economic performance of the Modern Capital Tactical Income Fund ("Fund") and of the market in general and statements of the Fund's plans and objectives for future operations are forward-looking statements. No assurance can be given that actual results or events will not differ materially from those projected, estimated, assumed or anticipated in any such forward-looking statements. Important factors that could result in such differences, in addition to the other factors noted with such forward-looking statements, include, without limitation, general economic conditions such as inflation, recession and interest rates. Past performance is not a guarantee of future results. <br>***An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. A copy of the prospectus is available at moderncap.com or by calling Shareholder Services at (216) 329-4271. The prospectus should be read carefully before investing.***<br>

**For More Information on the Modern Capital Tactical Income Fund:** 

See Our Website @ **moderncap.com**

or

Call Our Shareholder Services Group at **(216) 329-4271**.

**Modern Capital Tactical Income Fund SCHEDULE OF INVESTMENTS** 

**As of March 31, 2026** 

---

| | | |
|:---|:---|:---|
| **Shares** | | **Fair Value** |
|  | **CLOSED-END FUNDS — 65.0%** |  |
| 72045  | &nbsp;&nbsp;&nbsp;&nbsp;Abrdn Asia-Pacific Income Fund, Inc.  | $1038889 |
| 21617  | &nbsp;&nbsp;&nbsp;&nbsp;Arbdn Healthcare Investors  | 384566 |
| 42072  | &nbsp;&nbsp;&nbsp;&nbsp;Abrdn Life Science Investors  | 684511 |
| 24000  | &nbsp;&nbsp;&nbsp;&nbsp;Adams Natural Resources Fund, Inc.  | 667200 |
| 98182  | &nbsp;&nbsp;&nbsp;&nbsp;Ares Dynamic Credit Allocation Fund, Inc.  | 1193893 |
| 3087  | &nbsp;&nbsp;&nbsp;&nbsp;Barings Global Short Duration High Yield Fund  | 42168 |
| 152381  | &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Innovation and Growth Term Trust  | 1005715 |
| 4276  | &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Municipal Income Fund, Inc.  | 51953 |
| 25000  | &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Resources & Commodities Strategy Trust  | 301250 |
| 351482  | &nbsp;&nbsp;&nbsp;&nbsp;BrandywineGLOBAL - Global Income Opportunities Fund, Inc.  | 2695867 |
| 104469  | &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Real Assets Income Fund, Inc.  | 1343471 |
| 836530  | &nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse High Yield Bond Fund  | 1589407 |
| 125064  | &nbsp;&nbsp;&nbsp;&nbsp;Destra Multi-Alternative Fund  | 1014269 |
| 59967  | &nbsp;&nbsp;&nbsp;&nbsp;DoubleLine Income Solutions Fund  | 649443 |
| 103131  | &nbsp;&nbsp;&nbsp;&nbsp;DoubleLine Yield Opportunities Fund  | 1435584 |
| 260000  | &nbsp;&nbsp;&nbsp;&nbsp;Eagle Point Credit Company, Inc.  | 977600 |
| 77456  | &nbsp;&nbsp;&nbsp;&nbsp;Ellington Credit Company  | 343130 |
| 5715  | &nbsp;&nbsp;&nbsp;&nbsp;First Trust High Yield Opportunities 2027 Term Fund  | 77324 |
| 431172  | &nbsp;&nbsp;&nbsp;&nbsp;FS Credit Opportunities Corp.  | 2198977 |
| 203861  | &nbsp;&nbsp;&nbsp;&nbsp;Gabelli Equity Trust  | 1141622 |
| 58208  | &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategic Opportunities Fund  | 641452 |
| 57818  | &nbsp;&nbsp;&nbsp;&nbsp;Highland Global Allocation Fund  | 464279 |
| 280885  | &nbsp;&nbsp;&nbsp;&nbsp;Highland Income Fund  | 1603853 |
| 94422  | &nbsp;&nbsp;&nbsp;&nbsp;John Hancock Premium Dividend Fund  | 1236928 |
| 72000  | &nbsp;&nbsp;&nbsp;&nbsp;Kayne Anderson Energy Infrastructure Fund, Inc.  | 1028160 |
| 53709  | &nbsp;&nbsp;&nbsp;&nbsp;KKR Income Opportunities Fund  | 590262 |
| 101540  | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.  | 514808 |
| 121255  | &nbsp;&nbsp;&nbsp;&nbsp;Nuveen Core Plus Impact Fund  | 1235588 |
| 473400  | &nbsp;&nbsp;&nbsp;&nbsp;Nuveen Credit Strategies Income Fund  | 2305458 |
| 2681  | &nbsp;&nbsp;&nbsp;&nbsp;Nuveen Floating Rate Income Fund  | 20161 |
| 301684  | &nbsp;&nbsp;&nbsp;&nbsp;OFS Credit Company, Inc.  | 871867 |
| 207000  | &nbsp;&nbsp;&nbsp;&nbsp;Oxford Lane Capital Corp.  | 2024460 |
| 61292  | &nbsp;&nbsp;&nbsp;&nbsp;PGIM Short Duration High Yield Opportunities Fund  | 981898 |
| 106775  | &nbsp;&nbsp;&nbsp;&nbsp;PIMCO Dynamic Income Strategy Fund  | 2355457 |
| 62448  | &nbsp;&nbsp;&nbsp;&nbsp;PIMCO High Income Fund  | 289134 |
| 42644  | &nbsp;&nbsp;&nbsp;&nbsp;The Central and Eastern Europe Fund, Inc.  | 780385 |
| 28171  | &nbsp;&nbsp;&nbsp;&nbsp;Tortoise Energy Infrastructure Corporation  | 1404324 |
| 201864  | &nbsp;&nbsp;&nbsp;&nbsp;Virtus Global Multi-Sector Income Fund  | 1489756 |
| 174015  | &nbsp;&nbsp;&nbsp;&nbsp;Virtus Stone Harbor Emerging Markets Income Fund  | 831792 |
| 174625  | &nbsp;&nbsp;&nbsp;&nbsp;Western Asset Emerging Markets Debt Fund, Inc.  | 1714818 |
| 131123  | &nbsp;&nbsp;&nbsp;&nbsp;Western Asset Global High Income Fund, Inc.  | 773626 |

---

See accompanying notes to financial statements.

**Modern Capital Tactical Income Fund SCHEDULE OF INVESTMENTS (Continued)** 

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Fair Value** |
|  | **CLOSED-END FUNDS — 65.0% (continued)** |  |
| 377942  | &nbsp;&nbsp;&nbsp;&nbsp;Western Asset High Income Opportunity Fund, Inc.  | $1371929 |
| 272725  | &nbsp;&nbsp;&nbsp;&nbsp;Western Asset Inflation-Linked Opportunities & Income Fund  | 2307254 |
|  | **TOTAL CLOSED-END FUNDS — (Cost $47,689,315)** | 45674488 |
|  | **COMMON STOCK — 19.5%** |  |
|  | **BANKING — 1.3%** |  |
| 19050 | &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Galicia S.A. <sup>(b)</sup> | 889826 |
|  | **CONSUMER DISCRETIONARY — 3.2%** |  |
| 70490 | &nbsp;&nbsp;&nbsp;&nbsp;Arcos Dorados Holdings, Inc. | 581543 |
| 134612 | &nbsp;&nbsp;&nbsp;&nbsp;Cresud S.A. Comercial Industrial Financiera Y Agropecuaria <sup>(b)</sup> | 1712265 |
|  |  | 2293808 |
|  | **ENERGY — 10.2%** |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. | 1989750 |
| 7100 | &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 1468990 |
| 43000 | &nbsp;&nbsp;&nbsp;&nbsp;Petróleo Brasileiro S.A. <sup>(b)</sup> | 892250 |
| 90750 | &nbsp;&nbsp;&nbsp;&nbsp;SM Energy Company | 2829585 |
|  |  | 7180575 |
|  | **FINANCIALS — 3.8%** |  |
| 554000 | &nbsp;&nbsp;&nbsp;&nbsp;Banco Bradesco S.A. <sup>(b)</sup> | 2022100 |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;Nu Holdings Ltd. - Class A <sup>(a)</sup> | 646650 |
|  |  | 2668750 |
|  | **REAL ESTATE — 1.0%** |  |
| 41381 | &nbsp;&nbsp;&nbsp;&nbsp;Irsa Inversiones Y Representaciones S.A. <sup>(b)</sup> | 670786 |
|  | **TOTAL COMMON STOCK — (Cost $13,571,165)** | 13703745 |
|  | **EXCHANGE TRADED FUNDS — 0.2%** |  |
|  | **FINANCIALS — 0.2%** |  |
| 2500 | &nbsp;&nbsp;&nbsp;&nbsp;ProShares Ultra VIX Short-Term Futures ETF <sup>(a)</sup> | 130750 |
|  | **TOTAL EXCHANGE TRADED FUNDS — (Cost $146,288)** | 130750 |
|  | **REAL ESTATE INVESTMENT TRUSTS — 7.1%** |  |
| 528561 | &nbsp;&nbsp;&nbsp;&nbsp;NexPoint Diversified Real Estate Trust | 2468380 |
| 311222 | &nbsp;&nbsp;&nbsp;&nbsp;Seven Hills Realty Trust | 2558245 |
|  |  | 5026625 |
|  | **TOTAL REAL ESTATE INVESTMENT TRUSTS — (Cost $4,713,834)** | 5026625 |

---

See accompanying notes to financial statements.

**Modern Capital Tactical Income Fund SCHEDULE OF INVESTMENTS (Continued)** 

**As of March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | | **Fair Value** |
|  | **RIGHTS — 0.0%\*** |  |
|  | **FINANCIALS — 0.0%\*** |  |
| 477272 | &nbsp;&nbsp;&nbsp;&nbsp;The Gabelli Equity Trust, Inc. (Exp. Date 4/14/2026) <sup>(a)</sup> | $3341 |
|  | **TOTAL RIGHTS — (Cost $0)** | 3341 |

---

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount ($)** | |  |
|  | **SHORT TERM INVESTMENTS — 7.7%** |  |
|  | **MONEY MARKET FUNDS — 7.7%** |  |
| 5438203  | &nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund, 3.58% Class X <sup>(c)</sup> | $5438203 |
|  | **TOTAL SHORT TERM INVESTMENTS — (Cost $5,438,203)** | 5438203 |
|  | **TOTAL INVESTMENTS — 99.5% - (Cost $71,558,805)** | 69977152 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%** | 334936 |
|  | **NET ASSETS — 100.0%** | $70312088 |

---

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

<sup>(b)</sup> American Depositary Receipt

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

\* Rounds to less than 0.1% of net assets. 

See accompanying notes to financial statements.

**Modern Capital Tactical Income Fund STATEMENT OF ASSETS AND LIABILITIES** 

**As of March 31, 2026**

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (Cost $71,558,805) | $69977152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for securities sold | 4584038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 6815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 307505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 189712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 75065222 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for securities purchased | 4204378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 451806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for fund shares distributed | 47343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued investment advisory fees | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued fund administration, fund accounting, and transfer agency fees | 15848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued audit fees and expenses | 19460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 14284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 4753134 |
| **NET ASSETS** | $**70312088** |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | 74162267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributable Losses | (3850179) |
| **NET ASSETS** | $**70312088** |
| **Net Asset Value Per Share:** |  |
| Class A Shares: <sup>(1)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $10923366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 1012143 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net asset value (Net Assets ÷ Shares Outstanding), and redemption price per share** | $**10.79** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Offering price per share (net asset value plus maximum sales charge of 5.00%)** | $**11.36** |
| Class ADV Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $59388722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 6514365 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share** | $**9.12** |

---

<sup>(1)</sup> The Class A shares charge a 5.00% maximum sales load on all initial purchases. 

See accompanying notes to financial statements.

**Modern Capital Tactical Income Fund STATEMENT OF OPERATIONS For the Fiscal Year Ended March 31, 2026**

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income, (net of withholding tax expense and fees of $76,047) | $7426905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | **7426905** |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees  | 484995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees | 145498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 113465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 59165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 21535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration and accounting fees | 80832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agency fees | 17885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compliance officer fees | 44895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 16060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 32850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage expenses | 26040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses | 91734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | **1134954** |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees waived (note 2) | (261964) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | **872990** |
| **NET INVESTMENT INCOME** | $**6553915** |
| **REALIZED AND UNREALIZED GAIN / (LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on Investments | (867242) |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term capital gain distributions from underlying funds | 131539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term capital gain distributions from underlying funds | 89788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Realized Loss | (645915) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (2278562) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | **(2924477)** |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**3629438** |

---

See accompanying notes to financial statements.

 **Modern Capital Tactical Income Fund STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> March 31, 2026** | **Year Ended <br> March 31, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $6553915 | $4275464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain / (loss) from investments | (867241) | 1129676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term capital gain distributions from underlying funds | 131539 | 946970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term capital gain distributions from underlying funds | 89788 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (2278562) | (2207274) |
| Net increase in net assets resulting from operations | **3629438** | **4144836** |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (478659) | (115523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | (3107267) | (1038770) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions paid from earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (788229) | (987096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | (5765686) | (8130613) |
| Net decrease in net assets from distributions to shareholders | **(10139841)** | **(10272002)** |
| **SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 2586655 | 8597914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 10702370 | 51558811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 925242 | 820404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | 8490472 | 9034577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (3778235) | (1537939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ADV | (32547220) | (22950917) |
| Net increase / (decrease) in net assets from shares of beneficial interest | (13620716) | 45522850 |
| **TOTAL INCREASE / (DECREASE) IN NET ASSETS** | **(20131119)** | **39395684** |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 90443207 | 51047523 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $**70312088** | $**90443207** |

---

See accompanying notes to financial statements.

 **Modern Capital Tactical Income Fund** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> March 31, 2026** | **Year Ended <br> March 31, 2025** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class A:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 224437 | 707446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 81368 | 67712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (335999) | (126446) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase / (decrease) in shares of beneficial interest outstanding | **(30194)** | **648712** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class ADV:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1083812 | 4895383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 874860 | 859987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (3344286) | (2190343) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase / (decrease) in shares of beneficial interest outstanding | **(1385614)** | **3565027** |
| **SHARES OUTSTANDING** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class A:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 1042337 | 393625 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | **1012143** | **1042337** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class ADV:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 7899979 | 4334952 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | **6514365** | **7899979** |

---

See accompanying notes to financial statements.

 **Modern Capital Tactical Income Fund** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended <br> March 31, <br> 2026** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022<sup>(1)</sup>** |
| Net asset value, beginning of year/period | $**11.53** | $**12.17** | $**11.58** | $**11.79** | $**10.00** |
| From Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(2)</sup> | 0.94 | 0.72 | 0.81 | 0.59 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on investments | (0.42) | 0.07 | 1.42 | 0.26 | 2.42 |
| Total from investment operations | **0.52** | **0.79** | **2.23** | **0.85** | **2.29** |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.80) | (1.01) | (1.10) | (0.83) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains |  | (0.24) | (0.54) | (0.23) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital | (0.46) | (0.18) |  |  |  |
| Total distributions | **(1.26)** | **(1.43)** | **(1.64)** | **(1.06)** | **(0.50)** |
| Net Asset Value, end of year/period | $**10.79** | $**11.53** | $**12.17** | $**11.58** | $**11.79** |
| Total Return <sup>(5)</sup> | **4.50%** | **6.61%** | **20.32** **%<sup>(7)</sup>** | **7.62%** | **23.12** **%<sup>(4)</sup>** |
| Net Asset Value, end of year/period (000s) | $**10923** | $**12017** | $**4791** | $**4167** | $**2356** |
| Ratios of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross expenses to average net assets <sup>(6)</sup> <sup>(7)</sup> | 1.41% | 1.48% | 1.81% | 5.74% | 13.12%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses to average net assets <sup>(6)</sup> <sup>(7)</sup> | 1.08% | 1.05% | 1.08%<sup>(9)</sup> | 4.55%<sup>(8)</sup> | 7.81%<sup>(3)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income / (loss) to average net assets <sup>(7)</sup> | 8.19% | 5.94% | 6.77% | 4.89% | (1.16)%<sup>(3)</sup> |
| Portfolio Turnover Rate | 694.99% | 916.24% | 876.50% | 1228.52% | 1496.05%<sup>(4)</sup> |

---

<sup>(1)</sup> For a share outstanding during the initial period from April 5, 2021 (Commencement of Operations) through March 31, 2022.

<sup>(2)</sup> Per shares amounts calculated using the average share method, which appropriately presents the per share data for the year/period. 

<sup>(3)</sup> Annualized.

<sup>(4)</sup> Not Annualized.

<sup>(5)</sup> Total return does not reflect sales charge, if any. 

<sup>(6)</sup> The expense ratios listed reflect total expenses prior to any waivers and reimbursements (gross expense ratio) and after any waivers and reimbursements (net expense ratio). 

<sup>(7)</sup> Recognition of the Fund's net investment income is affected by the timing of dividend declarations of underlying funds. The expenses of the underlying funds are excluded from the Fund's expense ratio.

<sup>(8)</sup> Net expenses include tax expenses as a result of grantor trust income (Note 2).

<sup>(9)</sup> Net expenses include extraordinary expenses incurred by the Fund outside of the Expense Limitation Agreement (Note 3).

See accompanying notes to financial statements.

 **Modern Capital Tactical Income Fund** 

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** | **Class ADV** |
|  | **Year Ended <br> March 31, <br> 2026** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022<sup>(1)</sup>** |
| Net asset value, beginning of year/period | $**9.93** | $**10.67** | $**10.40** | $**10.72** | $**10.00** |
| From Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(2)</sup> | 0.79 | 0.61 | 0.72 | 0.47 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain / (loss) on investments | (0.34) | 0.08 | 1.23 | 0.27 | 1.32 |
| Total from investment operations | **0.45** | **0.69** | **1.95** | **0.74** | **1.23** |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.80) | (1.01) | (1.14) | (0.83) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains |  | (0.24) | (0.54) | (0.23) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital | (0.46) | (0.18) |  |  |  |
| Total distributions | **(1.26)** | **(1.43)** | **(1.68)** | **(1.06)** | **(0.51)** |
| Net Asset Value, end of year/period | **9.12** | $**9.93** | $**10.67** | $**10.40** | $**10.72** |
| Total Return <sup>(5)</sup> | **4.53%** | **6.61%** | **19.97%** | **7.40%** | **12.54** **%<sup>**(4)**</sup>** |
| Net Asset Value, end of year/period (000s) | $**59389** | $**78426** | $**46257** | $**26369** | $**16182** |
| Ratios of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross expenses to average net assets <sup>(6)</sup> <sup>(7)</sup> | 1.41% | 1.46% | 1.81% | 5.71% | 13.04%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses to average net assets <sup>(6)</sup> <sup>(7)</sup> | 1.08% | 1.03% | 1.08%<sup>(9)</sup> | 4.52%<sup>(8)</sup> | 7.95%<sup>(3)(8)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income / (loss) to average net assets <sup>(7)</sup> | 8.10% | 5.79% | 6.82% | 4.37% | (1.17)%<sup>(3)</sup> |
| Portfolio Turnover Rate | 694.99% | 916.24% | 876.50% | 1228.52% | 1496.05%<sup>(4)</sup> |

---

<sup>(1)</sup> For a share outstanding during the initial period from June 23, 2021 (Commencement of Operations) through March 31, 2022.

<sup>(2)</sup> Per shares amounts calculated using the average share method, which appropriately presents the per share data for the year/period. 

<sup>(3)</sup> Annualized.

<sup>(4)</sup> Not Annualized.

<sup>(5)</sup> Total return does not reflect sales charge, if any. 

<sup>(6)</sup> The expense ratios listed reflect total expenses prior to any waivers and reimbursements (gross expense ratio) and after any waivers and reimbursements (net expense ratio). 

<sup>(7)</sup> Recognition of the Fund's net investment income is affected by the timing of dividend declarations of underlying funds. The expenses of the underlying funds are excluded from the Fund's expense ratio.

<sup>(8)</sup> Net expenses include tax expenses as a result of grantor trust income (Note 2).

<sup>(9)</sup> Net expenses include extraordinary expenses incurred by the Fund outside of the Expense Limitation Agreement (Note 3).

See accompanying notes to financial statements.

**Modern Capital Tactical Income Fund Notes to the Financial Statements** 

**As of March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Organization** 

The Modern Capital Tactical Income Fund (the "Fund") is a series of the Modern Capital Funds Trust (the "Trust"). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The Fund is a separate, non-diversified series of the Trust.

The investment objective of the Fund is to provide income and capital gains. The Fund seeks to achieve its investment objective by tactically investing long or short primarily in publicly traded closed-end funds, domestic or foreign common stocks, exchange-traded funds ("ETFs"), sponsored American Depositary Receipts ("ADRs") and debt instruments. The Fund seeks income from interest payments and dividends; and seeks capital gains through short-term trading strategies. The Fund may invest without restriction as to issuer capitalization, currency, or country. However, it focuses primarily on issuers in the $100 million to $10 billion capitalization range and generally limits emerging market exposure to 20% of portfolio assets.

The Fund currently has an unlimited number of authorized shares, which are divided into two classes – Class A Shares and Class ADV Shares. Each class of shares has equal rights to assets of the Fund, and the classes are identical except for differences in sales loads.

The Class A Shares and Class ADV Shares are subject to distribution plan fees as described in Note 5. The Fund's Class A Shares are sold with an initial sales charge of 5.00%. Income, expenses (other than distribution and service fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based upon its relative net assets. Both classes have equal voting privileges, except where otherwise required by law or when the Trustees determine that the matter to be voted on affects only the interests of the shareholders of a particular class.

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Significant Accounting Policies** 

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

*Investment Valuation* 

The Fund's investments in securities are carried at market or fair value. Securities listed on an exchange or quoted on a national market system are valued at the last sales price as of 4:00 p.m. Eastern Time. Securities traded in the NASDAQ over-the- counter market are generally valued at the NASDAQ Official Closing Price. Other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the most recent bid price. Instruments with maturities of 60 days or less are valued at amortized cost, which approximates market value. Securities and assets for which representative market quotations are not readily available (e.g., (i) an exchange-traded portfolio security is so thinly traded that there have been no transactions for that security over an extended period of time or the validity of a market quotation received is questionable; (ii) the exchange on which the portfolio security is principally traded closes early; or (iii) trading of the portfolio security is halted during the day and does not resume prior to the Fund's NAV calculation) or which cannot be accurately valued using the Fund's normal pricing procedures are valued at fair value as determined in good faith under policies approved by Modern Capital Management Co. (the "Adviser"), the Fund's investment Adviser. The Board of Trustees (the "Board") of the Trust has designated the Adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment Adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices or quotations are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data,

**Modern Capital Tactical Income Fund Notes to the Financial Statements (Continued)** 

**As of March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Significant Accounting Policies (Continued)** 

*Investment Valuation (Continued)*

estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation policies and procedures. The Adviser reports to the Board information regarding the fair valuation process and related material matters.

*Fair Value Measurement* 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

**Level 1:** quoted prices in active markets for identical securities

**Level 2:** other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.)

**Level 3:** significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)

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 inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs as of March 31, 2026, for the Fund's assets measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities <sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;**Assets** |  |  |  |  |
| &nbsp;&nbsp;Closed-End Funds | $45674488 | $— | $— | $45674488 |
| &nbsp;&nbsp;Common Stocks <sup>(b)</sup> | 13703745 |  |  | 13703745 |
| &nbsp;&nbsp;Exchange-Traded Funds | 130750 |  |  | 130750 |
| &nbsp;&nbsp;Real Estate Investment Trusts | 5026625 |  |  | 5026625 |
| &nbsp;&nbsp;Rights | 3341 |  |  | 3341 |
| &nbsp;&nbsp;Short-Term Investments | 5438203 |  |  | 5438203 |
| &nbsp;&nbsp;**Total** | $69977152 | $— | $— | $69977152 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund had no Level 2 or Level 3 holdings as of and during the fiscal year ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Refer to the Schedule of Investments for breakdown by industry.

**Modern Capital Tactical Income Fund Notes to the Financial Statements (Continued)** 

**As of March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Significant Accounting Policies (Continued)** 

*Investment Transactions and Investment Income* 

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums using the effective interest method. Gains and losses are determined on the identified cost basis, which is the same basis used for federal tax income purposes.

*Expenses* 

The Fund is responsible for all expenses incurred specifically on its behalf by the Trustees. Distribution fees are charged to that class of shares. All other expenses are allocated based upon the daily net assets of each class of shares.

*Distributions* 

The Fund may declare and distribute dividends from net investment income (if any) monthly. Distributions from capital gains (if any) are generally declared and distributed annually. Dividends and distributions to shareholders are recorded on ex-date.

*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 the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in the net assets from operations during the reported period. Actual results could differ from those estimates.

*Segment Reporting* 

In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, a management group assigned to the Fund within the Fund's Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation. The CODM monitors the operating results as a whole and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

*Federal Income Taxes* 

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code applicable to regulated investment companies.

As of the fiscal year ended March 31, 2024, the Fund changed it's fiscal tax year end from February 28 to March 31.

**Modern Capital Tactical Income Fund Notes to the Financial Statements (Continued)** 

**As of March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Significant Accounting Policies (Continued)** 

*Federal Income Taxes (Continued)*

For the fiscal tax year ended February 28, 2023, the Fund did not meet the gross income test for qualification as a regulated investment company ("RIC"). In order to continue to qualify as a RIC, the Fund elected to pay an excise tax in the amount of $922,456. The Fund did not meet the gross income test due to their investment in certain Grantor Trusts that generated income that was not considered qualifying under the gross income test.

Reclassification of capital accounts: Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended March 31, 2026, the Fund had no reclassifications.

&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Transactions with Related Parties and Service Providers** 

*Adviser* 

The Fund pays a monthly fee to the Adviser calculated at the annual rate of 0.60% of the Fund's average daily net assets.

The Adviser has entered into a contractual agreement (the "Expense Limitation Agreement") with the Trust in which the Adviser has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses, including the Adviser's management fee, any organizational and offering expenses (exclusive of (i) brokerage fees and commissions; (ii) shareholder servicing fees; (iii) borrowing costs (such as interest and dividend expense on securities sold short); (iv) taxes; (v) specialized pricing services and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Trust officers and Trustees, contractual indemnification of Fund service providers (other than the adviser)) in order to limit annual Fund operating expenses to 0.90%, and 0.90% for Class A shares, and Class ADV shares, respectively. These expense limitations will remain in effect until at least July 29, 2026. This agreement may be terminated by the Board upon written notice to the Adviser. The agreement may not be terminated by the Adviser without consent of the Board. The Adviser will be permitted to recover fees and expenses it has borne, within three years after the fees were waived or expenses reimbursed, only to the extent that the Fund's expenses do not exceed the lesser of (1) the expense limit in effect at the time the adviser waives or limits the fees and (2) the expense limit in effect at the time the Adviser recovers fees.

For the year ended March 31, 2026, $484,995 in advisory fees were incurred by the Fund, of which $261,964 were waived.

The Adviser may recapture a portion of the amount noted above no later than the years as stated below:

---

| | | | |
|:---|:---|:---|:---|
| **Recoupment Rollforward** | **Recoupment Rollforward** | **Recoupment Rollforward** | **Recoupment Rollforward** |
| **March 31, 2027** | **March 31, 2028** | **March 31, 2029** | **Total** |
| $266482 | $318357 | $261964 | $846803 |

---

*Administrator, Fund Accounting and Custody* 

Gryphon 17, LLC, d/b/a Trailmark Fund Solutions ("Trailmark"), located at 3000 Auburn Drive, Suite 410, Beachwood, OH 44122 provides accounting, administrative, and transfer agent services to the Fund. The Fund has entered into a Master Services Agreement ("Services Agreement") with Trailmark. Under the Services Agreement, Trailmark is responsible for a wide variety of` functions, including but not limited to: (a) Fund accounting services; (b) financial statement preparation; (c) valuation of the Fund's portfolio investments; (d) pricing the Fund's shares; (e) assistance in preparing tax returns; and (f) preparation and filing of required regulatory reports and are paid fees, computed and payable monthly at an annual rate based on the average daily net assets of the Fund.

**Modern Capital Tactical Income Fund Notes to the Financial Statements (Continued)** 

**As of March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Transactions with Related Parties and Service Providers (Continued)** 

U.S. Bank National Association ("USB N.A.") serves as the custodian to the Fund. Under a custody services agreement, USB N.A. is paid a custody fee monthly based on the average daily market value of any securities and cash held in the portfolio.

The Fund incurred $80,832 in administration and fund accounting fees, and $32,850 in custody fees for the year ended March 31, 2026.

*Compliance Services* 

For the year ended March 31, 2026, Vigilant Compliance, LLC provided services as the Trust's Chief Compliance Officer. Vigilant Compliance, LLC is entitled to receive customary fees from the Fund for their services pursuant to the Compliance Services agreement with the Fund. Effective April 28, 2026, Vigilant Compliance, LLC no longer provides services as the Trust's Chief Compliance Officer.

*Transfer Agency* 

Trailmark also serves as dividend disbursing agent and transfer agent (the "Transfer Agent") pursuant to the Master Fund Services Agreement with the Trust. The Fund incurred $17,885 in transfer agent fees from Trailmark during the year ended March 31, 2026.

*Distributor* 

Vigilant Distributors, LLC. (the "Distributor") serves as the Fund's principal underwriter and distributor.

*Related Broker* 

The Fund utilizes brokerage services through an affiliate of the Adviser. White Mountain Capital, LLC ("White Mountain"), a registered broker-dealer which is wholly owned by the Adviser, acted as the Fund's fully disclosed clearing broker. The fund transitioned to Modern Capital Securities as its new broker on March 13, 2026. During the year ended March 31, 2026, White Mountain received commissions from trading activities in the amount of $2,033,587. Modern Capital Securities received commission from trading activities in the amount of $38,377.

&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Trustees and Officers** 

The Trust is governed by the Board of Trustees, which is responsible for the management and oversight of the Fund. The Trustees meet periodically throughout the year to review contractual agreements with companies that furnish services to the Fund; review performance of the Adviser and the Fund; and oversee activities of the Fund. Officers of the Trust and Trustees who are interested persons of the Trust or the Adviser will receive no salary or fees from the Trust. Each Trustee who is not an "interested person" of the Trust or the Adviser within the meaning of the 1940 Act, as amended (the "Independent Trustees") receives $2,500 per quarter from the Fund. The Trust reimburses each Trustee and officer of the Trust for his or her travel and other expenses related to attendance of Board meetings.

&nbsp;&nbsp;&nbsp;&nbsp;**(5)** **Shareholder Services Plan** 

The Fund has adopted a Shareholder Services Plan (the "Shareholder Services Plan") on behalf of its Class A and Class ADV shares that allows it to make payments to financial intermediaries and other service providers for shareholder servicing and maintenance of shareholder accounts that are held in omnibus or networked accounts or a similar arrangement with a financial intermediary. These shareholder servicing and maintenance fees may not exceed 0.25% per year of the Fund's average daily net assets for the Class's shares and may not be used to pay for any services in connection with the distribution and sale of such shares. During the year ended March 31, 2026, the Fund incurred $145,498 in shareholder servicing fees.

**Modern Capital Tactical Income Fund Notes to the Financial Statements (Continued)** 

**As of March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**(6)** **Purchases and Sales of Investment Securities** 

For the year ended March 31, 2026, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Proceeds from Sales of Securities** |
| $542643553 | $546501977 |

---

There were no long-term purchases or sales of the U.S. Government Obligations for the year ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;**(7)** **Risks** 

*Active Trading Risk.* Active trading of portfolio securities (commonly known as day-trading strategies) may result in added expenses, a lower return and increased tax liability. Because the Adviser engages in high turnover trading strategies that seek to leverage short term price dislocations through the duration of a trade, the Fund will have high portfolio turnover rates, which at times may be significantly in excess of 1,000% of capital over the course of a year. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund's performance and may produce increased taxable distributions.

*Closed-End Fund Risk.* Closed-end funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund resulting in duplicative fees and expenses. As such, your cost of investing will be higher than the cost of investing directly in a closed-end fund and may be higher than other mutual funds that invest directly in stocks and bonds. Closed-end funds are also subject to management risk because the Adviser to the underlying closed-end fund may be unsuccessful in meeting the fund's investment objective. These funds may also trade at a discount or premium to their net asset value and may trade at a larger discount or smaller premium subsequent to purchase by the Fund. Since closed-end funds trade on exchanges, the Fund will also incur brokerage expenses and commissions when it buys or sells closed-end fund shares.

*Equity Securities Risk.* The Fund may invest in equity securities including common stocks, which include the common stock of any class or series of domestic or foreign corporations or any similar equity interest, such as a trust or partnership interest. The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or facts relating to specific companies in which the Fund invests. These investments may or may not pay dividends and may or may not carry voting rights. Common stock occupies the most junior position in a company's capital structure.

*ADR Risk.* ADRs are receipts, issued by depository banks in the United States, for shares of a foreign-based company that entitle the holder to dividends and capital gains on the underlying security. ADRs may be sponsored or unsponsored. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary's transaction fees.

Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary's transaction fees are paid directly by the ADR holders. In addition to the risks of investing in foreign securities, there is no guarantee that an ADR issuer will continue to offer a particular ADR. As a result, the Fund may have difficulty selling the ADR or selling them quickly and efficiently at the prices at which they have been valued. The issuers of unsponsored ADRs are not obligated to disclose information that is considered material in the U.S. and voting rights with respect to the deposited securities are not passed through. ADRs may not track the prices of the underlying foreign securities on which they are based, and their values may change materially at times when U.S. markets are not open for trading.

*Call Risk.* During periods of falling interest rates, an issuer of a callable bond held by the Fund may "call" or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income.

**Modern Capital Tactical Income Fund Notes to the Financial Statements (Continued)** 

**As of March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**(7)** **Risks (Continued)** 

*Cybersecurity Risk.* The computer systems, networks and devices used by the Fund and its service providers to carry out routine business operations employ a variety of protections designed to prevent damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches. Despite the various protections utilized by the Fund and its service providers, systems, networks, or devices potentially can be breached. The Fund and its shareholders could be negatively impacted as a result of a cybersecurity breach.

*Emerging Market Risk.* Emerging market countries may have relatively unstable governments, weaker economies, and less developed legal systems with fewer security holder rights. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid.

*ETF Risk.* When the Fund invests in an ETF, it will indirectly bear its proportionate share of any fees and expenses payable directly by the ETF. Therefore, the Fund will incur higher expenses, many of which may be duplicative. In addition, the Fund may be affected by losses of the ETFs and the level of risk arising from the investment practices of the ETFs (such as the use of leverage by the funds). The Fund has no control over the investments and related risks taken by the ETFs in which it invests. Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF's shares may trade above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted for a number of reasons.

*Foreign and Currency Exposure Risk.* Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The value of foreign securities is also affected by the value of the local currency relative to the U.S. dollar.

*High-Yield Risk.* High-yield, high-risk securities, commonly called "junk bonds," are considered speculative. While generally providing greater income than investments in higher-quality securities, these lower-quality securities will involve greater risk of principal and income that higher-quality securities.

*Interest Rate Risk.* Interest rate risk is the risk that debt prices overall, including the prices of securities held by the Fund, will decline over short or even long periods of time due to rising interest rates. Debt instruments with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities. Recently, interest rates have been historically low. Current conditions may result in a rise in interest rates. As a result, for the present, interest rate risk may be heightened.

*Leverage Risk.* The use of leverage by the Fund, by borrowing money to purchase securities, will cause the Fund to incur additional expenses and magnify the Fund's gains or losses.

*Management Risk.* The Adviser's tactical strategy may not produce the desired results. The portfolio manager's judgments about the attractiveness, value and potential appreciation of particular asset classes, sectors or other securities in which the Fund invests may prove to be incorrect and there is no guarantee that the portfolio manager's judgment will produce the desired results.

*Non-Diversification Risk.* Because a relatively high percentage of a non-diversified Fund's assets may be invested in the securities of a limited number of companies that could be in the same or related economic sectors, the Fund's portfolio may be more susceptible to any single economic, technological or regulatory occurrence than the portfolio of a diversified fund.

*Security Market Risk.* The value of the Fund may decrease in response to the activities and financial prospects of the securities markets generally, or an individual security in the Fund's portfolio. Unexpected local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues, climate change and climate related events; and recessions and depressions could have a significant impact on the Fund and its investments and may impair market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen. Inflation pressures have been fueled by elevated energy prices. One of the main near-term sources of elevated energy prices is the geopolitical tensions

**Modern Capital Tactical Income Fund Notes to the Financial Statements (Continued)** 

**As of March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**(7)** **Risks (Continued)** 

between Russia and Ukraine These tensions could either escalate into military conflict or could dissipate based on various factors facing Russia and Ukraine. Due to Europe's reliance on Russian oil and gas, Russia's bargaining position may decline as the demand for oil and gas declines. This could lead to near term energy price volatility and may contribute to inflation pressures. China remains a risk factor to both the global supply and demand. The 2021 Chinese property market correction appears broader and deeper than China's prior housing cycles. Weak market sentiment in China, combined with a high volume of property developer bonds maturing in the offshore USD denominated markets in the first half of 2022, increase the risk of a lack of liquidity in the Chinese property market. The Chinese property market slowdown and resulting potential weakness in China's economic growth could have broader repercussions. China currently accounts for around half the annual copper and steel used globally while being expected to comprise more than 20% of global GDP growth between 2021 and 2026. Additionally, the Chinese market remains important to both U.S. and globally listed companies as a growing consumer market and an important part of supply chains. Chinese policy action may help mitigate this risk from the property sector and restore confidence and stability. It is impossible to predict the effects of these or similar events in the future on the Fund, although it is possible that these or similar events could have a significant adverse impact on the NAV and/or risk profile of the Fund.

*Short Selling Risk.* If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. The Fund may not be able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons.

*Small and Medium (Mid) Capitalization Stock Risk.* The earnings and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.

&nbsp;&nbsp;&nbsp;&nbsp;**(8)** **Federal Income Tax** 

Distributions are determined in accordance with Federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences.

Management reviewed the Fund's tax positions taken or to be taken on federal income tax returns for the years ended March 31, 2026, 2025, and 2024, February 29, 2024 and February 28, 2023 and 2022 and determined that the Fund does not have a liability for uncertain tax positions. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year, the Fund did not incur any interest or penalties.

The Fund paid $6,553,915 in income, $0 in long-term capital gain distributions and $3,585,926 in return of capital for the tax year ended March 31, 2026.

The Fund paid $7,493,274 in income, $1,624,435 in long-term capital gain distributions and $1,154,293 in return of capital for the tax year ended March 31, 2025.

**Modern Capital Tactical Income Fund Notes to the Financial Statements (Continued)** 

**As of March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**(8)** **Federal Income Tax (Continued)** 

As of March 31, 2026, the tax-basis cost of investments and components of distributable earnings were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Tax Cost** | **Gross Unrealized <br> Appreciation** | **Gross Unrealized <br> Depreciation** | **Net Unrealized <br> Appreciation / <br> (Depreciation)** |
| $72192475 | $1098757 | $(3314080) | $(2215323) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed <br> Ordinary Income** | **Other Accumulated <br> Losses** | **Net Unrealized <br> Appreciation / <br> (Depreciation)** | **Total Distributable <br> Earnings/(Losses)** |
| $– $– $| (1634856) | $(2215323) | $(3850179) |

---

Other accumulated losses primarily relate to the timing of tax paid under internal revenue code section 851(i)(2) related to the gross income test for qualification as a regulated investment company ("RIC").

Accumulated capital losses represents net capital loss carryovers as of March 31, 2026 that may be available to offset future realized capital gains and thereby reduce future capital gains. As of March 31, 2026, the Fund has $1,634,856 of short-term capital loss carryover and does not expires.

&nbsp;&nbsp;&nbsp;&nbsp;**(9)** **Beneficial Ownership** 

The beneficial ownership, either directly or indirectly, of 25% or more of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of March 31, 2026, RBC Capital Markets, LLC held approximately 66% of the Fund. The Fund has no knowledge as to whether all or any portion of the shares of record owned by RBC Capital Markets, LLC are also owned beneficially, or the identity of customers of RBC Capital Markets, LLC who may beneficially own Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;**(10)** **Commitments and Contingencies** 

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Trust entered into contracts with its service providers, on behalf of the Fund, and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. The Fund expects risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;**(11)** **Recently Adopted Accounting Pronouncement** 

The Fund adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Fund's adoption of ASU 2023-09 did not have a material impact on the Funds' financial statements.

**Modern Capital Tactical Income Fund Notes to the Financial Statements (Continued)** 

**As of March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**(12)** **Subsequent Events** 

At a meeting held on May 20, 2026, the Board of Trustees of the Modern Capital Funds Trust approved an Agreement and Plan of Reorganization pursuant to which the Fund is expected to be reorganized into a newly created series of the Trailmark Series Trust. The proposed Reorganization is subject to shareholder approval. If approved, the reorganization is expected to be effective on or about June 30. The reorganization is intended to qualify as a tax-free reorganization for federal income tax purposes. No adjustments have been made to the accompanying financial statements as a result of this subsequent event.

In accordance with GAAP, management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date of issuance of these financial statements. Management has concluded there are no additional matters, other than those noted above, requiring recognition or disclosure.

![](fp0098457-1_20.jpg)

**Modern Capital Tactical Income Fund Additional Information (Unaudited)** 

**As of March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Proxy Voting Policies and Voting Records** 

A copy of the Adviser's Proxy and Corporate Action Voting Policies and Procedures is included as Appendix A to the Fund's Statement of Additional Information and is available, without charge, upon request, by calling (216) 329-4271, and on the website of the Securities and Exchange Commission ("SEC") at http://www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (1) without charge, upon request, by calling the Fund at the number above and (2) on the SEC's website at http://www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Tax Information** 

We are required to advise you within 60-days of the Fund's fiscal year-end regarding the federal tax status of certain distributions received by shareholders during each fiscal year. The following information is provided for the Fund's fiscal year ended March 31, 2026.

The Fund paid $6,553,915 in income, $0 in long-term capital gain distributions and $3,585,926 in return of capital for the tax year ended March 31, 2026.

Dividend and distributions received by retirement plans such as IRAs, Keogh-type plans, and 403(b) plans need not be reported as taxable income. However, many retirement plans may need this information for their annual information meeting.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

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

Not applicable to open-end investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.**

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

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Based on an evaluation of the Registrant's disclosure controls and procedures as of a date within
90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded
that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings
on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed
is accumulated and communicated to the Registrant's management, including the Registrant's principal executive officer and
principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no significant changes in the Registrant's internal control over financial reporting
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.

**Item 17. Disclosure of Securities Lending Activities for Closed-Ended Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation.**

None.

**Item 19. Exhibits.**

[(a)(1)](fp0098457-2_ex99code.htm) [Code of Ethics required by Item 2 of Form N-CSR is filed herewith.](fp0098457-2_ex99code.htm)

(a)(2) Not applicable.

[(a)(3)](fp0098457-2_ex99cert.htm) [Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.](fp0098457-2_ex99cert.htm)

(a)(4) Not applicable.

(a)(4) Not applicable.

[(b)](fp0098457-2_ex99906cert.htm) [Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.](fp0098457-2_ex99906cert.htm)

<u>**SIGNATURES**</u>

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>Modern Capital Funds Trust</u>

---

| |
|:---|
| /s/ Bradley D. Atkins |
| By Bradley D. Atkins |
| Principal Executive Officer |
| Date: June 5, 2026 |

---

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 person on behalf of the registrant and in the capacities and on the date indicated.

---

| |
|:---|
| /s/ Bradley D. Atkins |
| By Bradley D. Atkins |
| Principal Executive Officer |
| Date: June 5, 2026 |

---

---

| |
|:---|
| /s/ John Tabb |
| By John Tabb |
| Chief Financial Officer |
| Date: June 5, 2026 |

---

## Ex-99.Code

**Exhibit 19**

**FINANCIAL OFFICER CODE OF ETHICS**

<u>Purposes of the Code</u>

The reputation and integrity of the Modern Capital Funds Trust (the "Trust") are valuable assets that are vital to the Trust's success. Each officer and employee of the Trust, including each of the Trust's senior financial officers ("SFOs"), is responsible for conducting the Trust's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function.

The Trust has adopted a Code of Ethics under Rule 17j-1 under the Investment Company Act of 1940. The Trust's Rule 17j-1 Code is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Fund transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Trust has chosen to adopt a financial officer code of ethics for the purpose of promoting:

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

&nbsp;&nbsp;&nbsp;&nbsp;· Full, fair, accurate, timely and understandable
disclosure in reports and documents that the Fund files with, or submits to, the SEC, and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;· Compliance with applicable laws and governmental
rules and regulations;

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

&nbsp;&nbsp;&nbsp;&nbsp;· Accountability for adherence to the Code.

This Code of Ethics should be read in conjunction with the Trust's other policy statements, including its Rule 17j-1 Code and its Disclosure Controls and Procedures.

<u>Principles for the Handling of Financial Information</u>

The Trust has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any Trust officer or employee who performs a similar function or who participates in the preparation of any part of the Funds' financial statements. Specifically, persons subject to this Code shall:

&nbsp;&nbsp;&nbsp;&nbsp;· Act with honesty and integrity

&nbsp;&nbsp;&nbsp;&nbsp;· Avoid actual or apparent conflicts of interest
with the Funds in personal and professional relationships

&nbsp;&nbsp;&nbsp;&nbsp;· Provide information to the Trust's employees
and service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective,
relevant, timely, and understandable

&nbsp;&nbsp;&nbsp;&nbsp;· Endeavor to ensure full, fair, timely, accurate,
and understandable disclosure in the Funds' periodic reports

&nbsp;&nbsp;&nbsp;&nbsp;· Comply with the federal securities laws and other
applicable laws and rules, such as the Internal Revenue Code

&nbsp;&nbsp;&nbsp;&nbsp;· Act in good faith, responsibly, and with due
care, competence and diligence, without misrepresenting material facts or subordinating independent judgment to another end

&nbsp;&nbsp;&nbsp;&nbsp;· Respect the confidentiality of information acquired
in the course of their work, except where disclosure is expressly permitted or is otherwise legally mandated

&nbsp;&nbsp;&nbsp;&nbsp;· Record (or participate in the recording of) entries
in the Funds' books and records that are accurate

&nbsp;&nbsp;&nbsp;&nbsp;· Refrain from using confidential information for
personal advantage

<u>Violations of the Code</u>

Any action that directly or indirectly contravenes one or more of the Principles outlined above shall be treated as a violation of this Code unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this Code, regardless of whether this Code refers to that particular conduct.

A violation of this Code may result in disciplinary action, up to and including termination of employment. The Trust must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non criminal violations.

<u>Enforcement of the Code</u>

Violations

All persons subject to this Code who observe, learn of, or, in good faith, suspect a current or threatened violation of the Code must immediately report the violation in writing to the Chief Compliance Officer, another member of the Trust's senior management, or to the Audit Committee of the Board. An example of a possible Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

Disclosures

All persons subject to this Code shall file a letter (a "Disclosure Letter") regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Funds within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the Chief Compliance Officer, or if it is not possible to disclose the matter to the Chief Compliance Officer, then the Disclosure Letter shall be submitted to another member of the Trust's senior management or to the Audit Committee of the Board.

An executive officer of the Trust or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the Chief Compliance Officer or other appropriate officers of the Funds.

Outside Service Providers

Because service providers to the Trust, such as the Administrator, outside accounting firm, and custodian, provide much of the work relating to the Funds' financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the Chief Compliance Officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Trust SFOs or employees.

Non-Retaliation Policy

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

<u>Annual Certification</u>

SFOs will receive training on the contents and importance of this Code and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the Code and any related policy statements.

<u>Questions about the Code</u>

The Trust's Board of Trustees has designated the Trust's CCO to be the Chief Compliance Officer for purposes of implementing and administering this Code. Any questions about this Code should be directed to the Chief Compliance Officer.

## Ex-99.Cert

**Item 13. Exhibits (a)(2)**

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, Bradley D. Atkins, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Modern Capital Tactical Income Fund, a series of the Modern Capital Funds Trust (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 and changes in net assets of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: June 5, 2026 | /s/ Bradley D. Atkins |
|  | Bradley D. Atkins |
|  | Principal Executive Officer |

---

**Certification Pursuant to Section 302 of the Sarbanes-Oxley Act**

I, John Tabb, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Modern Capital Tactical Income Fund, a series of the Modern Capital Funds Trust (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 and changes in net assets of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: June 5, 2026 | /s/ John Tabb |
|  | John Tabb |
|  | Chief Operating Officer |

---

## Exhibit 99.906

**Item 13. Exhibits (b)**

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT**

In connection with the annual report of the Modern Capital Tactical Income Fund (the "Fund"), a series of the Modern Funds Trust on Form N-CSR for the year ended March 31, 2026, as filed with the Securities and Exchange Commission (the "Report"), the undersigned, Bradley D. Atkins, President and Principal Executive Officer of the Fund, does hereby certify, to his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

---

| | |
|:---|:---|
| By: | /s/ Bradley D. Atkins |
|  | Bradley D. Atkins |
|  | Principal Executive Officer |
| Date: | June 5, 2026 |

---

A signed original of this written statement required by Section 906 has been provided to the Modern Capital Funds Trust and will be retained by the Modern Capital Funds Trust and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR with the Commission.

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT**

In connection with the annual report of the Modern Capital Tactical Income Fund (the "Fund"), a series of the Modern Funds Trust on Form N-CSR for the year ended March 31, 2026, as filed with the Securities and Exchange Commission (the "Report"), the undersigned, John Tabb, Chief Financial Officer, does hereby certify, to his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

---

| | |
|:---|:---|
| By: | /s/ John Tabb |
|  | John Tabb |
|  | Chief Financial Officer |
| Date: | June 5, 2026 |

---

A signed original of this written statement required by Section 906 has been provided to the Modern Capital Funds Trust and will be retained by the Modern Capital Funds Trust and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR with the Commission.