# EDGAR Filing Document

**Accession Number:** 0001761511
**File Stem:** 0001133228-25-007169
**Filing Date:** 2025-7
**Character Count:** 68139
**Document Hash:** 2cbd8c4f47d92a938a4ee669ca2f6379
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-007169.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001133228-25-007169

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** North Capital Funds Trust
- **CENTRAL INDEX KEY:** 0001761511

**ORGANIZATION NAME:**
- **EIN:** 832781404
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23404
- **FILM NUMBER:** 251108844

**BUSINESS ADDRESS:**
- **STREET 1:** 623 E FORT UNION BLVD
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84047
- **BUSINESS PHONE:** 888-625-7768

**MAIL ADDRESS:**
- **STREET 1:** 623 E FORT UNION BLVD
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84047

## Series and Classes Contracts Data

### North Capital Treasury Money Market Fund (Series ID: S000064982)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000210425 | Institutional Class Shares | NCGXX           |

?xml version='1.0' encoding='ASCII'? 2025-05-06196315_NorthCapitalTreasuryMoneyMarketFund_InstitutionalClass_TSRAnnual

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>811-23404</u>**

**<u>North Capital Funds Trust</u>**

(Exact name of registrant as specified in charter)

**<u>623 E Fort Union Blvd</u>**

**<u>Suite 101</u>**

**<u>Salt Lake City, UT 84047</u>**

(Address of principal executive offices) (Zip code)

**<u>THE CORPORATION TRUST COMPANY</u>**

**<u>Corporation Trust Center, 1209 Orange Street</u>**

**<u>Wilmington, DE 19801</u>**

(Name and address of agent for service)

**<u>(888) 625-7768</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>April 30</u>**

Date of reporting period: **<u>April 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](i202410291509562.jpg) | **North Capital Treasury Money Market** **Fund**  | ![image](i202505081853582.jpg) |
| ![image](i202410291509562.jpg) | Institutional Class \| NCGXX  | ![image](i202505081853582.jpg) |
| ![image](i202410291509562.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202505081853582.jpg) |

---

This annual shareholder report contains important information about the North Capital Treasury Money Market Fund for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://funds.northcapital.com/. You can also request this information by contacting us at 833-262-3863.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **(annualized)** |
| Institutional Class | $0 | 0.00% |

---

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $31511560 |
| **Number of Holdings** | 14 |
| **Net Advisory Fee** | $0 |
| **Average Credit Quality** | AAA |
| **Daily Liquid Assets** | 99.1% |
| **Weekly Liquid Assets** | 99.1% |
| **Weighted Average Maturity** | 31.44 days |
| **Weighted Average Life** | 31.44 days |
| **7-Day Yield** | 4.31% |

---

Visit https://funds.northcapital.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Security Types** | **(% of Net** **Assets)** |
|  U.S. Treasury Bills  | 99.9% |
|  Cash & Other  | 0.1% |

---

---

| | |
|:---|:---|
| **Effective Maturity Schedule** | **(% of Net** **Assets)** |
|  1-7 Days  | 6.3% |
|  8-30 Days  | 41.0% |
|  31-90 Days  | 52.5% |
|  91-180 Days  | 0.0% |
|  181 Days or more  | 0.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://funds.northcapital.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your North Capital, Inc. documents not be householded, please contact North Capital, Inc. at 833-262-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by North Capital, Inc. or your financial intermediary.

North Capital Treasury Money Market Fund PAGE 1 TSR-AR-658186309

------

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

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

The registrant has adopted a code of ethics that applies to the registrant's president and treasurer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. *A copy of the registrant's Code of Ethics is filed herewith.*

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

The registrant's Board of Trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Ms. Karen Fleck is the "audit committee financial expert" and is considered to be "independent" as such term is defined in Item 3 of Form N-CSR.

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

(a) Audit Service Fees

$13,800 (FY 2025) and $12,760 (FY 2024) are the aggregate fees billed for the last two fiscal years for professional services rendered by the principal accountant to the registrant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Audit-Related Service Fees

There were no fees billed in the fiscal years 2025 and 2024 for Audit-Related Fees.

(c) Tax Service Fees

Tax service fees were included in the Audit service fees of $13,800 (FY 2025) and $12,760 (FY 2024). There were no fees billed in the last fiscal year for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice, tax planning and tax return preparation.

There were no fees billed in the fiscal years 2025 and 2024 for professional services rendered by the principal accountant to registrant's investment adviser for tax compliance, tax advice and tax planning that were required to be approved by the audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) All Other Service Fees

There were no other fees billed in the fiscal years 2025 and 2024 for products and services provided by the principal accountant to the registrant, other than the services reported in paragraphs (a) – (c) of this Item 4.

(e) (1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e) (2) None

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) See the tax fees disclosed in paragraph (c) of this Item 4.

(h) Not applicable

(i) Not applicable

(j) Not applicable

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

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7
 of this Form.

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

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](ncft_logo.jpg)

**North Capital Treasury Money Market Fund** 

2025 Annual

Financial Statements and Additional Information

April 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Report of Independent Registered Public Accounting Firm](#rept) | [1](#rept) |
| [Schedule of Investments](#tsoi) | [2](#tsoi) |
| [Statement of Assets and Liabilities](#tsal) | [3](#tsal) |
| [Statement of Operations](#tsop) | [4](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [5](#tscna) |
| [Financial Highlights](#tfihi) | [6](#tfihi) |
| [Notes to Financial Statements](#tnotes) | [7](#tnotes) |
| [Tax Information](#ttax) | [11](#ttax) |
| [Other Information](#tinfo) | [12](#tinfo) |

---

------

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

**North Capital Treasury Money Market Fund** 

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees and

Shareholders of North Capital Treasury Money Market Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of North Capital Treasury Money Market Fund (the "Fund") as of April 30, 2025, the related statement of operations for the fiscal year ended April 30, 2025, the statement of changes in net assets for the fiscal years ended April 30, 2025 and April 30, 2024 and the financial highlights for the fiscal years ended April 30, 2025, April 30, 2024, April 30, 2023, April 30, 2022, and April 30, 2021, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2025, the results of its operations for the fiscal year ended April 30, 2025, the changes in its net assets for the fiscal years ended April 30, 2025 and April 30, 2024 and the financial highlights for the fiscal years ended April 30, 2025, April 30, 2024, April 30, 2023, April 30, 2022 and April 30, 2021 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

![](efp-15943_richey_sign.jpg)

Richey, May & Co., LLP

We have served as the Fund's auditor since 2019.

Englewood, Colorado

June 26, 2025

This Audit Opinion is provided under Richey May & Co., LLP which is a licensed independent CPA firm that provides attest services to its clients.

1<br>

------

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

**North Capital Treasury Money Market Fund** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
| **DESCRIPTION** | **Par**<br>**Value** | **Fair** <br>**Value\***  |
| **U.S. Treasury Debt - 99.9%**<br>|  |  |
| U.S. Treasury Bills![](130801x1.jpg)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.263%, 05/01/2025 | $244000 | $244000  |
| &nbsp;&nbsp;&nbsp; 4.299%, 05/06/2025 | 1740000 | 1738975  |
| &nbsp;&nbsp;&nbsp; 4.276%, 05/08/2025 | 526000 | 525569  |
| &nbsp;&nbsp;&nbsp; 4.304%, 05/13/2025 | 5518000 | 5510192  |
| &nbsp;&nbsp;&nbsp; 4.294%, 05/15/2025 | 387000 | 386363  |
| &nbsp;&nbsp;&nbsp; 4.299%, 05/20/2025 | 3678000 | 3669770  |
| &nbsp;&nbsp;&nbsp; 4.291%, 05/22/2025 | 196000 | 195516  |
| &nbsp;&nbsp;&nbsp; 4.270%, 05/27/2025 | 40000 | 39878  |
| &nbsp;&nbsp;&nbsp; 4.281%, 05/29/2025 | 2603000 | 2594451  |
| &nbsp;&nbsp;&nbsp; 4.273%, 06/05/2025 | 2627000 | 2616236  |
| &nbsp;&nbsp;&nbsp; 4.294%, 06/10/2025 | 5518000 | 5492035  |
| &nbsp;&nbsp;&nbsp; 4.265%, 06/12/2025 | 350000 | 348276  |
| &nbsp;&nbsp;&nbsp; 4.294%, 06/17/2025 | 5000000 | 4972355  |
| &nbsp;&nbsp;&nbsp; 4.284%, 06/24/2025 | 3150000 | 3130037  |
| &nbsp;&nbsp;&nbsp; **Total U.S. Treasury Debt**<br>**(Cost $31,463,653)** |  | 31463653  |
| &nbsp;&nbsp;&nbsp; **Total Investments - 99.9%** <br>**(Cost $31,463,653)<sup>▲</sup>** |  | $31463653  |
| **Bank Deposit Account - 0.2%**<br>|  |  |
| U.S. Bank N.A., 2,470%![](130801x1.jpg) |  | 76561  |
| &nbsp;&nbsp;&nbsp; Other Assets and Liabilities, <br>Net - (0.1%) |  | (28654)  |
| **Total Net Assets - 100.0%** |  | $31511560 |

---

\* Securities are valued in accordance with procedures described in Note 2 in Notes to Financial Statements.

---

| | |
|:---|:---|
| ![](130801x1.jpg)<br>| Rate shown is annualized yield as of April 30, 2025. |

---

---

| | |
|:---|:---|
| <sup>▲</sup><br>| On April 30, 2025, the cost of investments for federal income tax purposes was $31,463,653. The aggregate gross unrealized appreciation and depreciation of investments, based on this cost, were both $0. |

---

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

2<br>

------

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

**North Capital Treasury Money Market Fund** 

**Statement of Assets and Liabilities** 

**April 30, 2025** 

---

| | |
|:---|:---|
| Investments in securities, at cost (Note 2) | $31463653  |
| **ASSETS:**<br>|  |
| Investments, in securities, at fair value (Note 2) | $31463653  |
| Receivable for capital shares sold  | 341777  |
| Cash | 76561 |
| Receivable from adviser (Note 3) | 23723  |
| Prepaid expenses and other assets | 16317  |
| Receivable for interest | 178  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 31922209  |
| **LIABILITIES:**<br>|  |
| Investment payable | 243791  |
| Dividends payable | 110419  |
| Accrued fees and other liabilities | 37084 |
| Payable for capital shares redeemed  | 17832  |
| Custody fees payable | 1523  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 410649  |
| **Net assets** | $31511560  |
| **COMPOSITION OF NET ASSETS:**<br>|  |
| Portfolio capital | $31511293  |
| Total distributable earnings | 267  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $31511560  |
| **Institutional Class:**<br>|  |
| Net assets | $31511560  |
| Shares of beneficial issued outstanding<sup>1</sup> | 31511293  |
| Net asset value, offering price and redemption price per share | $1.00 |

---

<sup>1</sup> Unlimited number of shares of beneficial interest with no par value authorized.

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

3<br>

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

**North Capital Treasury Money Market Fund** 

**Statement of Operations** 

**Year Ended April 30, 2025** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Interest income | $1001213  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1001213  |
| **EXPENSES:**<br>|  |
| Administration and accounting fees and expenses | 104540  |
| Transfer agent fees and expenses | 52333  |
| Investment advisory fees | 52104  |
| Legal fees | 33064  |
| Registration fees | 32567  |
| Insurance expense | 19503  |
| Audit and tax fees | 13760  |
| Trustees' fees and expenses | 11895  |
| Custodian fees | 9163  |
| Compliance fees | 8081  |
| Other expenses | 4977  |
| &nbsp;&nbsp;&nbsp; Total expenses | 341987  |
| &nbsp;&nbsp;&nbsp; Less: Fee waivers and expense reimbursements (Note 3) | (341987)  |
| &nbsp;&nbsp;&nbsp; Total net expenses | —  |
| **Net investment income** | 1001213  |
| **Net gain on investments** | 1  |
| **Net increase in assets resulting from operations** | $1001214 |

---

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

4<br>

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

**North Capital Treasury Money Market Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1001213 | $855625  |
| &nbsp;&nbsp;&nbsp; Net gain on investments | 1 | 266  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 1001214 | 855891  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (1001213) | (855625)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (1001213) | (855625)  |
| **CAPITAL SHARE TRANSACTIONS:<sup>\*</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 16908910 | 8714133  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued as reinvestment of distributions | 965717 | 826775  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (4627732) | (5107059)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from Institutional Class transactions** | 13246895 | 4433849  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital share transactions** | 13246895 | 4433849  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets** | 13246896 | 4434115  |
| &nbsp;&nbsp;&nbsp; **Net assets at beginning of year** | 18264664 | 13830549  |
| &nbsp;&nbsp;&nbsp; **Net assets at end of year** | $31511560 | $18264664 |

---

<sup>\*</sup> North Capital Treasury Money Market Fund transacts at $1.00 per share.

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

5<br>

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

**North Capital Treasury Money Market Fund** 

**FINANCIAL HIGHLIGHTS** 

**Institutional Class** 

**(Selected data for each share of the Fund outstanding throughout the period indicated)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended April 30,**  | **For the Year Ended April 30,**  | **For the Year Ended April 30,**  | **For the Year Ended April 30,**  | **For the Year Ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE OPERATING PERFORMANCE:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00  |
| Net investment income | 0.05 | 0.05 | 0.03 | 0.00 | 0.00  |
|  **Distributions from net investment income** | (0.05) | (0.05) | (0.03) | (0.00) | (0.00)  |
| **Net asset value, end of period** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00  |
| Total return<sup>1</sup> | 4.96% | 5.44% | 3.00% | 0.07% | 0.08%  |
| Net assets end of period | $31511560 | $18264664 | $13830549 | $135604 | $135572  |
| Ratio of expenses to average net assets<sup>2</sup> | 0.00% | 0.00% | 0.00% | 0.00% | 0.00%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average <br>net assets<sup>2</sup> | 4.80% | 5.31% | 4.21% | 0.07% | 0.08%  |
|  Ratio of expenses to average net assets (excluding waivers)<sup>2</sup> | 1.64% | 2.01% | 4.53% | 178.73% | 186.54%  |
|  Ratio of net investment income to average net assets (excluding waivers)<sup>2</sup> | 3.16% | 3.30% | (0.32)% | (178.66)% | (186.46)% |

---

<sup>1</sup> Total return would have been lower had certain expenses not been waived and reimbursed. Past performance is no guarantee of future results.

<sup>2</sup> Annualized.

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

6<br>

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

**North Capital Funds Trust – North Capital Treasury Money Market Fund** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025** 

1. Organization

The North Capital Treasury Money Market Fund (the "Fund"), is a series of North Capital Funds Trust, a Delaware statutory trust organized on December 10, 2018 (the "Trust"). The Fund commenced operations on July 17, 2019. The Fund offers Institutional Class Shares. The Fund operates as a "diversified" fund, as such term is defined under the Investment Company Act of 1940, as amended (the "1940 Act"). The investment objective of the Fund is to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity. The Trust is registered as an open-end management investment company. The Trust is governed by its Board of Trustees (the "Board" or "Trustees"). The investment adviser to the Fund is North Capital, Inc. (the "Adviser").

Each share of the Fund represents an equal proportionate interest in the assets and liabilities belonging to the Fund with each other share of the Fund and is entitled to such dividends and distributions out of income belonging to the Fund as are declared by the Trustees. All shares of the Fund have equal voting rights and liquidation rights.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and are stated in U.S. dollars. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 "Financial Services – Investment Companies and Accounting Standards Update ("ASU") 2013-08.

&nbsp;&nbsp;&nbsp;&nbsp;(A) *Calculation of Net Asset Value Per Share –* The net asset value per share ("NAV") is calculated by dividing the Fund's
 net assets (assets minus liabilities) by the number of shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(B) *Investment Valuation –* Investments are valued using the amortized cost method of valuation in an effort to maintain a constant net asset
 value of $1.00 per share, which the Board has determined to be in the best interest of the Fund and its shareholders. This method involves
 valuing a security at cost on the date of acquisition and thereafter assuming a constant accretion of a discount or amortization of a
 premium to maturity, regardless of the impact of fluctuating interest rates and other factors on the market value of the instrument. While
 this method provides certainty in valuation, it may result in periods during which value, as determined by amortized cost, is higher or
 lower than the price the Fund would receive if it sold the instrument. During such periods, the yield to an investor in the Fund may differ
 somewhat from that obtained in a similar investment company which uses available market quotations to value all its portfolio securities.

GAAP requires disclosures regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or technique. These principles establish a three-tier fair value hierarchy for inputs used in measuring fair value. Fair value 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 with similar interest rates, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The availability of observable inputs can vary from security to security and it's effected 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 judgement. Accordingly, the degree of judgement 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.

7<br>

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

**North Capital Funds Trust – North Capital Treasury Money Market Fund** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

The fair value levels are not necessarily an indication of the risk associated with investing in these securities. As of April 30, 2025, the Fund's investments were classified as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**<br>**Fair Value**  |
| U.S. Treasury Debt | $— | $31463653 | $— | $31463653  |
| **Total Investments** | $— | $31463653 | $— | $31463653 |

---

Refer to the Fund's Schedule of Investments for further security classification.

During the fiscal year ended April 30, 2025, there were no transfers between fair value levels, and the Fund's portfolio did not hold any securities deemed to be Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;(C) *Use of Estimates –* The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions
 that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
 statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results
 could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;(D) *Security Transactions and Investment Income –* For financial statement purposes, the Fund records security transactions on the trade date of the
 security purchase or sale. As of April 30, 2025, the Fund had a payable for investments purchased of $243,791 due to an unsettled
 trade. Interest income, including amortization, is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date,
 or as soon as information is available to the Fund. Distributions to shareholders, which are determined in accordance with income tax
 regulations, are also recorded on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;(E) *Cash and Cash Equivalents –* The Fund considers highly liquid short-term fixed income investments purchased with an original maturity of
 less than three months to be cash equivalents. Cash equivalents are included in short-term investments on the Schedule of Investments
 as well as in investments of the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(F) *Federal Income Taxes –* The Fund intends to qualify as a "regulated investment company" under Subchapter M of the Internal
 Revenue Code of 1986, as amended. If so qualified, the Fund will not be subject to federal income tax to the extent it distributes substantially
 all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required.

As of April 30, 2025, the Fund did not have any tax positions that did not meet the "more-likely-than-not" threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all tax returns filed for the last three years.

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book-to-tax differences. To the extent these differences are permanent, reclassifications are made to the appropriate equity accounts in the period in which the differences arise. These reclassifications have no effect on net assets. For the year ended April 30, 2025, no adjustments were made for permanent tax differences.

As of and during the fiscal year ended April 30, 2025, the Fund did not have a liability for any unrecognized tax benefits in the accompanying financial statements. The Fund files income tax returns in the U.S. federal jurisdiction and Delaware.

The Fund follows ASC 740 "Income Taxes", which requires that the effects of a tax position taken, or expected to be taken, in a tax return be recognized in the financial statements when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. Management has concluded that the Fund has taken no uncertain tax positions that require adjustment to the financial statements.

8<br>

------

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

**North Capital Funds Trust – North Capital Treasury Money Market Fund** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;(G) *Distribution to Shareholders –* As a government money market fund, the Fund's distributions are expected to consist primarily of
 income dividends, and income dividends will be declared daily and distributed monthly.

The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period in which the amounts are distributed may differ from the period that the income or realized gains were recorded by the Fund.

The distributions paid during the fiscal years ended April 30, 2025, and April 30, 2024 (adjusted by dividends payable as of April 30, 2025 and April 30, 2024, respectively) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended April 30,**  | **Fiscal Year Ended April 30,**  |
|  | **2025**  | **2024**  |
| Ordinary Income  | $968206  | $827757 |

---

The Fund also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares. There were no long-term gains for the fiscal years ended April 30, 2025 and April 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(H) *Indemnifications –* The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these
 arrangements is unknown as it would be dependent upon future claims that may be made against the Fund. However, the Fund has not had prior
 claims or losses pursuant to these contracts and expects the risk of loss to be remote.

3. Agreements

&nbsp;&nbsp;&nbsp;&nbsp;(A) *Management Agreement, Operating Expenses Limitation Agreement and Transactions with Related Parties –* Under the terms of the
 Management Agreement between the Trust, on behalf of the Fund, and the Adviser (the "Management Agreement"), the Adviser,
 subject to the supervision of the Board, provides or arranges to be provided to the Fund such investment advice as its deems advisable
 and will furnish or arrange to be furnished a continuous investment program for the Fund consistent with the Fund's investment objective
 and policies. The monthly compensation paid to the Adviser is accrued daily at an annual rate of 0.25% on the average daily net assets
 of the Fund.

Effective April 6, 2020, the Adviser voluntarily agreed to further waive or reimburse certain fees and expenses as needed in order to maintain a zero or positive yield for the Fund.

In the interest of limiting the expenses of the Fund, the Adviser has entered into a contractual operating expense limitation agreement (the "Operating Expenses Limitation Agreement"). Pursuant to the Operating Expenses Limitation Agreement, the Adviser has agreed to waive or limit its fees and assume other expenses of the Fund (excluding (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; (vii) extraordinary expenses such as litigation expenses (which may include indemnification of Fund officers and Trustees, and contractual indemnification of Fund service providers, including the Adviser)) incurred in the ordinary course of business so that the Fund's ratio of total annual operating expenses, expressed as a percentage of a share classes' average daily net assets, is limited to 0.45% until at least August 31, 2026 and limited to 1.00% at least until August 31, 2035. The Adviser retains its right to receive reimbursement of any excess expense payments paid by it pursuant to the Operating Expenses Limitation Agreement for 3 years from the date on which the waiver or reimbursement occurs if such reimbursement can be achieved within the lesser of the Operating Expense Limitation or the expense limits in place at the time of recoupment. The Adviser's right to receive such reimbursement shall survive the termination of either the Operating Expenses Limitation Agreement or the Management Agreement.

9<br>

------

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

**North Capital Funds Trust – North Capital Treasury Money Market Fund** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

The following table shows the remaining waived expenses subject to potential recovery expiring:

---

| | |
|:---|:---|
| April 2026  | $253794 |
| April 2027  | $251483 |
| April 2028  | $248208 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(B) *Administrator, Custodian and Transfer Agent –* The custodian to the Trust is U.S. Bank, N.A. The administrator and transfer agent to the
 Trust is U.S. Bancorp Fund Services, LLC, an affiliate of U.S. Bank, N.A.

&nbsp;&nbsp;&nbsp;&nbsp;(C) *Distributor –* North Capital Private Securities Corporation (the "Distributor") serves as principal underwriter and national
 distributor for the shares of the Trust pursuant to an underwriting agreement with the Trust. The Adviser and the Distributor are
 subsidiaries of North Capital Investment Technology Inc. The Fund incurred no fees and expenses with the Distributor for the fiscal year
 ended April 30, 2025.

4. Control Persons

As of April 30, 2025, a shareholder owned 28.68% of the outstanding shares of the Fund, which is deemed to "control" the Fund as defined in the 1940 Act.

5. Principal Risks

The Fund in the normal course of business makes investments in financial instruments where there is risk of potential loss. There can be no assurance that the Fund will achieve its investment objective.

Turbulence in the financial markets and reduced liquidity may negatively affect issuers, which could have an adverse effect on the Fund. The Fund's NAV could decline over short periods due to short-term market movements and over longer periods during market downturns. Overall securities market risks, including volatility, may affect the value of individual instruments in which the Fund invests. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change or climate related events, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

6. Subsequent Events

Management has evaluated Fund related events and transactions that occurred subsequent to April 30, 2025, through the date of issuance of the Fund's financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Fund's financial statements.

10<br>

------

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

**North Capital Treasury Money Market Fund** 

**Tax Information** 

The information set forth below is for the Fund's fiscal year ended April 30, 2025, as required by federal laws. Most shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of the Fund. Accordingly, the information needed for income tax purposes will be sent in early 2026 on Form 1099. Please consult your tax advisor for proper treatment of this information

For the fiscal year ended April 30, 2025, the Fund has designated long-term capital gains and ordinary income with regard to distributions paid during the period as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Long Term** <br>**Capital Gains** <br>**Distributions** <br>**(Tax Basis)** | **Ordinary** <br>**Income** <br>**Distributions**<br>**(Tax Basis)** | **Total**<br>**Distributions** <br>**(Tax Basis)<sup>1</sup>**  |
| North Capital Treasury Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; 100.0% | &nbsp;&nbsp;&nbsp;&nbsp; 100.0% |

---

<sup>1</sup> None of the dividends paid by the Fund are eligible for the dividends received deduction or are characterized as qualified dividend income.

The percentage of ordinary income distributions that are designated as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C) for the Fund was as follows:

---

| | |
|:---|:---|
| North Capital Treasury Money Market Fund | 100.0% |

---

The percentage of ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(C) for the Fund was as follows:

---

| | |
|:---|:---|
| North Capital Treasury Money Market Fund | 0.0% |

---

11<br>

------

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

**North Capital Treasury Money Market Fund** 

**Other Information** 

**Changes in and Disagreements with Accountants for Open-End Investment Companies** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosure for Open-End Investment Companies** 

There were no matters submitted for a vote to shareholders during the period covered by this report.

**Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies** 

Refer to information provided within financial statements.

**Statement Regarding Basis for Approval of Investment Advisory Contract** 

Not applicable.

12<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

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

There were no changes in or disagreements with accountants during the period covered by this report.

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

There were no matters submitted to a vote of shareholders during the period covered by this report.

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

See Item 7(a).

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

Not applicable

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

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

Not applicable

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial
 officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b)
 under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have
 concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this
 report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by
 the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial
 reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially
 affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith](nctmmf-efp15943_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](nctmmf-efp15943_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5)* Change in the registrant's independent public accountant. Not applicable to open-end investment companies.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](nctmmf-efp15943_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) North Capital Funds Trust <br>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ James P. Dowd |
|  | James P. Dowd, Principal Executive Officer |

---

Date <u>7/7/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ James P. Dowd |
|  | James P. Dowd, Principal Executive Officer |

---

Date <u>7/7/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Dan Watson |
|  | Dan Watson, Principal Financial Officer |

---

Date <u>7/7/2025</u>

## Ex-99.Code

**EX-99.CODE ETH**

**North Capital Funds**<br>**CODE OF ETHICS**

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Covered Officers/Purpose of the Code** 

This code of ethics (this "Code") for the Trust applies to the Trust's Principal Executive Officer and Principal Financial Officer (the "Covered Officers" each of whom is set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full,
 fair, accurate, timely and understandable disclosure in reports and documents that the Trust
 files with, or submits to, the SEC and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance
 with applicable laws and governmental rules and regulations;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability
 for adherence to this Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of, or the Covered Officer's service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the 1940 Act ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. This Code does not, and is not intended to, repeat or replace any compliance programs and procedures of the Trust or the investment adviser designed to prevent, or identify and correct, violations of the Investment Company Act and the Investment Advisers Act.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the investment adviser or the administrator of which a Covered Officer is also an officer or employee. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties, whether formally for the Trust and/or for the adviser or the administrator, be involved in establishing policies and implementing decisions that will have different effects on the adviser or the administrator and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the adviser or the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 use personal influence or personal relationships improperly to influence investment decisions
 or financial reporting by the Trust whereby the Covered Officer would benefit personally
 to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 cause the Trust to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 use material non-public knowledge of portfolio transactions made or contemplated for the
 Trust to trade personally or cause others to trade personally in contemplation of the market
 effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report
 at least annually any affiliations or other relationships related to conflicts of interest
 that the Trust's Trustees and Officers Questionnaire
covers.

There are some conflict of interest situations that should always be discussed with the compliance officer of the Trust appointed by the Board (the "Compliance Officer"), if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service
 as a director on the board of any public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 receipt of any entertainment from any company with which the Company has current or prospective
 business dealings unless such entertainment is business-related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any questions of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 ownership interest in, or any consulting or employment relationship with, any of the Trust's
 service providers, other than its investment adviser, principal underwriter, administrator
 or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the Trust for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the Trust to others, whether within or outside the Trust, including to the Trust's
 directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within the Covered Officer's area
 of responsibility, consult with other officers and employees of the Trust and of the adviser
 or the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the Trust files with, or submits to, the SEC and
 in other public communications made by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon
 adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm
 in writing to the Board, in substantially the form set forth on <u>Exhibit B,</u> that the
 Covered Officer has received, read, and understands this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually
 thereafter affirm to the Board, in substantially the form set forth on <u>Exhibit C,</u> that the Covered Officer has complied with the requirements of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 retaliate against any other Covered Officer or any employee of the Trust or their affiliated
 persons for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify
 the Compliance Officer for the Trust promptly if the Covered Officer knows of any violation
 of this Code. Failure to do so is itself a violation of this Code.

The Compliance Officer for the Trust is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee (the "Committee"), which will make recommendations to the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 Compliance Officer for the Trust will take all appropriate action to investigate any potential
 violations reported to the Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 Compliance Officer will review with the outside legal counsel to the Trust the findings and
 conclusions of such investigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if,
 after such investigation and review, the Compliance Officer believes that no violation has
 occurred, the Compliance Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 matter that the Compliance Officer believes is a violation will be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if
 the Committee concurs that a violation has occurred, it will inform and make a recommendation
 to the Board, which will consider appropriate action, which may include review of, and appropriate
 modifications to, applicable policies and procedures (including changes to this Code); notification
 of the violation to appropriate personnel of the investment adviser or the administrator
 or its board; or a recommendation to take disciplinary action against the Covered Officer,
 which may include, without limitation, dismissal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 changes to or waivers of this Code will, to the extent required, be disclosed as provided
 by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes- Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's adviser, principal underwriter, the administrator or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Confidentiality** 

To the extent possible, all records, reports and other information prepared, maintained or acquired pursuant to this Code will be treated as confidential, it being understood that it may be necessary or advisable, that certain matters be disclosed to third parties (*e.g.*, to the board of directors or officers of the adviser or the administrator).

&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Internal Use** 

This Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

**Responsible Party/Compliance Process:** Chief Compliance Officer

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATIONS</u>**

I, James P. Dowd, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the North Capital Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 7/7/2025 | /s/ James P. Dowd |
|  |  | James P. Dowd <br>Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Dan Watson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the North Capital Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 7/7/2025 | /s/ Dan Watson |
|  |  | Dan Watson<br>Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the North Capital Funds Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the North Capital Funds Trust for the year ended April 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the North Capital Funds Trust for the stated period.

---

| | |
|:---|:---|
| /s/ James P. Dowd | /s/ Dan Watson |
| James P. Dowd<br> Principal Executive Officer<br> North Capital Funds Trust<br>| Dan Watson<br> Principal Financial Officer<br> North Capital Funds Trust |

---

Dated: <u>7/7/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by North Capital Funds Trust for purposes of Section 18 of the Securities Exchange Act of 1934.