# EDGAR Filing Document

**Accession Number:** 0001142728
**File Stem:** 0001162044-25-000855
**Filing Date:** 2025-8
**Character Count:** 72004
**Document Hash:** 8c650c8103083b5f70a0d1143e3a10ba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-000855.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001162044-25-000855

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**EFFECTIVENESS DATE**: 20250825

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHQUEST CAPITAL FUND INC
- **CENTRAL INDEX KEY:** 0001142728

**ORGANIZATION NAME:**
- **EIN:** 223772454
- **STATE OF INCORPORATION:** NJ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10419
- **FILM NUMBER:** 251249510

**BUSINESS ADDRESS:**
- **STREET 1:** 16 RIMWOOD LANE
- **CITY:** COLTS NECK
- **STATE:** NJ
- **ZIP:** 07722
- **BUSINESS PHONE:** 732-842-3465

**MAIL ADDRESS:**
- **STREET 1:** 16 RIMWOOD LANE
- **CITY:** COLTS NECK
- **STATE:** NJ
- **ZIP:** 07722

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORTHQUEST CAPITAL FUND  INC
- **DATE OF NAME CHANGE:** 20010906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORTHPOINT CAPITAL FUND INC
- **DATE OF NAME CHANGE:** 20010615

## Series and Classes Contracts Data

### NORTHQUEST CAPITAL FUND INC (Series ID: S000011589)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000031898 | NORTHQUEST CAPITAL FUND INC | NQCFX           |

?xml version='1.0' encoding='ASCII'? FORM N-CSRS

FORM N-CSRS

CERTIFIED SHAREHOLDERS REPORT

OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act - file number: 811-10419

Exact Name of registrant as specified in charter: NorthQuest Capital Fund, Inc.

Address of principal executive offices: 16 Rimwood Lane

Colts Neck, NJ 07722

Name and address of agent for service: Peter J. Lencki

16 Rimwood Lane

Colts Neck, NJ 07722

Registrant telephone number, including area code: 732-842-3465

Date of fiscal year: December 31st

Date of reporting period: 6/30/2025

ITEM 1. Report to Shareholders.

![](image_001.jpg)

**NORTHQUEST CAPITAL FUND, INC.**

SEMI-ANNUAL SHAREHOLDER REPORT

**June 30, 2025**

NorthQuest Capital Fund, Inc.

***NQCFX***

**<u>ADDITIONAL INFORMATION</u>**

This semi-annual shareholder report contains important information about the NorthQuest Capital Fund, Inc. - NQCFX for the period January 1, 2025 to June 30, 2025.

You can find additional information about the Fund at www.NorthQuestFund.com. You can also request this information by contacting us at 1-800-239-9136.

**<u>expense Information</u>**

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;NorthQuest Capital Fund, Inc. | &nbsp;&nbsp;$73 | &nbsp;&nbsp;1.44% |

---

\*Annualized

**<u>managment's discussion of fund performance</u>**

**To the Shareholders of NorthQuest Capital Fund, Inc:**

Our Fund began the year at a share price of $26.16 and ended at a share price of $27.53 for the first six-months of 2025. The Fund's total return for this period increased 5.24%. Please see the following performance comparison chart.

---

| | |
|:---|:---|
| &nbsp;&nbsp;2025 Performance | &nbsp;&nbsp;2025 Performance |
| &nbsp;&nbsp;The Fund and Other Indexes | &nbsp;&nbsp;Year-To-Date |
| &nbsp;&nbsp;NorthQuest Capital Fund | &nbsp;&nbsp;5.24% |
| &nbsp;&nbsp;Dow Jones Industrial Average | &nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;NASDAQ Composite | &nbsp;&nbsp;5.48% |
| &nbsp;&nbsp;S&P500 Index with dividends reinvested | &nbsp;&nbsp;6.20% |

---

**Portfolio Adjustments**

During the first half of 2025 the Fund purchased 200 shares of Caterpillar Inc. (CAT), 200 shares of Nvidia Corp. (NVDA), and 1,000 shares of Veeva Systems Inc. (VEEV).

The Fund sold all of its shares of Pool Corp, Advanced Drainage Systems Inc. and UnitedHealth Group. A slowdown in residential and commercial construction activity throughout the U.S negatively impacted the financial performances of Pool Corp. and Advanced Drainage Systems Inc. Additionally, the management team at UnitedHealth Group failed to recognize and calculate the higher costs in accepting new clients with complex pre-existing medical conditions.

VEEV is a new addition to our portfolio. The following paragraph is a profile of VEEV. "Veeva Systems Inc. is a leading provider of industry-specific, cloud-based software solutions for the life sciences industry. VEEV offers solutions to enable pharmaceutical and other life sciences companies to realize the benefits of modern cloud-based architectures and mobile applications for their most critical business functions, without compromising industry-specific functionality or regulatory compliance." Basically, VEEV has technology that help medical companies develop, research, market, and sell new products quickly and efficiently while at the same time meeting required government regulations and patient safety guidelines.

**Fund Performance and Strategy**

The U.S. stock markets were extremely volatile during the first six-months of 2025. Trump policies, the advancement of Artificial Intelligence (AI), and several wars overseas scared many investors. The Fund made minor adjustments as stated above but remained fully invested with minimal cash or cash equivalents. The Fund's investment strategy stayed constant with a focus on individual companies that are consistently growing their revenues, earnings, and efficiently reinvesting those earnings back into their businesses.

You will find enclosed the Fund's financial report. Please do not hesitate to call or write me with regard to any comments or questions about this report. Thank you for investing with us.

Sincerely,

![](image_001.gif)

Peter J. Lencki, President

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Year** |
| &nbsp;&nbsp;**NorthQuest Capital Fund, Inc.** | &nbsp;&nbsp;10.96% | &nbsp;&nbsp;12.73% | &nbsp;&nbsp;11.85% |
| &nbsp;&nbsp;**S&P 500 Index with dividends reinvested** | &nbsp;&nbsp;15.16% | &nbsp;&nbsp;16.63% | &nbsp;&nbsp;13.63% |

---

**Cumulative Performance Comparison of $10,000 Investment**

![](image_002.jpg)

**Past performance is not a good predictor of future performance**. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. To obtain performance data current to the most recent month end, please call 1-800-239-9136.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND: |
| &nbsp;&nbsp;$8923474 | &nbsp;&nbsp;22 | &nbsp;&nbsp;4.56% | &nbsp;&nbsp;$42174 |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

The following chart gives a visual breakdown of the Fund by the industry sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_002.gif)

Sectors are categorized using Morningstar® classifications.

**<u>top ten holdings</u>**

---

| | | |
|:---|:---|:---|
| 1. | Arthur J. Gallagher & Co. | 6.82% |
| 2. | Fortinet, Inc. | 5.92% |
| 3. | Monolithic Power Systems, Inc. | 5.74% |
| 4. | Mastercard, Inc. Class A | 5.67% |
| 5. | Microsoft Corp. | 5.57% |
| 6. | Apple, Inc. | 5.52% |
| 7. | Intuit, Inc. | 5.30% |
| 8. | Arista Networks, Inc. | 5.04% |
| 9. | S&P Global, Inc. | 4.73% |
| &nbsp;&nbsp;10. | Parker-Hannifin Corp. | 4.70% |
|  | Total % of Net Assets | &nbsp;&nbsp;55.01% |

---

**<u>How has the fund changed</u>**

The Fund has not had any material changes during the period ended June 30, 2025.

**<u>Householding</u>**

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 NorthQuest Capital Fund, Inc. documents not be householded, please contact NorthQuest Capital Fund, Inc. at 1-800-239-9136, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NorthQuest Capital Fund, Inc. or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit www.NorthQuestFund.com or contact us at 1-800-239-9136.

Item 2. Code of Ethics. Not Applicable

Item 3. Not Applicable.

Item 4. Principal Accountant Fees and Services. Not Applicable

Item 5. Audit Committee of Listed Registrants. Not Applicable.

Item 6. Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule filed under Item 7.

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

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

**NORTHQUEST CAPITAL FUND, INC.**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

June 30, 2025

(Unaudited)

![A green and gold shield with a letter n AI-generated content may be incorrect.](image_003.jpg)

**NorthQuest Capital Fund, Inc.**

**16 Rimwood Lane**

**Colts Neck, NJ 07722**

**1-800-239-9136**

**Ticker: NQCFX**

**www.NorthQuestFund.com**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**NorthQuest Capital Fund, Inc.** |  |
| &nbsp;&nbsp;**Schedule of Investments** | &nbsp;&nbsp;**Schedule of Investments** |  |
| &nbsp;&nbsp;**June 30, 2025 (Unaudited)** | &nbsp;&nbsp;**June 30, 2025 (Unaudited)** |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 97.30%** | &nbsp;&nbsp;**COMMON STOCKS - 97.30%** |  |
| &nbsp;&nbsp;**Computer Communications Equipment - 5.04%** | &nbsp;&nbsp;**Computer Communications Equipment - 5.04%** |  |
| &nbsp;&nbsp;4400 | &nbsp;&nbsp;Arista Networks, Inc. \* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450164 |
| &nbsp;&nbsp;**Construction Machinery & Equipment - 3.04%** | &nbsp;&nbsp;**Construction Machinery & Equipment - 3.04%** |  |
| &nbsp;&nbsp;700 | &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;271747 |
| &nbsp;&nbsp;**Crude Petroleum & Natural Gas - 2.95%** | &nbsp;&nbsp;**Crude Petroleum & Natural Gas - 2.95%** |  |
| &nbsp;&nbsp;2200 | &nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;263142 |
| &nbsp;&nbsp;**Electronic Computers - 5.52%** | &nbsp;&nbsp;**Electronic Computers - 5.52%** |  |
| &nbsp;&nbsp;2400 | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;492408 |
| &nbsp;&nbsp;**Insurance Agents Brokers & Services - 6.82%** | &nbsp;&nbsp;**Insurance Agents Brokers & Services - 6.82%** |  |
| &nbsp;&nbsp;1900 | &nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;608228 |
| &nbsp;&nbsp;**Miscellaneous Fabricated Metal Products - 4.70%** | &nbsp;&nbsp;**Miscellaneous Fabricated Metal Products - 4.70%** |  |
| &nbsp;&nbsp;600 | &nbsp;&nbsp;Parker-Hannafin Corp. | &nbsp;&nbsp;419082 |
| &nbsp;&nbsp;**Motor Vehicles & Passenger Car Bodies - 2.77%** | &nbsp;&nbsp;**Motor Vehicles & Passenger Car Bodies - 2.77%** |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;2600 | &nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;247156 |
| &nbsp;&nbsp;**Retail-Auto & Home Supply Stores - 4.54%** | &nbsp;&nbsp;**Retail-Auto & Home Supply Stores - 4.54%** |  |
| &nbsp;&nbsp;4500 | &nbsp;&nbsp;O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;405585 |
| &nbsp;&nbsp;**Retail-Building Materials, Hardware, Garden Supply - 4.62%** | &nbsp;&nbsp;**Retail-Building Materials, Hardware, Garden Supply - 4.62%** |  |
| &nbsp;&nbsp;1200 | &nbsp;&nbsp;The Sherwin-Williams Co. | &nbsp;&nbsp;412032 |
| &nbsp;&nbsp;**Retail-Lumber & Other Building Materials Dealers - 4.11%** | &nbsp;&nbsp;**Retail-Lumber & Other Building Materials Dealers - 4.11%** |  |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;366640 |
| &nbsp;&nbsp;**Security & Commodity Brokers, Dealers, Exchanges & Services - 4.52%** | &nbsp;&nbsp;**Security & Commodity Brokers, Dealers, Exchanges & Services - 4.52%** |  |
| &nbsp;&nbsp;2200 | &nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;403634 |
| &nbsp;&nbsp;**Semiconductors & Related Devices - 9.46%** | &nbsp;&nbsp;**Semiconductors & Related Devices - 9.46%** |  |
| &nbsp;&nbsp;700 | &nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;511966 |
| &nbsp;&nbsp;2100 | &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;331779 |
|  |  | &nbsp;&nbsp;843745 |
| &nbsp;&nbsp;**Services-Business Services - 5.67%** | &nbsp;&nbsp;**Services-Business Services - 5.67%** |  |
| &nbsp;&nbsp;900 | &nbsp;&nbsp;Mastercard, Inc. Class A | &nbsp;&nbsp;505746 |
| &nbsp;&nbsp;**Services-Consumer Credit Reporting, Collection Agencies - 4.73%** | &nbsp;&nbsp;**Services-Consumer Credit Reporting, Collection Agencies - 4.73%** |  |
| &nbsp;&nbsp;800 | &nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421832 |
| &nbsp;&nbsp;**Services-Prepackaged Software - 14.10%** | &nbsp;&nbsp;**Services-Prepackaged Software - 14.10%** |  |
| &nbsp;&nbsp;600 | &nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;472578 |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;497410 |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Veeva Systems, Inc. Class A \* | &nbsp;&nbsp;287980 |
|  |  | &nbsp;&nbsp;1257968 |
| &nbsp;&nbsp;**Software - Infrastructure - 5.92%** | &nbsp;&nbsp;**Software - Infrastructure - 5.92%** |  |
| &nbsp;&nbsp;5000 | &nbsp;&nbsp;Fortinet, Inc. \* | &nbsp;&nbsp;528600 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Special Industry Machinery - 4.36%** | &nbsp;&nbsp;**Special Industry Machinery - 4.36%** |  |
| &nbsp;&nbsp;4000 | &nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;389360 |
| &nbsp;&nbsp;**Surgical & Medical Instruments - 4.43%** | &nbsp;&nbsp;**Surgical & Medical Instruments - 4.43%** |  |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;395630 |
| &nbsp;&nbsp;TOTAL COMMON STOCKS (Cost $3,852,820) - 97.30% | &nbsp;&nbsp;TOTAL COMMON STOCKS (Cost $3,852,820) - 97.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8682699 |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT - 2.79%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT - 2.79%** |  |
| &nbsp;&nbsp;248732 | &nbsp;&nbsp;Huntington Conservative Deposit Account 4.16% \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248732 |
| &nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENT (Cost $248,732) - 2.79% | &nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENT (Cost $248,732) - 2.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248732 |
| &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $4,101,552) - 100.09%** | &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $4,101,552) - 100.09%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8931431 |
| &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS, NET - (0.09)%** | &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS, NET - (0.09)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7957) |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8923474 |
| &nbsp;&nbsp;\* Non-income producing securities during the period. | &nbsp;&nbsp;\* Non-income producing securities during the period. |  |
| &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at June 30, 2025. | &nbsp;&nbsp;\*\* Variable rate security; the coupon rate shown represents the yield at June 30, 2025. |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**NorthQuest Capital Fund, Inc.** |  |
| &nbsp;&nbsp;**Statement of Assets and Liabilities** | &nbsp;&nbsp;**Statement of Assets and Liabilities** |  |
| &nbsp;&nbsp;**June 30, 2025 (Unaudited)** | &nbsp;&nbsp;**June 30, 2025 (Unaudited)** |  |
| &nbsp;&nbsp;Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at Value (Cost $4,101,552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at Value (Cost $4,101,552) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 8931431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash |  | &nbsp;&nbsp;998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8936859 |
| &nbsp;&nbsp;Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Advisor | &nbsp;&nbsp;6588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Expenses | &nbsp;&nbsp;6797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13385 |
| &nbsp;&nbsp;Net Assets |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 8923474 |
| &nbsp;&nbsp;Net Assets Consist of: | &nbsp;&nbsp;Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock, at $0.001 par value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock, at $0.001 par value | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid In Capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid In Capital | &nbsp;&nbsp;4066329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4856821 |
| &nbsp;&nbsp;Net Assets, for 324,193 Shares Outstanding | &nbsp;&nbsp;Net Assets, for 324,193 Shares Outstanding | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 8923474 |
| &nbsp;&nbsp;Net Asset Value Per Share | &nbsp;&nbsp;Net Asset Value Per Share | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27.53 |

---

&nbsp;&nbsp;The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**NorthQuest Capital Fund, Inc.** |  |
| &nbsp;&nbsp;**Statement of Operations** | &nbsp;&nbsp;**Statement of Operations** |  |
| &nbsp;&nbsp;**For the six months ended June 30, 2025 (Unaudited)** | &nbsp;&nbsp;**For the six months ended June 30, 2025 (Unaudited)** |  |
| &nbsp;&nbsp;Investment Income: | &nbsp;&nbsp;Investment Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38569 |
| &nbsp;&nbsp;Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NASDAQ fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NASDAQ fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Postage & printing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Postage & printing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60596 |
| &nbsp;&nbsp;Net Investment Loss | &nbsp;&nbsp;Net Investment Loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22027) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Realized and Unrealized Gain on Investments: |  |
| &nbsp;&nbsp; Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48972 |
| &nbsp;&nbsp; Net Change in Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417396 |
| &nbsp;&nbsp;Realized and Unrealized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466368 |
| &nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 444341 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**NorthQuest Capital Fund, Inc.** | &nbsp;&nbsp;**NorthQuest Capital Fund, Inc.** | &nbsp;&nbsp;**NorthQuest Capital Fund, Inc.** |
| &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | &nbsp;&nbsp;(Unaudited) |  |
|  | &nbsp;&nbsp;Six Months |  |
|  | &nbsp;&nbsp;Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;12/31/2024 |
| &nbsp;&nbsp;Increase (Decrease) in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | &nbsp;&nbsp; $(22027) | &nbsp;&nbsp; $(28035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 972178 |
| &nbsp;&nbsp;Distributions to Shareholders: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(411457) |
| &nbsp;&nbsp;Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16544) |
| &nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544177 |
| &nbsp;&nbsp;Net Assets: |  |  |
| &nbsp;&nbsp;Beginning of Period/Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8462294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7918117 |
| &nbsp;&nbsp;End of Period/Year | &nbsp;&nbsp;$8923474 | &nbsp;&nbsp;$8462294 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**NorthQuest Capital Fund, Inc.** | &nbsp;&nbsp;**NorthQuest Capital Fund, Inc.** | &nbsp;&nbsp;**NorthQuest Capital Fund, Inc.** | &nbsp;&nbsp;**NorthQuest Capital Fund, Inc.** | &nbsp;&nbsp;**NorthQuest Capital Fund, Inc.** | &nbsp;&nbsp;**NorthQuest Capital Fund, Inc.** | &nbsp;&nbsp;**NorthQuest Capital Fund, Inc.** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout the period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout the period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout the period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout the period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout the period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout the period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout the period/year.** |
|  | &nbsp;&nbsp;(Unaudited) |  |  |  |  |  |
|  | &nbsp;&nbsp;Six Months |  |  |  |  |  |
|  | &nbsp;&nbsp;Ended | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;12/31/2021 | &nbsp;&nbsp;12/31/2020 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.16 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.43 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.38 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.52 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.28 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.85 |
| &nbsp;&nbsp;Income (Loss) From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Loss \* | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.14) |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89 |
| &nbsp;&nbsp;Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.46) |
| &nbsp;&nbsp;Net Asset Value, at End of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27.53 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.16 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.43 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.38 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.52 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.28 |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;5.24% &nbsp;&nbsp;(b) | &nbsp;&nbsp;12.48% | &nbsp;&nbsp;27.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26.09)% | &nbsp;&nbsp;32.58% | &nbsp;&nbsp;19.70% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Period/Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8923 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8462 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7918 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6272 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8252 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5861 |
| &nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;1.44% &nbsp;&nbsp;(a) | &nbsp;&nbsp;1.42% | &nbsp;&nbsp;1.48% | &nbsp;&nbsp;1.51% | &nbsp;&nbsp;1.47% | &nbsp;&nbsp;1.59% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Ratio of Net Investment Loss to Average Net Assets | &nbsp;&nbsp; (0.52)%&nbsp;&nbsp;(a) | &nbsp;&nbsp; (0.34)% | &nbsp;&nbsp; (0.19)% | &nbsp;&nbsp; (0.45)% | &nbsp;&nbsp; (0.83)% | &nbsp;&nbsp; (0.67)% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;4.56% &nbsp;&nbsp;(b) | &nbsp;&nbsp;11.05% | &nbsp;&nbsp;2.47% | &nbsp;&nbsp;26.07% | &nbsp;&nbsp;15.24% | &nbsp;&nbsp;30.94% |
| &nbsp;&nbsp;\* Per share net investment loss has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment loss has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment loss has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment loss has been determined on the basis of average shares outstanding during the year. |  |  |  |
| &nbsp;&nbsp;\*\* Assumes reinvestment of dividends. |  |  |  |  |  |  |
| &nbsp;&nbsp;(a) Annualized. |  |  |  |  |  |  |
| &nbsp;&nbsp;(b) Not annualized. |  |  |  |  |  |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |  |  |

---

**NorthQuest Capital Fund, Inc.**

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2025 (UNAUDITED)

**1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

*Nature of Operations:* NorthQuest Capital Fund, Inc. (the "Fund") was incorporated on January 3, 2001 in New Jersey and commenced investment operations January 15, 2002. The Fund is registered as an open-end, non-diversified management investment company under the Investment Company Act of 1940, as amended, and its shares are registered under the Securities Act of 1933.

The Fund's investment objective is to seek long-term capital appreciation and to secondarily earn dividend income.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to investment companies.

*Security Valuation:* All investments in securities are recorded at their estimated fair value, as described in Note 2.

*Federal Income Taxes:* The Fund makes no provision for federal income or excise tax. The Fund intends to qualify each year as a "regulated investment company" ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of their taxable income. The Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that they will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Fund could incur a tax expense. Therefore, no federal income tax or excise provision is required.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed the Fund's tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2022-2024) or expected to be taken in the Fund's 2025 tax returns. The Fund identifies their major tax jurisdiction as U.S. Federal and state of New Jersey, however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the six months ended June 30, 2025, the Fund did not incur any interest or penalties.

*Distributions to Shareholders:* The Fund intends to distribute to its shareholders substantially all of its net realized capital gains and net investment income, if any, annually.

*Security Transactions and Related Investment Income:* The Fund follows industry practice and records security transactions on the trade date. The specific identification method is used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis.

*Cash and Cash Equivalents:* The Fund maintains its cash in an account at a custodian bank, which, at times, may exceed federally insured limits. The Fund has not experienced any losses in such account and believes it is not exposed to any significant credit risk on its cash deposits.

*Use of Estimates:* The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of 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.

**2. SECURITIES VALUATIONS**

***Processes and Structure***

 ****

The Fund's Board of Directors have adopted guidelines for valuing securities including in circumstances in which market quotes are not readily available and has delegated to the Advisor the responsibility for determining fair value prices, subject to review by the Board of Directors.

***Hierarchy of Fair Value Inputs***

The Fund utilizes various methods to measure the fair value of most of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Level 1.* Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Level 2.* Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Level 3.* Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

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.

***Fair Value Measurements***

A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows.

*Equity securities (common stocks).* Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange traded funds, and the movement of the certain indexes of securities based on a statistical analysis of the historical relationship and that are categorized in level 2.

*Short term investments.* Short term investments are valued using amortized cost, which approximates fair value. These securities will be categorized in Level 1 of the fair value hierarchy.

The following table summarizes the inputs used to value the Fund's assets measured at fair value as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** |
| &nbsp;&nbsp;***Categories*** | &nbsp;&nbsp;***Level 1*** | &nbsp;&nbsp;***Level 2*** | &nbsp;&nbsp;***Level 3*** | &nbsp;&nbsp;***Fair Value*** |
| &nbsp;&nbsp;Common Stocks \* | &nbsp;&nbsp;$8682699 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$8682699 |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;248732 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp;248732 |
|  | &nbsp;&nbsp;$8931431 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$8931431 |

---

\* Industry classifications for these categories are detailed in the Schedule of Investments.

The Fund did not hold any Level 3 assets during the six months ended June 30, 2025. The Fund did not hold any derivative instruments at any time during the six months ended June 30, 2025. There were no significant transfers into or out of Level 1 or Level 2 during the period. It is the Fund's policy to recognize transfers into and out of Level 1 and Level 2 at the end of the reporting period.

**3. INVESTMENT ADVISORY AGREEMENT AND OTHER RELATED TRANSACTIONS**

The Fund has an investment advisory agreement with Emerald Research Corporation ("the Advisor"), whereby the Advisor receives a fee of 1% per year on the net assets of the Fund. All fees are computed on the average daily closing net assets of the Fund and are payable monthly. The investment advisory fee earned by the Advisor for the six months ended June 30, 2025 was $42,174. The Advisor has contractually agreed to decrease the investment advisory fee or, if necessary, to reimburse the Fund for expenses if and to the extent that the Fund's aggregate annual operating expenses exceed 1.79% of the Fund's daily average net assets until August 10, 2025. The Fund owed the Advisor $6,588 at June 30, 2025 for advisory fees. There was no reimbursement for the six months ended June 30, 2025.

Mr. Peter J. Lencki is President of the Advisor and is also President of the Fund.

**4. SEGMENT REPORTING**

The Fund included herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the Advisor to make investment decisions, and the results of the operations, as shown in the statement of operations and the financial highlights for the Fund is the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to a Fund based on performance measurements. Due to the significance of oversight and their role, the Advisor is deemed to be the Chief Operating Decision Maker.

**5. CAPITAL SHARE TRANSACTIONS**

As of June 30, 2025, there were 500,000,000 shares of $0.001 par value capital stock authorized. Transactions in capital for the six months ended June 30, 2025 and year ended December 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>June 30, 2025</u>** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>June 30, 2025</u>** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>December 31, 2024</u>** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>December 31, 2024</u>** |
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Amount | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Amount |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;4100 | &nbsp;&nbsp;$106469 | &nbsp;&nbsp;3856 | &nbsp;&nbsp;$103253 |
| &nbsp;&nbsp;Shares reinvested | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;15502 | &nbsp;&nbsp;410960 |
| &nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3415) | &nbsp;&nbsp; (89630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19975) | &nbsp;&nbsp; (530757) |
| &nbsp;&nbsp; Net increase (decrease) | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685</u> | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp;16839</u> | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (617)</u> | &nbsp;&nbsp;<u>$(16544)</u> |

---

**6. INVESTMENT TRANSACTIONS**

For the six months ended June 30, 2025, purchases and sales of investment securities other than short-term investments aggregated $388,304 and $593,538, respectively.

**7. TAX MATTERS**

Income and long-term capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from the character of net investment income or net realized gains presented in these financial statements in accordance with U.S. GAAP.

As of December 31, 2024, the tax basis components of unrealized appreciation (depreciation) and cost of investments were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Gross tax appreciation of investments | &nbsp;&nbsp;$4441667 |
| &nbsp;&nbsp;Gross tax depreciation of investments | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;(29184) |
| &nbsp;&nbsp;Net tax appreciation of investments | &nbsp;&nbsp;<u>$4412483</u> |
| &nbsp;&nbsp;Federal tax cost of investments, including short-term investments | &nbsp;&nbsp;<u>$4044654</u> |

---

The tax character of distributions paid for the years ended December 31, 2024 and 2023 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 |
| &nbsp;&nbsp;Long-term capital gain | &nbsp;&nbsp;$411457 | &nbsp;&nbsp;$76143 |

---

The Fund's distributable earnings on a tax basis are determined only at the end of each fiscal year. As of December 31, 2024, the Fund's most recent fiscal year-end, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Unrealized Appreciation | $4412483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings, Net | <u>$4412483</u> |

---

In accordance with GAAP, the Fund recorded a permanent book/tax difference of $28,035 from net investment loss to paid in capital. This reclassification has no impact on the net asset value of the Fund and is designed generally to present undistributed income and net realized gains on a tax basis, which is considered to be more informative to shareholders.

**8. CONTROL AND OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund under Section 2(a)(9) of the Investment Company Act of 1940. As of June 30, 2025, the Portfolio manager and immediate family members, in aggregate, owned approximately 41% of the shares of the Fund.

**9. INDEMNIFICATIONS**

In the normal course of business, the Fund enters into contracts that contain general indemnification to other parties. The Fund's maximum exposure under these contracts is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The Fund expects the risk of loss to be remote.

**10. MARKET RISK**

Overall market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, trade barriers, recessions and depressions, or other events could have a significant impact on a Fund and its investments and could result in increased premiums or discounts to the Fund's net asset value, and may impair market liquidity, thereby increasing liquidity risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments.

**11. SECTOR CONCENTRATION RISK**

Sector concentration risk is the possibility that securities within the same sector will decline in price due to sector-specific market or economic developments. If the Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors. Additionally, some sectors could be subject to greater government regulation than other sectors. Therefore, changes in regulatory policies for those sectors may have a material effect on the value of securities issued by companies in those sectors.

**12. NEW ACCOUNTING PRONOUNCEMENTS**

In September 2023, the SEC adopted a final rule relating to "Names Rule" under the 1940 Act. The amendments expanded the rule to require more funds to adopt an 80 percent investment policy, including funds with names suggesting a focus in investments with particular characteristics (e.g., growth or value) or with terms that reference a thematic investment focus (e.g., environmental, social, or governance factors). The amendments will require that a fund review its name for compliance with the rule. If needed, a fund may need to adopt an 80 percent investment policy and review its portfolio assets' treatment under such policy at least quarterly. The rule also requires additional prospectus disclosure and reporting and record keeping requirements. The amendments will become effective on April 9, 2024. The compliance date is February 9, 2026 for Funds with more than $1 billion in assets and August 9, 2026 for Funds with less than $1 billion in assets. The Fund is in compliance with this new rule.

**13. Subsequent events**

Management has evaluated the impact of all subsequent events on the Funds through the issuance date of these financial statements and has noted no such other events requiring accounting or disclosure.

**NorthQuest Capital Fund, Inc.**

ADDITIONAL INFORMATION

JUNE 30, 2025 (UNAUDITED)

**PROXY VOTING** 

The Fund's proxy voting policies, procedures and voting records relating to common stock securities in the Fund's investment portfolio are available without charge, upon request, by calling the Fund's toll-free telephone number 1-800-239-9136. The Fund will send this information within three business days of receipt of the request, by first class mail or other means designed to ensure prompt delivery. The Fund's proxy information is also available on the Securities and Exchange Commission website at http://www.sec.gov.

**SHAREHOLDER MEETING**

At the Fund's annual shareholder meeting held on April 4, 2025, shareholders of record on January 10, 2025, elected four directors. In addition, Fund shareholders ratified the selection of Sanville & Company as our independent registered public accounting firm for the fiscal year ending December 31, 2025.

Below are the voting results from the meeting:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Shares Voted: | &nbsp;&nbsp;200939 |
| &nbsp;&nbsp;Total Outstanding Shares: | &nbsp;&nbsp;323468 |

---

Proposal #1. The following four persons were elected to serve as directors of the Fund.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Votes**<br> **<u>For & (%)</u>** | &nbsp;&nbsp; **Votes**<br> **<u>Against</u>** | &nbsp;&nbsp; **Votes**<br> **<u>Abstain</u>** |
| &nbsp;&nbsp;Charles G. Camarata | &nbsp;&nbsp;200,939 62% | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;William S. Foote, Jr. | &nbsp;&nbsp;200,939 62% | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Peter J. Lencki | &nbsp;&nbsp;200,939 62% | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;George Sikora | &nbsp;&nbsp;200,939 62% | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Total Shares Voted | &nbsp;&nbsp;200939 |  |  |
| &nbsp;&nbsp;Percentage of Shares Voted | &nbsp;&nbsp;62% |  |  |

---

Proposal #2. The shareholders approved the appointment of Sanville & Company as the independent registered public accounting firm to perform the audit of the Fund's financial statements for the year ending December 31, 2025.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Votes**<br> **<u>For & (%)</u>** | &nbsp;&nbsp; **Votes**<br> **<u>Against</u>** | &nbsp;&nbsp; **Votes**<br> **<u>Abstain & (%)</u>** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Sanville & Company | &nbsp;&nbsp;187,483 58% | &nbsp;&nbsp;0 | &nbsp;&nbsp;13,456&nbsp;&nbsp;&nbsp;&nbsp;4% |
| &nbsp;&nbsp;Total Shares Voted | &nbsp;&nbsp;200939 |  |  |
| &nbsp;&nbsp;Percentage of Shares Voted | &nbsp;&nbsp;62% |  |  |

---

This report and the financial statements contained herein are submitted for the general information of shareholders and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or solicitation of an offer to buy shares of NorthQuest Capital Fund, Inc. Such offering is made only by prospectus, which includes details as to offering price and material information.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies. There were no changes in or disagreements with accountants during the period covered by this report.

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. The information is included as part of the material 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.

Item 13. Portfolio Managers of Closed-End Management Investment Companies. Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable.

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 directors.

Item 16. Controls and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Principal executive and financial officer have concluded that as of a date within 90 days of the filing
of this report there were no significant deficiencies in the design or operation of the disclosure controls and procedures of the registrant
which would have adversely affected the ability of the registrant to record, process, summarize and report the subject matter contained
in this report.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no significant changes in the registrant's internal controls or in other factors that
could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;(a) 12 (a) 2

A separate certification of the principal executive and principal financial officer as required by Rule 30a-2(a) und the Investment company Act of 1940 is filed herewith as an exhibit to and part of this Form N-CSRS.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 12 (b)

A separate certification of the principal executive and principal financial offices required by Section 906 of the Sarbanes-Oxley Act is filed herewith as an exhibit to and part of this Form N-CSRS.

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) NorthQuest Capital Fund, Inc.

By (Signature and Title) /s/ <u>Peter J. Lencki</u>

Peter J. Lencki

President

Principal Executive Officer

Principal Financial Officer

Date: <u>August 22, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report to be signed below by the following person on behalf of the registrant and in capacities and on the date indicated.

(Registrant) NorthQuest Capital Fund, Inc.

By (Signature and Title) /s/ <u>Peter J. Lencki</u>

Peter J. Lencki

President

Principal Executive Officer

Principal Financial Officer

Date: <u>August 22, 2025</u>

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Exhibit 12 (a) (2)

CERTIFICATION of

PRINCIPAL EXECUTIVE OFFICER

and

PRINCIPAL FINANCIAL OFFICER

I, Peter J. Lencki, President, Principal Executive Officer and Principal Financial officer of NorthQuest Capital Fund, Inc., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSRS for the NorthQuest Capital Fund,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement, a

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;material fact or omit to state a material fact necessary to make the statement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;made, in light of the circumstances under which such statements were made,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. I am 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 has;

&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 my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period 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 my supervision, to provide reasonable assurance regarding the reliability of financial reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and the preparation of financial statements for external purposes in accordance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 in this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

v

&nbsp;&nbsp;&nbsp;&nbsp;5. I have disclosed to the registrant's Board of Directors and the registrant's auditors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or in the

&nbsp;&nbsp;&nbsp;&nbsp;operation of internal control over financial reporting which are reasonably

&nbsp;&nbsp;&nbsp;&nbsp;likely to adversely affect the registrant's ability to record, process,

&nbsp;&nbsp;&nbsp;&nbsp;summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. &nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;employees who have a significant role in the registrant's internal control

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;over financial reporting.

Date: 08/22/2025 By: /s/ <u>Peter J. Lencki</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peter J. Lencki

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Officer

## Exhibit 99.906

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Exhibit 12 (b)

CERTIFICATION PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT

Pursuant to 18 U.S.C. 1350, the undersigned, being the President, Prinicipal Executive officer and Principal Financial Officer of NorthQuest Capital Fund, Inc. (the "Registrant"), hereby certifies that, to the best of such officer's knowledge, the Registrant's report on Form N-CSRS for the period ended June 30, 2025 (the "Report") fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant as of, and for, the periods presented in the Report.

Date: 08/22/2025 By: /s/ <u>Peter J. Lencki</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peter J. Lencki

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Officer

This certification is furnished as an exhibit solely pursuant to Item 12 (b) of Form N-CSRS and is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. This certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended or the Securities Exchange Act of 1934, as amended except to the extent that the registrant especially incorporates this certification by reference.

<br>