# EDGAR Filing Document

**Accession Number:** 0001142728
**File Stem:** 0001162044-26-000160
**Filing Date:** 2026-2
**Character Count:** 21592
**Document Hash:** a62aa5a4c38eb5a5c6150d6075fa8f65
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-26-000160.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001162044-26-000160

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**EFFECTIVENESS DATE**: 20260226

**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-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10419
- **FILM NUMBER:** 26683442

**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           |

## Internal

```

            REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 To the Shareholders and Board of Directors of
  The NorthQuest Capital Fund, Inc.

In  planning  and  performing  our  audit  of  the  financial  statements of The
NorthQuest  Capital  Fund,  Inc.  (the  "Fund"),  as  of and for the year  ended
December  31,  2025,  in  accordance with the standards of  the  Public  Company
Accounting Oversight Board  (United  States)  (PCAOB),  we considered the Fund's
internal control over financial reporting, including controls  over safeguarding
securities, as a basis for designing our auditing procedures for  the purpose of
expressing  our  opinion  on  the  financial  statements and to comply with  the
requirements of Form N-CEN, 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.

The  management of the Fund is  responsible  for  establishing  and  maintaining
effective  internal  control  over  financial  reporting.   In  fulfilling  this
responsibility,  estimates  and  judgements by management are required to assess
the expected benefits and related  costs  of  controls.   A  company's  internal
control  over  financial  reporting  is a process designed 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 (GAAP).   A  company's  internal  control  over
financial reporting includes  those  policies and procedures that (1) pertain to
the maintenance of records that, in reasonable  detail,  accurately  and  fairly
reflect  the  transactions  and  dispositions  of the assets of the company; (2)
provide  reasonable assurance that transactions are  recorded  as  necessary  to
permit preparation  of  financial  statements  in accordance with GAAP, and that
receipts and expenditures of the company are being  made only in accordance with
authorizations  of  management  and directors of the company;  and  (3)  provide
reasonable assurance regarding prevention  or  timely  detection of unauthorized
acquisition, use or disposition of a company's assets that could have a material
effect on the financial statements.

Because of its inherent limitations, internal control over  financial  reporting
may  not  prevent  or  detect material misstatements.  Also, projections of  any
evaluation of effectiveness  to  future  periods  are  subject  to the risk that
controls  may become inadequate because of changes in conditions,  or  that  the
degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design
or operation  of a control does not allow management or employees, in the normal
course  of  performing   their   assigned   functions,   to  prevent  or  detect
misstatements  on  a  timely  basis.  A  material weakness is a  deficiency,  or
combination of deficiencies, in internal control  over financial reporting, such
that  there  is  a reasonable possibility that a material  misstatement  of  the
Fund's annual or interim  financial statements will not be prevented or detected
on a timely basis.

Our consideration of the Fund's  internal  control  over financial reporting was
for  the  limited  purpose  described  in  the  first paragraph  and  would  not
necessarily disclose all deficiencies in internal control that might be material
weaknesses  under  standards  established by the PCAOB.  However,  we  noted  no
deficiencies in the Fund's internal  control  over  financial  reporting and its
operation, including controls over safeguarding securities that  we  consider to
be a material weakness as defined above as of December 31, 2025.

This report is intended solely for the information and use of management and the
Board of Directors of The NorthQuest Capital Fund, Inc., and the Securities  and
Exchange  Commission  and is not intended to be and should not be used by anyone
other than these specified parties.

/S/ SANVILLE & COMPANY
Huntingdon Valley, Pennsylvania
February 24, 2026

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001142728

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000011589

**Class ID Record:1**
- **Class ID:** C000031898

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-12-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** NORTHQUEST CAPITAL FUND INC

- **Item B.1.b - Investment Company Act file number:** 811-10419

- **Item B.1.c - CIK:** 0001142728

- **Item B.1.d - LEI:** 549300Q7HIUTPQYL3D48

- **Item B.2.a - Street 1:** 16 Rimwood Lane

- **Item B.2.b - City:** Colts Neck

- **Item B.2.c - State:** NJ

- **Item B.2.e - Zip Code:** 07722

- **Item B.2.f - Telephone:** 732-842-3465

- **Item B.2.g - Public Website:** www.northquestfund.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** NorthQuest Capital Fund, Inc.

- **b. Street 1:** 16 Rimwood Lane

- **c. City:** Colts Neck

- **d. State, if applicable:** NJ

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 07722

- **g. Telephone number:** 732-842-3465

- **h. Briefly describe the books and records kept at this location:** All accounts, books and documents required to be maintained by the Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 thereunder are maintained at the office of the Registrant except all those relating to the activities of the Fund's Custodian, Transfer Agent and Shareholder Servicing Agent.

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** Mutual Shareholder Services, LLC

- **b. Street 1:** 8000 Town Centre Drive, Suite 400

- **c. City:** Broadview Heights

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 44147

- **g. Telephone number:** 440-922-0066

- **h. Briefly describe the books and records kept at this location:** All accounts, books and documents required to be maintained by the Transfer Agent, Fund Accounting Agent and Shareholder Servicing Agent pursuant to Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3.

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** Huntington National Bank

- **b. Street 1:** 7 Easton Oval

- **c. City:** Columbus

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 43219

- **g. Telephone number:** 614-331-9838

- **h. Briefly describe the books and records kept at this location:** All accounts, books and documents relating to the activities of the Fund's Custodian.

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** Emerald Research Corporation

- **b. Street 1:** 16 Rimwood Lane

- **c. City:** Colts Neck

- **d. State, if applicable:** NJ

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 07722

- **g. Telephone number:** 732-842-3465

- **h. Briefly describe the books and records kept at this location:** Maintains records relating to its function as the investment adviser to the Fund.

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 1

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name                  | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Peter J. Lencki       | Yes                     | 811-10419                               |
| Charles G. Camarata   | No                      | 811-10419                               |
| William S. Foote, Jr. | No                      | 811-10419                               |
| George Sikora         | No                      | 811-10419                               |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Peter J. Lencki

- **b. CRD Number, if any:** 004435920

- **c. Street Address 1:** 16 Rimwood Lane

- **d. City:** Colts Neck

- **e. State, if applicable:** NJ

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 07722

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

No Principal Underwriters reported.

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Sanville & Co.

- **b. PCAOB Number:** 169

- **c. LEI, if any:** N/A

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - NorthQuest Capital Fund, Inc.

**Item C.1. Background information.**

- **a. Full Name of the Fund:** NorthQuest Capital Fund, Inc.

- **b. Series identification number, if any:** S000011589

- **c. LEI:** 549300Q7HIUTPQYL3D48

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | N/A                     | C000031898                                | NQCFX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Emerald Research Corporation

- **ii. SEC file number:** 801-60455

- **iii. CRD number:** 000113918

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NJ

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Mutual Shareholder Services, LLC

- **ii. SEC file number:** 084-05821

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** FIS MARKETMAP ANALYTIC PLATFORM

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Huntington National Bank

- **ii. LEI, if any:** 2WHM8VNJH63UN14OL754

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Mutual Shareholder Services, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Empirical Administration, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** BTIG, LLC

- **ii. SEC file number:** 008-65473

- **iii. CRD number:** 000122225

- **iv. LEI, if any:** 549300GTG9PL6WO3EC51

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $170.00

**Brokers Record: 2**

- **i. Full name of broker:** GAR WOOD SECURITIES, LLC

- **ii. SEC file number:** 008-67143

- **iii. CRD number:** 000138033

- **iv. LEI, if any:** 549300OCQMBH2H1MAD25

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $82.00

**Aggregate Commission:** $252.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $8,929,784.49

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** NORTHQUEST CAPITAL FUND INC

**Date:** 2026-02-26

**Signature:** /S/ Peter J, Lencki

**Title:** President, Chairman and Treasurer