Schedule of Investments

March 31, 2025 (unaudited)

NorthQuest Capital Fund, Inc.

Shares or Principal

Security Description

Fair Value ($)(1)

Common Stocks - 99.52%

Computer Communications Equipment - 4.08%

Arista Networks, Inc. (2)

4,400

340,912

Construction Machinery & Equipment - 1.97%

Caterpillar, Inc. (2)

500

164,900

Crude Petroleum & Natural Gas - 3.37%

EOG Resources, Inc.

2,200

282,128

Electronic Computers - 6.38%

Apple, Inc.

2,400

533,112

Hospital & Medical Service Plans - 3.76%

UnitedHealth Group, Inc.

600

314,250

Insurance Agents, Brokers & Services - 7.84%

Arthur J. Gallagher & Co.

1,900

655,956

Miscellaneous Fabricated Metal Products - 4.36%

Parker-Hannifin Corp.

600

364,710

Motor Vehicles & Passenger Car Bodies- 3.03%

PACCAR, Inc.

2,600

253,162

Plastics Foam Products - 1.95%

Advanced Drainage Systems, Inc.

1,500

162,975

Retail-Auto & Home Supply Stores - 5.14%

O'Reilly Automotive, Inc. (2)

300

429,774

Retail-Building Materials, Hardware, Garden Supply - 5.01%

The Sherwin-Williams Co.

1,200

419,028

Retail-Lumber & Other Building Materials Dealers - 4.38%

The Home Depot, Inc.

1,000

366,490

Security & Commodity Brokers, Dealers, Exchanges & Services - 4.54%

Intercontinental Exchange, Inc.

2,200

379,500

Semiconductors & Related Devices - 7.32%

Monolithic Power Systems, Inc.  

700

405,986

NVIDIA Corp.

1,900

205,922

611,908

Services-Business Services - 5.90%

Mastercard, Inc. Class A  

900

493,308

Services-Consumer Credit Reporting, Collection Agencies - 4.86%

S&P Global, Inc.

800

406,480

Servies-Prepackaged Software - 8.90%

Intuit, Inc.

600

368,394

Microsoft Corp.

1,000

375,390

743,784

Software-Infrastructure - 5.76%

Fortinet, Inc. (2)

5,000

481,300

Specialty Industry Machinery - 3.48%

Lam Research Corp.  (2)

4,000

290,800

Surgical & Medical Instruments- 4.45%

Stryker Corp.

1,000

372,250

Wholesale-Misc Durable Goods- 3.05%

Pool Corp.

800

254,680

Total Common Stocks

(Cost $           4,009,082)

8,321,407

Short-Term Invesments - 0.54%

Huntington Conservative Deposit Account - 4.255% (3)

45,565

45,565

Total Short Term Investments

(Cost $                45,565)

45,565

Total Investments - 100.06%

(Cost $           4,054,647)

8,366,972

Liabilities in Excess of Other Assets -  (0.06%)

(5,233)

Total Net Assets - 100.00%

8,361,739

(1)  Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments.

       These inputs are summarized in the three broad levels listed below.

        • Level 1 - quoted prices in active markets for identical securities

        • Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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

       The following is a summary of the inputs used as of March 31, 2025 in valuing the Fund's assets carried at fair value:

Investments in

Other Financial

Valuation Inputs

Securities

Instruments

Level 1 - Quoted Prices

$

8,366,972

$

-

Level 2 - Other Significant Observable Inputs

-

-

Level 3 - Significant Unobservable Inputs

-

-

Total

$

8,366,972

$

-

       The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term

       debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment

       Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active

       market, such securities are reflected as Level 2.

(2)  Represents non-income producing securities.

(3)  Variable rate security; the coupon rate shown represents the yield at March 31, 2025.