North Capital Treasury Money Market Fund
Institutional Class Shares – NCGXX
SUMMARY PROSPECTUS
July 10, 2020
www.northcapital.com/northcapitalfunds
Before you invest, you may want to review the Fund's statutory prospectus and statement of additional information, which contain more information about the Fund and its risks. The
current statutory prospectus and statement of additional information dated July 10, 2020, are incorporated by reference into this Summary Prospectus. You can find the Fund’s statutory prospectus, statement of additional information and other
information about the Fund online at www.northcapital.com/northcapitalfunds. You can also get this information at no cost by calling 833-2-NCFUND or 833-262-3863 or by sending an e-mail request to northcapitalfunds@northcapital.com.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder
reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your financial intermediary. Instead, the reports will be made available on the Fund’s website www.northcapital.com/northcapitalfunds, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may
elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by following the instructions included with
paper Fund documents that have been mailed to you.
You may elect to receive all future reports in paper free of charge. You can inform the Fund or your financial intermediary that you wish to continue
receiving paper copies of your shareholder reports by contacting the Fund using the information listed herein or your financial intermediary. Your election to receive reports in paper will apply to all funds held with the fund complex or your
financial intermediary.
Investment Objective: The North Capital Treasury Money Market Fund (the “Fund”) seeks to maximize current income to the extent consistent with the preservation
of capital and the maintenance of liquidity.
Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
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Shareholder Fees
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Institutional
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(fees paid directly from your investment)
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Class
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Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
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None
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Maximum Deferred Sales Charge (Load)
(as a percentage of offering price)
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None
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Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions (as a percentage of offering price)
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None
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Redemption Fee
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None
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(as a % of amount redeemed on shares held less than 90 days)
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Annual Fund Operating Expenses
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(expenses that you pay each year as a percentage of the value of your investment)
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Management Fees
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0.25%
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Distribution and Service (12b-1) Fees
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0.00%
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Other Expenses
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422.90%
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Total Annual Fund Operating Expenses
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423.15%
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Fee Waiver(1)
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422.74%
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Total Annual Fund Operating Expenses After Fee Waiver
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0.41%
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| (1) |
North Capital, Inc., the Fund’s investment adviser (the “Adviser”) has contractually agreed to waive its fees and reimburse expenses of the Fund to ensure that Total Annual Fund Operating Expenses After Fee Waiver
and Reimbursement (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) unaffiliated acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective
investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short) (vi) taxes; (vii) extraordinary expenses such as
litigation expenses (which may include indemnification of Fund officers and Trustees, and contractual indemnification of Fund service providers, including the Adviser)) will not exceed (i) 0.45% of average daily net assets of Institutional
Class shares until at least August 31, 2021 and (ii) 1.00% of average daily net assets of Institutional Class Shares until at least August 31, 2030. These fee waivers and expense reimbursements are subject to possible recoupment from the
Fund within the three years after the fees have been waived or reimbursed, if there are waived amounts that have not been recouped outstanding and such recoupment, after giving effect to the recouped amounts, can be achieved within the
lower of the foregoing expense limits and the expense limits in place at the time of recoupment. This agreement may be terminated only by the Board of Trustees (the “Board”) of North Capital Funds Trust (the “Trust”), of which the Fund is
a series, on 60 days’ written notice to the Adviser.
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Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or continue to hold all of your shares at the end of those periods. The Example also assumes
that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example reflects the fee waiver and expense reimbursements for the duration of the waiver/reimbursement period only. Although your actual
costs may be higher or lower, based upon these assumptions your costs would be:
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1 Years
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3 Years
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5 Years
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10 Years
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Institutional Class
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$ 46
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$ 264
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$499
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$1,175
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Principal Investment Strategies: In pursuing its investment objective, the Fund will operate as a “government money market fund,” as such term is defined in or
interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (the “1940 Act”). Government money market funds are required to invest at least 99.5% of their total assets in: (i) cash; (ii) securities issued or guaranteed by the
United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are fully collateralized (i.e., backed by cash or government securities). Government money market funds are exempt from requirements to
impose liquidity fees and/or temporary redemption gates, however, government money market funds may elect to impose these fees. The Fund has elected to not impose liquidity fees or redemption gates at this time.
As a government money market fund, the Fund values its securities using the amortized cost method. The Fund seeks to maintain a stable net asset value (“NAV”) of $1.00 per share. Under normal
circumstances, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowing for investment purposes) in securities issued or guaranteed by the U.S. Treasury and/or repurchase agreements that are fully collateralized
by securities issued or guaranteed by the U.S. Treasury. The Fund will notify shareholders at least 60 days in advance of any change in this investment policy.
Principal Risks: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your
investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Adviser has no
legal obligation to provide financial support to the Fund, and you should not expect that the Adviser will provide financial support to the Fund at any time. The Fund should not be relied upon as a complete investment program. There can be no
assurance that the Fund will achieve its investment objective. The Fund is subject to the principal risks summarized below, and these risks are more fully described in the section “Additional Information About Principal Investment Strategies and
Related Risks” in the Prospectus.
Stable NAV Risk. The Fund may not be able to maintain a stable $1.00 share price at all times. If any money market fund
that intends to maintain a stable NAV fails to do so (or if there is a perceived threat of such a failure), other such money market funds, including the Fund, could be subject to increased redemption activity, which could adversely affect the
Fund’s NAV.
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Interest Rate Risk. Increases in interest rates adversely affects the Fund’s yield relative to prevailing market rates
and the market value of its securities or instruments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.
Market Risk. Overall market risks may affect the value of the Fund. Securities in the Fund’s portfolio may underperform
due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. Factors
such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.
Limited History of Operations Risk. The Fund is a new mutual fund and has a limited history of operations for investors
to evaluate. Investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategies, may be unable to implement certain of its investment strategies or may fail to attract sufficient assets, any of which
could result in the Fund being liquidated and terminated at any time without shareholder approval and at a time that may not be favorable for all shareholders.
Management Risk. The Fund is subject to the risk that the Adviser’s investment management strategy may cause the Fund to
underperform the market or its relevant benchmark or adversely affect the ability of the Fund to achieve its investment objective. The Adviser has not previously managed a mutual fund.
Credit Risk. An issuer or guarantor of a security held by the Fund, or a bank or other financial institution that has
entered into a repurchase agreement with the Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair the
Fund’s liquidity and cause significant deterioration in NAV.
Repurchase Agreements Risk. Repurchase agreements are transactions in which the Fund buys a security from a dealer or
bank and agrees to sell the security back at a mutually agreed upon time and price. Repurchase agreements are subject to market risk with respect to the collateral securing the repurchase agreements and credit risk with respect to the
counterparty. In the event of a bankruptcy or other default by the counterparty, the Fund could experience delays and potential losses in liquidating the underlying security.
U.S. Government Securities Risk. The U.S. government may not provide financial support to U.S. government agencies,
instrumentalities or sponsored enterprises if it is not obligated to do so by law. Certain U.S. Government securities are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United
States. To the extent the Fund invests in securities that are not U.S. Treasuries or repurchase agreements that are not collateralized by U.S. Treasuries, it may be subject to the foregoing risks. Additionally, the U.S. government and its
agencies and instrumentalities do not guarantee the market values of their securities, which may fluctuate.
Performance: Because the Fund has not been operational for a full calendar year, no performance information is presented for the Fund at this time. In the
future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information will be
available at no cost by visiting www.northcapital.com/northcapitalfunds or by calling 833-2-NCFUND or 833-262-3863.
Investment Adviser: North Capital, Inc.
Portfolio Managers: James P. Dowd, CFA, and Michael T. Weaver, Jr., CFA, investment adviser representatives of the Adviser, have served the Fund as its
Portfolio Managers since it commenced operations on July 17, 2019.
Purchase and Sale of Fund Shares: The Fund does not have a minimum initial or subsequent investment requirement. You may purchase and redeem shares of the
Fund on any business day that the Federal Reserve Bank of New York is open, except for weekends and market holidays. The Fund may close when the Federal Reserve is open and the NYSE is closed, such as on Good Friday. Redemption requests may be made
in writing, by telephone, or through a financial intermediary and will be paid by ACH, check or wire transfer.
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Tax Information: Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or
receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan such as an IRA or 401(k) plan. However, these dividend and capital gain distributions may be taxable
upon their eventual withdrawal from tax-deferred plans. Dividends paid by the Fund from income earned on direct investments in U.S. Treasury securities are generally exempt from state and local taxes.
Payments to Broker-Dealers and Other Financial Intermediaries: If you purchase the Fund through a broker-dealer or other financial intermediary (such as a
bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to
recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
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