# EDGAR Filing Document

**Accession Number:** 0001972459
**File Stem:** 0001580642-26-003789
**Filing Date:** 2026-6
**Character Count:** 169737
**Document Hash:** d47b8b37219e9c23178780375a5ab09f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003789.hdr.sgml**: 20260617

**ACCESSION NUMBER**: 0001580642-26-003789

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260617

**DATE AS OF CHANGE**: 20260617

**EFFECTIVENESS DATE**: 20260617

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Texas Capital Funds Trust
- **CENTRAL INDEX KEY:** 0001972459

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23862
- **FILM NUMBER:** 261096949

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 MCKINNEY AVENUE
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 945-229-5947

**MAIL ADDRESS:**
- **STREET 1:** 2000 MCKINNEY AVENUE
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

## Series and Classes Contracts Data

### Texas Capital Texas Equity Index ETF (Series ID: S000080680)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000243202 | Texas Capital Texas Equity Index ETF |  |

### Texas Capital Government Money Market Fund (Series ID: S000082305)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000245603 | Texas Capital Government Money Market Fund Institutional Class |  |

### Texas Capital Texas Oil Index ETF (Series ID: S000083461)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000247107 | Texas Capital Texas Oil Index ETF |  |

### Texas Capital Government Money Market ETF (Series ID: S000086506)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000252068 | Texas Capital Government Money Market ETF | MMKT            |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-23862</u>

<u>Texas Capital Funds Trust</u> <br> (Exact name of registrant as specified in charter)

<u>2000 McKinney Avenue, Suite 700, Dallas, TX</u> <u>75201</u> <br> (Address of principal executive offices) (Zip code)

---

| |
|:---|
| Neil Rajan, Secretary |
| Texas Capital Funds Trust |
| 2000 McKinney Avenue, Suite 700, Dallas, TX 75201 |
| (Name and address of agent for service) |

---

Registrant's telephone number, including area code: <u>1-945-229-5947</u>

Date of fiscal year end: <u>December 31</u> <br>Date of reporting period: <u>December 31, 2025</u>

**Explanatory Note:** The Registrant is filing this amendment (the "Amendment") to its Form N-CSR for the period ended December 31, 2025, originally filed with the Securities and Exchange Commission on March 6, 2026 (the "Original Report") (Accession Number 0001580642-26-001601). The sole purpose of the Amendment is to revise the "Report of Independent Registered Public Accounting Firm" included in the Original Report. In the table, the "Opinion on the Financial Statements" section was incorrectly presented in the second row of the first column. The only fund that should have been listed in that row is the Texas Capital Texas Oil Index ETF; accordingly, the Texas Capital Texas Equity Index ETF has been removed. Except as described above, the Amendment does not modify, update, or change any other items or disclosures contained in the Original Report.

**Item 1. Reports to Stockholders.** 

(a) #### Texas Capital Government Money Market ETF
(MMKT) NYSE

#### Annual Shareholder Report - December 31, 2025
![Image](i651de5ff110a7bec4c960fff.jpg)

# Fund Overview
This annual shareholder report contains important information about Texas Capital Government Money Market ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://fundsmanagement.texascapital.com/funds/mmkt/. You can also request this information by contacting us at (844) 822-3837.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Texas Capital Government Money Market ETF | $20 | 0.20% |

---

#### How did the Fund perform during the reporting period?
The Fund is a government money market ETF that invests 99.5% of its total assets in cash, U.S. Government Securities and Repurchase Agreements collateralized fully by U.S. Government Securities or cash. The Fund is managed with an active approach and attempts to achieve as high a level of interest income as is consistent with maintaining liquidity and stability.

For the year, the Fund returned 4.13%. The Fund benefited from relative value opportunities across the allowable maturity range by allocating to shorter-term securities with higher-yielding opportunities and by identifying opportunities across the government sector.

During the year, U.S. the Federal Reserve cut interest rates three times for a total of 75 basis points\*, lowering the target range for the federal funds to between 3.50% and 3.75%. Despite the lower interest rate environment, money market assets increased to a record $7.7 trillion last year driven by market volatility, demand for lower risk liquid assets and spread over lower-yielding alternatives like bank deposits. The U.S. Federal Reserve is expected to continue cutting interest rates and influencing money market yields lower. Interest rate differential between money market funds and alternative savings vehicles will likely remain positive and constructive for continued inflows.

\*A basis point is a unit of measure equal to one-hundredth of one percentage point.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i065157c7fb738b188d9dd94d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Texas Capital Government Money Market ETF - NAV** | **FTSE US Treasury Bill 1-3 Months Index** | **VettaFi U.S. Equity 3000 Index** |
| **09/24/24** | $10000 | $10000 | $10000 |
| **09/30/24** | $10007 | $10007 | $10049 |
| **12/31/24** | $10123 | $10126 | $10316 |
| **03/31/25** | $10225 | $10232 | $9822 |
| **06/30/25** | $10329 | $10341 | $10902 |
| **09/30/25** | $10438 | $10455 | $11795 |
| **12/31/25** | $10540 | $10561 | $12086 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (September 24, 2024)** |
| Texas Capital Government Money Market ETF - NAV | 4.13% | 4.24% |
| FTSE US Treasury Bill 1-3 Months Index | 4.30% | 4.39% |
| VettaFi U.S. Equity 3000 Index | 17.16% | 16.11% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.*

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $70128708 |
| Total Number of Portfolio Holdings | 36 |
| Total Advisory Fees Paid | $108115 |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Mirae Asset Securities Repo, 3.88%, 01/02/26 | &nbsp;&nbsp;12.3% |
| &nbsp;&nbsp;United States Treasury Bill, 3.47%, 03/24/26 | &nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;United States Treasury Bill, 3.47%, 04/07/26 | &nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;United States Treasury Bill, 3.44%, 03/17/26 | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;United States Treasury Bill, 3.34%, 01/20/26 | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;United States Treasury Bill, 3.45%, 02/17/26 | &nbsp;&nbsp;4.7% |
| &nbsp;&nbsp;Federal Home Loan Banks, 3.91%, 04/15/26 | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;United States Treasury Bill, 3.48%, 04/28/26 | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;United States Treasury Bill, 2.76%, 01/06/26 | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;United States Treasury Bill, 3.44%, 02/10/26 | &nbsp;&nbsp;3.6% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Sector Chart](i272ed555be80f907d50a4d41.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 0.5% |
| U.S. Government & Agencies | 10.5% |
| Repurchase Agreements | 16.5% |
| U.S. Treasury Obligations | 72.4% |

---

![Image](i234e30828ef631d792bf3013.jpg)

#### Texas Capital Government Money Market ETF

#### Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://fundsmanagement.texascapital.com/funds/mmkt/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-MMKT

#### Texas Capital Government Money Market Fund
(TXGXX)

#### Annual Shareholder Report - December 31, 2025
![Image](i651de5ff110a7bec4c960fff.jpg)

# Fund Overview
This annual shareholder report contains important information about Texas Capital Government Money Market Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.texascapitalbank.com/etf-funds-management/txgxx?&. You can also request this information by contacting us at (844) 822-3837.

 **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Texas Capital Government Money Market Fund | $24 | 0.24% |

---

#### How did the Fund perform during the reporting period?
The Fund is a government money market fund that invests 99.5% of its total assets in cash, U.S. Government Securities and Repurchase Agreements collateralized fully by U.S. Government Securities or cash. The Fund is managed with an active approach and attempts to achieve as high a level of interest income as is consistent with maintaining liquidity and stability.

For the year, the Fund returned 4.10%. The Fund benefited from relative value opportunities across the allowable maturity range by allocating to shorter-term securities with higher-yielding opportunities and by identifying opportunities across the government sector.

During the year, the U.S. Federal Reserve cut interest rates three times for a total of 75 basis points\*, lowering the target range for the federal funds to between 3.50% and 3.75%. Despite the lower interest rate environment, money market assets increased to a record $7.7 trillion last year driven by market volatility, demand for lower risk liquid assets and spread over lower-yielding alternatives like bank deposits. The U.S. Federal Reserve is expected to continue cutting interest rates and influencing money market yields lower. Interest rate differential between money market funds and alternative savings vehicles will likely remain positive and constructive for continued inflows.

\*A basis point is a unit of measure equal to one-hundredth of one percentage point.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic42be7f4051e8a59c481f129.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Texas Capital Government Money Market Fund** | **FTSE US Treasury Bill 1-3 Months Index** | **VettaFi U.S. Equity 3000 Index** |
| **Jul-2024** | $10000 | $10000 | $10000 |
| **Sep-2024** | $10104 | $10111 | $10327 |
| **Dec-2024** | $10220 | $10231 | $10602 |
| **Mar-2025** | $10325 | $10339 | $10094 |
| **Jun-2025** | $10431 | $10449 | $11204 |
| **Sep-2025** | $10539 | $10564 | $12123 |
| **Dec-2025** | $10639 | $10671 | $12421 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (July 17, 2024)** |
| Texas Capital Government Money Market Fund | 4.10% | 4.34% |
| FTSE US Treasury Bill 1-3 Months Index | 4.30% | 4.56% |
| VettaFi U.S. Equity 3000 Index | 17.16% | 16.04% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.*

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $128547878 |
| Total Number of Portfolio Holdings | 39 |
| Total Advisory Fees Paid | $0 |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Mirae Asset Securities Repo, 4.47%, 01/02/26 | &nbsp;&nbsp;39.4% |
| &nbsp;&nbsp;Mirae Asset Securities Repo, 3.79%, 01/02/26 | &nbsp;&nbsp;7.0% |
| &nbsp;&nbsp;United States Treasury Bill, 3.49%, 04/21/26 | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Mirae Asset Securities Repo, 3.70%, 01/06/26 | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;United States Treasury Bill, 2.76%, 01/06/26 | &nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;Mirae Asset Securities Repo, 3.76%, 01/05/26 | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;United States Treasury Bill, 0.00%, 01/02/26 | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;United States Treasury Bill, 3.38%, 01/22/26 | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;United States Treasury Bill, 3.40%, 02/03/26 | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;United States Treasury Bill, 3.46%, 02/24/26 | &nbsp;&nbsp;2.3% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Sector Chart](ic2faace8b1673d244820a433.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 0.5% |
| U.S. Government & Agencies | 6.1% |
| U.S. Treasury Obligations | 40.4% |
| Repurchase Agreements | 52.9% |

---

#### Material Fund Changes
Effective December 1 2025, the Fund's Expense Limit (as defined in the Fund's prospectus) changed from 0.25% to 0.20%.

![Image](i234e30828ef631d792bf3013.jpg)

#### Texas Capital Government Money Market Fund

#### Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.texascapitalbank.com/etf-funds-management/txgxx?&**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-TXGXX

#### Texas Capital Texas Equity Index ETF
(TXS) NYSE Arca, Inc.

#### Annual Shareholder Report - December 31, 2025
![Image](i651de5ff110a7bec4c960fff.jpg)

# Fund Overview
This annual shareholder report contains important information about Texas Capital Texas Equity Index ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.texascapitalbank.com/etf-funds-management/txs?&. You can also request this information by contacting us at (844) 822-3837.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Texas Capital Texas Equity Index ETF | $52 | 0.49% |

---

#### How did the Fund perform during the reporting period?
The Fund is managed with an index-based passive approach and attempts to achieve investment results that, before fees and expenses, correspond generally to the total return performance of the Texas Capital Texas Equity Index.

In 2025, the Fund benefited from continued Texas economic strength, returning 10.20% for the year. The best-performing sectors include Healthcare, Utilities and Financials. The portfolio management team kept performance to within 1% of its index. The difference in performance can be mainly attributed to management fees and slight under and overweight differences in securities.

From a total return perspective, Healthcare was the top-performing sector and the largest contributor to the Fund's return with a return of 40.06% during the year, primarily driven by positive catalysts in the Biotech subsector. The sector's weighting limited the contribution of return from the sector to 4.00% of the Fund's 10.20% one-year return.

Utilities were the second-best performing sector last year, posting a 31.46% return. Within the utilities sector, Talen Energy, Inc., NRG Energy, Inc. and Centerpoint Energy, Inc. contributed most to sector performance during the year. The sector's weighting limited the contribution of return from the sector to 0.59% of the Fund's one-year return.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](iad700f6efc33b52b5f449fae.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Texas Capital Texas Equity Index ETF - NAV** | **Texas Capital Texas Equity Index** | **VettaFi U.S. Equity 3000 Index** | **Syntax US 800 MidCap Index** |
| **07/12/23** | $10000 | $10000 | $10000 | $10000 |
| **09/30/23** | $9588 | $9601 | $9589 | $9317 |
| **12/31/23** | $10618 | $10643 | $10752 | $10491 |
| **03/31/24** | $11425 | $11465 | $11815 | $11359 |
| **06/30/24** | $11821 | $11875 | $12208 | $10935 |
| **09/30/24** | $12677 | $12737 | $12966 | $11948 |
| **12/31/24** | $13198 | $13275 | $13311 | $12013 |
| **03/31/25** | $12746 | $12841 | $12673 | $11591 |
| **06/30/25** | $14143 | $14280 | $14067 | $12457 |
| **09/30/25** | $14974 | $15141 | $15220 | $13207 |
| **12/31/25** | $14545 | $14722 | $15595 | $13355 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (July 12, 2023)** |
| Texas Capital Texas Equity Index ETF - NAV | 10.20% | 16.37% |
| Texas Capital Texas Equity Index | 10.90% | 16.94% |
| VettaFi U.S. Equity 3000 Index | 17.16% | 19.70% |
| Syntax US 800 MidCap Index | 11.17% | 12.42% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.*

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $31407434 |
| Total Number of Portfolio Holdings | 218 |
| Total Advisory Fees Paid | $152542 |
| Portfolio Turnover Rate | 18% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;CBRE Group, Inc., Class A | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Crown Castle International Corp. | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;GameStop Corp., Class A | &nbsp;&nbsp;2.4% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i5bf4a8163ccd05ae57dffb69.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.2% |
| Materials | 0.5% |
| Communications | 1.6% |
| Utilities | 1.6% |
| Consumer Staples | 2.2% |
| Financials | 7.5% |
| Technology | 9.9% |
| Health Care | 11.7% |
| Industrials | 13.3% |
| Real Estate | 13.4% |
| Energy | 18.5% |
| Consumer Discretionary | 19.5% |

---

![Image](i234e30828ef631d792bf3013.jpg)

#### Texas Capital Texas Equity Index ETF

#### Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.texascapitalbank.com/etf-funds-management/txs?&**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-TXS

#### Texas Capital Texas Oil Index ETF
(OILT) NYSE Arca, Inc.

#### Annual Shareholder Report - December 31, 2025
![Image](i86d153a8f3b2745e9cc759b3.jpg)

# Fund Overview
This annual shareholder report contains important information about Texas Capital Texas Oil Index ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.texascapitalbank.com/etf-funds-management/oilt?&. You can also request this information by contacting us at (844) 822-3837.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Texas Capital Texas Oil Index ETF | $34 | 0.35% |

---

#### How did the Fund perform during the reporting period?
The Fund is managed with an index-based passive approach and attempts to achieve investment results that, before fees and expenses, correspond generally to the total return performance of the Alerian Texas Weighted Oil & Gas Index.

During the year, the Fund returned -3.17%. The Fund focuses on exploration and production ("E&P") within the state of Texas. Despite its regional E&P focus, the Fund is still susceptible to the broader global energy markets. In 2025, crude oil and natural gas markets navigated heightened geopolitical tensions, economic weakness and oversupply. The sector showed resilience despite spot crude prices returning -19.94% for the year.

Producers maintained focus on production efficiency and prioritizing high-return investments. The Permian Basin is attractive to producers due to its vast reserves and unique formations that allow for efficient low-cost drilling. The Fund saw less M&A activity last year than prior years, but still benefited from Vital Energy, Inc. being acquired at a 20% premium by Crescent Energy, Inc.

# How has the Fund performed since inception?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3e1786069afdd6e139d31fa4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Texas Capital Texas Oil Index ETF - NAV** | **Alerian Texas Weighted Oil & Gas Index** | **VettaFi U.S. Equity 3000 Index** |
| **12/20/23** | $10000 | $10000 | $10000 |
| **12/31/23** | $10008 | $10008 | $10163 |
| **03/31/24** | $11423 | $11429 | $11168 |
| **06/30/24** | $10994 | $10992 | $11539 |
| **09/30/24** | $9981 | $9974 | $12256 |
| **12/31/24** | $10144 | $10139 | $12581 |
| **03/31/25** | $10239 | $10256 | $11979 |
| **06/30/25** | $9115 | $9128 | $13296 |
| **09/30/25** | $9810 | $9849 | $14386 |
| **12/31/25** | $9823 | $9869 | $14741 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (December 20, 2023)** |
| Texas Capital Texas Oil Index ETF - NAV | -3.17% | -0.88% |
| Alerian Texas Weighted Oil & Gas Index | -2.66% | -0.65% |
| VettaFi U.S. Equity 3000 Index | 17.16% | 21.06% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.*

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $10000012 |
| Total Number of Portfolio Holdings | 28 |
| Total Advisory Fees Paid | $41379 |
| Portfolio Turnover Rate | 13% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;8.6% |
| &nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;8.2% |
| &nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;8.1% |
| &nbsp;&nbsp;Crescent Energy Co., Class A | &nbsp;&nbsp;7.4% |
| &nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;6.9% |
| &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;APA Corp. | &nbsp;&nbsp;4.6% |
| &nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;4.1% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](i0240a381b3592d7f74bb75c9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 0.5% |
| Gas & Water Utilities | 3.7% |
| Oil, Gas & Consumable Fuels | 4.9% |
| Oil & Gas Producers | 90.7% |

---

![Image](i75f7136341f3583c5c2ff2dc.jpg)

#### Texas Capital Texas Oil Index ETF

#### Annual Shareholder Report - December 31, 2025

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.texascapitalbank.com/etf-funds-management/oilt?&**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 123125-OILT

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

**Item 2. Code of Ethics.** 

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 13(a)(1), a copy of registrant's code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

**Item 3. Audit Committee Financial Expert.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant's board of trustees has determined that the registrant does not have an audit committee financial expert. The board of
 trustees determined that, although none of its members meet the technical definition of an audit committee financial expert, the audit
 committee, comprised of all of the independent trustees, has sufficient financial expertise to adequately perform its duties under the
 Audit Committee Charter without the addition of a qualified expert.

**Item 4. Principal Accountant Fees and Services.**

(a) Audit Fees billed to the registrant by its principal accountants for the most recent fiscal year:

Fiscal year ended 2025: $80,000

Fiscal year ended 2024: $100,000

(b) Audit-Related Fees billed to the registrant by its principal accountants for the most recent fiscal year:

Fiscal year ended 2025: $0

Fiscal year ended 2024: $0

(c) Tax Fees billed to the registrant by its principal accountants for the most recent fiscal year:

Fiscal year ended 2025: $25,000

Fiscal year ended 2024: $25,000

Nature of the fees: Preparation of the 1120 RIC and Excise review

(d) All other fees billed to the registrant by its principal accountants for the most recent fiscal year:

Fiscal year ended 2025: $0

Fiscal year ended 2024: $0

(e)(1) **<u>Audit Committee's Pre-Approval Policies</u>**

The Audit Committee Charter requires the audit committee to be responsible for the selection, retention, termination and compensation of auditors and, in connection therewith, to (i) evaluate the proposed fees and other compensation, if any, to be paid to the auditors, (ii) evaluate the independence of the auditors, (iii) pre-approve all audit services and, when appropriate, any non-audit services provided by the independent auditors to the registrant, (iv) pre-approve, when appropriate, any non-audit services provided by the independent auditors to the registrant's investment adviser, or any entity controlling, controlled by, or under common control with the investment adviser and that provides ongoing services to the registrant if the engagement relates directly to the operations and financial reporting of the registrant, and (v) receive the auditors' specific representations as to their independence.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X is 0%.

(f) During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for fiscal year ended December 31, 2024 and December 31, 2025 were $25,000 and $25,000, respectively.

(h) Not applicable. The auditor performed no services for the registrant's investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

(i) Not Applicable.

(j) Not Applicable.

**Item 5. Audit Committee of Listed Registrants.** 

Certain series of the registrant that appear in the shareholder report included in Item 1 are listed issuers as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and have a separately-designated standing audit committee established in accordance with Section 3(a)(58)A of the Exchange Act. All of the Board's independent trustees are members of the audit committee.

**Item 6. Investments.**

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

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

(a) ---

| |
|:---|
| ![(TEXAS LOGO)](te001_v1.jpg) |
| **Texas Capital Texas Equity Index ETF (TXS)** |
| *NYSE Arca, Inc.* |
| **Texas Capital Texas Oil Index ETF (OILT)** |
| *NYSE Arca, Inc.* |
| **Texas Capital Government Money Market ETF** |
| **(MMKT)** |
| *NYSE* |
| **Annual Financial Statements** |
| **and Additional Information** |
| **December 31, 2025** |
| **Fund Adviser:** |
| **Texas Capital Bank Wealth Management Services, Inc.,<br> doing business as Texas Capital Bank Private Wealth Advisors<br> 2000 McKinney Avenue, Suite 1800<br> Dallas, TX 75201** |

---

---

| |
|:---|
| **Texas Capital Texas Equity Index ETF** |
| **Schedule of Investments** |
| *December 31, 2025* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.79%** |  |  |
| **Communications — 1.60%** |  |  |
| AST SpaceMobile, Inc., Class A<sup>(a)</sup> | 465 | $33773 |
| AT&T, Inc. | 14911 | 370389 |
| Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | 7900 | 17459 |
| Frontier Communications Parent, Inc.<sup>(a)</sup> | 521 | 19835 |
| iHeartMedia, Inc., Class A<sup>(a)</sup> | 3417 | 14215 |
| Match Group, Inc. | 491 | 15854 |
| MNTN, Inc.<sup>(a)</sup> | 1246 | 14877 |
| Nexstar Media Group, Inc. | 78 | 15838 |
|  |  | 502240 |
| **Consumer Discretionary — 19.53%** |  |  |
| Academy Sports & Outdoors, Inc. | 6145 | 307004 |
| Biglari Holdings, Inc., Class A<sup>(a)</sup> | 43 | 74822 |
| Brinker International, Inc.<sup>(a)</sup> | 3008 | 431708 |
| Builders FirstSource, Inc.<sup>(a)</sup> | 146 | 15022 |
| Carriage Services, Inc. | 758 | 32063 |
| Cinemark Holdings, Inc. | 642 | 14920 |
| Copart, Inc.<sup>(a)</sup> | 1853 | 72545 |
| D.R. Horton, Inc. | 2573 | 370589 |
| Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | 12112 | 196336 |
| Forestar Group, Inc.<sup>(a)</sup> | 623 | 15345 |
| GameStop Corp., Class A<sup>(a)</sup> | 37959 | 762217 |
| Green Brick Partners, Inc.<sup>(a)</sup> | 390 | 24437 |
| Group 1 Automotive, Inc. | 1141 | 448755 |
| LGI Homes, Inc.<sup>(a)</sup> | 331 | 14220 |
| Microvast Holdings, Inc.<sup>(a)</sup> | 4782 | 13390 |
| Rush Enterprises, Inc., Class A | 6436 | 347158 |
| Sally Beauty Holdings, Inc.<sup>(a)</sup> | 8876 | 126572 |
| Service Corp. International | 7280 | 567622 |
| Target Hospitality Corp.<sup>(a)</sup> | 2388 | 19128 |
| Tesla, Inc.<sup>(a)</sup> | 3888 | 1748511 |
| Wingstop, Inc. | 1882 | 448838 |
| XPEL, Inc.<sup>(a)</sup> | 1349 | 67329 |
| YETI Holdings, Inc.<sup>(a)</sup> | 356 | 15724 |
|  |  | 6134255 |
| **Consumer Staples — 2.17%** |  |  |
| Darling Ingredients, Inc.<sup>(a)</sup> | 461 | 16596 |
| Kimberly-Clark Corp. | 446 | 44997 |
| Quanex Building Products Corp. | 1110 | 17072 |
| Sysco Corp. | 7953 | 586057 |
| Vital Farms, Inc.<sup>(a)</sup> | 558 | 17822 |
|  |  | 682544 |
| **Energy — 18.54%** |  |  |
| APA Corp. | 1661 | 40628 |
| Archrock, Inc. | 805 | 20946 |
| Atlas Energy Solutions, Inc. | 1546 | 14563 |
| Baker Hughes Co., Class A | 4669 | 212626 |

---

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Texas Capital Texas Equity Index ETF** |
| **Schedule of Investments (continued)** |
| *December 31, 2025* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.79% - continued** |  |  |
| **Energy — 18.54% - continued** |  |  |
| Cheniere Energy, Inc. | 3539 | $687946 |
| Chevron Corp. | 2543 | 387579 |
| Chord Energy Corp. | 266 | 24658 |
| Comstock Resources, Inc.<sup>(a)</sup> | 697 | 16156 |
| ConocoPhillips | 5657 | 529552 |
| Core Laboratories, Inc. | 946 | 15164 |
| Coterra Energy, Inc. | 3531 | 92936 |
| Crescent Energy Co., Class A | 1650 | 13843 |
| CVR Energy, Inc.<sup>(a)</sup> | 508 | 12924 |
| Diamondback Energy, Inc. | 750 | 112748 |
| DNOW, Inc.<sup>(a)</sup> | 3052 | 40439 |
| EOG Resources, Inc. | 2386 | 250554 |
| Excelerate Energy, Inc., Class A | 591 | 16578 |
| Expro Group Holdings N.V.<sup>(a)</sup> | 1116 | 14899 |
| Exxon Mobil Corp. | 5668 | 682087 |
| Flowco Holdings, Inc., Class A | 868 | 16266 |
| Forum Energy Technologies, Inc.<sup>(a)</sup> | 461 | 17034 |
| Halliburton Co. | 3521 | 99504 |
| Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 2223 | 13938 |
| Hess Midstream, L.P., Class A | 1215 | 41918 |
| HF Sinclair Corp. | 320 | 14746 |
| Innovex International, Inc.<sup>(a)</sup> | 701 | 15331 |
| Kimbell Royalty Partners, L.P. | 1282 | 15076 |
| Kinder Morgan, Inc. | 19349 | 531904 |
| Kinetik Holdings, Inc., Class A | 468 | 16871 |
| Kodiak Gas Services, Inc. | 430 | 16082 |
| Kosmos Energy Ltd.<sup>(a)</sup> | 15645 | 14196 |
| Landbridge Co., LLC | 285 | 13962 |
| Magnolia Oil & Gas Corp., Class A | 840 | 18388 |
| Matador Resources Co. | 547 | 23215 |
| Murphy Oil Corp. | 628 | 19625 |
| Newpark Resources, Inc.<sup>(a)</sup> | 1242 | 14805 |
| Noble Corp. plc | 593 | 16746 |
| NOV, Inc. | 974 | 15224 |
| Occidental Petroleum Corp. | 3229 | 132776 |
| Oceaneering International, Inc.<sup>(a)</sup> | 590 | 14178 |
| Oil States International, Inc.<sup>(a)</sup> | 2279 | 15429 |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | 376 | 13213 |
| Patterson-UTI Energy, Inc. | 2495 | 15245 |
| Permian Resources Corp., Class A | 3349 | 46986 |
| Phillips 66 | 542 | 69940 |
| ProPetro Holding Corp.<sup>(a)</sup> | 1426 | 13561 |
| Range Resources Corp. | 1100 | 38786 |
| Sable Offshore Corp.<sup>(a)</sup> | 3024 | 27276 |
| Schlumberger Ltd. | 6671 | 256033 |
| Select Water Solutions, Inc., Class A | 1384 | 14560 |
| Solaris Energy Infrastructure, Inc., Class A | 296 | 13607 |

---

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Texas Capital Texas Equity Index ETF** |
| **Schedule of Investments (continued)** |
| *December 31, 2025* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.79% - continued** |  |  |
| **Energy — 18.54% - continued** |  |  |
| T1 Energy, Inc.<sup>(a)</sup> | 2619 | $17495 |
| Talen Energy Corp.<sup>(a)</sup> | 166 | 62223 |
| Talos Energy, Inc.<sup>(a)</sup> | 1350 | 14877 |
| Targa Resources Corp. | 2124 | 391878 |
| TETRA Technologies, Inc.<sup>(a)</sup> | 1843 | 17269 |
| Texas Pacific Land Corp. | 1302 | 373960 |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | 402 | 14938 |
| Tidewater, Inc.<sup>(a)</sup> | 282 | 14244 |
| Valero Energy Corp. | 405 | 65930 |
| Viper Energy, Inc., Class A | 789 | 30479 |
| Weatherford International PLC | 332 | 25982 |
|  |  | 5822522 |
| **Financials — 7.46%** |  |  |
| Applied Digital Corp.<sup>(a)</sup> | 520 | 12751 |
| Charles Schwab Corp. (The) | 15234 | 1522029 |
| Comerica, Inc. | 1154 | 100317 |
| Corebridge Financial, Inc. | 2041 | 61577 |
| Cullen/Frost Bankers, Inc. | 537 | 68000 |
| EZCORP, Inc., Class A<sup>(a)</sup> | 765 | 14856 |
| First Financial Bankshares, Inc. | 980 | 29273 |
| First Foundation, Inc.<sup>(a)</sup> | 2677 | 16490 |
| FirstCash Holdings, Inc. | 358 | 57058 |
| Globe Life, Inc. | 719 | 100560 |
| Goosehead Insurance, Inc., Class A | 219 | 16129 |
| Hilltop Holdings, Inc. | 457 | 15511 |
| International Bancshares Corp. | 492 | 32688 |
| P10, Inc., Class A | 1578 | 15480 |
| Prosperity Bancshares, Inc. | 832 | 57500 |
| Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 339 | 17326 |
| Southside Bancshares, Inc. | 509 | 15468 |
| Stellar Bancorp, Inc. | 500 | 15470 |
| Stewart Information Services Corp. | 250 | 17565 |
| Strive, Inc., Class A<sup>(a)</sup> | 16115 | 11893 |
| TPG, Inc., Class A | 1256 | 80183 |
| Triumph Financial, Inc.<sup>(a)</sup> | 262 | 16409 |
| TWFG, Inc.<sup>(a)</sup> | 579 | 16658 |
| Victory Capital Holdings, Inc., Class A | 497 | 31356 |
|  |  | 2342547 |
| **Health Care — 11.70%** |  |  |
| Addus HomeCare Corp.<sup>(a)</sup> | 1410 | 151420 |
| Caris Life Sciences, Inc.<sup>(a)</sup> | 594 | 16026 |
| Castle Biosciences, Inc.<sup>(a)</sup> | 423 | 16455 |
| Concentra Group Holdings Parent, Inc. | 8973 | 176588 |
| Enhabit, Inc.<sup>(a)</sup> | 3822 | 35239 |
| Integer Holdings Corp.<sup>(a)</sup> | 223 | 17490 |
| McKesson Corp. | 2050 | 1681594 |
| Natera, Inc.<sup>(a)</sup> | 181 | 41465 |

---

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Texas Capital Texas Equity Index ETF** |
| **Schedule of Investments (continued)** |
| *December 31, 2025* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.79% - continued** |  |  |
| **Health Care — 11.70% - continued** |  |  |
| Nutex Health, Inc.<sup>(a)</sup> | 411 | $67659 |
| Orthofix Medical, Inc.<sup>(a)</sup> | 1017 | 15418 |
| Taysha Gene Therapies, Inc.<sup>(a)</sup> | 3340 | 18370 |
| Tenet Healthcare Corp.<sup>(a)</sup> | 6844 | 1360040 |
| U.S. Physical Therapy, Inc. | 966 | 75435 |
|  |  | 3673199 |
| **Industrials — 13.34%** |  |  |
| AECOM | 1807 | 172261 |
| Alamo Group, Inc. | 97 | 16283 |
| American Airlines Group, Inc.<sup>(a)</sup> | 6467 | 99139 |
| AMN Healthcare Services, Inc.<sup>(a)</sup> | 1010 | 15918 |
| Arcosa, Inc. | 227 | 24135 |
| AZZ, Inc. | 147 | 15756 |
| Bristow Group, Inc.<sup>(a)</sup> | 443 | 16223 |
| Cactus, Inc., Class A | 343 | 15668 |
| Caterpillar, Inc. | 629 | 360335 |
| CECO Environmental Corp.<sup>(a)</sup> | 277 | 16579 |
| Comfort Systems USA, Inc. | 347 | 323852 |
| CorVel Corp.<sup>(a)</sup> | 2256 | 152663 |
| CSW Industrials, Inc. | 51 | 14970 |
| DXP Enterprises, Inc.<sup>(a)</sup> | 214 | 23495 |
| Ennis, Inc. | 906 | 16317 |
| Fermi, Inc.<sup>(a)</sup> | 1047 | 8376 |
| Firefly Aerospace, Inc.<sup>(a)</sup> | 756 | 16912 |
| Flowserve Corp. | 220 | 15264 |
| Fluor Corp.<sup>(a)</sup> | 2165 | 85799 |
| Forward Air Corp.<sup>(a)</sup> | 620 | 15500 |
| Great Lakes Dredge & Dock Corp.<sup>(a)</sup> | 1181 | 15495 |
| IES Holdings, Inc.<sup>(a)</sup> | 181 | 70413 |
| Insperity, Inc. | 490 | 18973 |
| Intuitive Machines, Inc.<sup>(a)</sup> | 1363 | 22121 |
| Jacobs Solutions, Inc. | 1611 | 213393 |
| KBR, Inc. | 1724 | 69305 |
| Kirby Corp.<sup>(a)</sup> | 537 | 59167 |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 221 | 16776 |
| Lennox International, Inc. | 43 | 20880 |
| Orion Group Holdings, Inc.<sup>(a)</sup> | 1407 | 13985 |
| Powell Industries, Inc. | 44 | 14026 |
| Primoris Services Corp. | 531 | 65918 |
| Quanta Services, Inc. | 1465 | 618318 |
| Southwest Airlines Co. | 5118 | 211527 |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 297 | 90950 |
| Trinity Industries, Inc. | 571 | 15097 |
| Waste Management, Inc. | 5582 | 1226421 |
|  |  | 4188210 |
| **Materials — 0.49%** |  |  |
| ATI, Inc.<sup>(a)</sup> | 181 | 20771 |

---

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Texas Capital Texas Equity Index ETF** |
| **Schedule of Investments (continued)** |
| *December 31, 2025* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.79% - continued** |  |  |
| **Materials — 0.49% - continued** |  |  |
| Celanese Corp. | 373 | $15770 |
| Commercial Metals Co. | 231 | 15990 |
| Eagle Materials, Inc. | 71 | 14674 |
| Huntsman Corp. | 1512 | 15120 |
| United States Antimony Corp.<sup>(a)</sup> | 2722 | 13664 |
| United States Lime & Minerals, Inc. | 128 | 15327 |
| Uranium Energy Corp.<sup>(a)</sup> | 2242 | 26187 |
| Westlake Corp. | 221 | 16341 |
|  |  | 153844 |
| **Real Estate — 13.43%** |  |  |
| Camden Property Trust | 2525 | 277952 |
| CBRE Group, Inc., Class A<sup>(a)</sup> | 7135 | 1147237 |
| Crown Castle International Corp. | 10548 | 937401 |
| Digital Realty Trust, Inc. | 8320 | 1287187 |
| Howard Hughes Holdings, Inc.<sup>(a)</sup> | 1121 | 89422 |
| Invitation Homes, Inc. | 14847 | 412598 |
| NETSTREIT Corp. | 2003 | 35333 |
| NexPoint Residential Trust, Inc. | 540 | 16254 |
| Summit Hotel Properties, Inc. | 3228 | 15720 |
|  |  | 4219104 |
| **Technology — 9.89%** |  |  |
| Alkami Technology, Inc.<sup>(a)</sup> | 922 | 21270 |
| Ambiq Micro, Inc.<sup>(a)</sup> | 534 | 15219 |
| Applied Optoelectronics, Inc.<sup>(a)</sup> | 461 | 16071 |
| BigCommerce Holdings, Inc.<sup>(a)</sup> | 3542 | 14593 |
| Bumble, Inc., Class A<sup>(a)</sup> | 4164 | 14865 |
| Cirrus Logic, Inc.<sup>(a)</sup> | 128 | 15168 |
| CommScope Holding Co., Inc.<sup>(a)</sup> | 800 | 14504 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 3350 | 1570346 |
| Dell Technologies, Inc., Class C | 408 | 51359 |
| Digital Turbine, Inc.<sup>(a)</sup> | 3228 | 16140 |
| Diodes, Inc.<sup>(a)</sup> | 306 | 15098 |
| Flex Ltd.<sup>(a)</sup> | 491 | 29666 |
| Hewlett Packard Enterprise Co. | 1773 | 42587 |
| Omnicell, Inc.<sup>(a)</sup> | 602 | 27271 |
| Oracle Corp. | 3538 | 689591 |
| Q2 Holdings, Inc.<sup>(a)</sup> | 217 | 15659 |
| Sabre Corp.<sup>(a)</sup> | 10532 | 14324 |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 111 | 14508 |
| TaskUs, Inc., Class A<sup>(a)</sup> | 1312 | 15468 |
| Texas Instruments, Inc. | 1221 | 211831 |
| Tyler Technologies, Inc.<sup>(a)</sup> | 589 | 267377 |
| Upbound Group, Inc. | 846 | 14856 |
|  |  | 3107771 |
| **Utilities — 1.64%** |  |  |
| Atmos Energy Corp. | 588 | 98567 |
| CenterPoint Energy, Inc. | 2402 | 92093 |

---

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Texas Capital Texas Equity Index ETF** |
| **Schedule of Investments (continued)** |
| *December 31, 2025* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.79% - continued** |  |  |
| **Utilities — 1.64% - continued** |  |  |
| NRG Energy, Inc. | 698 | $111149 |
| Vistra Corp. | 1234 | 199081 |
| WaterBridge Infrastructure, LLC, Class A<sup>(a)</sup> | 739 | 14787 |
|  |  | 515677 |
| **Total Common Stocks — 99.79% (Cost $26,656,331)** |  | 31341913 |
| **MONEY MARKET FUNDS — 0.17%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Opportunity Class, 3.71%<sup>(b)</sup> | 52404 | 52404 |
| **Total Money Market Funds (Cost $52,404)** |  | 52404 |
| **Total Investments — 99.96% (Cost $26,708,735)** |  | 31394317 |
| **Other Assets in Excess of Liabilities — 0.04%** |  | 13117 |
| **NET ASSETS — 100.00%** |  | $31407434 |

---

(a) Non-income producing security.

(b) Rate disclosed is the seven day
 effective yield as of December 31, 2025.

REIT - Real Estate Investment Trust

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Texas Capital Texas Oil Index ETF** |
| **Schedule of Investments** |
| *December 31, 2025* |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.35%** |  |  |
| **Gas & Water Utilities — 3.71%** |  |  |
| Osaka Gas Company Ltd. (Japan) | 4175 | $144738 |
| Tokyo Gas Company Ltd. (Japan) | 5705 | 226009 |
|  |  | 370747 |
| **Oil & Gas Producers — 90.73%** |  |  |
| APA Corp. | 18773 | 459188 |
| Baytex Energy Corp. | 71990 | 232528 |
| BP PLC - ADR | 8360 | 290343 |
| Civitas Resources, Inc. | 14119 | 382484 |
| Comstock Resources, Inc.<sup>(a)</sup> | 7009 | 162469 |
| ConocoPhillips | 8779 | 821802 |
| Coterra Energy, Inc. | 6489 | 170790 |
| Crescent Energy Co., Class A | 88673 | 743966 |
| Devon Energy Corp. | 11947 | 437619 |
| Diamondback Energy, Inc. | 5406 | 812684 |
| EOG Resources, Inc. | 6530 | 685715 |
| Exxon Mobil Corp. | 7112 | 855858 |
| Kinder Morgan, Inc. | 8685 | 238751 |
| Magnolia Oil & Gas Corp., Class A | 9716 | 212683 |
| Matador Resources Co. | 1339 | 56827 |
| Murphy Oil Corp. | 3745 | 117031 |
| Occidental Petroleum Corp. | 20650 | 849128 |
| Ovintiv, Inc. | 10442 | 409222 |
| Permian Resources Corp., Class A | 28821 | 404359 |
| Repsol S.A. - ADR | 3861 | 72123 |
| Riley Exploration Permian, Inc. | 3064 | 80890 |
| Ring Energy, Inc.<sup>(a)</sup> | 82890 | 72114 |
| SM Energy Co. | 21225 | 396907 |
| TotalEnergies S.E. | 1643 | 107485 |
|  |  | 9072966 |
| **Oil, Gas & Consumable Fuels — 4.91%** |  |  |
| Chevron Corp. | 3221 | 490913 |
| **Total Common Stocks — 99.35% (Cost $11,362,602)** |  | 9934626 |
| **MONEY MARKET FUNDS— 0.52%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Opportunity Class, 3.71%<sup>(b)</sup> | 52340 | 52340 |
| **Total Money Market Funds (Cost $52,340)** |  | 52340 |
| **Total Investments — 99.87% (Cost $11,414,942)** |  | 9986966 |
| **Other Assets in Excess of Liabilities — 0.13%** |  | 13046 |
| **NET ASSETS — 100.00%** |  | $10000012 |

---

(a) Non-income producing security.

(b) Rate disclosed is the seven day
 effective yield as of December 31, 2025.

ADR - American Depositary Receipt.

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Texas Capital Government Money Market ETF** |
| **Schedule of Investments** |
| *December 31, 2025* |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Fair Value** |
| **U.S. GOVERNMENT & AGENCIES — 10.45%** |  |  |
| Federal Farm Credit Banks Funding Corp., 4.00 *%*, 1/13/2026 | $2000000 | $2000209 |
| Federal Farm Credit Banks Funding Corp., 3.32 *%*, 2/25/2026 | 250000 | 249860 |
| Federal Farm Credit Banks Funding Corp., 1.66 *%*, 3/10/2026 | 236000 | 235160 |
| Federal Home Loan Banks, 3.91 *%*, 4/15/2026 | 2915000 | 2917781 |
| Federal National Mortgage Association, 2.13 *%*, 4/24/2026 | 1942000 | 1933127 |
| **Total U.S. Government & Agencies (Cost $7,334,112)** |  | 7336137 |
| **U.S. TREASURY OBLIGATIONS — 72.42%** |  |  |
| United States Treasury Bill, 0.00 *%*, 1/2/2026 | 1083400 | 1083400 |
| United States Treasury Bill, 2.76 *%*, 1/6/2026 | 2848800 | 2847708 |
| United States Treasury Bill, 2.97 *%*, 1/8/2026 | 1083400 | 1082774 |
| United States Treasury Bill, 3.28 *%*, 1/15/2026 | 1841600 | 1839250 |
| United States Treasury Bill, 3.34 *%*, 1/20/2026 | 3380500 | 3374535 |
| United States Treasury Bill, 3.38 *%*, 1/22/2026 | 1820000 | 1816412 |
| United States Treasury Bill, 3.39 *%*, 1/27/2026 | 1191600 | 1188684 |
| United States Treasury Bill, 3.39 *%*, 1/29/2026 | 750000 | 748022 |
| United States Treasury Bill, 3.40 *%*, 2/3/2026 | 2123400 | 2116791 |
| United States Treasury Bill, 3.43 *%*, 2/5/2026 | 1040000 | 1036532 |
| United States Treasury Bill, 3.44 *%*, 2/10/2026 | 2500000 | 2490433 |
| United States Treasury Bill, 3.50 *%*, 2/12/2026 | 2080000 | 2071509 |
| United States Treasury Bill, 3.45 *%*, 2/17/2026 | 3330000 | 3315002 |
| United States Treasury Bill, 3.46 *%*, 2/24/2026 | 1040000 | 1034606 |
| United States Treasury Bill, 3.52 *%*, 2/26/2026 | 2000000 | 1989053 |
| United States Treasury Bill, 3.42 *%*, 3/10/2026 | 520000 | 516641 |
| United States Treasury Bill, 3.44 *%*, 3/17/2026 | 3432000 | 3407438 |
| United States Treasury Bill, 3.46 *%*, 3/19/2026 | 1250000 | 1240759 |
| United States Treasury Bill, 3.47 *%*, 3/24/2026 | 4500000 | 4464448 |
| United States Treasury Bill, 3.46 *%*, 3/31/2026 | 2500000 | 2478599 |
| United States Treasury Bill, 3.47 *%*, 4/7/2026 | 4000000 | 3962964 |
| United States Treasury Bill, 3.48 *%*, 4/28/2026 | 2900000 | 2867175 |
| United States Treasury Bill, 3.47 *%*, 4/30/2026 | 500000 | 494257 |
| United States Treasury Bill, 3.44 *%*, 6/4/2026 | 1000000 | 985264 |
| United States Treasury Floating Rate Note, 3.85 *%*, 1/31/2026 | 1000000 | 1000082 |
| United States Treasury Floating Rate Note, 3.75 *%*, 4/30/2026 | 1350000 | 1349928 |
| **Total U.S. Treasury Obligations (Cost $50,785,260)** |  | 50802266 |
| **REPURCHASE AGREEMENTS — 16.54%** |  |  |
| Tri-Party Repurchase Agreement with Mirae Asset Securities and Bank of New York, 3.88%, dated 12/31/2025 and maturing 1/2/2026 collateralized by Agency Mortgage-Back Securities, Agency Debentures and Agency Strips, and U.S. Treasuries with rates ranging from 0.00% to 6.50% and maturity dates ranging from 11/1/2026 to 12/1/2055 with a par value of $15,294,469 and a collateral value of $8,741,178 | 8600000 | 8600000 |

---

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Texas Capital Government Money Market ETF** |
| **Schedule of Investments (continued)** |
| *December 31, 2025* |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** |<br>**Fair Value** |
| **REPURCHASE AGREEMENTS — 16.54% - continued** |  |  |
| Tri-Party Repurchase Agreement with Mirae Asset Securities and Bank of New York, 3.79%, dated 12/26/2025 and maturing 1/2/2026 collateralized by Agency Mortgage-Back Securities, Agency Debentures and Agency Strips, and U.S. Treasuries with rates ranging from 0.00% to 4.88% and maturity dates ranging from 2/10/2026 to 5/15/2054 with a par value of $1,044,965 and a collateral value of $1,010,224 | $1000000 | $1000000 |
| Tri-Party Repurchase Agreement with Mirae Asset Securities and Bank of New York, 3.76%, dated 12/29/2025 and maturing 1/5/2026 collateralized by Agency Mortgage-Back Securities, Agency Debentures and Agency Strips, and U.S. Treasuries with rates ranging from 0.00% to 5.50% and maturity dates ranging from 2/10/2026 to 6/1/2055 with a par value of $1,133,893 and a collateral value of $1,019,322 | 1000000 | 1000000 |
| Tri-Party Repurchase Agreement with Mirae Asset Securities and Bank of New York, 3.70% dated 12/30/2025 and maturing 1/6/2026 collateralized by Agency Mortgage-Back Securities, Agency Debentures and Agency Strips, and U.S. Treasuries with rates ranging from 1.68% to 6.00% and maturity dates ranging from 4/3/2028 to 8/1/2055 with a par value of $1,138,795 and a collateral value of $1,015,471 | 1000000 | 1000000 |
| **Total Repurchase Agreements (Cost $11,600,000)** |  | 11600000 |
|  | **Shares** |  |
| **MONEY MARKET FUNDS — 0.47%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Opportunity Class, 3.71%<sup>(a)</sup> | 329262 | 329262 |
| **Total Money Market Funds (Cost $329,262)** |  | 329262 |
| **Total Investments — 99.88% (Cost $70,048,634)** |  | 70067665 |
| **Other Assets in Excess of Liabilities — 0.09%** |  | 61043 |
| **NET ASSETS — 100.00%** |  | $70128708 |

---

(a) Rate disclosed is the seven day
 effective yield as of December 31, 2025.

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Texas Capital Funds Trust** |
| **Statements of Assets and Liabilities** |
| *December 31, 2025* |

---

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Texas Capital**<br>**Texas Equity**<br>**Index ETF** |<br>**Texas Capital**<br>**Texas Oil**<br>**Index ETF** | **Texas Capital**<br>**Government**<br>**Money**<br>**Market ETF** |
| **Assets** |  |  |  |
| Investments in securities, at fair value (cost $26,708,735, $11,414,942 and $58,448,634) | $31394317 | $9986966 | $58467665 |
| Foreign currency (cost $–, $4,439 and $–) |  | 4406 |  |
| Repurchase Agreements (cost $–, $– and $11,600,000) |  |  | 11600000 |
| Dividends and interest receivable | 26637 | 11456 | 93100 |
| Tax reclaims receivable |  | 317 |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 31420954 | 10003145 | 70160765 |
| **Liabilities** |  |  |  |
| Distributions payable |  |  | 20510 |
| Payable to Adviser | 13520 | 3133 | 11547 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 13520 | 3133 | 32057 |
| **Net Assets** | $31407434 | $10000012 | $70128708 |
| **Net Assets consist of:** |  |  |  |
| Paid-in capital | 27100718 | 11664109 | 70109656 |
| Accumulated earnings (deficit) | 4306716 | (1664097) | 19052 |
| **Net Assets** | $31407434 | $10000012 | $70128708 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 884000 | 435001 | 700000 |
| Net asset value per share | $35.53 | $22.99 | $100.18 |

---

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Texas Capital Funds Trust** |
| **Statements of Operations** |
| *For the year ended December 31, 2025* |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Texas**<br>**Capital**<br>**Texas**<br>**Equity**<br>**Index ETF** |<br>**Texas**<br>**Capital**<br>**Texas Oil**<br>**Index ETF** | **Texas**<br>**Capital**<br>**Government**<br>**Money**<br>**Market ETF** |
| **Investment Income** |  |  |  |
| Dividend income (net of foreign taxes withheld of $–, $6,604 and $–) | $425937 | $399468 | $9545 |
| Interest income |  |  | 2275003 |
| **Total investment income** | 425937 | 399468 | 2284548 |
| **Expenses** |  |  |  |
| Advisory fees | 152542 | 41379 | 108115 |
| **Total operating expenses** | 152542 | 41379 | 108115 |
| **Net investment income** | 273395 | 358089 | 2176433 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment securities | (347059) | (202985) | 11 |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 2431235 | 473213 | 621 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions |  | (1129) |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investment securities | 467955 | (952418) | 8052 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations |  | 224 |  |
| **Net realized and change in unrealized gain (loss) on investment securities** | 2552131 | (683095) | 8684 |
| **Net increase (decrease) in net assets resulting from operations** | $2825526 | $(325006) | $2185117 |

---

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Texas Capital Funds Trust** |
| **Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | Texas Capital Texas Equity | Texas Capital Texas Equity |
|  | Index ETF | Index ETF |
|  | **For the**<br>**Year Ended**<br>**December 31,**<br>**2025** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $273395 | $230918 |
| Net realized loss on investment securities | (347059) | (115556) |
| Net realized gain from in-kind redemptions | 2431235 | 1725596 |
| Change in unrealized appreciation on investment securities | 467955 | 3189224 |
| **Net increase in net assets resulting from operations** | 2825526 | 5030182 |
| **Distributions to Shareholders from Earnings** | (266033) | (226285) |
| **Capital Transactions** |  |  |
| Proceeds from shares sold | 8137208 | 10261033 |
| Amount paid for shares redeemed | (8351535) | (4850515) |
| **Net increase (decrease) in net assets resulting from capital transactions** | (214327) | 5410518 |
| **Total Increase in Net Assets** | 2345166 | 10214415 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | $29062268 | $18847853 |
| &nbsp;&nbsp;&nbsp;End of year | $31407434 | $29062268 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 240000 | 340000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (250000) | (160000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | (10000) | 180000 |

---

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Texas Capital Funds Trust** |
| **Statements of Changes in Net Assets (continued)** |

---

---

| | | |
|:---|:---|:---|
|  | Texas Capital Texas Oil Index | Texas Capital Texas Oil Index |
|  | ETF | ETF |
|  | **For the**<br>**Year Ended**<br>**December 31,**<br>**2025** | **For the**<br>**Year Ended**<br>**December 31,**<br>**2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $358089 | $336092 |
| Net realized loss on investment securities | (204114) | (32197) |
| Net realized gain from in-kind redemptions | 473213 | 766576 |
| Change in unrealized depreciation on investment securities | (952194) | (475951) |
| **Net increase (decrease) in net assets resulting from operations** | (325006) | 594520 |
| **Distributions to Shareholders from Earnings** | (369152) | (322473) |
| **Capital Transactions** |  |  |
| Proceeds from shares sold | 1563887 | 17531589 |
| Amount paid for shares redeemed | (3723967) | (5197055) |
| **Net increase (decrease) in net assets resulting from capital transactions** | (2160080) | 12334534 |
| **Total Increase (Decrease) in Net Assets** | (2854238) | 12606581 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | $12854250 | $247669 |
| &nbsp;&nbsp;&nbsp;End of year | $10000012 | $12854250 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 70000 | 720001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (160000) | (205000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | (90000) | 515001 |

---

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Texas Capital Funds Trust** |
| **Statements of Changes in Net Assets (continued)** |

---

---

| | | |
|:---|:---|:---|
|  | Texas Capital Government | Texas Capital Government |
|  | Money Market ETF | Money Market ETF |
|  | **For the**<br>**Year Ended**<br>**December 31,**<br>**2025** | **For the**<br>**Period Ended**<br>**December 31,**<br>**2024<sup>(a)</sup>** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $2176433 | $470071 |
| Net realized gain on investment securities | 11 |  |
| Net realized gain from in-kind redemptions | 621 | 848 |
| Change in unrealized appreciation on investment securities | 8052 | 10979 |
| **Net increase in net assets resulting from operations** | 2185117 | 481898 |
| **Distributions to Shareholders from Earnings** | (2176423) | (471605) |
| **Capital Transactions** |  |  |
| Proceeds from shares sold | 35075120 | 47558423 |
| Amount paid for shares redeemed | (7518606) | (5005216) |
| **Net increase in net assets resulting from capital transactions** | 27556514 | 42553207 |
| **Total Increase in Net Assets** | 27565208 | 42563500 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | $42563500 | $— |
| &nbsp;&nbsp;&nbsp;End of year/period | $70128708 | $42563500 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 350000 | 475000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (75000) | (50000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 275000 | 425000 |

---

(a) For the period September 24, 2024
 (commencement of operations) to December 31, 2024.

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Texas Capital Texas Equity Index ETF** |
| **Financial Highlights** |
| *(For a share outstanding during each period)* |

---

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**For the**<br>**Year Ended**<br>**December**<br>**31, 2025** |<br>**For the**<br>**Year Ended**<br>**December**<br>**31, 2024** | **For the**<br>**Period**<br>**Ended**<br>**December**<br>**31, 2023<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |  |
| Net asset value, beginning of year/period | $32.51 | $26.40 | $25.00 |
| Investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.30 | 0.28 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 3.01 | 6.11 | 1.40 |
| Total from investment operations | 3.31 | 6.39 | 1.54 |
| **Less distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.29) | (0.28) | (0.14) |
| Total distributions | (0.29) | (0.28) | (0.14) |
| Net asset value, end of year/period | $35.53 | $32.51 | $26.40 |
| Market price, end of year/period | $35.55 | $32.50 | $26.39 |
| **Total Return<sup>(b)</sup>** | 10.20% | 24.30% | 6.18 % <sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000 omitted) | $31407 | $29062 | $18848 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.49% | 0.49% | 0.49 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.88% | 0.97% | 1.24 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 18% | 3% | 3 % <sup>(c)</sup> |

---

(a) For the period July 12, 2023 (commencement
 of operations) to December 31, 2023.

(b) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(c) Not annualized.

(d) Annualized.

(e) Portfolio turnover rate excludes
 securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Texas Capital Texas Oil Index ETF** |
| **Financial Highlights** |
| *(For a share outstanding during each period)* |

---

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**For the**<br>**Year Ended**<br>**December**<br>**31, 2025** |<br>**For the**<br>**Year Ended**<br>**December**<br>**31, 2024** | **For the**<br>**Period**<br>**Ended**<br>**December**<br>**31, 2023<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |  |
| Net asset value, beginning of year/period | $24.48 | $24.77 | $24.75 |
| Investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.69 | 0.67 | — <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.46) | (0.32) | 0.02 |
| Total from investment operations | (0.77) | 0.35 | 0.02 |
| **Less distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.72) | (0.64) |  |
| Total distributions | (0.72) | (0.64) |  |
| Net asset value, end of year/period | $22.99 | $24.48 | $24.77 |
| Market price, end of year/period | $22.99 | $24.52 | $24.92 |
| **Total Return<sup>(c)</sup>** | (3.17)% | 1.36% | 0.08 % <sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000 omitted) | $10000 | $12854 | $248 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.35% | 0.35% | 0.35 % <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.03% | 2.69% | 0.11 % <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 13% | 13% | — % <sup>(d)</sup> |

---

(a) For the period December 20, 2023
 (commencement of operations) to December 31, 2023.

(b) Rounds to less than $0.005.

(c) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(d) Not annualized.

(e) Annualized.

(f) Portfolio turnover rate excludes
 securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Texas Capital Government Money Market ETF** |
| **Financial Highlights** |
| *(For a share outstanding during each period)* |

---

---

| | | |
|:---|:---|:---|
|  |<br>**For the**<br>**Year Ended**<br>**December**<br>**31, 2025** | **For the**<br>**Period**<br>**Ended**<br>**December**<br>**31, 2024<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |
| Net asset value, beginning of year/period | $100.15 | $100.00 |
| Investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 4.02 | 1.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 0.03 | 0.15 |
| Total from investment operations | 4.05 | 1.22 |
| **Less distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (4.02) | (1.07) |
| Total distributions | (4.02) | (1.07) |
| Net asset value, end of year/period | $100.18 | $100.15 |
| Market price, end of year/period | $100.21 | $100.16 |
| **Total Return<sup>(b)</sup>** | 4.13% | 1.23 % <sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000 omitted) | $70129 | $42564 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.20% | 0.20 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 4.02% | 4.49 % <sup>(d)</sup> |

---

(a) For the period September 24, 2024
 (commencement of operations) to December 31, 2024.

(b) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(c) Not annualized.

(d) Annualized.

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Texas Capital Funds Trust** |
| **Notes to the Financial Statements** |
| *December 31, 2025* |

---

**NOTE 1. ORGANIZATION**

Texas Capital Texas Equity Index ETF, Texas Capital Texas Oil Index ETF and Texas Capital Government Money Market ETF (each a "Fund" and collectively, the "Funds") are each registered under the Investment Company Act of 1940, as amended (the "1940 Act") as a diversified series of Texas Capital Funds Trust (the "Trust"), except for the Texas Capital Texas Oil Index ETF, which is non-diversified. The Texas Capital Texas Equity Index ETF commenced operations on July 12, 2023. The Texas Capital Texas Oil Index ETF commenced operations on December 20, 2023. The Texas Capital Government Money Market ETF commenced operations on September 24, 2024. The Trust is an open-end investment management company established under the laws of Delaware by an Agreement and Declaration of Trust dated March 21, 2023, as amended (the "Trust Agreement"). The Trust Agreement permits the Board of Trustees of the Trust (the "Board") to issue an unlimited number of shares of beneficial interest of separate series. The Funds' investment adviser is Texas Capital Bank Wealth Management Services, Inc., doing business as Texas Capital Bank Private Wealth Advisors (the "Adviser"). The investment objective of the Texas Capital Texas Equity Index ETF is to seek to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Texas Capital Texas Equity Index. The investment objective of the Texas Capital Texas Oil Index ETF is to seek to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Alerian Texas Weighted Oil and Gas Index. The investment objective of the Texas Capital Government Money Market ETF is to provide as high a level of current interest income as is consistent with maintaining liquidity and stability of principal.

The Funds operate as single reportable segments as defined under Accounting Standards Codification ("ASC") 280, Segment Reporting (Topic 280). An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Principal Executive Officer of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

---

| |
|:---|
| **Texas Capital Funds Trust** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board ASC Topic 946, "Financial Services-Investment Companies", including Accounting Standard Update 2013-08. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

**Repurchase Agreements –** The Texas Capital Government Money Market ETF may enter into repurchase agreements. Repurchase agreements are transactions in which the Texas Capital Government Money Market ETF purchases securities or other obligations from a bank or securities dealer (or its affiliate) and simultaneously commits to resell them to the counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to any coupon rate or maturity of the purchased obligations. Securities or other obligations subject to repurchase agreements may have maturities in excess of 13 months. The Texas Capital Government Money Market ETF maintains custody of the underlying obligations prior to their repurchase, either through its regular custodian or through a special "tri-party" custodian or sub-custodian that maintains separate accounts for both the Fund and its counterparty. Thus, the obligation of the counterparty to pay the repurchase price on the date agreed to or upon demand is, in effect, secured by such obligations. The Texas Capital Government Money Market ETF may utilize a put feature to limit the maturity of repurchase agreements it enters into in accordance with Rule 2a-7 under the 1940 Act.

As of December 31, 2025, the Texas Capital Government Money Market ETF had undivided interests in joint repurchase agreements with the following counterparty for the time period and rate indicated. Amounts shown in the table below represent principal amount, cost and value for each repurchase agreement.

---

| | | | |
|:---|:---|:---|:---|
| **Tri-Party Repurchase Agreement with Mirae Asset** | **Tri-Party Repurchase Agreement with Mirae Asset** | **Tri-Party Repurchase Agreement with Mirae Asset** | **Tri-Party Repurchase Agreement with Mirae Asset** |
| **Securities and Bank of** | **Securities and Bank of** | **Securities and Bank of** | **Securities and Bank of** |
| **New York** | **New York** | **New York** | **New York** |
| Coupon | Dated | Due | Amount |
| 3.88% | 12/31/2025 | 1/2/2026 | $8600000 |
| 3.79% | 12/26/2025 | 1/2/2026 | $1000000 |
| 3.76% | 12/29/2025 | 1/5/2026 | $1000000 |
| 3.70% | 12/30/2025 | 1/6/2026 | $1000000 |

---

---

| |
|:---|
| **Texas Capital Funds Trust** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

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

**Federal Income Taxes** – The Funds make no provision for federal income or excise tax. Each Fund has qualified and 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 its taxable income. Each Fund also intends to distribute sufficient net investment income and net realized capital gains, if any, so that it 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 Funds could incur a tax expense.

As of and during the fiscal year ended December 31, 2025, the Funds did not have any liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations when incurred. During the year, the Funds did not incur any interest or penalties. Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months. The Funds' federal tax returns for the current fiscal year remain subject to examination by the Internal Revenue Service.

**Security Transactions and Related Income** – The Funds follow industry practice and record security transactions on the trade date for financial reporting purposes. The specific identification method is used for determining gains or losses for financial statement and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Non-cash income, if any, is recorded at the fair market value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

**Dividends and Distributions** – The Texas Capital Texas Equity Index ETF typically distributes net investment income and any realized net capital gains annually. The Texas Capital Texas Oil Index ETF typically distributes net investment income quarterly and any realized net capital gains annually. The Texas Capital Government Money Market ETF typically distributes net investment income weekly and any realized net gains annually.

---

| |
|:---|
| **Texas Capital Funds Trust** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. Where such differences are permanent in nature; they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or net asset values ("NAV") per share of the Funds.

For the fiscal year ended December 31, 2025, the Funds made the following reclassifications to increase (decrease) the components of net assets:

---

| | | |
|:---|:---|:---|
|  |<br>**Paid-In Capital** | **Accumulated**<br>**Earnings**<br>**(Deficit)** |
| **Texas Capital Texas Equity Index ETF** | $2345810 | $(2345810) |
| **Texas Capital Texas Oil Index ETF** | 472554 | (472554) |
| **Texas Capital Government Money Market ETF** | 621 | (621) |

---

**NOTE 3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS**

Each Fund values its portfolio securities at fair value as of the close of regular trading on the New York Stock Exchange ("NYSE") (normally 4:00 p.m. Eastern Time) on each business day the NYSE is open for business. Fair value is defined as the price that a Fund would receive upon selling an investment or transferring a liability in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained and available from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

---

| |
|:---|
| **Texas Capital Funds Trust** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

Various inputs are used in determining the value of each Fund's investments. These inputs are summarized in the three broad levels listed below.

● Level 1 – unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date

● Level 2 – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 – significant unobservable inputs (including the Funds' own assumptions in determining fair value of investments based on the best information available)

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 which is reported is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

In computing the NAV of the Funds, fair value is based on market valuations with respect to portfolio securities for which market quotations are readily available. Pursuant to Board approved policies, the Funds rely on independent third-party pricing services to provide the current market value of securities. Those pricing services value equity securities, including exchange-traded funds ("ETFs"), exchange-traded notes, closed-end funds and preferred stocks, traded on a securities exchange at the last reported sales price on the principal exchange. Equity securities quoted by Nasdaq are valued at the Nasdaq Official Closing Price. If there is no reported sale on the principal exchange, equity securities are valued at the mean between the most recent quoted bid and asked price. When using market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Although the Texas Capital Government Money Market ETF will seek to qualify as a "government money market fund", it will not seek to maintain a stable NAV per share using the amortized cost method of valuation. Instead, the Texas Capital Government Money Market ETF will calculate its NAV per share based on the market value of its investments. In addition, unlike a traditional money market fund, the Fund operates as an ETF. As an ETF, the Texas Capital Government Money Market ETF's shares will be traded on the NYSE and will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, shares on the NYSE. Investments in open-end mutual funds, including money market mutual funds, are generally priced at the ending NAV provided by the pricing service of the funds and are generally categorized as Level 1 securities.

In the event that market quotations are not readily available or are considered unreliable due to market or other events, securities are valued in good faith by the Adviser as

---

| |
|:---|
| **Texas Capital Funds Trust** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

"valuation designee" under the oversight of the Board. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available or are deemed not to reflect market value. In the event that market quotes are not readily available or are deemed not to reflect market value, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to its policies and procedures. Under these policies, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.

The following is a summary of the inputs used to value the Funds' investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Texas Capital Texas Equity Index ETF** | **Texas Capital Texas Equity Index ETF** | **Texas Capital Texas Equity Index ETF** | **Texas Capital Texas Equity Index ETF** |  |
| Common Stocks<sup>(a)</sup> | $31341913 | $— | $— | $31341913 |
| Money Market Funds | 52404 |  |  | 52404 |
| Total | $31394317 | $— | $— | $31394317 |
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Texas Capital Texas Oil Index ETF** | **Texas Capital Texas Oil Index ETF** | **Texas Capital Texas Oil Index ETF** | **Texas Capital Texas Oil Index ETF** |  |
| Common Stocks<sup>(a)</sup> | $9934626 | $— | $— | $9934626 |
| Money Market Funds | 52340 |  |  | 52340 |
| Total | $9986966 | $— | $— | $9986966 |
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Texas Capital Government Money Market ETF** | **Texas Capital Government Money Market ETF** | **Texas Capital Government Money Market ETF** | **Texas Capital Government Money Market ETF** |  |
| U.S. Government & Agencies | $— | $7336137 | $— | $7336137 |
| Repurchase Agreements |  | 11600000 |  | 11600000 |
| U.S. Treasury Obligations |  | 50802266 |  | 50802266 |
| Money Market Funds | 329262 |  |  | 329262 |
| Total | $329262 | $69738403 | $— | $70067665 |

---

<sup>(a)</sup> Refer to Schedule of Investments for sector classifications.

---

| |
|:---|
| **Texas Capital Funds Trust** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

**NOTE 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS**

The Adviser, under the terms of the Advisory Agreement with the Trust with respect to each Fund (the "Agreement"), manages the Funds' investments. As compensation for its management services, each Fund pays the Adviser a unitary management fee based on each Fund's average daily net assets as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Texas Capital Texas**<br>**Equity Index ETF** | <br>**Texas Capital Texas**<br>**Oil Index ETF** | **Texas Capital**<br>**Government Money**<br>**Market ETF** |
| Advisory fees rate | 0.49% | 0.35% | 0.20% |
| Advisory fees earned | $152542 | $41379 | $108115 |
| Payable to Adviser | $13520 | $3133 | $11547 |

---

Under the Agreement, the Adviser has agreed to pay all expenses of the Funds, except for the fee payment under the Agreement, payments under the Funds' 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokers' commissions and any other transaction-related expenses and fees arising out of transactions effected on behalf of each Fund, costs of holding shareholder meetings and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Funds' business.

State Street Bank and Trust Company ("State Street") serves as Funds' custodian and transfer agent. The Adviser pays State Street fees in accordance with the agreements for such services.

Ultimus Fund Solutions, LLC ("Ultimus") provides administration and fund accounting services to the Funds. The Adviser pays Ultimus fees in accordance with the Master Services Agreement for such services.

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of Ultimus, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives fees from the Adviser, which are approved annually by the Board.

Under the terms of a Distribution Agreement with the Trust, Northern Lights Distributors, LLC (the "Distributor") serves as principal underwriter to the Funds. The Distributor is an affiliate of Ultimus. The Distributor is compensated by the Adviser (not the Funds) for acting as principal underwriter.

Certain officers of the Trust are also employees of Ultimus and such persons are not paid by the Funds for serving in such capacities.

---

| |
|:---|
| **Texas Capital Funds Trust** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

**NOTE 5. PURCHASES AND SALES OF SECURITIES**

For the fiscal year ended December 31, 2025, purchases and sales of investment securities, other than in-kind transactions and short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Texas Capital Texas Equity Index ETF | $5708934 | $5668250 |
| Texas Capital Texas Oil Index ETF | 1538767 | 3766099 |

---

For the fiscal year ended December 31, 2025, purchases and sales for in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Texas Capital Texas Equity Index ETF | $8127987 | $8343609 |
| Texas Capital Texas Oil Index ETF | 1465751 | 1444636 |

---

For the fiscal year ended December 31, 2025, the Texas Capital Texas Equity Index ETF, Texas Capital Texas Oil Index ETF and Texas Capital Government Money Market ETF had in-kind net realized gains of $2,431,235, $473,213 and $621, respectively.

There were no purchases or sales of long-term U.S. government obligations during the fiscal year ended December 31, 2025.

**Transaction Fees** – Shares are not individually redeemable and may be redeemed by each Fund at NAV only in large blocks known as "Creation Units." Shares are created and redeemed by the Texas Capital Texas Equity Index ETF and Texas Capital Texas Small Cap Equity Index ETF only in Creation Unit size aggregations of 10,000 shares. Shares are created and redeemed by the Texas Capital Texas Oil Index ETF only in Creation Unit size aggregations of 5,000 shares. Shares are created and redeemed by the Texas Capital Government Money Market ETF only in Creation Unit size aggregations of 25,000 shares. Only certain financial institutions (each an "Authorized Participant") or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Funds on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Funds may impose transaction fees on purchases and redemptions of Funds shares to cover the custodial and

---

| |
|:---|
| **Texas Capital Funds Trust** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

other costs incurred by the Funds in effecting trades. A fixed fee payable to the custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Standard Transaction Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Funds and that ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge," and together with the Standard Transaction Fee, the "Transaction Fees"). For the fiscal year ended December 31, 2025, the Funds did not have any Standard Transaction Fees or Variable Charges.

The Transaction Fees for the Funds are listed in the table below:

---

| | | | |
|:---|:---|:---|:---|
|  | **In-kind**<br>**Transaction**<br>**Fee** | **Cash**<br>**Transaction**<br>**Fee** | <br>**Variable**<br>**Charge** |
| Texas Capital Texas Equity Index ETF | $250 | $100 | 2.00%\* |
| Texas Capital Texas Oil Index ETF | $150 | $100 | 2.00%\* |
| Texas Capital Government Money Market ETF | $100 | $100 | 2.00%\* |

---

\* The maximum Transaction Fee may be up to 2.00% of the amount invested.

**NOTE 6. FEDERAL TAX INFORMATION**

At December 31, 2025, the net unrealized appreciation (depreciation) and tax cost of investments, other than futures contracts, for tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Texas Capital**<br>**Texas Equity**<br>**Index ETF** |<br>**Texas Capital**<br>**Texas Oil Index**<br>**ETF** | **Texas Capital**<br>**Government**<br>**Money Market**<br>**ETF** |
| Gross unrealized appreciation | $6021382 | $408159 | $19184 |
| Gross unrealized depreciation | (1314866) | (1836135) | (153) |
| Net unrealized appreciation (depreciation) on investments | $4706516 | $(1427976) | $19031 |
| Tax cost of investments | $26687801 | $11414942 | $70048634 |

---

The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to: tax deferral of losses on wash sales, differences related to passive foreign investment companies and the return of capital adjustments from underlying investments.

---

| |
|:---|
| **Texas Capital Funds Trust** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

The tax character of distributions paid for the fiscal years ended December 31, 2025 and December 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Texas Capital Texas Equity** | **Texas Capital Texas Equity** | **Texas Capital Texas Oil Index** | **Texas Capital Texas Oil Index** |
|  | **Index ETF** | **Index ETF** | **ETF** | **ETF** |
|  | **2025** | **2024** | **2025** | **2024** |
| Distributions paid from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $266033 | $226285 | $369152 | $322473 |
| Tax return of capital |  |  |  |  |
| Total distributions paid | $266033 | $226285 | $369152 | $322473 |
|  |  |  | **Texas Capital Government** | **Texas Capital Government** |
|  |  |  | **Money Market ETF** | **Money Market ETF** |
|  |  |  | **2025** | **2024** |
| Distributions paid from: | Distributions paid from: | Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $2176423 | $471605 |
| Tax return of capital | Tax return of capital | Tax return of capital |  |  |
| Total distributions paid |  |  | $2176423 | $471605 |

---

<sup>(a)</sup> Short-term capital gain distributions are treated as ordinary income for tax purposes.

At December 31, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Texas Capital<br> Texas Equity<br> Index ETF** | **Texas Capital<br> Texas Oil<br> Index ETF** | **Texas Capital<br> Government<br> Money Market<br> ETF** |
| Undistributed ordinary income | $— | $— | $21 |
| Accumulated capital and other losses | (399800) | (236088) |  |
| Unrealized appreciation (depreciation) on investments | 4706516 | (1428009) | 19031 |
| Total accumulated earnings (deficit) | $4306716 | $(1664097) | $19052 |

---

As of December 31, 2025, the Texas Capital Texas Equity Index ETF and the Texas Capital Texas Oil Index ETF had short-term and long-term capital loss carryforwards available to offset future gains and not subject to expiration in the amount of $0, $399,800, $53,857 and $182,231, respectively.

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance transparency and decision usefulness of income tax disclosures including additional detail related to rate reconciliation and income taxes paid during the reporting period. Adoption of the new standard impacted financial statement disclosures only and did not impact the Funds financial positions or results of operations. For the year ended December 31, 2025, there were no material federal, state or local income taxes or any material income taxes in foreign jurisdictions paid by the Funds.

---

| |
|:---|
| **Texas Capital Funds Trust** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

**NOTE 7. PRINCIPAL RISKS**

Texas Capital Texas Equity Index ETF and Texas Capital Texas Oil Index ETF

*Sector Risk:* If a Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of a Fund than would be the case if a Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in a Fund and increase the volatility of a Fund's NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of the Fund's portfolio will be adversely affected. As of December 31, 2025 the Texas Capital Texas Oil Index ETF had 95.64% and of the value of its net assets invested in stocks within the Energy sector.

*Texas Risk:* Texas' economy relies to a significant extent on certain key industries, such as the oil and gas industry (including drilling, production and refining), chemicals production, technology and telecommunications equipment manufacturing and international trade. Each of these industries has from time to time suffered from economic downturns, and adverse conditions in one or more of these industries could impair the ability of issuers of Texas municipal securities to pay principal or interest on their obligations.

*Investment and Market Risk:* As with all investments, an investment in the Funds is subject to investment risk. Investors in the Funds could lose money, including the possible loss of the entire principal amount of an investment, over short or prolonged periods of time. Markets can decline in value sharply and unpredictably. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region, or financial market.

*Index Tracking Risk:* There is no guarantee that the Funds will achieve a high degree of correlation to their respective index and therefore achieve their investment objective. The Funds may have difficulty achieving their investment objective due to fees, expenses (including rebalancing expenses), and other transaction costs related to the normal operation of the Funds. These costs that may be incurred by the Funds are not incurred by the Index, which may make it more difficult for the Funds to track the index.

*Passive Investment Risk:* The Funds are not actively managed, and the Adviser will not sell a security due to current or projected under performance of a security, industry, or sector, unless that security is removed from the index by the index provider, who is unaffiliated with the Adviser. The Funds invest in securities included in the index regardless of the Adviser's independent analysis of the investment decision.

---

| |
|:---|
| **Texas Capital Funds Trust** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

Texas Capital Government Money Market ETF

*Credit Risk:* Issuers of money market instruments or financial institutions that have entered into repurchase agreements with the Fund may fail to make payments when due or complete transactions or they may become less willing or less able to do so.

*Interest Rate Risk:* The value of the Fund's investments generally will fall when interest rates rise, and its yield will tend to lag behind prevailing rates. The Fund may face a heightened level of interest rate risk due to certain changes in general economic conditions, inflation and monetary policy, such as certain types of interest rate changes by the U.S. Federal Reserve.

*Investment and Market Risk:* As with all investments, an investment in the Fund is subject to investment risk. Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or prolonged periods of time. Markets can decline in value sharply and unpredictably which may affect the Fund's NAV per share. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region, or financial market.

*U.S. Government Securities Risk*: There are different types of U.S. government securities with different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. For example, a U.S. government-sponsored entity, such as Federal National Mortgage Association ("Fannie Mae") or Federal Home Loan Mortgage Corporation ("Freddie Mac"), although chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the U.S. Treasury and are therefore riskier than those that are.

*Repurchase Agreements Risk*: Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations.

The Fund's prospectus contains more information regarding these risks and other risks related to the Fund as well as other information about the Fund and should be read carefully before investing.

**NOTE 8. INDEMNIFICATIONS**

The Trust indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Trust or the Funds. Additionally, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust's maximum exposure

---

| |
|:---|
| **Texas Capital Funds Trust** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**NOTE 9. SUBSEQUENT EVENTS**

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Texas Capital Texas Equity Index ETF, Texas Capital Texas Oil Index ETF, and Texas Capital Government Money Market ETF and the Board of Trustees of Texas Capital Funds Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Texas Capital Texas Equity Index ETF, Texas Capital Texas Oil Index ETF, and Texas Capital Government Money Market ETF (three of the funds constituting Texas Capital Funds Trust (the "Trust")), including the schedules of investments, as of December 31, 2025, and the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (three of the funds constituting Texas Capital Funds Trust) at December 31, 2025, the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| Individual fund constituting<br> the Texas Capital Funds<br> Trust | Statements of<br> operations | Statements of<br> changes in net<br> assets | Financial highlights |
| Texas Capital Texas Equity Index ETF | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 and the period from July 12, 2023 (commencement of operations) through December 31, 2023 |
| Texas Capital Texas Oil Index ETF | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 and the period from December 20, 2023 (commencement of operations) through December 31, 2023 |
| Texas Capital Government Money Market ETF | For the year ended December 31, 2025 | For the year ended December 31, 2025 and the period from September 24, 2024 (commencement of operations) through December 31, 2024. | For the year ended December 31, 2025 and the period from September 24, 2024 (commencement of operations) through December 31, 2024. |

---

**Basis for Opinion**

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

**Report of Independent Registered Public Accounting Firm (continued)**

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![(SIGNATURE)](te002_v1.jpg)

We have served as the auditor of Texas Capital Funds Trust since 2023.

Dallas, Texas

February 27, 2026

**Additional Information (Unaudited)**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

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

Not applicable.

---

| |
|:---|
| ![(LOGO)](te001_v1.jpg) |
| **Texas Capital Government Money Market Fund (TXGXX)** |
| **Annual Financial Statements** |
| **and Additional Information** |
| **December 31, 2025** |
| **Fund Adviser:** |
| **Texas Capital Bank Wealth Management Services, Inc.,** |
| **doing business as Texas Capital Bank Private Wealth Advisors** |
| **2000 McKinney Avenue, Suite 1800 <br> Dallas, TX 75201** |

---

---

| |
|:---|
| **Texas Capital Government Money Market Fund** |
| **Schedule of Investments** |
| *December 31, 2025* |

---

---

| | | |
|:---|:---|:---|
| **U.S. GOVERNMENT & AGENCIES — 6.07%** | **Principal Amount** | **Fair Value** |
| Federal Farm Credit Banks Funding Corp., 4.00 *%*, 1/13/2026 | $2000000 | $1999991 |
| Federal Home Loan Banks, 0.65 *%*, 1/28/2026 | 75000 | 74820 |
| Federal Home Loan Banks, 0.75 *%*, 3/3/2026 | 2000000 | 1989832 |
| Federal Home Loan Banks, 3.91 *%*, 4/15/2026 | 1250000 | 1250620 |
| Federal Home Loan Mortgage Corp., 0.51 *%*, 3/30/2026 | 500000 | 496207 |
| Federal National Mortgage Association, 2.13 *%*, 4/24/2026 | 1996000 | 1986669 |
| **Total U.S. Government & Agencies (Cost $7,798,139)** |  | 7798139 |
| **U.S. TREASURY OBLIGATIONS — 40.42%** |  |  |
| United States Treasury Bill, 0.00 *%*, 1/2/2026 | 3000000 | 2999679 |
| United States Treasury Bill, 2.76 *%*, 1/6/2026 | 3250000 | 3248262 |
| United States Treasury Bill, 2.98 *%*, 1/8/2026 | 500000 | 499625 |
| United States Treasury Bill, 3.29 *%*, 1/15/2026 | 750000 | 748872 |
| United States Treasury Bill, 3.35 *%*, 1/20/2026 | 1000000 | 998118 |
| United States Treasury Bill, 3.38 *%*, 1/22/2026 | 3000000 | 2993516 |
| United States Treasury Bill, 3.39 *%*, 1/27/2026 | 500000 | 498629 |
| United States Treasury Bill, 3.40 *%*, 1/29/2026 | 2000000 | 1994305 |
| United States Treasury Bill, 3.40 *%*, 2/3/2026 | 3000000 | 2989772 |
| United States Treasury Bill, 3.44 *%*, 2/5/2026 | 2000000 | 1992637 |
| United States Treasury Bill, 3.50 *%*, 2/12/2026 | 2000000 | 1991188 |
| United States Treasury Bill, 3.46 *%*, 2/17/2026 | 2750000 | 2736774 |
| United States Treasury Bill, 3.46 *%*, 2/24/2026 | 3000000 | 2983271 |
| United States Treasury Bill, 3.52 *%*, 2/26/2026 | 1750000 | 1739775 |
| United States Treasury Bill, 3.48 *%*, 3/3/2026 | 2000000 | 1987186 |
| United States Treasury Bill, 3.42 *%*, 3/10/2026 | 2000000 | 1985810 |
| United States Treasury Bill, 3.44 *%*, 3/17/2026 | 3000000 | 2976489 |
| United States Treasury Bill, 3.47 *%*, 3/19/2026 | 1000000 | 992437 |
| United States Treasury Bill, 3.46 *%*, 3/24/2026 | 3000000 | 2974639 |
| United States Treasury Bill, 3.47 *%*, 3/31/2026 | 750000 | 743138 |
| United States Treasury Bill, 3.48 *%*, 4/7/2026 | 3000000 | 2971253 |
| United States Treasury Bill, 3.49 *%*, 4/21/2026 | 3500000 | 3462036 |
| United States Treasury Bill, 3.48 *%*, 4/28/2026 | 2500000 | 2471189 |
| United States Treasury Bill, 3.48 *%*, 4/30/2026 | 1000000 | 987749 |
| United States Treasury Floating Rate Note, 3.85 *%*, 1/31/2026 | 1000000 | 1000082 |
| United States Treasury Floating Rate Note, 3.75 *%*, 4/30/2026 | 1000000 | 1000060 |
| **Total U.S. Treasury Obligations (Cost $51,966,491)** |  | 51966491 |
| **REPURCHASE AGREEMENTS — 52.90%** |  |  |
| Tri-Party Repurchase Agreement with Mirae Asset Securities and Bank of New York, 3.88%, dated 12/31/2025 and maturing 1/2/2026 collateralized by Agency Mortgage-Back Securities, Agency Debentures and Agency Strips, and U.S. Treasuries with rates ranging from 0.00% to 7.00% and maturity dates ranging from 3/10/2026 to 9/1/2062 with a par value of $86,267,824 and a collateral value of $51,456,189 | $50700000 | $50700000 |

---

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Texas Capital Government Money Market Fund** |
| **Schedule of Investments (continued)** |
| *December 31, 2025* |

---

---

| | | |
|:---|:---|:---|
| **REPURCHASE AGREEMENTS — 52.90% - continued** | **Principal Amount** | **Fair Value** |
| Tri-Party Repurchase Agreement with Mirae Asset Securities and Bank of New York, 3.79%, dated 12/26/2025 and maturing 1/2/2026 collateralized by Agency Mortgage-Back Securities, Agency Debentures and Agency Strips with rates ranging from 0.88% to 5.50% and maturity dates ranging from 4/3/2028 to 2/1/2049 with a par value of $10,466,993 and a collateral value of $9,086,655 | $9000000 | $9000000 |
| Tri-Party Repurchase Agreement with Mirae Asset Securities and Bank of New York, 3.76%, dated 12/29/2025 and maturing 1/5/2026 collateralized by Agency Mortgage-Back Securities, Agency Debentures and Agency Strips, and U.S. Treasuries with rates ranging from 0.00% to 5.80% and maturity dates ranging from 12/1/2027 to 12/1/2054 with a par value of $4,174,597 and a collateral value of $3,030,595 | 3000000 | 3000000 |
| Tri-Party Repurchase Agreement with Mirae Asset Securities and Bank of New York, 3.70%, dated 12/30/2025 and maturing 1/6/2026 collateralized by Agency Mortgage-Back Securities, Agency Debentures and Agency Strips, and U.S. Treasuries with rates ranging from 0.00% to 5.80% and maturity dates ranging from 11/15/2026 to 9/1/2055 with a par value of $5,698,688 and a collateral value of $3,346,746 | 3300000 | 3300000 |
| Tri-Party Repurchase Agreement with Mirae Asset Securities and Bank of New York, 3.70%, dated 12/31/2025 and maturing 1/7/2026 collateralized by Agency Mortgage-Back Securities, Agency Debentures and Agency Strips with rates ranging from 3.00% to 4.80% and maturity dates ranging from 12/1/2034 to 2/1/2050 with a par value of $1,031,138 and a collateral value of $1,016,627 | 1000000 | 1000000 |
| Tri-Party Repurchase Agreement with Mirae Asset Securities and Bank of New York, 3.76%, dated 12/24/2025 and maturing 1/23/2026 collateralized by Agency Mortgage-Back Securities, Agency Debentures and Agency Strips, and U.S. Treasuries with rates ranging from 0.00% to 6.61% and maturity dates ranging from 4/3/2028 to 11/1/2055 with a par value of $2,584,736 and a collateral value of $1,014,967 | 1000000 | 1000000 |
| **Total Repurchase Agreements (Cost $68,000,000)** |  | 68000000 |
| **MONEY MARKET FUNDS — 0.53%** | **Shares** |  |
| State Street Institutional U.S. Government Money Market Fund, Opportunity Class, 3.71%<sup>(a)</sup> | 679211 | 679211 |
| **Total Money Market Funds (Cost $679,211)** |  | 679211 |
| **Total Investments — 99.92% (Cost $128,443,841)** |  | 128443841 |
| **Other Assets in Excess of Liabilities — 0.08%** |  | 104037 |
| **NET ASSETS — 100.00%** |  | $128547878 |

---

(a) Rate disclosed is the seven day
 effective yield as of December 31, 2025.

 

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Texas Capital Government Money Market Fund** |
| **Statement of Assets and Liabilities** |
| *December 31, 2025* |

---

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at fair value (cost $60,443,841) | $60443841 |
| Repurchase Agreements (cost $68,000,000) | 68000000 |
| Cash | 7301 |
| Receivable for fund shares sold | 236485 |
| Dividends and interest receivable | 90861 |
| Receivable from Adviser | 37021 |
| Prepaid expenses | 136994 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 128952503 |
| **Liabilities** |  |
| Payable for fund shares redeemed | 292485 |
| Distributions payable | 22120 |
| Audit fees payable | 25000 |
| Legal fees payable | 14016 |
| Payable to administrator | 14287 |
| Other accrued expenses | 36717 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 404625 |
| **Net Assets** | $128547878 |
| **Net Assets consist of:** |  |
| Paid-in capital | 128547625 |
| Accumulated earnings | 253 |
| **Net Assets** | $128547878 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 128547625 |
| Net asset value per share | $1.00 |

---

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Texas Capital Government Money Market Fund** |
| **Statement of Operations** |
| *For the year ended December 31, 2025* |

---

---

| | |
|:---|:---|
| **Investment Income** |  |
| Interest income | $1345349 |
| **Total investment income** | 1345349 |
| **Expenses** |  |
| Administration | 67512 |
| Advisory fees | 65431 |
| Legal | 58001 |
| Transfer agent fees and expenses | 47516 |
| Registration | 32314 |
| Audit and tax | 20500 |
| Report printing | 14529 |
| Chief Compliance Officer | 12788 |
| Custodian | 11200 |
| Pricing | 3691 |
| Miscellaneous | 31441 |
| **Total expenses** | 364923 |
| Fees waived by Adviser | (287471) |
| Net operating expenses | 77452 |
| **Net investment income** | 1267897 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investment securities | 253 |
| **Net realized and change in unrealized gain (loss) on investment securities** | 253 |
| **Net increase in net assets resulting from operations** | $1268150 |

---

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Texas Capital Government Money Market Fund** |
| **Statement of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**December 31,**<br>**2025** | **For the**<br>**Period Ended**<br>**December 31,**<br>**2024<sup>(a)</sup>** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $1267897 | $226486 |
| Net realized gain on investment securities | 253 |  |
| **Net increase in net assets resulting from operations** | 1268150 | 226486 |
| **Distributions to Shareholders from Earnings** | (1267897) | (226486) |
| **Capital Transactions** |  |  |
| Proceeds from shares sold | 154545127 | 11267060 |
| Reinvestment of distributions | 1234074 | 226490 |
| Amount paid for shares redeemed | (38483131) | (241995) |
| **Net increase in net assets resulting from capital transactions** | 117296070 | 11251555 |
| **Total Increase in Net Assets** | 117296323 | 11251555 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | $11251555 | $— |
| &nbsp;&nbsp;&nbsp;End of year/period | $128547878 | $11251555 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 154545127 | 11267060 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 1234074 | 226490 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (38483131) | (241995) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 117296070 | 11251555 |

---

(a) For the period July 17, 2024 (commencement
 of operations) to December 31, 2024.

 

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Texas Capital Government Money Market Fund** |
| **Financial Highlights** |
| *(For a share outstanding during each period)* |

---

---

| | | |
|:---|:---|:---|
|  |<br>**For the**<br>**Year Ended**<br>**December**<br>**31, 2025** | **For the**<br>**Period**<br>**Ended**<br>**December**<br>**31, 2024<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |
| Net asset value, beginning of year/period | $1.00 | $1.00 |
| Investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.04 | 0.22 |
| Total from investment operations | 0.04 | 0.22 |
| **Less distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.04) | (0.22) |
| Total distributions | (0.04) | (0.22) |
| Net asset value, end of year/period | $1.00 | $1.00 |
| **Total Return<sup>(b)</sup>** | 4.10% | 2.20 % <sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000 omitted) | $128548 | $11252 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets after waiver | 0.24% | 0.25 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waiver and reimbursement | 1.12% | 3.32 % <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.88% | 4.77 % <sup>(d)</sup> |

---

(a) For the period July 17, 2024 (commencement
 of operations) to December 31, 2024.

(b) Total return is calculated assuming
 a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are
 assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment
 dates.

(c) Not annualized.

(d) Annualized.

 

*See accompanying notes which are an integral part of these financial statements.*

---

| |
|:---|
| **Texas Capital Government Money Market Fund** |
| **Notes to the Financial Statements** |
| *December 31, 2025* |

---

**NOTE 1. ORGANIZATION**

Texas Capital Government Money Market Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as a diversified series of Texas Capital Funds Trust (the "Trust"). The Fund commenced operations on July 17, 2024. The Trust is an open-end investment management company established under the laws of Delaware by an Agreement and Declaration of Trust dated March 21, 2023, as amended (the "Trust Agreement"). The Trust Agreement permits the Board of Trustees of the Trust (the "Board") to issue an unlimited number of shares of beneficial interest of separate series. The Fund's investment adviser is Texas Capital Bank Wealth Management Services, Inc., doing business as Texas Capital Bank Private Wealth Advisors (the "Adviser"). The investment objective of the Fund is to seek to provide as high a level of current interest income as is consistent with maintaining liquidity and stability of principal.

The Fund operates as a single reportable segment as defined under Accounting Standards Codification ("ASC") 280, Segment Reporting (Topic 280). An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Principal Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

The Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ASC Topic 946, "Financial Services-Investment Companies, including Accounting Standard Update 2013-08". The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

**Repurchase Agreements –** The Fund may enter into repurchase agreements. Repurchase agreements are transactions in which the Fund purchases securities or other obligations from a bank or securities dealer (or its affiliate) and simultaneously commits to resell them to the counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to any coupon rate or maturity of the purchased obligations. Securities

---

| |
|:---|
| **Texas Capital Government Money Market Fund** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

or other obligations subject to repurchase agreements may have maturities in excess of 13 months. The Fund maintains custody of the underlying obligations prior to their repurchase, either through its regular custodian or through a special "tri-party" custodian or sub-custodian that maintains separate accounts for both the Fund and its counterparty. Thus, the obligation of the counterparty to pay the repurchase price on the date agreed to or upon demand is, in effect, secured by such obligations. The Fund may utilize a put feature to limit the maturity of repurchase agreements it enters into in accordance with Rule 2a-7 under the 1940 Act.

As of December 31, 2025, the Fund had undivided interests in joint repurchase agreements with the following counterparty for the time period and rate indicated. Amounts shown in the table below represent principal amount, cost and value for each repurchase agreements.

---

| | | | |
|:---|:---|:---|:---|
| **Tri-Party Repurchase Agreement with Mirae Asset** | **Tri-Party Repurchase Agreement with Mirae Asset** | **Tri-Party Repurchase Agreement with Mirae Asset** | **Tri-Party Repurchase Agreement with Mirae Asset** |
| **Securities and Bank of** | **Securities and Bank of** | **Securities and Bank of** | **Securities and Bank of** |
| **New York** | **New York** | **New York** | **New York** |
| Coupon | Dated | Due | Amount |
| 3.88% | 12/31/2025 | 1/2/2026 | $50700000 |
| 3.79% | 12/26/2025 | 1/2/2026 | $9000000 |
| 3.76% | 12/29/2025 | 1/5/2026 | $3000000 |
| 3.70% | 12/31/2025 | 1/7/2026 | $3300000 |
| 3.70% | 12/31/2025 | 1/7/2026 | $1000000 |
| 3.76% | 12/24/2025 | 1/23/2026 | $1000000 |

---

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

**Federal Income Taxes** – The Fund makes no provision for federal income or excise tax. The Fund has qualified and 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 its taxable income. The Fund also intends to distribute sufficient net investment income and net realized capital gains, if any, so that it 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.

As of and during the fiscal year ended December 31, 2025, the Fund did not have any liabilities for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of

---

| |
|:---|
| **Texas Capital Government Money Market Fund** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

Operations when incurred. During the year, the Fund did not incur any interest or penalties. Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months.

**Security Transactions and Related Income** – The Fund follows industry practice and records security transactions on the trade date for financial reporting purposes. The specific identification method is used for determining gains or losses for financial statement and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Non-cash income, if any, is recorded at the fair market value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

**Dividends and Distributions** – The Fund declares dividends daily and pays them monthly. The Fund may distribute all or a portion of its capital gains (if any) to the extent required to ensure that the fund maintains its federal tax law status as a regulated investment company. The Fund will also distribute all or a portion of its capital gains to the extent necessary to maintain its share price at $1.00.

**Cash** – Cash includes amounts due from banks on demand. At times, the balance of such bank accounts may exceed federally insured limits.

**NOTE 3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS**

The Adviser attempts to stabilize the net asset value ("NAV") of its Shares at $1.00 by valuing its portfolio securities using the amortized cost method. The Fund cannot guarantee that its NAV will always remain at $1.00 per Share. The NAV is determined as of the close of regular trading on the New York Stock Exchange ("NYSE") (normally 4:00 p.m. Eastern Time) on each business day the NYSE is open for business.

The fund is operating as a "government money market fund" pursuant to Rule 2a-7 under the Investment Company Act of 1940, as amended (the "1940 Act") ("Rule 2a-7"). Therefore, the Fund has adopted a policy to invest 99.5% or more of its total assets in cash, U.S. government securities, and/or repurchase agreements that are collateralized fully (i.e., collateralized with cash and/or U.S. government securities). As a "government money market fund," the Fund is permitted to use the amortized cost method of valuation to seek to maintain a $1.00 share price.

---

| |
|:---|
| **Texas Capital Government Money Market Fund** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

In the event that market quotations are not readily available or are considered unreliable due to market or other events, securities are valued in good faith by the Adviser as "valuation designee" under the oversight of the Board. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available or are deemed not to reflect market value. In the event that market quotes are not readily available or are deemed not to reflect market value, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to its policies and procedures. Under these policies, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.

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 – unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date

● Level 2 – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, 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 fair value of investments based on the best information available)

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 which is reported is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Government & Agencies | $— | $7798139 | $— | $7798139 |
| Repurchase Agreements |  | 68000000 |  | 68000000 |
| U.S. Treasury Obligations |  | 51966491 |  | 51966491 |
| Money Market Funds | 679211 |  |  | 679211 |
| Total | $679211 | $127764630 | $— | $128443841 |

---

---

| |
|:---|
| **Texas Capital Government Money Market Fund** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

The Fund did not hold any investments during or at the end of the reporting period for which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.

**NOTE 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS**

The Adviser, under the terms of the Advisory Agreement with the Trust with respect to the Fund (the "Agreement"), manages the Fund's investments. The Fund pays the Adviser a management fee at an annual rate (stated as a percentage of the average daily net assets of the Fund) of 0.20%.

---

| | |
|:---|:---|
| Advisory fees rate | 0.20% |
| Advisory fees earned | $65431 |
| Receivable from Adviser | $37021 |

---

Under the Operating Expense Limitation Agreement, the Adviser has contractually agreed to waive its fees and/or reimburse certain expenses (exclusive of any front-end sales loads, taxes, interest on borrowings, dividends on securities sold short, brokerage commissions, 12b-1 fees, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization and extraordinary expenses) to limit the Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement to 0.20% of the Fund's average daily net assets (the "Expense Limit") through April 30, 2027. Prior to December 1, 2025, the Fund's Expense Limit was 0.25%. The contractual arrangement may only be changed or eliminated by the Board of Trustees upon 60 days' written notice to the Adviser. The Adviser may recoup from the Fund any waived amount or reimbursed expenses pursuant to this agreement if such recoupment does not cause the Fund's Total Annual Fund Operating Expenses after such recoupment to exceed the lesser of (i) the Expense Limit in effect at the time of the waiver or reimbursement and (ii) the Expense Limit in effect at the time of recoupment and the recoupment is made within three years after the end of the month in which the Adviser incurred the expense. The Fund waived $287,471 for the fiscal year ended December 31, 2025.

As of December 31, 2025, the Adviser may seek repayment of investment advisory fee waivers and expense reimbursements from the Fund as follows:

---

| | |
|:---|:---|
| **Recoverable through** | |
| December 31, 2027 | $145970 |
| December 31, 2028 | 287471 |

---

---

| |
|:---|
| **Texas Capital Government Money Market Fund** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

State Street Bank and Trust Company ("State Street") serves as Fund's custodian. The Fund pays State Street fees in accordance with the agreements for such services.

Ultimus Fund Solutions, LLC ("Ultimus") provides administration, fund accounting and transfer agent services to the Fund. The Fund pays Ultimus fees in accordance with the agreements for such services.

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of Ultimus, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives fees from the Fund, which are approved annually by the Board.

Under the terms of a Distribution Agreement with the Trust, Northern Lights Distributors, LLC (the "Distributor") serves as principal underwriter to the Fund. The Distributor is an affiliate of Ultimus. The Distributor is compensated by the Fund for acting as principal underwriter.

Certain officers of the Trust are also employees of Ultimus and such persons are not paid by the Fund for serving in such capacities. One Trustee is a former employee of Ultimus who is not currently paid by the Fund for serving in such capacity.

The Board supervises the business activities of the Trust. Each Trustee serves as a trustee until termination of the Trust unless the Trustee dies, resigns, retires, or is removed. The Chair of the Board and more than 75% of the Trustees are "Independent Trustees," which means that they are not "interested persons" as defined in the 1940 Act. The Independent Trustees review and establish compensation at least annually. Each Independent Trustee of the Trust receives annual compensation, which is an established amount paid quarterly per fund in the Trust at the time of the regular quarterly Board meetings. The Chair of the Board receives the highest compensation, commensurate with his additional duties and each Chair of a committee receives additional compensation as well. Independent Trustees also receive additional fees for attending any special meeting. In addition, the Trust reimburses Independent Trustees for out-of-pocket expenses incurred in conjunction with attendance at meetings.

---

| |
|:---|
| **Texas Capital Government Money Market Fund** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

**NOTE 5. FEDERAL TAX INFORMATION**

At December 31, 2025, the net unrealized appreciation (depreciation) and tax cost of investments, other than futures contracts, for tax purposes were as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $— |
| Gross unrealized depreciation |  |
| Net unrealized appreciation on investments | $— |
| Tax cost of investments | $128443841 |

---

The tax character of distributions paid for the fiscal years ended December 31, 2025 and December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $953292 | $226486 |
| Total distributions paid | $953292 | $226486 |

---

<sup>(a)</sup> Short-term capital gain distributions are treated as ordinary income for tax purposes.

At December 31, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $314858 |
| Distributions payable | (314605) |
| Accumulated capital and other losses |  |
| Unrealized appreciation on investments |  |
| Total accumulated earnings | $253 |

---

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance transparency and decision usefulness of income tax disclosures including additional detail related to rate reconciliation and income taxes paid during the reporting period. For the year ended December 31, 2025, there were no federal, state or local income taxes or any income taxes in foreign jurisdictions paid by the Fund.

**NOTE 6. PRINCIPAL RISKS**

*Credit Risk:* Issuers of money market instruments or financial institutions that have entered into repurchase agreements with the Fund may fail to make payments when due or complete transactions or they may become less willing or less able to do so.

---

| |
|:---|
| **Texas Capital Government Money Market Fund** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

*Interest Rate Risk:* The value of the Fund's investments generally will fall when interest rates rise, and its yield will tend to lag behind prevailing rates. The Fund may face a heightened level of interest rate risk due to certain changes in general economic conditions, inflation and monetary policy, such as certain types of interest rate changes by the U.S. Federal Reserve.

*Investment and Market Risk:* As with all investments, an investment in the Fund is subject to investment risk. Investors in the Fund could lose money, including the possible loss of the entire principal amount of an investment, over short or prolonged periods of time. Markets can decline in value sharply and unpredictably which may affect the Fund's ability to maintain a $1.00 share price. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region, or financial market.

*U.S. Government Securities Risk:* There are different types of U.S. government securities with different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. For example, a U.S. government-sponsored entity, such as Federal National Mortgage Association ("Fannie Mae") or Federal Home Loan Mortgage Corporation ("Freddie Mac"), although chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the U.S. Treasury and are therefore riskier than those that are.

*Repurchase Agreements Risk:* Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations.

The Fund's prospectus contains more information regarding these risks and other risks related to the Fund as well as other information about the Fund and should be read carefully before investing.

**NOTE 7. SIGNIFICANT SHAREHOLDER**

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 1940 Act. At December 31, 2025, Pershing LLC owned 33.98% of the Fund. Pershing, LLC is not involved in the day to day operations or management of the Fund.

---

| |
|:---|
| **Texas Capital Government Money Market Fund** |
| **Notes to the Financial Statements (continued)** |
| *December 31, 2025* |

---

**NOTE 8. IDEMNIFICATIONS**

The Fund indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred.

**NOTE 9. SUBSEQUENT EVENTS**

Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Texas Capital Funds Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Texas Capital Government Money Market Fund (the "Fund") (one of the funds constituting Texas Capital Funds Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets, and the financial highlights for the year ended December 31, 2025 and the period from July 17, 2024 (commencement of operations) through December 31, 2024 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at December 31, 2025, the results of its operations, changes in net assets and financial highlights for the year ended December 31, 2025 and the period from July 17, 2024 (commencement of operations) through December 31, 2024, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![(SIGNATURE)](te002_v1.jpg)

We have served as the auditor of Texas Capital Funds Trust since 2023.

Dallas, Texas

February 27, 2026

**Additional Information (Unaudited)**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

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

Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**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.** 

Included under Item 7.

**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.** 

None.

**Item 16. Controls and Procedures** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

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

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

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

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

**Item 19. Exhibits.** 

(a)(1) [Code of Ethics is filed herewith.](coe.htm)

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto.](ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](ex99-906cert.htm)

**SIGNATURES**

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

Texas Capital Funds Trust

---

| | |
|:---|:---|
| By | /s/ J. Steven Orr |
| J. Steven Orr | J. Steven Orr |
| President and Chief Executive Officer | President and Chief Executive Officer |
| Date: June 17, 2026 | Date: June 17, 2026 |

---

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

---

| | |
|:---|:---|
| By | /s/ J. Steven Orr |
| J. Steven Orr | J. Steven Orr |
| President and Chief Executive Officer | President and Chief Executive Officer |
| Date: June 17, 2026 | Date: June 17, 2026 |

---

---

| | |
|:---|:---|
| By | /s/ Joel Colpitts |
| Joel Colpitts | Joel Colpitts |
| Treasurer and Principal Financial Officer | Treasurer and Principal Financial Officer |
| Date: June 17, 2026 | Date: June 17, 2026 |

---

## Ex-99.Cert

Exhibit 99.CERT

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRESIDENT

<u>CERTIFICATIONS</u>

I, J. Steven Orr, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | June 17, 2026 | /s/ J. Steven Orr |
|  |  | J. Steven Orr<br> President and Chief Executive Officer |

---

SECTION 302 CERTIFICATIONS

CERTIFICATION OF CHIEF FINANCIAL OFFICER

<u>CERTIFICATIONS</u>

I, Joel Colpitts, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | June 17, 2026 | /s/ Joel Colpitts |
|  |  | Joel Colpitts<br> Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION OF PRESIDENT AND TREASURER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES OXLEY ACT OF 2002**

J. Steven Orr, President and Chief Executive Officer, and Joel Colpitts, Treasurer and Principal Financial Officer of Texas Capital Funds Trust (the "Registrant"), each certify to the best of his or her knowledge that:

1. The
 Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the
 "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities
 Exchange Act of 1934, as amended; and

2. The
 information contained in the Form N-CSR fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

President and Chief Executive Officer Treasurer and Principal Financial Officer

---

| | |
|:---|:---|
| /s/ J. Steven Orr | /s/ Joel Colpitts |
| J. Steven Orr | Joel Colpitts |

---

Date: <u>June 17, 2026</u> Date: <u>June 17, 2026</u> <br>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Texas Capital and will be retained by Texas Capital Funds Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**Texas Capital Funds Trust**

**CODE OF ETHICS FOR SENIOR OFFICERS**

<u>Preamble</u>

Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The U.S. Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, Trust (the "Trust") have adopted this Code of Ethics (the "Code").

<u>Statement of Policy</u>

It is the obligation of the senior officers of the Trust to provide full, fair, timely, and comprehensible disclosure--financial and otherwise--to Trust shareholders, regulatory authorities, and the general public. In fulfilling that obligation, senior officers must act ethically, honestly and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Trust in senior officer positions. No Code of Ethics can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules and regulations, and to provide the type of clear and complete disclosure and information Trust shareholders have a right to expect.

The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Trust, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Trust and its adviser have adopted or may adopt in the future with which Trust officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

<u>Covered Persons</u>

This Code of Ethics applies to those persons appointed by the Trust's Board of Trustees as Chief Executive Officer, President, Chief Financial Officer, and Chief Accounting Officer, or persons performing similar functions.

<u>Promotion of Honest and Ethical Conduct</u>

In serving as an officer of the Trust, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Trust, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of the Trust, he has a duty to act in the best interests of the Trust and its shareholders. The interests of the Covered Person's personal

interests should not be allowed to compromise the Covered Person from fulfilling his duties as an officer of the Trust.

If a Covered Person believes that his personal interests are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Trust, he should consult with the Trust's chief legal officer or outside counsel. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Trustees of the Trust or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to the Trust give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services.

<u>Promotion of Full, Fair, Accurate, Timely and Understandable Disclosure</u>

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Trust shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Trust counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Trust reports reveal, rather than conceal, the Trust's financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Trust to provide full, fair, and accurate financial information and other disclosure to regulators and Trust shareholders.

Each Covered Person shall inquire of other Trust officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Trust, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.

<u>Promotion of Compliance with Applicable Government Laws, Rules and Regulations</u>

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Trust and its operations and shall act with competence and due care in

serving as an officer of the Trust. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Trust.

Each Covered Person shall cooperate with the Trust's independent auditors, regulatory agencies, and internal auditors in their review or inspection of the Trust and its operations.

No Covered Person shall knowingly violate any law or regulation relating to the Trust or its operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit, or misrepresentation involving the Trust or its operations.

<u>Promoting Prompt Internal Reporting of Violations</u>

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the Trust's Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the Trust's Audit Committee. All waivers and amendments shall be disclosed as required by law.

<u>Sanctions</u>

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension, or termination of position as an officer of the Trust. Sanctions shall be imposed by the Trust's Audit Committee, subject to review by the entire Board of Trustees of the Trust.

Each Covered Person shall be required to certify annually whether he has complied with this Code.

<u>No Rights Created</u>

This Code of Ethics is a statement of certain fundamental principles, policies, and procedures that govern the Trust's senior officers in the conduct of the Trust's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder, or any other person or entity.

<u>Recordkeeping</u>

The Trust will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board (1) that provided the basis for any amendment or waiver to this Code and (2) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

<u>Amendments</u>

The Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.

**<u>CODE OF ETHICS FOR SENIOR OFFICERS</u>**

**I HEREBY CERTIFY THAT:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) I have read and I understand the Code of Ethics for Senior Officers adopted by the Trust (the "Code of Ethics");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) I recognize that I am subject to the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) I have complied with the requirements of the Code of Ethics during the calendar year ending December 31, _______; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) I have reported all violations of the Code of Ethics required to be reported pursuant to the requirements of the Code during the calendar
year ending December 31, _____.

Set forth below exceptions to items (3) and (4), if any:

_____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________

______________________________________________________________________________

_______________________

Name:_________________

Date: _________________