# EDGAR Filing Document

**Accession Number:** 0001972459
**File Stem:** 0001580642-25-005717
**Filing Date:** 2025-9
**Character Count:** 173994
**Document Hash:** 35f53fb29d2258e634b3ae824de9a35d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005717.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001580642-25-005717

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23862
- **FILM NUMBER:** 251288679

**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 |  |

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

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

### Texas Capital Texas Small Cap Equity Index ETF (Series ID: S000083462)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000247108 | Texas Capital Texas Small Cap Equity 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>

**Texas Capital Funds Trust**

(Exact name of registrant as specified in charter)

2000 McKinney Avenue, Suite 700, Dallas, TX 75201

(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>June 30, 2025</u>

**Item 1. Reports to Stockholders.** 

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

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](id92c128b8c33b73ed391ee18.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Texas Capital Government Money Market ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.texascapitalbank.com/etf-funds-management/MMKT?&. You can also request this information by contacting us at (844) 822-3837.

# What were the Fund's costs for the period since inception?
(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 | $10 | 0.20% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $57611919 |
| Total Number of Portfolio Holdings | 27 |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| United States Treasury Bill, 4.31%, 08/19/25 | 5.9% |
| United States Treasury Floating Rate Note, 4.36%, 07/31/25 | 5.4% |
| United States Treasury Bill, 4.32%, 08/26/25 | 5.4% |
| United States Treasury Bill, 4.25%, 09/04/25 | 5.3% |
| United States Treasury Bill, 4.26%, 09/02/25 | 5.2% |
| United States Treasury Bill, 4.24%, 09/16/25 | 5.2% |
| United States Treasury Bill, 4.23%, 09/11/25 | 5.2% |
| Mirae Asset Securities Repo | 4.7% |
| United States Treasury Bill, 4.30%, 08/14/25 | 4.4% |
| United States Treasury Bill, 0.00%, 07/01/25 | 4.2% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Sector Chart](i3d8e23dc76b03ccdf20b8493.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.6% |
| Money Market Funds | 0.1% |
| Repurchase Agreements | 8.2% |
| U.S. Government & Agencies | 9.5% |
| U.S. Treasury Obligations | 80.6% |

---

![Image](icbff4af15db4a0bd58bb97ac.jpg)

#### Texas Capital Government Money Market ETF

#### Semi-Annual Shareholder Report - June 30, 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/MMKT?&**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-MMKT

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

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i281bb165828e5d9032bb1d12.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Texas Capital Government Money Market Fund (the "Fund") for the period of January 1, 2025 to June 30, 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.

# What were the Fund's costs for the last six months?
(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 | $13 | 0.25% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $19027221 |
| Total Number of Portfolio Holdings | 27 |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Mirae Asset Securities Repo, 4.47%, 6/30/2025 | 17.1% |
| United States Treasury Bill, 4.29%, 08/12/25 | 7.8% |
| United States Treasury Bill, 4.30%, 08/19/25 | 7.8% |
| United States Treasury Bill, 4.29%, 08/21/25 | 7.8% |
| Mirae Asset Securities Repo, 4.45%, 6/26/2025 | 5.3% |
| Mirae Asset Securities Repo, 4.44%, 6/27/2025 | 5.3% |
| United States Treasury Bill, 4.15%, 07/08/25 | 3.9% |
| United States Treasury Bill, 4.19%, 10/14/25 | 3.9% |
| Federal National Mortgage Association, 3.40%, 08/25/25 | 3.3% |
| Federal National Mortgage Association, 3.23%, 08/18/25 | 2.9% |

---

# What did the Fund invest in?

# **Asset Weighting (% of total investments)**![Group By Sector Chart](i9ac7301ae3bcbf7b5703f572.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.5% |
| Money Market Funds | 0.6% |
| U.S. Government & Agencies | 8.9% |
| Repurchase Agreements | 27.6% |
| U.S. Treasury Obligations | 65.4% |

---

![Image](i3ceee1f2f23262f1030e082b.jpg)

#### Texas Capital Government Money Market Fund

#### Semi-Annual Shareholder Report - June 30, 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-SAR 063025-TXGXX

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

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i0b24b4a09710c4865d16c945.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Texas Capital Texas Equity Index ETF (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $25 | 0.49% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $32412778 |
| Number of Portfolio Holdings | 210 |
| Portfolio Turnover | 6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Crowdstrike Holdings, Inc., Class A | 5.3% |
| Tesla, Inc. | 4.7% |
| Tenet Healthcare Corp. | 4.7% |
| Charles Schwab Corp. (The) | 4.2% |
| Digital Realty Trust, Inc. | 4.2% |
| McKesson Corp. | 4.2% |
| Waste Management, Inc. | 3.7% |
| Crown Castle International Corp. | 3.2% |
| CBRE Group, Inc., Class A | 2.8% |
| GameStop Corp., Class A | 2.7% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](id603f5d9e07034dafd497124.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.2% |
| Materials | 0.4% |
| Communications | 1.6% |
| Utilities | 1.7% |
| Consumer Staples | 2.1% |
| Financials | 6.8% |
| Technology | 11.0% |
| Health Care | 11.2% |
| Industrials | 12.7% |
| Real Estate | 13.0% |
| Consumer Discretionary | 19.2% |
| Energy | 20.1% |

---

![Image](icab09b613d0c9c784c795510.jpg)

#### Texas Capital Texas Equity Index ETF

#### Semi-Annual Shareholder Report - June 30, 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-SAR 063025-TXS

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

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](ibfa6c122d8fb7441540dcdc6.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Texas Capital Texas Oil Index ETF (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $16 | 0.35% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $11712561 |
| Number of Portfolio Holdings | 29 |
| Portfolio Turnover | 5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Exxon Mobil Corp. | 8.6% |
| ConocoPhillips | 8.3% |
| Occidental Petroleum Corp. | 8.2% |
| Diamondback Energy, Inc. | 8.0% |
| EOG Resources, Inc. | 7.3% |
| Chevron Corp. | 5.0% |
| APA Corp. | 4.5% |
| Devon Energy Corp. | 4.1% |
| Permian Resources Corp. | 4.1% |
| SM Energy Co. | 3.9% |

---

# What did the Fund invest in?

# Industry Weighting (% of net assets)
![Group By Sector Chart](ia3fab43a28bb536f50d8e34c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 0.3% |
| Gas & Water Utilities | 4.1% |
| Oil, Gas & Consumable Fuels | 5.0% |
| Oil & Gas Producers | 90.5% |

---

![Image](icaef6acfb76470ac5bfa0c3a.jpg)

#### Texas Capital Texas Oil Index ETF

#### Semi-Annual Shareholder Report - June 30, 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-SAR 063025-OILT

#### Texas Capital Texas Small Cap Equity Index ETF
(TXSS) NASDAQ Stock Market, LLC

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i0a1f550997fe9a9f17d04e1a.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Texas Capital Texas Small Cap Equity Index ETF (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.texascapitalbank.com/etf-funds-management/txss?&. You can also request this information by contacting us at (844) 822-3837.

# What were the Fund's costs for the last six months?
(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 Small Cap Equity Index ETF | $24 | 0.49% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $9989952 |
| Number of Portfolio Holdings | 170 |
| Portfolio Turnover | 13% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Howard Hughes Holdings, Inc. | 7.4% |
| Group 1 Automotive, Inc. | 2.9% |
| DNOW, Inc. | 2.7% |
| NETSTREIT Corp. | 2.5% |
| Hess Midstream, L.P., Class A | 2.5% |
| Vital Farms, Inc. | 2.3% |
| Concentra Group Holdings Parent, Inc. | 2.1% |
| Alkami Technology, Inc. | 2.1% |
| Insperity, Inc. | 2.0% |
| MRC Global, Inc. | 2.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i664ed49d563ea9cf3b73c74b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.3% |
| Utilities | 1.5% |
| Materials | 3.0% |
| Communications | 3.0% |
| Consumer Staples | 3.3% |
| Financials | 7.5% |
| Technology | 7.9% |
| Health Care | 8.0% |
| Real Estate | 13.9% |
| Consumer Discretionary | 14.9% |
| Industrials | 16.0% |
| Energy | 20.7% |

---

![Image](i0685f21fea03ac654aadedcb.jpg)

#### Texas Capital Texas Small Cap Equity Index ETF

#### Semi-Annual Shareholder Report - June 30, 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/txss?&**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-TXSS

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

**Item 2. Code of Ethics.** 

Not applicable – disclosed with annual report.

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

Not applicable – disclosed with annual report.

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

Not applicable – disclosed with annual report.

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

Not applicable – disclosed with annual report.

**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) ![](img_001.jpg)

**Texas Capital Texas Equity Index ETF (TXS)**

*NYSE Arca, Inc.*

**Texas Capital Texas Oil Index ETF (OILT)**

*NYSE Arca, Inc.*

**Texas Capital Texas Small Cap Equity Index ETF (TXSS)**

*NASDAQ Stock Market LLC*

**Texas Capital Government Money Market ETF (MMKT)**

*NYSE*

**Semi-Annual Financial Statements**

**and Additional Information**

**June 30, 2025**

**Fund Adviser:**

**Texas Capital Bank Wealth Management Services, Inc., doing business as Texas Capital Bank Private Wealth Advisors 2000 McKinney Avenue, Suite 1800**

**Dallas, TX 75201**

**Texas Capital Texas Equity Index ETF**

**Schedule of Investments**

*June 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.80%** |  |  |
| **Communications — 1.61%** |  |  |
| AST SpaceMobile, Inc., Class A<sup>(a)</sup> | 519 | $24253 |
| AT&T, Inc. | 15052 | 435605 |
| Frontier Communications Parent, Inc.<sup>(a)</sup> | 533 | 19401 |
| Match Group, Inc. | 519 | 16032 |
| Nexstar Media Group, Inc. | 90 | 15565 |
| Thryv Holdings, Inc.<sup>(a)</sup> | 972 | 11820 |
|  |  | 522676 |
| **Consumer Discretionary — 19.16%** |  |  |
| Academy Sports & Outdoors, Inc. | 5867 | 262900 |
| Brinker International, Inc.<sup>(a)</sup> | 2410 | 434595 |
| Builders FirstSource, Inc.<sup>(a)</sup> | 183 | 21354 |
| Carriage Services, Inc. | 693 | 31698 |
| Cinemark Holdings, Inc. | 594 | 17927 |
| Copart, Inc.<sup>(a)</sup> | 1973 | 96815 |
| D.R. Horton, Inc. | 3973 | 512199 |
| Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | 7778 | 233962 |
| Forestar Group, Inc.<sup>(a)</sup> | 667 | 13340 |
| GameStop Corp., Class A<sup>(a)</sup> | 36188 | 882626 |
| Green Brick Partners, Inc.<sup>(a)</sup> | 588 | 36973 |
| Group 1 Automotive, Inc. | 1107 | 483438 |
| LGI Homes, Inc.<sup>(a)</sup> | 336 | 17311 |
| Microvast Holdings, Inc.<sup>(a)</sup> | 3797 | 13783 |
| Rush Enterprises, Inc., Class A | 6090 | 313696 |
| Sally Beauty Holdings, Inc.<sup>(a)</sup> | 8796 | 81451 |
| Service Corp. International | 7734 | 629547 |
| Target Hospitality Corp.<sup>(a)</sup> | 2299 | 16369 |
| Tesla, Inc.<sup>(a)</sup> | 4833 | 1535251 |
| Wingstop, Inc. | 1528 | 514539 |
| XPEL, Inc.<sup>(a)</sup> | 1271 | 45629 |
| YETI Holdings, Inc.<sup>(a)</sup> | 430 | 13554 |
|  |  | 6208957 |
| **Consumer Staples — 2.15%** |  |  |
| Darling Ingredients, Inc.<sup>(a)</sup> | 458 | 17377 |
| Kimberly-Clark Corp. | 568 | 73226 |
| Quanex Building Products Corp. | 761 | 14383 |
| Sysco Corp. | 7527 | 570095 |
| Vital Farms, Inc.<sup>(a)</sup> | 562 | 21648 |
|  |  | 696729 |
| **Energy — 20.07%** |  |  |
| APA Corp. | 2003 | 36635 |
| Archrock, Inc. | 778 | 19318 |
| Atlas Energy Solutions, Inc. | 812 | 10856 |
| Baker Hughes Co., Class A | 5613 | 215202 |
| ChampionX Corp. | 484 | 12023 |
| Cheniere Energy, Inc. | 3444 | 838683 |
| Chevron Corp. | 2812 | 402650 |

---

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

**Texas Capital Texas Equity Index ETF**

**Schedule of Investments (continued)**

*June 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.80% - continued** |  |  |
| **Energy — 20.07% - continued** |  |  |
| Chord Energy Corp. | 285 | $27602 |
| Comstock Resources, Inc.<sup>(a)</sup> | 783 | 21666 |
| ConocoPhillips | 7152 | 641820 |
| Coterra Energy, Inc. | 4108 | 104261 |
| Crescent Energy Co., Class A | 1326 | 11404 |
| CVR Energy, Inc. | 621 | 16674 |
| Diamondback Energy, Inc. | 1076 | 147842 |
| DNOW, Inc.<sup>(a)</sup> | 1526 | 22631 |
| EOG Resources, Inc. | 3092 | 369834 |
| Excelerate Energy, Inc., Class A | 501 | 14689 |
| Expro Group Holdings N.V.<sup>(a)</sup> | 1529 | 13134 |
| Exxon Mobil Corp. | 7081 | 763332 |
| Flowco Holdings, Inc., Class A | 899 | 16011 |
| Halliburton Co. | 4335 | 88347 |
| Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 1791 | 11176 |
| Hess Midstream, L.P., Class A | 1216 | 46828 |
| HF Sinclair Corp. | 458 | 18815 |
| Innovex International, Inc.<sup>(a)</sup> | 810 | 12652 |
| Kimbell Royalty Partners, L.P. | 1153 | 16096 |
| Kinder Morgan, Inc. | 19449 | 571801 |
| Kinetik Holdings, Inc., Class A | 368 | 16210 |
| Kodiak Gas Services, Inc. | 363 | 12440 |
| Landbridge Co., LLC | 205 | 13854 |
| Magnolia Oil & Gas Corp., Class A | 881 | 19805 |
| Matador Resources Co. | 556 | 26532 |
| MRC Global, Inc.<sup>(a)</sup> | 1315 | 18029 |
| Murphy Oil Corp. | 621 | 13973 |
| Newpark Resources, Inc.<sup>(a)</sup> | 2339 | 19905 |
| Noble Corp. plc | 634 | 16833 |
| NOV, Inc. | 1037 | 12890 |
| Occidental Petroleum Corp. | 4070 | 170981 |
| Oceaneering International, Inc.<sup>(a)</sup> | 735 | 15229 |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | 679 | 18014 |
| Patterson-UTI Energy, Inc. | 1813 | 10751 |
| Permian Resources Corp., Class A | 3454 | 47043 |
| Phillips 66 | 663 | 79096 |
| ProPetro Holding Corp.<sup>(a)</sup> | 1938 | 11570 |
| Range Resources Corp. | 1327 | 53969 |
| Sable Offshore Corp.<sup>(a)</sup> | 582 | 12792 |
| Schlumberger Ltd. | 7706 | 260463 |
| Select Water Solutions, Inc., Class A | 1479 | 12779 |
| Solaris Energy Infrastructure, Inc., Class A | 563 | 15927 |
| Summit Midstream Corp.<sup>(a)</sup> | 611 | 14988 |
| Talen Energy Corp.<sup>(a)</sup> | 203 | 59026 |
| Talos Energy, Inc.<sup>(a)</sup> | 1704 | 14450 |
| Targa Resources Corp. | 2128 | 370442 |
| TETRA Technologies, Inc.<sup>(a)</sup> | 4262 | 14320 |

---

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

**Texas Capital Texas Equity Index ETF**

**Schedule of Investments (continued)**

*June 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.80% - continued** |  |  |
| **Energy — 20.07% - continued** |  |  |
| Texas Pacific Land Corp. | 499 | $527139 |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | 489 | 13731 |
| Tidewater, Inc.<sup>(a)</sup> | 354 | 16330 |
| VAALCO Energy, Inc. | 3590 | 12960 |
| Valero Energy Corp. | 519 | 69764 |
| Viper Energy, Inc. | 624 | 23793 |
| Weatherford International PLC | 346 | 17407 |
|  |  | 6505417 |
| **Financials — 6.77%** |  |  |
| Acuren Corp.<sup>(a)</sup> | 1576 | 17399 |
| Applied Digital Corp.<sup>(a)</sup> | 1330 | 13393 |
| Charles Schwab Corp. (The) | 14859 | 1355735 |
| Comerica, Inc. | 1174 | 70029 |
| Corebridge Financial, Inc. | 1882 | 66811 |
| Cullen/Frost Bankers, Inc. | 528 | 67869 |
| EZCORP, Inc., Class A<sup>(a)</sup> | 1063 | 14754 |
| First Financial Bankshares, Inc. | 1234 | 44399 |
| First Foundation, Inc. | 2982 | 15208 |
| FirstCash Holdings, Inc. | 352 | 47569 |
| Globe Life, Inc. | 675 | 83896 |
| Goosehead Insurance, Inc., Class A | 215 | 22685 |
| Hilltop Holdings, Inc. | 495 | 15023 |
| International Bancshares Corp. | 481 | 32016 |
| Mr. Cooper Group, Inc.<sup>(a)</sup> | 551 | 82215 |
| P10, Inc., Class A | 1266 | 12938 |
| Prosperity Bancshares, Inc. | 780 | 54787 |
| Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 313 | 18088 |
| Southside Bancshares, Inc. | 491 | 14450 |
| Stellar Bancorp, Inc. | 530 | 14830 |
| Stewart Information Services Corp. | 247 | 16080 |
| TPG, Inc., Class A | 1056 | 55387 |
| Triumph Financial, Inc.<sup>(a)</sup> | 240 | 13227 |
| Veritex Holdings, Inc. | 572 | 14929 |
| Victory Capital Holdings, Inc., Class A | 462 | 29416 |
|  |  | 2193133 |
| **Health Care — 11.22%** |  |  |
| Addus HomeCare Corp.<sup>(a)</sup> | 1671 | 192482 |
| agilon health, inc.<sup>(a)</sup> | 28674 | 65950 |
| Castle Biosciences, Inc.<sup>(a)</sup> | 726 | 14825 |
| Concentra Group Holdings Parent, Inc. | 10798 | 222115 |
| Enhabit, Inc.<sup>(a)</sup> | 4598 | 44325 |
| Integer Holdings Corp.<sup>(a)</sup> | 109 | 13404 |
| McKesson Corp. | 1846 | 1352712 |
| Natera, Inc.<sup>(a)</sup> | 243 | 41052 |
| Nutex Health, Inc.<sup>(a)</sup> | 312 | 38841 |
| Savara, Inc.<sup>(a)</sup> | 5472 | 12476 |
| Taysha Gene Therapies, Inc.<sup>(a)</sup> | 6001 | 13862 |

---

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

**Texas Capital Texas Equity Index ETF**

**Schedule of Investments (continued)**

*June 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.80% - continued** |  |  |
| **Health Care — 11.22% - continued** |  |  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 8608 | $1515008 |
| US Physical Therapy, Inc. | 1394 | 109011 |
|  |  | 3636063 |
| **Industrials — 12.67%** |  |  |
| AECOM | 1868 | 210822 |
| Alamo Group, Inc. | 81 | 17689 |
| American Airlines Group, Inc.<sup>(a)</sup> | 6885 | 77250 |
| AMN Healthcare Services, Inc.<sup>(a)</sup> | 591 | 12216 |
| Arcosa, Inc. | 228 | 19770 |
| AZZ, Inc. | 164 | 15495 |
| Bristow Group, Inc.<sup>(a)</sup> | 451 | 14869 |
| Cactus, Inc., Class A | 314 | 13728 |
| Caterpillar, Inc. | 779 | 302416 |
| CECO Environmental Corp.<sup>(a)</sup> | 602 | 17043 |
| Comfort Systems USA, Inc. | 514 | 275612 |
| CSW Industrials, Inc. | 52 | 14915 |
| DXP Enterprises, Inc.<sup>(a)</sup> | 189 | 16566 |
| Ennis, Inc. | 855 | 15510 |
| Flowserve Corp. | 298 | 15600 |
| Fluor Corp.<sup>(a)</sup> | 2301 | 117972 |
| Great Lakes Dredge & Dock Corp.<sup>(a)</sup> | 1384 | 16871 |
| IES Holdings, Inc.<sup>(a)</sup> | 272 | 80574 |
| Insperity, Inc. | 542 | 32585 |
| Intuitive Machines, Inc.<sup>(a)</sup> | 1428 | 15522 |
| Jacobs Solutions, Inc. | 1628 | 214001 |
| KBR, Inc. | 1832 | 87826 |
| Kirby Corp.<sup>(a)</sup> | 558 | 63283 |
| Lennox International, Inc. | 54 | 30955 |
| Powell Industries, Inc. | 84 | 17678 |
| Primoris Services Corp. | 739 | 57598 |
| Quanta Services, Inc. | 2181 | 824592 |
| Southwest Airlines Co. | 5949 | 192985 |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 420 | 96907 |
| Trinity Industries, Inc. | 489 | 13208 |
| TSS, Inc.<sup>(a)</sup> | 784 | 22603 |
| Waste Management, Inc. | 5172 | 1183457 |
|  |  | 4108118 |
| **Materials — 0.39%** |  |  |
| ATI, Inc.<sup>(a)</sup> | 279 | 24089 |
| Celanese Corp. | 270 | 14939 |
| Commercial Metals Co. | 319 | 15602 |
| Eagle Materials, Inc. | 66 | 13339 |
| Huntsman Corp. | 1331 | 13869 |
| United States Lime & Minerals, Inc. | 155 | 15469 |
| Uranium Energy Corp.<sup>(a)</sup> | 2642 | 17966 |
| Westlake Corp. | 131 | 9947 |
|  |  | 125220 |

---

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

**Texas Capital Texas Equity Index ETF**

**Schedule of Investments (continued)**

*June 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.80% - continued** |  |  |
| **Real Estate — 12.96%** |  |  |
| Camden Property Trust | 2441 | $275076 |
| CBRE Group, Inc., Class A<sup>(a)</sup> | 6467 | 906156 |
| Crown Castle International Corp. | 10050 | 1032436 |
| Digital Realty Trust, Inc. | 7773 | 1355067 |
| Howard Hughes Holdings, Inc.<sup>(a)</sup> | 1371 | 92543 |
| Invitation Homes, Inc. | 14146 | 463989 |
| NETSTREIT Corp. | 1807 | 30593 |
| NexPoint Residential Trust, Inc. | 493 | 16427 |
| Summit Hotel Properties, Inc. | 2455 | 12496 |
| Whitestone REIT | 1288 | 16074 |
|  |  | 4200857 |
| **Technology — 11.05%** |  |  |
| Alkami Technology, Inc.<sup>(a)</sup> | 1028 | 30984 |
| Amentum Holdings, Inc.<sup>(a)</sup> | 98 | 2314 |
| Applied Optoelectronics, Inc.<sup>(a)</sup> | 824 | 21169 |
| BigCommerce Holdings, Inc.<sup>(a)</sup> | 2410 | 12050 |
| Bumble, Inc., Class A<sup>(a)</sup> | 2843 | 18735 |
| Cirrus Logic, Inc.<sup>(a)</sup> | 149 | 15534 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 3377 | 1719940 |
| Dell Technologies, Inc., Class C | 547 | 67062 |
| Digital Turbine, Inc.<sup>(a)</sup> | 3087 | 18213 |
| Diodes, Inc.<sup>(a)</sup> | 300 | 15867 |
| E2open Parent Holdings, Inc., Class A<sup>(a)</sup> | 4960 | 16021 |
| Hewlett Packard Enterprise Co. | 2096 | 42863 |
| Omnicell, Inc.<sup>(a)</sup> | 710 | 20874 |
| Oracle Corp. | 3643 | 796469 |
| PROS Holdings, Inc.<sup>(a)</sup> | 671 | 10508 |
| Q2 Holdings, Inc.<sup>(a)</sup> | 191 | 17876 |
| Sabre Corp.<sup>(a)</sup> | 4568 | 14435 |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 124 | 18273 |
| TaskUs, Inc., Class A<sup>(a)</sup> | 1124 | 18838 |
| Texas Instruments, Inc. | 1565 | 324925 |
| Tyler Technologies, Inc.<sup>(a)</sup> | 615 | 364596 |
| Upbound Group, Inc. | 583 | 14634 |
|  |  | 3582180 |
| **Utilities — 1.75%** |  |  |
| Aris Water Solution, Inc., Class A | 477 | 11281 |
| Atmos Energy Corp. | 628 | 96781 |
| CenterPoint Energy, Inc. | 2606 | 95744 |
| NRG Energy, Inc. | 734 | 117866 |
| Vistra Corp. | 1274 | 246914 |
|  |  | 568586 |
| **Total Common Stocks — 99.80% (Cost $27,430,117)** |  | 32347936 |

---

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

**Texas Capital Texas Equity Index ETF**

**Schedule of Investments (continued)**

*June 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **MONEY MARKET FUNDS — 0.19%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Opportunity Class, 4.24%<sup>(b)</sup> | 61763 | $61763 |
| **Total Money Market Funds (Cost $61,763)** |  | 61763 |
| **Total Investments — 99.99% (Cost $27,491,880)** |  | 32409699 |
| **Other Assets in Excess of Liabilities — 0.01%** |  | 3079 |
| **NET ASSETS — 100.00%** |  | $32412778 |

---

(a) Non-income producing security.

(b) Rate disclosed is the seven day effective yield as of June 30, 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**

*June 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.63%** |  |  |
| **Gas & Water Utilities — 4.14%** |  |  |
| Osaka Gas Company Ltd. (Japan) | 7375 | $189098 |
| Tokyo Gas Company Ltd. (Japan) | 8905 | 296277 |
|  |  | 485375 |
| **Oil & Gas Producers — 90.47%** |  |  |
| APA Corp. | 28952 | 529532 |
| Baytex Energy Corp. | 130722 | 233992 |
| BP PLC - ADR | 11293 | 338000 |
| Civitas Resources, Inc. | 16202 | 445879 |
| Comstock Resources, Inc.<sup>(a)</sup> | 7248 | 200552 |
| ConocoPhillips | 10860 | 974576 |
| Coterra Energy, Inc. | 8220 | 208624 |
| Crescent Energy Co., Class A | 53272 | 458139 |
| Devon Energy Corp. | 15113 | 480745 |
| Diamondback Energy, Inc. | 6786 | 932396 |
| EOG Resources, Inc. | 7171 | 857723 |
| Exxon Mobil Corp. | 9372 | 1010302 |
| Kinder Morgan, Inc. | 10235 | 300909 |
| Magnolia Oil & Gas Corp., Class A | 11434 | 257036 |
| Matador Resources Co. | 1387 | 66188 |
| Murphy Oil Corp. | 6610 | 148725 |
| Occidental Petroleum Corp. | 22977 | 965264 |
| Ovintiv, Inc. | 12072 | 459340 |
| Permian Resources Corp. | 35068 | 477626 |
| Repsol S.A. - ADR | 6586 | 95826 |
| Riley Exploration Permian, Inc. | 3333 | 87425 |
| Ring Energy, Inc.<sup>(a)</sup> | 85867 | 68178 |
| SM Energy Co. | 18695 | 461954 |
| Total S.A. - ADR | 2067 | 126893 |
| Vital Energy, Inc.<sup>(a)</sup> | 25492 | 410166 |
|  |  | 10595990 |
| **Oil, Gas & Consumable Fuels — 5.02%** |  |  |
| Chevron Corp. | 4105 | 587795 |
| **Total Common Stocks — 99.63% (Cost $13,850,485)** |  | 11669160 |
| **MONEY MARKET FUNDS — 0.28%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Opportunity Class, 4.24%<sup>(b)</sup> | 32627 | 32627 |
| **Total Money Market Funds (Cost $32,627)** |  | 32627 |
| **Total Investments — 99.91% (Cost $13,883,112)** |  | 11701787 |
| **Other Assets in Excess of Liabilities — 0.09%** |  | 10774 |
| **NET ASSETS — 100.00%** |  | $11712561 |

---

(a) Non-income
 producing security.

(b) Rate
 disclosed is the seven day effective yield as of June 30, 2025.

ADR - American Depositary Receipt.

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

**Texas Capital Texas Small Cap Equity Index ETF**

**Schedule of Investments**

*June 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.75%** |  |  |
| **Communications — 3.02%** |  |  |
| Asset Entities, Inc.<sup>(a)</sup> | 756 | $2835 |
| AST SpaceMobile, Inc.<sup>(a)</sup> | 2806 | 131125 |
| Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | 32670 | 38224 |
| iHeartMedia, Inc., Class A<sup>(a)</sup> | 2866 | 5044 |
| Nexstar Media Group, Inc. | 412 | 71255 |
| Spok Holdings, Inc. | 302 | 5339 |
| Thryv Holdings, Inc.<sup>(a)</sup> | 3919 | 47655 |
|  |  | 301477 |
| **Consumer Discretionary — 14.95%** |  |  |
| Academy Sports & Outdoors, Inc. | 3506 | 157104 |
| Carriage Services, Inc. | 1804 | 82515 |
| Cinemark Holdings, Inc. | 1503 | 45361 |
| Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | 2478 | 74538 |
| European Wax Center, Inc.<sup>(a)</sup> | 3855 | 21703 |
| Forestar Group, Inc.<sup>(a)</sup> | 545 | 10900 |
| Green Brick Partners, Inc.<sup>(a)</sup> | 1116 | 70174 |
| Group 1 Automotive, Inc. | 668 | 291722 |
| LGI Homes, Inc.<sup>(a)</sup> | 582 | 29985 |
| Microvast Holdings, Inc.<sup>(a)</sup> | 3051 | 11075 |
| RCI Hospitality Holdings, Inc. | 4485 | 170968 |
| Rush Enterprises, Inc., Class A | 3732 | 192235 |
| Sally Beauty Holdings, Inc.<sup>(a)</sup> | 5263 | 48736 |
| Target Hospitality Corp.<sup>(a)</sup> | 19271 | 137209 |
| XPEL, Inc.<sup>(a)</sup> | 3104 | 111434 |
| YETI Holdings, Inc.<sup>(a)</sup> | 1219 | 38423 |
|  |  | 1494082 |
| **Consumer Staples — 3.32%** |  |  |
| Darling Ingredients, Inc.<sup>(a)</sup> | 2237 | 84872 |
| Quanex Building Products Corp. | 700 | 13230 |
| Vital Farms, Inc.<sup>(a)</sup> | 6072 | 233893 |
|  |  | 331995 |
| **Energy — 20.67%** |  |  |
| Amplify Energy Corp.<sup>(a)</sup> | 1273 | 4074 |
| Archrock, Inc. | 2042 | 50703 |
| Atlas Energy Solutions, Inc. | 937 | 12528 |
| Berry Corp. | 1751 | 4850 |
| ChampionX Corp. | 2913 | 72359 |
| Chord Energy Corp. | 710 | 68763 |
| Comstock Resources, Inc.<sup>(a)</sup> | 1055 | 29192 |
| Crescent Energy Co., Class A | 2694 | 23168 |
| CVR Energy, Inc. | 1545 | 41483 |
| DNOW, Inc.<sup>(a)</sup> | 17861 | 264879 |
| Excelerate Energy, Inc., Class A | 5736 | 168180 |
| Expro Group Holdings N.V.<sup>(a)</sup> | 2639 | 22669 |
| Flotek Industries, Inc.<sup>(a)</sup> | 301 | 4443 |
| Flowco Holdings, Inc., Class A | 280 | 4987 |

---

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

**Texas Capital Texas Small Cap Equity Index ETF**

**Schedule of Investments (continued)**

*June 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.75% - continued** |  |  |
| **Energy — 20.67% - continued** |  |  |
| Forum Energy Technologies, Inc.<sup>(a)</sup> | 270 | $5257 |
| Granite Ridge Resources, Inc. | 818 | 5211 |
| Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 1750 | 10920 |
| Hess Midstream, L.P., Class A | 6384 | 245848 |
| Innovex International, Inc.<sup>(a)</sup> | 569 | 8888 |
| Kimbell Royalty Partners, L.P. | 1044 | 14574 |
| Kinetik Holdings, Inc. | 2529 | 111402 |
| Kodiak Gas Services, Inc. | 696 | 23852 |
| Landbridge Co., LLC | 280 | 18922 |
| Magnolia Oil & Gas Corp., Class A | 2275 | 51142 |
| Matador Resources Co. | 1431 | 68287 |
| MRC Global, Inc.<sup>(a)</sup> | 14562 | 199645 |
| Murphy Oil Corp. | 1561 | 35122 |
| Natural Gas Services Group, Inc.<sup>(a)</sup> | 198 | 5110 |
| Newpark Resources, Inc.<sup>(a)</sup> | 1195 | 10169 |
| Noble Corp. PLC | 1479 | 39267 |
| NOV, Inc. | 5718 | 71075 |
| Oceaneering International, Inc.<sup>(a)</sup> | 1423 | 29484 |
| Oil States International, Inc.<sup>(a)</sup> | 961 | 5151 |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | 769 | 20402 |
| Patterson-UTI Energy, Inc. | 4314 | 25582 |
| ProPetro Holding Corp.<sup>(a)</sup> | 981 | 5856 |
| Ranger Energy Services, Inc. | 3772 | 45038 |
| Sable Offshore Corp.<sup>(a)</sup> | 963 | 21167 |
| Select Energy Services, Inc., Class A | 1186 | 10247 |
| Solaris Energy Infrastructure, Inc., Class A | 399 | 11288 |
| Summit Midstream Corp.<sup>(a)</sup> | 623 | 15282 |
| T1 Energy, Inc.<sup>(a)</sup> | 3269 | 4021 |
| Talos Energy, Inc.<sup>(a)</sup> | 1485 | 12593 |
| TETRA Technologies, Inc.<sup>(a)</sup> | 1537 | 5164 |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | 493 | 13843 |
| Tidewater, Inc.<sup>(a)</sup> | 589 | 27171 |
| VAALCO Energy, Inc. | 1316 | 4751 |
| Viper Energy, Inc. | 1628 | 62076 |
| W&T Offshore, Inc. | 2667 | 4401 |
| Weatherford International PLC | 883 | 44424 |
|  |  | 2064910 |
| **Financials — 7.55%** |  |  |
| Acuren Corp.<sup>(a)</sup> | 8221 | 90760 |
| Applied Blockchain, Inc.<sup>(a)</sup> | 2479 | 24963 |
| eHealth, Inc.<sup>(a)</sup> | 1138 | 4951 |
| EZCORP, Inc., Class A<sup>(a)</sup> | 796 | 11048 |
| Finance Of America Cos., Inc.<sup>(a)</sup> | 221 | 5154 |
| First Financial Bankshares, Inc. | 2210 | 79516 |
| First Foundation, Inc. | 1180 | 6018 |
| FirstCash Holdings, Inc. | 628 | 84868 |
| Goosehead Insurance, Inc., Class A | 379 | 39988 |

---

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

**Texas Capital Texas Small Cap Equity Index ETF**

**Schedule of Investments (continued)**

*June 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.75% - continued** |  |  |
| **Financials — 7.55% - continued** |  |  |
| Guaranty Bancshares, Inc. | 142 | $6026 |
| Hilltop Holdings, Inc. | 671 | 20365 |
| International Bancshares Corp. | 870 | 57907 |
| P10, Inc. | 998 | 10200 |
| Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 533 | 30802 |
| South Plains Financial, Inc. | 198 | 7136 |
| Southside Bancshares, Inc. | 457 | 13450 |
| Stellar Bancorp, Inc. | 721 | 20174 |
| Stewart Information Services Corp. | 440 | 28644 |
| Third Coast Bancshares, Inc.<sup>(a)</sup> | 211 | 6893 |
| TPG, Inc. | 1954 | 102487 |
| Triumph Bancorp, Inc.<sup>(a)</sup> | 358 | 19729 |
| TWFG, Inc.<sup>(a)</sup> | 194 | 6790 |
| Veritex Holdings, Inc. | 838 | 21872 |
| Victory Capital Holdings, Inc., Class A | 850 | 54119 |
|  |  | 753860 |
| **Health Care — 7.98%** |  |  |
| Addus HomeCare Corp.<sup>(a)</sup> | 1613 | 185801 |
| agilon health, inc.<sup>(a)</sup> | 27680 | 63664 |
| Castle Biosciences, Inc.<sup>(a)</sup> | 386 | 7882 |
| Concentra Group Holdings Parent, Inc. | 10424 | 214422 |
| Enhabit, Inc.<sup>(a)</sup> | 4438 | 42782 |
| Integer Holdings Corp.<sup>(a)</sup> | 520 | 63945 |
| Nutex Health, Inc.<sup>(a)</sup> | 301 | 37472 |
| Savara, Inc.<sup>(a)</sup> | 14498 | 33055 |
| Taysha Gene Therapies, Inc.<sup>(a)</sup> | 18731 | 43269 |
| US Physical Therapy, Inc. | 1345 | 105179 |
|  |  | 797471 |
| **Industrials — 16.03%** |  |  |
| Alamo Group, Inc. | 143 | 31228 |
| AMN Healthcare Services, Inc.<sup>(a)</sup> | 8158 | 168626 |
| Arcosa, Inc. | 594 | 51506 |
| AZZ, Inc. | 452 | 42705 |
| Bristow Group, Inc.<sup>(a)</sup> | 1194 | 39366 |
| Cactus, Inc., Class A | 1043 | 45600 |
| CECO Environmental Corp.<sup>(a)</sup> | 431 | 12202 |
| Civeo Corp. | 2231 | 51514 |
| CSW Industrials, Inc. | 248 | 71134 |
| Distribution Solutions Group, Inc.<sup>(a)</sup> | 1764 | 48457 |
| DXP Enterprises, Inc.<sup>(a)</sup> | 2195 | 192392 |
| Ennis, Inc. | 361 | 6548 |
| Great Lakes Dredge & Dock Corp.<sup>(a)</sup> | 1861 | 22686 |
| Hyliion Holdings Corp.<sup>(a)</sup> | 3103 | 4096 |
| IES Holdings, Inc.<sup>(a)</sup> | 516 | 152855 |
| Insperity, Inc. | 3407 | 204829 |
| Intuitive Machines, Inc.<sup>(a)</sup> | 1677 | 18229 |
| Orion Group Holdings, Inc.<sup>(a)</sup> | 1050 | 9523 |

---

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

**Texas Capital Texas Small Cap Equity Index ETF**

**Schedule of Investments (continued)**

*June 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.75% - continued** |  |  |
| **Industrials — 16.03% - continued** |  |  |
| Powell Industries, Inc. | 139 | $29252 |
| Primoris Services Corp. | 1403 | 109350 |
| Resources Connection, Inc. | 2900 | 15573 |
| Sterling Construction Co., Inc.<sup>(a)</sup> | 799 | 184353 |
| Trinity Industries, Inc. | 1207 | 32601 |
| TSS, Inc.<sup>(a)</sup> | 1956 | 56391 |
|  |  | 1601016 |
| **Materials — 2.97%** |  |  |
| Celanese Corp. | 1682 | 93065 |
| Commercial Metals Co. | 1720 | 84125 |
| Huntsman Corp. | 2405 | 25060 |
| United States Antimony Corp.<sup>(a)</sup> | 1646 | 3588 |
| United States Lime & Minerals, Inc. | 135 | 13473 |
| Uranium Energy Corp.<sup>(a)</sup> | 5408 | 36775 |
| Westlake Chemical Corp. | 532 | 40395 |
|  |  | 296481 |
| **Real Estate — 13.89%** |  |  |
| FrontView REIT, Inc. | 3481 | 41772 |
| Howard Hughes Holdings, Inc.<sup>(a)</sup> | 10942 | 738585 |
| Legacy Housing Corp.<sup>(a)</sup> | 202 | 4577 |
| NETSTREIT Corp. | 14903 | 252308 |
| NexPoint Diversified Real Estate Trust | 6060 | 25392 |
| NexPoint Residential Trust, Inc. | 3634 | 121085 |
| Summit Hotel Properties, Inc. | 19848 | 101026 |
| Whitestone REIT | 8252 | 102985 |
|  |  | 1387730 |
| **Technology — 7.89%** |  |  |
| Alkami Technology, Inc.<sup>(a)</sup> | 6874 | 207182 |
| Applied Optoelectronics, Inc.<sup>(a)</sup> | 811 | 20835 |
| Aviat Networks, Inc.<sup>(a)</sup> | 219 | 5267 |
| BigCommerce Holdings, Inc.<sup>(a)</sup> | 875 | 4375 |
| Bumble, Inc., Class A<sup>(a)</sup> | 1138 | 7500 |
| Cirrus Logic, Inc.<sup>(a)</sup> | 781 | 81423 |
| Digital Turbine, Inc.<sup>(a)</sup> | 1450 | 8555 |
| Diodes, Inc.<sup>(a)</sup> | 668 | 35330 |
| E2open Parent Holdings, Inc.<sup>(a)</sup> | 3784 | 12222 |
| Omnicell, Inc.<sup>(a)</sup> | 4376 | 128655 |
| Open Lending Corp.<sup>(a)</sup> | 1717 | 3331 |
| PROS Holdings, Inc.<sup>(a)</sup> | 603 | 9443 |
| Q2 Holdings, Inc.<sup>(a)</sup> | 851 | 79645 |
| Rackspace Technology, Inc.<sup>(a)</sup> | 8137 | 10415 |
| Ribbon Communications, Inc.<sup>(a)</sup> | 2147 | 8609 |
| Sabre Corp.<sup>(a)</sup> | 5098 | 16110 |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 491 | 72354 |
| TaskUs, Inc., Class A<sup>(a)</sup> | 3353 | 56196 |
| Upbound Group, Inc. | 838 | 21034 |
|  |  | 788481 |

---

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

**Texas Capital Texas Small Cap Equity Index ETF**

**Schedule of Investments (continued)**

*June 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS — 99.75% - continued** |  |  |
| **Utilities — 1.48%** |  |  |
| Aris Water Solution, Inc., Class A | 6253 | $147884 |
| **Total Common Stocks — 99.75% (Cost $10,238,494)** |  | 9965387 |
| **MONEY MARKET FUNDS — 0.26%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Opportunity Class, 4.24%<sup>(b)</sup> | 25783 | 25783 |
| **Total Money Market Funds (Cost $25,783)** |  | 25783 |
| **Total Investments — 100.01% (Cost $10,264,277)** |  | 9991170 |
| **Liabilities in Excess of Other Assets — (0.01)%** |  | (1218) |
| **NET ASSETS — 100.00%** |  | $9989952 |

---

(a) Non-income
 producing security.

(b) Rate
 disclosed is the seven day effective yield as of June 30, 2025.

REIT - Real Estate Investment Trust

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

**Texas Capital Government Money Market ETF**

**Schedule of Investments**

*June 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **U.S. GOVERNMENT & AGENCIES — 9.51%** |  |  |
| Federal Home Loan Mortgage Corp, 4.47 *%*, 9/23/2025 | $1583300 | $1568910 |
| Federal National Mortgage Association, 3.21 *%*, 8/18/2025 | 1354000 | 1347098 |
| Federal National Mortgage Association, 4.02 *%*, 8/25/2025 | 1583300 | 1573620 |
| Federal National Mortgage Association, 3.98 *%*, 10/27/2025 | 1000000 | 987863 |
| **Total U.S. Government & Agencies (Cost $5,478,180)** |  | 5477491 |
| **U.S. TREASURY OBLIGATIONS — 80.58%** |  |  |
| United States Treasury Bill, 0.00 *%*, 7/1/2025 | 2422500 | 2422500 |
| United States Treasury Bill, 4.15 *%*, 7/15/2025 | 2111100 | 2107695 |
| United States Treasury Bill, 4.16 *%*, 7/22/2025 | 2111100 | 2105981 |
| United States Treasury Bill, 4.15 *%*, 7/31/2025 | 2042500 | 2035441 |
| United States Treasury Bill, 4.25 *%*, 8/7/2025 | 2111100 | 2101888 |
| United States Treasury Bill, 4.29 *%*, 8/12/2025 | 2100000 | 2089485 |
| United States Treasury Bill, 4.30 *%*, 8/14/2025 | 2533300 | 2519990 |
| United States Treasury Bill, 4.31 *%*, 8/19/2025 | 3411100 | 3391101 |
| United States Treasury Bill, 4.32 *%*, 8/26/2025 | 3111100 | 3090218 |
| United States Treasury Bill, 4.25 *%*, 9/4/2025 | 3097200 | 3073440 |
| United States Treasury Bill, 4.21 *%*, 9/9/2025 | 2111100 | 2093815 |
| United States Treasury Bill, 4.23 *%*, 9/11/2025 | 3000000 | 2974599 |
| United States Treasury Bill, 4.24 *%*, 9/16/2025 | 3011100 | 2983793 |
| United States Treasury Bill, 4.22 *%*, 10/2/2025 | 2055600 | 2033187 |
| United States Treasury Bill, 4.20 *%*, 10/7/2025 | 2000000 | 1977143 |
| United States Treasury Bill, 4.19 *%*, 10/28/2025 | 1500000 | 1479206 |
| United States Treasury Bill, 4.26 *%*, 9/2/2025 | 3011100 | 2988659 |
| United States Treasury Floating Rate Note, 4.36 *%*, 7/31/2025 | 3107800 | 3107544 |
| United States Treasury Floating Rate Note, 4.41 *%*, 10/31/2025 | 1845000 | 1845701 |
| **Total U.S. Treasury Obligations (Cost $46,422,123)** |  | 46421386 |
| **REPURCHASE AGREEMENTS — 8.16%** |  |  |
| Tri-Party Repurchase Agreement with Mirae Asset Securities and Bank of New York Mellon, 4.44%, dated 6/27/2025 and maturing 7/7/2025 collateralized by Agency Mortgage-Back Securities, Agency Debentures and Agency Strips with rates ranging from 1.99% to 5.74% and maturity dates ranging from 3/27/2028 to 5/1/2045 with a par value of $1,033,965 and a collateral value of $1,015,841 | 1000000 | 1000000 |
| Tri-Party Repurchase Agreement with Mirae Asset Securities and Bank of New York Mellon, 4.45%, dated 6/26/2025 and maturing 7/3/2025 collateralized by Agency Mortgage-Back Securities, Agency Debentures and Agency Strips with rates ranging from 2.50% to 5.78% and maturity dates ranging from 3/1/2037 to 2/1/2052 with a par value of $1,085,160 and a collateral value of $1,012,949 | 1000000 | 1000000 |

---

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

**Texas Capital Government Money Market ETF**

**Schedule of Investments (continued)**

*June 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **REPURCHASE AGREEMENTS — 8.16% - continued** |  |  |
| Tri-Party Repurchase Agreement with Mirae Asset Securities and Bank of New York Mellon, 4.47%, dated 6/30/2025 and maturing 7/1/2025 collateralized by U.S. Treasury Securities, Agency Mortgage-Back Securities, Agency Debentures and Agency Strips with rates ranging from 0.00% to 6.50% and maturity dates ranging from 7/1/2025 to 5/15/2064 with a par value of $4,561,138 and a collateral value of $2,753,107 | $2700000 | $2700000 |
| **Total Repurchase Agreements (Cost $4,700,000)** |  | 4700000 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **MONEY MARKET FUNDS — 0.11%** | | |
| State Street Institutional U.S. Government Money Market Fund, Opportunity Class, 4.24%<sup>(a)</sup> | 65352 | 65352 |
| **Total Money Market Funds (Cost $65,352)** |  | 65352 |
| **Total Investments — 98.36% (Cost $56,665,655)** |  | 56664229 |
| **Other Assets in Excess of Liabilities — 1.64%** |  | 947690 |
| **NET ASSETS — 100.00%** |  | $57611919 |

---

(a) Rate disclosed is the seven day effective yield as of June 30, 2025.

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

**Texas Capital Funds Trust**

**Statements of Assets and Liabilities**

*June 30, 2025 - (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Texas<br> Capital<br> Texas Equity<br> Index ETF** | **Texas<br> Capital<br> Texas Oil<br> Index ETF** | **Texas<br> Capital<br> Texas Small<br> Cap Equity<br> Index ETF** | **Texas<br> Capital<br> Government Money<br> Market ETF** |
| **Assets** |  |  |  |  |
| Investments in securities, at fair value (cost $27,491,880, $13,883,112, $10,264,277 and $51,965,655) | $32409699 | $11701787 | $9991170 | $51964229 |
| Foreign currency (cost $–, $4,254, $– and $–) |  | 4253 |  |  |
| Repurchase Agreements (cost $–, $–, $– and $4,700,000) |  |  |  | 4700000 |
| Receivable for fund shares sold |  |  |  | 10019464 |
| Dividends and interest receivable | 16004 | 8536 | 2746 | 47075 |
| Tax reclaims receivable |  | 1473 |  |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 32425703 | 11716049 | 9993916 | 66730768 |
| **Liabilities** |  |  |  |  |
| Payable for investments purchased |  |  |  | 9111066 |
| Payable to Adviser | 12925 | 3488 | 3964 | 7783 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 12925 | 3488 | 3964 | 9118849 |
| **Net Assets** | $32412778 | $11712561 | $9989952 | $57611919 |
| **Net Assets consist of:** |  |  |  |  |
| Paid-in capital | 26555436 | 13624269 | 10037599 | 57580464 |
| Accumulated earnings (deficit) | 5857342 | (1911708) | (47647) | 31455 |
| **Net Assets** | $32412778 | $11712561 | $9989952 | $57611919 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 934000 | 540001 | 380001 | 575000 |
| Net asset value per share | $34.70 | $21.69 | $26.29 | $100.19 |

---

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

**Texas Capital Funds Trust**

**Statements of Operations**

*For the six months ended June 30, 2025 - (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Texas<br> Capital<br> Texas Equity<br> Index ETF** | **Texas**<br> **Capital**<br> **Texas Oil**<br> **Index ETF** | **Texas<br> Capital<br> Texas Small<br> Cap Equity<br> Index ETF** | **Texas**<br> **Capital**<br> **Government Money**<br> **Market ETF** |
| **Investment Income** |  |  |  |  |
| Dividend income (net of foreign taxes withheld of $–, $3,038, $167 and $–) | $215631 | $198811 | $80312 | $— |
| Interest income | 1459 | 1067 | 886 | 1017582 |
| **Total investment income** | 217090 | 199878 | 81198 | 1017582 |
| **Expenses** |  |  |  |  |
| Advisory fees | 71174 | 21258 | 28413 | 46801 |
| Total Operating Expenses | 71174 | 21258 | 28413 | 46801 |
| **Net investment income** | 145916 | 178620 | 52785 | 970781 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment securities | (223939) | (4753) | (480209) | 11 |
| &nbsp;&nbsp;&nbsp;Net realized gain from in-kind redemptions | 1264774 | 298064 | 849655 | 514 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions |  | (1383) |  |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investment securities | 700192 | (1705767) | (1126548) | (12405) |
| &nbsp;&nbsp;&nbsp;Foreign currency translations |  | 266 |  |  |
| **Net realized and change in unrealized gain (loss) on investment securities** | 1741027 | (1413573) | (757102) | (11880) |
| **Net increase (decrease) in net assets resulting from operations** | $1886943 | $(1234953) | $(704317) | $958901 |

---

*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<br> Equity Index ETF** | **Texas Capital Texas<br> Equity Index ETF** |
|  | **For the<br> Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **For the**<br> **Year Ended**<br> **December 31,**<br> **2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $145916 | $230918 |
| Net realized loss on investment securities | (223939) | (115556) |
| Net realized gain from in-kind redemptions | 1264774 | 1725596 |
| Change in unrealized appreciation on investment securities | 700192 | 3189224 |
| **Net increase in net assets resulting from operations** | 1886943 | 5030182 |
| **Distributions to Shareholders from Earnings** | (122634) | (226285) |
| **Capital Transactions** |  |  |
| Proceeds from shares sold | 6703648 | 10261033 |
| Amount paid for shares redeemed | (5117447) | (4850515) |
| **Net increase in net assets resulting from capital transactions** | 1586201 | 5410518 |
| **Total Increase in Net Assets** | 3350510 | 10214415 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | $29062268 | $18847853 |
| &nbsp;&nbsp;&nbsp;**End of year/period** | $32412778 | $29062268 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 200000 | 340000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (160000) | (160000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 40000 | 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<br> Oil Index ETF** | **Texas Capital Texas<br> Oil Index ETF** |
|  | **For the<br> Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **For the**<br> **Year Ended**<br> **December 31,**<br> **2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $178620 | $336092 |
| Net realized loss on investment securities | (6136) | (32197) |
| Net realized gain from in-kind redemptions | 298064 | 766576 |
| Change in unrealized depreciation on investment securities | (1705501) | (475951) |
| **Net increase (decrease) in net assets resulting from operations** | (1234953) | 594520 |
| **Distributions to Shareholders from Earnings** | (179370) | (322473) |
| **Capital Transactions** |  |  |
| Proceeds from shares sold | 1563887 | 17531589 |
| Amount paid for shares redeemed | (1291253) | (5197055) |
| **Net increase in net assets resulting from capital transactions** | 272634 | 12334534 |
| **Total Increase (Decrease) in Net Assets** | (1141689) | 12606581 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | $12854250 | $247669 |
| &nbsp;&nbsp;&nbsp;**End of year/period** | $11712561 | $12854250 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 70000 | 720001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (55000) | (205000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 15000 | 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 Texas Small Cap<br> Equity Index ETF** | **Texas Capital Texas Small Cap<br> Equity Index ETF** |
|  | **For the<br> Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | <br>**For the**<br> **Year Ended**<br> **December 31,**<br> **2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $52785 | $81142 |
| Net realized loss on investment securities | (480209) | (210129) |
| Net realized gain from in-kind redemptions | 849655 | 1249089 |
| Change in unrealized appreciation (depreciation) on investment securities | (1126548) | 843662 |
| **Net increase (decrease) in net assets resulting from operations** | (704317) | 1963764 |
| **Distributions to Shareholders from Earnings** |  | (64400) |
| **Capital Transactions** |  |  |
| Proceeds from shares sold | 1586903 | 16295711 |
| Amount paid for shares redeemed | (4600737) | (4989728) |
| **Net increase (decrease) in net assets resulting from capital transactions** | (3013834) | 11305983 |
| **Total Increase (Decrease) in Net Assets** | (3718151) | 13205347 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | $13708103 | $502756 |
| &nbsp;&nbsp;&nbsp;**End of year/period** | $9989952 | $13708103 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 60000 | 670001 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (180000) | (190000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding | (120000) | 480001 |

---

*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 Money<br> Market ETF** | **Texas Capital Government Money<br> Market ETF** |
|  | **For the<br> Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **For the**<br> **Period Ended**<br> **December 31,**<br> **2024<sup>(a)</sup>** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $970781 | $470071 |
| Net realized gain on investment securities | 11 |  |
| Net realized gain from in-kind redemptions | 514 | 848 |
| Change in unrealized appreciation (depreciation) on investment securities | (12405) | 10979 |
| **Net increase in net assets resulting from operations** | 958901 | 481898 |
| **Distributions to Shareholders from Earnings** | (938424) | (471605) |
| **Capital Transactions** |  |  |
| Proceeds from shares sold | 20040473 | 47558423 |
| Amount paid for shares redeemed | (5012531) | (5005216) |
| **Net increase in net assets resulting from capital transactions** | 15027942 | 42553207 |
| **Total Increase in Net Assets** | 15048419 | 42563500 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | $42563500 | $— |
| &nbsp;&nbsp;&nbsp;**End of period** | $57611919 | $42563500 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 200000 | 475000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (50000) | (50000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 150000 | 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)*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Period Ended<br> December 31,<br> 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 | 0.15 | 0.28 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 2.17 | 6.11 | 1.40 |
| Total from investment operations | 2.32 | 6.39 | 1.54 |
| **Less distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.13) | (0.28) | (0.14) |
| Total distributions | (0.13) | (0.28) | (0.14) |
| Net asset value, end of year/period | $34.70 | $32.51 | $26.40 |
| Market price, end of year/period | $34.72 | $32.50 | $26.39 |
| **Total Return<sup>(b)</sup>** | 7.16 %<sup>(c)</sup> | 24.30% | 6.18 %<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000 omitted) | $32413 | $29062 | $18848 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.49 %<sup>(d)</sup> | 0.49% | 0.49 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.00 %<sup>(d)</sup> | 0.97% | 1.24 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 6 %<sup>(c)</sup> | 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)*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> December 31,**<br> **2024** | **For the<br> Period Ended<br> December 31,<br> 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 | 0.33 | 0.67 | — <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.79) | (0.32) | 0.02 |
| Total from investment operations | (2.46) | 0.35 | 0.02 |
| **Less distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.33) | (0.64) |  |
| Total distributions | (0.33) | (0.64) |  |
| Net asset value, end of year/period | $21.69 | $24.48 | $24.77 |
| Market price, end of year/period | $21.71 | $24.52 | $24.92 |
| **Total Return<sup>(c)</sup>** | (10.14)%<sup>(d)</sup> | 1.36% | 0.08 %<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000 omitted) | $11713 | $12854 | $248 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.35 %<sup>(e)</sup> | 0.35% | 0.35 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.94 %<sup>(e)</sup> | 2.69% | 0.11 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 5 %<sup>(d)</sup> | 11% | — %<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 Texas Small Cap Equity Index ETF**

**Financial Highlights**

*(For a share outstanding during each period)*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Period Ended<br> December 31,<br> 2023<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |  |
| Net asset value, beginning of year/period | $27.42 | $25.14 | $24.65 |
| Investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.15 | 0.16 | —<sub></sub> <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.28) | 2.25 | 0.49 |
| Total from investment operations | (1.13) | 2.41 | 0.49 |
| **Less distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.13) |  |
| Total distributions |  | (0.13) |  |
| Net asset value, end of year/period | $26.29 | $27.42 | $25.14 |
| Market price, end of year/period | $26.25 | $27.44 | $25.16 |
| **Total Return<sup>(c)</sup>** | (4.12)%<sup>(d)</sup> | 9.58% | 1.99 %<sup>(d)</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year/period (000 omitted) | $9990 | $13708 | $503 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.49 %<sup>(e)</sup> | 0.49% | 0.49 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 0.91 %<sup>(e)</sup> | 0.66% | (0.32)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 13 %<sup>(d)</sup> | 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)*

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **For the<br> Period Ended<br> December **31,<br> 2024<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |
| Net asset value, beginning of period | $100.15 | $100.00 |
| Investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 2.05 | 1.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.02) | 0.15 |
| Total from investment operations | 2.03 | 1.22 |
| **Less distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.99) | (1.07) |
| Total distributions | (1.99) | (1.07) |
| Net asset value, end of period | $100.19 | $100.15 |
| Market price, end of period | $100.21 | $100.16 |
| **Total Return<sup>(b)</sup>** | 2.04 %<sup>(c)</sup> | 1.23 %<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $57612 | $42564 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.20 %<sup>(d)</sup> | 0.20 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 4.14 %<sup>(d)</sup> | 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**

*June 30, 2025 - (Unaudited)*

**NOTE 1. ORGANIZATION**

Texas Capital Texas Equity Index ETF, Texas Capital Texas Oil Index ETF, Texas Capital Texas Small Cap Equity 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 and the Texas Capital Texas Small Cap Equity 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 Texas Small Cap 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 Small Cap Equity 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 have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. 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

**Texas Capital Funds Trust**

**Notes to the Financial Statements (continued)**

*June 30, 2025 - (Unaudited)*

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.

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES**

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification ("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 June 30, 2025, the Texas Capital Government Money Market ETF had undivided interest 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 the repurchase agreement.

**Tri-Party Repurchase Agreement with Mirae Asset**

**Securities and Bank of**

**New York Mellon**

---

| | | | |
|:---|:---|:---|:---|
| **Coupon** | **Dated** | **Due** | **Amount** |
| 4.44% | 6/27/2025 | 7/7/2025 | $1000000 |
| 4.45% | 6/26/2025 | 7/3/2025 | $1000000 |
| 4.47% | 6/30/2025 | 7/1/2025 | $2700000 |

---

**Texas Capital Funds Trust**

**Notes to the Financial Statements (continued)**

*June 30, 2025 - (Unaudited)*

**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 six months ended June 30, 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 period, 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 and the Texas Capital Texas Small Cap Equity Index ETF each typically distribute 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

**Texas Capital Funds Trust**

**Notes to the Financial Statements (continued)**

*June 30, 2025 - (Unaudited)*

income monthly and any realized net gains annually. 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.

**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.

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

**Texas Capital Funds Trust**

**Notes to the Financial Statements (continued)**

*June 30, 2025 - (Unaudited)*

● 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 "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

**Texas Capital Funds Trust**

**Notes to the Financial Statements (continued)**

*June 30, 2025 - (Unaudited)*

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Texas Capital Texas Equity Index ETF** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $32347936 | $— | $— | $32347936 |
| Money Market Funds | 61763 |  |  | 61763 |
| Total | $32409699 | $— | $— | $32409699 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Texas Capital Texas Oil Index ETF** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $11669160 | $— | $— | $11669160 |
| Money Market Funds | 32627 |  |  | 32627 |
| Total | $11701787 | $— | $— | $11701787 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Texas Capital Texas Small Cap Equity Index ETF** |  |  |  |  |
| Common Stocks<sup>(a)</sup> | $9965387 | $— | $— | $9965387 |
| Money Market Funds | 25783 |  |  | 25783 |
| Total | $9991170 | $— | $— | $9991170 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Texas Capital Government Money Market ETF** |  |  |  |  |
| U.S. Government & Agencies | $— | $5477491 | $— | $5477491 |
| U.S. Treasury Obligations |  | 46421386 |  | 46421386 |
| Repurchase Agreements |  | 4700000 |  | 4700000 |
| Money Market Funds | 65352 |  |  | 65352 |
| Total | $65352 | $56598877 | $— | $56664229 |

---

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

**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:

**Texas Capital Funds Trust**

**Notes to the Financial Statements (continued)**

*June 30, 2025 - (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Texas Capital<br> Texas Equity<br> Index ETF** | **Texas Capital<br> Texas Oil<br> Index ETF** | **Texas Capital Texas<br> Small Cap Equity<br> Index ETF** | **Texas Capital<br> Government Money<br> Market ETF** |
| Advisory fees rate | 0.49% | 0.35% | 0.49% | 0.20% |
| Advisory fees earned | $71174 | $21258 | $28413 | $46801 |
| Payable to Adviser | $12925 | $3488 | $3964 | $7783 |

---

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)**

*June 30, 2025 - (Unaudited)*

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

For the six months ended June 30, 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 | $1836904 | $1802427 |
| Texas Capital Texas Oil Index ETF | 670021 | 578350 |
| Texas Capital Texas Small Cap Equity Index ETF | 1512253 | 1472772 |

---

For the six months ended June 30, 2025, purchases and sales for in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Texas Capital Texas Equity Index ETF | $6694733 | $5115816 |
| Texas Capital Texas Oil Index ETF | 1465751 | 1298845 |
| Texas Capital Texas Small Cap Equity Index ETF | 1602765 | 4597810 |

---

For the six months ended June 30, 2025, the Texas Capital Texas Equity Index ETF, Texas Capital Texas Oil Index ETF, Texas Capital Texas Small Cap Equity Index ETF and Texas Capital Government Money Market ETF had in-kind net realized gains of $1,264,774, $298,064, $849,655 and $514, respectively.

There were no purchases or sales of long-term U.S. government obligations during the six months ended June 30, 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

**Texas Capital Funds Trust**

**Notes to the Financial Statements (continued)**

*June 30, 2025 - (Unaudited)*

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 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 six months ended June 30, 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** | **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 Texas Small Cap Equity Index ETF | $250 | $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 June 30, 2025, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Texas Capital<br> Texas Equity<br> Index ETF** | **Texas Capital<br> Texas Oil Index<br> ETF** | **Texas Capital<br> Texas Small Cap<br> Equity Index<br> ETF** | **Texas Capital<br> Government<br> Money Market<br> ETF** |
| Gross unrealized appreciation | $6299375 | $373581 | $1328072 | $1000 |
| Gross unrealized depreciation | (1381556) | (2554906) | (1601179) | (2426) |
| Net unrealized appreciation (depreciation) on investments | $4917819 | $(2181325) | $(273107) | $(1426) |
| Tax cost of investments | $27491880 | $13883112 | $10264277 | $56665655 |

---

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)**

*June 30, 2025 - (Unaudited)*

The tax character of distributions paid for the fiscal year ended December 31, 2024, the Funds' most recent fiscal year end, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Texas Capital**<br> **Texas Equity**<br> **Index ETF** | **Texas Capital**<br> **Texas Oil Index**<br> **ETF** | **Texas Capital<br> Texas Small Cap<br> Equity Index<br> ETF** |
| Distributions paid from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $226285 | $322473 | $64400 |
| Total distributions paid | $226285 | $322473 | $64400 |

---

---

| | |
|:---|:---|
|  | **Texas Capital<br> Government<br> Money Market<br> ETF** |
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $471605 |
| Total distributions paid | $471605 |

---

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

At December 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Texas Capital<br> Texas Equity Index<br> ETF** | **Texas Capital<br> Texas Oil Index<br> ETF** | **Texas Capital<br> Texas Small Cap<br> Equity Index<br> ETF** | **Texas Capital<br> Government<br> Money Market<br> ETF** |
| Accumulated capital and other losses | (142809) | (30339) | (210846) |  |
| Unrealized appreciation (depreciation) on investments | 4235842 | (467047) | 867516 | 10979 |
| Total accumulated earnings (deficit) | $4093033 | $(497386) | $656670 | $10979 |

---

As of December 31, 2024, the Texas Capital Texas Equity Index ETF, Texas Capital Texas Oil Index ETF, and the Texas Capital Texas Small Cap Equity 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 $140,095, $2,714, $30,070, $0, $210,846 and $0, respectively.

Certain capital losses and specified gains realized after October 31, and net investment losses realized after December 31 of the Fund's fiscal year may be deferred and treated as

**Texas Capital Funds Trust**

**Notes to the Financial Statements (continued)**

*June 30, 2025 - (Unaudited)*

occurring on the first business day of the Fund's following taxable year. For the tax period ended December 31, 2024, the Texas Capital Texas Oil Index ETF deferred post-October capital losses in the amount of $269 qualified late year ordinary losses.

**NOTE 7. PRINCIPAL RISKS**

Texas Capital Texas Equity Index ETF, Texas Capital Texas Oil Index ETF and Texas Capital Texas Small Cap Equity 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 June 30, 2025 the Texas Capital Texas Oil Index ETF had 95.49% 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.

**Texas Capital Funds Trust**

**Notes to the Financial Statements (continued)**

*June 30, 2025 - (Unaudited)*

*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 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 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 contain 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.

**Texas Capital Funds Trust**

**Notes to the Financial Statements (continued)**

*June 30, 2025 - (Unaudited)*

**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 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.

**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**

The Board of Trustees (the "Board") of Texas Capital Funds Trust (the "Trust"), including those Trustees who were determined to not be "interested persons" of the Trust (the "Independent Trustees"), as such term is defined under Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act"), voting separately, has reviewed and approved the advisory agreement (the "Advisory Agreement") between the Trust and Texas Capital Bank Wealth Management Services, Inc., doing business as Texas Capital Bank Private Wealth Advisors (the "Adviser") on behalf of each of the Texas Capital Texas Equity Index ETF, the Texas Capital Texas Oil Index ETF, the Texas Capital Texas Small Cap Equity Index ETF, and the Texas Capital Government Money Market ETF (the "Government Money Market ETF," together with the Texas Capital Texas Equity Index ETF, the Texas Capital Texas Oil Index ETF, the Texas Capital Texas Small Cap Equity Index ETF, the "ETFs" or the "Funds"), for an additional one-year term. The Board unanimously approved the Advisory Agreement at a meeting held on June 18, 2025, at which all of the Trustees were present.

In deciding whether to approve the Advisory Agreement, the Board requested and evaluated all information that the Trustees deemed reasonably necessary under the circumstances. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided in the Board materials and at the Board meetings held on June 11, 2025 and June 18, 2025 (collectively, the "Meetings") and were not the result of any one factor. Moreover, the Board did not identify any particular information or consideration that was all-important or controlling, and each Trustee may have afforded different weight to the various factors and information in reaching his or her conclusions with respect to the Advisory Agreement. In considering the approval of the Advisory Agreement, the Board reviewed and analyzed various factors that they determined were relevant, including, but not limited to, the factors enumerated below.

*Nature, Extent, and Quality of Services*.The Board reviewed materials provided by the Adviser related to the Advisory Agreement with respect to each of the Funds, including the Advisory Agreement, a description of the manner in which investment decisions are made and executed; an overview of the personnel that perform advisory, compliance and operational services for the Funds and their background and experience; a summary of the financial condition of the Adviser; a quarterly written report containing the Funds' performance information; the Adviser's compliance policies and procedures, including its business continuity plan and cybersecurity policies, and a code of ethics containing provisions reasonably necessary to prevent Access Persons, as that term is defined in

**Additional Information (Unaudited) (continued)**

Rule 17j-1 under the 1940 Act, from engaging in conduct prohibited by Rule 17j-1(b); information regarding risk management processes and liquidity risk management processes and procedures; an annual review of the operation of the Adviser's compliance program; information regarding the Adviser's compliance and regulatory history; and information prepared by Morningstar, Inc. ("Morningstar"), an independent third-party data provider, analyzing the performance record, fees and expenses of each of the Funds to those of a respective peer group of other mutual funds or ETFs, as applicable, with similar investment strategies as selected by Morningstar.

In considering the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, the Board considered the Adviser's asset management, risk management, operations, and compliance experience. The Board considered that the Adviser had summarized each of the investment strategies used for the Funds and that the ETFs (except the Government Money Market ETF) are managed passively and, therefore, the Adviser's investment decisions are driven by changes in the underlying indices. The Board considered that the Adviser does not make adjustments to these ETFs' portfolios in response to market conditions; however, the Adviser may make adjustments to the ETFs' cash holdings in response to market volatility. The Board noted that, in addition to reports from the Adviser, on a regular basis it receives and reviews information from the Trust's CCO regarding the Adviser's compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act, including evaluations of the regulatory compliance systems of the Adviser and any disciplinary history. The Board also considered the Adviser's policies and procedures relating to business continuity and cybersecurity, including the Trust CCO's review and evaluation of these policies and procedures, and that the CCO found them to be satisfactory. The Board also considered the operation of the Adviser's compliance program and any compliance matters over the past year.

The Board also considered the significant risks assumed by the Adviser in connection with the services provided to the Funds, including entrepreneurial risk and ongoing risks including investment, operational, enterprise, litigation, regulatory, and compliance risks with respect to the Funds.

In considering the nature, extent, and quality of the services provided by the Adviser, the Board took into account its knowledge, acquired through discussions and reports during the preceding year and in past years, of the Adviser's management and the quality of the performance of the Adviser's duties.

After discussion and taking into account the report and evaluation provided by the Trust's CCO, the Board concluded that the Adviser had sufficient personnel, resources, investment methodologies and written compliance policies and procedures to perform its duties under the Advisory Agreement with respect to each of the Funds.

*Performance*. In considering each Fund's performance, the Board noted that it reviews at its regularly scheduled quarterly meetings throughout the year information about each Fund's performance results. Among other data, the Board considered information for each Fund's performance for the one-year (or shorter, as applicable) and since inception periods ended March 31, 2025, as compared to applicable benchmarks provided by Morningstar, comparing the investment performance of each Fund to a universe of peer funds. The Board considered that the gross and net yield performance of the Government Money Market ETF was also provided. The Board noted that, while it found the data provided by the independent third-party generally useful, it recognized the data's limitations, including in particular that the data may vary depending on the end date selected and that the results

**Additional Information (Unaudited) (continued)**

of the performance comparisons may vary depending on the funds in the peer group. The Board also received discount/premium information for the Funds, as well as tracking error information for those Funds passively managed against an index. The Board evaluated the explanations for any relative underperformance of a Fund during these periods, as well as to investment decisions and global economic and other factors that affected the Fund's investment performance and whether each Fund had performed as expected over time, as well as any plans to address underperformance, if applicable. The Board took into account that each Fund was being managed in accordance with its investment objective and strategies. The Board also noted the Adviser's discussion of any differences in the investment strategies of the Funds relative to their respective peer universe.

Based on these considerations, the Board concluded that the Adviser continues to have the capability of providing satisfactory investment performance for the Funds.

*Fees and Expenses.* The Board reviewed and considered the advisory fee rate of each Fund that is being paid to the Adviser under the Advisory Agreement and each Fund's total net expense ratio. The Board reviewed information from Morningstar comparing each Fund's advisory fee rate and total expense ratio relative to a group of its peer funds. While the Board recognized that comparisons between a Fund and its peer funds may be imprecise and non-determinative, the comparative information provided by Morningstar was helpful to the Board in evaluating the reasonableness of each Fund's advisory fees and total expense ratio.

The Board considered that each ETF pays the Adviser a unitary management fee at an annual rate stated as a percentage of the average daily net assets of the Fund and that, under the Advisory Agreement, the Adviser bears all of the costs of the ETFs, except for the management fee payment under the Advisory Agreement, payments under the ETFs' 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 the ETFs, costs of holding shareholder meetings and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the ETFs' business. The Board also took into account management's discussion of each Fund's expenses. The Board took into account the factors that the Adviser reported that contributed to any expenses that were relatively higher than the peer group comparative data. Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the compensation payable to the Adviser under the Advisory Agreement with respect to each of the Funds was reasonable.

*Profitability*. The Board considered the Adviser's profitability and whether these profits were reasonable in light of the services provided to each of the Funds. The Board reviewed a profitability analysis prepared by the Adviser based on each Fund's asset level and considered the total profits of the Adviser from its relationship with each of the Funds on a Fund-by-Fund basis and for such Funds in the aggregate. The Board also considered that the Adviser had entered into unitary fee arrangements with respect to the Funds under which the Adviser reimbursed such Funds for expenses over the applicable unitary fee rate. The Board concluded that the Adviser's profitability from its relationship with each of the Funds, if any, after taking into account a reasonable allocation of costs, was not excessive.

*Economies of Scale*. The Board considered whether the Adviser would realize economies of scale with respect to its management of each Fund as each Fund grew and whether fee levels reflected these

**Additional Information (Unaudited) (continued)**

economies. The Board noted that each Fund's current advisory fee does not include breakpoints and took into account the Adviser's discussion of the Funds' fee structures, including the current size of the Funds as well as the level of expenses incurred with respect to each Fund. The Board considered the profitability analysis provided by the Adviser and noted that, while expenses of managing each Fund as a percentage of assets under management were expected to decrease as each Fund's assets continued to grow, at current asset levels, economies of scale have not yet been reached. The Board noted that it would revisit whether economies of scale exist in the future once the respective Fund had achieved sufficient scale.

*Fall-out Benefits*. The Trustees discussed direct or indirect "fall-out benefits," noting that the Adviser and its affiliates may realize certain benefits from their relationships with the Funds, including: (a) trading efficiencies resulting from aggregation of orders of the Funds; (b) the Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (c) the Adviser's ability to cross-market other products and services to Fund shareholders; (d) the Adviser's ability to negotiate better pricing with the custodian on behalf of its other clients as a result of the relationship with the Funds; and/or (e) the possibility that the working relationship between the Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of the Adviser. The Trustees noted that with respect to the Government Money Market ETF, benefits to the Adviser may also include offering an affiliated money market fund rather than an unaffiliated one to Texas Capital Bank's clients, thereby increasing such Fund's assets and management fees earned by the Adviser. The Board concluded that any such benefits are reasonable.

*Conclusion.* The Board, having requested and received such information from the Adviser as it believed reasonably necessary to evaluate the terms of the Advisory Agreement with respect to the Funds, and having been advised by independent counsel that the Board had appropriately considered and weighed all relevant factors, including reliance on the representations made by the Adviser at the Meeting, determined that approval of the Advisory Agreement with respect to each of the Funds for an additional one-year term was in the best interests of each Fund and its shareholders.

In considering the renewal of the Advisory Agreement with respect to each of the Funds, the Board considered a variety of factors, including those discussed above, and also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry). The Board did not identify any one factor as determinative, and each Independent Trustee may have weighed each factor differently. The Board's conclusions may be based in part on its consideration of the advisory arrangements in prior years and the Board's ongoing regular review of each Fund's performance and operations throughout the year.

**Proxy Voting**

A description of the policies and procedures that each Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how each Fund voted those proxies during the most recent twelve month period ended June 30 are available (1) without charge upon request by calling the Funds at (844) 822-3837; (2) on or through the Funds' website at https://www.texascapitalbank.com/etf-funds-management; and (3) in Fund documents filed with the Securities and Exchange Commission (the "SEC") on the SEC's website at www.sec.gov.

![](img_001.jpg)

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

**Semi-Annual Financial Statements**

**and Additional Information**

**June 30, 2025**

**Fund Adviser:**

**Texas Capital Bank Wealth Management Services, Inc.,** **doing business as Texas Capital Bank Private Wealth Advisors 2000 McKinney Avenue, Suite 1800**

**Dallas, TX 75201**

**Texas Capital Government Money Market Fund**

**Schedule of Investments**

*June 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **U.S. GOVERNMENT & AGENCIES — 8.91%** |  |  |
| Federal Home Loan Mortgage Corp, 4.02 *%*, 9/23/2025 | $520000 | $515340 |
| Federal National Mortgage Association, 3.23 *%*, 8/18/2025 | 550000 | 547223 |
| Federal National Mortgage Association, 3.40 *%*, 8/25/2025 | 635000 | 631376 |
| **Total U.S. Government & Agencies (Cost $1,693,939)** |  | 1693939 |
| **U.S. TREASURY OBLIGATIONS — 65.44%** |  |  |
| United States Treasury Bill, 0.00 *%*, 7/1/2025 | 500000 | 500000 |
| United States Treasury Bill, 4.15 *%*, 7/8/2025 | 750000 | 749391 |
| United States Treasury Bill, 4.16 *%*, 7/15/2025 | 500000 | 499187 |
| United States Treasury Bill, 4.14 *%*, 7/17/2025 | 500000 | 499076 |
| United States Treasury Bill, 4.14 *%*, 7/31/2025 | 500000 | 498265 |
| United States Treasury Bill, 4.25 *%*, 8/5/2025 | 500000 | 497902 |
| United States Treasury Bill, 4.29 *%*, 8/12/2025 | 1500000 | 1492392 |
| United States Treasury Bill, 4.30 *%*, 8/14/2025 | 500000 | 497380 |
| United States Treasury Bill, 4.30 *%*, 8/19/2025 | 1500000 | 1491210 |
| United States Treasury Bill, 4.29 *%*, 8/21/2025 | 1500000 | 1490886 |
| United States Treasury Bill, 4.32 *%*, 8/26/2025 | 500000 | 496736 |
| United States Treasury Bill, 4.26 *%*, 9/2/2025 | 500000 | 496297 |
| United States Treasury Bill, 4.25 *%*, 9/4/2025 | 450000 | 446625 |
| United States Treasury Bill, 4.21 *%*, 9/9/2025 | 500000 | 495877 |
| United States Treasury Bill, 4.24 *%*, 9/16/2025 | 250000 | 247748 |
| United States Treasury Bill, 4.22 *%*, 10/2/2025 | 500000 | 494570 |
| United States Treasury Bill, 4.19 *%*, 10/14/2025 | 750000 | 740745 |
| United States Treasury Bill, 4.13 *%*, 11/20/2025 | 250000 | 245898 |
| United States Treasury Bill, 4.12 *%*, 11/28/2025 | 250000 | 245665 |
| United States Treasury Floating Rate Note, 4.41 *%*, 10/31/2025 | 325000 | 325042 |
| **Total U.S. Treasury Obligations (Cost $12,450,892)** |  | 12450892 |
| **REPURCHASE AGREEMENTS — 27.59%** |  |  |
| Tri-Party Repurchase Agreement with Mirae Asset Securities and Bank of New York Mellon, 4.44% dated 6/27/2025 and maturing 7/7/2025 collateralized by Agency Mortgage-Back Securities, Agency Debentures and Agency Strips with rates ranging from 1.99% to 6.08% and maturity dates ranging from 3/27/2028 to 6/12/2045 with a par value of $1,076,597 and a collateral value of $1,014,439 | 1000000 | 1000000 |
| Tri-Party Repurchase Agreement with Mirae Asset Securities and Bank of New York Mellon, 4.45% dated 6/26/2025 and maturing 7/3/2025 collateralized by Agency Mortgage-Back Securities, Agency Debentures and Agency Strips with rates ranging from 0.00% to 5.50% and maturity dates ranging from 7/15/2025 to 11/1/2054 with a par value of $1,116,662 and a collateral value of $1,010,409 | 1000000 | 1000000 |

---

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

**Texas Capital Government Money Market Fund**

**Schedule of Investments (continued)**

*June 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **REPURCHASE AGREEMENTS — 27.59% - continued** |  |  |
| Tri-Party Repurchase Agreement with Mirae Asset Securities and Bank of New York Mellon, 4.47% dated 6/30/2025 and maturing 7/1/2025 collateralized by U.S. Treasury Securities, Agency Mortgage-Back Securities, Agency Debentures and Agency Strips with rates ranging from 1.10% to 6.76% and maturity dates ranging from 10/1/2028 to 12/1/2054 with a par value of $6,716,600 and a collateral value of $3,285,020 | $**3250000** | $3250000 |
| **Total Repurchase Agreements (Cost $5,250,000)** |  | 5250000 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **MONEY MARKET FUNDS — 0.56%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Opportunity Class, 4.24%<sup>(a)</sup> | 107412 | 107412 |
| **Total Money Market Funds (Cost $107,412)** |  | 107412 |
| **Total Investments — 102.50% (Cost $19,502,243)** |  | 19502243 |
| **Liabilities in Excess of Other Assets — (2.50)%** |  | (475022) |
| **NET ASSETS — 100.00%** |  | $19027221 |

---

(a) Rate disclosed is the seven day effective yield as of June 30, 2025.

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

**Texas Capital Government Money Market Fund Statements of Assets and Liabilities**

*June 30, 2025 - (Unaudited)*

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at fair value (cost $14,252,243) | $14252243 |
| Repurchase Agreements (cost $5,250,000) | 5250000 |
| Cash | 1203 |
| Receivable for fund shares sold | 50124 |
| Dividends and interest receivable | 8269 |
| Receivable from Adviser | 18639 |
| Prepaid expenses | 33845 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 19614323 |
| **Liabilities** |  |
| Payable for investments purchased | 431121 |
| Distributions payable | 50124 |
| Audit fees payable | 36707 |
| Legal fees payable | 33648 |
| Payable to administrator | 10230 |
| Payable to trustees | 6729 |
| Other accrued expenses | 18543 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 587102 |
| **Net Assets** | $19027221 |
| **Net Assets consist of:** |  |
| Paid-in capital | 19027221 |
| Accumulated earnings |  |
| **Net Assets** | $19027221 |
| Shares outstanding (unlimited number of shares authorized, no par value) | 19027221 |
| 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**

**Statements of Operations**

*For the six months ended June 30, 2025 - (Unaudited)*

---

| | |
|:---|:---|
| **Investment Income** | |
| Interest income | $266749 |
| **Total investment income** | 266749 |
| **Expenses** |  |
| Administration | 30417 |
| Transfer agent fees and expenses | 23010 |
| Legal | 14898 |
| Report printing | 12761 |
| Advisory fees | 12220 |
| Audit and tax | 12207 |
| Registration | 8525 |
| Custodian | 5556 |
| Chief Compliance Officer | 4552 |
| Trustee | 2980 |
| Pricing | 1252 |
| Miscellaneous | 9284 |
| **Total expenses** | 137662 |
| Fees waived by Adviser | (122389) |
| Net operating expenses | 15273 |
| **Net investment income** | 251476 |
| **Net increase in net assets resulting from operations** | $251476 |

---

*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> Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **For the** **<br> Period Ended<br> December 31,<br> 2024<sup>(a)</sup>** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations** |  |  |
| Net investment income | $251476 | $226486 |
| **Net increase in net assets resulting from operations** | 251476 | 226486 |
| **Distributions to Shareholders from Earnings** | (251476) | (226486) |
| **Capital Transactions** |  |  |
| Proceeds from shares sold | 7790150 | 11267060 |
| Reinvestment of distributions | 251467 | 226490 |
| Amount paid for shares redeemed | (265951) | (241995) |
| **Net increase in net assets resulting from capital transactions** | 7775666 | 11251555 |
| **Total Increase in Net Assets** | 7775666 | 11251555 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | $11251555 | $— |
| &nbsp;&nbsp;&nbsp;**End of period** | $19027221 | $11251555 |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 7790150 | 11267060 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 251467 | 226490 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (265951) | (241995) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 7775666 | 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)*

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> June 30,<br> 2025<br> (Unaudited)** | **For the<br> Period Ended<br> December 31,<br> 2024<sup>(a)</sup>** |
| **Selected Per Share Data:** |  |  |
| Net asset value, beginning of period | $1.00 | $1.00 |
| Investment operations: |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | 0.02 | 0.22 |
| Total from investment operations | 0.02 | 0.22 |
| **Less distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.02) | (0.22) |
| Total distributions | (0.02) | (0.22) |
| Net asset value, end of period | $1.00 | $1.00 |
| **Total Return<sup>(b)</sup>** | 2.06 %<sup>(c)</sup> | 2.20 %<sup>(c)</sup> |
| **Ratios and Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000 omitted) | $19027 | $11252 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets after waiver | 0.25 %<sup>(d)</sup> | 0.25 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waiver and reimbursement | 2.25 %<sup>(d)</sup> | 3.32 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 4.12 %<sup>(d)</sup> | 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**

*June 30, 2025 - (Unaudited)*

**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 has adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. 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 Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies." 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

**Texas Capital Government Money Market Fund Notes to the Financial Statements (continued)**

*June 30, 2025 - (Unaudited)*

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 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 June 30, 2025, the Fund had undivided interest 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 the repurchase agreement.

**Tri-Party Repurchase Agreement with Mirae Asset**

**Securities and Bank of**

**New York Mellon**

---

| | | | |
|:---|:---|:---|:---|
| **Coupon** | **Dated** | **Due** | **Amount** |
| 4.44% | 6/27/2025 | 7/7/2025 | $1000000 |
| 4.45% | 6/26/2025 | 7/3/2025 | $1000000 |
| 4.47% | 6/30/2025 | 7/1/2025 | $3250000 |

---

**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 six months ended June 30, 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 Operations when incurred. During the period, the Fund did not incur any interest or penalties. Management

**Texas Capital Government Money Market Fund Notes to the Financial Statements (continued)**

*June 30, 2025 - (Unaudited)*

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.

**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, government securities, and/or repurchase agreements that are collateralized fully (i.e., collateralized with cash and/or 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.

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

**Texas Capital Government Money Market Fund Notes to the Financial Statements (continued)**

*June 30, 2025 - (Unaudited)*

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Texas Capital Government Money **Market Fund** |  |  |  |  |
| U.S. Government & Agencies | $— | $1693939 | $— | $1693939 |
| U.S. Treasury Obligations |  | 12450892 |  | 12450892 |
| Repurchase Agreements |  | 5250000 |  | 5250000 |
| Money Market Funds | 107412 |  |  | 107412 |
| Total | $107412 | $19394831 | $— | $19502243 |

---

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.

**Texas Capital Government Money Market Fund Notes to the Financial Statements (continued)**

*June 30, 2025 - (Unaudited)*

**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%.

---

| | |
|:---|:---|
|  | **Texas Capital Texas Government Money<br> Market Fund** |
| Advisory fees rate | 0.20% |
| Advisory fees earned | $12220 |
| Receivable from Adviser | $18693 |

---

Under the 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 0.25% of the Fund's average daily net assets (the "Expense Limit") through April 30, 2026. 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 $122,389 for the six months ended June 30, 2025.

As of June 30, 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 |
| June 30, 2028 | 122389 |

---

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.

**Texas Capital Government Money Market Fund**

**Notes to the Financial Statements (continued)**

*June 30, 2025 - (Unaudited)*

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.

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

**NOTE 5. FEDERAL TAX INFORMATION**

At June 30, 2025, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $— |
| Gross unrealized depreciation |  |
| Net unrealized appreciation on investments | $— |
| Tax cost of investments | $19502243 |

---

**Texas Capital Government Money Market Fund Notes to the Financial Statements (continued)**

*June 30, 2025 - (Unaudited)*

The tax character of distributions paid for the fiscal year ended December 31, 2024, the Fund's most recent fiscal year end, was as follows:

---

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

---

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

**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.

*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 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.

**Texas Capital Government Money Market Fund Notes to the Financial Statements (continued)**

*June 30, 2025 - (Unaudited)*

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 June 30, 2025, Pershing LLC and Anthemnet, Inc. owned 54.82% and 34.20% of the Fund, respectively. Neither Pershing LLC or Anthemnet, Inc. are involved in the day to day operations or management of the Fund.

**NOTE 8. IDEMNIFICATIONS**

The Trust indemnifies its officers and Trustees for certain liabilities that may arise from their performance of their duties to the Trust or the Fund. 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 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 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.

**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**

The Board of Trustees (the "Board") of Texas Capital Funds Trust (the "Trust"), including those Trustees who were determined to not be "interested persons" of the Trust (the "Independent Trustees"), as such term is defined under Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act"), voting separately, has reviewed and approved the advisory agreement (the "Advisory Agreement") between the Trust and Texas Capital Bank Wealth Management Services, Inc., doing business as Texas Capital Bank Private Wealth Advisors (the "Adviser") on behalf of the Texas Capital Government Money Market Fund (the "Fund"), for an additional one-year term. The Board unanimously approved the Advisory Agreement at a meeting held on June 18, 2025, at which all of the Trustees were present.

In deciding whether to approve the Advisory Agreement, the Board requested and evaluated all information that the Trustees deemed reasonably necessary under the circumstances. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided in the Board materials and at the Board meetings held on June 11, 2025 and June 18, 2025 (collectively, the "Meetings") and were not the result of any one factor. Moreover, the Board did not identify any particular information or consideration that was all-important or controlling, and each Trustee may have afforded different weight to the various factors and information in reaching his or her conclusions with respect to the Advisory Agreement. In considering the approval of the Advisory Agreement, the Board reviewed and analyzed various factors that they determined were relevant, including, but not limited to, the factors enumerated below.

*Nature, Extent, and Quality of Services*. The Board reviewed materials provided by the Adviser related to the Advisory Agreement with respect to the Fund, including the Advisory Agreement, a description of the manner in which investment decisions are made and executed; an overview of the personnel that perform advisory, compliance and operational services for the Fund and their background and experience; a summary of the financial condition of the Adviser; a quarterly written report containing the Fund's performance information; the Adviser's compliance policies and procedures, including its business continuity plan and cybersecurity policies, and a code of ethics containing provisions reasonably necessary to prevent Access Persons, as that term is defined in Rule 17j-1 under the 1940 Act, from engaging in conduct prohibited by Rule 17j-1(b); information regarding risk management processes and liquidity risk management processes and procedures; an annual review of the operation of the Adviser's compliance program; information regarding the Adviser's compliance and regulatory history; and information prepared by Morningstar, Inc.

**Additional Information (Unaudited) (continued)**

("Morningstar"), an independent third-party data provider, analyzing the performance record, fees and expenses of the Fund to those of a peer group of other mutual funds with similar investment strategies as selected by Morningstar.

In considering the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, the Board considered the Adviser's asset management, risk management, operations, and compliance experience. The Board considered that the Adviser had summarized the investment strategy used for the Fund. The Board noted that, in addition to reports from the Adviser, on a regular basis it receives and reviews information from the Trust's CCO regarding the Adviser's compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act, including evaluations of the regulatory compliance systems of the Adviser and any disciplinary history. The Board also considered the Adviser's policies and procedures relating to business continuity and cybersecurity, including the Trust CCO's review and evaluation of these policies and procedures, and that the CCO found them to be satisfactory. The Board also considered the operation of the Adviser's compliance program and any compliance matters over the past year.

The Board also considered the significant risks assumed by the Adviser in connection with the services provided to the Fund, including entrepreneurial risk and ongoing risks including investment, operational, enterprise, litigation, regulatory, and compliance risks with respect to the Fund.

In considering the nature, extent, and quality of the services provided by the Adviser, the Board took into account its knowledge, acquired through discussions and reports during the preceding year and in past years, of the Adviser's management and the quality of the performance of the Adviser's duties.

After discussion and taking into account the report and evaluation provided by the Trust's CCO, the Board concluded that the Adviser had sufficient personnel, resources, investment methodologies and written compliance policies and procedures to perform its duties under the Advisory Agreement with respect to the Fund.

*Performance*. In considering the Fund's performance, the Board noted that it reviews at its regularly scheduled quarterly meetings throughout the year information about the Fund's performance results. Among other data, the Board considered information for the Fund's performance for periods ended March 31, 2025, as compared to a benchmark provided by Morningstar, comparing the investment performance of the Fund to a universe of peer funds. The Board considered that the gross and net yield performance of the Fund was also provided. The Board noted that, while it found the data provided by the independent third-party generally useful, it recognized the data's limitations, including in particular that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the funds in the peer group. The Board evaluated the explanations for any relative underperformance of the Fund during these periods, as well as to investment decisions and global economic and other factors that affected the Fund's investment performance and whether the Fund had performed as expected over time, as well as any plans to improve performance. The Board took into account that the Fund was being managed in accordance with its investment objective and strategies. The Board also noted the Adviser's discussion of any differences in the investment strategies of the Fund relative to its peer universe.

**Additional Information (Unaudited) (continued)**

Based on these considerations, the Board concluded that the Adviser continues to have the capability of providing satisfactory investment performance for the Fund.

*Fees and Expenses*. The Board reviewed and considered the advisory fee rate of the Fund that is being paid to the Adviser under the Advisory Agreement and the Fund's total net expense ratio. The Board reviewed information from Morningstar comparing the Fund's advisory fee rate and total expense ratio relative to a group of its peer funds. While the Board recognized that comparisons between the Fund and its peer funds may be imprecise and non-determinative, the comparative information provided by Morningstar was helpful to the Board in evaluating the reasonableness of the Fund's advisory fees and total expense ratio.

The Board further considered that 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. The Board also took into account management's discussion of the Fund's expenses and also noted that the Adviser had entered into fee waiver and expense reimbursement arrangements with respect to the Fund. The Board took into account the factors that the Adviser reported that contributed to any expenses that were relatively higher than the peer group comparative data. Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the compensation payable to the Adviser under the Advisory Agreement with respect to the Fund was reasonable.

*Profitability*. The Board considered the Adviser's profitability and whether these profits were reasonable in light of the services provided to the Fund. The Board reviewed a profitability analysis prepared by the Adviser based on the Fund's asset level and considered the total profits of the Adviser from its relationship with the Fund and for all funds that the Adviser manages in the aggregate. The Board also considered that, with respect to the Fund, the Adviser had agreed to reimburse expenses to limit net annual operating expenses. The Board concluded that the Adviser's profitability from its relationship with the Fund and for all funds that the Adviser manages, if any, after taking into account a reasonable allocation of costs, was not excessive.

*Economies of Scale*. The Board considered whether the Adviser would realize economies of scale with respect to its management of the Fund as the Fund grew and whether fee levels reflected these economies. The Board noted that the Fund's current advisory fee does not include breakpoints and took into account the Adviser's discussion of the Fund's fee structure, including the current size of the Fund as well as the level of expenses incurred with respect to the Fund. The Board considered the profitability analysis provided by the Adviser and noted that, while expenses of managing the Fund as a percentage of assets under management were expected to decrease as the Fund's assets continued to grow, at current asset levels, economies of scale have not yet been reached. The Board noted that it would revisit whether economies of scale exist in the future once the Fund had achieved sufficient scale.

*Fall-out Benefits*. The Trustees discussed direct or indirect "fall-out benefits," noting that the Adviser and its affiliates may realize certain benefits from their relationships with the Fund, including: (a) trading efficiencies resulting from aggregation of orders of all funds that the Adviser manages; (b) the Adviser's ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (c) the Adviser's ability to cross-market other products and services to Fund shareholders; (d) the Adviser's ability to negotiate better pricing with the custodian on behalf of its other clients as a result of the relationship with the Fund; and/or (e) the possibility that the working relationship

**Additional Information (Unaudited) (continued)**

between the Adviser and the Fund's third-party service providers may cause those service providers to be more likely to do business with other areas of the Adviser. The Trustees noted that with respect to the Fund, benefits to the Adviser may also include offering an affiliated money market fund rather than an unaffiliated one to Texas Capital Bank's clients, thereby increasing the Fund's assets and management fees earned by the Adviser. The Board concluded that any such benefits are reasonable.

*Conclusion*. The Board, having requested and received such information from the Adviser as it believed reasonably necessary to evaluate the terms of the Advisory Agreement with respect to the Fund, and having been advised by independent counsel that the Board had appropriately considered and weighed all relevant factors, including reliance on the representations made by the Adviser at the Meeting, determined that approval of the Advisory Agreement with respect to the Fund for an additional one-year term was in the best interests of the Fund and its shareholders.

In considering the renewal of the Advisory Agreement with respect to the Fund, the Board considered a variety of factors, including those discussed above, and also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry). The Board did not identify any one factor as determinative, and each Independent Trustee may have weighed each factor differently. The Board's conclusions may be based in part on its consideration of the advisory arrangements in prior years and the Board's ongoing regular review of the Fund's performance and operations throughout the year.

**Proxy Voting**

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted those proxies during the most recent twelve month period ended June 30 are available (1) without charge upon request by calling the Funds at (844) 822-3837; (2) on or through the Fund's website at https://www.texascapitalbank.com/etf-funds-management; and (3) in Fund documents filed with the Securities and Exchange Commission (the "SEC") on the SEC's website at www.sec.gov.

**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.**

Included under Item 7.

**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** 

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.** 

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

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

**Item 19. Exhibits.** 

(a)(1) Not applicable – disclosed with annual report.

(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](texascapital_ex99cert.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](texascapital_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 |
|  | President and Chief Executive Officer |
| Date: | September 3, 2025 |

---

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 |
|  | President and Chief Executive Officer |
| Date: | September 3, 2025 |

---

---

| | |
|:---|:---|
| By | /s/ Joel Colpitts |
|  | Joel Colpitts |
|  | Treasurer and Principal Financial Officer |
| Date: | September 3, 2025 |

---

## 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: | September 3, 2025 | /s/ J. Steven Orr |
|  |  | J. Steven Orr<br> President and Chief Executive Officer |

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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.

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| | | |
|:---|:---|:---|
| Date: | September 3, 2025 | /s/ Joel Colpitts |
|  |  | Joel Colpitts<br> Treasurer and Principal Financial Officer |

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## 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 Joel Colpitts, Treasurer of Texas Capital Funds Trust (the "Registrant"), each certify to the best of his or her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Registrant's periodic report on Form N-CSR for the period ended June 30, 2025 (the
 "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities
 Exchange Act of 1934, as amended; and

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

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

---

Date: <u>September 3, 2025</u> Date: <u>September 3, 2025</u>

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.