Semi Annual Report by Investment Company Form N CSRS

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

811-23862

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:

1-945-229-5947

Date of fiscal year end:

December 31

Date of reporting period:

June 30, 2024

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)	Tailored Shareholder Report

(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)	Long Form Financial Statements

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

Financial Statements

(Unaudited)

June 30, 2024

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, 2024 - (Unaudited)

		Shares			Fair Value
COMMON STOCKS - 99.77%
Communications - 1.71%
AST SpaceMobile, Inc., Class A(a)			1,186			$	13,769
AT&T, Inc.			17,047				325,768
Clear Channel Outdoor Holdings, Inc.(a)			6,329				8,924
Frontier Communications Parent, Inc.(a)			559				14,635
Match Group, Inc.(a)			600				18,228
Nexstar Media Group, Inc.			78				12,949
Thryv Holdings, Inc.(a)			478				8,518
							402,791
Consumer Discretionary - 19.52%
Academy Sports & Outdoors, Inc.			5,974				318,115
Brinker International, Inc.(a)			1,972				142,753
Builders FirstSource, Inc.(a)			195				26,990
Chuy's Holdings, Inc.(a)			805				20,866
Cinemark Holdings, Inc.(a)			654				14,139
Copart, Inc.(a)			2,152				116,552
D.R. Horton, Inc.			3,352				472,397
Dave & Buster's Entertainment, Inc.(a)			1,221				48,608
European Wax Center, Inc., Class A(a)			1,117				11,092
Forestar Group, Inc.(a)			320				10,237
GameStop Corp., Class A(a)			22,484				555,130
Green Brick Partners, Inc.(a)			443				25,357
Group 1 Automotive, Inc.			1,108				329,386
LGI Homes, Inc.(a)			213				19,062
RCI Hospitality Holdings, Inc.			362				15,769
Rush Enterprises, Inc., Class A			5,816				243,516
Sally Beauty Holdings, Inc.(a)			8,553				91,774
Service Corp. International			6,448				458,646
Six Flags Entertainment Corp.(a)			2,792				92,527
Target Hospitality Corp.(a)			1,735				15,112
Tesla, Inc.(a)			4,787				947,252
Upbound Group, Inc.			386				11,850
Wingstop, Inc.			1,330				562,138
XPEL, Inc.(a)			773				27,488
YETI Holdings, Inc.(a)			275				10,491
							4,587,247
Consumer Staples - 2.53%
Darling Ingredients, Inc.(a)			269				9,886
Kimberly-Clark Corp.			574				79,327
Quanex Building Products Corp.			327				9,042
Sysco Corp.			6,710				479,027
Vital Farms, Inc.(a)			345				16,135
							593,417
Energy - 21.20%
APA Corp.			1,325				39,008
Archrock, Inc.			611				12,354
Atlas Energy Solutions, Inc.			549				10,942

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

Texas Capital Texas Equity Index ETF

Schedule of Investments (continued)

June 30, 2024 - (Unaudited)

		Shares			Fair Value
COMMON STOCKS - 99.77% - continued
Energy - 21.20% - continued
Baker Hughes Co., Class A			3,604			$	126,753
Berry Corp.			1,434				9,264
ChampionX Corp.			343				11,391
Cheniere Energy, Inc.			3,084				539,176
Chord Energy Corp.			235				39,405
Comstock Resources, Inc.			971				10,079
ConocoPhillips			4,426				506,246
Coterra Energy, Inc.			2,328				62,088
Crescent Energy Co., Class A			891				10,558
CVR Energy, Inc.			333				8,914
Diamond Offshore Drilling, Inc. (a)			746				11,556
Diamondback Energy, Inc.			637				127,521
DNOW, Inc.(a)			1,312				18,014
Dril-Quip, Inc.(a)			469				8,723
EOG Resources, Inc.			2,215				278,802
Excelerate Energy, Inc., Class A			632				11,654
Expro Group Holdings N.V.(a)			1,131				25,923
Exxon Mobil Corp.			7,743				891,374
Halliburton Co.			3,366				113,703
Helix Energy Solutions Group, Inc.(a)			1,108				13,230
Hess Midstream, L.P., Class A			319				11,624
HF Sinclair Corp.			291				15,522
Kinder Morgan, Inc.			19,359				384,663
Kinetik Holdings, Inc., Class A			349				14,463
Kodiak Gas Services, Inc.			420				11,449
Magnolia Oil & Gas Corp., Class A			565				14,317
Marathon Oil Corp.			2,127				60,981
Matador Resources Co.			350				20,860
MRC Global, Inc.(a)			1,103				14,240
Murphy Oil Corp.			448				18,475
Newpark Resources, Inc.(a)			1,562				12,980
Noble Corp. plc			352				15,717
NOV, Inc.			664				12,623
Occidental Petroleum Corp.			2,427				152,974
Oceaneering International, Inc.(a)			513				12,138
Oil States International, Inc.(a)			1,978				8,782
Par Pacific Holdings, Inc.(a)			308				7,777
Patterson-UTI Energy, Inc.			1,318				13,654
Permian Resources Corp., Class A			1,354				21,867
Phillips 66			732				103,336
ProPetro Holding Corp.(a)			1,269				11,002
Range Resources Corp.			774				25,952
Schlumberger Ltd.			5,434				256,376
Select Water Solutions, Inc., Class A			1,325				14,177
SilverBow Resources, Inc.(a)			332				12,560
Southwestern Energy Co.(a)			3,338				22,465
Sunnova Energy International, Inc.(a)			1,704				9,508

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

Texas Capital Texas Equity Index ETF

Schedule of Investments (continued)

June 30, 2024 - (Unaudited)

		Shares			Fair Value
COMMON STOCKS - 99.77% - continued
Energy - 21.20% - continued
Talos Energy, Inc.(a)			797			$	9,684
Targa Resources Corp.			2,079				267,734
TETRA Technologies, Inc.(a)			2,734				9,460
Texas Pacific Land Corp.			469				344,372
Thermon Group Holdings, Inc.(a)			376				11,566
Tidewater, Inc.(a)			169				16,090
U.S. Silica Holdings, Inc.(a)			914				14,121
VAALCO Energy, Inc.			2,529				15,857
Valero Energy Corp.			539				84,494
Viper Energy, Inc.			316				11,859
Weatherford International PLC(a)			233				28,531
							4,980,928
Financials - 6.35%
Applied Digital Corp.(a)			2,621				15,595
Charles Schwab Corp. (The)			12,368				911,398
Comerica, Inc.			1,014				51,754
Corebridge Financial, Inc.			2,066				60,162
Cullen/Frost Bankers, Inc.			452				45,937
EZCORP, Inc., Class A(a)			1,075				11,255
First Financial Bankshares, Inc.			854				25,219
First Foundation, Inc.			1,383				9,059
FirstCash Holdings, Inc.			286				29,996
Globe Life, Inc.			724				59,571
Goosehead Insurance, Inc., Class A(a)			175				10,052
Hilltop Holdings, Inc.			384				12,012
Independent Bank Group, Inc.			286				13,019
International Bancshares Corp.			431				24,657
Mr. Cooper Group, Inc.(a)			479				38,909
National Western Life Group, Inc., Class A			18				8,945
P10, Inc., Class A			1,249				10,592
Prosperity Bancshares, Inc.			664				40,597
Skyward Specialty Insurance Group, Inc.(a)			301				10,890
Southside Bancshares, Inc.			362				9,995
Stellar Bancorp, Inc.			416				9,551
Stewart Information Services Corp.			218				13,533
TPG, Inc., Class A			691				28,642
Triumph Financial, Inc.(a)			174				14,224
Veritex Holdings, Inc.			493				10,397
Victory Capital Holdings, Inc., Class A			343				16,371
							1,492,332
Health Care - 10.60%
Addus HomeCare Corp.(a)			1,231				142,931
agilon health, inc.(a)			23,333				152,598
AMN Healthcare Services, Inc.(a)			342				17,521
Atrion Corp.			27				12,216
Cassava Sciences, Inc.(a)			563				6,953
Castle Biosciences, Inc.(a)			528				11,494

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

Texas Capital Texas Equity Index ETF

Schedule of Investments (continued)

June 30, 2024 - (Unaudited)

		Shares			Fair Value
COMMON STOCKS - 99.77% - continued
Health Care - 10.60% - continued
Enhabit, Inc.(a)			3,769			$	33,619
Integer Holdings Corp.(a)			97				11,232
Lexicon Pharmaceuticals, Inc.(a)			4,463				7,498
McKesson Corp.			1,664				971,843
Natera, Inc.(a)			193				20,900
Savara, Inc.(a)			1,805				7,274
Shattuck Labs, Inc.(a)			1,033				3,987
Taysha Gene Therapies, Inc.(a)			3,606				8,078
Tenet Healthcare Corp.(a)			7,362				979,367
U.S. Physical Therapy, Inc.			1,132				104,619
							2,492,130
Industrials - 12.34%
AECOM			1,589				140,054
Alamo Group, Inc.			57				9,861
American Airlines Group, Inc.(a)			5,871				66,518
Arcosa, Inc.			180				15,014
AZZ, Inc.			159				12,283
Bristow Group, Inc.(a)			356				11,937
Cactus, Inc., Class A			242				12,763
Caterpillar, Inc.			844				281,136
CECO Environmental Corp.(a)			553				15,954
Comfort Systems USA, Inc.			380				115,566
CSW Industrials, Inc.			49				13,000
DXP Enterprises, Inc.(a)			246				11,277
Evolv Technologies Holdings, Inc., Class A(a)			2,906				7,410
Flowserve Corp.			235				11,304
Fluor Corp.(a)			1,958				85,271
Great Lakes Dredge & Dock Corp.(a)			1,306				11,467
IES Holdings, Inc.(a)			200				27,866
Insperity, Inc.			412				37,578
Intuitive Machines, Inc.(a)			2,884				9,517
Jacobs Solutions, Inc.			1,462				204,256
KBR, Inc.			1,549				99,353
Kirby Corp.(a)			575				68,845
Lennox International, Inc.			54				28,889
Orion Group Holdings, Inc.(a)			1,148				10,917
Powell Industries, Inc.			69				9,895
Primoris Services Corp.			531				26,492
Quanta Services, Inc.			1,713				435,256
Southwest Airlines Co.			5,692				162,848
Sterling Infrastructure, Inc.(a)			309				36,567
Trinity Industries, Inc.			393				11,758
Waste Management, Inc.			4,262				909,255
							2,900,107
Materials - 0.51%
ATI, Inc.(a)			223				12,365
Celanese Corp.			185				24,955

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

Texas Capital Texas Equity Index ETF

Schedule of Investments (continued)

June 30, 2024 - (Unaudited)

		Shares			Fair Value
COMMON STOCKS - 99.77% - continued
Materials - 0.51% - continued
Commercial Metals Co.			214			$	11,768
Eagle Materials, Inc.			60				13,048
Encore Wire Corp.			51				14,782
Huntsman Corp.			373				8,493
United States Lime & Minerals, Inc.			36				13,110
Uranium Energy Corp.(a)			1,731				10,403
Westlake Corp.			77				11,151
							120,075
Real Estate - 13.04%
Camden Property Trust			1,952				212,983
CBRE Group, Inc., Class A(a)			5,740				511,491
Crown Castle International Corp.			8,414				822,048
Digital Realty Trust, Inc.			6,614				1,005,659
Howard Hughes Holdings, Inc.(a)			936				60,671
Invitation Homes, Inc.			10,862				389,837
NETSTREIT Corp.			1,363				21,944
NexPoint Residential Trust, Inc.			422				16,673
Summit Hotel Properties, Inc.			1,963				11,758
Whitestone REIT			898				11,953
							3,065,017
Technology - 10.26%
Alkami Technology, Inc.(a)			476				13,556
Applied Optoelectronics, Inc.(a)			719				5,961
Aviat Networks, Inc.(a)			308				8,837
BigCommerce Holdings, Inc.(a)			1,458				11,751
Bumble, Inc., Class A(a)			1,004				10,552
Cirrus Logic, Inc.(a)			125				15,958
Core Scientific, Inc.(a)			1,208				11,234
Crowdstrike Holdings, Inc., Class A(a)			2,724				1,043,810
Dell Technologies, Inc., Class C			418				57,646
Diodes, Inc.(a)			162				11,653
E2open Parent Holdings, Inc., Class A(a)			2,595				11,652
Green Dot Corp., Class A(a)			1,136				10,735
Hewlett Packard Enterprise Co.			2,083				44,097
Omnicell, Inc.(a)			546				14,780
Oracle Corp.			3,792				535,430
PROS Holdings, Inc.(a)			290				8,308
Q2 Holdings, Inc.(a)			240				14,479
Sabre Corp.(a)			3,932				10,499
Silicon Laboratories, Inc.(a)			73				8,076
SolarWinds Corp.(a)			912				10,990
Texas Instruments, Inc.			1,625				316,111
Tyler Technologies, Inc.(a)			465				233,793
							2,409,908
Utilities - 1.71%
Aris Water Solution, Inc., Class A			808				12,662
Atmos Energy Corp.			708				82,588

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

Texas Capital Texas Equity Index ETF

Schedule of Investments (continued)

June 30, 2024 - (Unaudited)

		Shares			Fair Value
COMMON STOCKS - 99.77% - continued
Utilities - 1.71% - continued
CenterPoint Energy, Inc.			3,000			$	92,940
NRG Energy, Inc.			967				75,290
Vistra Corp.			1,612				138,600
							402,080
Total Common Stocks- 99.77% (Cost $20,694,883)							23,446,032
MONEY MARKET FUNDS - 1.43%
State Street Institutional U.S. Government Money Market Fund, Opportunity Class, 5.22%(b)			335,321				335,321
Total Money Market Funds (Cost $335,321)							335,321
Total Investments - 101.20% (Cost $21,030,204)							23,781,353
Liabilities in Excess of Other Assets - (1.20)%							(281,797	)
NET ASSETS - 100.00%						$	23,499,556

(a)	Non-income producing security.

(b)	Rate disclosed is the seven day effective yield as of June 30, 2024.

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, 2024 - (Unaudited)

		Shares			Fair Value
COMMON STOCKS - 99.85%
Gas & Water Utilities - 3.33%
Osaka Gas Company Ltd. (Japan)			7,200			$	158,577
Tokyo Gas Company Ltd. (Japan)			14,245				305,947
							464,524
Oil & Gas Producers - 92.15%
APA Corp.			22,018				648,210
Baytex Energy Corp.			90,831				316,092
BP PLC - ADR			9,688				349,737
Chesapeake Energy Corp.			2,312				190,023
Comstock Resources, Inc.			18,276				189,705
ConocoPhillips			10,093				1,154,437
Coterra Energy, Inc.			7,819				208,533
Crescent Energy Co.			24,106				285,656
Devon Energy Corp.			12,475				591,315
Diamondback Energy, Inc.			5,922				1,185,525
EOG Resources, Inc.			8,585				1,080,594
Exxon Mobil Corp.			10,208				1,175,145
Kinder Morgan, Inc.			16,257				323,027
Magnolia Oil & Gas Corp., Class A			8,784				222,586
Marathon Oil Corp.			20,624				591,290
Matador Resources Co.			643				38,323
Murphy Oil Corp.			5,291				218,201
Occidental Petroleum Corp.			19,799				1,247,931
Ovintiv, Inc.			12,721				596,233
Permian Resources Corp.			33,638				543,254
Repsol S.A. - ADR			5,156				81,052
Riley Exploration Permian, Inc.			3,087				87,393
Ring Energy, Inc.(a)			61,109				103,274
SilverBow Resources, Inc.(a)			5,654				213,891
SM Energy Co.			12,094				522,824
Total S.A. - ADR			1,746				116,423
Vital Energy, Inc.(a)			13,281				595,254
							12,875,928
Oil, Gas & Consumable Fuels - 4.37%
Chevron Corp.			3,900				610,038
Total Common Stocks- 99.85% (Cost $12,700,288)							13,950,490
MONEY MARKET FUNDS - 0.94%
State Street Institutional U.S. Government Money Market Fund, Opportunity Class, 5.22%(b)			131,948				131,948
Total Money Market Funds (Cost $131,948)							131,948
Total Investments - 100.79% (Cost $12,832,236)							14,082,438
Liabilities in Excess of Other Assets - (0.79)%							(110,314	)
NET ASSETS - 100.00%						$	13,972,124

(a)	Non-income producing security.

(b)	Rate disclosed is the seven day effective yield as of June 30, 2024.

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, 2024 - (Unaudited)

		Shares			Fair Value
COMMON STOCKS - 99.78%
Communications - 2.44%
AST SpaceMobile, Inc.(a)			3,337			$	38,743
Clear Channel Outdoor Holdings, Inc.(a)			48,692				68,656
Nexstar Media Group, Inc.			737				122,349
Thryv Holdings, Inc.(a)			4,143				73,828
							303,576
Consumer Discretionary - 16.28%
Academy Sports & Outdoors, Inc.			5,893				313,802
Brinker International, Inc.(a)			4,390				317,792
Carriage Services, Inc.			2,105				56,498
Chuy's Holdings, Inc.(a)			1,697				43,986
Cinemark Holdings, Inc.(a)			2,994				64,731
Dave & Buster's Entertainment, Inc.(a)			762				30,335
European Wax Center, Inc.(a)			4,704				46,711
Forestar Group, Inc.(a)			726				23,225
Green Brick Partners, Inc.(a)			1,508				86,318
Group 1 Automotive, Inc.			1,080				321,062
Landesa Home Corp.(a)			595				5,468
LGI Homes, Inc.(a)			752				67,296
RCI Hospitality Holdings, Inc.			730				31,799
Rent-A-Center, Inc.			899				27,599
Rush Enterprises, Inc., Class A			4,840				202,651
Sally Beauty Holdings, Inc.(a)			7,512				80,604
Six Flags Entertainment Corp.(a)			1,509				50,008
Target Hospitality Corp.(a)			3,624				31,565
XPEL, Inc.(a)			3,283				116,744
YETI Holdings, Inc.(a)			2,722				103,844
							2,022,038
Consumer Staples - 2.55%
Quanex Building Products Corp.			839				23,199
Vital Farms, Inc.(a)			6,273				293,388
							316,587
Energy - 20.51%
Amplify Energy Corp.(a)			1,115				7,560
Archrock, Inc.			2,916				58,962
Atlas Energy Solutions, Inc.			1,179				23,497
Berry Corp.			1,169				7,552
Comstock Resources, Inc.			1,956				20,303
Crescent Energy Co.			1,965				23,285
CVR Energy, Inc.			2,437				65,238
Diamond Offshore Drilling, Inc.(a)			2,055				31,832
DNOW, Inc.(a)			24,693				339,035
Dril-Quip, Inc.(a)			833				15,494
Evolution Petroleum Corp.			995				5,244
Excelerate Energy, Inc., Class A			12,726				234,667
Expro Group Holdings N.V.(a)			4,006				91,818
Granite Ridge Resources, Inc.			1,143				7,235

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, 2024 - (Unaudited)

		Shares			Fair Value
COMMON STOCKS - 99.78% - continued
Energy - 20.51% - continued
Helix Energy Solutions Group, Inc.(a)			2,906			$	34,698
Hess Midstream, L.P., Class A			1,606				58,523
Kinetik Holdings, Inc.			8,923				369,769
Kodiak Gas Services, Inc.			482				13,139
Magnolia Oil & Gas Corp., Class A			3,105				78,681
MRC Global, Inc.(a)			19,670				253,940
Murphy Oil Corp.			2,448				100,956
Natural Gas Services Group, Inc.(a)			352				7,082
Newpark Resources, Inc.(a)			2,058				17,102
Noble Corp. PLC			1,926				85,996
Oceaneering International, Inc.(a)			2,499				59,126
Oil States International, Inc.(a)			1,568				6,962
Par Pacific Holdings, Inc. (a)			1,372				34,643
Patterson-UTI Energy, Inc.			7,197				74,561
ProPetro Holding Corp.(a)			1,671				14,488
Ranger Energy Services, Inc.			4,606				48,455
Ring Energy, Inc.(a)			3,861				6,525
Sable Offshore Corp. (a)			900				13,563
Select Energy Services, Inc., Class A			1,835				19,634
SilverBow Resources, Inc.(a)			451				17,061
Solaris Oilfield Infrastructure, Inc., Class A			750				6,435
Sunnova Energy International, Inc.(a)			2,891				16,132
Talos Energy, Inc.(a)			2,666				32,392
TETRA Technologies, Inc.(a)			2,359				8,162
Thermon Group Holdings, Inc.(a)			833				25,623
Tidewater, Inc.(a)			1,047				99,685
U.S. Silica Holdings, Inc.(a)			1,525				23,561
VAALCO Energy, Inc.			1,953				12,245
Viper Energy, Inc.			1,854				69,581
W&T Offshore, Inc.			2,989				6,396
							2,546,838
Financials - 6.21%
Applied Blockchain, Inc.(a)			2,156				12,828
eHealth, Inc.(a)			993				4,498
EZCORP, Inc., Class A(a)			924				9,674
First Financial Bankshares, Inc.			1,930				56,993
First Foundation, Inc.			995				6,517
FirstCash Holdings, Inc.			736				77,192
Goosehead Insurance, Inc., Class A(a)			443				25,446
Hilltop Holdings, Inc.			878				27,464
Independent Bank Group, Inc.			674				30,681
International Bancshares Corp.			939				53,720
Mr. Cooper Group, Inc.(a)			1,156				93,902
National Western Life Group, Inc., Class A			66				32,798
P10, Inc.			833				7,064
Prosperity Bancshares, Inc.			1,642				100,392
Skyward Specialty Insurance Group, Inc.(a)			566				20,478

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, 2024 - (Unaudited)

		Shares			Fair Value
COMMON STOCKS - 99.78% - continued
Financials - 6.21% - continued
Southside Bancshares, Inc.			545			$	15,047
Stellar Bancorp, Inc.			870				19,975
Stewart Information Services Corp.			508				31,537
TPG, Inc.			1,221				50,611
Triumph Bancorp, Inc.(a)			412				33,681
Veritex Holdings, Inc.			992				20,921
Victory Capital Holdings, Inc., Class A			825				39,377
							770,796
Health Care - 12.67%
Addus HomeCare Corp.(a)			2,262				262,641
agilon health, inc.(a)			42,882				280,448
AMN Healthcare Services, Inc.(a)			9,049				463,580
Atrion Corp.			28				12,668
Cassava Sciences, Inc.(a)			4,998				61,725
Castle Biosciences, Inc.(a)			675				14,695
Enhabit, Inc.(a)			6,564				58,551
Integer Holdings Corp.(a)			838				97,032
Lexicon Pharmaceuticals, Inc.(a)			3,312				5,564
Savara, Inc.(a)			17,541				70,690
Shattuck Labs, Inc.(a)			3,709				14,317
Taysha Gene Therapies, Inc.(a)			17,279				38,705
U.S. Physical Therapy, Inc.			2,085				192,696
							1,573,312
Industrials - 13.57%
Alamo Group, Inc.			233				40,309
Arcosa, Inc.			976				81,408
AZZ, Inc.			637				49,208
Bristow Group, Inc.(a)			3,601				120,742
Cactus, Inc., Class A			1,656				87,337
CECO Environmental Corp.(a)			784				22,618
CSW Industrials, Inc.			379				100,553
Distribution Solutions Group, Inc.(a)			2,432				72,960
DXP Enterprises, Inc.(a)			3,049				139,766
Ennis, Inc.			637				13,944
Evolv Technologies Holdings, Inc.(a)			2,646				6,747
Great Lakes Dredge & Dock Corp.(a)			2,532				22,231
Hyliion Holdings Corp.(a)			3,534				5,725
IES Holdings, Inc.(a)			735				102,408
Insperity, Inc.			4,938				450,395
Intuitive Machines, Inc.(a)			1,302				4,297
Orion Group Holdings, Inc.(a)			1,340				12,743
Powell Industries, Inc.			245				35,133
Primoris Services Corp.			1,925				96,038
SEACOR Marine Holdings, Inc.(a)			2,645				35,681
Sterling Construction Co., Inc.(a)			1,050				124,257
Trinity Industries, Inc.			2,058				61,576
							1,686,076

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, 2024 - (Unaudited)

		Shares			Fair Value
COMMON STOCKS - 99.78% - continued
Materials - 3.44%
Encore Wire Corp.			374			$	108,396
Huntsman Corp.			5,167				117,653
United States Lime & Minerals, Inc.			49				17,845
Uranium Energy Corp.(a)			8,007				48,122
Westlake Chemical Corp.			933				135,117
							427,133
Real Estate - 15.45%
Howard Hughes Holdings, Inc.(a)			15,215				986,236
Legacy Housing Corp.(a)			285				6,538
NETSTREIT Corp.			22,207				357,533
NexPoint Residential Trust, Inc.			6,096				240,853
Summit Hotel Properties, Inc.			28,392				170,068
Whitestone REIT			11,825				157,391
							1,918,619
Technology - 6.60%
Alkami Technology, Inc.(a)			1,372				39,075
Applied Optoelectronics, Inc.(a)			931				7,718
Asure Software, Inc.(a)			686				5,762
Aviat Networks, Inc.(a)			294				8,435
BigCommerce Holdings, Inc.(a)			1,890				15,233
Bumble, Inc., Class A(a)			2,912				30,605
Core Scientific, Inc.(a)			4,202				39,079
CS Disco, Inc.(a)			931				5,549
Digital Turbine, Inc.(a)			2,989				4,962
Diodes, Inc.(a)			1,127				81,065
E2open Parent Holdings, Inc.(a)			5,217				23,424
Green Dot Corp., Class A(a)			879				8,306
Omnicell, Inc.(a)			5,598				151,538
Open Lending Corp.(a)			1,853				10,340
PROS Holdings, Inc.(a)			1,172				33,578
Q2 Holdings, Inc.(a)			1,523				91,883
Rackspace Technology, Inc.(a)			24,255				72,280
Ribbon Communications, Inc.(a)			4,011				13,196
Sabre Corp.(a)			10,440				27,875
Silicon Laboratories, Inc.(a)			794				87,840
SolarWinds Corp.(a)			1,571				18,930
TaskUs, Inc.(a)			3,253				43,297
							819,970
Utilities - 0.06%
Aris Water Solution, Inc., Class A			523				8,195
Total Common Stocks- 99.78% (Cost $12,040,000)							12,393,140
MONEY MARKET FUNDS - 0.23%
State Street Institutional U.S. Government Money Market Fund, Opportunity Class, 5.22%(b)			27,987				27,987

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, 2024 - (Unaudited)

		Shares			Fair Value
MONEY MARKET FUNDS - 0.23% - continued
Total Money Market Funds (Cost $27,987)						$	27,987
Total Investments - 100.01% (Cost $12,067,987)							12,421,127
Liabilities in Excess of Other Assets - (0.01)%							(1,638	)
NET ASSETS - 100.00%						$	12,419,489

(a)	Non-income producing security.

(b)	Rate disclosed is the seven day effective yield as of June 30, 2024.

REIT - Real Estate Investment Trust

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

Texas Capital Funds Trust

Statements of Assets and Liabilities

June 30, 2024 - (Unaudited)

		Texas						Texas
		Capital			Texas			Capital
		Texas			Capital			Texas Small
		Equity			Texas Oil			Cap Equity
		Index ETF			Index ETF			Index ETF
Assets
Investments in securities, at fair value (cost $21,030,204, $12,832,236 and $12,067,987)		$	23,781,353			$	14,082,438			$	12,421,127
Foreign currency (cost $-, $6,019 and $-)			-				5,931				-
Receivable for investments sold			-				-				89,351
Dividends and interest receivable			12,490				5,647				2,224
Tax reclaims receivable			-				674				-
Total Assets			23,793,843				14,094,690				12,512,702
Liabilities
Payable for investments purchased			219,188				32,955				88,103
Distributions payable			65,823				85,696				-
Payable to Adviser			9,276				3,915				5,110
Total Liabilities			294,287				122,566				93,213
Net Assets		$	23,499,556			$	13,972,124			$	12,419,489
Net Assets consist of:
Paid-in capital			20,279,271				12,445,951				11,495,945
Accumulated earnings			3,220,285				1,526,173				923,544
Net Assets		$	23,499,556			$	13,972,124			$	12,419,489
Shares outstanding (unlimited number of shares authorized, no par value)			804,000				520,000				490,000
Net asset value per share		$	29.23			$	26.87			$	25.35

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, 2024 - (Unaudited)

		Texas						Texas
		Capital			Texas			Capital
		Texas			Capital			Texas Small
		Equity			Texas Oil			Cap Equity
		Index ETF			Index ETF			Index ETF
Investment Income
Dividend income (net of foreign taxes withheld of $-, $1,310 and $-)		$	178,688			$	182,289			$	63,982
Interest income			1,096				1,128				412
Total investment income			179,784				183,417				64,394
Expenses
Advisory fees			51,619				20,042				25,996
Total operating expenses			51,619				20,042				25,996
Net investment income			128,165				163,375				38,398
Net Realized and Change in Unrealized Gain (Loss) on Investments
Net realized loss on investment securities			(103,597	)			(28,607	)			(65,015	)
Net realized gain from in-kind redemptions			592,193				306,764				597,021
Foreign currency transactions			-				(978	)			-
Change in unrealized appreciation (depreciation) on investment securities			1,722,746				1,250,066				343,361
Foreign currency translations			-				(91	)			-
Net realized and change in unrealized gain (loss) on investment securities			2,211,342				1,527,154				875,367
Net increase in net assets resulting from operations		$	2,339,507			$	1,690,529			$	913,765

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

Texas Capital Funds Trust

Statements of Changes in Net Assets

		Texas Capital Texas Equity
		Index ETF
		For the Six			For the
		Months			Period Ended
		Ended June			December 31,
		30, 2024			2023(a)
		(Unaudited)
Increase (Decrease) in Net Assets due to:
Operations
Net investment income		$	128,165			$	85,883
Net realized loss on investment securities			(103,597	)			(29,176	)
Net realized gain from in-kind redemptions			592,193				218,651
Change in unrealized appreciation on investment securities			1,722,746				1,028,403
Net increase in net assets resulting from operations			2,339,507				1,303,761
Distributions to Shareholders from Earnings			(125,720	)			(87,885	)
Capital Transactions
Proceeds from shares sold			4,130,797				18,797,389
Amount paid for shares redeemed			(1,692,881	)			(1,265,412	)
Net increase in net assets resulting from capital transactions			2,437,916				17,531,977
Total Increase in Net Assets			4,651,703				18,747,853
Net Assets
Beginning of period		$	18,847,853			$	100,000
End of period		$	23,499,556			$	18,847,853
Share Transactions
Shares sold			150,000				764,000
Shares redeemed			(60,000	)			(50,000	)
Net increase in shares outstanding			90,000				714,000

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

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

Texas Capital Funds Trust

Statements of Changes in Net Assets (continued)

		Texas Capital Texas Oil Index
		ETF
		For the Six			For the
		Months			Period Ended
		Ended June			December 31,
		30, 2024			2023(a)
		(Unaudited)
Increase (Decrease) in Net Assets due to:
Operations
Net investment income		$	163,375			$	8
Net realized loss on investment securities			(29,585	)			-
Net realized gain from in-kind redemptions			306,764				-
Change in unrealized appreciation on investment securities			1,249,975				136
Net increase in net assets resulting from operations			1,690,529				144
Distributions to Shareholders from Earnings			(164,500	)			-
Capital Transactions
Proceeds from shares sold			14,335,293				247,525
Amount paid for shares redeemed			(2,136,867	)			-
Net increase in net assets resulting from capital transactions			12,198,426				247,525
Total Increase in Net Assets			13,724,455				247,669
Net Assets
Beginning of period		$	247,669			$	-
End of period		$	13,972,124			$	247,669
Share Transactions
Shares sold			590,000				10,000
Shares redeemed			(80,000	)			-
Net increase in shares outstanding			510,000				10,000

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

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 Equity Index ETF
		For the Six			For the
		Months			Period Ended
		Ended June			December 31,
		30, 2024			2023(a)
		(Unaudited)
Increase (Decrease) in Net Assets due to:
Operations
Net investment income (loss)		$	38,398			$	(48	)
Net realized loss on investment securities			(65,015	)			-
Net realized gain from in-kind redemptions			597,021				-
Change in unrealized appreciation on investment securities			343,361				9,779
Net increase in net assets resulting from operations			913,765				9,731
Capital Transactions
Proceeds from shares sold			13,248,865				493,025
Amount paid for shares redeemed			(2,245,897	)			-
Net increase in net assets resulting from capital transactions			11,002,968				493,025
Total Increase in Net Assets			11,916,733				502,756
Net Assets
Beginning of period		$	502,756			$	-
End of period		$	12,419,489			$	502,756
Share Transactions
Shares sold			560,000				20,000
Shares redeemed			(90,000	)			-
Net increase in shares outstanding			470,000				20,000

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

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 Six			For the
		Months			Period
		Ended June			Ended
		30, 2024			December
		(Unaudited)			31, 2023(a)
Selected Per Share Data:
Net asset value, beginning of period		$	26.40			$	25.00
Investment operations:
Net investment income			0.30				0.14
Net realized and unrealized gain on investments			2.83				1.40
Total from investment operations			3.13				1.54
Less distributions to shareholders from:
Net investment income			(0.30	)			(0.14	)
Total distributions			(0.30	)			(0.14	)
Net asset value, end of period		$	29.23			$	26.40
Market price, end of period		$	29.21			$	26.39
Total Return(b)			11.34	% (c)			6.18	% (c)
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)		$	23,500			$	18,848
Ratio of expenses to average net assets			0.49	% (d)			0.49	% (d)
Ratio of net investment income to average net assets			1.22	% (d)			1.24	% (d)
Portfolio turnover rate(e)			1	% (c)			3	% (c)

(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 Six			For the
		Months			Period
		Ended June			Ended
		30, 2024			December
		(Unaudited)			31, 2023(a)
Selected Per Share Data:
Net asset value, beginning of period		$	24.77			$	24.75
Investment operations:
Net investment income			0.34				-	(b)
Net realized and unrealized gain on investments			2.10				0.02
Total from investment operations			2.44				0.02
Less distributions to shareholders from:
Net investment income			(0.34	)			-
Total distributions			(0.34	)			-
Net asset value, end of period		$	26.87			$	24.77
Market price, end of period		$	26.93			$	24.92
Total Return(c)			9.85	% (d)			0.08	% (d)
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)		$	13,972			$	248
Ratio of expenses to average net assets			0.35	% (e)			0.35	% (e)
Ratio of net investment income to average net assets			2.83	% (e)			0.11	% (e)
Portfolio turnover rate(f)			5	% (d)			-	% (d)

(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 Six			For the
		Months			Period
		Ended June			Ended
		30, 2024			December
		(Unaudited)			31, 2023(a)
Selected Per Share Data:
Net asset value, beginning of period		$	25.14			$	24.65
Investment operations:
Net investment income			0.08				-	(b)
Net realized and unrealized gain on investments			0.13				0.49
Total from investment operations			0.21				0.49
Net asset value, end of period		$	25.35			$	25.14
Market price, end of period		$	25.34			$	25.16
Total Return(c)			0.84	% (d)			1.99	% (d)
Ratios and Supplemental Data:
Net assets, end of period (000 omitted)		$	12,419			$	503
Ratio of expenses to average net assets			0.49	% (e)			0.49	% (e)
Ratio of net investment income (loss) to average net assets			0.72	% (e)			(0.32	)% (e)
Portfolio turnover rate(f)			4	% (d)			-	% (d)

(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 Funds Trust

Notes to the Financial Statements

June 30, 2024 - (Unaudited)

NOTE 1. ORGANIZATION

Texas Capital Texas Equity Index ETF, Texas Capital Texas Oil Index ETF and Texas Capital Texas Small Cap Equity Index 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 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.

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". 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").

Regulatory Update -Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds ("ETFs") - The Securities and Exchange Commission adopted rule and form amendments that have resulted in changes to the design and delivery of shareholder reports of mutual funds and ETFs, requiring them to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information by July 24, 2024. Other information, including financial statements, will no longer appear

Texas Capital Funds Trust

Notes to the Financial Statements (continued)

June 30, 2024 - (Unaudited)

in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR.

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 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, 2024, 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

Texas Capital Funds Trust

Notes to the Financial Statements (continued)

June 30, 2024 - (Unaudited)

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. 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, 2024 - (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 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. 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 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.

Texas Capital Funds Trust

Notes to the Financial Statements (continued)

June 30, 2024 - (Unaudited)

The following is a summary of the inputs used to value the Funds' investments as of June 30, 2024:

					Valuation Inputs
Assets		Level 1			Level 2			Level 3			Total
Texas Capital Texas Equity Index ETF
Common Stocks (a)		$	23,446,032			$	-			$	-			$	23,446,032
Money Market Funds			335,321				-				-				335,321
Total		$	23,781,353			$	-			$	-			$	23,781,353
					Valuation Inputs
Assets		Level 1			Level 2			Level 3			Total
Texas Capital Texas Oil Index ETF
Common Stocks (a)		$	13,950,490			$	-			$	-			$	13,950,490
Money Market Funds			131,948				-				-				131,948
Total		$	14,082,438			$	-			$	-			$	14,082,438
					Valuation Inputs
Assets		Level 1			Level 2			Level 3			Total
Texas Capital Texas Small Cap Equity Index ETF
Common Stocks (a)		$	12,393,140			$	-			$	-			$	12,393,140
Money Market Funds			27,987				-				-				27,987
Total		$	12,421,127			$	-			$	-			$	12,421,127

(a)	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 Texas
		Texas Capital Texas		Texas Capital Texas		Small Cap Equity
		Equity Index ETF		Oil Index ETF		Index ETF
Advisory fees rate		0.49%		0.35%		0.49%
Advisory fees earned		$51,619		$20,042		$25,996
Payable to Adviser		$9,276		$3,915		$5,110

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

Texas Capital Funds Trust

Notes to the Financial Statements (continued)

June 30, 2024 - (Unaudited)

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 a wholly-owned subsidiary 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.

NOTE 5. PURCHASES AND SALES OF SECURITIES

For the six months ended June 30, 2024, 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		$	1,710,643			$	303,751
Texas Capital Texas Oil Index ETF			1,593,109				511,296
Texas Capital Texas Small Cap Equity Index ETF			1,913,370				417,899

For the six months ended June 30, 2024, purchases and sales for in-kind transactions were as follows:

		Purchases			Sales
Texas Capital Texas Equity Index ETF		$	2,683,716			$	1,679,628
Texas Capital Texas Oil Index ETF			13,225,819				2,128,113
Texas Capital Texas Small Cap Equity Index ETF			11,720,965				2,201,372

Texas Capital Funds Trust

Notes to the Financial Statements (continued)

June 30, 2024 - (Unaudited)

For the six months ended June 30, 2024, the Texas Capital Texas Equity Index ETF, Texas Capital Texas Oil Index ETF and Texas Capital Texas Small Cap Equity Index ETF had in-kind net realized gains of $592,193, $306,764 and $597,021 respectively.

There were no purchases or sales of long-term U.S. government obligations during the six months ended June 30, 2024.

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. Only certain financial institutions (each an "Authorized Participant") or transactions done through an Authorized Participant are permitted to purchase or redeem Creation Units from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Funds on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Funds may impose transaction fees on purchases and redemptions of Funds shares to cover the custodial and 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, 2024, the Funds did not have any Standard Transaction Fees and Variable Charges.

Texas Capital Funds Trust

Notes to the Financial Statements (continued)

June 30, 2024 - (Unaudited)

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

		In-kind		Cash
		Transaction		Transaction		Variable
		Fee		Fee		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%*

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

NOTE 6. FEDERAL TAX INFORMATION

At June 30, 2024, the net unrealized appreciation (depreciation) and tax cost of investments for tax purposes were as follows:

								Texas Capital
		Texas Capital			Texas Capital			Texas Small Cap
		Texas Equity			Texas Oil Index			Equity Index
		Index ETF			ETF			ETF
Gross unrealized appreciation		$	3,685,048			$	1,285,869			$	1,365,091
Gross unrealized depreciation			(933,899	)			(35,667	)			(1,011,951	)
Net unrealized appreciation on investments		$	2,751,149			$	1,250,202			$	353,140
Tax cost of investments		$	21,030,204			$	12,832,236			$	12,067,987

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.

The tax character of distributions paid for the fiscal year ended December 31, 2023, the Funds' most recent fiscal year end, were as follows:

								Texas Capital
		Texas Capital			Texas Capital			Texas Small Cap
		Texas Equity			Texas Oil Index			Equity Index
		Index ETF			ETF			ETF
Distributions paid from:
Ordinary income(a)		$	87,885			$	-			$	-
Total distributions paid		$	87,885			$	-			$	-

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

Texas Capital Funds Trust

Notes to the Financial Statements (continued)

June 30, 2024 - (Unaudited)

At December 31, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

								Texas Capital
		Texas Capital			Texas Capital			Texas Small Cap
		Texas Equity			Texas Oil Index			Equity Index
		Index ETF			ETF			ETF
Undistributed ordinary income		$	-			$	8		$	-
Accumulated capital and other losses			(25,270	)			-				-
Unrealized appreciation on investments			1,031,768				136				9,779
Total accumulated earnings		$	1,006,498			$	144			$	9,779

As of December 31, 2023, the Texas Capital Texas Equity Index ETF had short-term capital loss carryforwards available to offset future gains and not subject to expiration in the amount of $25,270.

NOTE 7. PRINCIPAL RISKS

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, 2024, the Texas Capital Texas Oil Index ETF had 96.52% 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.

Texas Capital Funds Trust

Notes to the Financial Statements (continued)

June 30, 2024 - (Unaudited)

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

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

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

NOTE 8. INDEMNIFICATIONS

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

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 and (2) in Fund documents filed with the Securities and Exchange Commission (the "SEC") on the SEC's website at www.sec.gov.

TRUSTEES J. Kyle Bass Avery Johnson Eduardo Margain Daniel S. Hoverman Jocelyn E. Kukulka	INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst and Young LLP 2323 Victory Avenue Suite 2000 Dallas, TX 75219
OFFICERS Edward Rosenberg Joel Colpitts Neil Rajan Kevin Patton	LEGAL COUNSEL Dechert, LLP 1095 Avenue of the Americas New York, NY 10036
INVESTMENT ADVISER Texas Capital Bank Private Wealth Advisors. 2000 McKinney Ave, Unit 1800 Dallas, TX 75201	CUSTODIAN AND TRANSFER AGENT State Street Bank and Trust Company 1 Congress Street Boston, MA 02114
DISTRIBUTOR Northern Lights Distributors, LLC 4221 North 203rd Street, Suite 100 Elkhorn, NE 68022	ADMINISTRATOR AND FUND ACCOUNTANT Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, OH 45246

This report is intended only for the information of shareholders or those who have received a Fund's prospectus which contains information about the Fund's management fee and expenses. Please read the prospectus carefully before investing.

Distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC

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.

Under its Advisory Agreement with each Fund, Texas Capital Bank Wealth Management Services, Inc. (the "Adviser") bears all of the costs of the Funds, with certain exceptions. Expenses borne by the Adviser include trustee and officer compensation. Additional information related to such compensation is available in the Funds' Statement of Additional Information.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

None.

Item 16. Controls and Procedures

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

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Not aplicable - 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.

(a)(4) Not applicable.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

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/ Edward Rosenberg

Edward Rosenberg

President and Chief Executive Officer

Date: September 6, 2024

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/ Edward Rosenberg

Edward Rosenberg

President and Chief Executive Officer

Date: September 6, 2024

By /s/ Joel Colpitts

Joel Colpitts

Treasurer and Principal Financial Officer

Date: September 6, 2024