<PAGE> PAGE 1
000 B000000 09/30/98
000 C000000 0001000069
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 TEXAS CAPITAL VALUE FUNDS
001 B000000 811-09088
001 C000000 5124588165
002 A000000 1600 WEST 38TH STREET, SUITE 412
002 B000000 AUSTIN
002 C000000 TX
002 D010000 78731
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 VALUE & GROWTH PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 BLUE CHIP VALUE PORTFOLIO
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 FIRST AUSTIN CAPITAL MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-31075
008 D01AA01 AUSTIN
008 D02AA01 TX
008 D03AA01 78731
010 A00AA01 FIRST AUSTIN CAPITAL MANAGEMENT, INC.
010 B00AA01 801-31075
010 C01AA01 AUSTIN
010 C02AA01 TX
010 C03AA01 78731
011 A00AA01 CHOICE INVESTMENTS, INC.
011 B00AA01 8-35503
011 C01AA01 AUSTIN
011 C02AA01 TX
<PAGE> PAGE 2
011 C03AA01 78731
012 A00AA01 FUND SERVICES INC.
012 B00AA01 84-10533
012 C01AA01 RICHMOND
012 C02AA01 VA
012 C03AA01 23229
013 A00AA01 TAIT, WELLER & BAKER
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19108
014 A00AA01 CHOICE INVESTMENTS, INC.
014 B00AA01 8-35503
015 A00AA01 BANKBOSTON, N.A.
015 B00AA01 C
015 C01AA01 CANTON
015 C02AA01 MA
015 C03AA01 02021
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 SOUTHWEST SECURITIES
020 B000001 75-1382137
020 C000001 156
020 A000002 BEAR STEARNS, INC.
020 B000002 13-3604093
020 C000002 140
020 A000003 INSTINET CORPORATION
020 B000003 13-2596491
020 C000003 67
020 A000004 CAPITAL INSTITUTIONAL SERVICES
020 B000004 75-1565705
020 C000004 34
020 A000005 BRIDGE TRADING
020 B000005 43-1450530
020 C000005 32
020 A000006 SALOMON SMITH BARNEY
020 B000006 13-2919773
020 C000006 29
020 A000007 NATIONSBANC/MONTGOMERY
020 B000007 56-2058405
020 C000007 29
020 A000008 PAINEWEBBER
020 B000008 13-2638166
020 C000008 25
020 A000009 CHOICE INVESTMENTS, INC.
020 B000009 62-1269726
020 C000009 20
020 A000010 ALLIED RESEARCH
020 B000010 75-1872581
020 C000010 11
<PAGE> PAGE 3
021 000000 594
022 A000001 SOUTHWEST SECURITIES, INC.
022 B000001 75-1382137
022 C000001 30058
022 D000001 20839
022 A000002 BEAR STEARNS, INC.
022 B000002 13-3604093
022 C000002 15412
022 D000002 15053
022 A000003 NATIONSBANC/MONTGOMERY SECURITIES
022 B000003 56-2058405
022 C000003 16758
022 D000003 11962
022 A000004 HERZOG, HEINE, & GEDOULD
022 B000004 13-1955436
022 C000004 4424
022 D000004 8154
022 A000005 DONALDSON, LUFKIN, & JENRETTE
022 B000005 13-2741729
022 C000005 4301
022 D000005 1462
022 A000006 JEFFRIES & CO.
022 B000006 95-2622900
022 C000006 3094
022 D000006 2234
022 A000007 SALOMON SMITH BARNEY
022 B000007 13-2919773
022 C000007 4885
022 D000007 0
022 A000008 HAMBRECHT & QUIST
022 B000008 94-3220292
022 C000008 1748
022 D000008 132
022 A000009 SUNTRUST/EQUITABLE
022 B000009 62-0871146
022 C000009 220
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 80900
023 D000000 59836
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 Y
<PAGE> PAGE 4
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A01AA00 15472
028 A02AA00 0
028 A03AA00 0
028 A04AA00 4480
028 B01AA00 12942
028 B02AA00 0
028 B03AA00 0
028 B04AA00 8144
028 C01AA00 9168
028 C02AA00 0
028 C03AA00 0
028 C04AA00 4241
028 D01AA00 10072
028 D02AA00 0
028 D03AA00 0
028 D04AA00 11567
028 E01AA00 5410
028 E02AA00 0
028 E03AA00 0
028 E04AA00 7394
028 F01AA00 4340
028 F02AA00 0
028 F03AA00 0
028 F04AA00 2919
028 G01AA00 57404
028 G02AA00 0
028 G03AA00 0
028 G04AA00 38745
028 H00AA00 17671
029 00AA00 Y
030 A00AA00 586
030 B00AA00 4.71
030 C00AA00 0.00
031 A00AA00 30
031 B00AA00 0
032 00AA00 551
033 00AA00 5
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 Y
038 00AA00 0
<PAGE> PAGE 5
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
042 A00AA00 0
042 B00AA00 0
042 C00AA00 1
042 D00AA00 99
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 76
044 00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 1.000
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 Y
054 E00AA00 Y
054 F00AA00 Y
054 G00AA00 Y
<PAGE> PAGE 6
054 H00AA00 Y
054 I00AA00 Y
054 J00AA00 Y
054 K00AA00 Y
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 Y
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 Y
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 N
060 A00AA00 N
060 B00AA00 N
061 00AA00 1000
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 Y
066 D00AA00 N
066 E00AA00 N
066 F00AA00 N
066 G00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 Y
070 B01AA00 Y
<PAGE> PAGE 7
070 B02AA00 N
070 C01AA00 Y
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 N
070 K02AA00 N
070 L01AA00 Y
070 L02AA00 Y
070 M01AA00 Y
070 M02AA00 N
070 N01AA00 N
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 Y
070 P01AA00 Y
070 P02AA00 Y
070 Q01AA00 Y
070 Q02AA00 N
070 R01AA00 Y
070 R02AA00 N
075 A00AA00 0
075 B00AA00 68014
076 00AA00 0.00
077 A000000 Y
077 Q010000 Y
078 000000 N
080 A00AA00 COLONIAL AMERICAN CASUALTY AND SURETY COMPANY
080 C00AA00 450
081 B00AA00 0
082 A00AA00 Y
082 B00AA00 1
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
086 A010000 0
086 A020000 0
<PAGE> PAGE 8
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
071 A000100 156300
071 B000100 111249
071 C000100 49752
071 D000100 224
072 A000100 12
072 B000100 34
072 C000100 379
072 D000100 0
072 E000100 0
072 F000100 525
072 G000100 221
072 H000100 0
072 I000100 0
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 0
072 N000100 0
072 O000100 0
072 P000100 27
072 Q000100 0
072 R000100 0
072 S000100 0
072 T000100 131
072 U000100 0
072 V000100 0
072 W000100 0
072 X000100 904
072 Y000100 0
072 Z000100 -491
072AA000100 0
072BB000100 4923
072CC010100 15017
072CC020100 0
072DD010100 379
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.8800
073 C000100 0.0000
<PAGE> PAGE 9
074 A000100 0
074 B000100 2174
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 52761
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 835
074 K000100 0
074 L000100 175
074 M000100 0
074 N000100 55945
074 O000100 3272
074 P000100 96
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 117
074 S000100 0
074 T000100 52460
074 U010100 3900
074 U020100 0
074 V010100 13.45
074 V020100 0.00
074 W000100 0.0000
074 X000100 4887
074 Y000100 0
071 A000200 1636
071 B000200 659
071 C000200 739
071 D000200 89
072 A000200 6
072 B000200 1
072 C000200 6
072 D000200 0
072 E000200 0
072 F000200 4
072 G000200 3
072 H000200 0
072 I000200 0
072 J000200 0
072 K000200 0
072 L000200 0
072 M000200 0
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
<PAGE> PAGE 10
072 R000200 0
072 S000200 0
072 T000200 1
072 U000200 0
072 V000200 0
072 W000200 0
072 X000200 8
072 Y000200 0
072 Z000200 -1
072AA000200 44
072BB000200 61
072CC010200 0
072CC020200 196
072DD010200 6
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 33
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 764
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 2
074 M000200 0
074 N000200 799
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 3
074 S000200 0
074 T000200 796
074 U010200 103
074 U020200 0
074 V010200 7.76
074 V020200 0.00
074 W000200 0.0000
074 X000200 58
074 Y000200 0
<PAGE> PAGE 11
SIGNATURE BRIAN BARES
TITLE SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<CIK> 0001000069
<NAME> Texas Capital Value Funds, Inc.
<SERIES>
<NUMBER> 1
<NAME> Value & Growth Portfolio
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 65,339
<INVESTMENTS-AT-VALUE> 52,761
<RECEIVABLES> 1,010
<ASSETS-OTHER> 2,174
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 55,945
<PAYABLE-FOR-SECURITIES> 3,272
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 212
<TOTAL-LIABILITIES> 3,484
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 390
<SHARES-COMMON-STOCK> 3,901
<SHARES-COMMON-PRIOR> 1,574
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,705)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (12,578)
<NET-ASSETS> 52,461
<DIVIDEND-INCOME> 379
<INTEREST-INCOME> 34
<OTHER-INCOME> 0
<EXPENSES-NET> (904)
<NET-INVESTMENT-INCOME> (491)
<REALIZED-GAINS-CURRENT> (4,923)
<APPREC-INCREASE-CURRENT> (15,017)
<NET-CHANGE-FROM-OPS> (20,430)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1,335)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 98,364
<NUMBER-OF-SHARES-REDEEMED> (53,224)
<SHARES-REINVESTED> 1,287
<NET-CHANGE-IN-ASSETS> 24,662
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2,318
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 525
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 904
<AVERAGE-NET-ASSETS> 68,014
<PER-SHARE-NAV-BEGIN> 17.66
<PER-SHARE-NII> (0.13)
<PER-SHARE-GAIN-APPREC> (3.20)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.88)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.45
<EXPENSE-RATIO> 1.72
<AVG-DEBT-OUTSTANDING> 345
<AVG-DEBT-PER-SHARE> .12
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<CIK> 0001000069
<NAME> Texas Capital Value Funds, Inc.
<SERIES>
<NUMBER> 2
<NAME> Mid-Cap Focus Portfolio
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 960
<INVESTMENTS-AT-VALUE> 764
<RECEIVABLES> 2
<ASSETS-OTHER> 33
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 798
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2
<TOTAL-LIABILITIES> 2
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10
<SHARES-COMMON-STOCK> 103
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (2)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (17)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (196)
<NET-ASSETS> 796
<DIVIDEND-INCOME> 6
<INTEREST-INCOME> 1
<OTHER-INCOME> 0
<EXPENSES-NET> (8)
<NET-INVESTMENT-INCOME> (2)
<REALIZED-GAINS-CURRENT> (17)
<APPREC-INCREASE-CURRENT> (196)
<NET-CHANGE-FROM-OPS> (215)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,177
<NUMBER-OF-SHARES-REDEEMED> (167)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 796
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8
<AVERAGE-NET-ASSETS> 818
<PER-SHARE-NAV-BEGIN> 10
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> (2.22)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.76
<EXPENSE-RATIO> 1.98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.04
</TABLE>
