TEXAS CAPITAL VALUE FUNDS INC
NSAR-B, 1999-12-01
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<PAGE>      PAGE  1
000 B000000 09/30/99
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 2301 S. CAPITAL TEXAS HWY BLDG J-102
002 B000000 AUSTIN
002 C000000 TX
002 D010000 78746
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
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007 C010100  1
007 C020100 VALUE & GROWTH PORTFOLIO
007 C030100 N
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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 78746
010 A00AA01 FIRST AUSTIN CAPITAL MANAGEMENT, INC.
010 B00AA01 801-31075
010 C01AA01 AUSTIN
010 C02AA01 TX
010 C03AA01 78731
011 A00AA01 RAFFERTY CAPITAL MARKETS, INC.
011 B00AA01 8-40605
011 C01AA01 WHITE PLAINS
011 C02AA01 NY
011 C03AA01 10605
012 A00AA01 FIRSTAR MUTUAL FUND SERVICES, LLC
<PAGE>      PAGE  2
012 B00AA01 85-11357
012 C01AA01 MILWAUKEE
012 C02AA01 WI
012 C03AA01 53202
012 C04AA01 0701
013 A00AA01 TAIT, WELLER & BAKER
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19108
014 A00AA01 RAFFERTY CAPITAL MARKETS, INC.
014 B00AA01 8-40605
015 A00AA01 FIRSTAR BANK, N.A.
015 B00AA01 C
015 C01AA01 MILWAUKEE
015 C02AA01 WI
015 C03AA01 02021
015 E01AA01 X
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020 C000001    268
020 A000002 INSTINET CORPORATION
020 B000002 13-2596491
020 C000002     97
020 A000003 BRIDGE TRADING
020 B000003 43-1450530
020 C000003     74
020 A000004 ALLIED RESEARCH, INC.
020 B000004 75-1872581
020 C000004     56
020 A000005 BEAR STEARNS & CO., INC
020 B000005 13-3604093
020 C000005     36
020 A000006 NATIONSBANC/MONTGOMERY
020 B000006 56-2058405
020 C000006     14
020 A000007 CANTOR FITZGERALD
020 B000007 13-3680187
020 C000007     13
020 A000008 CHOICE INVESTMENTS, INC.
020 B000008 62-1269726
020 C000008      8
020 A000009 CS FIRST BOSTON
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020 C000009      7
020 A000010 HAMBRECHT & QUIST
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022 A000004 SALOMON SMITH BARNEY
022 B000004 13-2919773
022 C000004      1587
022 D000004       342
022 A000005 BANK OF AMERICA SECURITIES
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022 D000005       357
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<PAGE>      PAGE  4
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<PAGE>      PAGE  7
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SIGNATURE   RYAN BARDEN
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>
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</TABLE>


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