Callahan Advisors 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
Apple Computer Inc	COM	037833100	6,185	12,973	SH		SOLE		12,496	0	0
AbbVie Inc	COM	00287Y109	550	12,300	SH		SOLE		12,300	0	0
Abbott Laboratories	COM	002824100	1,779	53,588	SH		SOLE		50,362	0	0
Ace Limited	COM	H0023R105	4,118	44,011	SH		SOLE		41,830	0	0
Accenture PLC CL A	COM	G1151C101	2,243	30,453	SH		SOLE		28,610	0	0
American Electric Techs	COM	025576109	160	22,550	SH		SOLE		21,300	0	0
Allergan Inc	COM	018490102	550	6,076	SH		SOLE		5,576	0	0
Anadarko Petroleum Corp	COM	032511107	2,329	25,051	SH		SOLE		23,514	0	0
Avon Products Inc	COM	054303102	535	25,957	SH		SOLE		25,957	0	0
American Express Company	COM	025816109	3,522	46,639	SH		SOLE		44,989	0	0
Brookfield Asset Mgmt	COM	112585104	3,935	105,214	SH		SOLE		99,409	0	0
Bunge Limited	COM	G16962105	1,390	18,311	SH		SOLE		16,911	0	0
Bhp Billiton Ltd Adr	COM	088606108	2,114	31,785	SH		SOLE		31,203	0	0
Brookfield Infra Ptnrs	COM	G16252101	3,492	91,856	SH		SOLE		87,212	0	0
Bank Of Nova Scotia	COM	064149107	3,161	55,158	SH		SOLE		53,258	0	0
Berkshire Hathaway Cl B	COM	084670702	4,030	35,500	SH		SOLE		34,070	0	0
Bristow Group Inc	COM	110394103	1,834	25,201	SH		SOLE		24,536	0	0
Peabody Energy Corp	COM	704549104	529	30,668	SH		SOLE		30,106	0	0
Caterpillar Inc	COM	149123101	3,979	47,711	SH		SOLE		44,991	0	0
Cracker Barrel Old Ctry	COM	22410J106	876	8,489	SH		SOLE		8,264	0	0
Cullen Frost Bankers	COM	229899109	1,967	27,885	SH		SOLE		27,635	0	0
Core Laboratories N V	COM	N22717107	2,316	13,685	SH		SOLE		12,935	0	0
Clorox Company	COM	189054109	597	7,300	SH		SOLE		7,300	0	0
Compass Minerals Intl	COM	20451N101	458	6,000	SH		SOLE		6,000	0	0
Canadian Natl Ry Co	COM	136375102	3,296	32,515	SH		SOLE		30,760	0	0
Cisco Systems Inc	COM	17275R102	3,444	146,970	SH		SOLE		140,121	0	0
C V S Caremark Corp	COM	126650100	3,691	65,040	SH		SOLE		61,615	0	0
Chevron Corp	COM	166764100	4,996	41,116	SH		SOLE		38,855	0	0
Cemex Sa Adr New	COM	151290889	1,163	104,010	SH		SOLE		95,342	0	0
Dominion Res Inc Va New	COM	25746U109	3,165	50,664	SH		SOLE		48,689	0	0
Du Pont E I De Nemour&Co	COM	263534109	3,444	58,808	SH		SOLE		55,603	0	0
Diageo Plc New Adr	COM	25243Q205	3,974	31,273	SH		SOLE		30,793	0	0
Discover Financial Svcs	COM	254709108	3,538	70,000	SH		SOLE		70,000	0	0
Danaher Corp Del	COM	235851102	556	8,020	SH		SOLE		8,020	0	0
Disney Walt Hldg Co	COM	254687106	4,089	63,409	SH		SOLE		59,809	0	0
E M C Corp Mass	COM	268648102	1,909	74,678	SH		SOLE		69,593	0	0
Emerson Electric Co	COM	291011104	3,434	53,073	SH		SOLE		51,298	0	0
Enterprise Prd Prtnrs Lp	COM	293792107	928	15,211	SH		SOLE		13,516	0	0
Express Scripts Inc	COM	30219G108	3,346	54,137	SH		SOLE		51,142	0	0
Eaton Corporation	COM	G29183103	1,021	14,835	SH		SOLE		14,495	0	0
Fiserv Inc	COM	337738108	3,370	33,345	SH		SOLE		31,815	0	0
FRIEDMAN INDS INC COM	COM	358435105	128	12,766	SH		SOLE		12,766	0	0
General Dynamics Corp	COM	369550108	788	9,000	SH		SOLE		9,000	0	0
General Electric Company	COM	369604103	5,448	228,054	SH		SOLE		215,800	0	0
Gilead Sciences Inc	COM	375558103	4,324	68,770	SH		SOLE		64,995	0	0
General Mills Inc	COM	370334104	3,161	65,963	SH		SOLE		62,220	0	0
Spdr Gold TRUST	ETF	78463V107	324	2,531	SH		SOLE		2,531	0	0
Google Inc Class A	COM	38259P508	4,896	5,590	SH		SOLE		5,395	0	0
Halcon Resources Corporation	COM	40537Q209	656	148,051	SH		SOLE		146,551	0	0
Intl Business Machines	COM	459200101	4,473	24,154	SH		SOLE		22,994	0	0
Intel Corp	COM	458140100	5,118	223,305	SH		SOLE		213,417	0	0
Johnson & Johnson	COM	478160104	6,756	77,929	SH		SOLE		73,702	0	0
J. P. Morgan Chase & Co.	COM	46625H100	4,056	78,460	SH		SOLE		73,134	0	0
Nordstrom Inc	COM	655664100	1,789	31,829	SH		SOLE		29,579	0	0
Kirby Corporation	COM	497266106	1,783	20,605	SH		SOLE		18,755	0	0
Kinder Morgan Inc	COM	49456B101	5,596	157,313	SH		SOLE		147,988	0	0
Kinder Morgan Energy Lp	COM	494550106	363	4,553	SH		SOLE		4,553	0	0
Kinder Morgan Mgmt Llc	COM	49455U100	1,345	17,946	SH		SOLE		16,269	0	0
Coca Cola Company	COM	191216100	1,492	39,397	SH		SOLE		36,913	0	0
Lowes Companies Inc	COM	548661107	1,326	27,859	SH		SOLE		25,859	0	0
Las Vegas Sands Corp	COM	517834107	299	4,500	SH		SOLE		4,500	0	0
Main Street Capital Corp	COM	56035L104	210	7,032	SH		SOLE		7,032	0	0
Mc Donalds Corp	COM	580135101	5,450	56,650	SH		SOLE		53,039	0	0
Middleby Corp	COM	596278101	479	2,295	SH		SOLE		2,095	0	0
Monsanto Co New Del	COM	61166W101	1,408	13,495	SH		SOLE		12,545	0	0
Microsoft Corp	COM	594918104	4,211	126,520	SH		SOLE		117,932	0	0
NextEra Energy, Inc	COM	65339F101	4,467	55,729	SH		SOLE		52,465	0	0
Nike Inc Class B	COM	654106103	5,307	73,059	SH		SOLE		70,234	0	0
Northern TRUST Corp	COM	665859104	328	6,039	SH		SOLE		5,289	0	0
Orange Adr	COM	684060106	437	34,915	SH		SOLE		34,915	0	0
Oracle Corporation	COM	68389X105	3,425	103,270	SH		SOLE		98,103	0	0
Plains All Amern Ppln Lp	COM	726503105	496	9,420	SH		SOLE		9,420	0	0
Paychex Inc	COM	704326107	3,564	87,693	SH		SOLE		84,451	0	0
Pepsico Incorporated	COM	713448108	3,818	48,031	SH		SOLE		45,531	0	0
Petsmart Inc	COM	716768106	4,842	63,496	SH		SOLE		60,071	0	0
Pfizer Incorporated	COM	717081103	5,780	201,205	SH		SOLE		190,419	0	0
Procter & Gamble Co	COM	742718109	5,359	70,898	SH		SOLE		67,033	0	0
Polaris Industries Inc	COM	731068102	4,167	32,255	SH		SOLE		29,816	0	0
Philip Morris Intl Inc	COM	718172109	400	4,624	SH		SOLE		4,350	0	0
Regions Financial Cp New	COM	7591EP100	150	16,150	SH		SOLE		16,150	0	0
Raytheon Company New	COM	755111507	316	4,100	SH		SOLE		4,100	0	0
Scana Corporation New	COM	80589M102	2,324	50,473	SH		SOLE		48,706	0	0
Sch St US Trsr Etf	ETF	808524862	3,618	71,595	SH		SOLE		71,595	0	0
Sch US Tips Etf	ETF	808524870	2,424	44,834	SH		SOLE		43,736	0	0
Ishares 1-3 yr T-Bond	ETF	464287457	313	3,704	SH		SOLE		3,049	0	0
Synovus Financial Corp	COM	87161C105	97	29,507	SH		SOLE		29,507	0	0
Stericycle Inc	COM	858912108	1,293	11,205	SH		SOLE		10,425	0	0
Steris Corp	COM	859152100	1,597	37,170	SH		SOLE		35,345	0	0
Stryker Corp	COM	863667101	801	11,844	SH		SOLE		11,144	0	0
Sysco Corporation	COM	871829107	1,691	53,122	SH		SOLE		49,773	0	0
A T & T Corp	COM	00206R102	4,411	130,421	SH		SOLE		125,225	0	0
Molson Coors Brewing Clb	COM	60871R209	802	16,000	SH		SOLE		16,000	0	0
Thomson Reuters Corp	COM	884903105	1,260	36,000	SH		SOLE		36,000	0	0
Telus Corp Non Vtg	COM	87971M103	3,025	91,339	SH		SOLE		85,063	0	0
United Healthcare Cor	COM	91324P102	2,856	39,877	SH		SOLE		37,577	0	0
Union Pacific Corp	COM	907818108	3,149	20,269	SH		SOLE		19,608	0	0
U S Bancorp Del New	COM	902973304	915	25,000	SH		SOLE		25,000	0	0
United Technologies Corp	COM	913017109	326	3,025	SH		SOLE		3,025	0	0
Vanguard Corp Bond Etf	ETF	92206C870	595	7,138	SH		SOLE		7,138	0	0
Vanguard Emerging Market	ETF	922042858	368	9,163	SH		SOLE		8,734	0	0
Wood Group John Plc Ordf	COM	G9745T118	688	53,000	SH		SOLE		53,000	0	0
Wells Fargo & Co New	COM	949746101	2,753	66,624	SH		SOLE		65,174	0	0
Weatherford Intl Ltd	COM	H27013103	892	58,165	SH		SOLE		47,965	0	0
Wal-Mart Stores Inc	COM	931142103	4,916	66,475	SH		SOLE		63,179	0	0
Weingarten Rlty Invs Sbi	COM	948741103	3,127	106,631	SH		SOLE		100,402	0	0
Exxon Mobil Corporation	COM	30231G102	6,795	78,980	SH		SOLE		72,873	0	0
Dentsply Intl Inc	COM	249030107	418	9,625	SH		SOLE		9,625	0	0