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
3M Company	COM	88579Y101	582	2,774	SH		SOLE		2,636	0	138
A T & T Corp	COM	00206R102	10,247	261,600	SH		SOLE		251,933	0	9,667
Abbott Laboratories	COM	002824100	5,386	100,946	SH		SOLE		97,398	0	3,548
AbbVie Inc	COM	00287Y109	1,004	11,299	SH		SOLE		11,000	0	299
Accenture PLC CL A	COM	G1151C101	3,827	28,333	SH		SOLE		25,727	0	2,606
Adobe Systems Inc	COM	00724F101	296	1,985	SH		SOLE		1,985	0	0
Allegiance Bancshare	COM	01748H107	1,863	50,618	SH		SOLE		50,618	0	0
Alphabet Inc Class A	COM	02079K305	1,073	1,102	SH		SOLE		1,047	0	55
Alphabet Inc Class C	COM	02079K107	13,153	13,714	SH		SOLE		13,160	0	554
Altria Group Inc.	COM	02209S103	638	10,052	SH		SOLE		9,150	0	903
Amazon Com Inc	COM	023135106	2,494	2,594	SH		SOLE		2,524	0	70
American Express Company	COM	025816109	1,481	16,377	SH		SOLE		16,000	0	377
Anadarko Petroleum Corp	COM	032511107	859	17,594	SH		SOLE		16,744	0	850
Apple Computer Inc	COM	037833100	18,282	118,621	SH		SOLE		113,256	0	5,365
Ball Corporation	COM	058498106	317	7,670	SH		SOLE		7,670	0	0
Bank Of Nova Scotia	COM	064149107	807	12,560	SH		SOLE		12,560	0	0
Berkshire Hathaway Cl B	COM	084670702	10,888	59,393	SH		SOLE		57,593	0	1,800
Bhp Billiton Ltd Adr	COM	088606108	1,624	40,061	SH		SOLE		38,206	0	1,855
Brookfield Asset Mgmt	COM	112585104	10,173	246,317	SH		SOLE		235,448	0	10,869
Brookfield Infra Ptnrs	COM	G16252101	5,235	121,350	SH		SOLE		110,723	0	10,627
Bunge Limited	COM	G16962105	2,210	31,822	SH		SOLE		30,742	0	1,080
Canadian Natl Ry Co	COM	136375102	3,956	47,744	SH		SOLE		45,509	0	2,235
Caterpillar Inc	COM	149123101	1,416	11,354	SH		SOLE		10,799	0	555
Celadon Group Inc	COM	150838100	145	21,500	SH		SOLE		21,500	0	0
Chevron Corp	COM	166764100	8,882	75,595	SH		SOLE		73,356	0	2,239
Chubb Ltd F	COM	H1467J104	9,059	63,547	SH		SOLE		60,547	0	3,000
Cintas Corp	COM	172908105	2,988	20,711	SH		SOLE		19,061	0	1,650
Cisco Systems Inc	COM	17275R102	7,934	235,906	SH		SOLE		226,193	0	9,713
Citigroup Inc	COM	172967101	237	3,255	SH		SOLE		3,255	0	0
Clorox Company	COM	189054109	1,068	8,100	SH		SOLE		8,100	0	0
Coca Cola Company	COM	191216100	2,091	46,460	SH		SOLE		45,017	0	1,442
Compass Minerals Intl	COM	20451N101	649	10,000	SH		SOLE		10,000	0	0
Consol Energy Inc	COM	20854P109	323	19,075	SH		SOLE		19,075	0	0
Constellation Brand	COM	21036P108	370	1,853	SH		SOLE		1,853	0	0
Cracker Barrel Old Ctry	COM	22410J106	2,268	14,956	SH		SOLE		13,960	0	996
Cullen Frost Bankers	COM	229899109	2,845	29,977	SH		SOLE		28,627	0	1,350
CVS Health Corporation	COM	126650100	2,144	26,367	SH		SOLE		25,424	0	943
Danaher Corp Del	COM	235851102	1,830	21,331	SH		SOLE		21,231	0	100
Denbury Res Inc New	COM	247916208	24	18,000	SH		SOLE		18,000	0	0
Diageo Plc New Adr	COM	25243Q205	4,701	35,578	SH		SOLE		34,656	0	922
Discover Financial Svcs	COM	254709108	1,934	30,000	SH		SOLE		30,000	0	0
Disney Walt Hldg Co	COM	254687106	8,636	87,616	SH		SOLE		83,652	0	3,964
Dominion Res Inc Va New	COM	25746U109	2,224	28,908	SH		SOLE		27,458	0	1,450
DowDuPont Inc	COM	26078J100	5,003	72,268	SH		SOLE		70,328	0	1,940
Dycom Industries Inc	COM	267475101	5,098	59,360	SH		SOLE		55,600	0	3,760
E O G Resources Inc	COM	26875P101	224	2,317	SH		SOLE		2,257	0	60
Eagle Materials Inc	COM	26969P108	3,164	29,656	SH		SOLE		28,411	0	1,245
Eaton Corporation	COM	G29183103	924	12,030	SH		SOLE		12,030	0	0
Enterprise Prd Prtnrs Lp	COM	293792107	829	31,787	SH		SOLE		28,987	0	2,800
Express Scripts Inc	COM	30219G108	1,112	17,555	SH		SOLE		17,460	0	95
Exxon Mobil Corporation	COM	30231G102	11,813	144,102	SH		SOLE		135,460	0	8,643
Facebook Inc Class A	COM	30303M102	9,624	56,324	SH		SOLE		54,189	0	2,135
FedEx Corporation	COM	31428X106	9,402	41,677	SH		SOLE		40,152	0	1,525
Fiserv Inc	COM	337738108	6,198	48,060	SH		SOLE		46,135	0	1,925
FRIEDMAN INDS INC COM	COM	358435105	217	35,217	SH		SOLE		35,217	0	0
Gastar Exploration	COM	36729W202	9	10,000	SH		SOLE		10,000	0	0
General Dynamics Corp	COM	369550108	1,160	5,644	SH		SOLE		5,644	0	0
General Electric Company	COM	369604103	8,686	359,204	SH		SOLE		343,337	0	15,867
General Mills Inc	COM	370334104	1,424	27,520	SH		SOLE		25,413	0	2,107
Gilead Sciences Inc	COM	375558103	7,296	90,056	SH		SOLE		86,941	0	3,115
Hanesbrands Inc	COM	410345102	1,510	61,300	SH		SOLE		61,300	0	0
Home Depot Inc	COM	437076102	940	5,749	SH		SOLE		5,338	0	411
Intel Corp	COM	458140100	10,910	286,492	SH		SOLE		272,946	0	13,547
Ishares Msci Kld Sel Soc	ETF	464288802	212	2,025	SH		SOLE		2,025	0	0
J. P. Morgan Chase & Co.	COM	46625H100	13,072	136,870	SH		SOLE		129,907	0	6,963
Johnson & Johnson	COM	478160104	13,280	102,145	SH		SOLE		97,275	0	4,870
Kinder Morgan Inc	COM	49456B101	8,092	421,882	SH		SOLE		395,133	0	26,749
Lazard Ltd	COM	G54050102	2,734	60,468	SH		SOLE		59,325	0	1,142
Lowes Companies Inc	COM	548661107	6,867	85,896	SH		SOLE		81,975	0	3,921
Magellan Midstream Ptnrs	COM	559080106	256	3,598	SH		SOLE		3,598	0	0
Main Street Capital Corp	COM	56035L104	426	10,720	SH		SOLE		10,720	0	0
McDonalds Corp	COM	580135101	11,825	75,475	SH		SOLE		71,122	0	4,353
Merck & Co Inc	COM	58933Y105	232	3,628	SH		SOLE		3,258	0	370
Microsoft Corp	COM	594918104	13,267	178,110	SH		SOLE		170,786	0	7,324
Middleby Corp	COM	596278101	1,940	15,134	SH		SOLE		15,074	0	60
Monsanto Co New Del	COM	61166W101	7,192	60,023	SH		SOLE		57,223	0	2,800
N T N Buzztime Inc	COM	629410606	115	18,857	SH		SOLE		18,857	0	0
Natus Medical Inc	COM	639050103	211	5,625	SH		SOLE		5,625	0	0
New Gold Inc	COM	644535106	37	10,000	SH		SOLE		10,000	0	0
NextEra Energy, Inc	COM	65339F101	8,046	54,901	SH		SOLE		52,602	0	2,299
Nike Inc Class B	COM	654106103	8,036	154,982	SH		SOLE		148,205	0	6,778
Northern Trust Corp	COM	665859104	5,789	62,976	SH		SOLE		61,174	0	1,801
Oneok Inc New	COM	682680103	240	4,326	SH		SOLE		4,326	0	0
Oracle Corporation	COM	68389X105	5,208	107,713	SH		SOLE		104,002	0	3,711
Orange Adr	COM	684060106	514	31,275	SH		SOLE		31,275	0	0
Orbotech Ltd	ORD	M75253100	2,307	54,655	SH		SOLE		52,455	0	2,200
Paychex Inc	COM	704326107	7,879	131,401	SH		SOLE		127,299	0	4,101
Pepsico Incorporated	COM	713448108	9,092	81,591	SH		SOLE		78,359	0	3,232
Pfizer Incorporated	COM	717081103	10,345	289,776	SH		SOLE		277,156	0	12,620
Philip Morris Intl Inc	COM	718172109	682	6,147	SH		SOLE		5,580	0	567
Polaris Industries Inc	COM	731068102	886	8,466	SH		SOLE		7,816	0	650
Procter & Gamble Co	COM	742718109	9,798	107,695	SH		SOLE		102,893	0	4,802
Prospect Capital Co	COM	74348T102	81	12,000	SH		SOLE		12,000	0	0
Raytheon Company New	COM	755111507	560	3,000	SH		SOLE		3,000	0	0
Regions Financial Cp New	COM	7591EP100	485	31,850	SH		SOLE		31,850	0	0
Resmed Inc	COM	761152107	1,162	15,095	SH		SOLE		14,345	0	750
Royal Dutch Shell A Adrf	COM	780259206	215	3,556	SH		SOLE		3,391	0	165
Royal Dutch Shell B Adrf	COM	780259107	563	9,000	SH		SOLE		9,000	0	0
Sabre Corporation	COM	78573M104	544	30,050	SH		SOLE		30,050	0	0
Scana Corporation New	COM	80589M102	2,757	56,860	SH		SOLE		54,874	0	1,987
Sch St US Trsr Etf	ETF	808524862	7,909	156,929	SH		SOLE		156,079	0	850
Sch US Tips Etf	ETF	808524870	1,477	26,723	SH		SOLE		26,723	0	0
Schw US Brd Mkt Etf	ETF	808524102	506	8,314	SH		SOLE		8,314	0	0
Seabridge Gold Inc	COM	811916105	125	10,250	SH		SOLE		10,250	0	0
Shopify Inc	COM	82509L107	292	2,505	SH		SOLE		2,505	0	0
Silvercorp Metals	COM	82835P103	56	20,610	SH		SOLE		20,610	0	0
Skyworks Solutions Inc	COM	83088M102	7,415	72,768	SH		SOLE		70,340	0	2,428
Spdr Gold TRUST	ETF	78463V107	289	2,381	SH		SOLE		2,381	0	0
Stein Mart Inc	COM	858375108	391	301,000	SH		SOLE		301,000	0	0
Steris Corp	COM	G84720104	1,571	17,772	SH		SOLE		15,472	0	2,300
Stryker Corp	COM	863667101	8,845	62,278	SH		SOLE		59,123	0	3,155
Sysco Corporation	COM	871829107	2,753	51,031	SH		SOLE		49,666	0	1,365
Telus Corp Non Vtg	COM	87971M103	582	16,175	SH		SOLE		16,175	0	0
The Priceline Group	COM	741503403	9,125	4,984	SH		SOLE		4,795	0	189
Thomson Reuters Corp	COM	884903105	1,653	36,030	SH		SOLE		36,030	0	0
Thor Industries Inc	COM	885160101	4,531	35,983	SH		SOLE		33,568	0	2,415
U S A Truck Inc	COM	902925106	214	15,264	SH		SOLE		15,264	0	0
United Healthcare Cor	COM	91324P102	11,135	56,856	SH		SOLE		54,433	0	2,422
United Technologies Corp	COM	913017109	1,106	9,528	SH		SOLE		9,365	0	163
Viacom Inc Non Vtg Cl B	COM	92553P201	1,564	56,175	SH		SOLE		56,175	0	0
Visa Inc Cl A	COM	92826C839	840	7,977	SH		SOLE		7,977	0	0
Wal-Mart Stores Inc	COM	931142103	6,198	79,317	SH		SOLE		75,897	0	3,420
Waste Management Inc Del	COM	94106L109	302	3,861	SH		SOLE		3,861	0	0
Weingarten Rlty Invs Sbi	COM	948741103	1,210	38,136	SH		SOLE		33,420	0	4,716
Wells Fargo & Co New	COM	949746101	448	8,125	SH		SOLE		8,125	0	0
Welltower Inc	COM	95040Q104	6,402	91,088	SH		SOLE		87,475	0	3,614