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	504	2,391	SH		SOLE		2,249	0	141
A T & T Corp	COM	00206R102	10,793	321,412	SH		SOLE		309,487	0	11,925
Abbott Laboratories	COM	002824100	8,864	120,824	SH		SOLE		116,476	0	4,348
AbbVie Inc	COM	00287Y109	1,119	11,828	SH		SOLE		11,529	0	299
Accenture PLC CL A	COM	G1151C101	4,246	24,945	SH		SOLE		22,331	0	2,614
Allegiance Bancshare	COM	01748H107	4,415	105,880	SH		SOLE		105,380	0	500
Allergan Inc	COM	018490102	2,945	15,463	SH		SOLE		15,338	0	125
Allison Transmission	COM	01973R101	930	17,885	SH		SOLE		16,770	0	1,115
Alphabet Inc Class A	COM	02079K305	1,045	866	SH		SOLE		811	0	55
Alphabet Inc Class C	COM	02079K107	16,170	13,549	SH		SOLE		13,045	0	504
Altria Group Inc.	COM	02209S103	456	7,558	SH		SOLE		6,637	0	921
Amazon Com Inc	COM	023135106	6,452	3,221	SH		SOLE		3,136	0	85
American Express Company	COM	025816109	1,744	16,380	SH		SOLE		16,000	0	380
Anadarko Petroleum Corp	COM	032511107	2,277	33,772	SH		SOLE		31,522	0	2,250
Apple Computer Inc	COM	037833100	24,394	108,063	SH		SOLE		102,919	0	5,144
Applied Materials Inc	COM	038222105	1,381	35,729	SH		SOLE		33,504	0	2,225
Baidu Inc Adr	COM	056752108	936	4,095	SH		SOLE		3,945	0	150
Bank Of Nova Scotia	COM	064149107	1,784	29,916	SH		SOLE		28,616	0	1,300
Berkshire Hathaway Cl B	COM	084670702	12,717	59,395	SH		SOLE		57,495	0	1,900
Bhp Billiton Ltd Adr	COM	088606108	3,996	80,184	SH		SOLE		77,048	0	3,136
Boeing Co	COM	097023105	204	548	SH		SOLE		548	0	0
Booking Holdings Inc	COM	09857L108	10,313	5,198	SH		SOLE		5,017	0	181
Brookfield Asset Mgmt	COM	112585104	11,117	249,646	SH		SOLE		238,756	0	10,890
Brookfield Infra Ptnrs	COM	G16252101	4,792	120,173	SH		SOLE		110,340	0	9,832
Bunge Limited	COM	G16962105	1,770	25,760	SH		SOLE		24,680	0	1,080
C N X Resources Corp.	COM	20854P109	478	33,425	SH		SOLE		33,425	0	0
Cal Maine Foods Inc New	COM	128030202	262	5,431	SH		SOLE		5,431	0	0
Canadian Natl Ry Co	COM	136375102	7,555	84,128	SH		SOLE		81,191	0	2,937
Caterpillar Inc	COM	149123101	4,010	26,294	SH		SOLE		25,593	0	701
CBTX INC	COM	12481V104	1,653	46,500	SH		SOLE		46,500	0	0
Celadon Group Inc	COM	150838100	32	11,500	SH		SOLE		11,500	0	0
Celgene Corp	COM	151020104	3,084	34,465	SH		SOLE		32,336	0	2,129
Chevron Corp	COM	166764100	9,464	77,395	SH		SOLE		75,183	0	2,212
Chubb Ltd F	COM	H1467J104	8,577	64,181	SH		SOLE		61,179	0	3,002
Cintas Corp	COM	172908105	3,266	16,511	SH		SOLE		15,111	0	1,400
Cisco Systems Inc	COM	17275R102	9,952	204,569	SH		SOLE		195,245	0	9,324
Citigroup Inc	COM	172967101	216	3,006	SH		SOLE		3,006	0	0
Clorox Company	COM	189054109	1,203	8,000	SH		SOLE		8,000	0	0
Coca Cola Company	COM	191216100	2,062	44,631	SH		SOLE		43,173	0	1,458
Compass Minerals Intl	COM	20451N101	403	6,000	SH		SOLE		6,000	0	0
Conocophillips	COM	20825C104	599	7,741	SH		SOLE		7,249	0	492
Core Laboratories N V	COM	N22717107	247	2,135	SH		SOLE		2,135	0	0
Cracker Barrel Old Ctry	COM	22410J106	1,546	10,504	SH		SOLE		9,847	0	657
Cullen Frost Bankers	COM	229899109	4,429	42,405	SH		SOLE		39,955	0	2,450
CVS Health Corporation	COM	126650100	1,632	20,731	SH		SOLE		20,661	0	70
Danaher Corp Del	COM	235851102	2,794	25,714	SH		SOLE		25,114	0	600
Denbury Res Inc New	COM	247916208	124	20,000	SH		SOLE		20,000	0	0
Diageo Plc New Adr	COM	25243Q205	5,423	38,278	SH		SOLE		37,256	0	1,022
Discover Financial Svcs	COM	254709108	2,294	30,000	SH		SOLE		30,000	0	0
Disney Walt Hldg Co	COM	254687106	11,737	100,369	SH		SOLE		96,343	0	4,027
Dollar Tree Inc	COM	256746108	1,580	19,375	SH		SOLE		18,265	0	1,110
Dominion Res Inc Va New	COM	25746U109	3,480	49,515	SH		SOLE		47,265	0	2,250
DowDuPont Inc	COM	26078J100	4,652	72,340	SH		SOLE		70,379	0	1,960
Dycom Industries Inc	COM	267475101	1,762	20,830	SH		SOLE		18,350	0	2,480
E O G Resources Inc	COM	26875P101	239	1,871	SH		SOLE		1,811	0	60
Eagle Materials Inc	COM	26969P108	3,463	40,624	SH		SOLE		38,638	0	1,986
Eaton Corporation	COM	G29183103	3,204	36,942	SH		SOLE		36,817	0	125
Enbridge Inc	COM	29250N105	1,003	31,050	SH		SOLE		31,050	0	0
Energen Corp	COM	29265N108	390	4,528	SH		SOLE		4,528	0	0
Entegris Inc	COM	29362U104	220	7,605	SH		SOLE		7,605	0	0
Enterprise Prd Prtnrs Lp	COM	293792107	927	32,252	SH		SOLE		29,452	0	2,800
Exxon Mobil Corporation	COM	30231G102	12,070	141,965	SH		SOLE		136,206	0	5,759
Facebook Inc Class A	COM	30303M102	10,301	62,636	SH		SOLE		60,459	0	2,177
FedEx Corporation	COM	31428X106	11,038	45,842	SH		SOLE		44,292	0	1,551
Fiserv Inc	COM	337738108	2,775	33,690	SH		SOLE		31,590	0	2,100
FRIEDMAN INDS INC COM	COM	358435105	442	46,952	SH		SOLE		46,952	0	0
Gastar Exploration	COM	36729W202	1	10,000	SH		SOLE		10,000	0	0
General Dynamics Corp	COM	369550108	1,125	5,497	SH		SOLE		5,497	0	0
General Mills Inc	COM	370334104	3,531	82,258	SH		SOLE		81,258	0	1,000
Gilead Sciences Inc	COM	375558103	2,199	28,479	SH		SOLE		28,370	0	109
Grubhub	COM	400110102	284	2,050	SH		SOLE		2,015	0	35
Hanesbrands Inc	COM	410345102	1,415	76,800	SH		SOLE		76,800	0	0
Hershey Foods Corp	COM	427866108	408	4,000	SH		SOLE		4,000	0	0
Home Depot Inc	COM	437076102	1,150	5,552	SH		SOLE		5,133	0	420
Intel Corp	COM	458140100	13,170	278,490	SH		SOLE		265,768	0	12,722
Iqvia Holdings Inc	COM	46266C105	1,763	13,585	SH		SOLE		12,205	0	1,380
J. P. Morgan Chase & Co.	COM	46625H100	14,417	127,768	SH		SOLE		121,287	0	6,481
Johnson & Johnson	COM	478160104	14,680	106,245	SH		SOLE		101,056	0	5,189
Kinder Morgan Inc	COM	49456B101	9,742	549,470	SH		SOLE		515,599	0	33,871
L Brands Inc	COM	501797104	943	31,125	SH		SOLE		31,125	0	0
Lazard Ltd	COM	G54050102	2,914	60,555	SH		SOLE		59,342	0	1,212
Lowes Companies Inc	COM	548661107	10,862	94,601	SH		SOLE		90,861	0	3,740
Magellan Midstream Ptnrs	COM	559080106	244	3,603	SH		SOLE		3,603	0	0
Main Street Capital Corp	COM	56035L104	436	11,336	SH		SOLE		11,336	0	0
Mc Cormick & Co Inc	COM	579780206	550	4,172	SH		SOLE		4,172	0	0
McDonalds Corp	COM	580135101	10,990	65,694	SH		SOLE		62,060	0	3,635
Microsoft Corp	COM	594918104	18,009	157,461	SH		SOLE		150,606	0	6,855
N T N Buzztime Inc	COM	629410606	84	18,857	SH		SOLE		18,857	0	0
NextEra Energy, Inc	COM	65339F101	9,437	56,304	SH		SOLE		53,982	0	2,322
Nike Inc Class B	COM	654106103	10,656	125,785	SH		SOLE		119,604	0	6,180
Northern Trust Corp	COM	665859104	7,034	68,874	SH		SOLE		66,197	0	2,677
Oneok Inc New	COM	682680103	418	6,169	SH		SOLE		6,169	0	0
Oracle Corporation	COM	68389X105	1,666	32,316	SH		SOLE		32,316	0	0
Orange Adr	COM	684060106	497	31,275	SH		SOLE		31,275	0	0
Orbotech Ltd	ORD	M75253100	519	8,725	SH		SOLE		7,725	0	1,000
Paychex Inc	COM	704326107	9,683	131,475	SH		SOLE		127,246	0	4,229
Pepsico Incorporated	COM	713448108	9,962	89,101	SH		SOLE		85,728	0	3,373
Pfizer Incorporated	COM	717081103	13,213	299,824	SH		SOLE		285,865	0	13,959
Philip Morris Intl Inc	COM	718172109	382	4,682	SH		SOLE		4,115	0	567
Polaris Industries Inc	COM	731068102	1,070	10,598	SH		SOLE		9,948	0	650
Procter & Gamble Co	COM	742718109	9,750	117,150	SH		SOLE		112,915	0	4,236
Prospect Capital Co	COM	74348T102	91	12,400	SH		SOLE		12,400	0	0
Raytheon Company New	COM	755111507	620	3,000	SH		SOLE		3,000	0	0
Regions Financial Cp New	COM	7591EP100	613	33,400	SH		SOLE		33,400	0	0
Resmed Inc	COM	761152107	740	6,412	SH		SOLE		5,937	0	475
Royal Dutch Shell A Adrf	COM	780259206	263	3,856	SH		SOLE		3,691	0	165
Royal Dutch Shell B Adrf	COM	780259107	709	10,000	SH		SOLE		10,000	0	0
Sabre Corporation	COM	78573M104	1,305	50,050	SH		SOLE		50,050	0	0
Sch St US Trsr Etf	ETF	808524862	712	14,371	SH		SOLE		13,521	0	850
Sch US Tips Etf	ETF	808524870	1,414	26,197	SH		SOLE		26,197	0	0
Schw US Brd Mkt Etf	ETF	808524102	564	8,014	SH		SOLE		8,014	0	0
Skyworks Solutions Inc	COM	83088M102	5,645	62,233	SH		SOLE		60,804	0	1,429
Spdr Gold TRUST	ETF	78463V107	270	2,391	SH		SOLE		2,391	0	0
SS&C Technologs Hldg	COM	78467J100	1,361	23,955	SH		SOLE		23,955	0	0
Stein Mart Inc	COM	858375108	707	301,000	SH		SOLE		301,000	0	0
Steris Corp	COM	G84720104	1,988	17,374	SH		SOLE		15,324	0	2,050
Stryker Corp	COM	863667101	9,500	53,465	SH		SOLE		50,503	0	2,962
Sysco Corporation	COM	871829107	4,184	57,115	SH		SOLE		55,485	0	1,630
T J X Cos Inc	COM	872540109	392	3,500	SH		SOLE		3,500	0	0
Telus Corp Non Vtg	COM	87971M103	616	16,725	SH		SOLE		16,725	0	0
Thomson Reuters Corp	COM	884903105	1,644	36,000	SH		SOLE		36,000	0	0
Thor Industries Inc	COM	885160101	4,151	49,598	SH		SOLE		46,873	0	2,725
Tyson Foods Inc Cl A	COM	902494103	868	14,578	SH		SOLE		14,378	0	200
U S A Truck Inc	COM	902925106	526	25,996	SH		SOLE		25,996	0	0
United Healthcare Cor	COM	91324P102	13,692	51,467	SH		SOLE		49,244	0	2,223
United Rentals Inc	COM	911363109	3,162	19,326	SH		SOLE		18,586	0	740
United Technologies Corp	COM	913017109	1,087	7,774	SH		SOLE		7,774	0	0
Vanguard Emerging Market	ETF	922042858	315	7,679	SH		SOLE		7,679	0	0
Verisk Analytics Inc	COM	92345Y106	385	3,195	SH		SOLE		3,195	0	0
Viacom Inc Non Vtg Cl B	COM	92553P201	2,318	68,675	SH		SOLE		68,675	0	0
Visa Inc Cl A	COM	92826C839	1,198	7,979	SH		SOLE		7,979	0	0
Wal-Mart Stores Inc	COM	931142103	6,675	71,078	SH		SOLE		67,459	0	3,620
Weingarten Rlty Invs Sbi	COM	948741103	3,940	132,384	SH		SOLE		127,355	0	5,029
Wells Fargo & Co New	COM	949746101	267	5,073	SH		SOLE		5,073	0	0
Welltower Inc	COM	95040Q104	5,774	89,776	SH		SOLE		85,830	0	3,946
Westlake Chemical Co	COM	960413102	334	4,020	SH		SOLE		3,420	0	600
Willis Towers Watson	COM	G96629103	1,335	9,473	SH		SOLE		9,273	0	200
Zions Bancorp	COM	989701107	459	9,150	SH		SOLE		9,150	0	0