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	574	2,762	SH		SOLE		2,618	0	143
Abbott Laboratories	COM	002824100	9,988	124,939	SH		SOLE		119,791	0	5,148
AbbVie Inc	COM	00287Y109	893	11,078	SH		SOLE		10,779	0	299
Accenture PLC CL A	COM	G1151C101	4,292	24,381	SH		SOLE		21,763	0	2,618
Allegiance Bancshare	COM	01748H107	5,461	161,957	SH		SOLE		161,457	0	500
Allergan Inc	COM	018490102	2,266	15,474	SH		SOLE		15,338	0	136
Allison Transmission	COM	01973R101	938	20,886	SH		SOLE		20,886	0	0
Alphabet Inc Class A	COM	02079K305	956	812	SH		SOLE		757	0	55
Alphabet Inc Class C	COM	02079K107	15,611	13,305	SH		SOLE		12,801	0	504
Altria Group Inc.	COM	02209S103	463	8,063	SH		SOLE		7,129	0	934
Amazon Com Inc	COM	023135106	5,543	3,113	SH		SOLE		3,008	0	105
American Express Company	COM	025816109	1,791	16,382	SH		SOLE		16,000	0	382
Anadarko Petroleum Corp	COM	032511107	1,445	31,763	SH		SOLE		30,136	0	1,627
Anheuser Busch Co Inc	COM	035229103	1,532	18,240	SH		SOLE		18,075	0	165
Apple Computer Inc	COM	037833100	20,392	107,355	SH		SOLE		102,550	0	4,805
Applied Materials Inc	COM	038222105	2,421	61,035	SH		SOLE		57,862	0	3,173
AT&T Inc	COM	00206R102	11,959	381,340	SH		SOLE		367,949	0	13,391
Baidu Inc Adr	COM	056752108	1,192	7,232	SH		SOLE		7,082	0	150
Bank Of Nova Scotia	COM	064149107	1,754	32,912	SH		SOLE		31,012	0	1,900
Berkshire Hathaway Cl B	COM	084670702	12,319	61,323	SH		SOLE		59,323	0	2,000
Bhp Billiton Ltd Adr	COM	088606108	5,552	101,563	SH		SOLE		96,871	0	4,692
Booking Holdings Inc	COM	09857L108	9,077	5,202	SH		SOLE		4,981	0	221
Brookfield Asset Mgmt	COM	112585104	11,954	256,241	SH		SOLE		245,339	0	10,901
Brookfield Infra Ptnrs	COM	G16252101	4,947	118,161	SH		SOLE		108,827	0	9,334
C N X Resources Corp.	COM	20854P109	267	24,750	SH		SOLE		23,750	0	1,000
Cal Maine Foods Inc New	COM	128030202	233	5,230	SH		SOLE		5,230	0	0
Canadian Natl Ry Co	COM	136375102	8,059	90,069	SH		SOLE		87,132	0	2,937
Caterpillar Inc	COM	149123101	6,453	47,630	SH		SOLE		45,516	0	2,114
CBTX INC	COM	12481V104	2,301	70,862	SH		SOLE		70,862	0	0
Celgene Corp	COM	151020104	2,720	28,833	SH		SOLE		27,204	0	1,629
Chevron Corp	COM	166764100	9,766	79,280	SH		SOLE		76,314	0	2,966
Chubb Ltd F	COM	H1467J104	8,921	63,683	SH		SOLE		60,779	0	2,904
Cintas Corp	COM	172908105	3,029	14,987	SH		SOLE		13,587	0	1,400
Cisco Systems Inc	COM	17275R102	10,962	203,032	SH		SOLE		193,615	0	9,417
Clorox Company	COM	189054109	1,348	8,399	SH		SOLE		8,399	0	0
Coca Cola Company	COM	191216100	2,065	44,075	SH		SOLE		42,705	0	1,370
Compass Minerals Intl	COM	20451N101	381	7,000	SH		SOLE		7,000	0	0
Conocophillips	COM	20825C104	511	7,663	SH		SOLE		7,169	0	494
Cracker Barrel Old Ctry	COM	22410J106	1,181	7,308	SH		SOLE		7,008	0	300
Cullen Frost Bankers	COM	229899109	5,096	52,499	SH		SOLE		49,549	0	2,950
CVS Health Corporation	COM	126650100	1,576	29,223	SH		SOLE		28,953	0	270
Danaher Corp Del	COM	235851102	4,076	30,876	SH		SOLE		30,026	0	850
Denbury Res Inc New	COM	247916208	98	48,000	SH		SOLE		48,000	0	0
Diageo Plc New Adr	COM	25243Q205	6,053	36,994	SH		SOLE		35,972	0	1,022
Diamondback Energy	COM	25278X109	268	2,639	SH		SOLE		2,559	0	80
Discover Financial Svcs	COM	254709108	2,135	30,000	SH		SOLE		30,000	0	0
Disney Walt Hldg Co	COM	254687106	11,850	106,726	SH		SOLE		102,254	0	4,471
Dollar Tree Inc	COM	256746108	3,599	34,260	SH		SOLE		32,640	0	1,620
Dominion Res Inc Va New	COM	25746U109	4,026	52,520	SH		SOLE		50,770	0	1,750
Eagle Materials Inc	COM	26969P108	1,163	13,792	SH		SOLE		12,357	0	1,436
Eaton Corporation	COM	G29183103	3,602	44,717	SH		SOLE		43,792	0	925
Enbridge Inc	COM	29250N105	1,329	36,662	SH		SOLE		36,662	0	0
Entegris Inc	COM	29362U104	724	20,286	SH		SOLE		19,010	0	1,276
Enterprise Prd Prtnrs Lp	COM	293792107	937	32,199	SH		SOLE		29,399	0	2,800
Exxon Mobil Corporation	COM	30231G102	10,247	126,824	SH		SOLE		122,278	0	4,546
Facebook Inc Class A	COM	30303M102	10,043	60,252	SH		SOLE		58,017	0	2,235
FedEx Corporation	COM	31428X106	10,112	55,741	SH		SOLE		54,089	0	1,651
Fiserv Inc	COM	337738108	1,928	21,840	SH		SOLE		20,140	0	1,700
Friedman Inds Inc.	COM	358435105	388	50,554	SH		SOLE		50,554	0	0
General Dynamics Corp	COM	369550108	931	5,497	SH		SOLE		5,497	0	0
General Electric Company	COM	369604103	131	13,114	SH		SOLE		12,071	0	1,043
General Mills Inc	COM	370334104	3,801	73,452	SH		SOLE		72,202	0	1,250
Gilead Sciences Inc	COM	375558103	607	9,340	SH		SOLE		9,229	0	111
Hanesbrands Inc	COM	410345102	1,544	86,350	SH		SOLE		86,350	0	0
Hershey Foods Corp	COM	427866108	459	4,000	SH		SOLE		4,000	0	0
Home Depot Inc	COM	437076102	998	5,200	SH		SOLE		4,775	0	425
Intel Corp	COM	458140100	15,523	289,073	SH		SOLE		276,597	0	12,476
Iqvia Holdings Inc	COM	46266C105	2,458	17,090	SH		SOLE		15,710	0	1,380
Ishares Tr Barclays TIPs Bond Fund	ETF	464287176	253	2,240	SH		SOLE		2,240	0	0
Johnson & Johnson	COM	478160104	15,322	109,607	SH		SOLE		104,238	0	5,369
JPMorgan Chase & Co.	COM	46625H100	13,287	131,255	SH		SOLE		124,546	0	6,710
Kinder Morgan Inc	COM	49456B101	11,844	591,914	SH		SOLE		562,695	0	29,219
L Brands Inc	COM	501797104	721	26,125	SH		SOLE		26,125	0	0
Lazard Ltd	COM	G54050102	1,706	47,210	SH		SOLE		46,610	0	600
Lowes Companies Inc	COM	548661107	10,267	93,786	SH		SOLE		90,044	0	3,743
Magellan Midstream Ptnrs	COM	559080106	212	3,495	SH		SOLE		3,495	0	0
Main Street Capital Corp	COM	56035L104	436	11,722	SH		SOLE		11,722	0	0
McCormick & Co Inc	COM	579780206	821	5,448	SH		SOLE		5,448	0	0
Mcdermott Intl Inc	COM	580037703	96	12,944	SH		SOLE		12,944	0	0
McDonalds Corp	COM	580135101	12,248	64,495	SH		SOLE		61,101	0	3,394
Merck & Co Inc	COM	58933Y105	298	3,580	SH		SOLE		3,201	0	379
Microsoft Corp	COM	594918104	18,030	152,876	SH		SOLE		146,006	0	6,869
N T N Buzztime Inc	COM	629410606	76	18,857	SH		SOLE		18,857	0	0
NextEra Energy, Inc	COM	65339F101	10,444	54,027	SH		SOLE		51,796	0	2,231
Nike Inc Class B	COM	654106103	9,070	107,706	SH		SOLE		101,652	0	6,055
Northern Trust Corp	COM	665859104	6,647	73,522	SH		SOLE		71,184	0	2,338
Oneok Inc New	COM	682680103	419	5,996	SH		SOLE		5,996	0	0
Oracle Corporation	COM	68389X105	1,183	22,019	SH		SOLE		22,019	0	0
Paychex Inc	COM	704326107	11,020	137,410	SH		SOLE		133,179	0	4,231
Pepsico Incorporated	COM	713448108	11,103	90,598	SH		SOLE		87,207	0	3,391
Pfizer Incorporated	COM	717081103	12,871	303,056	SH		SOLE		289,189	0	13,867
Philip Morris Intl Inc	COM	718172109	390	4,414	SH		SOLE		3,847	0	567
Polaris Industries Inc	COM	731068102	853	10,101	SH		SOLE		9,451	0	650
Procter & Gamble Co	COM	742718109	12,355	118,745	SH		SOLE		114,495	0	4,250
Prospect Capital Co	COM	74348T102	82	12,500	SH		SOLE		12,500	0	0
Raytheon Company New	COM	755111507	546	3,000	SH		SOLE		3,000	0	0
Regions Financial Cp New	COM	7591EP100	432	30,500	SH		SOLE		30,500	0	0
Royal Dutch Shell A Adrf	COM	780259206	241	3,856	SH		SOLE		3,691	0	165
Royal Dutch Shell B Adrf	COM	780259107	671	10,500	SH		SOLE		10,500	0	0
Sabre Corporation	COM	78573M104	1,071	50,050	SH		SOLE		50,050	0	0
Sch St US Trsr Etf	ETF	808524862	449	8,941	SH		SOLE		8,091	0	850
Sch US Tips Etf	ETF	808524870	1,121	20,383	SH		SOLE		20,383	0	0
Schw US Brd Mkt Etf	ETF	808524102	618	9,083	SH		SOLE		9,082	0	1
Skyworks Solutions Inc	COM	83088M102	4,908	59,508	SH		SOLE		58,078	0	1,430
Spdr Gold TRUST	ETF	78463V107	291	2,381	SH		SOLE		2,381	0	0
SS&C Technologies Hldg	COM	78467J100	2,954	46,376	SH		SOLE		45,201	0	1,175
Stein Mart Inc	COM	858375108	249	251,000	SH		SOLE		251,000	0	0
Steris Corp	COM	G8473T100	2,361	18,440	SH		SOLE		16,390	0	2,050
Stryker Corp	COM	863667101	10,335	52,325	SH		SOLE		49,409	0	2,916
Sysco Corporation	COM	871829107	3,653	54,722	SH		SOLE		53,083	0	1,639
T J X Cos Inc	COM	872540109	600	11,281	SH		SOLE		11,281	0	0
Thomson Reuters Corp	COM	884903105	1,729	29,210	SH		SOLE		29,210	0	0
Thor Industries Inc	COM	885160101	1,797	28,815	SH		SOLE		26,789	0	2,026
Tyson Foods Inc Cl A	COM	902494103	1,657	23,865	SH		SOLE		22,415	0	1,450
U S A Truck Inc	COM	902925106	375	25,996	SH		SOLE		25,996	0	0
Union Pacific Corp	COM	907818108	201	1,200	SH		SOLE		1,200	0	0
United Healthcare Cor	COM	91324P102	12,461	50,396	SH		SOLE		48,172	0	2,224
United Rentals Inc	COM	911363109	2,804	24,541	SH		SOLE		23,501	0	1,040
United Technologies Corp	COM	913017109	917	7,111	SH		SOLE		7,111	0	0
Vanguard Emerging Market	ETF	922042858	443	10,418	SH		SOLE		10,418	0	0
Verisk Analytics Inc	COM	92345Y106	661	4,970	SH		SOLE		4,970	0	0
Verizon Communications	COM	92343V104	272	4,603	SH		SOLE		4,603	0	0
Viacom Inc Non Vtg Cl B	COM	92553P201	1,378	49,100	SH		SOLE		49,100	0	0
Visa Inc Cl A	COM	92826C839	1,278	8,185	SH		SOLE		8,185	0	0
Wal-Mart Stores Inc	COM	931142103	6,244	64,025	SH		SOLE		60,404	0	3,621
Waste Management Inc Del	COM	94106L109	204	1,967	SH		SOLE		1,967	0	0
Weatherford Intl New	COM	G48833100	5	15,000	SH		SOLE		15,000	0	0
Weingarten Rlty Invs Sbi	COM	948741103	3,741	127,387	SH		SOLE		123,325	0	4,062
Welltower Inc	COM	95040Q104	6,539	84,265	SH		SOLE		80,560	0	3,704
Westlake Chemical Co	COM	960413102	529	7,800	SH		SOLE		7,500	0	300
Willis Towers Watson	COM	G96629103	2,554	14,538	SH		SOLE		14,288	0	250
Wpp Plc New	COM	92937A102	1,189	22,520	SH		SOLE		22,520	0	0
Zions Bancorp	COM	989701107	460	10,138	SH		SOLE		10,138	0	0