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	395	2,532	SH		SOLE		2,381	0	150
Abbott Laboratories	COM	002824100	9,760	106,753	SH		SOLE		101,605	0	5,148
AbbVie Inc	COM	00287Y109	3,254	33,141	SH		SOLE		32,877	0	264
Accenture PLC CL A	COM	G1151C101	6,125	28,525	SH		SOLE		25,898	0	2,627
Allegiance Bancshare	COM	01748H107	3,929	154,733	SH		SOLE		154,733	0	0
Alphabet Inc Class A	COM	02079K305	1,089	768	SH		SOLE		713	0	55
Alphabet Inc Class C	COM	02079K107	18,329	12,966	SH		SOLE		12,468	0	498
Altria Group Inc.	COM	02209S103	307	7,813	SH		SOLE		7,314	0	500
Amazon Com Inc	COM	023135106	12,266	4,446	SH		SOLE		4,305	0	141
American Express Company	COM	025816109	1,686	17,712	SH		SOLE		17,500	0	212
Anheuser Busch Co Inc	COM	035229103	1,165	23,640	SH		SOLE		23,475	0	165
Apple Computer Inc	COM	037833100	30,756	84,310	SH		SOLE		80,247	0	4,063
Applied Materials Inc	COM	038222105	6,932	114,672	SH		SOLE		109,187	0	5,485
AT&T Inc	COM	00206R102	13,829	457,458	SH		SOLE		442,040	0	15,418
Bank Of Nova Scotia	COM	064149107	1,021	24,763	SH		SOLE		22,863	0	1,900
Berkshire Hathaway Cl B	COM	084670702	9,930	55,627	SH		SOLE		53,652	0	1,975
Bhp Billiton Ltd Adr	COM	088606108	6,473	130,154	SH		SOLE		124,510	0	5,644
Booking Holdings Inc	COM	09857L108	3,132	1,967	SH		SOLE		1,905	0	62
Bp Plc Adr	COM	055622104	304	13,034	SH		SOLE		13,034	0	0
Brookfield Asset Mgmt	COM	112585104	8,577	260,708	SH		SOLE		251,057	0	9,651
Brookfield Infra Ptnrs	COM	G16252101	2,145	52,179	SH		SOLE		46,979	0	5,200
Brookfield Infrastruct FClass A	COM	11275Q107	406	8,913	SH		SOLE		7,963	0	950
Canadian Natl Ry Co	COM	136375102	9,275	104,720	SH		SOLE		100,699	0	4,021
Caterpillar Inc	COM	149123101	5,776	45,660	SH		SOLE		43,635	0	2,025
CBTX INC	COM	12481V104	1,314	62,587	SH		SOLE		62,587	0	0
Chevron Corp	COM	166764100	7,934	88,920	SH		SOLE		86,077	0	2,844
Chubb Ltd F	COM	H1467J104	9,373	74,024	SH		SOLE		71,188	0	2,836
Cintas Corp	COM	172908105	3,529	13,251	SH		SOLE		11,731	0	1,520
Cisco Systems Inc	COM	17275R102	9,817	210,492	SH		SOLE		201,808	0	8,684
Clorox Company	COM	189054109	281	1,279	SH		SOLE		1,279	0	0
Coca Cola Company	COM	191216100	2,087	46,707	SH		SOLE		46,297	0	410
Compass Minerals Intl	COM	20451N101	585	12,000	SH		SOLE		12,000	0	0
Conocophillips	COM	20825C104	424	10,102	SH		SOLE		9,944	0	158
Constellation Brand	COM	21036P108	211	1,203	SH		SOLE		1,203	0	0
Corteva Inc	COM	22052L104	1,305	48,694	SH		SOLE		46,964	0	1,731
Cullen Frost Bankers	COM	229899109	2,250	30,123	SH		SOLE		27,723	0	2,400
CVS Health Corporation	COM	126650100	6,084	93,637	SH		SOLE		91,383	0	2,254
Danaher Corp Del	COM	235851102	4,925	27,850	SH		SOLE		27,050	0	800
Denbury Res Inc New	COM	247916208	34	124,500	SH		SOLE		124,500	0	0
Diageo Plc New Adr	COM	25243Q205	5,523	41,098	SH		SOLE		39,643	0	1,455
Discover Financial Svcs	COM	254709108	1,514	30,225	SH		SOLE		30,000	0	225
Discovery Inc	COM	25470F302	2,311	119,980	SH		SOLE		113,980	0	6,000
Disney Walt Hldg Co	COM	254687106	12,224	109,625	SH		SOLE		105,108	0	4,517
Dollar Tree Inc	COM	256746108	4,847	52,300	SH		SOLE		49,775	0	2,525
Dominion Res Inc Va New	COM	25746U109	8,320	102,491	SH		SOLE		99,458	0	3,033
Dow Chemical Company	COM	260543103	5,331	130,781	SH		SOLE		124,032	0	6,750
E O G Resources Inc	COM	26875P101	852	16,816	SH		SOLE		16,615	0	201
Eaton Corporation	COM	G29183103	2,565	29,325	SH		SOLE		29,025	0	300
Enbridge Inc	COM	29250N105	2,210	72,657	SH		SOLE		70,157	0	2,500
Entegris Inc	COM	29362U104	1,292	21,887	SH		SOLE		20,359	0	1,528
Enterprise Prd Prtnrs Lp	COM	293792107	442	24,319	SH		SOLE		24,319	0	0
Exxon Mobil Corporation	COM	30231G102	6,534	146,111	SH		SOLE		140,805	0	5,306
Facebook Inc Class A	COM	30303M102	16,156	71,148	SH		SOLE		68,318	0	2,830
Fair Isaac Intl Corp	COM	303250104	484	1,157	SH		SOLE		1,107	0	50
FedEx Corporation	COM	31428X106	9,365	66,791	SH		SOLE		64,823	0	1,967
FIRST FINL BANKSHARES	COM	32020R109	781	27,037	SH		SOLE		27,037	0	0
Fiserv Inc	COM	337738108	1,866	19,120	SH		SOLE		17,620	0	1,500
FRIEDMAN INDS INC COM	COM	358435105	331	65,461	SH		SOLE		65,461	0	0
General Dynamics Corp	COM	369550108	822	5,497	SH		SOLE		5,497	0	0
General Mills Inc	COM	370334104	1,305	21,173	SH		SOLE		21,173	0	0
Gilead Sciences Inc	COM	375558103	328	4,264	SH		SOLE		4,148	0	116
Hanesbrands Inc	COM	410345102	847	75,000	SH		SOLE		75,000	0	0
Hasbro Inc	COM	418056107	582	7,770	SH		SOLE		7,770	0	0
Hemisphere Energy Co	COM	423630102	6	71,000	SH		SOLE		71,000	0	0
Hershey Foods Corp	COM	427866108	259	2,000	SH		SOLE		2,000	0	0
Hi-Crush Partners LP	COM	428337109	8	53,500	SH		SOLE		53,500	0	0
Home Depot Inc	COM	437076102	1,252	4,998	SH		SOLE		4,559	0	439
Intel Corp	COM	458140100	17,615	294,425	SH		SOLE		281,911	0	12,514
Iqvia Holdings Inc	COM	46266C105	2,719	19,162	SH		SOLE		17,782	0	1,380
Ishares Ultra Short Term	ETF	46434V878	3,315	65,557	SH		SOLE		65,557	0	0
Johnson & Johnson	COM	478160104	15,992	113,720	SH		SOLE		108,775	0	4,946
JPMorgan Chase & Co.	COM	46625H100	11,861	126,097	SH		SOLE		120,678	0	5,419
Kinder Morgan Inc	COM	49456B101	9,797	645,788	SH		SOLE		618,219	0	27,569
L Brands Inc	COM	501797104	217	14,525	SH		SOLE		14,525	0	0
Lazard Ltd	COM	G54050102	912	31,866	SH		SOLE		31,866	0	0
Lonestar Resources U	COM	54240F103	7	14,000	SH		SOLE		14,000	0	0
Lowes Companies Inc	COM	548661107	13,239	97,979	SH		SOLE		94,327	0	3,652
Main Street Capital Corp	COM	56035L104	379	12,184	SH		SOLE		12,184	0	0
McCormick & Co Inc	COM	579780206	1,080	6,020	SH		SOLE		6,020	0	0
McDonalds Corp	COM	580135101	12,060	65,376	SH		SOLE		62,150	0	3,226
Merck & Co Inc	COM	58933Y105	267	3,453	SH		SOLE		3,266	0	187
Microsoft Corp	COM	594918104	26,703	131,210	SH		SOLE		125,009	0	6,201
NextEra Energy, Inc	COM	65339F101	12,390	51,587	SH		SOLE		49,311	0	2,276
Nike Inc Class B	COM	654106103	9,391	95,773	SH		SOLE		90,391	0	5,381
Northern Trust Corp	COM	665859104	1,868	23,550	SH		SOLE		22,447	0	1,103
Paychex Inc	COM	704326107	9,424	124,415	SH		SOLE		120,940	0	3,475
Pepsico Incorporated	COM	713448108	12,200	92,243	SH		SOLE		88,812	0	3,431
Pfizer Incorporated	COM	717081103	11,012	336,743	SH		SOLE		320,841	0	15,903
Philip Morris Intl Inc	COM	718172109	276	3,944	SH		SOLE		3,619	0	325
Polaris Industries Inc	COM	731068102	1,377	14,874	SH		SOLE		13,659	0	1,215
Procter & Gamble Co	COM	742718109	12,929	108,129	SH		SOLE		104,174	0	3,955
Prospect Capital Co	COM	74348T102	62	12,100	SH		SOLE		12,100	0	0
Raytheon Technologies Co	COM	75513E101	843	13,680	SH		SOLE		13,574	0	106
Regions Financial Cp New	COM	7591EP100	350	31,450	SH		SOLE		31,450	0	0
Sabre Corporation	COM	78573M104	363	45,000	SH		SOLE		45,000	0	0
Sch St US Trsr Etf	ETF	808524862	395	7,642	SH		SOLE		7,642	0	0
Sch US Tips Etf	ETF	808524870	324	5,395	SH		SOLE		5,395	0	0
Schwab Emerging Mkt ETF	ETF	808524706	407	16,696	SH		SOLE		16,696	0	0
Schwab US Market ETF	ETF	808524102	843	11,474	SH		SOLE		11,474	0	0
Skyworks Solutions Inc	COM	83088M102	7,512	58,753	SH		SOLE		57,071	0	1,682
Spdr Gold TRUST	ETF	78463V107	406	2,426	SH		SOLE		2,426	0	0
Starbucks Corp	COM	855244109	226	3,075	SH		SOLE		3,075	0	0
Steris Corp	COM	G8473T100	4,940	32,198	SH		SOLE		29,002	0	3,195
Stryker Corp	COM	863667101	9,885	54,858	SH		SOLE		52,169	0	2,689
Sysco Corporation	COM	871829107	1,463	26,765	SH		SOLE		25,954	0	811
T J X Cos Inc	COM	872540109	1,809	35,771	SH		SOLE		33,821	0	1,950
Tenneco Inc	COM	880349105	552	73,000	SH		SOLE		73,000	0	0
Thomson Reuters Corp	COM	884903105	1,856	27,300	SH		SOLE		27,300	0	0
Thor Industries Inc	COM	885160101	3,244	30,449	SH		SOLE		29,384	0	1,065
Tyson Foods Inc Cl A	COM	902494103	5,604	93,848	SH		SOLE		89,755	0	4,093
U S A Truck Inc	COM	902925106	402	51,832	SH		SOLE		51,832	0	0
United Healthcare Cor	COM	91324P102	15,787	53,523	SH		SOLE		51,317	0	2,206
United Rentals Inc	COM	911363109	1,122	7,530	SH		SOLE		7,390	0	140
Vanguard Corp Bond Etf	ETF	92206C870	1,839	19,329	SH		SOLE		19,329	0	0
Vanguard Emerging Market	ETF	922042858	274	6,917	SH		SOLE		6,917	0	0
Verisk Analytics Inc	COM	92345Y106	2,259	13,273	SH		SOLE		13,173	0	100
Verizon Communications	COM	92343V104	279	5,060	SH		SOLE		5,060	0	0
Visa Inc Cl A	COM	92826C839	1,689	8,743	SH		SOLE		8,743	0	0
Wal-Mart Stores Inc	COM	931142103	8,722	72,819	SH		SOLE		69,043	0	3,776
Waste Management Inc Del	COM	94106L109	215	2,030	SH		SOLE		2,030	0	0
Welltower Inc	COM	95040Q104	930	17,964	SH		SOLE		17,964	0	0
Wheaton Precious Met	COM	962879102	275	6,253	SH		SOLE		6,253	0	0
Willis Towers Watson	COM	G96629103	2,919	14,822	SH		SOLE		14,572	0	250
Wpp Plc New	COM	92937A102	1,106	28,275	SH		SOLE		28,275	0	0
Zions Bancorp	COM	989701107	328	9,638	SH		SOLE		9,638	0	0
Zoetis Inc	COM	98978V103	2,427	17,713	SH		SOLE		17,023	0	690