# EDGAR Filing Document

**Accession Number:** 0001395055
**File Stem:** 0001140361-23-004424
**Filing Date:** 2023-2
**Character Count:** 17012
**Document Hash:** 31e71cf3fa10bd607dec9dde84274f94
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-004424.hdr.sgml**: 20230203

**ACCESSION NUMBER**: 0001140361-23-004424

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230203

**DATE AS OF CHANGE**: 20230203

**EFFECTIVENESS DATE**: 20230203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Callahan Advisors, LLC
- **CENTRAL INDEX KEY:** 0001395055
- **IRS NUMBER:** 760587368
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12463
- **FILM NUMBER:** 23585689

**BUSINESS ADDRESS:**
- **STREET 1:** 3555 TIMMONS LANE, SUITE 600
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77027
- **BUSINESS PHONE:** 713-572-3366

**MAIL ADDRESS:**
- **STREET 1:** 3555 TIMMONS LANE, SUITE 600
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77027

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Callahan, Leighton & Co., LLC
- **DATE OF NAME CHANGE:** 20070330

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Callahan Advisors LLC<br>**Address:** 3555 Timmons Lane Suite 600<br>Houston, TX 77027

**Form 13F File Number:** 028-12463

**CRD Number (if applicable):** 000114058

**SEC File Number (if applicable):** 801-61981

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** /s/ Rachel C. Gummattira<br>**Title:** Managing Director<br>**Phone:** (713) 572-3366

**Signature, Place, and Date of Signing:**

/s/ Rachel C. Gummattira  Houston, TX  02-03-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 136

**Form 13F Information Table Value Total:** $730792043

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 1st Finl Banksh | COM | 32020R109 |  | 895673 | 26037 | SH |  | SOLE |  | 26037 | 0 | 0 |
| 3M Company | COM | 88579Y101 |  | 1372383 | 11444 | SH |  | SOLE |  | 10199 | 0 | 1245 |
| Abbott Laboratories | COM | 002824100 |  | 10310654 | 93913 | SH |  | SOLE |  | 89663 | 0 | 4250 |
| AbbVie Inc | COM | 00287Y109 |  | 5544516 | 34308 | SH |  | SOLE |  | 34308 | 0 | 0 |
| Accenture PLC CL A | COM | G1151C101 |  | 8875822 | 33263 | SH |  | SOLE |  | 31006 | 0 | 2256 |
| Alphabet Inc Class A | COM | 02079K305 |  | 1508733 | 17100 | SH |  | SOLE |  | 16000 | 0 | 1100 |
| Alphabet Inc Class C | COM | 02079K107 |  | 22411778 | 252584 | SH |  | SOLE |  | 241824 | 0 | 10760 |
| Altria Group Inc. | COM | 02209S103 |  | 378341 | 8277 | SH |  | SOLE |  | 8277 | 0 | 0 |
| Amazon Com Inc | COM | 023135106 |  | 13867812 | 165093 | SH |  | SOLE |  | 160545 | 0 | 4548 |
| American Express Company | COM | 025816109 |  | 2639732 | 17866 | SH |  | SOLE |  | 17648 | 0 | 218 |
| Amgen Incorporated | COM | 031162100 |  | 207775 | 791 | SH |  | SOLE |  | 791 | 0 | 0 |
| Antero Resouces Corp | COM | 03674X106 |  | 235524 | 7600 | SH |  | SOLE |  | 7600 | 0 | 0 |
| Apple Computer Inc | COM | 037833100 |  | 26215187 | 201764 | SH |  | SOLE |  | 190179 | 0 | 11585 |
| Applied Materials Inc | COM | 038222105 |  | 11529620 | 118398 | SH |  | SOLE |  | 113056 | 0 | 5342 |
| AT Inc | COM | 00206R102 |  | 8000820 | 434591 | SH |  | SOLE |  | 415216 | 0 | 19375 |
| Bank Of Nova Scotia | COM | 064149107 |  | 1604340 | 32755 | SH |  | SOLE |  | 30255 | 0 | 2500 |
| Benson Hill Inc | COM | 082490103 |  | 99980 | 39208 | SH |  | SOLE |  | 39208 | 0 | 0 |
| Berkshire Hathaway Cl B | COM | 084670702 |  | 18735403 | 60652 | SH |  | SOLE |  | 58417 | 0 | 2235 |
| Bhp Billiton Ltd Adr | COM | 088606108 |  | 9672231 | 155878 | SH |  | SOLE |  | 148726 | 0 | 7152 |
| Booking Holdings Inc | COM | 09857L108 |  | 4477952 | 2222 | SH |  | SOLE |  | 2137 | 0 | 85 |
| Bristol-Myers Squibb Co | COM | 110122108 |  | 7107295 | 98781 | SH |  | SOLE |  | 97581 | 0 | 1200 |
| Brookfield Infra Ptnrs | COM | G16252101 |  | 1120842 | 36168 | SH |  | SOLE |  | 36168 | 0 | 0 |
| Brookfield Infrastruct FClass A | COM | 11275Q107 |  | 626990 | 16118 | SH |  | SOLE |  | 14993 | 0 | 1125 |
| Canadian Natl Ry Co | COM | 136375102 |  | 11640829 | 97921 | SH |  | SOLE |  | 94269 | 0 | 3652 |
| Cardinal Health Inc | COM | 14149Y108 |  | 2960933 | 38519 | SH |  | SOLE |  | 37169 | 0 | 1350 |
| Caterpillar Inc | COM | 149123101 |  | 12042946 | 50271 | SH |  | SOLE |  | 48526 | 0 | 1745 |
| Chevron Corp | COM | 166764100 |  | 19442165 | 108319 | SH |  | SOLE |  | 104465 | 0 | 3854 |
| Chubb Ltd F | COM | H1467J104 |  | 18088230 | 81996 | SH |  | SOLE |  | 78869 | 0 | 3127 |
| Cintas Corp | COM | 172908105 |  | 5335425 | 11814 | SH |  | SOLE |  | 10569 | 0 | 1245 |
| Cisco Systems Inc | COM | 17275R102 |  | 11690509 | 245393 | SH |  | SOLE |  | 234421 | 0 | 10972 |
| Coca Cola Company | COM | 191216100 |  | 3492223 | 54901 | SH |  | SOLE |  | 54470 | 0 | 431 |
| Comstock Res Inc | COM | 205768302 |  | 160487 | 11706 | SH |  | SOLE |  | 11706 | 0 | 0 |
| Conocophillips | COM | 20825C104 |  | 989076 | 8382 | SH |  | SOLE |  | 8382 | 0 | 0 |
| Constellation Brand | COM | 21036P108 |  | 215677 | 931 | SH |  | SOLE |  | 931 | 0 | 0 |
| Corteva Inc | COM | 22052L104 |  | 7776491 | 132298 | SH |  | SOLE |  | 126908 | 0 | 5390 |
| Costco Whsl Corp New | COM | 22160K105 |  | 265781 | 582 | SH |  | SOLE |  | 582 | 0 | 0 |
| Cullen Frost Bankers | COM | 229899109 |  | 2440965 | 18257 | SH |  | SOLE |  | 16907 | 0 | 1350 |
| CVS Health Corporation | COM | 126650100 |  | 8548933 | 91737 | SH |  | SOLE |  | 88866 | 0 | 2870 |
| D R Horton Co | COM | 23331A109 |  | 1494468 | 16765 | SH |  | SOLE |  | 15495 | 0 | 1270 |
| Danaher Corp Del | COM | 235851102 |  | 5701006 | 21479 | SH |  | SOLE |  | 20939 | 0 | 540 |
| Devon Energy Corp New | COM | 25179M103 |  | 436304 | 7093 | SH |  | SOLE |  | 7093 | 0 | 0 |
| Diageo Plc New Adr | COM | 25243Q205 |  | 6294758 | 35326 | SH |  | SOLE |  | 33571 | 0 | 1755 |
| Diamondback Energy | COM | 25278X109 |  | 650779 | 4758 | SH |  | SOLE |  | 4558 | 0 | 200 |
| Discover Financial Svcs | COM | 254709108 |  | 2934900 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| Disney Walt Hldg Co | COM | 254687106 |  | 8049171 | 92647 | SH |  | SOLE |  | 88176 | 0 | 4471 |
| Dollar Tree Inc | COM | 256746108 |  | 6460979 | 45680 | SH |  | SOLE |  | 42585 | 0 | 3095 |
| Dominion Res Inc Va New | COM | 25746U109 |  | 2079618 | 33914 | SH |  | SOLE |  | 32214 | 0 | 1700 |
| Dow Chemical Company | COM | 260543103 |  | 4419308 | 87702 | SH |  | SOLE |  | 83752 | 0 | 3950 |
| E O G Resources Inc | COM | 26875P101 |  | 10824682 | 83575 | SH |  | SOLE |  | 80514 | 0 | 3061 |
| Eagle Materials Inc | COM | 26969P108 |  | 3863690 | 29083 | SH |  | SOLE |  | 28971 | 0 | 112 |
| Eaton Corporation | COM | G29183103 |  | 2259452 | 14396 | SH |  | SOLE |  | 13746 | 0 | 650 |
| Enbridge Inc | COM | 29250N105 |  | 8618197 | 220414 | SH |  | SOLE |  | 214288 | 0 | 6126 |
| Entegris Inc | COM | 29362U104 |  | 1318675 | 20105 | SH |  | SOLE |  | 19130 | 0 | 975 |
| Enterprise Prd Prtnrs Lp | COM | 293792107 |  | 646540 | 26805 | SH |  | SOLE |  | 26805 | 0 | 0 |
| EQT Corporation | COM | 26884L109 |  | 11019302 | 325726 | SH |  | SOLE |  | 315949 | 0 | 9777 |
| Exxon Mobil Corporation | COM | 30231G102 |  | 16440042 | 149048 | SH |  | SOLE |  | 143513 | 0 | 5536 |
| FedEx Corporation | COM | 31428X106 |  | 12830778 | 74081 | SH |  | SOLE |  | 71537 | 0 | 2543 |
| Fidelity Natl Info | COM | 31620M106 |  | 1139880 | 16800 | SH |  | SOLE |  | 16800 | 0 | 0 |
| Firstenergy Corp | COM | 337932107 |  | 1367244 | 32600 | SH |  | SOLE |  | 32600 | 0 | 0 |
| Fiserv Inc | COM | 337738108 |  | 1133500 | 11215 | SH |  | SOLE |  | 10065 | 0 | 1150 |
| Fortinet Inc | COM | 34959E109 |  | 4805740 | 98297 | SH |  | SOLE |  | 96267 | 0 | 2030 |
| FRIEDMAN INDS INC COM | COM | 358435105 |  | 697273 | 71223 | SH |  | SOLE |  | 71223 | 0 | 0 |
| General Dynamics Corp | COM | 369550108 |  | 1862646 | 7507 | SH |  | SOLE |  | 7507 | 0 | 0 |
| General Mills Inc | COM | 370334104 |  | 1661488 | 19815 | SH |  | SOLE |  | 19815 | 0 | 0 |
| Gilead Sciences Inc | COM | 375558103 |  | 319974 | 3727 | SH |  | SOLE |  | 3727 | 0 | 0 |
| Global Payments Inc | COM | 37940X102 |  | 5908381 | 59488 | SH |  | SOLE |  | 57894 | 0 | 1594 |
| Hasbro Inc | COM | 418056107 |  | 337158 | 5526 | SH |  | SOLE |  | 5499 | 0 | 27 |
| Home Depot Inc | COM | 437076102 |  | 1555121 | 4923 | SH |  | SOLE |  | 4459 | 0 | 465 |
| Independent Bk Group Inc | COM | 45384B106 |  | 305720 | 5089 | SH |  | SOLE |  | 5089 | 0 | 0 |
| Intel Corp | COM | 458140100 |  | 839676 | 31770 | SH |  | SOLE |  | 31170 | 0 | 600 |
| Intl Bancshares Corp | COM | 459044103 |  | 319634 | 6985 | SH |  | SOLE |  | 6985 | 0 | 0 |
| Intl Business Machines | COM | 459200101 |  | 465501 | 3304 | SH |  | SOLE |  | 3304 | 0 | 0 |
| Intl Flavors Fragrances | COM | 459506101 |  | 613314 | 5850 | SH |  | SOLE |  | 5850 | 0 | 0 |
| Intuitive Surgical New | COM | 46120E602 |  | 344955 | 1300 | SH |  | SOLE |  | 1300 | 0 | 0 |
| Iqvia Holdings Inc | COM | 46266C105 |  | 5483471 | 26763 | SH |  | SOLE |  | 25248 | 0 | 1515 |
| Johnson  Johnson | COM | 478160104 |  | 21698907 | 122836 | SH |  | SOLE |  | 117854 | 0 | 4981 |
| JPMorgan Chase  Co. | COM | 46625H100 |  | 17856465 | 133158 | SH |  | SOLE |  | 126967 | 0 | 6191 |
| Kellogg Company | COM | 487836108 |  | 1557876 | 21868 | SH |  | SOLE |  | 21868 | 0 | 0 |
| Kinder Morgan Inc | COM | 49456B101 |  | 9377641 | 518675 | SH |  | SOLE |  | 496459 | 0 | 22216 |
| Lilly Eli  Company | COM | 532457108 |  | 325598 | 890 | SH |  | SOLE |  | 890 | 0 | 0 |
| Lockheed Martin Corp | COM | 539830109 |  | 1411012 | 2900 | SH |  | SOLE |  | 2895 | 0 | 5 |
| Lowes Companies Inc | COM | 548661107 |  | 15002374 | 75298 | SH |  | SOLE |  | 72766 | 0 | 2532 |
| Main Street Capital Corp | COM | 56035L104 |  | 504704 | 13659 | SH |  | SOLE |  | 13659 | 0 | 0 |
| Mastercard Inc | COM | 57636Q104 |  | 230545 | 663 | SH |  | SOLE |  | 663 | 0 | 0 |
| McDonalds Corp | COM | 580135101 |  | 16722504 | 63456 | SH |  | SOLE |  | 60372 | 0 | 3084 |
| Merck  Co Inc | COM | 58933Y105 |  | 3252624 | 29316 | SH |  | SOLE |  | 29114 | 0 | 202 |
| Meta Platforms Inc CLass A | COM | 30303M102 |  | 13661960 | 113528 | SH |  | SOLE |  | 110006 | 0 | 3522 |
| Microsoft Corp | COM | 594918104 |  | 28550697 | 119051 | SH |  | SOLE |  | 113753 | 0 | 5298 |
| NextEra Energy Inc | COM | 65339F101 |  | 15975150 | 191090 | SH |  | SOLE |  | 182312 | 0 | 8778 |
| Nike Inc Class B | COM | 654106103 |  | 8526676 | 72871 | SH |  | SOLE |  | 68594 | 0 | 4277 |
| Northern Trust Corp | COM | 665859104 |  | 928537 | 10493 | SH |  | SOLE |  | 9132 | 0 | 1361 |
| Oneok Inc New | COM | 682680103 |  | 206929 | 3150 | SH |  | SOLE |  | 3150 | 0 | 0 |
| Paramount Global | COM | 92556H206 |  | 1417414 | 83970 | SH |  | SOLE |  | 83970 | 0 | 0 |
| Paychex Inc | COM | 704326107 |  | 9258925 | 80122 | SH |  | SOLE |  | 77372 | 0 | 2750 |
| Pepsico Incorporated | COM | 713448108 |  | 15604545 | 86375 | SH |  | SOLE |  | 83122 | 0 | 3253 |
| Pfizer Incorporated | COM | 717081103 |  | 17552571 | 342556 | SH |  | SOLE |  | 327230 | 0 | 15326 |
| Philip Morris Intl Inc | COM | 718172109 |  | 425421 | 4203 | SH |  | SOLE |  | 4203 | 0 | 0 |
| Phillips 66 | COM | 718546104 |  | 395504 | 3800 | SH |  | SOLE |  | 3800 | 0 | 0 |
| Pioneer Natural Res | COM | 723787107 |  | 586507 | 2568 | SH |  | SOLE |  | 2568 | 0 | 0 |
| Polaris Industries Inc | COM | 731068102 |  | 1637644 | 16214 | SH |  | SOLE |  | 15299 | 0 | 915 |
| Procter  Gamble Co | COM | 742718109 |  | 14677618 | 96844 | SH |  | SOLE |  | 94177 | 0 | 2667 |
| Prologis Inc | COM | 74340W103 |  | 5212814 | 46242 | SH |  | SOLE |  | 44892 | 0 | 1350 |
| Prosperity Bancshares Inc | COM | 743606105 |  | 353952 | 4870 | SH |  | SOLE |  | 4870 | 0 | 0 |
| Raytheon Technologies Co | COM | 75513E101 |  | 1437779 | 14247 | SH |  | SOLE |  | 14247 | 0 | 0 |
| Regions Financial Cp New | COM | 7591EP100 |  | 599368 | 27800 | SH |  | SOLE |  | 27800 | 0 | 0 |
| Restaurant Brands | COM | 76131D103 |  | 1637574 | 25322 | SH |  | SOLE |  | 25322 | 0 | 0 |
| Salesforce Com | COM | 79466L302 |  | 1252879 | 9449 | SH |  | SOLE |  | 8939 | 0 | 510 |
| Sch St US Trsr Etf | ETF | 808524862 |  | 923984 | 19154 | SH |  | SOLE |  | 19154 | 0 | 0 |
| Sch US Tips Etf | ETF | 808524870 |  | 315713 | 6096 | SH |  | SOLE |  | 6096 | 0 | 0 |
| Schlumberger Ltd | COM | 806857108 |  | 7172675 | 134169 | SH |  | SOLE |  | 129511 | 0 | 4658 |
| Schwab US Market ETF | ETF | 808524102 |  | 696920 | 15553 | SH |  | SOLE |  | 15553 | 0 | 0 |
| Service Now Inc | COM | 81762P102 |  | 1377970 | 3549 | SH |  | SOLE |  | 3464 | 0 | 85 |
| Skyworks Solutions Inc | COM | 83088M102 |  | 6057400 | 66470 | SH |  | SOLE |  | 65116 | 0 | 1354 |
| Starbucks Corp | COM | 855244109 |  | 298457 | 3009 | SH |  | SOLE |  | 3009 | 0 | 0 |
| Steris Corp | COM | G8473T100 |  | 7231652 | 39156 | SH |  | SOLE |  | 35778 | 0 | 3377 |
| Stryker Corp | COM | 863667101 |  | 13830196 | 56568 | SH |  | SOLE |  | 53757 | 0 | 2810 |
| Sysco Corporation | COM | 871829107 |  | 779331 | 10194 | SH |  | SOLE |  | 10194 | 0 | 0 |
| T J X Cos Inc | COM | 872540109 |  | 1528958 | 19208 | SH |  | SOLE |  | 19208 | 0 | 0 |
| Texas Instruments Inc | COM | 882508104 |  | 293910 | 1779 | SH |  | SOLE |  | 1190 | 0 | 589 |
| Thomson Reuters Corp | COM | 884903105 |  | 3114111 | 27300 | SH |  | SOLE |  | 27300 | 0 | 0 |
| Thor Industries Inc | COM | 885160101 |  | 578378 | 7662 | SH |  | SOLE |  | 7562 | 0 | 100 |
| Tyson Foods Inc Cl A | COM | 902494103 |  | 6426981 | 103245 | SH |  | SOLE |  | 99134 | 0 | 4111 |
| Unilever Plc Adr New | COM | 904767704 |  | 2473947 | 49135 | SH |  | SOLE |  | 49135 | 0 | 0 |
| United Healthcare Cor | COM | 91324P102 |  | 24109706 | 45475 | SH |  | SOLE |  | 43419 | 0 | 2056 |
| United Rentals Inc | COM | 911363109 |  | 3683573 | 10364 | SH |  | SOLE |  | 10224 | 0 | 140 |
| Vanguard Corp Bond Etf | ETF | 92206C870 |  | 700401 | 9036 | SH |  | SOLE |  | 9036 | 0 | 0 |
| Verisk Analytics Inc | COM | 92345Y106 |  | 1321386 | 7490 | SH |  | SOLE |  | 7390 | 0 | 100 |
| Verizon Communications | COM | 92343V104 |  | 1530492 | 38845 | SH |  | SOLE |  | 38845 | 0 | 0 |
| Visa Inc Cl A | COM | 92826C839 |  | 1801221 | 8670 | SH |  | SOLE |  | 8670 | 0 | 0 |
| Wal-Mart Stores Inc | COM | 931142103 |  | 9787023 | 69025 | SH |  | SOLE |  | 66255 | 0 | 2770 |
| Waste Management Inc Del | COM | 94106L109 |  | 355051 | 2263 | SH |  | SOLE |  | 2263 | 0 | 0 |
| Welltower Inc | COM | 95040Q104 |  | 3141392 | 47924 | SH |  | SOLE |  | 45246 | 0 | 2677 |
| Willis Tower Watson P F | COM | G96629103 |  | 2031726 | 8307 | SH |  | SOLE |  | 8307 | 0 | 0 |
| Workday Inc | COM | 98138H101 |  | 1371269 | 8195 | SH |  | SOLE |  | 8045 | 0 | 150 |
| Zions Bancorp | COM | 989701107 |  | 312166 | 6350 | SH |  | SOLE |  | 6350 | 0 | 0 |
| Zoetis Inc | COM | 98978V103 |  | 1671945 | 11409 | SH |  | SOLE |  | 11409 | 0 | 0 |

---