Callahan Capital Management is registered with the SEC as an Investment Adviser as of April 17, 2017. The firm’s principal place of business is located in Steamboat Springs, CO, with one branch location located in Centennial, CO. Callahan Capital Management was incorporated in Colorado and began conducting advisory business in 1995. Listed below are the firm's principal shareholders (i.e., those individuals and/or entities controlling 25% or more of this company):
• DAVID BRUCE SHEPARD, PRESIDENT Callahan Capital Management offers the following advisory services to our clients: INDIVIDUAL PORTFOLIO MANAGEMENT Our firm provides continuous asset management of client funds based, as noted on Form ADV Part 1, 5F, on the individual needs of the client. Through personal discussions in which goals and objectives based on the client's particular circumstances are established, we develop the client's personal investment policy. We create and manage a portfolio based on that policy. During our data- gathering process, we determine the client’s individual objectives, time horizons, risk tolerance, and liquidity needs. If a financial plan is requested by an advisory client, all of the previously mentioned data will be taken into consideration as well as any specific needs a client may have developed or may be a future part of the client’s financial need or objectives. As appropriate, we may also review and discuss a client’s prior investment history, as well as family composition and background. We manage these advisory accounts on a discretionary or non-discretionary basis. Account supervision is guided by the client's stated objectives (i.e., maximum capital appreciation, growth, income, or growth and income), as well as tax considerations. Clients may impose reasonable restrictions on investing in certain securities, types of securities, or industry sectors. Once the client's portfolio has been established, we review the portfolio quarterly, and if necessary, rebalance the portfolio periodically, based

on the client's individual needs. Our investment recommendations are not limited to any specific product or service offered by a broker-dealer or insurance company and will generally include advice regarding the following securities:
• Exchange-listed securities
• Securities traded over-the-counter
• Foreign issuers
• Warrants
• Corporate debt securities (other than commercial paper)
• Municipal securities
• Variable life insurance
• Variable annuities
• Mutual fund shares
• Interests in partnerships investing in real estate. Because some types of investments involve certain additional degrees of risk, they will only be implemented or recommended when consistent with the client's stated investment objectives, tolerance for risk, liquidity and suitability. Callahan Capital Management utilizes MoneyGuidePro financial planning software for existing clients when requested. The company or the investment advisers do not receive any additional compensation for this service. The client is under no obligation to act upon the adviser's recommendation and if the client elects to act on any of the recommendations, the client is under no obligation to affect the transaction through Callahan Capital Management. MoneyGuidePro is an additional tool that may or may not be used in the building of a comprehensive personalized investment recommendation. From time to time, Callahan Capital Management may offer educational seminars/workshops to clients and prospects. The adviser may charge an admission fee of no more than $30 from each attendee or couple. Attendees are under no obligation to act on any recommendation and are under no obligation to affect any recommendation through Callahan Capital Management. AMOUNT OF MANAGED ASSETS As of 12/31/2023, the firm was actively managing $ 179,561,687 for 1,362 discretionary accounts, and $10,679 for 1 non- discretionary account. Total assets under management, $179,572,366.