# EDGAR Filing Document

**Accession Number:** 0001206792
**File Stem:** 0001104659-23-009839
**Filing Date:** 2023-2
**Character Count:** 28863
**Document Hash:** c6596bbfe6b818e7578796052b4e8dfa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-009839.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0001104659-23-009839

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230202

**EFFECTIVENESS DATE**: 20230202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEARBORN PARTNERS LLC
- **CENTRAL INDEX KEY:** 0001206792
- **IRS NUMBER:** 364145621
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10306
- **FILM NUMBER:** 23580286

**BUSINESS ADDRESS:**
- **STREET 1:** 200 W MADISON
- **STREET 2:** SUITE 1950
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-795-1000

**MAIL ADDRESS:**
- **STREET 1:** 200 W MADISON
- **STREET 2:** SUITE 1950
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

### 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:** DEARBORN PARTNERS LLC<br>**Address:** 200 W Madison<br>Suite 1950<br>Chicago, IL 60606

**Form 13F File Number:** 028-10306

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:** Don McKinnon<br>**Title:** Chief Compliance Officer<br>**Phone:** 312-795-5348

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

/s/ Don McKinnon  Chicago, IL  02-02-2023<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:** 259

**Form 13F Information Table Value Total:** $2477648782

      (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 |
| 3M Company | COM | 88579Y101 |  | 311792 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| AFLAC Inc. | COM | 001055102 |  | 574253 | 7982 | SH |  | SOLE |  | 7982 | 0 | 0 |
| AT Inc | COM | 00206R102 |  | 1518501 | 82482 | SH |  | SOLE |  | 82482 | 0 | 0 |
| AbbVie Inc | COM | 00287Y109 |  | 49612218 | 306987 | SH |  | SOLE |  | 298067 | 0 | 8920 |
| Abbott Labs | COM | 002824100 |  | 40858351 | 372150 | SH |  | SOLE |  | 365032 | 0 | 7118 |
| Accenture PLC Cl A | COM | G1151C101 |  | 35388041 | 132619 | SH |  | SOLE |  | 129117 | 0 | 3502 |
| Advanced Micro Devices | COM | 007903107 |  | 267889 | 4136 | SH |  | SOLE |  | 4136 | 0 | 0 |
| Agree Realty Corp | COM | 008492100 |  | 385911 | 5441 | SH |  | SOLE |  | 2624 | 0 | 2817 |
| Air Products  Chemicals Inc | COM | 009158106 |  | 50024897 | 162282 | SH |  | SOLE |  | 157555 | 0 | 4727 |
| Akamai Technologies Com | COM | 00971T101 |  | 285356 | 3385 | SH |  | SOLE |  | 3385 | 0 | 0 |
| Alcon Inc | COM | H01301128 |  | 242543 | 3551 | SH |  | SOLE |  | 3551 | 0 | 0 |
| Allstate Corp | COM | 020002101 |  | 258454 | 1906 | SH |  | SOLE |  | 1906 | 0 | 0 |
| Alphabet Inc CL A | COM | 02079K305 |  | 2558846 | 29002 | SH |  | SOLE |  | 29002 | 0 | 0 |
| Alphabet Inc CL C NON Voting | COM | 02079K107 |  | 875321 | 9865 | SH |  | SOLE |  | 9865 | 0 | 0 |
| Altria Group Inc | COM | 02209S103 |  | 251176 | 5495 | SH |  | SOLE |  | 5495 | 0 | 0 |
| Amazon.com | COM | 023135106 |  | 1326612 | 15793 | SH |  | SOLE |  | 15793 | 0 | 0 |
| American Electric Power | COM | 025537101 |  | 670643 | 7063 | SH |  | SOLE |  | 7047 | 0 | 16 |
| American Express Co | COM | 025816109 |  | 290033 | 1963 | SH |  | SOLE |  | 1963 | 0 | 0 |
| American Tower Corp | COM | 03027X100 |  | 29922322 | 141236 | SH |  | SOLE |  | 137632 | 0 | 3604 |
| American Water Works Co | COM | 030420103 |  | 705927 | 4631 | SH |  | SOLE |  | 4631 | 0 | 0 |
| Amgen | COM | 031162100 |  | 1055844 | 4020 | SH |  | SOLE |  | 3711 | 0 | 309 |
| Analog Devices Inc | COM | 032654105 |  | 13649100 | 83211 | SH |  | SOLE |  | 81566 | 0 | 1645 |
| Apple Inc. | COM | 037833100 |  | 100084111 | 770293 | SH |  | SOLE |  | 751752 | 0 | 18541 |
| Ares Management Corporation | COM | 03990B101 |  | 8126887 | 118745 | SH |  | SOLE |  | 113749 | 0 | 4996 |
| Arthur J Gallagher  Co | COM | 363576109 |  | 48539681 | 257450 | SH |  | SOLE |  | 251616 | 0 | 5834 |
| Atmos Energy Corporation | COM | 049560105 |  | 42912558 | 382909 | SH |  | SOLE |  | 372929 | 0 | 9980 |
| Automatic Data Processing | COM | 053015103 |  | 76205441 | 319038 | SH |  | SOLE |  | 311138 | 0 | 7900 |
| BCE Inc. | COM | 05534B760 |  | 6943830 | 157994 | SH |  | SOLE |  | 150639 | 0 | 7355 |
| Baxter International Inc | COM | 071813109 |  | 378095 | 7418 | SH |  | SOLE |  | 7418 | 0 | 0 |
| Becton Dickinson and Co | COM | 075887109 |  | 44323747 | 174297 | SH |  | SOLE |  | 171476 | 0 | 2821 |
| Berkshire Hathaway Cl B | COM | 084670702 |  | 595559 | 1928 | SH |  | SOLE |  | 1928 | 0 | 0 |
| Black Hills Corp | COM | 092113109 |  | 397421 | 5650 | SH |  | SOLE |  | 5650 | 0 | 0 |
| Blackrock Inc | COM | 09247X101 |  | 39179038 | 55288 | SH |  | SOLE |  | 53982 | 0 | 1306 |
| Blackstone Group Inc | COM | 09260D107 |  | 1694834 | 22845 | SH |  | SOLE |  | 22845 | 0 | 0 |
| Boeing | COM | 097023105 |  | 1076893 | 5653 | SH |  | SOLE |  | 5653 | 0 | 0 |
| Bristol Myers Squibb Company | COM | 110122108 |  | 685971 | 9534 | SH |  | SOLE |  | 9534 | 0 | 0 |
| British American Tobacco PLC A | COM | 110448107 |  | 269625 | 6744 | SH |  | OTR |  | 0 | 0 | 6744 |
| Broadridge Financial Solutions | COM | 11133T103 |  | 18685246 | 139307 | SH |  | SOLE |  | 134413 | 0 | 4894 |
| Brookfield Renewable Corp | COM | 11284V105 |  | 316793 | 11503 | SH |  | SOLE |  | 11503 | 0 | 0 |
| CME Group Inc | COM | 12572Q105 |  | 284527 | 1692 | SH |  | SOLE |  | 1692 | 0 | 0 |
| CRA International Inc | COM | 12618T105 |  | 504289 | 4119 | SH |  | SOLE |  | 4119 | 0 | 0 |
| CVS Health Corp | COM | 126650100 |  | 913169 | 9799 | SH |  | SOLE |  | 8539 | 0 | 1260 |
| Cano Health Inc Com Cl A | COM | 13781Y103 |  | 16440 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| Carrier Global Corp Com | COM | 14448C104 |  | 34164624 | 828233 | SH |  | SOLE |  | 808682 | 0 | 19551 |
| Casey's General Stores Inc | COM | 147528103 |  | 37006142 | 164948 | SH |  | SOLE |  | 159752 | 0 | 5196 |
| Caterpillar Inc | COM | 149123101 |  | 12204874 | 50947 | SH |  | SOLE |  | 50947 | 0 | 0 |
| Chevron Corp | COM | 166764100 |  | 12715499 | 70842 | SH |  | SOLE |  | 70842 | 0 | 0 |
| Chubb Ltd | COM | H1467J104 |  | 429288 | 1946 | SH |  | SOLE |  | 1946 | 0 | 0 |
| Cisco Systems | COM | 17275R102 |  | 2105542 | 44197 | SH |  | SOLE |  | 37696 | 0 | 6501 |
| Clorox Co | COM | 189054109 |  | 1656876 | 11807 | SH |  | SOLE |  | 11807 | 0 | 0 |
| Coca Cola Co | COM | 191216100 |  | 7213104 | 113396 | SH |  | SOLE |  | 113396 | 0 | 0 |
| Cognizant Tech Solutions Cl A | COM | 192446102 |  | 443852 | 7761 | SH |  | SOLE |  | 7761 | 0 | 0 |
| Colgate Palmolive Co | COM | 194162103 |  | 822347 | 10437 | SH |  | SOLE |  | 9637 | 0 | 800 |
| Commerce Bancshares Inc | COM | 200525103 |  | 379626 | 5577 | SH |  | SOLE |  | 5577 | 0 | 0 |
| Costco Wholesale Corp | COM | 22160K105 |  | 35527552 | 77826 | SH |  | SOLE |  | 75916 | 0 | 1910 |
| Cummins Inc | COM | 231021106 |  | 489426 | 2020 | SH |  | SOLE |  | 2020 | 0 | 0 |
| Danaher Corp | COM | 235851102 |  | 515180 | 1941 | SH |  | SOLE |  | 1941 | 0 | 0 |
| Deere  Co | COM | 244199105 |  | 2193959 | 5117 | SH |  | SOLE |  | 3934 | 0 | 1183 |
| Diageo PLC New Spons ADR | COM | 25243Q205 |  | 171775 | 964 | SH |  | SOLE |  | 964 | 0 | 0 |
| Diageo PLC New Spons ADR | COM | 25243Q205 |  | 341234 | 1915 | SH |  | OTR |  | 0 | 0 | 1915 |
| Digital Realty Trust Inc | COM | 253868103 |  | 10876583 | 108473 | SH |  | SOLE |  | 105550 | 0 | 2923 |
| Dollar Genl Corp | COM | 256677105 |  | 37720430 | 153179 | SH |  | SOLE |  | 149323 | 0 | 3857 |
| Dollar Genl Corp | COM | 256677105 |  | 9111 | 37 | SH |  | OTR |  | 37 | 0 | 0 |
| Dominion Energy Inc | COM | 25746U109 |  | 460635 | 7512 | SH |  | SOLE |  | 7512 | 0 | 0 |
| Dow Chemical | COM | 260557103 |  | 557868 | 11071 | SH |  | SOLE |  | 11071 | 0 | 0 |
| DuPont de Nemours Inc | COM | 26614N102 |  | 318900 | 4647 | SH |  | SOLE |  | 4647 | 0 | 0 |
| Duke Energy Corp | COM | 26441C204 |  | 1033681 | 10037 | SH |  | SOLE |  | 10037 | 0 | 0 |
| EOG Resources Inc | COM | 26875P101 |  | 35822710 | 276581 | SH |  | SOLE |  | 269332 | 0 | 7248 |
| Eaton Corp PLC | COM | G29183103 |  | 657777 | 4191 | SH |  | SOLE |  | 3391 | 0 | 800 |
| Ecolab Inc | COM | 278865100 |  | 1127653 | 7747 | SH |  | SOLE |  | 7247 | 0 | 500 |
| Edwards Lifesciences Corp | COM | 28176E108 |  | 278818 | 3737 | SH |  | SOLE |  | 3737 | 0 | 0 |
| Eli Lilly  Co | COM | 532457108 |  | 1675547 | 4580 | SH |  | SOLE |  | 4580 | 0 | 0 |
| Emerson Electric Co | COM | 291011104 |  | 1099407 | 11445 | SH |  | SOLE |  | 11445 | 0 | 0 |
| Enbridge Inc. | COM | 29250N105 |  | 721942 | 18464 | SH |  | SOLE |  | 18464 | 0 | 0 |
| Enterprise Products Partners L | COM | 293792107 |  | 353132 | 14641 | SH |  | SOLE |  | 14641 | 0 | 0 |
| Equinix Inc | COM | 29444U700 |  | 27636752 | 42192 | SH |  | SOLE |  | 40881 | 0 | 1311 |
| Equitrans Midstream Corp | COM | 294600101 |  | 134657 | 20098 | SH |  | SOLE |  | 20098 | 0 | 0 |
| Essential Utilities | COM | 29670G102 |  | 311508 | 6526 | SH |  | SOLE |  | 6526 | 0 | 0 |
| Eversource Energy | COM | 30040W108 |  | 222008 | 2648 | SH |  | SOLE |  | 2648 | 0 | 0 |
| Exxon Mobil Corp | COM | 30231G102 |  | 64089038 | 581043 | SH |  | SOLE |  | 564928 | 0 | 16115 |
| Fastenal Company | COM | 311900104 |  | 32079217 | 677921 | SH |  | SOLE |  | 652520 | 0 | 25401 |
| Fidelity National Information | COM | 31620M106 |  | 1991098 | 29346 | SH |  | SOLE |  | 29221 | 0 | 125 |
| Firstservice Corp New Com | COM | 33767E202 |  | 261522 | 2134 | SH |  | SOLE |  | 2134 | 0 | 0 |
| Fiserv Inc | COM | 337738108 |  | 368501 | 3646 | SH |  | SOLE |  | 1846 | 0 | 1800 |
| GCM Grosvenor Inc | COM | 36831E108 |  | 228544 | 30032 | SH |  | SOLE |  | 30032 | 0 | 0 |
| General Dynamics Corp | COM | 369550108 |  | 18439811 | 74321 | SH |  | SOLE |  | 74312 | 0 | 9 |
| Genuine Parts Co | COM | 372460105 |  | 360582 | 2078 | SH |  | SOLE |  | 2061 | 0 | 17 |
| Gilead Sciences Incorporated | COM | 375558103 |  | 38847227 | 452501 | SH |  | SOLE |  | 432334 | 0 | 20167 |
| Glacier Bancorp Inc | COM | 37637Q105 |  | 29261442 | 592097 | SH |  | SOLE |  | 576022 | 0 | 16075 |
| Graco Inc Com | COM | 384109104 |  | 224850 | 3343 | SH |  | SOLE |  | 3343 | 0 | 0 |
| Hershey Company | COM | 427866108 |  | 3044849 | 13149 | SH |  | SOLE |  | 13149 | 0 | 0 |
| Home Depot Inc | COM | 437076102 |  | 55500160 | 175711 | SH |  | SOLE |  | 169493 | 0 | 6219 |
| Honeywell Intl Inc | COM | 438516106 |  | 1915675 | 8939 | SH |  | SOLE |  | 8939 | 0 | 0 |
| Idex Corp | COM | 45167R104 |  | 578360 | 2533 | SH |  | SOLE |  | 1733 | 0 | 800 |
| Idexx Labs Inc | COM | 45168D104 |  | 599701 | 1470 | SH |  | SOLE |  | 470 | 0 | 1000 |
| Illinois Tool Works Inc | COM | 452308109 |  | 59129318 | 268404 | SH |  | SOLE |  | 262235 | 0 | 6169 |
| India Globalization Capital In | COM | 45408X308 |  | 42753 | 134401 | SH |  | SOLE |  | 134401 | 0 | 0 |
| Insulet Corp | COM | 45784P101 |  | 294390 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| Intel Corp | COM | 458140100 |  | 578881 | 21902 | SH |  | SOLE |  | 20158 | 0 | 1744 |
| International Business Machine | COM | 459200101 |  | 10190459 | 72329 | SH |  | SOLE |  | 68139 | 0 | 4191 |
| Intuit | COM | 461202103 |  | 29325095 | 75343 | SH |  | SOLE |  | 73603 | 0 | 1741 |
| Intuitive Surgical Inc | COM | 46120E602 |  | 265615 | 1001 | SH |  | SOLE |  | 1001 | 0 | 0 |
| J M Smucker Company New | COM | 832696405 |  | 619349 | 3909 | SH |  | SOLE |  | 3909 | 0 | 0 |
| J P Morgan Chase  Co | COM | 46625H100 |  | 14551366 | 108511 | SH |  | SOLE |  | 108511 | 0 | 0 |
| Jack Henry  Assoc Inc Com | COM | 426281101 |  | 30651932 | 174595 | SH |  | SOLE |  | 170201 | 0 | 4394 |
| Jazz Pharmaceuticals Plc | COM | G50871105 |  | 204395 | 1283 | SH |  | SOLE |  | 1283 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 28491509 | 161288 | SH |  | SOLE |  | 158592 | 0 | 2696 |
| Johnson  Johnson | COM | 478160104 |  | 30914 | 175 | SH |  | OTR |  | 175 | 0 | 0 |
| Kellogg Company | COM | 487836108 |  | 565403 | 7937 | SH |  | SOLE |  | 4671 | 0 | 3266 |
| Kimberly Clark Corp | COM | 494368103 |  | 32847082 | 241967 | SH |  | SOLE |  | 233255 | 0 | 8712 |
| Kimberly Clark Corp | COM | 494368103 |  | 5430 | 40 | SH |  | OTR |  | 40 | 0 | 0 |
| Kinder Morgan Inc | COM | 49456B101 |  | 267999 | 14823 | SH |  | SOLE |  | 14823 | 0 | 0 |
| L3Harris Technologies Inc Com | COM | 502431109 |  | 323350 | 1553 | SH |  | SOLE |  | 1553 | 0 | 0 |
| Lancaster Colony Corp | COM | 513847103 |  | 1201990 | 6092 | SH |  | SOLE |  | 4041 | 0 | 2051 |
| Linde PLC | COM | G5494J103 |  | 10901914 | 33423 | SH |  | SOLE |  | 33423 | 0 | 0 |
| Lockheed Martin Corp | COM | 539830109 |  | 1503362 | 3090 | SH |  | SOLE |  | 2790 | 0 | 300 |
| Lowes Cos Inc | COM | 548661107 |  | 1750722 | 8787 | SH |  | SOLE |  | 8087 | 0 | 700 |
| Lowes Cos Inc | COM | 548661107 |  | 84677 | 425 | SH |  | OTR |  | 425 | 0 | 0 |
| LyondellBasell Industries NV | COM | N53745100 |  | 286454 | 3450 | SH |  | SOLE |  | 3450 | 0 | 0 |
| M  T Bank Corp | COM | 55261F104 |  | 229931 | 1585 | SH |  | SOLE |  | 1571 | 0 | 14 |
| M D C Hldgs Inc | COM | 552676108 |  | 623784 | 19740 | SH |  | SOLE |  | 19740 | 0 | 0 |
| Magellan Midstream Partners L | COM | 559080106 |  | 445363 | 8870 | SH |  | SOLE |  | 8870 | 0 | 0 |
| Main Street Capital Corp | COM | 56035L104 |  | 1355630 | 36688 | SH |  | SOLE |  | 20661 | 0 | 16027 |
| Mastercard Inc | COM | 57636Q104 |  | 34787696 | 100042 | SH |  | SOLE |  | 97871 | 0 | 2172 |
| McCormick  Company Inc | COM | 579780107 |  | 41860002 | 505007 | SH |  | SOLE |  | 490782 | 0 | 14225 |
| McDonalds Corp | COM | 580135101 |  | 65411003 | 248211 | SH |  | SOLE |  | 241665 | 0 | 6546 |
| Medtronic PLC | COM | G5960L103 |  | 1028841 | 13238 | SH |  | SOLE |  | 9732 | 0 | 3506 |
| Merck  Co Inc | COM | 58933Y105 |  | 56342367 | 507818 | SH |  | SOLE |  | 491181 | 0 | 16637 |
| Microsoft Corp | COM | 594918104 |  | 63102296 | 263124 | SH |  | SOLE |  | 258356 | 0 | 4767 |
| Mondelez International Inc A | COM | 609207105 |  | 34247969 | 513848 | SH |  | SOLE |  | 496517 | 0 | 17331 |
| Morningstar Inc. | COM | 617700109 |  | 235000 | 1085 | SH |  | SOLE |  | 1085 | 0 | 0 |
| NASDAQ Inc. | COM | 631103108 |  | 34865766 | 568309 | SH |  | SOLE |  | 554904 | 0 | 13405 |
| National Grid PLC - SPONS ADR | COM | 636274409 |  | 253284 | 4199 | SH |  | OTR |  | 0 | 0 | 4199 |
| Netflix Inc Com | COM | 64110L106 |  | 250648 | 850 | SH |  | SOLE |  | 850 | 0 | 0 |
| NextEra Energy Inc | COM | 65339F101 |  | 74839305 | 895207 | SH |  | SOLE |  | 875071 | 0 | 20136 |
| Nextera Energy Part LP | COM | 65341B106 |  | 1440139 | 20547 | SH |  | SOLE |  | 19777 | 0 | 770 |
| Nike Inc Class B | COM | 654106103 |  | 1813015 | 15495 | SH |  | SOLE |  | 15495 | 0 | 0 |
| Norfolk Southern Corp | COM | 655844108 |  | 1326112 | 5382 | SH |  | SOLE |  | 5382 | 0 | 0 |
| Northern Trust | COM | 665859104 |  | 1745259 | 19723 | SH |  | SOLE |  | 19523 | 0 | 200 |
| Northrop Grumman Corp | COM | 666807102 |  | 356881 | 654 | SH |  | SOLE |  | 654 | 0 | 0 |
| Novartis AG ADR | COM | 66987V109 |  | 5393032 | 59447 | SH |  | SOLE |  | 59447 | 0 | 0 |
| Novartis AG ADR | COM | 66987V109 |  | 330765 | 3646 | SH |  | OTR |  | 0 | 0 | 3646 |
| Nvidia Corp | COM | 67066G104 |  | 431056 | 2950 | SH |  | SOLE |  | 2950 | 0 | 0 |
| O'Reilly Automotive Inc | COM | 67103H107 |  | 338456 | 401 | SH |  | SOLE |  | 401 | 0 | 0 |
| ONE Gas Inc | COM | 68235P108 |  | 589980 | 7792 | SH |  | SOLE |  | 4616 | 0 | 3176 |
| Oneok Inc | COM | 682680103 |  | 8505816 | 129464 | SH |  | SOLE |  | 119566 | 0 | 9899 |
| Oracle Corp | COM | 68389X105 |  | 254457 | 3113 | SH |  | SOLE |  | 3113 | 0 | 0 |
| Otis Worldwide Corp Com | COM | 68902V107 |  | 1423441 | 18177 | SH |  | SOLE |  | 18177 | 0 | 0 |
| PPG Industries Inc | COM | 693506107 |  | 925069 | 7357 | SH |  | SOLE |  | 7357 | 0 | 0 |
| Parker Hannifin Corp | COM | 701094104 |  | 620703 | 2133 | SH |  | SOLE |  | 2133 | 0 | 0 |
| PayChex Inc | COM | 704326107 |  | 1529353 | 13234 | SH |  | SOLE |  | 9132 | 0 | 4103 |
| PepsiCo Inc | COM | 713448108 |  | 14752175 | 81657 | SH |  | SOLE |  | 81623 | 0 | 34 |
| Pfizer | COM | 717081103 |  | 1765770 | 34461 | SH |  | SOLE |  | 34461 | 0 | 0 |
| Philip Morris International | COM | 718172109 |  | 466781 | 4612 | SH |  | SOLE |  | 4612 | 0 | 0 |
| Phillips 66 | COM | 718546104 |  | 780872 | 7503 | SH |  | SOLE |  | 7503 | 0 | 0 |
| Phillips 66 | COM | 718546104 |  | 6557 | 63 | SH |  | OTR |  | 63 | 0 | 0 |
| Pool Corporation | COM | 73278L105 |  | 27132452 | 89744 | SH |  | SOLE |  | 87631 | 0 | 2113 |
| Procter  Gamble Co | COM | 742718109 |  | 10803142 | 71280 | SH |  | SOLE |  | 71264 | 0 | 16 |
| Progressive Corp Ohio Com | COM | 743315103 |  | 860574 | 6635 | SH |  | SOLE |  | 3887 | 0 | 2748 |
| Qualcomm Inc | COM | 747525103 |  | 38909562 | 353916 | SH |  | SOLE |  | 343450 | 0 | 10467 |
| RPM Intl Inc | COM | 749685103 |  | 10055281 | 103184 | SH |  | SOLE |  | 103184 | 0 | 0 |
| Raytheon Technologies Com | COM | 75513E101 |  | 8228523 | 81535 | SH |  | SOLE |  | 81135 | 0 | 400 |
| Realty Income Corporation | COM | 756109104 |  | 7502405 | 118278 | SH |  | SOLE |  | 112335 | 0 | 5944 |
| Reliance Steel  Aluminum Co | COM | 759509102 |  | 21323613 | 105333 | SH |  | SOLE |  | 105333 | 0 | 0 |
| Republic Services Inc | COM | 760759100 |  | 50436143 | 391008 | SH |  | SOLE |  | 379694 | 0 | 11314 |
| Republic Services Inc | COM | 760759100 |  | 12641 | 98 | SH |  | OTR |  | 98 | 0 | 0 |
| Resmed Inc | COM | 761152107 |  | 316358 | 1520 | SH |  | SOLE |  | 520 | 0 | 1000 |
| Rockwell Automation Inc. | COM | 773903109 |  | 515655 | 2002 | SH |  | SOLE |  | 2002 | 0 | 0 |
| S Global Inc | COM | 78409V104 |  | 33469875 | 99928 | SH |  | SOLE |  | 97368 | 0 | 2560 |
| STOCK YDS BANCORP INC COM | COM | 861025104 |  | 649800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| Salesforce.com Inc | COM | 79466L302 |  | 887955 | 6697 | SH |  | SOLE |  | 6697 | 0 | 0 |
| Sanofi-Aventis ADR | COM | 80105N105 |  | 306562 | 6330 | SH |  | OTR |  | 0 | 0 | 6330 |
| Shell plc | COM | 780259305 |  | 443672 | 7791 | SH |  | SOLE |  | 7791 | 0 | 0 |
| Shell plc | COM | 780259305 |  | 477013 | 8376 | SH |  | OTR |  | 0 | 0 | 8376 |
| Sherwin Williams Co | COM | 824348106 |  | 33982375 | 143186 | SH |  | SOLE |  | 138514 | 0 | 4672 |
| Simon Property Group | COM | 828806109 |  | 575887 | 4902 | SH |  | SOLE |  | 4902 | 0 | 0 |
| Sixth Street Specialty Lending | COM | 83012A109 |  | 1148499 | 64522 | SH |  | SOLE |  | 37922 | 0 | 26600 |
| Skyworks Solutions | COM | 83088M102 |  | 214338 | 2352 | SH |  | SOLE |  | 2352 | 0 | 0 |
| Snap On | COM | 833034101 |  | 43085697 | 188567 | SH |  | SOLE |  | 182880 | 0 | 5687 |
| Southern Co | COM | 842587107 |  | 3061553 | 42873 | SH |  | SOLE |  | 42854 | 0 | 19 |
| Stag Industrial Inc | COM | 85254J102 |  | 603058 | 18665 | SH |  | SOLE |  | 9405 | 0 | 9260 |
| Starbucks Corporation | COM | 855244109 |  | 5811556 | 58584 | SH |  | SOLE |  | 58584 | 0 | 0 |
| Stellantis N.V. Shs | COM | N82405106 |  | 19880 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| Stellantis N.V. Shs | COM | N82405106 |  | 251723 | 17727 | SH |  | OTR |  | 0 | 0 | 17727 |
| Steris PLC | COM | G8473T100 |  | 32416269 | 175517 | SH |  | SOLE |  | 171483 | 0 | 4034 |
| Store Capital Corp | COM | 862121100 |  | 928522 | 28962 | SH |  | SOLE |  | 28962 | 0 | 0 |
| Stryker Corp | COM | 863667101 |  | 28010133 | 114566 | SH |  | SOLE |  | 110762 | 0 | 3804 |
| Surgalign Holdings Inc Com New | COM | 86882C204 |  | 33165 | 16666 | SH |  | SOLE |  | 16666 | 0 | 0 |
| Sysco Corporation | COM | 871829107 |  | 244181 | 3194 | SH |  | SOLE |  | 2394 | 0 | 800 |
| T Rowe Price Group Inc | COM | 74144T108 |  | 6313943 | 57894 | SH |  | SOLE |  | 54794 | 0 | 3100 |
| Target Corporation | COM | 87612E106 |  | 1064660 | 7143 | SH |  | SOLE |  | 7143 | 0 | 0 |
| Tesla Motors Inc | COM | 88160R101 |  | 252765 | 2052 | SH |  | SOLE |  | 2052 | 0 | 0 |
| Tesla Motors Inc | COM | 88160R101 |  | 36461 | 296 | SH |  | OTR |  | 0 | 0 | 296 |
| Texas Instruments Corp | COM | 882508104 |  | 259065 | 1568 | SH |  | SOLE |  | 1568 | 0 | 0 |
| Thermo Fisher Scientific Inc | COM | 883556102 |  | 474695 | 862 | SH |  | SOLE |  | 862 | 0 | 0 |
| Thomson Reuters | COM | 884903709 |  | 387952 | 3401 | SH |  | SOLE |  | 3401 | 0 | 0 |
| Toro Co | COM | 891092108 |  | 439782 | 3885 | SH |  | SOLE |  | 3885 | 0 | 0 |
| Tractor Supply Company | COM | 892356106 |  | 50704896 | 225385 | SH |  | SOLE |  | 217253 | 0 | 8132 |
| Travelers Cos Inc | COM | 89417E109 |  | 236424 | 1261 | SH |  | SOLE |  | 1261 | 0 | 0 |
| U. S. Bancorp | COM | 902973304 |  | 1536204 | 35226 | SH |  | SOLE |  | 30003 | 0 | 5222 |
| U. S. Bancorp | COM | 902973304 |  | 13083 | 300 | SH |  | OTR |  | 300 | 0 | 0 |
| Uber Technologies Inc | COM | 90353T100 |  | 499051 | 20180 | SH |  | SOLE |  | 20180 | 0 | 0 |
| Unilever PLC ADR Spon | COM | 904767704 |  | 469816 | 9331 | SH |  | SOLE |  | 9331 | 0 | 0 |
| Unilever PLC ADR Spon | COM | 904767704 |  | 256533 | 5095 | SH |  | OTR |  | 0 | 0 | 5095 |
| Union Pacific Corp | COM | 907818108 |  | 47709448 | 230403 | SH |  | SOLE |  | 225789 | 0 | 4614 |
| United Parcel Service Inc Cl B | COM | 911312106 |  | 30184363 | 173633 | SH |  | SOLE |  | 169183 | 0 | 4450 |
| Unitedhealth Group Inc | COM | 91324P102 |  | 419903 | 792 | SH |  | SOLE |  | 792 | 0 | 0 |
| Verisk Analytics Inc | COM | 92345Y106 |  | 482332 | 2734 | SH |  | SOLE |  | 2734 | 0 | 0 |
| Verizon Communications | COM | 92343V104 |  | 30586579 | 776309 | SH |  | SOLE |  | 744514 | 0 | 31795 |
| Visa Inc Cl A | COM | 92826C839 |  | 3322345 | 15991 | SH |  | SOLE |  | 15991 | 0 | 0 |
| Vodafone Group PLC | COM | 92857W308 |  | 17386 | 1718 | SH |  | SOLE |  | 1718 | 0 | 0 |
| Vodafone Group PLC | COM | 92857W308 |  | 172212 | 17017 | SH |  | OTR |  | 0 | 0 | 17017 |
| WEC Energy Group Inc | COM | 92939U106 |  | 41825928 | 446096 | SH |  | SOLE |  | 431424 | 0 | 14671 |
| Wal-Mart Stores | COM | 931142103 |  | 2448236 | 17267 | SH |  | SOLE |  | 15744 | 0 | 1522 |
| Walgreen Boots Alliance Inc | COM | 931427108 |  | 1296160 | 34694 | SH |  | SOLE |  | 34694 | 0 | 0 |
| Walt Disney Co | COM | 254687106 |  | 630749 | 7260 | SH |  | SOLE |  | 6560 | 0 | 700 |
| Watsco Inc. | COM | 942622200 |  | 43043757 | 172589 | SH |  | SOLE |  | 165659 | 0 | 6930 |
| Welltower Inc | COM | 95040Q104 |  | 253285 | 3864 | SH |  | SOLE |  | 3864 | 0 | 0 |
| Williams Cos Inc | COM | 969457100 |  | 666919 | 20271 | SH |  | SOLE |  | 12246 | 0 | 8025 |
| Xcel Energy Inc | COM | 98389B100 |  | 1021222 | 14566 | SH |  | SOLE |  | 14566 | 0 | 0 |
| Zebra Technologies Corp. Cl A | COM | 989207105 |  | 329487 | 1285 | SH |  | SOLE |  | 685 | 0 | 600 |
| Becton Dickinson  Co 6 percent Dp Co | CONV PFD | 075887406 |  | 225360 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| Alerian MLP ETF | ETF | 00162Q452 |  | 1262896 | 33173 | SH |  | SOLE |  | 33173 | 0 | 0 |
| Consumer Staples Select Sector | ETF | 81369y308 |  | 277475 | 3722 | SH |  | SOLE |  | 3722 | 0 | 0 |
| Flexshares Tr Real Asst IDX | ETF | 33939L738 |  | 230563 | 7688 | SH |  | SOLE |  | 7688 | 0 | 0 |
| Health Care Select Sector SPDR | ETF | 81369Y209 |  | 249828 | 1839 | SH |  | SOLE |  | 1839 | 0 | 0 |
| IShares Core S Mid-Cap ETF | ETF | 464287507 |  | 456318 | 1886 | SH |  | SOLE |  | 1886 | 0 | 0 |
| IShares MSCI EAFE Index Fd | ETF | 464287465 |  | 268927 | 4097 | SH |  | SOLE |  | 4097 | 0 | 0 |
| IShares NASDAQ Biotech Index F | ETF | 464287556 |  | 760001 | 5789 | SH |  | SOLE |  | 5789 | 0 | 0 |
| IShares Russell 2000 Indx Fd | ETF | 464287655 |  | 218647 | 1254 | SH |  | SOLE |  | 1254 | 0 | 0 |
| IShares S Mid Cap 400/Barra | ETF | 464287606 |  | 831454 | 12174 | SH |  | SOLE |  | 12174 | 0 | 0 |
| IShares Tr MSCI Emerging Mkts | ETF | 464287234 |  | 257531 | 6795 | SH |  | SOLE |  | 6795 | 0 | 0 |
| Invesco QQQ Trust Series 1 | ETF | 46090E103 |  | 1156070 | 4342 | SH |  | SOLE |  | 4342 | 0 | 0 |
| S  P Depository Receipts SPDR | ETF | 78462f103 |  | 7072157 | 18493 | SH |  | SOLE |  | 18168 | 0 | 325 |
| SPDR Gold Trust | ETF | 78463V107 |  | 326557 | 1925 | SH |  | SOLE |  | 1925 | 0 | 0 |
| VanEck Vectors Semiconductor E | ETF | 92189F676 |  | 269504 | 1328 | SH |  | SOLE |  | 1328 | 0 | 0 |
| Vanguard Dividend Appreciation | ETF | 921908844 |  | 269382 | 1774 | SH |  | SOLE |  | 1774 | 0 | 0 |
| Vanguard Mid-Cap ETF | ETF | 922908629 |  | 208090 | 1021 | SH |  | SOLE |  | 1021 | 0 | 0 |
| Vanguard Mid-Cap Growth Index | ETF | 922908538 |  | 348555 | 1939 | SH |  | SOLE |  | 1939 | 0 | 0 |
| Vanguard S 500 ETF | ETF | 922908363 |  | 280145 | 797 | SH |  | SOLE |  | 797 | 0 | 0 |
| Vanguard Ttl Stk Mkt ETF | ETF | 922908769 |  | 614107 | 3212 | SH |  | SOLE |  | 3212 | 0 | 0 |
| ISHARES TR CORE 1 5 YR USD | ETF | 46432F859 |  | 495121 | 10662 | SH |  | SOLE |  | 5911 | 0 | 4751 |
| IShares Barclarys Int Cr Bond | ETF | 464288638 |  | 1925105 | 38883 | SH |  | SOLE |  | 18775 | 0 | 20108 |
| IShares Barclays Aggregate Bon | ETF | 464287226 |  | 901954 | 9299 | SH |  | SOLE |  | 5857 | 0 | 3442 |
| IShares Barclays Tips Bond Ind | ETF | 464287176 |  | 285472 | 2682 | SH |  | SOLE |  | 2682 | 0 | 0 |
| IShares Short-Term Corporate B | ETF | 464288646 |  | 202767 | 4070 | SH |  | SOLE |  | 4070 | 0 | 0 |
| Invesco Financial Pfd Portfoli | ETF | 46137V621 |  | 311270 | 21616 | SH |  | SOLE |  | 21616 | 0 | 0 |
| Invesco Fundamental HY Corp Bo | ETF | 46138e719 |  | 1065216 | 62221 | SH |  | SOLE |  | 31098 | 0 | 31123 |
| Invesco Variable Rate Pref Por | ETF | 46138G870 |  | 578541 | 25839 | SH |  | SOLE |  | 16804 | 0 | 9036 |
| Princpal Spectrum Preferred Se | ETF | 74255Y888 |  | 2037935 | 119108 | SH |  | SOLE |  | 59518 | 0 | 59590 |
| Vanguard Interm. Term Corp. Bo | ETF | 92206c870 |  | 2201452 | 28402 | SH |  | SOLE |  | 15564 | 0 | 12838 |
| Vanguard Intermediate Term Bon | ETF | 921937819 |  | 271565 | 3654 | SH |  | SOLE |  | 3654 | 0 | 0 |
| Vanguard Long-Term Corp Bond E | ETF | 92206C813 |  | 890456 | 11761 | SH |  | SOLE |  | 7174 | 0 | 4587 |
| Vanguard Mortgage-Business Sec | ETF | 92206c771 |  | 239845 | 5269 | SH |  | SOLE |  | 5269 | 0 | 0 |
| Vanguard Scottsdale Fd Short T | ETF | 92206C102 |  | 572365 | 9899 | SH |  | SOLE |  | 4147 | 0 | 5752 |
| Vanguard Short-Term Bond ETF | ETF | 921937827 |  | 255049 | 3388 | SH |  | SOLE |  | 3388 | 0 | 0 |
| Vanguard Short-Term Corporate | ETF | 92206c409 |  | 262303 | 3489 | SH |  | SOLE |  | 3489 | 0 | 0 |
| Western Asset Inter Muni Com | ETF | 958435109 |  | 79695 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| iShares U.S. Treasury Bond ETF | ETF | 46429B267 |  | 267687 | 11782 | SH |  | SOLE |  | 11782 | 0 | 0 |

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