<SEC-DOCUMENT>0001144204-16-131949.txt : 20161107
<SEC-HEADER>0001144204-16-131949.hdr.sgml : 20161107
<ACCEPTANCE-DATETIME>20161107115849
ACCESSION NUMBER:		0001144204-16-131949
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160930
FILED AS OF DATE:		20161107
DATE AS OF CHANGE:		20161107
EFFECTIVENESS DATE:		20161107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CINCINNATI FINANCIAL CORP
		CENTRAL INDEX KEY:			0000020286
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				310746871
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-10798
		FILM NUMBER:		161977163

	BUSINESS ADDRESS:	
		STREET 1:		6200 S GILMORE RD
		CITY:			FAIRFIELD
		STATE:			OH
		ZIP:			45014
		BUSINESS PHONE:		5138702000

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 145496
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45250
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xsi:schemaLocation="http://www.sec.gov/edgar/thirteenffiler eis_13F_Filer.xsd" xmlns="http://www.sec.gov/edgar/thirteenffiler" xmlns:ns1="http://www.sec.gov/edgar/common" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0000020286</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>09-30-2016</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>09-30-2016</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
      <filingManager>
        <name>CINCINNATI FINANCIAL CORP</name>
        <address>
          <ns1:street1>P.o. Box 145496</ns1:street1>
          <ns1:city>Cincinnati</ns1:city>
          <ns1:stateOrCountry>OH</ns1:stateOrCountry>
          <ns1:zipCode>45250</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F COMBINATION REPORT</reportType>
      <form13FFileNumber>028-10798</form13FFileNumber>
      <otherManagersInfo>
        <otherManager>
          <cik>0001279885</cik>
          <form13FFileNumber>028-10753</form13FFileNumber>
          <name>CINCINNATI INSURANCE CO</name>
        </otherManager>
        <otherManager>
          <cik>0001279887</cik>
          <form13FFileNumber>028-10754</form13FFileNumber>
          <name>CINCINNATI LIFE INSURANCE CO</name>
        </otherManager>
        <otherManager>
          <cik>0001279888</cik>
          <form13FFileNumber>028-10755</form13FFileNumber>
          <name>CINCINNATI CASUALTY CO</name>
        </otherManager>
        <otherManager>
          <cik>0001279886</cik>
          <form13FFileNumber>028-10756</form13FFileNumber>
          <name>CINCINNATI INDEMNITY CO</name>
        </otherManager>
        <otherManager>
          <cik>0001426763</cik>
          <form13FFileNumber>028-12741</form13FFileNumber>
          <name>Cincinnati Specialty Underwriters Insurance CO</name>
        </otherManager>
        <otherManager>
          <cik>0001534469</cik>
          <form13FFileNumber>028-14579</form13FFileNumber>
          <name>CSU Producer Resources, Inc.</name>
        </otherManager>
      </otherManagersInfo>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Martin F. Hollenbeck</name>
      <title>Chief Investment Officer</title>
      <phone>513-870-2000</phone>
      <signature>/s/ Martin F. Hollenbeck</signature>
      <city>Fairfield</city>
      <stateOrCountry>OH</stateOrCountry>
      <signatureDate>11-07-2016</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>47</tableEntryTotal>
      <tableValueTotal>1801780</tableValueTotal>
    </summaryPage>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
<FILENAME>infotable.xml
<TEXT>
<XML>
<?xml version="1.0" ?>
<informationTable xsi:schemaLocation="http://www.sec.gov/edgar/document/thirteenf/informationtable eis_13FDocument.xsd" xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable" xmlns:n1="http://www.sec.gov/edgar/document/thirteenf/informationtable" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <infoTable>
    <nameOfIssuer>3M CO</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>88579Y101</cusip>
    <value>33307</value>
    <shrsOrPrnAmt>
      <sshPrnamt>189000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>189000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ABBOTT LABORATORIES</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>002824100</cusip>
    <value>10057</value>
    <shrsOrPrnAmt>
      <sshPrnamt>237800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>237800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ABBVIE INC</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>00287Y109</cusip>
    <value>21557</value>
    <shrsOrPrnAmt>
      <sshPrnamt>341800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>341800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ACCENTURE PLC-CL A</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>G1151C101</cusip>
    <value>38484</value>
    <shrsOrPrnAmt>
      <sshPrnamt>315000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>315000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>APPLE INC</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>037833100</cusip>
    <value>132155</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1169000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1169000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AT&amp;T INC</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>00206R102</cusip>
    <value>21605</value>
    <shrsOrPrnAmt>
      <sshPrnamt>532000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>532000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BLACKROCK INC</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>09247X101</cusip>
    <value>12686</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>35000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CARDINAL HEALTH INC</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>14149Y108</cusip>
    <value>46270</value>
    <shrsOrPrnAmt>
      <sshPrnamt>595500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>595500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHEVRON CORP</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>166764100</cusip>
    <value>20481</value>
    <shrsOrPrnAmt>
      <sshPrnamt>199000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>199000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHUBB LTD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>H1467J104</cusip>
    <value>30521</value>
    <shrsOrPrnAmt>
      <sshPrnamt>242902</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>242902</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CISCO SYSTEMS INC</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>17275R102</cusip>
    <value>75636</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2384500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2384500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CME GROUP INC</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>12572Q105</cusip>
    <value>101907</value>
    <shrsOrPrnAmt>
      <sshPrnamt>975000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>975000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>20825C104</cusip>
    <value>11389</value>
    <shrsOrPrnAmt>
      <sshPrnamt>262000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>262000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CUMMINS INC</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>231021106</cusip>
    <value>2179</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DOVER CORP</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>260003108</cusip>
    <value>58676</value>
    <shrsOrPrnAmt>
      <sshPrnamt>796800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>796800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DUKE ENERGY CORP</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>26441C204</cusip>
    <value>4162</value>
    <shrsOrPrnAmt>
      <sshPrnamt>52000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>52000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GENERAL ELECTRIC CO</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>369604103</cusip>
    <value>77050</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2601293</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2601293</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GENERAL MILLS INC</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>370334104</cusip>
    <value>34112</value>
    <shrsOrPrnAmt>
      <sshPrnamt>534000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>534000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GENUINE PARTS CO</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>372460105</cusip>
    <value>82670</value>
    <shrsOrPrnAmt>
      <sshPrnamt>823000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>823000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GILEAD SCIENCES INC</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>375558103</cusip>
    <value>22747</value>
    <shrsOrPrnAmt>
      <sshPrnamt>287500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>287500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HASBRO INC</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>418056107</cusip>
    <value>21705</value>
    <shrsOrPrnAmt>
      <sshPrnamt>273600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>273600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HONEYWELL INTERNATIONAL INC</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>438516106</cusip>
    <value>110469</value>
    <shrsOrPrnAmt>
      <sshPrnamt>947500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>947500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INTL BUSINESS MACHINES CORP</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>459200101</cusip>
    <value>35026</value>
    <shrsOrPrnAmt>
      <sshPrnamt>220500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>220500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>478160104</cusip>
    <value>23626</value>
    <shrsOrPrnAmt>
      <sshPrnamt>200000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>200000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JP MORGAN CHASE</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>46625H100</cusip>
    <value>3995</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>60000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LINEAR TECHNOLOGY CORP</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>535678106</cusip>
    <value>48570</value>
    <shrsOrPrnAmt>
      <sshPrnamt>819200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>819200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LYONDELLBASELL</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>N53745100</cusip>
    <value>4033</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MCDONALD'S CORP</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>580135101</cusip>
    <value>51640</value>
    <shrsOrPrnAmt>
      <sshPrnamt>447638</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>447638</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>594918104</cusip>
    <value>53280</value>
    <shrsOrPrnAmt>
      <sshPrnamt>925000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>925000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NORFOLK SOUTHERN CORP</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>655844108</cusip>
    <value>57041</value>
    <shrsOrPrnAmt>
      <sshPrnamt>587687</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>587687</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PEPSICO INC</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>713448108</cusip>
    <value>12998</value>
    <shrsOrPrnAmt>
      <sshPrnamt>119500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>119500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PFIZER INC</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>717081103</cusip>
    <value>13345</value>
    <shrsOrPrnAmt>
      <sshPrnamt>394000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>394000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PHILIP MORRIS INTERNATIONAL</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>718172109</cusip>
    <value>80261</value>
    <shrsOrPrnAmt>
      <sshPrnamt>825562</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>825562</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PNC FINANCIAL SERVICES GROUP</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>693475105</cusip>
    <value>42613</value>
    <shrsOrPrnAmt>
      <sshPrnamt>473000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>473000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POLARIS INDUSTRIES INC</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>731068102</cusip>
    <value>27878</value>
    <shrsOrPrnAmt>
      <sshPrnamt>360000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>360000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PRAXAIR INC</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>74005P104</cusip>
    <value>13654</value>
    <shrsOrPrnAmt>
      <sshPrnamt>113000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>113000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROCTER &amp; GAMBLE CO/THE</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>742718109</cusip>
    <value>4479</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>49900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QUALCOMM INC</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>747525103</cusip>
    <value>54971</value>
    <shrsOrPrnAmt>
      <sshPrnamt>802500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>802500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RPM INTERNATIONAL INC</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>749685103</cusip>
    <value>44304</value>
    <shrsOrPrnAmt>
      <sshPrnamt>824725</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>824725</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPECTRA ENERGY CORP</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>847560109</cusip>
    <value>12748</value>
    <shrsOrPrnAmt>
      <sshPrnamt>298200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>298200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>THE WALT DISNEY CO.</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>254687106</cusip>
    <value>37794</value>
    <shrsOrPrnAmt>
      <sshPrnamt>407000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>407000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UNITED TECHNOLOGIES CORP</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>913017109</cusip>
    <value>2134</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UNITEDHEALTH GROUP INC</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>91324P102</cusip>
    <value>65635</value>
    <shrsOrPrnAmt>
      <sshPrnamt>468822</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>468822</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>US BANCORP</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>902973304</cusip>
    <value>5790</value>
    <shrsOrPrnAmt>
      <sshPrnamt>135000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>135000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VERIZON COMMUNICATIONS INC</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>92343V104</cusip>
    <value>25299</value>
    <shrsOrPrnAmt>
      <sshPrnamt>486700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>486700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VF CORP</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>918204108</cusip>
    <value>57419</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1024420</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1024420</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WAL-MART STORES INC</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>931142103</cusip>
    <value>53422</value>
    <shrsOrPrnAmt>
      <sshPrnamt>740738</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>740738</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
