<SEC-DOCUMENT>0001104659-19-059901.txt : 20191105
<SEC-HEADER>0001104659-19-059901.hdr.sgml : 20191105
<ACCEPTANCE-DATETIME>20191105111759
ACCESSION NUMBER:		0001104659-19-059901
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190930
FILED AS OF DATE:		20191105
DATE AS OF CHANGE:		20191105
EFFECTIVENESS DATE:		20191105

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:		191192239

	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
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      <periodOfReport>09-30-2019</periodOfReport>
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      <reportCalendarOrQuarter>09-30-2019</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>
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        <otherManager>
          <cik>0001534469</cik>
          <form13FFileNumber>028-14579</form13FFileNumber>
          <name>CSU Producer Resources, Inc.</name>
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    <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>11-04-2019</signatureDate>
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    <titleOfClass>COMMON</titleOfClass>
    <cusip>032654105</cusip>
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      <sshPrnamt>419270</sshPrnamt>
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    <nameOfIssuer>APPLE ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>037833100</cusip>
    <value>261821</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1169000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
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      <sshPrnamt>532000</sshPrnamt>
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    <votingAuthority>
      <Sole>532000</Sole>
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      <None>0</None>
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    <votingAuthority>
      <Sole>447638</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>MICROSOFT ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>594918104</cusip>
    <value>129708</value>
    <shrsOrPrnAmt>
      <sshPrnamt>932950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>932950</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>NORFOLK SOUTHERN ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>655844108</cusip>
    <value>105584</value>
    <shrsOrPrnAmt>
      <sshPrnamt>587687</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>587687</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>PEPSICO ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>713448108</cusip>
    <value>16383</value>
    <shrsOrPrnAmt>
      <sshPrnamt>119500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>119500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>PFIZER ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>717081103</cusip>
    <value>15274</value>
    <shrsOrPrnAmt>
      <sshPrnamt>425100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>425100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>PHILIP MORRIS INTERNATIONAL ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>718172109</cusip>
    <value>62685</value>
    <shrsOrPrnAmt>
      <sshPrnamt>825562</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>825562</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>PNC FINANCIAL SERVICES GROUP ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>693475105</cusip>
    <value>76107</value>
    <shrsOrPrnAmt>
      <sshPrnamt>543000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>543000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>PROCTER &amp; GAMBLE ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>742718109</cusip>
    <value>6207</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>49900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>PROLOGIS REIT</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>74340W103</cusip>
    <value>50280</value>
    <shrsOrPrnAmt>
      <sshPrnamt>590000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>590000</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>QUALCOMM ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>747525103</cusip>
    <value>73038</value>
    <shrsOrPrnAmt>
      <sshPrnamt>957500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>957500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>RPM ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>749685103</cusip>
    <value>56749</value>
    <shrsOrPrnAmt>
      <sshPrnamt>824725</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>824725</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>SNAP ON ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>833034101</cusip>
    <value>29743</value>
    <shrsOrPrnAmt>
      <sshPrnamt>190000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>190000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>TJX ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>872540109</cusip>
    <value>44592</value>
    <shrsOrPrnAmt>
      <sshPrnamt>800000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>800000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNITED TECHNOLOGIES ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>913017109</cusip>
    <value>2867</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 GRP ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>91324P102</cusip>
    <value>101884</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 ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>902973304</cusip>
    <value>22966</value>
    <shrsOrPrnAmt>
      <sshPrnamt>415000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>415000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VALERO ENERGY ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>91913Y100</cusip>
    <value>61504</value>
    <shrsOrPrnAmt>
      <sshPrnamt>721540</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>721540</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VERIZON COMMUNICATIONS ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>92343V104</cusip>
    <value>29377</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 ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>918204108</cusip>
    <value>100971</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1134630</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1134630</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WALT DISNEY ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>254687106</cusip>
    <value>70633</value>
    <shrsOrPrnAmt>
      <sshPrnamt>542000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>542000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
