<SEC-DOCUMENT>0001104659-22-020059.txt : 20220211
<SEC-HEADER>0001104659-22-020059.hdr.sgml : 20220211
<ACCEPTANCE-DATETIME>20220211103333
ACCESSION NUMBER:		0001104659-22-020059
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20211231
FILED AS OF DATE:		20220211
DATE AS OF CHANGE:		20220211
EFFECTIVENESS DATE:		20220211

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:		22617520

	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
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      <reportCalendarOrQuarter>12-31-2021</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>
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      <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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          <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>02-10-2022</signatureDate>
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    <titleOfClass>COMMON</titleOfClass>
    <cusip>037833100</cusip>
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    <votingAuthority>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>221991</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>MCDONALD'S ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>580135101</cusip>
    <value>119998</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 ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>594918104</cusip>
    <value>311096</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>MONDELEZ INTERNATIONAL CL A ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>609207105</cusip>
    <value>96017</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1448000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1448000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NORFOLK SOUTHERN ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>655844108</cusip>
    <value>174960</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 ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>713448108</cusip>
    <value>22148</value>
    <shrsOrPrnAmt>
      <sshPrnamt>127500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>127500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PFIZER ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>717081103</cusip>
    <value>34196</value>
    <shrsOrPrnAmt>
      <sshPrnamt>579100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>579100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PHILIP MORRIS INTERNATIONAL ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>718172109</cusip>
    <value>120323</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1266562</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1266562</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PINNACLE WEST ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>723484101</cusip>
    <value>17821</value>
    <shrsOrPrnAmt>
      <sshPrnamt>252460</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>252460</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PNC FINANCIAL SERVICES GROUP ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>693475105</cusip>
    <value>108882</value>
    <shrsOrPrnAmt>
      <sshPrnamt>543000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>543000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROCTER &amp; GAMBLE ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>742718109</cusip>
    <value>8163</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>PROLOGIS REIT</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>74340W103</cusip>
    <value>99332</value>
    <shrsOrPrnAmt>
      <sshPrnamt>590000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>590000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QUALCOMM ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>747525103</cusip>
    <value>175098</value>
    <shrsOrPrnAmt>
      <sshPrnamt>957500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>957500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RAYTHEON TECHNOLOGIES ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>75513E101</cusip>
    <value>6110</value>
    <shrsOrPrnAmt>
      <sshPrnamt>71000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>71000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RPM ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>749685103</cusip>
    <value>83297</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>SNAP ON ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>833034101</cusip>
    <value>72532</value>
    <shrsOrPrnAmt>
      <sshPrnamt>336764</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>336764</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TJX ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>872540109</cusip>
    <value>65785</value>
    <shrsOrPrnAmt>
      <sshPrnamt>866500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>866500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UNITEDHEALTH GRP ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>91324P102</cusip>
    <value>235414</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>35528</value>
    <shrsOrPrnAmt>
      <sshPrnamt>632500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>632500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VALERO ENERGY ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>91913Y100</cusip>
    <value>56073</value>
    <shrsOrPrnAmt>
      <sshPrnamt>746540</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>746540</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VERIZON COMMUNICATIONS ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>92343V104</cusip>
    <value>25289</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>85274</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1164630</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1164630</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
