<SEC-DOCUMENT>0001104659-23-056408.txt : 20230505
<SEC-HEADER>0001104659-23-056408.hdr.sgml : 20230505
<ACCEPTANCE-DATETIME>20230505122715
ACCESSION NUMBER:		0001104659-23-056408
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230331
FILED AS OF DATE:		20230505
DATE AS OF CHANGE:		20230505
EFFECTIVENESS DATE:		20230505

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:		23892390

	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>
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<TYPE>13F-HR
<SEQUENCE>1
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        <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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          <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>
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          <name>Cincinnati Specialty Underwriters Insurance CO</name>
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      <title>Senior Vice President</title>
      <phone>513-870-2000</phone>
      <signature>/s/ Steven A. Soloria</signature>
      <city>Fairfield</city>
      <stateOrCountry>OH</stateOrCountry>
      <signatureDate>05-04-2023</signatureDate>
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    <votingAuthority>
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    <votingAuthority>
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    <nameOfIssuer>LAM RESEARCH ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>512807108</cusip>
    <figi>BBG000BNFW27</figi>
    <value>14697047</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27724</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27724</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LYONDELLBASELL INDUSTRIES CL A ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>N53745100</cusip>
    <figi>BBG000WCFWH2</figi>
    <value>20842735</value>
    <shrsOrPrnAmt>
      <sshPrnamt>221991</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>221991</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MCDONALD'S ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>580135101</cusip>
    <figi>BBG000BNT1L9</figi>
    <value>125164061</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>
    <figi>BBG000BPHFS9</figi>
    <value>266677500</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>
    <figi>BBG000D4M6H0</figi>
    <value>100954560</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>
    <figi>BBG000BQ5GM4</figi>
    <value>124589644</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>
    <figi>BBG000DH7TN1</figi>
    <value>23243250</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>
    <figi>BBG000BR2F10</figi>
    <value>23627280</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>
    <figi>BBG000J2XPB0</figi>
    <value>107140325</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1101700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1101700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PINNACLE WEST ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>723484101</cusip>
    <figi>BBG000BRDVJ4</figi>
    <value>57802410</value>
    <shrsOrPrnAmt>
      <sshPrnamt>729460</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>729460</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PNC FINANCIAL SERVICES GROUP ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>693475105</cusip>
    <figi>BBG000BRD2F2</figi>
    <value>69015300</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>
    <figi>BBG000BR2WS4</figi>
    <value>7419631</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>
    <figi>BBG000B9Z339</figi>
    <value>73614300</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>
    <figi>BBG000CGCDW3</figi>
    <value>122157850</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>
    <figi>BBG000BW8TX8</figi>
    <value>6953030</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>
    <figi>BBG000DCPNF4</figi>
    <value>71949009</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>
    <figi>BBG000BT7MD3</figi>
    <value>83143664</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>
    <figi>BBG000BV8G95</figi>
    <value>67898940</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>
    <figi>BBG000CH53T5</figi>
    <value>221560589</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>
    <figi>BBG000FFFQT4</figi>
    <value>27524175</value>
    <shrsOrPrnAmt>
      <sshPrnamt>763500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>763500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VALERO ENERGY ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>91913Y100</cusip>
    <figi>BBG000BBGKP3</figi>
    <value>71843744</value>
    <shrsOrPrnAmt>
      <sshPrnamt>514640</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>514640</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VERIZON COMMUNICATIONS ORD</nameOfIssuer>
    <titleOfClass>COMMON</titleOfClass>
    <cusip>92343V104</cusip>
    <figi>BBG000HS79Q4</figi>
    <value>18927763</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>
    <figi>BBG000BWCLX0</figi>
    <value>26681673</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>
