<SEC-DOCUMENT>0001104659-24-093176.txt : 20240827
<SEC-HEADER>0001104659-24-093176.hdr.sgml : 20240827
<ACCEPTANCE-DATETIME>20240827103326
ACCESSION NUMBER:		0001104659-24-093176
CONFORMED SUBMISSION TYPE:	N-PX
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240630
FILED AS OF DATE:		20240827
EFFECTIVENESS DATE:		20240827

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CINCINNATI FINANCIAL CORP
		CENTRAL INDEX KEY:			0000020286
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				310746871
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-PX
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-10798
		FILM NUMBER:		241244437

	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>N-PX
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/npx" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>N-PX</submissionType>
    <filerInfo>
      <registrantType>IM</registrantType>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0000020286</cik>
          <ccc>XXXXXXXX</ccc>
          <!--Field: Pseudo-Tag; ID: Name; Data:-->
        </issuerCredentials>
      </filer>
      <flags>
        <overrideInternetFlag>false</overrideInternetFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
      </flags>
      <periodOfReport>06/30/2024</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <yearOrQuarter>YEAR</yearOrQuarter>
      <reportCalendarYear>2024</reportCalendarYear>
      <reportingPerson>
        <name>CINCINNATI FINANCIAL CORP</name>
        <phoneNumber>513-870-2000</phoneNumber>
        <address>
          <com:street1>P.O. BOX 145496</com:street1>
          <com:city>CINCINNATI</com:city>
          <com:stateOrCountry>OH</com:stateOrCountry>
          <com:zipCode>45250</com:zipCode>
        </address>
      </reportingPerson>
      <reportInfo>
        <reportType>INSTITUTIONAL MANAGER COMBINATION REPORT</reportType>
        <confidentialTreatment>N</confidentialTreatment>
      </reportInfo>
      <fileNumber>028-10798</fileNumber>
      <otherManagersInfo>
        <otherManager>
          <icaOr13FFileNumber>028-10753</icaOr13FFileNumber>
          <managerName>The Cincinnati Insurance Company</managerName>
        </otherManager>
        <otherManager>
          <icaOr13FFileNumber>028-10755</icaOr13FFileNumber>
          <managerName>The Cincinnati Casualty Company</managerName>
        </otherManager>
        <otherManager>
          <icaOr13FFileNumber>028-10756</icaOr13FFileNumber>
          <managerName>The Cincinnati Indemnity Company</managerName>
        </otherManager>
        <otherManager>
          <icaOr13FFileNumber>028-12741</icaOr13FFileNumber>
          <managerName>The Cincinnati Specialty Underwriters Insurance Company</managerName>
        </otherManager>
        <otherManager>
          <icaOr13FFileNumber>028-14579</icaOr13FFileNumber>
          <managerName>CSU Producer Resources, Inc.</managerName>
        </otherManager>
      </otherManagersInfo>
      <explanatoryInformation>
        <explanatoryChoice>N</explanatoryChoice>
      </explanatoryInformation>
    </coverPage>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
    </summaryPage>
    <signaturePage>
      <reportingPerson>CINCINNATI FINANCIAL CORP</reportingPerson>
      <txSignature>/s/ Steven A. Soloria</txSignature>
      <txPrintedSignature>/s/ Steven A. Soloria</txPrintedSignature>
      <txTitle>Chief Investment Officer</txTitle>
      <txAsOfDate>08/16/2024</txAsOfDate>
    </signaturePage>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>PROXY VOTING RECORD
<SEQUENCE>2
<FILENAME>proxytable.xml
<TEXT>
<XML>
<?xml version="1.0" ?>
<proxyVoteTable xmlns="http://www.sec.gov/edgar/document/npxproxy/informationtable">
  <proxyTable>
    <issuerName>3M Company</issuerName>
    <cusip>88579Y101</cusip>
    <isin>US88579Y1010</isin>
    <figi>BBG000BP5522</figi>
    <meetingDate>05/14/2024</meetingDate>
    <voteDescription>Approve, on an advisory basis, the compensation of our Named Executive Officers.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>188901</sharesVoted>
    <sharesOnLoan>22099</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>188901</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Abbott Laboratories</issuerName>
    <cusip>002824100</cusip>
    <isin>US0028241000</isin>
    <figi>BBG000B9ZZG4</figi>
    <meetingDate>04/26/2024</meetingDate>
    <voteDescription>Approval, on an advisory basis, of executive compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>206675</sharesVoted>
    <sharesOnLoan>31125</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>206675</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>AbbVie Inc.</issuerName>
    <cusip>00287Y109</cusip>
    <isin>US00287Y1091</isin>
    <figi>BBG003P7K0B5</figi>
    <meetingDate>05/03/2024</meetingDate>
    <voteDescription>Advisory Vote on the approval of executive compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>566800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>566800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>AbbVie Inc.</issuerName>
    <cusip>00287Y109</cusip>
    <isin>US00287Y1091</isin>
    <figi>BBG003P7K0B5</figi>
    <meetingDate>05/03/2024</meetingDate>
    <voteDescription>Advisory Vote on the frequency of future approvals of executive compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>566800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>1 YEAR</howVoted>
        <sharesVoted>566800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>Accenture plc</issuerName>
    <cusip>G1151C101</cusip>
    <isin>IE00B4BNMY34</isin>
    <figi>BBG000D9DC22</figi>
    <meetingDate>01/31/2024</meetingDate>
    <voteDescription>Non-Binding Vote to Approve Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>329409</sharesVoted>
    <sharesOnLoan>15591</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>329409</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Agree Realty Corporation</issuerName>
    <cusip>008492100</cusip>
    <isin>US0084921008</isin>
    <figi>BBG000BC9H21</figi>
    <meetingDate>05/23/2024</meetingDate>
    <voteDescription>Advisory (Non-Binding) Vote Approving Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>367500</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>367500</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>Air Products and Chemicals, Inc.</issuerName>
    <cusip>009158106</cusip>
    <isin>US0091581068</isin>
    <figi>BBG000BC4LR0</figi>
    <meetingDate>01/25/2024</meetingDate>
    <voteDescription>Advisory Vote on Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>132714</sharesVoted>
    <sharesOnLoan>13186</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>132714</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>American Tower Corporation</issuerName>
    <cusip>03027X100</cusip>
    <isin>US03027X1000</isin>
    <figi>BBG000B9Y214</figi>
    <meetingDate>05/22/2024</meetingDate>
    <voteDescription>Approve on an advisory basis, our executive compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>187721</sharesVoted>
    <sharesOnLoan>13898</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>187721</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Analog Devices, Inc.</issuerName>
    <cusip>032654105</cusip>
    <isin>US0326541051</isin>
    <figi>BBG000BB6RX0</figi>
    <meetingDate>03/13/2024</meetingDate>
    <voteDescription>Advisory Approval of the Compensation of ADI's Named Executive Officers</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>445870</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>445870</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>Apple Inc.</issuerName>
    <cusip>037833100</cusip>
    <isin>US0378331005</isin>
    <figi>BBG000B9Y5X2</figi>
    <meetingDate>02/28/2024</meetingDate>
    <voteDescription>Advisory Vote to Approve Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>3248963</sharesVoted>
    <sharesOnLoan>26053</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>3248963</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>AT&amp;T Inc.</issuerName>
    <cusip>00206R102</cusip>
    <isin>US00206R1023</isin>
    <figi>BBG000BSJLV4</figi>
    <meetingDate>05/16/2024</meetingDate>
    <voteDescription>Advisory Approval of Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>532000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>532000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>Automatic Data Processing, Inc.</issuerName>
    <cusip>053015103</cusip>
    <isin>US0530151036</isin>
    <figi>BBG000JG1MT2</figi>
    <meetingDate>11/08/2023</meetingDate>
    <voteDescription>Advisory Vote on Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>232750</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>232750</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>Automatic Data Processing, Inc.</issuerName>
    <cusip>053015103</cusip>
    <isin>US0530151036</isin>
    <figi>BBG000JG1MT2</figi>
    <meetingDate>11/08/2023</meetingDate>
    <voteDescription>Advisory Vote on Frequency of the Executive Compensation Advisory Vote</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>232750</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>1 YEAR</howVoted>
        <sharesVoted>232750</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>Baxter International Inc.</issuerName>
    <cusip>071813109</cusip>
    <isin>US0718131099</isin>
    <figi>BBG000BCVLK7</figi>
    <meetingDate>05/07/2024</meetingDate>
    <voteDescription>Advisory Vote to Approve Named Executive Officer Compensation for 2023</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>1317648</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1317648</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>BlackRock, Inc.</issuerName>
    <cusip>09247X101</cusip>
    <isin>US09247X1019</isin>
    <figi>BBG000C2PYL6</figi>
    <meetingDate>05/15/2024</meetingDate>
    <voteDescription>Approval, in a Non-Binding Advisory Vote of the Compensation for Named Executive Officers</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>38251</sharesVoted>
    <sharesOnLoan>4249</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>38251</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Broadcom Inc.</issuerName>
    <cusip>11135F101</cusip>
    <isin>US11135F1012</isin>
    <figi>BBG00KHY5SQ7</figi>
    <meetingDate>04/22/2024</meetingDate>
    <voteDescription>Advisory Vote to Approve Named Executive Officer Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>266794</sharesVoted>
    <sharesOnLoan>7506</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>266794</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Chubb Limited</issuerName>
    <cusip>H1467J104</cusip>
    <isin>CH0044328745</isin>
    <figi>BBG000BR16M8</figi>
    <meetingDate>05/16/2024</meetingDate>
    <voteDescription>Approval of the Compensation of the Board of Directors and Executive Management Under Swiss Law Requirements</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>362902</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>362902</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>Cisco Systems, Inc.</issuerName>
    <cusip>17275R102</cusip>
    <isin>US17275R1023</isin>
    <figi>BBG000C3JBN9</figi>
    <meetingDate>12/06/2023</meetingDate>
    <voteDescription>Advisory Vote to Approve Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>2546500</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>2546500</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>Cisco Systems, Inc.</issuerName>
    <cusip>17275R102</cusip>
    <isin>US17275R1023</isin>
    <figi>BBG000C3JBN9</figi>
    <meetingDate>12/06/2023</meetingDate>
    <voteDescription>Advisory Vote on the Frequency of Holding Future Votes Regarding Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>2546500</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>1 YEAR</howVoted>
        <sharesVoted>2546500</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>CME Group Inc.</issuerName>
    <cusip>12572Q105</cusip>
    <isin>US12572Q1058</isin>
    <figi>BBG000BHMC53</figi>
    <meetingDate>05/09/2024</meetingDate>
    <voteDescription>Advisory Vote on the Compensation of our Named Executive Officers</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>1002000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1002000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>Comcast Corporation</issuerName>
    <cusip>20030N101</cusip>
    <isin>US20030N1019</isin>
    <figi>BBG000BFTG15</figi>
    <meetingDate>06/10/2024</meetingDate>
    <voteDescription>Advisory Vote to Approve Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>776650</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>776650</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>Dollar General Corporation</issuerName>
    <cusip>256677105</cusip>
    <isin>US2566771059</isin>
    <figi>BBG000NV1PS8</figi>
    <meetingDate>05/29/2024</meetingDate>
    <voteDescription>Advisory Vote to Approve Named Executive Officer Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>55000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>55000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>Dover Corporation</issuerName>
    <cusip>260003108</cusip>
    <isin>US2600031080</isin>
    <figi>BBG000BHB4Z0</figi>
    <meetingDate>05/03/2024</meetingDate>
    <voteDescription>Advisory Resolution to Approve Named Executive Officer Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>843600</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>843600</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>Enbridge Inc.</issuerName>
    <cusip>29250N105</cusip>
    <isin>CA29250N1050</isin>
    <figi>BBG000K5M411</figi>
    <meetingDate>05/08/2024</meetingDate>
    <voteDescription>Advisory vote on executive compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>185828</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>185828</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>Hasbro, Inc.</issuerName>
    <cusip>418056107</cusip>
    <isin>US4180561072</isin>
    <figi>BBG000BKVWG0</figi>
    <meetingDate>05/16/2024</meetingDate>
    <voteDescription>Shareholder Advisory Vote on Compensation for Named Executive Officers</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>260600</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>260600</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>Honeywell International Inc.</issuerName>
    <cusip>438516106</cusip>
    <isin>US4385161066</isin>
    <figi>BBG000H56NZ4</figi>
    <meetingDate>05/14/2024</meetingDate>
    <voteDescription>Advisory Vote to Approve Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>819307</sharesVoted>
    <sharesOnLoan>18193</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>819307</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Johnson &amp; Johnson</issuerName>
    <cusip>478160104</cusip>
    <isin>US4781601046</isin>
    <figi>BBG000BMHZY5</figi>
    <meetingDate>04/25/2024</meetingDate>
    <voteDescription>Advisory vote to approve named executive officer compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>201000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>201000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>JPMorgan Chase &amp; Co.</issuerName>
    <cusip>46625H100</cusip>
    <isin>US46625H1005</isin>
    <figi>BBG000DMBZW1</figi>
    <meetingDate>05/21/2024</meetingDate>
    <voteDescription>Advisory resolution to approve executive compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>56367</sharesVoted>
    <sharesOnLoan>33633</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>56367</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Lam Research Corporation</issuerName>
    <cusip>512807108</cusip>
    <isin>US5128071082</isin>
    <figi>BBG000BNFW27</figi>
    <meetingDate>11/07/2023</meetingDate>
    <voteDescription>Advisory Vote to Approve our Named Executive Officer Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>27724</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>27724</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>Lam Research Corporation</issuerName>
    <cusip>512807108</cusip>
    <isin>US5128071082</isin>
    <figi>BBG000BNFW27</figi>
    <meetingDate>11/07/2023</meetingDate>
    <voteDescription>Advisory Vote to Approve the Frequency of Holding Future Stockholder Advisory Votes on Named Executive Officer Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>27724</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>1 YEAR</howVoted>
        <sharesVoted>27724</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>LyondellBasell Industries N.V.</issuerName>
    <cusip>N53745100</cusip>
    <isin>NL0009434992</isin>
    <figi>BBG000WCFWH2</figi>
    <meetingDate>05/24/2024</meetingDate>
    <voteDescription>Advisory Vote on Executive Compensation (Say-On-Pay)</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>221991</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>221991</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>McDonald's Corporation</issuerName>
    <cusip>580135101</cusip>
    <isin>US5801351017</isin>
    <figi>BBG000BNT1L9</figi>
    <meetingDate>05/22/2024</meetingDate>
    <voteDescription>Advisory Vote to Approve Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>431447</sharesVoted>
    <sharesOnLoan>16191</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>431447</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Microsoft Corporation</issuerName>
    <cusip>594918104</cusip>
    <isin>US5949181045</isin>
    <figi>BBG000BPHFS9</figi>
    <meetingDate>12/07/2023</meetingDate>
    <voteDescription>Advisory Vote to Approve Named Executive Officer Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>902995</sharesVoted>
    <sharesOnLoan>12255</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>902995</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Microsoft Corporation</issuerName>
    <cusip>594918104</cusip>
    <isin>US5949181045</isin>
    <figi>BBG000BPHFS9</figi>
    <meetingDate>12/07/2023</meetingDate>
    <voteDescription>Approval of Frequency Period of Advisory Compensation Vote</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>902995</sharesVoted>
    <sharesOnLoan>12255</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>1 YEAR</howVoted>
        <sharesVoted>902995</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Mondelez International, Inc.</issuerName>
    <cusip>609207105</cusip>
    <isin>US6092071058</isin>
    <figi>BBG000D4M6H0</figi>
    <meetingDate>05/22/2024</meetingDate>
    <voteDescription>Advisory Vote to Approve Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>1382783</sharesVoted>
    <sharesOnLoan>65217</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1382783</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>National Storage Affiliates Trust</issuerName>
    <cusip>637870106</cusip>
    <isin>US6378701063</isin>
    <figi>BBG008417VT8</figi>
    <meetingDate>05/13/2024</meetingDate>
    <voteDescription>Non-Binding Vote on Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>82030</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>82030</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>National Storage Affiliates Trust</issuerName>
    <cusip>637870106</cusip>
    <isin>US6378701063</isin>
    <figi>BBG008417VT8</figi>
    <meetingDate>05/13/2024</meetingDate>
    <voteDescription>Non-Binding Vote on Frequency of Holding an Advisory Vote on Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>82030</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>1 YEAR</howVoted>
        <sharesVoted>82030</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>NextEra Energy, Inc.</issuerName>
    <cusip>65339F101</cusip>
    <isin>US65339F1012</isin>
    <figi>BBG000BJSF01</figi>
    <meetingDate>05/23/2024</meetingDate>
    <voteDescription>Approval, By Non-Binding Advisory Vote, of Nextera Energy's Compensation of Its Named Executive Officers as Disclosed in this Proxy Statement</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>48000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>48000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>Norfolk Southern Corporation</issuerName>
    <cusip>655844108</cusip>
    <isin>US6558441084</isin>
    <figi>BBG000BQ5GM4</figi>
    <meetingDate>05/09/2024</meetingDate>
    <voteDescription>Approval of Advisory Resolution on Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>569734</sharesVoted>
    <sharesOnLoan>17953</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>569734</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>PepsiCo, Inc.</issuerName>
    <cusip>713448108</cusip>
    <isin>US7134481081</isin>
    <figi>BBG000DH7TN1</figi>
    <meetingDate>05/01/2024</meetingDate>
    <voteDescription>Advisory Approval of Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>103288</sharesVoted>
    <sharesOnLoan>24212</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>103288</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Pfizer Inc.</issuerName>
    <cusip>717081103</cusip>
    <isin>US7170811035</isin>
    <figi>BBG000BR2F10</figi>
    <meetingDate>04/25/2024</meetingDate>
    <voteDescription>Advisory Approval of Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>486224</sharesVoted>
    <sharesOnLoan>92876</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>486224</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Philip Morris International Inc.</issuerName>
    <cusip>718172109</cusip>
    <isin>US7181721090</isin>
    <figi>BBG000J2XPB0</figi>
    <meetingDate>05/08/2024</meetingDate>
    <voteDescription>Advisory Vote Approving Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>1101700</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1101700</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>Pinnacle West Capital Corporation</issuerName>
    <cusip>723484101</cusip>
    <isin>US7234841010</isin>
    <figi>BBG000BRDVJ4</figi>
    <meetingDate>05/22/2024</meetingDate>
    <voteDescription>Advisory Vote on Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>669578</sharesVoted>
    <sharesOnLoan>59882</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>669578</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Prologis, Inc.</issuerName>
    <cusip>74340W103</cusip>
    <isin>US74340W1036</isin>
    <figi>BBG000B9Z339</figi>
    <meetingDate>05/09/2024</meetingDate>
    <voteDescription>Non-Binding, Advisory Vote to Approve the Company's Executive Compensation for 2023</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>590000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>590000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>QUALCOMM Incorporated</issuerName>
    <cusip>747525103</cusip>
    <isin>US7475251036</isin>
    <figi>BBG000CGCDW3</figi>
    <meetingDate>03/05/2024</meetingDate>
    <voteDescription>Approval, On an Advisory Basis, of the Compensation of Our Named Executive Officers</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>957500</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>957500</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>RPM International Inc.</issuerName>
    <cusip>749685103</cusip>
    <isin>US7496851038</isin>
    <figi>BBG000DCPNF4</figi>
    <meetingDate>10/05/2023</meetingDate>
    <voteDescription>Advisory Vote on Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>824725</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>824725</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>RPM International Inc.</issuerName>
    <cusip>749685103</cusip>
    <isin>US7496851038</isin>
    <figi>BBG000DCPNF4</figi>
    <meetingDate>10/05/2023</meetingDate>
    <voteDescription>Advisory Vote on the Frequency of Future Advisory Votes on Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>824725</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>1 YEAR</howVoted>
        <sharesVoted>824725</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>RTX Corporation</issuerName>
    <cusip>75513E101</cusip>
    <isin>US75513E1010</isin>
    <figi>BBG000BW8TX8</figi>
    <meetingDate>05/02/2024</meetingDate>
    <voteDescription>Advisory Vote to Approve Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>71000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>71000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>Snap-on Incorporated</issuerName>
    <cusip>833034101</cusip>
    <isin>US8330341012</isin>
    <figi>BBG000BT7MD3</figi>
    <meetingDate>04/25/2024</meetingDate>
    <voteDescription>Advisory Vote to Approve Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>336764</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>336764</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>The Estee Lauder Companies Inc.</issuerName>
    <cusip>518439104</cusip>
    <isin>US5184391044</isin>
    <figi>BBG000FKJVN4</figi>
    <meetingDate>11/17/2023</meetingDate>
    <voteDescription>Advisory Vote to Approve Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>242905</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>242905</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>The Estee Lauder Companies Inc.</issuerName>
    <cusip>518439104</cusip>
    <isin>US5184391044</isin>
    <figi>BBG000FKJVN4</figi>
    <meetingDate>11/17/2023</meetingDate>
    <voteDescription>Advisory Vote on the Frequency of the Advisory Vote on Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>242905</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>1 YEAR</howVoted>
        <sharesVoted>242905</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>The Home Depot, Inc.</issuerName>
    <cusip>437076102</cusip>
    <isin>US4370761029</isin>
    <figi>BBG000BKZDM1</figi>
    <meetingDate>05/16/2024</meetingDate>
    <voteDescription>Advisory Vote to Approve Executive Compensation ("Say-On-Pay")</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>415357</sharesVoted>
    <sharesOnLoan>10697</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>415357</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>The PNC Financial Services Group, Inc.</issuerName>
    <cusip>693475105</cusip>
    <isin>US6934751057</isin>
    <figi>BBG000BRD2F2</figi>
    <meetingDate>04/24/2024</meetingDate>
    <voteDescription>Advisory vote to approve named executive officer compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>543000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>543000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>The Procter &amp; Gamble Company</issuerName>
    <cusip>742718109</cusip>
    <isin>US7427181091</isin>
    <figi>BBG000BR2WS4</figi>
    <meetingDate>10/10/2023</meetingDate>
    <voteDescription>Proposal for Advisory Vote on Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>22041</sharesVoted>
    <sharesOnLoan>27859</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>22041</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>The Procter &amp; Gamble Company</issuerName>
    <cusip>742718109</cusip>
    <isin>US7427181091</isin>
    <figi>BBG000BR2WS4</figi>
    <meetingDate>10/10/2023</meetingDate>
    <voteDescription>Proposal for an Advisory Vote on Frequency of Executive Compensation Vote</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>22041</sharesVoted>
    <sharesOnLoan>27859</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>1 YEAR</howVoted>
        <sharesVoted>22041</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>The TJX Companies, Inc.</issuerName>
    <cusip>872540109</cusip>
    <isin>US8725401090</isin>
    <figi>BBG000BV8G95</figi>
    <meetingDate>06/04/2024</meetingDate>
    <voteDescription>Advisory approval of TJX's executive compensation (say-on-pay)</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>866500</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>866500</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>U.S. Bancorp</issuerName>
    <cusip>902973304</cusip>
    <isin>US9029733048</isin>
    <figi>BBG000FFFQT4</figi>
    <meetingDate>04/16/2024</meetingDate>
    <voteDescription>Advisory Vote on Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>698262</sharesVoted>
    <sharesOnLoan>65238</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>698262</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>UnitedHealth Group Incorporated</issuerName>
    <cusip>91324P102</cusip>
    <isin>US91324P1021</isin>
    <figi>BBG000CH53T5</figi>
    <meetingDate>06/03/2024</meetingDate>
    <voteDescription>Advisory Approval of the Company's Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>460095</sharesVoted>
    <sharesOnLoan>8727</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>460095</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Valero Energy Corporation</issuerName>
    <cusip>91913Y100</cusip>
    <isin>US91913Y1001</isin>
    <figi>BBG000BBGKP3</figi>
    <meetingDate>05/15/2024</meetingDate>
    <voteDescription>Advisory vote to approve compensation of named executive officers</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>463978</sharesVoted>
    <sharesOnLoan>50662</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>463978</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>Verizon Communications Inc.</issuerName>
    <cusip>92343V104</cusip>
    <isin>US92343V1044</isin>
    <figi>BBG000HS79Q4</figi>
    <meetingDate>05/09/2024</meetingDate>
    <voteDescription>Advisory vote to approve executive compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>411416</sharesVoted>
    <sharesOnLoan>75284</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>411416</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
  <proxyTable>
    <issuerName>VF Corporation</issuerName>
    <cusip>918204108</cusip>
    <isin>US9182041080</isin>
    <figi>BBG000BWCLX0</figi>
    <meetingDate>07/25/2023</meetingDate>
    <voteDescription>Proposal to Approve Compensation of Named Executive Officers as Disclosed in This Proxy Statement</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>1164630</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1164630</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>VF Corporation</issuerName>
    <cusip>918204108</cusip>
    <isin>US9182041080</isin>
    <figi>BBG000BWCLX0</figi>
    <meetingDate>07/25/2023</meetingDate>
    <voteDescription>Proposal Regarding the Frequency of Future Advisory Votes on Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>1164630</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>1 YEAR</howVoted>
        <sharesVoted>1164630</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
</proxyVoteTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
