<SEC-DOCUMENT>0001104659-25-082176.txt : 20250825
<SEC-HEADER>0001104659-25-082176.hdr.sgml : 20250825
<ACCEPTANCE-DATETIME>20250825091219
ACCESSION NUMBER:		0001104659-25-082176
CONFORMED SUBMISSION TYPE:	N-PX
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250630
FILED AS OF DATE:		20250825
EFFECTIVENESS DATE:		20250825

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
		EIN:				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:		251248131

	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>
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      <periodOfReport>06/30/2025</periodOfReport>
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    <coverPage>
      <yearOrQuarter>YEAR</yearOrQuarter>
      <reportCalendarYear>2025</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>
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      <explanatoryInformation>
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    <signaturePage>
      <reportingPerson>CINCINNATI FINANCIAL CORP</reportingPerson>
      <txSignature>/s/ Steven A. Soloria</txSignature>
      <txPrintedSignature>/s/ Steven A. Soloria</txPrintedSignature>
      <txTitle>Chief Investment Officer</txTitle>
      <txAsOfDate>08/20/2025</txAsOfDate>
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<SEQUENCE>2
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    <meetingDate>05/09/2025</meetingDate>
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        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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        <sharesVoted>566800</sharesVoted>
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    <voteDescription>To approve, in a non-binding vote, the compensation of our named executive officers.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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        <sharesVoted>318812</sharesVoted>
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    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
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    <issuerName>Air Products and Chemicals, Inc.</issuerName>
    <cusip>009158106</cusip>
    <isin>US0091581068</isin>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <vote>
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        <sharesVoted>113366</sharesVoted>
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    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
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  <proxyTable>
    <issuerName>American Tower Corporation</issuerName>
    <cusip>03027X100</cusip>
    <isin>US03027X1000</isin>
    <figi>BBG000B9Y214</figi>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
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    <issuerName>Analog Devices, Inc.</issuerName>
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      <voteCategory>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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        <sharesVoted>2791826</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
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    <issuerName>AT&amp;T Inc.</issuerName>
    <cusip>00206R102</cusip>
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    <figi>BBG000BSJLV4</figi>
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    <voteDescription>Advisory Vote on Executive Compensation.</voteDescription>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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        <howVoted>FOR</howVoted>
        <sharesVoted>232750</sharesVoted>
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        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
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    <issuerName>Broadcom Inc.</issuerName>
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    <isin>US11135F1012</isin>
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    <voteDescription>Advisory vote to approve the named executive officer compensation.</voteDescription>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <issuerName>Chubb Limited</issuerName>
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    <isin>CH0044328745</isin>
    <figi>BBG000BR16M8</figi>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <vote>
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    <isin>US17275R1023</isin>
    <figi>BBG000C3JBN9</figi>
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    <voteDescription>Approval, on an advisory basis, of executive compensation.</voteDescription>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <vote>
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        <howVoted>FOR</howVoted>
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        <managementRecommendation>FOR</managementRecommendation>
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    <isin>US12572Q1058</isin>
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    <voteDescription>Advisory vote on the compensation of our named executive officers.</voteDescription>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <vote>
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        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Comcast Corporation</issuerName>
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    <isin>US20030N1019</isin>
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    <voteDescription>Advisory vote on executive compensation</voteDescription>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <vote>
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        <sharesVoted>776650</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <isin>US2566771059</isin>
    <figi>BBG000NV1PS8</figi>
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    <voteDescription>To approve, on an advisory (non-binding) basis, the resolution regarding the compensation of Dollar General Corporation's named executive officers as disclosed in the proxy statement.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
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    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>55000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <isin>US2600031080</isin>
    <figi>BBG000BHB4Z0</figi>
    <meetingDate>05/02/2025</meetingDate>
    <voteDescription>To approve, on an advisory basis, named executive officer compensation.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <vote>
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        <sharesVoted>843600</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
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    <cusip>29250N105</cusip>
    <isin>CA29250N1050</isin>
    <figi>BBG000K5M411</figi>
    <meetingDate>05/07/2025</meetingDate>
    <voteDescription>Advisory Vote on Executive Compensation Approach</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
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    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>185828</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>Hasbro, Inc.</issuerName>
    <cusip>418056107</cusip>
    <isin>US4180561072</isin>
    <figi>BBG000BKVWG0</figi>
    <meetingDate>05/21/2025</meetingDate>
    <voteDescription>Advisory Vote to Approve the Compensation of Hasbro's Named Executive Officers</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>260600</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>260600</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>Honeywell International Inc.</issuerName>
    <cusip>438516106</cusip>
    <isin>US4385161066</isin>
    <figi>BBG000H56NZ4</figi>
    <meetingDate>05/20/2025</meetingDate>
    <voteDescription>Advisory Vote to Approve Executive Compensation.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
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    <sharesOnLoan>43703</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>793797</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
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    <meetingDate>04/24/2025</meetingDate>
    <voteDescription>Advisory Vote to Approve Named Executive Officer Compensation</voteDescription>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
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        <howVoted>FOR</howVoted>
        <sharesVoted>201000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <meetingDate>05/20/2025</meetingDate>
    <voteDescription>Advisory resolution to approve executive compensation</voteDescription>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>49360</sharesVoted>
    <sharesOnLoan>40640</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>49360</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
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    <isin>US5128073062</isin>
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    <meetingDate>11/05/2024</meetingDate>
    <voteDescription>Advisory vote to approve the compensation of the named executive officers of Lam Research, or &quot;Say on Pay.&quot;</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>27724</sharesVoted>
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    <vote>
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        <howVoted>FOR</howVoted>
        <sharesVoted>27724</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>LyondellBasell Industries N.V.</issuerName>
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    <meetingDate>05/23/2025</meetingDate>
    <voteDescription>Advisory Vote Approving Executive Compensation (Say-on-Pay)</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>221991</sharesVoted>
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        <howVoted>FOR</howVoted>
        <sharesVoted>221991</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <meetingDate>05/20/2025</meetingDate>
    <voteDescription>Advisory Vote to Approve Executive Compensation.</voteDescription>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>416281</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
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    <issuerName>Microchip Technology Incorporated</issuerName>
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    <meetingDate>08/20/2024</meetingDate>
    <voteDescription>Proposal to approve, on an advisory (non-binding) basis, the compensation of our named executives.</voteDescription>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>782250</sharesVoted>
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    <vote>
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        <howVoted>FOR</howVoted>
        <sharesVoted>782250</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <meetingDate>12/10/2024</meetingDate>
    <voteDescription>Advisory Vote to Approve Named Executive Officer Compensation (&quot;say-on-pay vote&quot;)</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>620383</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>620383</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
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    <issuerName>Mondelez International, Inc.</issuerName>
    <cusip>609207105</cusip>
    <isin>US6092071058</isin>
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    <meetingDate>05/21/2025</meetingDate>
    <voteDescription>Advisory vote to approve executive compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>1324084</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1324084</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
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  <proxyTable>
    <issuerName>National Storage Affiliates Trust</issuerName>
    <cusip>637870106</cusip>
    <isin>US6378701063</isin>
    <figi>BBG008417VT8</figi>
    <meetingDate>05/12/2025</meetingDate>
    <voteDescription>Shareholder advisory vote (non-binding) on the executive compensation of the Company's Named Executive Officers as more fully described in the Proxy Statement.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>82030</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>82030</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>NextEra Energy, Inc.</issuerName>
    <cusip>65339F101</cusip>
    <isin>US65339F1012</isin>
    <figi>BBG000BJSF01</figi>
    <meetingDate>05/22/2025</meetingDate>
    <voteDescription>Approval, by non-binding advisory vote, of NextEra Energy's compensation of its named executive officers as disclosed in the proxy statement.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>48000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>48000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Norfolk Southern Corporation</issuerName>
    <cusip>655844108</cusip>
    <isin>US6558441084</isin>
    <figi>BBG000BQ5GM4</figi>
    <meetingDate>05/08/2025</meetingDate>
    <voteDescription>Approval of the advisory resolution on executive compensation, as disclosed in the proxy statement for the 2025 Annual Meeting of Shareholders.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>552516</sharesVoted>
    <sharesOnLoan>35171</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>552516</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
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  <proxyTable>
    <issuerName>PepsiCo, Inc.</issuerName>
    <cusip>713448108</cusip>
    <isin>US7134481081</isin>
    <figi>BBG000DH7TN1</figi>
    <meetingDate>05/07/2025</meetingDate>
    <voteDescription>Advisory approval of the Company's executive compensation.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>77072</sharesVoted>
    <sharesOnLoan>50428</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>77072</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
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  <proxyTable>
    <issuerName>Pfizer Inc.</issuerName>
    <cusip>717081103</cusip>
    <isin>US7170811035</isin>
    <figi>BBG000BR2F10</figi>
    <meetingDate>04/24/2025</meetingDate>
    <voteDescription>2025 advisory approval of executive compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>262742</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>262742</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
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  <proxyTable>
    <issuerName>Philip Morris International Inc.</issuerName>
    <cusip>718172109</cusip>
    <isin>US7181721090</isin>
    <figi>BBG000J2XPB0</figi>
    <meetingDate>05/07/2025</meetingDate>
    <voteDescription>Advisory Vote Approving Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>1101700</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1101700</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <cusip>723484101</cusip>
    <isin>US7234841010</isin>
    <figi>BBG000BRDVJ4</figi>
    <meetingDate>05/21/2025</meetingDate>
    <voteDescription>To hold an advisory vote to approve executive compensation.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>628067</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>628067</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
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  <proxyTable>
    <issuerName>Prologis, Inc.</issuerName>
    <cusip>74340W103</cusip>
    <isin>US74340W1036</isin>
    <figi>BBG000B9Z339</figi>
    <meetingDate>05/08/2025</meetingDate>
    <voteDescription>Advisory Vote to Approve the Company's Executive Compensation for 2024.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>590000</sharesVoted>
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    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>590000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <isin>US7475251036</isin>
    <figi>BBG000CGCDW3</figi>
    <meetingDate>03/18/2025</meetingDate>
    <voteDescription>Approval, on an advisory basis, of the compensation of our named executive officers.</voteDescription>
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      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>957500</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>957500</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>RPM International Inc.</issuerName>
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    <isin>US7496851038</isin>
    <figi>BBG000DCPNF4</figi>
    <meetingDate>10/03/2024</meetingDate>
    <voteDescription>Approve the Company's executive compensation.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>824725</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>824725</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>RTX Corporation</issuerName>
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    <isin>US75513E1010</isin>
    <figi>BBG000BW8TX8</figi>
    <meetingDate>05/01/2025</meetingDate>
    <voteDescription>Advisory Vote to Approve Executive Compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>71000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>71000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <isin>US8330341012</isin>
    <figi>BBG000BT7MD3</figi>
    <meetingDate>04/24/2025</meetingDate>
    <voteDescription>Advisory vote to approve the compensation of Snap-on Incorporated's named executive officers, as disclosed in 'Compensation Discussion and Analysis' and 'Executive Compensation Information' in the Proxy Statement.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <voteSource>ISSUER</voteSource>
    <sharesVoted>336764</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>336764</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>The Estee Lauder Companies Inc.</issuerName>
    <cusip>518439104</cusip>
    <isin>US5184391044</isin>
    <figi>BBG000K5M411</figi>
    <meetingDate>11/08/2024</meetingDate>
    <voteDescription>Advisory vote to approve executive compensation.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>53000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>53000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>The Home Depot, Inc.</issuerName>
    <cusip>437076102</cusip>
    <isin>US4370761029</isin>
    <figi>BBG000BKZDM1</figi>
    <meetingDate>05/22/2025</meetingDate>
    <voteDescription>Advisory Vote to Approve Executive Compensation (&quot;Say-on-Pay&quot;)</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>401507</sharesVoted>
    <sharesOnLoan>24547</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>401507</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>10/08/2024</meetingDate>
    <voteDescription>Advisory Vote to Approve the Company's Executive Compensation (the &quot;Say on Pay&quot; 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>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 TJX Companies, Inc.</issuerName>
    <cusip>872540109</cusip>
    <isin>US8725401090</isin>
    <figi>BBG000BV8G95</figi>
    <meetingDate>06/10/2025</meetingDate>
    <voteDescription>Advisory approval of TJX's executive compensation (the say-on-pay vote)</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>04/15/2025</meetingDate>
    <voteDescription>An advisory vote to approve the compensation of our executives disclosed in the proxy statement.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>570507</sharesVoted>
    <sharesOnLoan>192993</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>570507</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>06/02/2025</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>453867</sharesVoted>
    <sharesOnLoan>14955</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>453867</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>05/06/2025</meetingDate>
    <voteDescription>Advisory vote to approve the 2024 compensation of named executive officers.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <voteSource>ISSUER</voteSource>
    <sharesVoted>451310</sharesVoted>
    <sharesOnLoan>63330</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>451310</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>05/22/2025</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>278152</sharesVoted>
    <sharesOnLoan>208548</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>278152</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
    <voteOtherInfo>Fee would be incurred to vote the small fraction of unvoted shares.</voteOtherInfo>
  </proxyTable>
</proxyVoteTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
