CINCINNATI FINANCIAL CORP Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ARES	ARES MANAGEMENT CL A ORD	249,304 (+48.4%)	$40,295 (+50.0%)	0.8%	$160.70	-3.6%	COMMON	03990B101
DG	DOLLAR GENERAL ORD	210,000 (+35.5%)	$27,882 (+74.1%)	0.5%	$113.04	-1.4%	COMMON	256677105
AJG	ARTHUR J GALLAGHER ORD	186,259 (+34.7%)	$48,202 (+12.6%)	0.9%	$290.93	-9.2%	COMMON	363576109
MCHP	MICROCHIP TECHNOLOGY ORD	976,267 (+4.4%)	$62,208 (+3.6%)	1.2%	$74.37	-17.5%	COMMON	595017104
OC	OWENS CORNIING ORD	209,000 (+22.2%)	$23,389 (-3.3%)	0.5%	$145.78	-19.5%	COMMON	690742101

Exited Positions (2)

— LAM RESEARCH ORD 0.7%

Value ($000) $37,122 Shares 277,240 Est. Cost $97.34 Unrealized —

CB CHUBB ORD 0.2%

Value ($000) $12,518 Shares 44,350 Est. Cost $103.55 Unrealized +182.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	LAM RESEARCH ORD	277,240	$37,122	0.7%	$97.34	—	—	US5128073
CB	CHUBB ORD	44,350	$12,518	0.2%	$103.55	+182.4%	—	H1467J104

Decreased Positions (1)

PFE PFIZER ORD 0.2%

Value ($000) $12,123 (-17.8%) Shares 486,876 (-15.9%) Est. Cost $19.98 Unrealized +25.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PFE	PFIZER ORD	486,876 (-15.9%)	$12,123 (-17.8%)	0.2%	$19.98	+25.3%	COMMON	717081103

Unchanged Positions (47)

AAPL APPLE ORD 14.8%

Value ($000) $760,397 Shares 2,797,016 Est. Cost $79.77 Unrealized +236.4%

AVGO BROADCOM ORD 11.7%

Value ($000) $596,991 Shares 1,724,909 Est. Cost $137.60 Unrealized +159.5%

HD HOME DEPOT ORD 2.9%

Value ($000) $146,605 Shares 426,054 Est. Cost $128.54 Unrealized +183.6%

DOV DOVER ORD 3.2%

Value ($000) $164,704 Shares 843,600 Est. Cost $44.93 Unrealized +304.7%

CSCO CISCO SYSTEMS ORD 3.8%

Value ($000) $196,157 Shares 2,546,500 Est. Cost $16.77 Unrealized +340.2%

MSFT MICROSOFT ORD 4.6%

Value ($000) $237,530 Shares 491,150 Est. Cost $26.70 Unrealized +1774.6%

HON HONEYWELL INTERNATIONAL ORD 3.2%

Value ($000) $163,388 Shares 837,500 Est. Cost $53.13 Unrealized +267.1%

MDLZ MONDELEZ INTERNATIONAL CL A ORD 1.5%

Value ($000) $77,946 Shares 1,448,000 Est. Cost $46.39 Unrealized +23.0%

RPM RPM ORD 1.7%

Value ($000) $85,771 Shares 824,725 Est. Cost $32.11 Unrealized +237.2%

ADI ANALOG DEVICES ORD 2.4%

Value ($000) $120,920 Shares 445,870 Est. Cost $70.32 Unrealized +256.4%

ADP AUTOMATIC DATA PROCESSING ORD 1.2%

Value ($000) $59,870 Shares 232,750 Est. Cost $122.08 Unrealized +116.9%

TJX TJX ORD 2.6%

Value ($000) $133,103 Shares 866,500 Est. Cost $47.91 Unrealized +208.3%

PLD PROLOGIS REIT 1.5%

Value ($000) $75,319 Shares 590,000 Est. Cost $52.97 Unrealized +133.8%

ACN ACCENTURE CL A ORD 1.8%

Value ($000) $90,685 Shares 338,000 Est. Cost $69.87 Unrealized +263.6%

UNH UNITEDHEALTH GRP ORD 3.0%

Value ($000) $154,763 Shares 468,822 Est. Cost $65.24 Unrealized +416.9%

NSC NORFOLK SOUTHERN ORD 3.3%

Value ($000) $169,677 Shares 587,687 Est. Cost $58.35 Unrealized +394.6%

QCOM QUALCOMM ORD 3.2%

Value ($000) $163,780 Shares 957,500 Est. Cost $45.94 Unrealized +271.8%

MRSH MARSH & MCLENNAN ORD 1.0%

Value ($000) $51,637 Shares 278,334 Est. Cost $204.01 Unrealized -8.6%

JNJ JOHNSON & JOHNSON ORD 0.8%

Value ($000) $41,597 Shares 201,000 Est. Cost $59.66 Unrealized +230.2%

VLO VALERO ENERGY ORD 1.6%

Value ($000) $83,778 Shares 514,640 Est. Cost $54.95 Unrealized +207.2%

USB US BANCORP ORD 0.8%

Value ($000) $40,740 Shares 763,500 Est. Cost $38.26 Unrealized +27.3%

APD AIR PRODUCTS AND CHEMICALS ORD 0.7%

Value ($000) $36,040 Shares 145,900 Est. Cost $155.66 Unrealized +61.7%

AMT AMERICAN TOWER REIT 0.7%

Value ($000) $35,398 Shares 201,619 Est. Cost $145.44 Unrealized +24.0%

CME CME GROUP CL A ORD 5.3%

Value ($000) $273,626 Shares 1,002,000 Est. Cost $42.39 Unrealized +538.6%

BLK BLACKROCK ORD 0.6%

Value ($000) $30,873 Shares 28,844 Est. Cost $991.05 Unrealized +9.9%

ABT ABBOTT LABORATORIES ORD 0.6%

Value ($000) $29,794 Shares 237,800 Est. Cost $29.68 Unrealized +328.9%

PM PHILIP MORRIS INTERNATIONAL ORD 3.4%

Value ($000) $176,713 Shares 1,101,700 Est. Cost $52.44 Unrealized +192.9%

T AT&T ORD 0.3%

Value ($000) $13,215 Shares 532,000 Est. Cost $11.40 Unrealized +121.8%

ABBV ABBVIE ORD 2.5%

Value ($000) $129,508 Shares 566,800 Est. Cost $48.18 Unrealized +372.3%

HAS HASBRO ORD 0.4%

Value ($000) $21,369 Shares 260,600 Est. Cost $31.39 Unrealized +148.6%

VZ VERIZON COMMUNICATIONS ORD 0.4%

Value ($000) $19,823 Shares 486,700 Est. Cost $27.04 Unrealized +49.7%

CMCSA COMCAST CL A ORD 0.5%

Value ($000) $23,214 Shares 776,650 Est. Cost $37.44 Unrealized -23.8%

RTX RTX ORD 0.3%

Value ($000) $13,021 Shares 71,000 Est. Cost $61.74 Unrealized +180.7%

MMM 3M ORD 0.7%

Value ($000) $33,781 Shares 211,000 Est. Cost $67.45 Unrealized +141.9%

MCD MCDONALD'S ORD 2.7%

Value ($000) $136,812 Shares 447,638 Est. Cost $71.80 Unrealized +324.9%

PNW PINNACLE WEST ORD 1.3%

Value ($000) $64,703 Shares 729,460 Est. Cost $60.94 Unrealized +46.4%

LYB LYONDELLBASELL INDUSTRIES CL A ORD 0.1%

Value ($000) $5,282 Shares 121,991 Est. Cost $52.49 Unrealized -15.3%

SNA SNAP ON ORD 2.3%

Value ($000) $116,049 Shares 336,764 Est. Cost $133.69 Unrealized +154.7%

JPM JPMORGAN CHASE ORD 0.6%

Value ($000) $29,000 Shares 90,000 Est. Cost $54.83 Unrealized +464.5%

PG PROCTER & GAMBLE ORD 0.1%

Value ($000) $7,151 Shares 49,900 Est. Cost $55.00 Unrealized +167.6%

ENB ENBRIDGE ORD 0.2%

Value ($000) $8,888 Shares 185,828 Est. Cost $24.73 Unrealized +90.5%

NEE NEXTERA ENERGY ORD 0.1%

Value ($000) $6,904 Shares 86,000 Est. Cost $66.04 Unrealized +24.9%

PEP PEPSICO ORD 0.4%

Value ($000) $18,299 Shares 127,500 Est. Cost $59.43 Unrealized +145.5%

DUK DUKE ENERGY ORD 0.1%

Value ($000) $4,546 Shares 38,784 Est. Cost $53.67 Unrealized +126.5%

NSA NATIONAL STORAGE AFFILIATES ORD 0.0%

Value ($000) $2,314 Shares 82,030 Est. Cost $34.83 Unrealized —

WAL WESTERN ALLIANCE ORD 0.1%

Value ($000) $4,204 Shares 50,000 Est. Cost $70.68 Unrealized +14.1%

CVX CHEVRON ORD 0.1%

Value ($000) $5,356 Shares 35,139 Est. Cost $73.41 Unrealized +106.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE ORD	2,797,016	$760,397	14.8%	$79.77	+236.4%	COMMON	037833100
AVGO	BROADCOM ORD	1,724,909	$596,991	11.7%	$137.60	+159.5%	COMMON	11135F101
HD	HOME DEPOT ORD	426,054	$146,605	2.9%	$128.54	+183.6%	COMMON	437076102
DOV	DOVER ORD	843,600	$164,704	3.2%	$44.93	+304.7%	COMMON	260003108
CSCO	CISCO SYSTEMS ORD	2,546,500	$196,157	3.8%	$16.77	+340.2%	COMMON	17275R102
MSFT	MICROSOFT ORD	491,150	$237,530	4.6%	$26.70	+1774.6%	COMMON	594918104
HON	HONEYWELL INTERNATIONAL ORD	837,500	$163,388	3.2%	$53.13	+267.1%	COMMON	438516106
MDLZ	MONDELEZ INTERNATIONAL CL A ORD	1,448,000	$77,946	1.5%	$46.39	+23.0%	COMMON	609207105
RPM	RPM ORD	824,725	$85,771	1.7%	$32.11	+237.2%	COMMON	749685103
ADI	ANALOG DEVICES ORD	445,870	$120,920	2.4%	$70.32	+256.4%	COMMON	032654105
ADP	AUTOMATIC DATA PROCESSING ORD	232,750	$59,870	1.2%	$122.08	+116.9%	COMMON	053015103
TJX	TJX ORD	866,500	$133,103	2.6%	$47.91	+208.3%	COMMON	872540109
PLD	PROLOGIS REIT	590,000	$75,319	1.5%	$52.97	+133.8%	COMMON	74340W103
ACN	ACCENTURE CL A ORD	338,000	$90,685	1.8%	$69.87	+263.6%	COMMON	G1151C101
UNH	UNITEDHEALTH GRP ORD	468,822	$154,763	3.0%	$65.24	+416.9%	COMMON	91324P102
NSC	NORFOLK SOUTHERN ORD	587,687	$169,677	3.3%	$58.35	+394.6%	COMMON	655844108
QCOM	QUALCOMM ORD	957,500	$163,780	3.2%	$45.94	+271.8%	COMMON	747525103
MRSH	MARSH & MCLENNAN ORD	278,334	$51,637	1.0%	$204.01	-8.6%	COMMON	571748102
JNJ	JOHNSON & JOHNSON ORD	201,000	$41,597	0.8%	$59.66	+230.2%	COMMON	478160104
VLO	VALERO ENERGY ORD	514,640	$83,778	1.6%	$54.95	+207.2%	COMMON	91913Y100
USB	US BANCORP ORD	763,500	$40,740	0.8%	$38.26	+27.3%	COMMON	902973304
APD	AIR PRODUCTS AND CHEMICALS ORD	145,900	$36,040	0.7%	$155.66	+61.7%	COMMON	009158106
AMT	AMERICAN TOWER REIT	201,619	$35,398	0.7%	$145.44	+24.0%	COMMON	03027X100
CME	CME GROUP CL A ORD	1,002,000	$273,626	5.3%	$42.39	+538.6%	COMMON	12572Q105
BLK	BLACKROCK ORD	28,844	$30,873	0.6%	$991.05	+9.9%	COMMON	09290D101
ABT	ABBOTT LABORATORIES ORD	237,800	$29,794	0.6%	$29.68	+328.9%	COMMON	002824100
PM	PHILIP MORRIS INTERNATIONAL ORD	1,101,700	$176,713	3.4%	$52.44	+192.9%	COMMON	718172109
T	AT&T ORD	532,000	$13,215	0.3%	$11.40	+121.8%	COMMON	00206R102
ABBV	ABBVIE ORD	566,800	$129,508	2.5%	$48.18	+372.3%	COMMON	00287Y109
HAS	HASBRO ORD	260,600	$21,369	0.4%	$31.39	+148.6%	COMMON	418056107
VZ	VERIZON COMMUNICATIONS ORD	486,700	$19,823	0.4%	$27.04	+49.7%	COMMON	92343V104
CMCSA	COMCAST CL A ORD	776,650	$23,214	0.5%	$37.44	-23.8%	COMMON	20030N101
RTX	RTX ORD	71,000	$13,021	0.3%	$61.74	+180.7%	COMMON	75513E101
MMM	3M ORD	211,000	$33,781	0.7%	$67.45	+141.9%	COMMON	88579Y101
MCD	MCDONALD'S ORD	447,638	$136,812	2.7%	$71.80	+324.9%	COMMON	580135101
PNW	PINNACLE WEST ORD	729,460	$64,703	1.3%	$60.94	+46.4%	COMMON	723484101
LYB	LYONDELLBASELL INDUSTRIES CL A ORD	121,991	$5,282	0.1%	$52.49	-15.3%	COMMON	N53745100
SNA	SNAP ON ORD	336,764	$116,049	2.3%	$133.69	+154.7%	COMMON	833034101
JPM	JPMORGAN CHASE ORD	90,000	$29,000	0.6%	$54.83	+464.5%	COMMON	46625H100
PG	PROCTER & GAMBLE ORD	49,900	$7,151	0.1%	$55.00	+167.6%	COMMON	742718109
ENB	ENBRIDGE ORD	185,828	$8,888	0.2%	$24.73	+90.5%	COMMON	29250N105
NEE	NEXTERA ENERGY ORD	86,000	$6,904	0.1%	$66.04	+24.9%	COMMON	65339F101
PEP	PEPSICO ORD	127,500	$18,299	0.4%	$59.43	+145.5%	COMMON	713448108
DUK	DUKE ENERGY ORD	38,784	$4,546	0.1%	$53.67	+126.5%	COMMON	26441C204
NSA	NATIONAL STORAGE AFFILIATES ORD	82,030	$2,314	0.0%	$34.83	—	COMMON	637870106
WAL	WESTERN ALLIANCE ORD	50,000	$4,204	0.1%	$70.68	+14.1%	COMMON	957638109
CVX	CHEVRON ORD	35,139	$5,356	0.1%	$73.41	+106.2%	COMMON	166764100