UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 13F

                               FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: December 31, 2006

Check here if Amendment [ ]; Amendment Number:
                                               ----------
This Amendment (Check only one.):   [ ] is a restatement
                                    [ ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:      Cincinnati Financial Corporation
Address:   6200 South Gilmore Road
           Fairfield, Ohio 45014

13F File Number: 028-10798

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

Person Signing the Report on Behalf of Reporting Manager:

Name:    Kenneth S. Miller
Title:   Sr. Vice President
Phone:   (513) 870-2000

Signature, Place and Date of Signing:


/s/ Kenneth S. Miller              Fairfield, Ohio              February 9, 2007
- ---------------------   -------------------------------------   ----------------

Report Type (Check only one.):

[ ]  13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
     are reported in this report.)

[ ]  13F NOTICE. (Check here if no holdings reported are in this report, and all
     holdings are reported by other reporting manager(s).)

[X]  13F COMBINATION REPORT. (Check here if a portion of the holdings for this
     reporting manager are reported in this report and a portion are reported by
     other reporting manager(s).)

List of other Managers Reporting for this Manager:

No.   File No.   Name

01    28-10753   The Cincinnati Insurance Company
02    28-10754   The Cincinnati Life Insurance Company
03    28-10755   The Cincinnati Casualty Company
04    28-10756   The Cincinnati Indemnity Company


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                                    FORM 13F
                                  SUMMARY PAGE

Report Summary:

Number of Other Included Managers                  0

Form 13F Information Table Entry Total:           35

Form 13F Information Table Value Total     2,471,774
                                          (thousands)

List of Other Included Managers:                None


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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 - ------------------------------------------------------------------------------------------------------------------------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP [x$1000] PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE - ------------------------------------------------------------------------------------------------------------------------------- AGL RESOURCES COMMON 001204106 10,237 263,100 SH SOLE 263,100 -- -- ARCHSTONE-SMITH TRUST COMMON 039583109 4,395 75,500 SH SOLE 75,500 -- -- ARTHUR J GALLAGHER COMMON 363576109 591 20,000 SH SOLE 20,000 -- -- BB & T CORP COMMON 054937107 9,884 225,000 SH SOLE 225,000 -- -- CHEVRON CORPORATION COMMON 166764100 24,412 332,000 SH SOLE 332,000 -- -- CONOCOPHILLIPS COMMON 20825C104 7,195 100,000 SH SOLE 100,000 -- -- DUKE ENERGY CORP COMMON 26441C105 5,181 156,000 SH SOLE 156,000 -- -- EXXON MOBIL CORPORATION COMMON 30231G102 123,686 1,614,066 SH SOLE 1,614,066 -- -- FIFTH THIRD BANCORP COMMON 316773100 1,112,625 27,183,604 SH SOLE 27,183,604 -- -- FIRST FINANCIAL BANCORP COMMON 320209109 28,669 1,726,004 SH SOLE 1,726,004 -- -- FIRST MERIT CORPORATION COMMON 337915102 126,735 5,250,000 SH SOLE 5,250,000 -- -- FORTUNE BRANDS INC COMMON 349631101 55,742 652,792 SH SOLE 652,792 -- -- GENERAL ELECTRIC CO COMMON 369604103 18,605 500,000 SH SOLE 500,000 -- -- GENUINE PARTS CO COMMON 372460105 337 7,100 SH SOLE 7,100 -- -- HUNTINGTON BANCSHARES INC COMMON 446150104 3,235 136,200 SH SOLE 136,200 -- -- JOHNSON & JOHNSON COMMON 478160104 80,346 1,217,000 SH SOLE 1,217,000 -- -- LINCOLN NATIONAL CORP COMMON 534187109 7,793 117,361 SH SOLE 117,361 -- -- LINEAR TECHNOLOGY CORP COMMON 535678106 22,413 739,200 SH SOLE 739,200 -- -- MEDTRONIC INC COMMON 585055106 36,909 689,750 SH SOLE 689,750 -- -- MEDTRONIC INC CONVERTIBLE DEB 585055AM8 2,506 2,350,000 PRN SOLE -- -- -- MICROCHIP TECHNOLOGY INC COMMON 595017104 19,620 600,000 SH SOLE 600,000 -- -- MICROSOFT CORP COMMON 594918104 23,440 785,000 SH SOLE 785,000 -- -- NATIONAL CITY CORPORATION COMMON 635405103 32,904 900,000 SH SOLE 900,000 -- -- PEOPLES COMMUNITY BANCORP COMMON 71086E107 1,800 100,000 SH SOLE 100,000 -- -- PEPSICO INC COMMON 713448108 626 10,000 SH SOLE 10,000 -- -- PFIZER INC COMMON 717081103 33,872 1,307,800 SH SOLE 1,307,800 -- -- PIEDMONT NATURAL GAS COMMON 720186105 70,310 2,628,400 SH SOLE 2,628,400 -- -- PNC FINANCIAL SERVICES GROUP COMMON 693475105 196,280 2,651,000 SH SOLE 2,651,000 -- -- PROCTER & GAMBLE CORPORATION COMMON 742718109 80,784 1,256,940 SH SOLE 1,256,940 -- -- SKY FINANCIAL GROUP INC COMMON 83080P103 97,751 3,425,068 SH SOLE 3,425,068 -- -- SYSCO CORP COMMON 871829107 17,204 468,000 SH SOLE 468,000 -- -- U S BANCORP COMMON 902973304 117,705 3,252,426 SH SOLE 3,252,426 -- -- WACHOVIA CORP COMMON 929903102 43,834 769,700 SH SOLE 769,700 -- -- WELLS FARGO & CO COMMON 949746101 33,782 950,000 SH SOLE 950,000 -- -- WYETH COMMON 983024100 20,368 400,000 SH SOLE 400,000 -- -- --------- 2,471,774 =========
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