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                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549


                                  SCHEDULE 13G

                   Under the Securities Exchange Act of 1934
- ----------------------------------------------------------------------------
                               (Amendment No. 8)


                              ALLTEL CORPORATION                  
- ----------------------------------------------------------------------------
                                (Name of Issuer)

                 COMMON STOCK, par value $1.00 per share       
- ----------------------------------------------------------------------------
                    (Title of Class of Securities)

                                   020039103                      
- ----------------------------------------------------------------------------
                                 (CUSIP Number)



Check the following box if a fee is being paid with this statement [ ].
(A fee is not required only if the filing person: (1) has a previous
statement on file reporting beneficial ownership of more than five
percent of the class of securities described in Item 1; and (2) has
filed no amendment subsequent thereto reporting beneficial ownership of
five percent or less of such class.) (See Rule 13d-7.)

*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information
which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilites of
that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).

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CUSIP 020039103                                     13G page 2 of 6

_______________________________________________________________________
[1] Name of Reporting Persons S.S. or I.R.S. Identification Nos.

              Cincinnati Financial Corporation  31-0746871             
_______________________________________________________________________
[2] Check The Appropriate Box If A Member Of A Group
              (a) _______
              (b) _______                                              
_______________________________________________________________________
[3] SEC Use Only


_______________________________________________________________________
[4] Citizenship or Place of Organization

                          Wilmington, Delaware                         
_______________________________________________________________________
  Number of           [5]Sole Voting Power      12,832,508 *
   Shares            __________________________________________________
                      [6]Shared Voting Power       -0-
  Beneficially
   Owned By          __________________________________________________
    Each              [7]Sole Dispositive Power 12,832,508
  Reporting
   Person            __________________________________________________
    With              [8]Shared Dispositive Power  -0-

_______________________________________________________________________
[9]  Aggregate Amount Beneficially Owned By Each Reporting Person

                              12,832,508                              
_______________________________________________________________________
[10] Check Box#
 If The Aggregate Amount In Row [9]Excludes Certain Shares

                                   N/A                                 
_______________________________________________________________________
[11] Percent Of Class Represented By Amount In Row 9

                                  6.939%                              
_______________________________________________________________________
[12] Type Of Reporting Person*

                             PH, IC, EP                                
_______________________________________________________________________

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                                                                 13G Page 3 of 6

Item 1(a) Name of Issuer: ALLTEL CORPORATION


Item 1(b) Address of Issuer's Principal Executive Offices:
                             100 Executive Parkway
                              Hudson, Ohio  44236

Item 2(a) Name of Person Filing:  Cincinnati Financial Corporation


Item 2(b) Address of Principal Business Office:
                          P.O. Box 145496
                          Cincinnati, Ohio 45250-5496 Item

Item 2(c) Citizenship:    Delaware


Item 2(d) Title of Class of Securities:

                 Common Stock, par value $1.00 per share

Item 2(e) CUSIP Number:
                          020039103

                       Item 3.  Type of Reporting Person

(a)[ ] Broker or Dealer registered under Section 15 of the Act
(b)[ ] Bank as defined in section 3(a)(6) of the Act
(c)[x] Insurance Company as defined in sections 3(a)(19) of the Act
(d)[ ] Investment Company registered under section 8 of the Investment
       Company Act
(e)[ ] Investment Adviser registered under section 203 of the
       Investment Advisers Act of 1940
(f)[x] Employess Benefit Plan, Pension Fund which is subject to the
       provisions of the Employee Retirement Income Security Act of
       1947 or Endowment Fund
(g)[x] Parent Holding Company, in accordance with 240.13d-b(ii)(G)
(h)[ ] Group, in accordence with 240.13d-1(b)(1)(ii)(H)

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                                                                 13G Page 4 of 6

                             Item 4     Ownership:


(a) Amount Beneficially Owned: 12,832,508


(b) Percent of Class:            6.939%


(c) Number of Shares as to which CFC has:

    (i)   sole power to vote or to direct the vote
          ........................................... 12,832,508

    (ii)  shared power to vote or to direct the vote
          ...........................................    -0-

    (iii) sole power to dispose or to direct
          the disposition of ....................... 12,832,508

    (iv)  shared power to dispose or to direct
          the dispostion of .........................    -0-



          Item 5.  Ownership of Five Percent or Less of a Class:

                                      N/A

          Item 6.  Ownership of More than Five Percent on
                   Behalf of Another Person.

                                      N/A


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                                                                 13G Page 5 of 6


    Item 7. Identification and Classification of the Subsidiary which
        Acquired the Security Being Reported on by the Parent Holding
        Company:


This Schedule 13G is being filed by the Cincinnati Financial Corporation
for itself or, if item 3(g) has been checked, as a parent holding
company with respect to the holding of its following subsidiaries:

         [x] Cincinnati Financial Corporation(31-0746871), a parent
             holding company, in accordance with 240.13d-(b)(ii)(G)

         [x] Cincinnati Insurance Company(31-0542366), an insurance
             company as defined in sections 3(a)(19) of the Act

         [x] Cincinnati Casualty Company (31-0826946), an insurance
             company as defined in sections 3(a)(19) of the Act

         [x] Cincinnati Life Insurance Company(31-1213778), an insurance
             company as defined in sections 3(a)(19) of the Act

         [x] Cincinnati Financial Retirement Plan Trust(31-0746871), an
             employee benefit plan, pension fund which is subject to the
             provisions of the Employee Retirement Income Security Act of
             1947 or Endowment Fund

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                                                                 13G Page 6 of 6


   Item 8.  Identification and Classification of Members of the Group:


   Item 9.  Notice of Dissolution of Group:


   Item 10.  Certification:

             By signing below I certify that to the best of my knowledge
             and belief, the securities referred to above were acquired
             in the ordinary course of business and were not acquired
             for the purpose of and do not have the effect of changing
             or influencing the control of the issuer of such
             securities and were not acquired in connection with or as
             a participant in any transaction having such purposes or
             effect.


             Signature

             After reasonable inquiry and to the best of my knowledge
             and belief, I certify that the information set forth in
             this statement is true, complete and correct.

             Date: February 1, 1994


             The Cincinnati Financial Corporation

             By /S/ Robert J. Driehaus 
                _________________________________

                Robert J. Driehaus 
                Financial Vice President


            * This stock is held in custody by The Fifth Third Bank
              or PNC Bank, Ohio N.A.
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