National Mutual Insurance Federation of Agricultural Cooperatives 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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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	MANAGER	SOLE	SHARED	NONE
3M CO	COM	88579Y101	1,820	10,318	SH		DFND	1	10,318	0	0
ALPHABET INC	CAP STK CL A	02079K305	5,773	4,310	SH		DFND	1	4,310	0	0
AMAZON COM INC	COM	023135106	9,350	5,060	SH		DFND	1	5,060	0	0
APPLE INC	COM	037833100	12,509	42,600	SH		DFND	1	42,600	0	0
AT&T INC	COM	00206R102	1,648	42,165	SH		DFND	1	42,165	0	0
AUTOZONE INC	COM	053332102	2,790	2,342	SH		DFND	1	2,342	0	0
BANK AMER CORP	COM	060505104	4,653	132,125	SH		DFND	1	132,125	0	0
BECTON DICKINSON & CO	COM	075887109	4,884	17,958	SH		DFND	1	17,958	0	0
BLACKROCK INC	COM	09247X101	3,603	7,168	SH		DFND	1	7,168	0	0
CHEVRON CORP NEW	COM	166764100	4,584	38,042	SH		DFND	1	38,042	0	0
CITIGROUP INC	COM NEW	172967424	2,729	34,165	SH		DFND	1	34,165	0	0
COCA COLA CO	COM	191216100	4,802	86,766	SH		DFND	1	86,766	0	0
CORTEVA INC	COM	22052L104	801	27,090	SH		DFND	1	27,090	0	0
CVS HEALTH CORP	COM	126650100	1,511	20,333	SH		DFND	1	20,333	0	0
DISNEY WALT CO	COM DISNEY	254687106	3,835	26,517	SH		DFND	1	26,517	0	0
DOLLAR GEN CORP NEW	COM	256677105	2,411	15,460	SH		DFND	1	15,460	0	0
DUPONT DE NEMOURS INC	COM	26614N102	648	10,090	SH		DFND	1	10,090	0	0
EATON CORP PLC	SHS	G29183103	1,819	19,208	SH		DFND	1	19,208	0	0
EMERSON ELEC CO	COM	291011104	2,122	27,829	SH		DFND	1	27,829	0	0
EXXON MOBIL CORP	COM	30231G102	1,863	26,700	SH		DFND	1	26,700	0	0
FACEBOOK INC	CL A	30303M102	3,596	17,522	SH		DFND	1	17,522	0	0
FEDEX CORP	COM	31428X106	1,417	9,370	SH		DFND	1	9,370	0	0
GILEAD SCIENCES INC	COM	375558103	647	9,956	SH		DFND	1	9,956	0	0
HONEYWELL INTL INC	COM	438516106	3,499	19,771	SH		DFND	1	19,771	0	0
INTUIT	COM	461202103	4,418	16,866	SH		DFND	1	16,866	0	0
INTUITIVE SURGICAL INC	COM NEW	46120E602	2,838	4,800	SH		DFND	1	4,800	0	0
INVESCO QQQ TR	UNIT SER 1	46090E903	111,408	524,000	SH		SOLE		524,000	0	0
ISHARES TR	CORE S&P 500 ETF	464287200	1,401,842	4,336,847	SH		SOLE		4,336,847	0	0
ISHARES TR	IBOXX INV CP ETF	464287242	483,484	3,778,400	SH		SOLE		3,778,400	0	0
ISHARES TR	RUS 1000 ETF	464287622	498,684	2,795,000	SH		SOLE		2,795,000	0	0
JOHNSON & JOHNSON	COM	478160104	2,480	17,000	SH		DFND	1	17,000	0	0
JPMORGAN CHASE & CO	COM	46625H100	6,675	47,881	SH		DFND	1	47,881	0	0
KINDER MORGAN INC DEL	COM	49456B101	1,376	65,000	SH		DFND	1	65,000	0	0
LINDE PLC	SHS	G5494J103	1,775	8,339	SH		DFND	1	8,339	0	0
MASTERCARD INC	CL A	57636Q104	6,591	22,075	SH		DFND	1	22,075	0	0
MEDTRONIC PLC	SHS	G5960L103	1,815	16,000	SH		DFND	1	16,000	0	0
MERCK & CO INC	COM	58933Y105	4,082	44,882	SH		DFND	1	44,882	0	0
MICROSOFT CORP	COM	594918104	11,969	75,897	SH		DFND	1	75,897	0	0
NETFLIX INC	COM	64110L106	852	2,634	SH		DFND	1	2,634	0	0
NIKE INC	CL B	654106103	4,093	40,400	SH		DFND	1	40,400	0	0
NORFOLK SOUTHERN CORP	COM	655844108	1,819	9,370	SH		DFND	1	9,370	0	0
PAYPAL HLDGS INC	COM	70450Y103	2,455	22,700	SH		DFND	1	22,700	0	0
PEPSICO INC	COM	713448108	3,368	24,643	SH		DFND	1	24,643	0	0
PFIZER INC	COM	717081103	1,724	44,000	SH		DFND	1	44,000	0	0
PIONEER NAT RES CO	COM	723787107	1,560	10,307	SH		DFND	1	10,307	0	0
PROCTER & GAMBLE CO	COM	742718109	2,797	22,394	SH		DFND	1	22,394	0	0
S&P GLOBAL INC	COM	78409V104	1,911	7,000	SH		DFND	1	7,000	0	0
SCHWAB STRATEGIC TR	US LRG CAP ETF	808524201	98,394	1,281,000	SH		SOLE		1,281,000	0	0
SELECT SECTOR SPDR TR	SBI CONS STPLS	81369Y308	103,224	1,639,000	SH		SOLE		1,639,000	0	0
SELECT SECTOR SPDR TR	SBI INT-UTILS	81369Y886	101,324	1,568,000	SH		SOLE		1,568,000	0	0
SELECT SECTOR SPDR TR	SBI INT-UTILS	81369Y886	8,248	127,634	SH		DFND	1	127,634	0	0
SELECT SECTOR SPDR TR	RL EST SEL SEC	81369Y860	2,989	77,302	SH		DFND	1	77,302	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	1,327,940	4,125,832	SH		SOLE		4,125,832	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	5,053	15,554	SH		DFND	1	15,554	0	0
TRAVELERS COMPANIES INC	COM	89417E109	4,016	29,328	SH		DFND	1	29,328	0	0
UNITED TECHNOLOGIES CORP	COM	913017109	2,526	16,866	SH		DFND	1	16,866	0	0
VANGUARD INDEX FDS	S&P 500 ETF SHS	922908363	1,554,917	5,256,650	SH		SOLE		5,256,650	0	0
VANGUARD INDEX FDS	LARGE CAP ETF	922908637	1,566,808	10,598,000	SH		SOLE		10,598,000	0	0
VANGUARD INDEX FDS	TOTAL STK MKT	922908769	830,208	5,074,000	SH		SOLE		5,074,000	0	0
VANGUARD WHITEHALL FDS INC	HIGH DIV YLD	921946406	100,082	1,068,000	SH		SOLE		1,068,000	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	3,447	56,137	SH		DFND	1	56,137	0	0
VISA INC	COM CL A	92826C839	7,197	38,301	SH		DFND	1	38,301	0	0
WALMART INC	COM	931142103	3,285	27,641	SH		DFND	1	27,641	0	0