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	9,932	50,000	SH		DFND	1	50,000	0	0
ALPHABET INC	CAP STK CL A	02079K305	42,487	17,400	SH		DFND	1	17,400	0	0
AMAZON COM INC	COM	023135106	32,682	9,500	SH		DFND	1	9,500	0	0
APPLE INC	COM	037833100	27,858	203,400	SH		DFND	1	203,400	0	0
AUTOZONE INC	COM	053332102	3,495	2,342	SH		DFND	1	2,342	0	0
BECTON DICKINSON & CO	COM	075887109	4,367	17,958	SH		DFND	1	17,958	0	0
BK OF AMERICA CORP	COM	060505104	5,448	132,125	SH		DFND	1	132,125	0	0
BLACKROCK INC	COM	09247X101	6,272	7,168	SH		DFND	1	7,168	0	0
CHEVRON CORP NEW	COM	166764100	3,985	38,042	SH		DFND	1	38,042	0	0
COCA COLA CO	COM	191216100	24,717	456,800	SH		DFND	1	456,800	0	0
DISNEY WALT CO	COM	254687106	4,661	26,517	SH		DFND	1	26,517	0	0
DOLLAR GEN CORP NEW	COM	256677105	9,088	42,000	SH		DFND	1	42,000	0	0
EATON CORP PLC	SHS	G29183103	2,846	19,208	SH		DFND	1	19,208	0	0
EMERSON ELEC CO	COM	291011104	2,678	27,829	SH		DFND	1	27,829	0	0
EXXON MOBIL CORP	COM	30231G102	1,684	26,700	SH		DFND	1	26,700	0	0
FACEBOOK INC	CL A	30303M102	6,093	17,522	SH		DFND	1	17,522	0	0
HONEYWELL INTL INC	COM	438516106	4,337	19,771	SH		DFND	1	19,771	0	0
INTUIT	COM	461202103	8,267	16,866	SH		DFND	1	16,866	0	0
INTUITIVE SURGICAL INC	COM NEW	46120E602	23,727	25,800	SH		DFND	1	25,800	0	0
INVESCO QQQ TR	UNIT SER 1	46090E103	893,518	2,521,000	SH		SOLE		2,521,000	0	0
ISHARES TR	CORE S&P500 ETF	464287622	1,864,497	4,336,847	SH		SOLE		4,336,847	0	0
ISHARES TR	IBOXX INV CP ETF	464287242	459,834	3,422,400	SH		SOLE		3,422,400	0	0
ISHARES TR	RUS 1000 ETF	464287200	280,329	1,158,000	SH		SOLE		1,158,000	0	0
JOHNSON & JOHNSON	COM	478160104	3,954	24,000	SH		DFND	1	24,000	0	0
JPMORGAN CHASE & CO	COM	46625H100	35,448	227,900	SH		DFND	1	227,900	0	0
KINDER MORGAN INC DEL	COM	49456B101	3,008	165,000	SH		DFND	1	165,000	0	0
MASTERCARD INCORPORATED	CL A	57636Q104	28,879	79,100	SH		DFND	1	79,100	0	0
MEDTRONIC PLC	SHS	G5960L103	24,193	194,900	SH		DFND	1	194,900	0	0
MICROSOFT CORP	COM	594918104	39,524	145,900	SH		DFND	1	145,900	0	0
NIKE INC	CL B	654106103	10,814	70,000	SH		DFND	1	70,000	0	0
NORFOLK SOUTHN CORP	COM	655844108	2,487	9,370	SH		DFND	1	9,370	0	0
PAYPAL HLDGS INC	COM	70450Y103	6,617	22,700	SH		DFND	1	22,700	0	0
PEPSICO INC	COM	713448108	6,075	41,000	SH		DFND	1	41,000	0	0
PFIZER INC	COM	717081103	19,815	506,000	SH		DFND	1	506,000	0	0
PROCTER AND GAMBLE CO	COM	742718109	3,022	22,394	SH		DFND	1	22,394	0	0
S&P GLOBAL INC	COM	78409V104	25,858	63,000	SH		DFND	1	63,000	0	0
SCHWAB STRATEGIC TR	US LRG CAP ETF	808524201	98,772	950,000	SH		SOLE		950,000	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	1,766,104	4,125,832	SH		SOLE		4,125,832	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	25,526	50,600	SH		DFND	1	50,600	0	0
TRAVELERS COMPANIES INC	COM	89417E109	4,391	29,328	SH		DFND	1	29,328	0	0
VANGUARD INDEX FDS	S&P 500 ETF SHS	922908363	1,298,872	3,300,650	SH		SOLE		3,300,650	0	0
VANGUARD INDEX FDS	LARGE CAP ETF	922908637	2,158,728	10,753,317	SH		SOLE		10,753,317	0	0
VANGUARD INDEX FDS	TOTAL STK MKT	922908769	2,237,960	10,043,800	SH		SOLE		10,043,800	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	3,145	56,137	SH		DFND	1	56,137	0	0
VISA INC	COM CL A	92826C839	31,168	133,300	SH		DFND	1	133,300	0	0
WALMART INC	COM	931142103	22,239	157,700	SH		DFND	1	157,700	0	0