# EDGAR Filing Document

**Accession Number:** 0001542927
**File Stem:** 0000929638-26-000490
**Filing Date:** 2026-2
**Character Count:** 8271
**Document Hash:** e0fe9ace2f507d36cf877e799db52671
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000929638-26-000490.hdr.sgml**: 20260204

**ACCESSION NUMBER**: 0000929638-26-000490

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260204

**DATE AS OF CHANGE**: 20260204

**EFFECTIVENESS DATE**: 20260204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** National Mutual Insurance Federation of Agricultural Cooperatives
- **CENTRAL INDEX KEY:** 0001542927

**ORGANIZATION NAME:**
- **EIN:** 980417339
- **STATE OF INCORPORATION:** M0
- **FISCAL YEAR END:** 0312

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14926
- **FILM NUMBER:** 26596483

**BUSINESS ADDRESS:**
- **STREET 1:** JA KYOSAI BUILDING 2-7-9
- **STREET 2:** HIRAKAWA-CHO, CHIYODA-KU
- **CITY:** TOKYO, JAPAN
- **STATE:** M0
- **ZIP:** 102-8630
- **BUSINESS PHONE:** 81-3-5215-9227

**MAIL ADDRESS:**
- **STREET 1:** JA KYOSAI BUILDING 2-7-9
- **STREET 2:** HIRAKAWA-CHO, CHIYODA-KU
- **CITY:** TOKYO, JAPAN
- **STATE:** M0
- **ZIP:** 102-8630

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**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:** National Mutual Insurance Federation of Agricultural Cooperatives<br>**Address:** JA KYOSAI BUILDING 2-7-9<br>HIRAKAWA-CHO CHIYODA-KU<br>TOKYO JAPAN, M0 102-8630

**Form 13F File Number:** 028-14926

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 this Report on Behalf of Reporting Manager:**

**Name:** Katsumi Takai<br>**Title:** Manager Investment Administration Department<br>**Phone:** 81-3-5215-9222

**Signature, Place, and Date of Signing:**

/s/ Katsumi Takai  Tokyo, M0  02-03-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

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

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

[ ] **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).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 1

**Form 13F Information Table Entry Total:** 42

**Form 13F Information Table Value Total:** $13637345513

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                                       | Form 13F File Number   |
|:---|:---|:---|
|  | Zenkyoren Asset Management of America Inc. | 028-15700              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 112836500 | 360500 | SH |  | DFND | 1 | 360500 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 62321400 | 270000 | SH |  | DFND | 1 | 270000 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 86832084 | 319400 | SH |  | DFND | 1 | 319400 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 26983950 | 105000 | SH |  | DFND | 1 | 105000 | 0 | 0 |
| AUTOZONE INC | COM | 053332102 |  | 23062200 | 6800 | SH |  | DFND | 1 | 6800 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 31467996 | 29400 | SH |  | DFND | 1 | 29400 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 15574500 | 45000 | SH |  | DFND | 1 | 45000 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 15088590 | 99000 | SH |  | DFND | 1 | 99000 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 21567235 | 308500 | SH |  | DFND | 1 | 308500 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 20437458 | 23700 | SH |  | DFND | 1 | 23700 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 9311400 | 20000 | SH |  | DFND | 1 | 20000 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 21957610 | 193000 | SH |  | DFND | 1 | 193000 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 26850393 | 84300 | SH |  | DFND | 1 | 84300 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 39010884 | 36300 | SH |  | DFND | 1 | 36300 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 22668576 | 170800 | SH |  | DFND | 1 | 170800 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 20060678 | 166700 | SH |  | DFND | 1 | 166700 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 13851390 | 71000 | SH |  | DFND | 1 | 71000 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 32877880 | 203000 | SH |  | DFND | 1 | 203000 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 28417818 | 42900 | SH |  | DFND | 1 | 42900 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 40891192 | 72200 | SH |  | DFND | 1 | 72200 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | NASDAQ 100 ETF | 46138G649 |  | 666191280 | 2634000 | SH |  | SOLE |  | 2634000 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 1080571290 | 1759000 | SH |  | SOLE |  | 1759000 | 0 | 0 |
| ISHARES TR | CORE S 500 ETF | 464287200 |  | 2453350284 | 3581847 | SH |  | SOLE |  | 3581847 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 445211676 | 4040400 | SH |  | SOLE |  | 4040400 | 0 | 0 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 295391040 | 791000 | SH |  | SOLE |  | 791000 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | BETABUILDRS US | 46641Q399 |  | 157220250 | 1275000 | SH |  | SOLE |  | 1275000 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 51845198 | 160900 | SH |  | DFND | 1 | 160900 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 38876928 | 68100 | SH |  | DFND | 1 | 68100 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 61124334 | 92600 | SH |  | DFND | 1 | 92600 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 37674120 | 132000 | SH |  | DFND | 1 | 132000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 86035998 | 177900 | SH |  | DFND | 1 | 177900 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 95301500 | 511000 | SH |  | DFND | 1 | 511000 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 27592752 | 52800 | SH |  | DFND | 1 | 52800 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 1785151997 | 2617832 | SH |  | SOLE |  | 2617832 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A854 |  | 764977920 | 9536000 | SH |  | SOLE |  | 9536000 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 32391255 | 55900 | SH |  | DFND | 1 | 55900 | 0 | 0 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 14503000 | 50000 | SH |  | DFND | 1 | 50000 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 1834762885 | 2925650 | SH |  | SOLE |  | 2925650 | 0 | 0 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 |  | 2059836192 | 6543317 | SH |  | SOLE |  | 6543317 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 900803436 | 2686800 | SH |  | SOLE |  | 2686800 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 38683313 | 110300 | SH |  | DFND | 1 | 110300 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 37779131 | 339100 | SH |  | DFND | 1 | 339100 | 0 | 0 |

---