TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY

FRANKFORT, KY · CIK 714142 · 13F filing filed 2025-05-05

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

Legal entityTeachers' Retirement System of the State of Kentucky (US)

$11.1bn reported value -2.7% vs Q4 2024

1,675positions

22.4%in top 10

35 new 541 added 159 reduced 34 sold out vs Q4 2024

This report includes the holdings of 24 other managers that share the investment decisions:

BAILLIE GIFFORD US EQ GROWTH STRATEGY – no 13F of its own this quarter
INTERNAL MGMT JL LOSEY SCHOLARSHIP FUND – no 13F of its own this quarter
INTERNAL MGMT S&P 500 INDEX – no 13F of its own this quarter
INTERNAL MGMT S&P400 INDEX – no 13F of its own this quarter
INTERNAL S&P 600 INDEX – no 13F of its own this quarter
LIFE BAILLIE GIFFORD US EQ GROWTH – no 13F of its own this quarter
LIFE IN HOUSE HIGH YIELD BOND – no 13F of its own this quarter
LIFE S&P 400 STOCK INDEX – no 13F of its own this quarter

16 more

LIFE S&P 500 STOCK INDEX – no 13F of its own this quarter
LIFE S&P 600 STOCK INDEX – no 13F of its own this quarter
MED BAILLIE GIFFORD US EQ GROWTH – no 13F of its own this quarter
MED IN HOUSE HIGH YIELD BOND – no 13F of its own this quarter
MED S&P 400 STOCK INDEX – no 13F of its own this quarter
MED S&P 500 STOCK INDEX – no 13F of its own this quarter
MED S&P 600 STOCK INDEX – no 13F of its own this quarter
MED TODD INTL INTRINSIC VALUE – no 13F of its own this quarter
STATE STREET US PREMIER GROWTH – no 13F of its own this quarter
TODD INTERNATIONAL INTRINSIC VALUE – no 13F of its own this quarter
TODD INTL INTRINSIC VALUE OPPORTUNITY – no 13F of its own this quarter
TODD INTRINSIC VALUE OPPORTUNITY – no 13F of its own this quarter
TODD LARGE CAP INTRINSIC VALUE – no 13F of its own this quarter
UBS VALUE ORIENTED – no 13F of its own this quarter
WELLINGTON LARGE CAP EQUITY – no 13F of its own this quarter
WELLINGTON SMALL CAP EQUITY – no 13F of its own this quarter

Shares in two reports are counted once in each security's totals.

Holdings, Q1 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	APPLE INC COM AAPL	AAPL	1,939,123	$430.7m3.89%	3.89%	Added +59.3k	+59,285 3.1%
2	MICROSOFT CORP COM MSFT	MSFT	1,087,129	$408.1m3.68%	3.68%	Reduced -37.6k	-37,598 -3.3%
3	NVIDIA CORPORATION COM NVDA	NVDA	3,643,301	$394.9m3.56%	3.56%	Added +57.0k	+57,047 1.6%
4	AMAZON COM INC COM AMZN	AMZN	1,721,811	$327.6m2.96%	2.96%	Added +54.4k	+54,426 3.3%
5	META PLATFORMS INC CL A META	META	412,416	$237.7m2.15%	2.15%	Added +56.2k	+56,212 15.8%
6	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,256,496	$194.3m1.75%	1.75%	Added +10.3k	+10,304 0.8%
7	BROADCOM INC COM AVGO	AVGO	934,119	$156.4m1.41%	1.41%	Added +29.2k	+29,228 3.2%
8	JPMORGAN CHASE & CO COM JPM	JPM	460,170	$112.9m1.02%	1.02%	Added +2.9k	+2,867 0.6%
9	ELI LILLY & CO COM LLY	LLY	136,025	$112.3m1.01%	1.01%	Added +29.0k	+28,985 27.1%
10	NETFLIX INC COM NFLX	NFLX	109,813	$102.4m0.92%	0.92%	Reduced -4.4k	-4,426 -3.9%
11	VISA INC COM CL A V	V	272,482	$95.5m0.86%	0.86%	Added +4.1k	+4,077 1.5%
12	PROGRESSIVE CORP COM PGR	PGR	332,780	$94.2m0.85%	0.85%	Added +17.8k	+17,847 5.7%
13	ALPHABET INC CAP STK CL C GOOG	GOOG	596,393	$93.2m0.84%	0.84%	Added +1.9k	+1,939 0.3%
14	UNITEDHEALTH GROUP INC COM UNH	UNH	169,862	$89.0m0.80%	0.80%	Reduced -25.0k	-25,020 -12.8%
15	TESLA INC COM TSLA	TSLA	304,875	$79.0m0.71%	0.71%	Reduced -722	-722 -0.2%
16	AUTOZONE INC COM AZO	AZO	20,413	$77.8m0.70%	0.70%	Added +350	+350 1.7%
17	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	141,615	$75.4m0.68%	0.68%	Added +5.7k	+5,675 4.2%
18	WELLS FARGO CO NEW COM WFC	WFC	998,834	$71.7m0.65%	0.65%	Reduced -49.3k	-49,314 -4.7%
19	QUALCOMM INC COM QCOM	QCOM	453,912	$69.7m0.63%	0.63%	Added +22.9k	+22,876 5.3%
20	MASTERCARD INCORPORATED CL A MA	MA	126,457	$69.3m0.63%	0.63%	Reduced -14.5k	-14,458 -10.3%
21	FISERV INC COM FISV	FISV	310,441	$68.6m0.62%	0.62%	Added +126.0k	+125,985 68.3%
22	CHUBB LIMITED COM CB	CB	215,497	$65.1m0.59%	0.59%	Added +1.1k	+1,110 0.5%
23	HOME DEPOT INC COM HD	HD	174,481	$63.9m0.58%	0.58%	Added +3.0k	+3,017 1.8%
24	BANK AMERICA CORP COM BAC	BAC	1,397,847	$58.3m0.53%	0.53%	Added +20.1k	+20,070 1.5%
25	ONEOK INC NEW COM OKE	OKE	584,790	$58.0m0.52%	0.52%	Added +257.6k	+257,550 78.7%
26	ABBVIE INC COM ABBV	ABBV	276,660	$58.0m0.52%	0.52%	Added +5.6k	+5,583 2.1%
27	APOLLO GLOBAL MGMT INC COM APO	APO	420,390	$57.6m0.52%	0.52%	Added +172.4k	+172,398 69.5%
28	PARKER-HANNIFIN CORP COM PH	PH	94,056	$57.2m0.52%	0.52%	Added +4.5k	+4,518 5.0%
29	SHELL PLC SPON ADS SHEL	SHEL	762,190	$55.9m0.50%	0.50%	Unchanged
30	EXXON MOBIL CORP COM XOM	XOM	458,684	$54.6m0.49%	0.49%	Added +9.8k	+9,763 2.2%
31	RTX CORPORATION COM RTX	RTX	398,056	$52.7m0.48%	0.48%	Added +36.6k	+36,584 10.1%
32	WALMART INC COM WMT	WMT	587,712	$51.6m0.47%	0.47%	Added +169.5k	+169,523 40.5%
33	COSTCO WHSL CORP NEW COM COST	COST	54,526	$51.6m0.47%	0.47%	Added +1.4k	+1,442 2.7%
34	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	203,724	$50.7m0.46%	0.46%	Reduced -18.8k	-18,771 -8.4%
35	ORACLE CORP COM ORCL	ORCL	360,759	$50.4m0.46%	0.46%	Added +5.9k	+5,891 1.7%
36	BOOKING HOLDINGS INC COM BKNG	BKNG	10,729	$49.4m0.45%	0.45%	Added +2.6k	+2,600 32.0%
37	AMERICAN EXPRESS CO COM AXP	AXP	182,386	$49.1m0.44%	0.44%	Reduced -84.2k	-84,184 -31.6%
38	TOTALENERGIES SE SPONSORED ADS SPONSORED ADS		756,550	$48.9m0.44%	0.44%	Added +4.9k	+4,900 0.7%
39	MASCO CORP COM MAS	MAS	683,962	$47.6m0.43%	0.43%	Added +75.9k	+75,945 12.5%
40	PROCTER AND GAMBLE CO COM PG	PG	272,132	$46.4m0.42%	0.42%	Added +7.5k	+7,502 2.8%
41	JABIL INC COM JBL	JBL	340,334	$46.3m0.42%	0.42%	Reduced -24.1k	-24,115 -6.6%
42	CITIZENS FINL GROUP INC COM CFG	CFG	1,124,492	$46.1m0.42%	0.42%	Added +678	+678 0.1%
43	DELL TECHNOLOGIES INC CL C DELL	DELL	498,394	$45.4m0.41%	0.41%	Added +214.3k	+214,294 75.4%
44	SALESFORCE INC COM CRM	CRM	166,807	$44.8m0.40%	0.40%	Added +2.0k	+2,042 1.2%
45	PHILIP MORRIS INTL INC COM PM	PM	278,302	$44.2m0.40%	0.40%	Reduced -13.2k	-13,190 -4.5%
46	UNITED RENTALS INC COM URI	URI	66,134	$41.4m0.37%	0.37%	Reduced -35.4k	-35,444 -34.9%
47	SERVICENOW INC COM NOW	NOW	51,925	$41.3m0.37%	0.37%	Added +2.1k	+2,081 4.2%
48	ABBOTT LABS COM ABT	ABT	310,816	$41.2m0.37%	0.37%	Reduced -15.4k	-15,387 -4.7%
49	RIO TINTO PLC SPONSORED ADR RIO	RIO	671,370	$40.3m0.36%	0.36%	Unchanged
50	MORGAN STANLEY COM NEW MS	MS	339,545	$39.6m0.36%	0.36%	Added +3.5k	+3,540 1.1%
51	KROGER CO COM KR	KR	582,353	$39.4m0.36%	0.36%	Added +128.8k	+128,791 28.4%
52	ALTRIA GROUP INC COM MO	MO	655,007	$39.3m0.35%	0.35%	Added +64.2k	+64,245 10.9%
53	AMGEN INC COM AMGN	AMGN	125,617	$39.1m0.35%	0.35%	Added +1.8k	+1,839 1.5%
54	BANCO SANTANDER S.A. ADR SAN	SAN	5,429,260	$36.4m0.33%	0.33%	Unchanged
55	KLA CORP COM NEW KLAC	KLAC	52,990	$36.0m0.33%	0.33%	Added +2.7k	+2,740 5.5%
56	AMERICAN INTL GROUP INC COM NEW AIG	AIG	401,646	$34.9m0.32%	0.32%	Added +36.9k	+36,851 10.1%
57	ING GROEP N.V. SPONSORED ADR ING	ING	1,780,630	$34.9m0.31%	0.31%	Added +6.2k	+6,200 0.3%
58	NXP SEMICONDUCTORS N V COM NXPI	NXPI	181,670	$34.5m0.31%	0.31%	Added +763	+763 0.4%
59	VERIZON COMMUNICATIONS INC COM VZ	VZ	755,330	$34.3m0.31%	0.31%	Added +13.6k	+13,564 1.8%
60	MITSUBISHI UFJ FINL GROUP IN SPONSORED ADS MUFG	MUFG	2,509,710	$34.2m0.31%	0.31%	Unchanged
61	AMERIPRISE FINL INC COM AMP	AMP	69,978	$33.9m0.31%	0.31%	Reduced -11.4k	-11,444 -14.1%
62	CRH PLC ORD CRH	CRH	380,840	$33.5m0.30%	0.30%	Unchanged
63	HCA HEALTHCARE INC COM HCA	HCA	95,896	$33.1m0.30%	0.30%	Reduced -7.6k	-7,644 -7.4%
64	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	66,284	$33.0m0.30%	0.30%	Reduced -462	-462 -0.7%
65	AERCAP HOLDINGS NV SHS AER	AER	322,270	$32.9m0.30%	0.30%	Unchanged
66	BARCLAYS PLC ADR BCS	BCS	2,133,020	$32.8m0.30%	0.30%	Unchanged
67	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	339,330	$32.4m0.29%	0.29%	Reduced -2.7k	-2,700 -0.8%
68	SCHLUMBERGER LTD COM STK SLB	SLB	773,087	$32.3m0.29%	0.29%	Added +3.8k	+3,785 0.5%
69	CUMMINS INC COM CMI	CMI	103,091	$32.3m0.29%	0.29%	Added +499	+499 0.5%
70	T-MOBILE US INC COM TMUS	TMUS	120,738	$32.2m0.29%	0.29%	Added +23.6k	+23,582 24.3%
71	MCKESSON CORP COM MCK	MCK	47,122	$31.7m0.29%	0.29%	Added +12.5k	+12,513 36.2%
72	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	56,594	$31.7m0.29%	0.29%	Unchanged
73	NATWEST GROUP PLC SPONS ADR NWG	NWG	2,643,751	$31.5m0.28%	0.28%	Reduced -29.8k	-29,800 -1.1%
74	GILEAD SCIENCES INC COM GILD	GILD	281,233	$31.5m0.28%	0.28%	Added +188.9k	+188,941 204.7%
75	PHILLIPS 66 COM PSX	PSX	252,730	$31.2m0.28%	0.28%	Added +47.9k	+47,855 23.4%
76	TARGA RES CORP COM TRGP	TRGP	155,591	$31.2m0.28%	0.28%	Added +139.4k	+139,366 859.0%
77	UBER TECHNOLOGIES INC COM UBER	UBER	426,619	$31.1m0.28%	0.28%	Added +131.3k	+131,327 44.5%
78	JOHNSON & JOHNSON COM JNJ	JNJ	185,977	$30.8m0.28%	0.28%	Added +7.5k	+7,462 4.2%
79	VERTEX PHARMACEUTICALS INC COM VRTX	VRTX	62,995	$30.5m0.28%	0.28%	Reduced -62	-62 -0.1%
80	FOX CORP CL A COM FOXA	FOXA	538,303	$30.5m0.28%	0.28%	Reduced -23.7k	-23,678 -4.2%
81	FIFTH THIRD BANCORP COM FITB	FITB	752,763	$29.5m0.27%	0.27%	Reduced -545.8k	-545,800 -42.0%
82	CAPITAL ONE FINL CORP COM COF	COF	163,488	$29.3m0.26%	0.26%	Added +13.6k	+13,628 9.1%
83	DICKS SPORTING GOODS INC COM DKS	DKS	145,382	$29.3m0.26%	0.26%	Unchanged
84	TEVA PHARMACEUTICAL INDS LTD SPONSORED ADS SPONSORED ADS		1,894,100	$29.1m0.26%	0.26%	Added +184.1k	+184,100 10.8%
85	ADOBE INC COM ADBE	ADBE	75,830	$29.1m0.26%	0.26%	Reduced -4.2k	-4,192 -5.2%
86	DOORDASH INC CL A DASH	DASH	159,000	$29.1m0.26%	0.26%	Reduced -2.2k	-2,200 -1.4%
87	EXPAND ENERGY CORPORATION COM EXE	EXE	254,164	$28.3m0.26%	0.26%	Added +12.4k	+12,400 5.1%
88	MARSH & MCLENNAN COS INC COM MRSH	MRSH	115,802	$28.3m0.26%	0.26%	Reduced -11.9k	-11,891 -9.3%
89	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	209,680	$27.7m0.25%	0.25%	Added +7.6k	+7,600 3.8%
90	CLOUDFLARE INC CL A COM NET	NET	245,281	$27.6m0.25%	0.25%	Added +29.2k	+29,200 13.5%
91	NOVARTIS AG SPONSORED ADR NVS	NVS	246,250	$27.5m0.25%	0.25%	Unchanged
92	TAPESTRY INC COM TPR	TPR	386,399	$27.2m0.25%	0.25%	Reduced -94.0k	-94,031 -19.6%
93	MERCK & CO INC COM MRK	MRK	302,843	$27.2m0.25%	0.25%	Reduced -146.1k	-146,060 -32.5%
94	ROYAL CARIBBEAN GROUP COM RCL	RCL	131,645	$27.0m0.24%	0.24%	Reduced -19.8k	-19,818 -13.1%
95	GENERAL MTRS CO COM GM	GM	567,414	$26.7m0.24%	0.24%	Reduced -26.8k	-26,842 -4.5%
96	MCDONALDS CORP COM MCD	MCD	84,709	$26.5m0.24%	0.24%	Added +4.2k	+4,180 5.2%
97	NRG ENERGY INC COM NEW NRG	NRG	275,525	$26.3m0.24%	0.24%	Added +10.5k	+10,491 4.0%
98	PETROLEO BRASILEIRO SA PETRO SPONSORED ADR PBR	PBR	1,817,730	$26.1m0.24%	0.24%	Unchanged
99	S&P GLOBAL INC COM SPGI	SPGI	51,165	$26.0m0.23%	0.23%	Added +3.3k	+3,301 6.9%
100	EASTMAN CHEM CO COM EMN	EMN	292,955	$25.8m0.23%	0.23%	Added +306	+306 0.1%

Sold out since Q4 2024

Security	Ticker	Shares held before	Value then
BAIDU INC BIDU	BIDU	108,800	$9.2m108.8k shares
AMERICA MOVIL SAB DE CV AMX	AMX	505,660	$7.2m505.7k shares
LYFT INC LYFT	LYFT	512,142	$6.6m512.1k shares
ASML HOLDING N V ASML	ASML	8,564	$5.9m8.6k shares
EQUINOR ASA EQNR	EQNR	144,410	$3.4m144.4k shares
ENI S P A E	E	117,000	$3.2m117.0k shares
ASPEN TECHNOLOGY INC AZPN	AZPN	9,178	$2.3m9.2k shares
ALTAIR ENGR INC ALTR	ALTR	17,780	$1.9m17.8k shares
INFORMATICA INC INFA	INFA	72,301	$1.9m72.3k shares
ARCADIUM LITHIUM PLC ALTM	ALTM	335,979	$1.7m336.0k shares
VERINT SYS INC VRNT	VRNT	48,209	$1.3m48.2k shares
CONSOL ENERGY INC NEW		10,387	$1.1m10.4k shares
GERON CORP GERN	GERN	305,347	$1.1m305.3k shares
PROCEPT BIOROBOTICS CORP PRCT	PRCT	12,791	$1.0m12.8k shares
ARCH RESOURCES INC		6,250	$883.0k6.2k shares
INARI MED INC NARI	NARI	16,965	$866.0k17.0k shares
OUTFRONT MEDIA INC		48,318	$857.0k48.3k shares
BARNES GROUP INC B	B	15,323	$724.0k15.3k shares
INDEPENDENT BANK GROUP INC IBTX	IBTX	11,660	$707.0k11.7k shares
RETAIL OPPORTUNITY INVTS COR ROIC	ROIC	40,471	$703.0k40.5k shares
ROCKET LAB USA INC		26,187	$667.0k26.2k shares
JANUX THERAPEUTICS INC JANX	JANX	12,200	$653.0k12.2k shares
NURIX THERAPEUTICS INC NRIX	NRIX	26,878	$506.0k26.9k shares
MBX BIOSCIENCES INC MBX	MBX	26,708	$492.0k26.7k shares
REVELYST INC		18,341	$353.0k18.3k shares