TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY

FRANKFORT, KY · CIK 714142 · 13F filing filed 2025-08-07

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)

$12.3bn reported value +11.5% vs Q1 2025

1,670positions

24.9%in top 10

25 new 529 added 472 reduced 30 sold out vs Q1 2025

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, Q2 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	NVIDIA CORPORATION COM NVDA	NVDA	3,596,131	$568.2m4.60%	4.60%	Reduced -47.2k	-47,170 -1.3%
2	MICROSOFT CORP COM MSFT	MSFT	1,105,185	$549.7m4.45%	4.45%	Added +18.1k	+18,056 1.7%
3	APPLE INC COM AAPL	AAPL	1,991,461	$408.6m3.31%	3.31%	Added +52.3k	+52,338 2.7%
4	AMAZON COM INC COM AMZN	AMZN	1,701,425	$373.3m3.02%	3.02%	Reduced -20.4k	-20,386 -1.2%
5	META PLATFORMS INC CL A META	META	409,816	$302.5m2.45%	2.45%	Reduced -2.6k	-2,600 -0.6%
6	BROADCOM INC COM AVGO	AVGO	923,804	$254.6m2.06%	2.06%	Reduced -10.3k	-10,315 -1.1%
7	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,254,186	$221.0m1.79%	1.79%	Reduced -2.3k	-2,310 -0.2%
8	NETFLIX INC COM NFLX	NFLX	105,204	$140.9m1.14%	1.14%	Reduced -4.6k	-4,609 -4.2%
9	JPMORGAN CHASE & CO COM JPM	JPM	457,341	$132.6m1.07%	1.07%	Reduced -2.8k	-2,829 -0.6%
10	ELI LILLY & CO COM LLY	LLY	159,570	$124.4m1.01%	1.01%	Added +23.5k	+23,545 17.3%
11	ALPHABET INC CAP STK CL C GOOG	GOOG	570,671	$101.2m0.82%	0.82%	Reduced -25.7k	-25,722 -4.3%
12	VISA INC COM CL A V	V	276,188	$98.1m0.79%	0.79%	Added +3.7k	+3,706 1.4%
13	TESLA INC COM TSLA	TSLA	296,809	$94.3m0.76%	0.76%	Reduced -8.1k	-8,066 -2.6%
14	JABIL INC COM JBL	JBL	355,904	$77.6m0.63%	0.63%	Added +15.6k	+15,570 4.6%
15	BOOKING HOLDINGS INC COM BKNG	BKNG	13,216	$76.5m0.62%	0.62%	Added +2.5k	+2,487 23.2%
16	WELLS FARGO CO NEW COM WFC	WFC	924,979	$74.1m0.60%	0.60%	Reduced -73.9k	-73,855 -7.4%
17	QUALCOMM INC COM QCOM	QCOM	461,233	$73.5m0.59%	0.59%	Added +7.3k	+7,321 1.6%
18	ORACLE CORP COM ORCL	ORCL	331,836	$72.5m0.59%	0.59%	Reduced -28.9k	-28,923 -8.0%
19	MASTERCARD INCORPORATED CL A MA	MA	127,946	$71.9m0.58%	0.58%	Added +1.5k	+1,489 1.2%
20	GILEAD SCIENCES INC COM GILD	GILD	645,247	$71.5m0.58%	0.58%	Added +364.0k	+364,014 129.4%
21	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	143,766	$69.8m0.57%	0.57%	Added +2.2k	+2,151 1.5%
22	BANK AMERICA CORP COM BAC	BAC	1,402,231	$66.4m0.54%	0.54%	Added +4.4k	+4,384 0.3%
23	PARKER-HANNIFIN CORP COM PH	PH	94,132	$65.7m0.53%	0.53%	Added +76	+76 0.1%
24	CHUBB LIMITED COM CB	CB	223,458	$64.7m0.52%	0.52%	Added +8.0k	+7,961 3.7%
25	APOLLO GLOBAL MGMT INC COM APO	APO	453,247	$64.3m0.52%	0.52%	Added +32.9k	+32,857 7.8%
26	AT&T INC COM T	T	2,162,200	$62.6m0.51%	0.51%	Added +1.4m	+1,350,776 166.5%
27	WALMART INC COM WMT	WMT	613,706	$60.0m0.49%	0.49%	Added +26.0k	+25,994 4.4%
28	PROGRESSIVE CORP COM PGR	PGR	223,395	$59.6m0.48%	0.48%	Reduced -109.4k	-109,385 -32.9%
29	KROGER CO COM KR	KR	795,579	$57.1m0.46%	0.46%	Added +213.2k	+213,226 36.6%
30	ADOBE INC COM ADBE	ADBE	145,247	$56.2m0.46%	0.46%	Added +69.4k	+69,417 91.5%
31	AMERICAN EXPRESS CO COM AXP	AXP	168,937	$53.9m0.44%	0.44%	Reduced -13.4k	-13,449 -7.4%
32	SHELL PLC SPON ADS SHEL	SHEL	762,190	$53.7m0.43%	0.43%	Unchanged
33	FISERV INC COM FISV	FISV	310,468	$53.5m0.43%	0.43%	Added +27	+27 0.0%
34	T-MOBILE US INC COM TMUS	TMUS	223,129	$53.2m0.43%	0.43%	Added +102.4k	+102,391 84.8%
35	SERVICENOW INC COM NOW	NOW	51,054	$52.5m0.43%	0.43%	Reduced -871	-871 -1.7%
36	ABBVIE INC COM ABBV	ABBV	278,591	$51.7m0.42%	0.42%	Added +1.9k	+1,931 0.7%
37	PHILIP MORRIS INTL INC COM PM	PM	280,113	$51.0m0.41%	0.41%	Added +1.8k	+1,811 0.7%
38	EXXON MOBIL CORP COM XOM	XOM	463,435	$50.0m0.40%	0.40%	Added +4.8k	+4,751 1.0%
39	HOME DEPOT INC COM HD	HD	135,558	$49.7m0.40%	0.40%	Reduced -38.9k	-38,923 -22.3%
40	UNITED RENTALS INC COM URI	URI	64,707	$48.8m0.39%	0.39%	Reduced -1.4k	-1,427 -2.2%
41	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	164,726	$48.6m0.39%	0.39%	Reduced -39.0k	-38,998 -19.1%
42	MORGAN STANLEY COM NEW MS	MS	341,029	$48.0m0.39%	0.39%	Added +1.5k	+1,484 0.4%
43	ONEOK INC NEW COM OKE	OKE	585,337	$47.8m0.39%	0.39%	Added +547	+547 0.1%
44	KLA CORP COM NEW KLAC	KLAC	52,662	$47.2m0.38%	0.38%	Reduced -328	-328 -0.6%
45	SALESFORCE INC COM CRM	CRM	172,619	$47.1m0.38%	0.38%	Added +5.8k	+5,812 3.5%
46	TOTALENERGIES SE SPONSORED ADS SPONSORED ADS		760,380	$46.7m0.38%	0.38%	Added +3.8k	+3,830 0.5%
47	AUTOZONE INC COM AZO	AZO	12,490	$46.4m0.38%	0.38%	Reduced -7.9k	-7,923 -38.8%
48	COSTCO WHSL CORP NEW COM COST	COST	46,745	$46.3m0.37%	0.37%	Reduced -7.8k	-7,781 -14.3%
49	ROYAL CARIBBEAN GROUP COM RCL	RCL	142,722	$44.7m0.36%	0.36%	Added +11.1k	+11,077 8.4%
50	CLOUDFLARE INC CL A COM NET	NET	227,816	$44.6m0.36%	0.36%	Reduced -17.5k	-17,465 -7.1%
51	MASCO CORP COM MAS	MAS	692,967	$44.6m0.36%	0.36%	Added +9.0k	+9,005 1.3%
52	NRG ENERGY INC COM NEW NRG	NRG	274,993	$44.2m0.36%	0.36%	Reduced -532	-532 -0.2%
53	ABBOTT LABS COM ABT	ABT	309,807	$42.1m0.34%	0.34%	Reduced -1.0k	-1,009 -0.3%
54	TEVA PHARMACEUTICAL INDS LTD SPONSORED ADS SPONSORED ADS		2,505,000	$42.0m0.34%	0.34%	Added +610.9k	+610,900 32.2%
55	PROCTER AND GAMBLE CO COM PG	PG	258,721	$41.2m0.33%	0.33%	Reduced -13.4k	-13,411 -4.9%
56	DOORDASH INC CL A DASH	DASH	167,192	$41.2m0.33%	0.33%	Added +8.2k	+8,192 5.2%
57	NXP SEMICONDUCTORS N V COM NXPI	NXPI	181,970	$39.8m0.32%	0.32%	Added +300	+300 0.2%
58	BARCLAYS PLC ADR BCS	BCS	2,109,340	$39.2m0.32%	0.32%	Reduced -23.7k	-23,680 -1.1%
59	RIO TINTO PLC SPONSORED ADR RIO	RIO	671,370	$39.2m0.32%	0.32%	Unchanged
60	CAPITAL ONE FINL CORP COM COF	COF	184,021	$39.2m0.32%	0.32%	Added +20.5k	+20,533 12.6%
61	GOLDMAN SACHS GROUP INC COM GS	GS	55,304	$39.1m0.32%	0.32%	Added +13.0k	+13,042 30.9%
62	BANCO SANTANDER S.A. ADR SAN	SAN	4,666,160	$38.7m0.31%	0.31%	Reduced -763.1k	-763,100 -14.1%
63	ING GROEP N.V. SPONSORED ADR ING	ING	1,768,250	$38.7m0.31%	0.31%	Reduced -12.4k	-12,380 -0.7%
64	ALTRIA GROUP INC COM MO	MO	657,035	$38.5m0.31%	0.31%	Added +2.0k	+2,028 0.3%
65	AERCAP HOLDINGS NV SHS AER	AER	322,270	$37.7m0.31%	0.31%	Unchanged
66	AMERIPRISE FINL INC COM AMP	AMP	70,151	$37.4m0.30%	0.30%	Added +173	+173 0.2%
67	NATWEST GROUP PLC SPONS ADR NWG	NWG	2,600,491	$36.8m0.30%	0.30%	Reduced -43.3k	-43,260 -1.6%
68	HCA HEALTHCARE INC COM HCA	HCA	96,035	$36.8m0.30%	0.30%	Added +139	+139 0.1%
69	UNITEDHEALTH GROUP INC COM UNH	UNH	113,960	$35.6m0.29%	0.29%	Reduced -55.9k	-55,902 -32.9%
70	DELL TECHNOLOGIES INC CL C DELL	DELL	288,230	$35.3m0.29%	0.29%	Reduced -210.2k	-210,164 -42.2%
71	AMGEN INC COM AMGN	AMGN	126,248	$35.2m0.29%	0.29%	Added +631	+631 0.5%
72	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	56,594	$35.0m0.28%	0.28%	Unchanged
73	MCKESSON CORP COM MCK	MCK	47,329	$34.7m0.28%	0.28%	Added +207	+207 0.4%
74	MITSUBISHI UFJ FINL GROUP IN SPONSORED ADS MUFG	MUFG	2,509,710	$34.4m0.28%	0.28%	Unchanged
75	SYNCHRONY FINANCIAL COM SYF	SYF	508,734	$34.0m0.27%	0.27%	Added +98.2k	+98,155 23.9%
76	TAPESTRY INC COM TPR	TPR	386,399	$33.9m0.27%	0.27%	Unchanged
77	VERIZON COMMUNICATIONS INC COM VZ	VZ	784,086	$33.9m0.27%	0.27%	Added +28.8k	+28,756 3.8%
78	CUMMINS INC COM CMI	CMI	103,255	$33.8m0.27%	0.27%	Added +164	+164 0.2%
79	GE AEROSPACE COM NEW GE	GE	127,966	$32.9m0.27%	0.27%	Added +44.4k	+44,440 53.2%
80	UBER TECHNOLOGIES INC COM UBER	UBER	351,558	$32.8m0.27%	0.27%	Reduced -75.1k	-75,061 -17.6%
81	STATE STR CORP COM STT	STT	306,665	$32.6m0.26%	0.26%	Added +23.9k	+23,931 8.5%
82	UNITED AIRLS HLDGS INC COM UAL	UAL	407,493	$32.4m0.26%	0.26%	Added +382.1k	+382,122 1506.1%
83	ADVANCED MICRO DEVICES INC COM AMD	AMD	225,177	$32.0m0.26%	0.26%	Added +1.9k	+1,914 0.9%
84	NETAPP INC COM NTAP	NTAP	298,113	$31.8m0.26%	0.26%	Added +282.3k	+282,312 1786.7%
85	RALPH LAUREN CORP CL A RL	RL	114,795	$31.5m0.25%	0.25%	Added +4.4k	+4,390 4.0%
86	DISNEY WALT CO COM DIS	DIS	252,343	$31.3m0.25%	0.25%	Added +2.0k	+2,031 0.8%
87	TEXAS INSTRS INC COM TXN	TXN	149,945	$31.1m0.25%	0.25%	Added +43.4k	+43,399 40.7%
88	APPLIED MATLS INC COM AMAT	AMAT	169,671	$31.1m0.25%	0.25%	Added +3.8k	+3,801 2.3%
89	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	268,754	$31.0m0.25%	0.25%	Reduced -70.6k	-70,576 -20.8%
90	FIFTH THIRD BANCORP COM FITB	FITB	753,552	$31.0m0.25%	0.25%	Added +789	+789 0.1%
91	MEDTRONIC PLC SHS MDT	MDT	355,359	$31.0m0.25%	0.25%	Added +256.4k	+256,378 259.0%
92	NOVARTIS AG SPONSORED ADR NVS	NVS	253,850	$30.7m0.25%	0.25%	Added +7.6k	+7,600 3.1%
93	VERTEX PHARMACEUTICALS INC COM VRTX	VRTX	68,180	$30.4m0.25%	0.25%	Added +5.2k	+5,185 8.2%
94	GENERAL MTRS CO COM GM	GM	612,834	$30.2m0.24%	0.24%	Added +45.4k	+45,420 8.0%
95	BRITISH AMERN TOB PLC SPONSORED ADR BTI	BTI	631,230	$29.9m0.24%	0.24%	Added +76.2k	+76,200 13.7%
96	MGM RESORTS INTERNATIONAL COM MGM	MGM	868,684	$29.9m0.24%	0.24%	Added +851.4k	+851,389 4922.8%
97	CRH PLC ORD CRH	CRH	325,240	$29.9m0.24%	0.24%	Reduced -55.6k	-55,600 -14.6%
98	EMERSON ELEC CO COM EMR	EMR	219,988	$29.3m0.24%	0.24%	Added +12.0k	+11,983 5.8%
99	INTUIT COM INTU	INTU	36,935	$29.1m0.24%	0.24%	Added +1.8k	+1,751 5.0%
100	INCYTE CORP COM INCY	INCY	424,540	$28.9m0.23%	0.23%	Added +43.9k	+43,909 11.5%

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
ZSCALER INC ZS	ZS	51,818	$10.3m51.8k shares
ROKU INC ROKU	ROKU	77,721	$5.5m77.7k shares
DISCOVER FINL SVCS DFS	DFS	19,376	$3.3m19.4k shares
UNITED STATES STL CORP NEW X	X	70,420	$3.0m70.4k shares
HUDBAY MINERALS INC HBM	HBM	390,400	$3.0m390.4k shares
BERRY GLOBAL GROUP INC BERY	BERY	35,514	$2.5m35.5k shares
SPROUT SOCIAL INC SPT	SPT	77,890	$1.7m77.9k shares
TECNOGLASS INC TGLS	TGLS	16,894	$1.2m16.9k shares
INSMED INC INSM	INSM	12,775	$975.0k12.8k shares
BLUEPRINT MEDICINES CORP BPMC	BPMC	10,743	$951.0k10.7k shares
NORDSTROM INC JWN	JWN	38,422	$939.0k38.4k shares
PATTERSON COS INC PDCO	PDCO	29,596	$925.0k29.6k shares
BLOOM ENERGY CORP BE	BE	29,513	$580.0k29.5k shares
APELLIS PHARMACEUTICALS INC APLS	APLS	18,912	$414.0k18.9k shares
SOLARWINDS CORP SWI	SWI	17,300	$319.0k17.3k shares
EASTERLY GOVT PPTYS INC		29,538	$313.0k29.5k shares
THE ODP CORP ODP	ODP	13,545	$194.0k13.5k shares
FORWARD AIR CORP FWRD	FWRD	8,755	$176.0k8.8k shares
WESCO INTERNATIONAL INC WCC V10.625 PERP A	WCC V10.625 PERP A	5,382	$136.0k5.4k shares
CROSS CTRY HEALTHCARE INC CCRN	CCRN	6,462	$96.0k6.5k shares
SERVICE PPTYS TR		22,286	$58.0k22.3k shares
WABASH NATL CORP WNC	WNC	1,729	$19.0k1.7k shares
AMBAC FINL GROUP INC OSG	OSG	1,601	$14.0k1.6k shares
HAIN CELESTIAL GROUP INC HAIN	HAIN	3,350	$14.0k3.4k shares
GREEN DOT CORP GDOT	GDOT	1,704	$14.0k1.7k shares