TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY

FRANKFORT, KY · CIK 714142 · 13F filing filed 2025-11-12

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)

$13.2bn reported value +6.5% vs Q2 2025

1,676positions

25.7%in top 10

53 new 177 added 635 reduced 47 sold out vs Q2 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, Q3 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	3,690,665	$688.6m5.24%	5.24%	Added +94.5k	+94,534 2.6%
2	MICROSOFT CORP COM MSFT	MSFT	1,112,642	$576.3m4.38%	4.38%	Added +7.5k	+7,457 0.7%
3	APPLE INC COM AAPL	AAPL	1,964,769	$500.3m3.80%	3.80%	Reduced -26.7k	-26,692 -1.3%
4	AMAZON COM INC COM AMZN	AMZN	1,705,201	$374.4m2.85%	2.85%	Added +3.8k	+3,776 0.2%
5	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,239,983	$301.4m2.29%	2.29%	Reduced -14.2k	-14,203 -1.1%
6	META PLATFORMS INC CL A META	META	377,840	$277.5m2.11%	2.11%	Reduced -32.0k	-31,976 -7.8%
7	BROADCOM INC COM AVGO	AVGO	798,013	$263.3m2.00%	2.00%	Reduced -125.8k	-125,791 -13.6%
8	JPMORGAN CHASE & CO COM JPM	JPM	451,760	$142.5m1.08%	1.08%	Reduced -5.6k	-5,581 -1.2%
9	TESLA INC COM TSLA	TSLA	293,596	$130.6m0.99%	0.99%	Reduced -3.2k	-3,213 -1.1%
10	ALPHABET INC CAP STK CL C GOOG	GOOG	525,771	$128.1m0.97%	0.97%	Reduced -44.9k	-44,900 -7.9%
11	ELI LILLY & CO COM LLY	LLY	165,165	$126.0m0.96%	0.96%	Added +5.6k	+5,595 3.5%
12	ORACLE CORP COM ORCL	ORCL	337,428	$94.9m0.72%	0.72%	Added +5.6k	+5,592 1.7%
13	NETFLIX INC COM NFLX	NFLX	77,799	$93.3m0.71%	0.71%	Reduced -27.4k	-27,405 -26.1%
14	VISA INC COM CL A V	V	271,620	$92.7m0.71%	0.71%	Reduced -4.6k	-4,568 -1.6%
15	QUALCOMM INC COM QCOM	QCOM	443,903	$73.8m0.56%	0.56%	Reduced -17.3k	-17,330 -3.8%
16	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	143,766	$72.3m0.55%	0.55%	Unchanged
17	MASTERCARD INCORPORATED CL A MA	MA	125,571	$71.4m0.54%	0.54%	Reduced -2.4k	-2,375 -1.9%
18	WELLS FARGO CO NEW COM WFC	WFC	846,850	$71.0m0.54%	0.54%	Reduced -78.1k	-78,129 -8.4%
19	GILEAD SCIENCES INC COM GILD	GILD	627,102	$69.6m0.53%	0.53%	Reduced -18.1k	-18,145 -2.8%
20	PARKER-HANNIFIN CORP COM PH	PH	87,144	$66.1m0.50%	0.50%	Reduced -7.0k	-6,988 -7.4%
21	ABBVIE INC COM ABBV	ABBV	278,591	$64.5m0.49%	0.49%	Unchanged
22	WALMART INC COM WMT	WMT	623,431	$64.2m0.49%	0.49%	Added +9.7k	+9,725 1.6%
23	BOOKING HOLDINGS INC COM BKNG	BKNG	11,796	$63.7m0.48%	0.48%	Reduced -1.4k	-1,420 -10.7%
24	AT&T INC COM T	T	2,085,510	$58.9m0.45%	0.45%	Reduced -76.7k	-76,690 -3.5%
25	KLA CORP COM NEW KLAC	KLAC	54,252	$58.5m0.44%	0.44%	Added +1.6k	+1,590 3.0%
26	BANK AMERICA CORP COM BAC	BAC	1,119,219	$57.7m0.44%	0.44%	Reduced -283.0k	-283,012 -20.2%
27	UNITED RENTALS INC COM URI	URI	60,104	$57.4m0.44%	0.44%	Reduced -4.6k	-4,603 -7.1%
28	JABIL INC COM JBL	JBL	263,124	$57.1m0.43%	0.43%	Reduced -92.8k	-92,780 -26.1%
29	KROGER CO COM KR	KR	833,489	$56.2m0.43%	0.43%	Added +37.9k	+37,910 4.8%
30	AMERICAN EXPRESS CO COM AXP	AXP	166,874	$55.4m0.42%	0.42%	Reduced -2.1k	-2,063 -1.2%
31	MORGAN STANLEY COM NEW MS	MS	341,029	$54.2m0.41%	0.41%	Unchanged
32	T-MOBILE US INC COM TMUS	TMUS	225,359	$53.9m0.41%	0.41%	Added +2.2k	+2,230 1.0%
33	HOME DEPOT INC COM HD	HD	133,023	$53.9m0.41%	0.41%	Reduced -2.5k	-2,535 -1.9%
34	CISCO SYS INC COM CSCO	CSCO	784,906	$53.7m0.41%	0.41%	Added +472.0k	+472,000 150.8%
35	ADVANCED MICRO DEVICES INC COM AMD	AMD	329,477	$53.3m0.41%	0.41%	Added +104.3k	+104,300 46.3%
36	TEVA PHARMACEUTICAL INDS LTD SPONSORED ADS SPONSORED ADS		2,611,600	$52.8m0.40%	0.40%	Added +106.6k	+106,600 4.3%
37	EXXON MOBIL CORP COM XOM	XOM	460,435	$51.9m0.39%	0.39%	Reduced -3.0k	-3,000 -0.7%
38	MEDTRONIC PLC SHS MDT	MDT	544,959	$51.9m0.39%	0.39%	Added +189.6k	+189,600 53.4%
39	CHUBB LIMITED COM CB	CB	177,558	$50.1m0.38%	0.38%	Reduced -45.9k	-45,900 -20.5%
40	MASCO CORP COM MAS	MAS	690,757	$48.6m0.37%	0.37%	Reduced -2.2k	-2,210 -0.3%
41	ADOBE INC COM ADBE	ADBE	137,427	$48.5m0.37%	0.37%	Reduced -7.8k	-7,820 -5.4%
42	PROGRESSIVE CORP COM PGR	PGR	194,650	$48.1m0.37%	0.37%	Reduced -28.7k	-28,745 -12.9%
43	BANCO SANTANDER S.A. ADR SAN	SAN	4,512,360	$47.3m0.36%	0.36%	Reduced -153.8k	-153,800 -3.3%
44	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	164,726	$46.5m0.35%	0.35%	Unchanged
45	ING GROEP N.V. SPONSORED ADR ING	ING	1,778,550	$46.4m0.35%	0.35%	Added +10.3k	+10,300 0.6%
46	BARCLAYS PLC ADR BCS	BCS	2,239,040	$46.3m0.35%	0.35%	Added +129.7k	+129,700 6.2%
47	SERVICENOW INC COM NOW	NOW	50,246	$46.2m0.35%	0.35%	Reduced -808	-808 -1.6%
48	RIO TINTO PLC SPONSORED ADR RIO	RIO	697,770	$46.1m0.35%	0.35%	Added +26.4k	+26,400 3.9%
49	GOLDMAN SACHS GROUP INC COM GS	GS	57,141	$45.5m0.35%	0.35%	Added +1.8k	+1,837 3.3%
50	PHILIP MORRIS INTL INC COM PM	PM	280,113	$45.4m0.35%	0.35%	Unchanged
51	SHELL PLC SPON ADS SHEL	SHEL	619,690	$44.3m0.34%	0.34%	Reduced -142.5k	-142,500 -18.7%
52	CUMMINS INC COM CMI	CMI	103,255	$43.6m0.33%	0.33%	Unchanged
53	ALTRIA GROUP INC COM MO	MO	657,035	$43.4m0.33%	0.33%	Unchanged
54	COSTCO WHSL CORP NEW COM COST	COST	46,745	$43.3m0.33%	0.33%	Unchanged
55	TOTALENERGIES SE SPONSORED ADS SPONSORED ADS		723,580	$43.2m0.33%	0.33%	Reduced -36.8k	-36,800 -4.8%
56	UNITEDHEALTH GROUP INC COM UNH	UNH	122,360	$42.3m0.32%	0.32%	Added +8.4k	+8,400 7.4%
57	DOORDASH INC CL A DASH	DASH	155,092	$42.2m0.32%	0.32%	Reduced -12.1k	-12,100 -7.2%
58	ABBOTT LABS COM ABT	ABT	311,011	$41.7m0.32%	0.32%	Added +1.2k	+1,204 0.4%
59	HCA HEALTHCARE INC COM HCA	HCA	96,035	$40.9m0.31%	0.31%	Unchanged
60	DELL TECHNOLOGIES INC CL C DELL	DELL	288,230	$40.9m0.31%	0.31%	Unchanged
61	MITSUBISHI UFJ FINL GROUP IN SPONSORED ADS MUFG	MUFG	2,506,310	$40.0m0.30%	0.30%	Reduced -3.4k	-3,400 -0.1%
62	NATWEST GROUP PLC SPONS ADR NWG	NWG	2,807,591	$39.7m0.30%	0.30%	Added +207.1k	+207,100 8.0%
63	AERCAP HOLDINGS NV SHS AER	AER	327,670	$39.6m0.30%	0.30%	Added +5.4k	+5,400 1.7%
64	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	263,454	$39.2m0.30%	0.30%	Reduced -5.3k	-5,300 -2.0%
65	NXP SEMICONDUCTORS N V COM NXPI	NXPI	171,270	$39.0m0.30%	0.30%	Reduced -10.7k	-10,700 -5.9%
66	AUTOZONE INC COM AZO	AZO	8,956	$38.4m0.29%	0.29%	Reduced -3.5k	-3,534 -28.3%
67	GE AEROSPACE COM NEW GE	GE	126,973	$38.2m0.29%	0.29%	Reduced -993	-993 -0.8%
68	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	56,594	$37.7m0.29%	0.29%	Unchanged
69	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	208,580	$37.3m0.28%	0.28%	Reduced -18.0k	-18,030 -8.0%
70	MCKESSON CORP COM MCK	MCK	47,329	$36.6m0.28%	0.28%	Unchanged
71	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	129,780	$36.2m0.28%	0.28%	Added +10.0k	+10,000 8.3%
72	CLOUDFLARE INC CL A COM NET	NET	167,939	$36.0m0.27%	0.27%	Reduced -59.9k	-59,877 -26.3%
73	AMGEN INC COM AMGN	AMGN	126,248	$35.6m0.27%	0.27%	Unchanged
74	NOVARTIS AG SPONSORED ADR NVS	NVS	274,950	$35.3m0.27%	0.27%	Added +21.1k	+21,100 8.3%
75	JOHNSON & JOHNSON COM JNJ	JNJ	189,024	$35.0m0.27%	0.27%	Unchanged
76	CRH PLC ORD CRH	CRH	291,840	$35.0m0.27%	0.27%	Reduced -33.4k	-33,400 -10.3%
77	LENNAR CORP CL A LEN	LEN	274,173	$34.6m0.26%	0.26%	Added +208.8k	+208,800 319.4%
78	UBER TECHNOLOGIES INC COM UBER	UBER	351,836	$34.5m0.26%	0.26%	Added +278	+278 0.1%
79	AMERIPRISE FINL INC COM AMP	AMP	70,151	$34.5m0.26%	0.26%	Unchanged
80	VERIZON COMMUNICATIONS INC COM VZ	VZ	784,086	$34.5m0.26%	0.26%	Unchanged
81	APPLIED MATLS INC COM AMAT	AMAT	167,950	$34.4m0.26%	0.26%	Reduced -1.7k	-1,721 -1.0%
82	VIPSHOP HLDGS LTD SPONSORED ADS A VIPS	VIPS	1,732,920	$34.0m0.26%	0.26%	Added +465.8k	+465,800 36.8%
83	FIFTH THIRD BANCORP COM FITB	FITB	753,552	$33.6m0.26%	0.26%	Unchanged
84	GENERAL MTRS CO COM GM	GM	550,244	$33.5m0.26%	0.26%	Reduced -62.6k	-62,590 -10.2%
85	TAPESTRY INC COM TPR	TPR	290,399	$32.9m0.25%	0.25%	Reduced -96.0k	-96,000 -24.8%
86	DICKS SPORTING GOODS INC COM DKS	DKS	145,382	$32.3m0.25%	0.25%	Unchanged
87	NETEASE INC SPONSORED ADS NTES	NTES	210,900	$32.1m0.24%	0.24%	Added +16.2k	+16,200 8.3%
88	JACOBS SOLUTIONS INC COM J	J	212,406	$31.8m0.24%	0.24%	Unchanged
89	CAPITAL ONE FINL CORP COM COF	COF	149,321	$31.7m0.24%	0.24%	Reduced -34.7k	-34,700 -18.9%
90	APOLLO GLOBAL MGMT INC COM APO	APO	236,107	$31.5m0.24%	0.24%	Reduced -217.1k	-217,140 -47.9%
91	DISNEY WALT CO COM DIS	DIS	274,743	$31.5m0.24%	0.24%	Added +22.4k	+22,400 8.9%
92	CITIZENS FINL GROUP INC COM CFG	CFG	591,634	$31.5m0.24%	0.24%	Added +43.0k	+43,000 7.8%
93	BORGWARNER INC COM BWA	BWA	714,426	$31.4m0.24%	0.24%	Reduced -982	-982 -0.1%
94	EXPEDIA GROUP INC COM NEW EXPE	EXPE	146,572	$31.3m0.24%	0.24%	Reduced -14.6k	-14,590 -9.1%
95	BRITISH AMERN TOB PLC SPONSORED ADR BTI	BTI	589,730	$31.3m0.24%	0.24%	Reduced -41.5k	-41,500 -6.6%
96	MICRON TECHNOLOGY INC COM MU	MU	185,653	$31.1m0.24%	0.24%	Reduced -20.3k	-20,300 -9.9%
97	PHILLIPS 66 COM PSX	PSX	227,221	$30.9m0.24%	0.24%	Reduced -8.5k	-8,520 -3.6%
98	UNITED AIRLS HLDGS INC COM UAL	UAL	319,093	$30.8m0.23%	0.23%	Reduced -88.4k	-88,400 -21.7%
99	SALESFORCE INC COM CRM	CRM	129,001	$30.6m0.23%	0.23%	Reduced -43.6k	-43,618 -25.3%
100	INCYTE CORP COM INCY	INCY	355,840	$30.2m0.23%	0.23%	Reduced -68.7k	-68,700 -16.2%

Sold out since Q2 2025

Security	Ticker	Shares held before	Value then
SKECHERS U S A INC SKX	SKX	342,121	$21.6m342.1k shares
EMBRAER S.A. EMBJ	EMBJ	85,240	$4.9m85.2k shares
MARVELL TECHNOLOGY INC MRVL	MRVL	62,400	$4.8m62.4k shares
SOUTHSTATE CORPORATION SSB	SSB	51,228	$4.7m51.2k shares
LOGITECH INTL S A LOGI	LOGI	52,010	$4.7m52.0k shares
Fresenius Se & Co Kgaa FSNUY	FSNUY	334,640	$4.2m334.6k shares
HESS CORP HES	HES	21,703	$3.0m21.7k shares
ANSYS INC ANSS	ANSS	6,862	$2.4m6.9k shares
AZEK CO INC AZEK	AZEK	28,143	$1.5m28.1k shares
CHAMPIONX CORPORATION CHX	CHX	60,826	$1.5m60.8k shares
VIPER ENERGY INC VNOM	VNOM	39,150	$1.5m39.1k shares
GMS INC		12,623	$1.4m12.6k shares
VERONA PHARMA PLC VRNA	VRNA	13,520	$1.3m13.5k shares
ATLANTA BRAVES HLDGS INC BATRK	BATRK	24,467	$1.1m24.5k shares
AMEDISYS INC AMED	AMED	10,922	$1.1m10.9k shares
JUNIPER NETWORKS INC JNPR	JNPR	25,956	$1.0m26.0k shares
ACV AUCTIONS INC		55,663	$903.0k55.7k shares
PAR TECHNOLOGY CORP PAR	PAR	12,135	$842.0k12.1k shares
HURON CONSULTING GROUP INC HURN	HURN	4,960	$682.0k5.0k shares
WALGREENS BOOTS ALLIANCE INC WBA	WBA	56,360	$647.0k56.4k shares
FOOT LOCKER INC FL	FL	25,365	$622.0k25.4k shares
PARAMOUNT GLOBAL		46,520	$600.0k46.5k shares
PACIFIC PREMIER BANCORP PPBI	PPBI	28,165	$594.0k28.2k shares
TRIUMPH GROUP INC NEW TGI	TGI	20,420	$526.0k20.4k shares
NV5 GLOBAL INC NVEE	NVEE	15,296	$353.0k15.3k shares