TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY

FRANKFORT, KY · CIK 714142 · 13F filing filed 2026-01-29

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)

$13.3bn reported value +1.5% vs Q3 2025

1,682positions

26.0%in top 10

44 new 193 added 738 reduced 38 sold out vs Q3 2025

This report includes the holdings of 27 other managers that share the investment decisions:

BAILLIE GIFFORD US EQ GROWTH STRATEGY – no 13F of its own this quarter
INTERNAL IN HOUSE EQUTIES – 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 EQUITIES – no 13F of its own this quarter

19 more

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
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 EQUITIES – 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, Q4 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	3,603,042	$672.0m5.04%	5.04%	Reduced -87.6k	-87,623 -2.4%
2	MICROSOFT CORP COM MSFT	MSFT	1,106,904	$535.3m4.01%	4.01%	Reduced -5.7k	-5,738 -0.5%
3	APPLE INC COM AAPL	AAPL	1,920,057	$522.0m3.91%	3.91%	Reduced -44.7k	-44,712 -2.3%
4	AMAZON COM INC COM AMZN	AMZN	1,675,945	$386.8m2.90%	2.90%	Reduced -29.3k	-29,256 -1.7%
5	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,153,699	$361.1m2.71%	2.71%	Reduced -86.3k	-86,284 -7.0%
6	BROADCOM INC COM AVGO	AVGO	813,320	$281.5m2.11%	2.11%	Added +15.3k	+15,307 1.9%
7	META PLATFORMS INC CL A META	META	364,591	$240.7m1.80%	1.80%	Reduced -13.2k	-13,249 -3.5%
8	ELI LILLY & CO COM LLY	LLY	151,238	$162.5m1.22%	1.22%	Reduced -13.9k	-13,927 -8.4%
9	ALPHABET INC CAP STK CL C GOOG	GOOG	512,251	$160.7m1.20%	1.20%	Reduced -13.5k	-13,520 -2.6%
10	JPMORGAN CHASE & CO COM JPM	JPM	439,874	$141.7m1.06%	1.06%	Reduced -11.9k	-11,886 -2.6%
11	TESLA INC COM TSLA	TSLA	289,892	$130.4m0.98%	0.98%	Reduced -3.7k	-3,704 -1.3%
12	VISA INC COM CL A V	V	288,076	$101.0m0.76%	0.76%	Added +16.5k	+16,456 6.1%
13	QUALCOMM INC COM QCOM	QCOM	558,913	$95.6m0.72%	0.72%	Added +115.0k	+115,010 25.9%
14	NETFLIX INC COM NFLX	NFLX	960,038	$90.0m0.67%	0.67%	Added +182.0k	+182,048 23.4%
15	GILEAD SCIENCES INC COM GILD	GILD	627,087	$77.0m0.58%	0.58%	Reduced -15	-15 0.0%
16	TEVA PHARMACEUTICAL INDS LTD SPONSORED ADS SPONSORED ADS		2,445,300	$76.3m0.57%	0.57%	Reduced -166.3k	-166,300 -6.4%
17	PARKER-HANNIFIN CORP COM PH	PH	84,711	$74.5m0.56%	0.56%	Reduced -2.4k	-2,433 -2.8%
18	ADVANCED MICRO DEVICES INC COM AMD	AMD	346,696	$74.2m0.56%	0.56%	Added +17.2k	+17,219 5.2%
19	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	143,766	$72.3m0.54%	0.54%	Unchanged
20	CHUBB LIMITED COM CB	CB	223,587	$69.8m0.52%	0.52%	Added +46.0k	+46,029 25.9%
21	MASTERCARD INCORPORATED CL A MA	MA	120,257	$68.7m0.51%	0.51%	Reduced -5.3k	-5,314 -4.2%
22	BOOKING HOLDINGS INC COM BKNG	BKNG	12,356	$66.2m0.50%	0.50%	Added +560	+560 4.8%
23	CISCO SYS INC COM CSCO	CSCO	856,906	$66.0m0.49%	0.49%	Added +72.0k	+72,000 9.2%
24	WALMART INC COM WMT	WMT	591,723	$65.9m0.49%	0.49%	Reduced -31.7k	-31,708 -5.1%
25	WELLS FARGO CO NEW COM WFC	WFC	692,630	$64.6m0.48%	0.48%	Reduced -154.2k	-154,220 -18.2%
26	ABBVIE INC COM ABBV	ABBV	278,591	$63.7m0.48%	0.48%	Unchanged
27	JABIL INC COM JBL	JBL	270,064	$61.6m0.46%	0.46%	Added +6.9k	+6,940 2.6%
28	BANK AMERICA CORP COM BAC	BAC	1,119,219	$61.6m0.46%	0.46%	Unchanged
29	MORGAN STANLEY COM NEW MS	MS	341,029	$60.5m0.45%	0.45%	Unchanged
30	ORACLE CORP COM ORCL	ORCL	309,435	$60.3m0.45%	0.45%	Reduced -28.0k	-27,993 -8.3%
31	KLA CORP COM NEW KLAC	KLAC	48,838	$59.3m0.44%	0.44%	Reduced -5.4k	-5,414 -10.0%
32	MEDTRONIC PLC SHS MDT	MDT	596,959	$57.3m0.43%	0.43%	Added +52.0k	+52,000 9.5%
33	BANCO SANTANDER S.A. ADR SAN	SAN	4,861,360	$57.0m0.43%	0.43%	Added +349.0k	+349,000 7.7%
34	RIO TINTO PLC SPONSORED ADR RIO	RIO	697,770	$55.8m0.42%	0.42%	Unchanged
35	KROGER CO COM KR	KR	877,859	$54.8m0.41%	0.41%	Added +44.4k	+44,370 5.3%
36	EXXON MOBIL CORP COM XOM	XOM	443,480	$53.4m0.40%	0.40%	Reduced -17.0k	-16,955 -3.7%
37	AT&T INC COM T	T	2,143,540	$53.2m0.40%	0.40%	Added +58.0k	+58,030 2.8%
38	VALE S A SPONSORED ADS VALE	VALE	4,072,400	$53.1m0.40%	0.40%	Added +1.4m	+1,392,500 52.0%
39	CUMMINS INC COM CMI	CMI	101,461	$51.8m0.39%	0.39%	Reduced -1.8k	-1,794 -1.7%
40	AMERICAN EXPRESS CO COM AXP	AXP	137,776	$51.0m0.38%	0.38%	Reduced -29.1k	-29,098 -17.4%
41	BARCLAYS PLC ADR BCS	BCS	1,996,040	$50.8m0.38%	0.38%	Reduced -243.0k	-243,000 -10.8%
42	ADOBE INC COM ADBE	ADBE	143,497	$50.2m0.38%	0.38%	Added +6.1k	+6,070 4.4%
43	ING GROEP N.V. SPONSORED ADR ING	ING	1,784,650	$50.0m0.37%	0.37%	Added +6.1k	+6,100 0.3%
44	NATWEST GROUP PLC SPONS ADR NWG	NWG	2,809,591	$49.2m0.37%	0.37%	Added +2.0k	+2,000 0.1%
45	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	164,726	$48.8m0.37%	0.37%	Unchanged
46	TOTALENERGIES SE ACT TTE	TTE	733,680	$48.0m0.36%	0.36%	New
47	UNITED RENTALS INC COM URI	URI	59,022	$47.8m0.36%	0.36%	Reduced -1.1k	-1,082 -1.8%
48	AERCAP HOLDINGS NV SHS AER	AER	327,670	$47.1m0.35%	0.35%	Unchanged
49	GOLDMAN SACHS GROUP INC COM GS	GS	52,286	$46.0m0.34%	0.34%	Reduced -4.9k	-4,855 -8.5%
50	SHELL PLC SPON ADS SHEL	SHEL	619,690	$45.5m0.34%	0.34%	Unchanged
51	CITIGROUP INC COM NEW C	C	386,054	$45.0m0.34%	0.34%	Added +238.2k	+238,220 161.1%
52	PHILIP MORRIS INTL INC COM PM	PM	280,113	$44.9m0.34%	0.34%	Unchanged
53	HOME DEPOT INC COM HD	HD	130,103	$44.8m0.34%	0.34%	Reduced -2.9k	-2,920 -2.2%
54	CRH PLC ORD CRH	CRH	345,840	$43.2m0.32%	0.32%	Added +54.0k	+54,000 18.5%
55	SERVICENOW INC COM NOW	NOW	274,000	$42.0m0.31%	0.31%	Added +22.8k	+22,770 9.1%
56	HCA HEALTHCARE INC COM HCA	HCA	88,785	$41.5m0.31%	0.31%	Reduced -7.2k	-7,250 -7.5%
57	AMGEN INC COM AMGN	AMGN	126,248	$41.3m0.31%	0.31%	Unchanged
58	UNITEDHEALTH GROUP INC COM UNH	UNH	122,360	$40.4m0.30%	0.30%	Unchanged
59	COSTCO WHSL CORP NEW COM COST	COST	46,745	$40.3m0.30%	0.30%	Unchanged
60	MITSUBISHI UFJ FINL GROUP IN SPONSORED ADS MUFG	MUFG	2,506,310	$39.8m0.30%	0.30%	Unchanged
61	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	129,780	$39.4m0.30%	0.30%	Unchanged
62	JOHNSON & JOHNSON COM JNJ	JNJ	189,024	$39.1m0.29%	0.29%	Unchanged
63	PROGRESSIVE CORP COM PGR	PGR	171,350	$39.0m0.29%	0.29%	Reduced -23.3k	-23,300 -12.0%
64	GENERAL MTRS CO COM GM	GM	478,324	$38.9m0.29%	0.29%	Reduced -71.9k	-71,920 -13.1%
65	MCKESSON CORP COM MCK	MCK	47,329	$38.8m0.29%	0.29%	Unchanged
66	MICRON TECHNOLOGY INC COM MU	MU	135,353	$38.6m0.29%	0.29%	Reduced -50.3k	-50,300 -27.1%
67	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	56,275	$38.4m0.29%	0.29%	Reduced -319	-319 -0.6%
68	CITIZENS FINL GROUP INC COM CFG	CFG	655,634	$38.3m0.29%	0.29%	Added +64.0k	+64,000 10.8%
69	NRG ENERGY INC COM NEW NRG	NRG	238,243	$37.9m0.28%	0.28%	Added +76.2k	+76,180 47.0%
70	NOVARTIS AG SPONSORED ADR NVS	NVS	274,950	$37.9m0.28%	0.28%	Unchanged
71	ALTRIA GROUP INC COM MO	MO	657,035	$37.9m0.28%	0.28%	Unchanged
72	NXP SEMICONDUCTORS N V COM NXPI	NXPI	171,270	$37.2m0.28%	0.28%	Unchanged
73	GE AEROSPACE COM NEW GE	GE	120,534	$37.1m0.28%	0.28%	Reduced -6.4k	-6,439 -5.1%
74	TAPESTRY INC COM TPR	TPR	290,399	$37.1m0.28%	0.28%	Unchanged
75	CAPITAL ONE FINL CORP COM COF	COF	149,321	$36.2m0.27%	0.27%	Unchanged
76	BANK NEW YORK MELLON CORP COM BNY	BNY	305,774	$35.5m0.27%	0.27%	Added +67.0k	+67,000 28.1%
77	FIFTH THIRD BANCORP COM FITB	FITB	753,552	$35.3m0.26%	0.26%	Unchanged
78	FIRST SOLAR INC COM FSLR	FSLR	134,379	$35.1m0.26%	0.26%	Unchanged
79	EXPEDIA GROUP INC COM NEW EXPE	EXPE	123,832	$35.1m0.26%	0.26%	Reduced -22.7k	-22,740 -15.5%
80	APTIV PLC COM SHS APTV	APTV	457,658	$34.8m0.26%	0.26%	Added +339.4k	+339,370 286.9%
81	SALESFORCE INC COM CRM	CRM	130,565	$34.6m0.26%	0.26%	Added +1.6k	+1,564 1.2%
82	DISNEY WALT CO COM DIS	DIS	301,243	$34.3m0.26%	0.26%	Added +26.5k	+26,500 9.7%
83	APOLLO GLOBAL MGMT INC COM APO	APO	236,107	$34.2m0.26%	0.26%	Unchanged
84	APPLIED MATLS INC COM AMAT	AMAT	131,770	$33.9m0.25%	0.25%	Reduced -36.2k	-36,180 -21.5%
85	COGNIZANT TECHNOLOGY SOLUTIO CL A CTSH	CTSH	406,851	$33.8m0.25%	0.25%	Unchanged
86	CATERPILLAR INC COM CAT	CAT	58,880	$33.7m0.25%	0.25%	Reduced -596	-596 -1.0%
87	ORIX CORP SPONSORED ADR IX	IX	1,147,000	$33.5m0.25%	0.25%	Unchanged
88	DOORDASH INC CL A DASH	DASH	147,912	$33.5m0.25%	0.25%	Reduced -7.2k	-7,180 -4.6%
89	BRITISH AMERN TOB PLC SPONSORED ADR BTI	BTI	589,730	$33.4m0.25%	0.25%	Unchanged
90	VIPSHOP HLDGS LTD SPONSORED ADS A VIPS	VIPS	1,836,920	$32.5m0.24%	0.24%	Added +104.0k	+104,000 6.0%
91	BORGWARNER INC COM BWA	BWA	716,959	$32.3m0.24%	0.24%	Added +2.5k	+2,533 0.3%
92	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	197,466	$31.8m0.24%	0.24%	Reduced -66.0k	-65,988 -25.1%
93	DELL TECHNOLOGIES INC CL C DELL	DELL	252,230	$31.8m0.24%	0.24%	Reduced -36.0k	-36,000 -12.5%
94	UNITED AIRLS HLDGS INC COM UAL	UAL	282,583	$31.6m0.24%	0.24%	Reduced -36.5k	-36,510 -11.4%
95	SYNCHRONY FINANCIAL COM SYF	SYF	377,364	$31.5m0.24%	0.24%	Added +1.8k	+1,800 0.5%
96	MASCO CORP COM MAS	MAS	492,117	$31.2m0.23%	0.23%	Reduced -198.6k	-198,640 -28.8%
97	PALANTIR TECHNOLOGIES INC CL A PLTR	PLTR	174,842	$31.1m0.23%	0.23%	Added +10.0k	+10,000 6.1%
98	ABBOTT LABS COM ABT	ABT	247,956	$31.1m0.23%	0.23%	Reduced -63.1k	-63,055 -20.3%
99	STATE STR CORP COM STT	STT	238,775	$30.8m0.23%	0.23%	Reduced -4.2k	-4,180 -1.7%
100	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	208,580	$30.6m0.23%	0.23%	Unchanged

Sold out since Q3 2025

Security	Ticker	Shares held before	Value then
TOTALENERGIES SE		723,580	$43.2m723.6k shares
INTERPUBLIC GROUP COS INC IPG	IPG	972,073	$27.1m972.1k shares
IAMGOLD CORP IAG	IAG	587,920	$7.6m587.9k shares
KINROSS GOLD CORP KGC	KGC	270,440	$6.7m270.4k shares
MR COOPER GROUP INC WMIH	WMIH	18,083	$3.8m18.1k shares
LIGHT & WONDER INC LNWO	LNWO	27,998	$2.4m28.0k shares
KELLANOVA K	K	21,100	$1.7m21.1k shares
JAMF HLDG CORP JAMF	JAMF	136,946	$1.5m136.9k shares
AVIDITY BIOSCIENCES INC RNA	RNA	30,079	$1.3m30.1k shares
ALLETE INC ALE	ALE	19,198	$1.3m19.2k shares
SONY FINANCIAL GROUP INC-ADR SFGYY	SFGYY	148,740	$1.0m148.7k shares
REMITLY GLOBAL INC RELY	RELY	59,643	$972.0k59.6k shares
CUSHMAN WAKEFIELD PLC 9199067D	9199067D	56,850	$905.0k56.9k shares
AMICUS THERAPEUTICS INC FOLD	FOLD	112,499	$886.0k112.5k shares
AKERO THERAPEUTICS INC AKRO	AKRO	17,497	$831.0k17.5k shares
ARCHER AVIATION INC ACHR	ACHR	85,229	$816.0k85.2k shares
LXP INDUSTRIAL TRUST LXP	LXP	82,602	$740.0k82.6k shares
HANESBRANDS INC HBI	HBI	100,729	$664.0k100.7k shares
PREMIER INC PINC	PINC	23,492	$653.0k23.5k shares
VERITEX HLDGS INC VBTX	VBTX	15,410	$516.0k15.4k shares
HEIDRICK & STRUGGLES INTL IN HSII	HSII	5,819	$290.0k5.8k shares
STURM RUGER & CO INC RGR	RGR	4,775	$207.0k4.8k shares
BRANDYWINE RLTY TR BDN	BDN	49,230	$205.0k49.2k shares
READY CAPITAL CORP RC	RC	48,384	$188.0k48.4k shares
VERADIGM INC MDRX	MDRX	35,978	$173.0k36.0k shares